Tag: Business Development

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Three Pillars For Independent Consulting Success

Reflecting on this past week, my focus was on exercising my coaching skills. That comes as no surprise as coaching is fundamental to my leadership responsibilities. I was a bit surprised by the breath of my coaching responsibilities, though. It began by helping a client get his job search on track and ended with a coaching client finishing her PhD requirements. Most of the week was spent with my consulting team and prospective consultants. Interestingly, one of those prospects is a Mexican Citizen who wants to open an office for us in Mexico City. I like her passion and vision for developing Latin America.

 

The common thread to these discussions is what I call “the three pillars of success for independent consultants;” networking, public speaking, and writing. These three skills are the key to success in most if not all occupations. Another way to characterize these skills is Marketing.  The objective is to be viewed as an expert in your field, someone who can be hired with confidence.

 

Professionals and Craftsmen must master the skills of their profession. If you’re an Accountant, you must know how to record transactions, balance accounts, and prepare accurate financial statements, among other things.  A carpenter must know how to make precise cuts, create square corners, and minimize waste. In both examples, one must be familiar with codes, regulations, and best practices for the industry. That is a baseline requirement to compete.

 

If you want to build a business or expand your practice, you need a lot of people who know your capabilities, who can recommend you to prospective customers. So how do you accomplish that goal? Networking, public speaking, and writing.

 

I’ve written extensively about the importance of networking. It is necessary but time-consuming and inefficient with regard to the number of people you can influence at any time.  It cannot be avoided, however.  The relationships one builds by networking creates trust, facilitating referrals. A referral from a trusted colleague is a powerful introduction.

 

The second and third pillars provide leverage. Public speaking is a viable way to influence many people at the same time. It provides a platform to demonstrate your professional credentials to an audience eager to hear your message. Isn’t it better to sell your product to 20, 40, or 100 people at the same time than by talking to just one person?

 

Receiving public speaking invitations requires you to be adept at presenting general information about a relevant topic. By demonstrating your command of the issue, you indirectly sell your services. This isn’t about direct selling; it’s about reinforcing your credentials. No one wants to listen to a 40-minute infomercial, but they will listen to learn how others have resolved common problems.

 

Writing blog posts or articles provides even greater exposure and more latitude over the subject matter. Before the internet, the traditional method was to write articles or editorials for publications in industry magazines, newspapers, and periodicals. Today, we have many more options including social media platforms like LinkedIn, Facebook, Twitter, and your company website. Additionally, you can create podcasts and YouTube videos to reach a larger audience. Supporting your writing campaign are email marketing applications like Constant Contact, AWeber, and Mail Chimp.  Grammarly is an application that helps you with your grammar and punctuation, a digital editor as it were.  With all of these resources available at modest cost, why wouldn’t you develop a writing discipline?

 

Distributing written information provides leverage that can easily put you on the national, and international stage. I have proof positive based on my conversation this week with the lady from Mexico City. The point is to present material that is interesting, relevant, and easy to read.  Over time, you will create a loyal following. These fans are potential clients, ambassadors supplementing your selling efforts. Writing articles or blog posts leads to an expanded business development platform.

 

The three pillars are mutually reinforcing. Once you develop a message, tested and honed by networking, you can easily move on to public speaking. Public speaking takes your message to a broader audience while writing takes your message to a far larger audience. It’s a natural progression where one activity builds on the other.  Plan for success as an independent consultant by mastering the Three Pillars!

Thank you for visiting our blog.

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.

Jim Weber, Managing Partner

ITB PARTNERS

Jim.Weber@itbpartners.com

Author of: Fighting Alligators, Job Search Strategy For The New Normal

 

 

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Interact, Participate, Engage

I’m reading Strategic Connections, an interesting book about networking recommended by a friend.  So far, I have found it to be insightful. This past week I came across the author’s list of the 10 biggest mistakes members make. It was amusing and to the point, but sadly truthful. I thought those insights needed to be repeated. However, I’d take a different tact and make the point more positively.

 

If you plan to join a networking group do so with a strategy in mind. What are you looking to gain from the relationships you develop? Is it for professional development? Or, maybe your intention is to generate more customers. Then again, maybe it’s just for fun and fellowship around your favorite hobby. Whatever your objective, be clear about your expectations and make a commitment to the group.  Otherwise, membership is pointless.

