Category: Business Development

Posted on

Jim Weber Lands New Golf Apparel Startup as a Client

Jim Weber has been hired by The Golf Cap Company to help introduce its new line of Golf Caps.

Bulmaro Vasquez,  CEO, and the founder of the Golf Cap Company is proud to offer his creation to individual golfers and to golf course Pro Shops.  Mr. Vasquez formed the Golf Cap Company in 2021 in the state of Georgia.  The Golf Cap offers a unique style made of cotton fabric to keep the player comfortable in all seasons.  It has a second brim on the rear which provides additional protection from the sun.  Additionally, this cap makes a unique and elegant fashion statement.

If you are interested in more information about our fine golf cap, email us at GolfCap1234@gmail.com

Posted on

The Importance of Choosing the Right Consultant

As businesses innovate and expand, they often find themselves implementing unfamiliar tactics. Personnel who are available at the start of a project can lack required skills, and challenges further down the line are bound to stump those without relevant experience. Hiring a consultant such as ITB Partners can broaden a team’s skillset temporarily without the expense of bringing on a new permanent member. Though initially costly, their services save money due to added efficiency.

When To Use a Consultant

Sometimes a project only needs an expert’s assistance in its early stages. Hiring a new employee with the necessary skillset runs the risk of the role falling outside the scope of their expertise or far below their pay grade after the specialized work is done.

Consultants tend to be experts in their fields, focusing on a specific aspect of an industry with far more depth than the layman. Share on XWhile some advisors maintain lasting relationships with clients, companies also utilize consulting firms to solve a specific challenge before moving on.

Why Specialization Matters

Consultants are only hired for as long as needed, and the duration of the consultancy period can be determined in advance. They bring an “outsider’s perspective” to a given project. They may see common pitfalls someone less versed in a given industry may miss and can recommend the best solutions from experience.

Consultants cover a variety of specializations, so it’s crucial to select the right one for the job. There is no one-size-fits-all consulting practice that will work across the board. When deciding which consultant’s services to enlist, it’s critical to consider their areas of expertise.

What Types of Consultants Businesses Can Hire

PR agencies are instrumental, as a public relations consultant can help a company establish its online presence and advertise to target demographics. Operations consultants are available to streamline every step of a supply chain, from management practices to daily operations. A fledgling business with a solid product idea but no economic knowledge among its team may enlist a financial advisory consultant to get started.

Workplaces with limited use of computers and networking can opt to bring in a technology consultant when needed, rather than hiring a full-time IT person. There are even lean staffing consultants who help their clients work toward achieving the greatest productivity with the smallest workforce.

How To Find Qualified Consultants

After identifying what type of consultant is needed, it’s time to start searching. Besides the direct approach of researching and contacting consulting firms directly, colleagues from team members’ previous places of employment may have dealt with similar challenges in the past. These connections can point in the direction of consultants they’ve worked with previously. Job recruiting sites are also a useful resource for finding and filtering candidates. When looking for a PR company, for example, it’s possible to check out the ratings and rates of various agencies on a job board before reaching out.

Industry insiders agree that the right person for the job is not necessarily the least costly. Careful consideration should be taken to make sure all needs can be met, without paying more than the industry standard. After this cost-benefit analysis, a fair and specific contract needs to be created to protect the interests of both sides of the transaction.

When facing new challenges in the working world, utilizing whatever methods will produce the best results is crucial. Consultants make it their business to study the unique intricacies of their field to provide their clients with the tools to succeed. Though their services may seem cost-prohibitive at first, they eventually pay for themselves through the contributions to a business’s future.

Thank you for visiting our blog.

 

Jim Weber, Managing Partner – ITB Partners

Jim Weber – Managing Partner,  ITB Partners

I hope you enjoyed our point of view and would like to receive regular posts directly to your email inbox.  Toward this end, put your contact information on my mailing list.

Your feedback helps me continue to publish articles that you want to read.  Your input is very important to me so; please leave a comment.

 

Image via Pexels

Posted on

First, Build Trust!

Building Relationships

Recently I had the unfortunate experience of watching a client suffer through the effects of failed relationships with two of his vendors.  It was painful to watch, but it cost my client far more.  The impact of these failures was delayed project completion, an additional cost of labor and materials, and an erosion of trust with his customers.  The most painful realization was that these situations were self-inflicted wounds, easily preventable if my client had followed the proper procedures.

The fundamental issue was that my client failed to properly qualify either vendor to ensure that they could deliver on their promises.  I remember Ronald Reagan’s motto during his presidency; trust but verify.  In this case, my client invested his trust without verification.  Regrettably, the results were predictable.  These vendors were not competent to do the work my client required of them, and one was impossible to work with, continually trying to rewrite the terms of the agreement.

The long lead time for materials resulting from the Covid pandemic created a difficult situation for my client.  As a result, he looked for an alternate solution using a local vendor.  He found someone and immediately gave him four significant projects.  Admittedly, this vendor had good references, and his finished product was acceptable.  As an executive recruiter, I understand the limitations of a reference check.  Extracting useful information from them takes a certain degree of skill.  Unfortunately, I was not a part of the vetting process.  The result was unfortunate.  Although the vendor was a good craftsman, he was not a good businessman.  He could not determine appropriate priorities for his work.  He had little regard for his customer.  He did not finish the required onsite work and held my client hostage for payment he did not earn.  My client should not have trusted this vendor with the scope of work needed.  Likely, he will soon be an employee working for someone else.