 

So, you’ve joined a networking group.  Now that you’re a member, plan to enjoy the full benefits of that association. Your first objective is to become an active participant. Make a commitment to attend every meeting you can. Arrive early and leave late. Don’t come to hear the speaker or enjoy the breakfast and leave. If that is all you want from the group, save your membership fee.  You can eat breakfast at home and watch the subject matter on YouTube. But, don’t expect to get any referrals for new opportunities.

 

Attend the meetings with the intent to be remembered.  Stand out from the crowd. An easy way to stand out is by the way you dress.  Ladies may wear a distinctive piece of jewelry. I know gentlemen who’ve established a persona by wearing a vest. A vest is stylish, but not commonly worn and will get attention. I like to wear shirts with French cuffs, even if I’m not wearing a suit and tie. Women often wear distinctive pens or scarves to be different. Flag pens, company pens, or even pens from civic associations are noticeable.  These ideas also serve as conversation starters.  Having a distinctive style is a good start, but you still won’t be noticed if you stand in the corner by yourself. Get into the crowd, mingle, introduce yourself to a stranger.  Ask questions of the presenter.

 

The second broad theme is to interact with others. Don’t hesitate to walk up to a group and introduce yourself. After all, it is expected.  It’s the point of networking, meeting people you don’t know to expand your network. Join in the conversation.  Show interest by asking questions. That’s how relationships are formed. Don’t spend your time talking exclusively to people you already know.  If you find someone standing alone in a corner, go introduce yourself.  Often, you’ll find these folks interesting, albeit on the reserved side. And while you’re interacting, focus on important topics relevant to the group. Save discussions about the weather and sports for other occasions. If you’re new to the group, try to learn about their culture, norms, and protocols.

 

The final point is to become involved in the group. Look for opportunities to demonstrate your competence and leadership skills. Take on an assignment to help the group. Recently, Paula a member of ITB Partners volunteered to organize a Speed Networking Event, over cocktails and hors d’oeuvres. The event was a big success.  Paula was recognized for her initiative.  You may volunteer to speak on an important topic or serve on a committee. If your group meets for breakfast, organize an after-hours cocktail party. Show your commitment and your ability to plan, organize, and follow through. These activities demonstrate your competence, leading to more referrals.

 

Networking is the most effective way to land that new job or to expand your business. Approach the concept with enthusiasm and a plan.  As with any skill, networking can be learned. With a little guidance and practice, you will gain confidence. Confidence leads to credibility and credibility leads to opportunities.

 

Thank you for visiting our blog.

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.

Jim Weber, Managing Partner

ITB PARTNERS

Jim.Weber@itbpartners.com

Author of: Fighting Alligators, Job Search Strategy For The New Normal
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I’ve Got Nothing!

Jim Weber; Managing Partner, ITB Partners

I recently attended an after-hours networking event hosted by Chad, a longtime friend. Over the past ten years, Chad has assembled a group of professionals who enjoy cigars. My kind of people! His networking events are held once a month at cigar friendly venues around the area.  I believe I attended his kick-off event but haven’t been able to participate on a regular basis due to other conflicts. Most notably my monthly poker game.  Chad’s strategy is to concentrate on building relationships first, with talk of business somewhat subdued. Business cards are exchanged by request only. I like his style. This is as it should be.

Chad’s most recent gathering was at a cigar friendly steakhouse in Buckhead. Chad had reserved a strategic location in the bar area near the live entertainment. It was a diverse group, including a few couples and two single women. There were IT folks, a few from the medical field, a realtor, a marketing director, and a lawyer and his wife. We were all about the same age and dressed in traditional business attire.

During the evening, I had other interesting conversations including one with the female marketing director. Let’s call her Carol. She arrived a little later than I and greeted the regulars before taking a seat next to me.  She introduced herself and we struck up a conversation. Naturally, her first question was about my connection with Chad.  I explained that we have known each other for many years and that I am on the group’s mailing list. I asked her the same question and went into full executive recruiter mode asking follow-up questions to keep the conversation alive. Carol was forthcoming, revealing her career interests and personal history, albeit just the basics. She told me that she feels very confident about her professional skills but mostly enjoys developing her coworkers. She admitted that she was frustrated that she doesn’t know how to leverage her strengths into a more significant role. She said she is passionate about giving back through various causes but hasn’t focused on one in particular. I asked if she had considered working with a career coach. Maybe her most interesting revelation was that she is an introvert, but she isn’t shy and that she’s intuitive. I confessed that I found that rather unique and agreed that she wasn’t shy. When she finished her story she asked for mine. At that point I was feeling a little mischievous. With a friendly smile, I said “since you told me you’re intuitive, why don’t you tell me about me?” She leaned back in her chair and looked me over. Then she said, and I quote, “I’ve got nothing.” I found that amusing. If our roles were reversed, I would’ve made up an interesting story, flattering her of course, to keep the conversation moving.  Not missing a beat, I complied, and the conversation continued. 