The other subcontractor had done good work for my client on many routine projects.  However, he professed to be competent in one area my client had not witnessed.  That turned out to be a big mistake.  This vendor hired an incompetent subcontractor who made a mess of the project.  My client was required to find another subcontractor to demo the original work and start the project over.  We later learned that the subcontractor had hired a relative to complete his job.  My client refused to pay him for the shoddy work.  Even so, the vendor continued to demand payment for his work.  My client could not finish his work on time, which strained his relationship with the customer.

Both situations created significant angst for my client.   He gave his vendors his complete trust without adequately vetting their capabilities.  I explained how he could have used me to check the references on one vendor and how we might have further vetted the competency of the other.  My client was operating in blind faith.  That is not my preferred way to conduct business.

I use a well-defined process to build trust.  I begin by giving someone small projects to evaluate their competency.  If the first project is successful, I gradually increase the scope and complexity of further tasks assigned to that person.  The last thing I would ever do is give a significant assignment to an unproven person.  This process works for almost any relationship.

I believe that respect is given, but trust is earned.   Everyone deserves respect; it’s just a good practice among human beings.  However, one must earn trust.  It is a precious commodity to be carefully guarded.  Gaining someone’s trust requires an investment in time.  You know what you have to do to gain the confidence of your clients, customers, friends, and especially your spouse. We must be vigilant to guard against situations that put our relationships at risk. That includes developing confidence in the capabilities of our employees and vendors to help us serve our customers. Share on X

Thank you for visiting our blog.

 

Jim Weber, Managing Partner – ITB Partners

Jim Weber – Managing Partner,  ITB Partners

I hope you enjoyed our point of view and would like to receive regular posts directly to your email inbox.  Toward this end, put your contact information on my mailing list.

Your feedback helps me continue to publish articles that you want to read.  Your input is very important to me so; please leave a comment.

 

Posted on

Network Your Way to Business Success

 

If you’re an aspiring entrepreneur, growth is a key factor in your business start-up’s success. Networking is a great way to immerse yourself in the world of business and can help you develop a base following from which to grow. ITB Business Partners – Management Consultants can be a valuable resource when it comes to providing high value-added solutions to your most pressing challenges.

What Is Networking?

Networking is basically an opportunity to connect with other people as a way to establish or advance relationships, identify potential areas for collaboration, and meet prospective clients and customers. Networking is a term used to describe everything from attending business functions to how you follow up with people you’ve been connected with or introduced to through others. As the term implies, your goal with networking is to build alliances, meet new people who can help you advance your business, and amplify your connections. It requires a sincere approach, so if you’re a hard-sell personality, you might need to temper yourself during in-person networking situations.

Why is Networking Important

While there are certainly many ways you can go about marketing and advertising your business, developing relationships, requires a more personal one-on-one touch leading to more robust business relationships. For example, if you’re in a networking event and meet somebody who provides printing services, which you need, you’re more likely to feel comfortable with someone you’ve met and spoken to than somebody you’re found online. These personal connections can be long-lasting and profitable. Your goal should be to establish mutually beneficial alliances. Once trust is established, the relationship can grow and business opportunities will follow.

Where to Network

So where are the best places to network? According to Copper Chronicles, there are a surprising number of places to network once you’re in a networking frame of mind. You can connect via online or in-person business functions offered by small business development centers, chambers of commerce, and Rotary clubs. You can also attend conferences, trade shows, and business networking events specifically designed to connect business leaders. You can also network at volunteer events, particularly those that are associated with your line of work or your Industry. Virtual networking is important too, – you can start with LinkedIn and your social media platforms. Don’t forget non-traditional yet effective methods – talk to other parents at kids’ sporting events, go to charitable events and fundraisers, join your local PTO, and if you belong to a house of worship, serve on a committee and arrive before service for coffee and connecting.

Preparing to Network

Before you start seriously networking, make sure your business is well-positioned. This means having a website, social media presence, and a business card that has your business name, your name, your website, contact information, and potentially on the back, a few bullets, or a brief overview of the products and services your company provides. To make a memorable impression, consider looking for a way to design your own business cards. Using a premade template for your cards allows you to customize your work by adding images, text color, and the fonts of your choice. Make sure your card matches your company brand so you make a notable impact.

Maintaining Networks

In addition to building networks, maintaining them is also important from a customer relationship management perspective. Don’t consider the people you’re connecting with as just “leads,” but rather, as people you can learn from and build a foundation with. In other words, develop a relationship in which you stay in touch, get coffee or lunch, offer support where you can in the form of referrals, and take an actual interest in them and their business. Establishing trust and learning about one another’s business goals can aid in finding ways to collaborate. According to Business News Daily, giving more than you ask for is another great way to establish solid connections.

While there’s nothing new about the concept of networking, digital marketing has allowed us to connect in a number of different ways, some of which will require different approaches. Be strategic in your approach to ensure you’re getting connected to the people most likely to help you build and grow your business. Share on X

ITB Business Partners – Management Consultants help business managers solve their problems by matching them with high-quality independent management consultants who are experienced leaders, discipline experts, and project managers. Visit the site to learn more, sign up for the company newsletter, and reach out directly for more information.

Thank you for visiting our blog.

 

Jim Weber, Managing Partner – ITB Partners

Jim Weber – Managing Partner,  ITB Partners

I hope you enjoyed our point of view and would like to receive regular posts directly to your email inbox.  Toward this end, put your contact information on my mailing list.

Your feedback helps me continue to publish articles that you want to read.  Your input is very important to me so; please leave a comment.

Photo By Pixabay

Posted on

Starting Over: Building a Business After the Pandemic

As the United States emerges from the COVID-19 pandemic, many people are deciding it is time to chase their dreams and work on starting their own business. According to research, this happened many times during state shutdowns. If this is your first time venturing into entrepreneurial aspirations, learn about what you can do to get started on the right foot with this guide from ITB Partners.

Finding a Business Idea That Works

Before doing anything else, it is crucial to find a business idea that works. It doesn’t necessarily have to be complicated. Consider your experience, skills, and education, and what you would like to do.

Perhaps you already have skills as a hairdresser and want to work for yourself. Maybe you have lots of experience with animals and would like to begin a dog walking and boarding business. There are plenty of business possibilities to help you get started.

Setting Up and Making It Legal

Once you decide what your business will involve, decide on a name for your company and begin the process of setting it up. You may choose to make it a sole proprietorship, an S-corporation, or a limited liability company.

If you choose an LLC, know that there are many benefits associated with this, such as limited liability, less paperwork, certain flexibility, and even advantages when it comes to taxes. Depending on the state you live in, there are different regulations when it comes to setting up an LLC, so make sure you research those first. If you want to outsource the paperwork and avoid dealing with an attorney, you can use a formation service to help you.

Networking and Meeting Other Professionals

No matter what stage your business is in, make it a priority to network with others. Share on X This will help you find your new clients, introduce you to professionals to help build your business, and make it easier to get referrals and reach out via word of mouth.

Look for events such as Network After Work. You should also start talking to people you know, even if the last time you were in touch was high school or college. There are plenty of online tools that can help you find contact information so you can reconnect again, allowing you to build your circle.

Creating a Marketing Plan for Your Company

All businesses need a marketing plan. Start putting together ideas of how you want to reach your client base. This can include using social media, direct mail marketing, having a website, going to trade shows, and using promotional materials, to name a few.

If you plan on adding images to your company’s marketing materials or you are working on an image with a graphic designer, you may find it easier to compress JPG files so you can email them with ease. However, compression can sometimes degrade the way the JPG file looks. To combat this, use a JPG-to-PDF converter, which can allow you to make your JPGs into PDFs while keeping the same quality. You can even do this with more than one file at once.

Creating Space and Enlisting Services

In getting your startup off the ground, you want to ensure that you’ve got a designated space at home where you can work. If you go as far as upgrading an unused room to a home office, you may even improve your home’s value. Just make sure that you’ve got the privacy and resources you need.

You’ll also want to set up a great website for your business and see to it that your cyber security is looked after. Online threats are growing ever more numerous and widespread, and they can threaten both your business and your customers’ information. Make sure you are all protected with a comprehensive plan.

Getting Support From a Mentor

Running a business can be hard. Rather than try to go through it alone, get help and support from a mentor. Business mentors can give you ideas on what problems you might run into and provide advice when you aren’t sure what is best for your company.

No matter what your reasons are for starting a business, it is possible to get the support and guidelines necessary for success, as long as you take everything step by step.

This article is brought to you by ITB Partners, a consortium of independent management consultants providing high value-added solutions to your problems. Our consultants are experienced leaders, discipline experts, and project managers. Our industry expertise ranges from consumer packaged goods and manufacturing to supply/chain,  logistics, and the service sector.   Additionally, we have depth in consumer services franchising, specifically restaurant, hospitality, retail. For more information, please contact us today!

Thank you for visiting our blog.

 

Jim Weber, Managing Partner – ITB Partners

Jim Weber – Managing Partner,  ITB Partners

I hope you enjoyed our point of view and would like to receive regular posts directly to your email inbox.  Toward this end, put your contact information on my mailing list.

Your feedback helps me continue to publish articles that you want to read.  Your input is very important to me so; please leave a comment.

 

 

Posted on

Make the Damn Call! Dialing for Love and Dollars

*One in a series for Innovative Growth Solutions: CALL RELUCTANCE

She was beautiful, had sparkling eyes with an enchanting smile, and looked great in her cheerleading outfit. I was smitten and wanted to ask her for a date. As a fifteen-year-old and filled with all the desire of a coming-of-age teenager along with an equal share of anxiety I agonized for hours … should I … could I … make the Call? I did, and it worked out pretty well.

Today, the internet has replaced the phone and I would send her a text instead of making a call. In fact, according to a Stanford University study, around 40% of American couples first connect online.1 Bringing that statistic closer to home, half a dozen of my relatives met their spouses or partners online.

“What’s love got to do with it?” And, what’s this have to do with business? Answer: The phone. Specifically using it to reach out to someone you want to connect with.