I revealed my background story, including the point that I work with coaches who could help her with her career aspirations. The conversation continued until other folks arrived and was redirected elsewhere. Carol is a delightful lady and I enjoyed our conversation.  I must’ve admit however, I continue to be amused by her “I’ve got nothing” comment.  It has become the punchline for our conversation. I’ve since told that story to other friends, both male and female.  They found it amusing as well.    Not because she didn’t regale me with flash of intuitive brilliance, but because she didn’t play along. Then again, I may have been the first to ask her to demonstrate her extra sensory skills. The rest of the evening was as enjoyable as my conversation with Carol, but our conversation was the highlight of the evening. Chad has developed a healthy culture within his group which

isn’t a surprise. ‘Good people’ attract other ‘good people’ and Chad is definitely ‘good people.’ I was very comfortable with his group and plan to attend future events.

At around nine p.m. I made a graceful exit, making a point to thank my host and say goodbye to everyone.  As I was leaving, several guests asked for my business card and I received a few from others. I made a mental note to follow up with Carol as she could be a good client.

Professionally speaking, I had two takeaways from my conversation with Carol. The first was a minor thought that if one is talking about a personal skill, they should be prepared for questions about that skill, even in casual conversation. Be prepared to go with the flow. Of course, Carol could’ve been a bit risk-averse, although she didn’t take my suggestion as threatening.

The second and more important takeaway is that active listening is a powerful tool to make connections and build trust, the foundation of networking.  One of my female colleagues reinforced that point yesterday. After a good laugh about my punchline she offered that people like to talk about themselves. The more you let them talk the greater their appreciation, which leads to rapport, the beginning of trust.  Never underestimate the power of active listening!

Thank you for visiting our blog.

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.

Jim Weber, Managing Partner

ITB PARTNERS

Jim.Weber@itbpartners.com

Author of: Fighting Alligators, Job Search Strategy For The New Normal

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Build a Solid Foundation for Success!

Having a background in Strategic Analysis and Planning has served me well during my career.  It has been especially useful when coaching clients and building my start-up.  My passion is sharing my experience and training folks on the fundamentals of strategy development.

This week I had three opportunities to indulge my passion.  Meeting with several members of our Executive Leadership Team regarding our Strategic Review, I listened to their thoughts about growing our brand. I talked with a prospective client about a senior level search.  We discussed the ideal candidate profile for a small, growing enterprise.  And, I spent time working with my consultants developing diagnostic tools to help our clients identify risk and opportunities.  I was in my sweet spot and it was exhilarating!

Strategy is about engaging an optimal combination of resources to meet an objective and create a competitive advantage.  The strengths of the enterprise are the foundation for strategy.   These strengths are required to ensure success.  Has anyone ever suggested that you take stock of your weaknesses and build a strategy around them?  I don’t think so. Crafting strategy must be grounded.  A mismatch of desires and capabilities will be disastrous. Do the firm’s resources; people, processes, systems, and cash flow support the strategy?  Strategic analysis will create filters to sort out these issues.  For the best result, focus your analysis on people, processes, and systems, as well as the strength of your brand.  The result of your work will validate objectives and begin the process of strategy formulation.  

A company’s objectives must be relevant to the current state of the business.  Is a solid foundation in place to execute the strategy? Are your people engaged and aligned?  Is the culture solid and supportive?  Are processes and systems in place to track performance and hold people accountable?  Procedures and systems are necessary for management to provide guidance, track progress and take corrective action.   Are financial resources available to support the strategy?  Is the company’s brand equity strong enough to ensure success?  If the answers to any of these questions is no, intermediate objectives must be considered.

There is significant downside risk in pursuing an objective that hasn’t been properly validated. Confidence in the leadership team will be shaken.  Overall, morale will be diminished.  Rebuilding confidence will become a time-consuming distraction which may put the primary objective out of reach.  