Online marketing, pay-per-click (PPC), search engine marketing (SEM), and mass emails, are all useful for generating a list of Cold Leads: Names qualified as having buying influence for your company’s products/services as well as Warm Leads: Prospects who have indicated an interest in your company’s products/services.

However, unless your company’s sales are transacted online, communication with a sales associate is necessary to convert a ‘lead’ into a ‘buyer. While marketing emails are the most popular tool for reaching out to prospects, following up with a phone call provides advantages over sending another email: Share on X

    • Contact from multiple points reminds prospects about your company’s products/services. Follow up an email with a phone call.2
    • Phone outreach has a response rate of 8.1%, compared to .03% for email.3
    • Phone calls are more effective to receive direct responses.3
    • Emails are often overlooked. Email open rate varies with industry; the average open rate is 18%.4
    • You can adjust your pitch in real-time in response to how your prospects react during the call

As noted, phone calls are quantifiably effective. So why are salespeople not making more phone calls? For many, it is Call Reluctance – a natural psychological phenomenon causing anxiety for making sales calls, which includes fear of real or imagined rejection, shame, and embarrassment.5 This anxiety is heightened when charged with making cold calls. The following is a summary of an excellent report on why and how to overcome Call Reluctance found on Cience website.6

Why Salespeople Experience Call Reluctance

    • The natural fear of rejection
    • Neurological predisposition
      1. Some people are more vulnerable to rejection than others.
    • Corporate culture
      1. The company endorses a policy, “Don’t come off as a salesperson.”
    • Lack of training and support
      1. New sales representatives are not familiar with your products/services
    • Calling the wrong prospects
    • List of low-quality leads
      1. Sales leads purchased from third parties may not be up to date

How to Conquer Your Anxiety of Cold Calling7

    • Prepare for the calls
      1. Prepare for all the possible scenarios and outcomes of the conversation.
      2. Be mentally prepared to hear an abrupt “No thanks,” and know how to react
      3. Be ready to handle objections or receive negative feedback
      4. Never take their behavior personally or let it affect your confidence.
    • Create a good sales script.
      1. Introduction and rapport building
      2. Briefly explain who you are, then immediately focus on the topics that matter to your prospect
      3. Key message: Start by giving the prospect the intent of your call: “The reason why I’m calling you today is …”
    • Appeal to the prospect’s values
      1. Based on the answers to your pre-qualifying questions, make an offer that builds value for the prospect and can widen their perspective
    • Create a dialogue
      1. End with a final call-to-action
      2. Ask more questions
      3. Use personalization
    • Put creativity into your process
      1. Listen to your favorite music to pump yourself up
      2. Practice the script with a colleague
      3. Try different techniques to develop your speaking skills

As noted earlier, call reluctance is a natural psychological phenomenon of anxiety for making sales calls. In addition to the recommendations above for overcoming call reluctance, I would like to share my techniques and invite you to start a dialogue about how you deal with it, too.

Start by only working for companies that maintain high ethical standards and whose products/services would be beneficial to its prospects. I mitigate call reluctance by telling myself that I am not calling a prospect, s/he is my friend or relative. There is a subtle but significant difference, you do not ‘sell’ friends or family, you reason with them. Responses to a prospect’s objections can become testy, even combative, s/he says this, and you say something to trump that and instead of evaluating the merits of the products/services, the focus has become a contest of wills. The mindset with a friend or family is you are a ‘giver’ not a ‘taker’’. Your persistence is tempered by a sincere desire for them to understand how they will benefit from acquiring the products/services. You are not ‘selling’, you are presenting the company’s product/service value and educating him/her. When done properly you have not sold a prospect to do what you want them to do, you have guided her/him to become a buyer who wants to do what you want him/her to do.

“What’s love got to do with it?” And, what’s this have to do with business? Making more phone calls will increase sales and you got to love that! Make the damn call!

About the author: Artie Ruderman: Partner, ITB Partners, Management Consultants / CEO, Innovative Growth Solutions, Fractional CMO & Business Development / Member: Billion Dollar Sales Club / Host: Business Developers Network Show featured on Pro Business Channel / Board Member: Auditory-Verbal Center: Teaching deaf and hard of hearing children how to interpret sound and speak fluently

Contact: Artie Ruderman – 404-557-5516 / Artie@IGScorp.Net

 

Credits & Resources:

 

Photos:

Cheerleader: Pixabay

Tense person on phone: Unsplash

Businessman on phone: Pixabay

Thank you for visiting our blog.

 

Jim Weber, Managing Partner – ITB Partners

Jim Weber – Managing Partner,  ITB Partners

I hope you enjoyed our point of view and would like to receive regular posts directly to your email inbox.  Toward this end, put your contact information on my mailing list.

Your feedback helps me continue to publish articles that you want to read.  Your input is very important to me so; please leave a comment.

 

 

 

Posted on

Leverage Your Time and Grow Your Business

Over the holidays, I was able to catch up with my friend and colleague, Stan. He often calls me when he is on a road trip. This time, he was traveling through Kentucky to work with a client in northeastern Ohio. As with most of our conversations, this was wide-ranging, including personal and business-related topics. We talked a little about Covid-19, politics, scotch, and cigars, and of course, Football. When we talk Football, it’s NCAA Football in general and the SEC.

Eventually, the conversation turned to our respective businesses, which occupied the remainder of our time. Stan’s business is booming! He is unique among Independent Consultants as he doesn’t suffer the feast or famine cycle. He has a strong network that feeds him new business regularly. That is the good news. The bad news is that he would like to retire. The revenue has been exceptional, however. So good that it has crowded out any recent consideration of retirement. But now, the workload is starting to take its toll. Also, he has other interests he wants to pursue. So, we chatted about him getting serious about making a transition toward retirement.

I asked him if he’d ever thought about taking on a protégé or two. It wasn’t the first time I raised that issue with Stan. He’s never been too keen on the idea, however. He believes that his network refers business to him because they know his capabilities and the quality of work he delivers. I agree with him in that assessment as far as it goes. But I seriously doubt that anyone expects Stan to do all the work himself. I told him that I believe he is laboring under the mistaken belief that his referring agents expect him to do all the required work himself. I am not buying it! Although the client expects results, they are not so concerned about how he achieves those results, assuming there is minimal disruption to their daily routine. Share on X I would wager that if Stan asked his network, they would agree with my assessment.

Leverage Your Consulting Projects

    • Employ Subcontractors
    • Train Subcontractors to become protégées
    • Offload lower value-added work assignments
    • Provide quality control and oversight
    • Expand the business while working the same hours or less

The apparent solution to Stan’s dilemma is to find subcontractors to perform the work under his direction. Employing subcontractors would give him more free time. Early on, Stan may be required to train these folks to complete the job to his expectations. However, once trained, Stan can work with the subcontractor to plan the scope of work, then let them execute the plan. Of course, Stan would provide oversight and direction.   He would be the account manager, providing supervision and quality control.

Another way to approach winding down would be to divide the workload between high and lower value-added activities. Stan could assign the lower value-added activities to a subcontractor or protégée while taking on the more significant value-added workload. Again, he would free up his time while developing a resource to aid him in his transition.

Most independent consultants would be delighted to have Stan‘s problem. Instead, many fight the feast or famine cycle, trying to smooth out the peaks and valleys while growing their business. Often, these folks are not marketing themselves at the most basic level. However, they can still benefit by developing protégés or subcontractors to help them leverage their time during the cycle’s peaks. Better yet, they should consider marketing their services to someone like Stan, who needs help. They should consider growing their business by seeking work as a subcontractor.

Summary and Conclusion

The fundamental question Stan must resolve is, does he want to retire and close his business entirely, or does he want something that continues to generate income throughout his retirement? Then he must determine how to transition from one state to the next. Stan has an enviable position. He can afford to close his business and live comfortably. On the other hand, if Stan could maintain the business with minimal effort, there would be an additional source of cash flow to enhance his balance sheet. Furthermore, he would have an asset to sell or leave to his heirs. Stan has some exciting prospects to consider.

For more reading on growing your independent consulting business, check out these links.

https://www.mbopartners.com/blog/how-grow-small-business/how-to-grow-your-independent-business/

https://www.mbopartners.com/blog/how-grow-small-business/how-to-grow-your-independent-consulting-practice/

https://www.mbopartners.com/blog/how-grow-small-business/how-to-stay-competitive-as-an-independent-contractor/

Thank you for visiting our blog.

 

Jim Weber, Managing Partner – ITB Partners

Jim Weber – Managing Partner,  ITB Partners

I hope you enjoyed our point of view and would like to receive regular posts directly to your email inbox.  Toward this end, put your contact information on my mailing list.

Your feedback helps me continue to publish articles that you want to read.  Your input is very important to me so; please leave a comment.

 

 

 

Posted on

Make the Best of the Holiday Season!

The Holiday Season is upon us as 2021 rapidly comes to a close. It’s been a crazy year but thankfully, not as much as 2020. Business is bouncing back. Those furloughed in 2020 are probably back at work. And, our children are back in school. That is not to say that we haven’t faced continued challenges created by the pandemic. There is a lingering imbalance in the supply and demand equation for labor. Supply chains are struggling to recover, and inflation is driving up prices. It is safe to say that we are in a better place than last year. I think next year will be better still.

The holiday season isn’t necessarily an ideal time to close deals or land a new job. People are distracted by other matters. They are busy closing the books on the fiscal year, on vacation, or engaged in their social calendar. Typically, this is the time to reflect on the year to determine our progress and prepare for the New Year.I have learned that, like me, most of my colleagues have a year-end closing routine. It is what successful people do. They think in a systematic way, planning, evaluating and adjusting. Share on XThey are accustomed to setting goals and measuring their results. This year, I decided to check in with a few of my colleagues to gain insight into their year-end closing routines. I was interested to hear their ideas. I knew that I would learn something useful.

It came as no surprise that everyone I talked with has a year-end closing routine. My colleagues talked about taking stock of their results compared to their professional and personal goals. They all talked about taking inventory of their accomplishments and shortfalls. Lessons learned and things to improve are memorialized. It is their first step in preparation for a prosperous new year. They use this process to determine goals and priorities for the New Year.

I noticed a few differences among them, however, mostly related to areas of emphasis. Some talked about a final push to maximize revenue and minimize accounts receivable. Others spoke about pushing income into the following year. They all spoke about accounting for expenses in the current year. It makes sense, of course, as professionals understand the importance of accurate accounting.