Likewise, if the culture doesn’t support the initiative, the organization may become mired in their own confusion.  Creating buy-in is mandatory.  A lack of support will create resistance and derail success.

If a new hire is required, one must understand the time it takes for that person to become effective.  It may take three to six months to fill the position. On-boarding, and ramp-up time must be considered. Becoming an effective contributor could take a full year’s worth of effort.  Setting performance goals for a new hire, should be pushed out one year, and even then, the incumbent may not reach their full potential for two or more years.  

I am reminded of a marketing strategy a former employer attempted without validating the building blocks for success.  I thought the basis of the concept was sound but needed more testing.  Instead, the company executed a national roll-out without buy-in from the organization.  What seemed like a viable concept, became a complicated program that layered on new packaging, a contest, and bounce-back coupons.  Communicating the value proposition for the initiative was a monumental task that failed miserably.  Before launching the campaign, I asked the VP Marketing why he was opposed to starting small, then building on the concept over time.  I had recent experience in a similar situation which I thought to be relevant. He told me that he needed a big win to improve the morale of the department.   Not a convincing rationale, I thought.  Ironically, this failure further demoralized the department.  A brilliant concept, in my opinion, was never realized because they went for a home run instead of a series of base-hits, to use a baseball metaphor.  They didn’t build a foundation for success.  The concept was never tried again.

I realize that time is of the essence in this highly competitive, disruptive environment.  However, mistakes are costly and time-consuming.  Big mistakes at a critical time in a company’s development can be fatal. Good leaders understand this dynamic and its tradeoffs. Often, an objective requires intermediate steps to be realized.  Is the foundation ready?  If not, people, processes, or systems need to be addressed.  

When developing strategy, one must have a clear understanding of the company’s strengths and capabilities, as well as the timeline and resources available to realize the objective. In other words, success begins by building a solid foundation to support your strategy.

Thank you for visiting our blog.

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.

Jim Weber, Managing Partner

ITB PARTNERS

Jim.Weber@itbpartners.com


Author of:  Fighting Alligators, Job Search Strategy For The New Normal



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Your Elevator Pitch – By Invitation Only

I had an epiphany this week Thursday. Well, maybe it wasn’t an epiphany as much as it was an important reminder about the art of the elevator pitch. I was on a conference call with my Executive Leadership Team (ELT) discussing business development and the process of closing the sale. Specifically, the conversation became focused on understanding the needs of the prospect before selling our capabilities. I used the metaphor of a Family Physician, a General Practitioner diagnosing a  patient’s malady. The GP begins with questions to understand their patient’s symptoms. In another words, where does it hurt? Diagnosis is a systematic process which results in mutual trust, and the beginning of a relationship. It follows a logical sequence. Consultative selling is very similar.  It follows the same process.  By establishing sincere interest in the client, learning about their pain, we demonstrate our consulting methodology.

My epiphany was that building a relationship is confusing to many.   They become so focused on presenting their value proposition, they fail to connect with the prospect. Some people I know are honest about their lack of appreciation for networking. As a result, they, avoid it, having a more difficult time generating business. This recognition triggered me to address the issue head-on as it is so fundamental, it cannot be ignored.


“People will forget what you said. People will forget what you did. But people will never forget how you made them feel.”  Maya Angelou

Networking for business development, qualifying prospective clients, isn’t much different than making friends or courting a prospective mate. Again, some are better at this than others. People who are good at making friends demonstrate a sincere interest in the other person, the target of their interest.  These people ask questions to learn the other’s background and interests to identify common ground. Similarly, my single female friends say that the best prospect is one who shows sincere interest in them. One who asks questions to learn the lady’s background and interests, to identify common ground. Prospecting for business, or networking, works the same way. When your prospect is confident that you understand their needs they will invite you to present your bone fides.  Great!  Now you can deliver your elevator pitch. If there is common ground and a foundation for trust, the ability to consummate the sale is enhanced. The similarities between prospecting for business and dating looms large.