Year-End Closing Routine

    • Close the Financials
    • Recognize Employee Contributions
    • Evaluate Results/make plans to Close Gaps
    • Express Appreciation to Clients, Vendors, Mentors

A notable difference in approaches to the year-end routine seems to be between corporate employees and their entrepreneurial cousins. Corporate employees seem more internally focused, whereas entrepreneurs have a broader perspective. Also, there is a different focus between employers and those in private practice. Employers spoke to showing appreciation to their employees with year-end celebrations and financial rewards.

Still, others talked about reaching out to their clients to express gratitude for their business and check-in with prospects. The most exciting feedback was from those keen on expressing gratitude to customers, vendors, and mentors. One of my colleagues, Barry, said that he makes a point to call each of his clients and vendors to express his gratitude. He also calls prospective clients to remind them of his interest in helping them. Another talked about reaching people who had made significant contributions to their success. Recipients of such calls have said the impact is powerful! I like a personal touch, especially in an age when it is easier to send a fruit basket or an email. A personal phone call is much more meaningful.

Year-end closing routines are an essential component of sound business administration. Accurate accounting for the year’s results sets the baseline for planning and budgeting. Additionally, it reduces the risk that a spotlight will illuminate your business by the taxing authorities. However, this time also presents an opportunity to focus on key relationships and networking. Jobseekers should continue their networking efforts at an elevated activity level, while employers should recognize their employees’ contributions. Business leaders could thank their vendors and customers. Strengthening relationships may be your most crucial year-end activity. We should express our gratitude to key constituents who have contributed to our success. Consider making a personal call. It will make an enormous impact.

Thank you for visiting our blog.

 

Jim Weber, Managing Partner – ITB Partners

Jim Weber – Managing Partner,  ITB Partners

I hope you enjoyed our point of view and would like to receive regular posts directly to your email inbox.  Toward this end, put your contact information on my mailing list.

Your feedback helps me continue to publish articles that you want to read.  Your input is very important to me so; please leave a comment.

 

 

Posted on

Avoiding New Product Failure – Five Caveats for New Product Development Research

Industry leaders continually invest in refining and evolving their current product/service assortment through new product development. They do this to remain competitive as well as to generate measurable new top-line revenue for their organizations. Yet, the failure rate for new product introductions remains frighteningly high. Ask anyone what percentage of new products fail. The usual answer is somewhere between 70-90 percent.

Market Research can help reduce the failure rate considerably when applied relevantly and conducted correctly. But, there are five pitfalls that need to be avoided;

 

 

 

 

 

  1. Test What You Intend to Launch

The features, benefits, and attributes that you use to describe and evaluate the product in research MUST match the product that you will bring to the market as closely as possible. Testing attributes that aren’t possible or too expensive may lead to unrealistic demand forecasts. For example, in testing a new online video game service, the research described the product as including hundreds of games from the top game publishers and a seamless interface and game-playing experience. Target consumer response to this concept was highly positive. However, when it was time to launch the product, many of the top game publishers were not included and the product required advanced drivers and high-powered PCs with very large RAM capacity to perform optimally. As a result, consumer expectations were never reached, and the product ultimately failed.

  1. Don’t Depend on Qualitative Research Alone

Qualitative Research (focus groups, depth interviews, ethnography) utilize small, non-projectable samples. Qualitative research is very effective in providing guidance, hypotheses development, and disaster prevention. However, because the samples are small and not representative of the entire target market, the detailed findings developed solely on the insights from qualitative research may be wildly different from the reality of the marketplace. Always follow up with quantitative, projectable research to confirm hypotheses!

  1. Respondents Will Often Overstate Their Intentions

Overstatement of intent bias is always an issue when measuring constructs such as “likelihood to buy” or “overall interest”. Respondents just can’t predict exactly what they intend to buy, especially if it’s a highly innovative product. There are a few ways to handle overstatement. First, when using scales, it helps that all of the data points are labeled or anchored so that there is no ambiguity of how to answer the question.  Second, you may also want to consider using a down weighting scheme using historical empirical data to verify actual product take rates to survey results.Or, third, you may consider a hybrid approach, and instead of directly asking people for their own likelihood to buy, you ask them to project their forecast of what others would likely buy. In this way, you can overcome their personal… Share on XBut one of the best ways to overcome overstatement is to measure the likelihood to buy using a trade-off technique such as Discrete Choice or Conjoint Testing or MaxDiff. These techniques “force” respondents to make trade-offs and distinct choices of one product over the other, thus mitigating bias of direct questioning.

  1. Evaluate Features, Benefits, and Attributes of the New Product In Bundles, Rather Than In Isolation

The most famous case illustrating this caveat is the Edsel. When developing the Ford Edsel, researchers tested various components of the car in isolation. They identified the preferred bumper, the preferred grill, the preferred dashboard configuration, and so on. When all the research was completed, they combined the top tested components together. But the car that resulted did not look or operate optimally. Utilizing one or more trade-off testing approaches such as Discrete Choice, Conjoint, or Max-Diff mentioned above will help to avoid this problem.

5.Remain Objective! You May Have to Declare that the “Baby” Is Ugly.