Making friends takes time and patience.  As an Air Force Dependent, I’ve had a lot of experience moving from place to place and making new friends. My best friendships developed over time.  I learned that often the wrong people were the first to reach out to me. It wasn’t because I was a magnet for those folks, but I encountered them with every move.  They were overly aggressive, inappropriate even, which made me uncomfortable.  I learned to be careful with these folks.  During my corporate career, I moved around quite a bit as well.  I experienced the same issues, although I was much better equipped to deal with them as an adult. I am confident that my experience, making friends is fairly commonplace. I am sympathetic to the trepidation of business leaders on the receiving end of one’s business development efforts. And, they should be wary as the stakes are greater.


The advice to my colleagues is to be respectful, to show interest in the prospect, and build a relationship. When your prospect feels there is mutual interest and respect, they will ask to hear what you have to say. In other words, don’t lead the conversation with your elevator pitch ask questions to get to know your prospect. 

Qualifying your prospect is the same process you use to make friends or to find a mate.  Make them feel that you understand their pain and will be a good partner.  Demonstrate your respect for their situation and a sincere interest in helping them improve their performance.  If you are in a more traditional networking situation, spend the bulk of your time listening and asking relevant questions.  You will be rewarded with more business.

Thank you for visiting our blog.

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.

Jim Weber, Managing Partner

ITB PARTNERS

Jim.Weber@itbpartners.com


Author of:  Fighting Alligators, Job Search Strategy For The New Normal
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Make Networking a Win-Win Proposition

This past week was a good one.  Well, suffering through the remnants of the prior week’s Cold wasn’t fun, nevertheless, it was a busy week with many accomplishments. My time was devoted to coaching and mentoring my clients, recruiting new consultants, and a lot of networking. It was a good mix of productive activity that makes my work interesting and enjoyable.  

My recruiting discussions included people interested in opening new offices for ITB Partners across the country and signing new members for our Atlanta team.  One of those discussions was with a trusted colleague I have known for many years. It was a good opportunity to compare notes on the business environment and to catch up on each other’s progress.  I even made an indirect pitch to sell her on the idea of joining our network.  I am confident that my discussions will lead to follow-on contacts, creating more business opportunities.

I also learned how to create a survey in constant contact, and how to conduct a ZOOM video conference.  I have a keen interest in learning, especially about leadership and the use of technology to improve my productivity.  The value of ZOOM is to make our routine meetings more productive, eliminating drive-time for face-to-face meetings.  The Constant Contact Survey Function will support the work to complete our 2019 Strategic Review.  As we are using Constant Contact for our email marketing outreach it seemed to be unnecessary to pay for another service like Survey Monkey.

The highlight of my week was a luncheon meeting with a friend and one of my colleagues. The purpose of the meeting was to introduce my colleague to my friend, whose company could benefit from his expertise.  After making the introductions, throughout most of the luncheon, I listened to their conversation, taking notes for follow-up introductions and networking.  During that discussion we learned that her company’s updated business strategy is focused on acquiring an operating company.  This gave my colleague an opportunity to talk about his strength in helping companies navigate significant changes, such as a change in ownership.

As she described their acquisition criteria, I made notes listing people she should meet.  Naturally, I thought of people who could be helpful; two investment bankers, and a colleague who just helped her client with an acquisition.  In this case, my colleague ran the due-diligence process for the acquiring company as a consultant.   When the transaction was completed, she become their CFO.  Having had recent M&A experience, especially with a CFO’s perspective, I know she can be very helpful to my friend and her company.  Later that afternoon, I made those connections for my friend via LinkedIn.  As I write this post, they are in the process of scheduling introductory phone calls.

I even thought of another client, who is prepping their business for sale, that may fit their criteria. This client is owned by a Private Equity Group (PEG) that is interested in realizing the increased equity they have created during their holding period.   I mentioned that company in general terms, telling her that I will get back to her with more information. That led to a phone call with the target company’s CFO who promised to connect me with their advisory firm.  We also talked about scheduling a dinner meeting to discuss future opportunities.

Overall, last week was a very productive week indeed, especially from a networking perspective.  My orientation is that effective networking meetings begin with an objective and a good strategy.  One must have a win-win mindset with a primary focus on helping the other party in the discussion.  Good net-workers understand that reciprocity is the unspoken rule.  By helping my friend find a viable acquisition target, I am confident that my colleagues and I will benefit from contracts with her company.  Knowing her as I do, I am equally confident that she will provide us with outstanding references leading to additional business.  I would call that a win-win proposition.

Thank you for visiting our blog.

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.

Jim Weber, Managing Partner

ITB PARTNERS

Jim.Weber@itbpartners.com