As a researcher, it is your duty to remain objective, to base conclusions and insights only on the data. The person or team developing the new project has a special interest in the success of the new product. But, for the good of the organization, if the research identifies flaws or inconsistencies, or simply disinterest, then it is important to clearly communicate this to the product team so that either adjustment can be made to improve the product or that the launch can be canceled. I once conducted a pricing test for a new product that indicated that the target price that consumers were willing to pay was about $100. However, the cost to make and sell the product was about $200. Unfortunately, despite the obvious discrepancy, the client decided to launch the product at a price of $285. Suffice it to say, the product was a flop. So, not only do you need to tell the client bad news, they need to believe you and act accordingly.

Following these guidelines will greatly increase your odds of success. But remember, ask the right questions, of the right people, at the right time.

 

Carl Fusco

Carl Fusco is an accomplished Marketing Research Consultant who helps businesses more effectively solve problems by applying research techniques and data-based insights.  For more information email him at carl_fusco@yahoo.com or phone him at 770-364-7160.

 

 

Thank you for visiting our Blog!

Jim Weber – Managing Partner,  ITB Partners

Jim Weber – Managing Partner, ITB Partners

I hope you enjoyed our point of view and would like to receive regular posts directly to your email inbox.  Toward this end, put your contact information on my mailing list.

Your feedback helps me continue to publish articles that you want to read.  Your input is very important to me so; please leave a comment.

 

 

Posted on

Servitude

“Only a life lived in the service to others is worth living.” Albert Einstein

Stephen Dawson, DSL

I met Melissa in the summer of 1983 at a teenager retreat. We spent a lot of time together with the other teenagers and alone with each other during the retreat. We became quite fond of one another. We lived several hundred miles from one another. We ended our time together, wanting more of a relationship. Melissa wrote me a letter a month later she had decided there is no future for our relationship. She planned to spend some of her college years in both the United States and France. She did not see a way we could grow our relationship with distance.

I cried for an hour after I read the letter. I knew she was 100% correct. She had much more intelligence than me, much more class than me, and her family was much more wealthy than mine. There were no viable means to grow our relationship. I ran into her several months later, unexpectedly. Our conversation was awkward. We wanted to continue our relationship, but the spark was gone. I have not talked with her or seen her since that day.

Melissa served both me and us with her leadership demonstrated in her letter. She considered the facts, made a choice, and communicated herself well. Her efforts form the basis for a successful leadership strategy.

Consider the attributes of this story. Then, consider how your people, the followers of your leadership, are wondering how to grow a relationship with you. Who makes the first move? Who makes the next move? How will these moves be made? Oh, and there is accomplishing the work they are being paid to do.

I shared in-depth recently about love. I also shared leading by serving is a formal leadership style. I shared over the past several weeks how leaders I identified have demonstrated love to their followers, along with those outside of their organization. If things went well for you this past week, then you are wondering now how to deliver love to your followers. If things did not go well for you last week, then you are wondering now if loving your followers is worth the hassle. Let’s talk about the second item first, and then we will cover the first item.

HASSLE AVOIDANCE OPTIONS

I see there are three options when it comes to relating to people. The first option is to love them. The second option is to hate them. The final option is to care less about them. This final option may be considered to be a form of hate, but I identify it as a form of ambivalence. It is not a form of apathy.

If I know my leader hates me, then there is no point in my trying to follow them. I may be forced to follow them, but I will not perform at my best potential to deliver my work. It seems to me this combination is an inescapable attribute of humanity.

If I know my leader is unsure of either their love or hatred for me, then I am thinking the day will come when they chose to either love or hate me. I will wonder which option they will choose with more and more thought devoted to this wondering until the day comes when they make their choice. I will not focus entirely on my work, as I will have part of my attention direct elsewhere. It seems to me this combination is an inescapable attribute of humanity.

If I know neither hatred nor ambivalence empowers my followers to work fully to accomplish their work, then it makes sense to be the only viable option is to love them. I know of no credible evidence where I should conserve love. Conserve, in the form of holding back at some point. I may be too tired to give love, but this condition is a call to rest instead of a call not to give love. If I want the best return for my investment of time, money, and perhaps even a bit of social status, then it makes sense to me to maximize my investment of love into my followers so they will have the best potential to deliver to me the work I ask them, and perhaps am even paying them, to accomplish.

LOVE DELIVERY OPTIONS

A relationship involves two or more people. If I have thousands of people in my organization, then it is impossible to spend individual time with each other. I must work with my direct reports to accomplish loving all followers of my leadership. I must instruct, model, and require my direct reports to love their direct reports, all the way to the lowest level of the organization. This step is what I call a mandate.

Next, I must know my direct reports are doing what I mandate of them. I must go to those at different levels in my organization and ask them individually to tell me their understanding of the mandate to understand what I required in my mandate is being accomplished. Talking in person is better. Talking by video is better than only audio. However, audio talking is better than not talking. It is more effective to go to the middle of the organization first, then the bottom when having these talks. This approach gives me accurate first-hand findings quite quickly. This step is what I call a measurement.

Talking together

Next, I take any corrective action necessary to match what I mandated with what I measured to eliminate any variance. This action occurs speedily over a day or so. This step is what I call a demand.

If any of my direct reports disagree with my leadership, then it is best either I change my leadership, or they cease reporting to me. I am willing to discuss how I accomplish my work. I am not willing to discuss what I mandate. A mandate is derived by what I know must happen to preserve the organization, to grow it, and perhaps even turn it over to another leader at some future date. I know a mandate by the intersection of my worldview, my ethics, and my morals.

So, how about the followers? There must be enough of an intersection between leader and follower in their worldview, ethics, and morality for them to be able to accomplish the work in their hand. The best practices of both diversity and inclusion tell me I have a better chance of success with as much input as I can receive. Yes, there is a condition known as analysis paralysis. This condition is when a person cannot act on their work because they are taking in too many considerations. We covered this condition when we discussed being scared. The inputs never stop. So, it is best to have as diverse a follower set as I can have in my organization to ensure I have the most inputs possible. Furthermore, I had better love each of them if I expect each of them to be included in my organization by their choosing to do the work I have put into their hand.

Talking again with someone

BONDSERVANT

It is my considered position my loving anyone is a choice I must make daily. I must choose to make myself indebted to love. I do not force anyone to love me. It is impossible to achieve this action, so there is no reason to try and do it.

The idea here is to have a continuous conversation that matters. Matters, in the form of contributing productively to the desired outcome. It is spending the time talking about what organization members are supposed to be talking about: their work. Then, the purposeful conversations occur at all levels of the organization.

A continuous conversation

CAPTURING

Now, it is time to write out your action plan to know with certainty how you are going to lead your followers by means of love. Review the material we covered in our discussion on the topic of love. Then, write out a table with the following structure:

Column One, HOW. Write a sentence of how you will deliver love to your followers.

Column Two, STORGE. This column is populated with entries of YES or NO based on HOW you deliver love.

Column Three, PHILIA. This column is populated with entries of YES or NO based on HOW you deliver love.

Column Four, EROS. This column is populated with entries of YES or NO based on HOW you deliver love.

Column Five, AGAPE. This column is populated with entries of YES or NO based on HOW you deliver love.

Love Action Items List

This table now contains your Love Action Items list.

You should be able to write out twenty sentences of HOW you will deliver love without expending much effort. I encourage you to keep each sentence as short as possible while maintaining your clarity. Write out the HOW entries first, then come back and identify which love definition each HOW item matches. The result is each row in your table telling a specific action, matched with one or more specific love definitions, for anyone impacted by your leadership to understand your leadership style better. If you need some help with the HOW part, then read some of the work accomplished by Gary Chapman. Chapman realized there are five common love communication mechanisms.

My strategic partner David Daniels shared with me his thoughts on forming the Love Action Items list. “I have always welcomed different points of view, as long as they came from a positioning of the organization’s values and mission. However, once a decision was made, I fully expected my team to embrace and support the direction. I have watched so many situations where leadership gave the appearance of support to the leader and then went out and trashed the direction or lent unenthusiastic support of it.” I agree with David’s viewpoint. It is best to write your Love Action Items list from the position your people changes may involve changing some of your people who report to you directly, whether or not they serve as leaders.

Your analysis of your table containing your Love Action Items list will help you plan to deliver love to your followers. The best news is your followers will know how you are planning to act, know instantly how your actions match your plan and are empowered to contribute to your table by adding rows as you approve. The key here is your HOW items need to be received by your followers, and your followers HOW items need to be received by you.

Now, some good news. The four types of love expressed through five different options work out to be 465 different combination options. Clearly, there is no shortage of options available to anyone desiring to love anyone. Do some reading on permutations and combinatorics to learn more about combinations. Remember, the leader-follower relationship must work in harmony and not be forced to be effective. We will discuss the work you accomplished with your Love Action Items list next week.

So, I ask you: where do you want to go? I hope your answer is to develop the plans necessary to accomplish the strategy you know you need to achieve to arrive at your desired destination. If this is the case, then let’s get to work. If not, then I wish you the best of everything.

I hope we will see each other here next week. Email me if you need to talk before then.

Dr. Stephen H. Dawson, DSL

Executive Strategy Consultant

Dr. Stephen H Dawson

Stephen Dawson is an executive consultant of technology and business strategy, serving significant international organizations by providing leadership consulting, strategic planning, and executive communications. He has more than thirty years of service and consulting experience in delivering successful international business development and program management outcomes in the US and SE Asia. His weekly column, “Where Do You Want To Go?,” appears on Thursdays.

Dr. Dawson has served in the technology, banking, and hospitality industries. He is a noted strategic planning visionary. His pursuit of music has been matched with his efforts to lead by service to followers. He holds the clear understanding a leader without followers is a person taking a long walk alone.

Stephen has lived his life in the eastern United States, visiting most of the United States and several countries. He is a graduate of the Regent University School of Business & Leadership.

Contact Stephen Dawson at service@shdawson.com.

Thank you for visiting our Blog!

Jim Weber, Managing Partner – ITB Partners

Jim Weber – Managing Partner,  ITB Partners

I hope you enjoyed our point of view and would like to receive regular posts directly to your email inbox.  Toward this end, put your contact information on my mailing list.

Your feedback helps me continue to publish articles that you want to read.  Your input is very important to me so; please leave a comment.