Tag: bottom line top line

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016 Business Development Diagnostic—Part 2

016 Business Development Diagnostic—Part 2

Welcome to the Bottom Line Top Line Podcast with Carol Bartlett, Jol Hunter, and Chris Spurvey.

Our episode this week is the second part of a series in which we talk about business development tactics and assessing your business development processes.

We walk you through some tips that business owners and leaders should keep in mind and questions to ponder as you assess your business development processes. We also talk about building brand and reputation, how to protect your reputation, how to nurture client relationships, and how to organize your business development efforts.

Last week, we talked about the mind-set and principles to apply in assessing your business development efforts. This week’s episode isn’t the end of our discussion of business development diagnostics. Stay tuned for a question and answer forum in February!

To download the document, scroll to the bottom of these show notes and fill in the form.

Avoiding a Salesy Culture

What we’re trying to get away from is a salesy culture. Who wants to be sold to? No one.

But if you’re offering a service, you shouldn’t hold back your solutions from a client who has a problem you can solve. Of course, you should lend a hand and say, “This is something I can do.”

Building Reputation and Creating a Brand

You’re creating both a personal brand and a business brand—whether intentionally or not—so why not be intentional?

Visualize what you want your brand and reputation to be and then create them deliberately by sharing in emails and conversations the right level of expertise at the right time. Be authentic and genuine. Intention and deliberateness are the two most important qualities to have in these interactions.

Committing to Proactive Business Development

Based on my own experience, I recommend that you put business development activities on your calendar and prioritize them. Be proactive.

Schedule an hour or so each week—maybe at the start of the week—to plan your business development activities. Then follow through by meeting new people, attending meetings, and so on. Otherwise, business development can get postponed or even pushed aside when seemingly more important things come up.

How committed are you to scheduling time for business development on a regular basis?

To learn more about these topics, please listen to the episode.

Mentions

Connect with Carol, Jol and Chris on LinkedIn.

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015 Business Development Diagnostic—Part 1

015 Business Development Diagnostic—Part 1

Welcome to the Bottom Line Top Line Podcast with Carol Bartlett, Jol Hunter, and Chris Spurvey.

Today on the podcast, we talk about the principles we apply in assessing business development efforts. We also talk about ways that businesses can improve their development processes.

Check out the full episode!

To download the document, scroll to the bottom of these show notes and fill in the form.

Assessing Business Development Efforts

We businesspeople tend to come out of the gate strong but then, later, slip. Maybe we forget or skip some important elements of the process. Regardless, somehow business development stalls.

Having a process in which you continually assess and improve is an important element of business development.

Tapping into Your Network for Business Development

Another theme I have seen in business leaders is a hesitation to put themselves out there by talking to people in their networks. Perhaps this hesitation is related to impostor syndrome, in which people progress in their careers but still have self-doubt. They’re a little afraid. They’re not confident. And they hold back.

But when we connect powerfully and confidently to the market—including members of our own networks—we’ll attract more opportunities.

All Revenue Grows Through Relationships

Many times when I talk with people about this, they say, “That’s applicable to you. You’re in a service-based business.” But I believe that relationships are important in driving revenue for any business. And by business relationships, I mean all relationships—clients and customers, partners, investors, employees, and any other stakeholder.

Business flows through relationships.

To learn more about these topics, please listen to the episode.

Mentions

Connect with Carol, Jol and Chris on LinkedIn.

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014 Setting Annual Goals

014 Setting Annual Goals

Welcome to the Bottom Line Top Line Podcast with Carol Bartlett, Jol Hunter, and Chris Spurvey.

In this week’s episode, we talk about annual goal setting. We share with you our goals for 2019, how we were able to achieve our goals in previous years, and how we plan to achieve our goals this year.

We also talk about how passion fuels us to achieve our goals and remain open to the opportunities that are presented along the way.

This episode is a gold mine for tips about goal setting. Listen to the full episode!

To download the document, scroll to the bottom of these show notes and fill in the form.

Fueling Goals with Passion

I’ve been told by reliable sources that at one point our business school tracked 4,000 graduates during a 30-year period. The graduates were divided into two groups. One group was composed of those who were very deliberate, set specific goals, and made decisions that they expected would help them to achieve those goals. Graduates in the other group followed their hearts, their passions, didn’t necessarily have direct objectives in mind, and took a more values-based approach rather than a goal-based approach. At the end of the 30 years, the school found that graduates in the second group reported happier lives and larger bank accounts.

But does that mean you shouldn’t set goals? Not necessarily. But it provides evidence that goals are more easily achieved if they’re driven by some fundamental passion.

Having a Work-Back Schedule

We recommend using a work-back schedule—a plan in which you decide what you want to achieve and then work backward to plan the steps that you have to take to get there. In putting together a work-back schedule, you may find out that you don’t know the steps. That’s OK. Somebody has done it before, and you can find out the steps from them.

Surround yourself with people who have done what you want to do.

The Path to Achieving Your Goals Is Not Always Direct

I prescribe to the idea of acting on intuitive impulses along the way to achieving goals. And I don’t find that to be incompatible with using a work-back schedule and being methodical. I simply recommend that you never close your mind to opportunities or impulses that might set you on a different track.

Airplanes go off their calculated paths 90% of the time but still arrive at their destinations. What I’m saying is that, like airplanes, we need to be adaptable.

To learn more about these topics, please listen to the episode.

Mentions

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013 Family Councils for Family-Run Businesses

013 Family Councils for Family-Run Businesses

Welcome to the Bottom Line Top Line Podcast with Carol Bartlett, Jol Hunter, and Chris Spurvey.

In this week’s podcast episode, we discuss the importance of family councils for family-run businesses, how such a council can benefit the performance of the business, and some tips for maintaining open dialogue among family members.

If you want to know more about this topic, listen to the episode!

To download the document, scroll to the bottom of these show notes and fill in the form.

Setting Agendas for Family Council Meetings

To fully engage the council members, meeting agendas should be fresh, dynamic, and interesting.

Particularly when multiple generations are involved, no two agendas should ever be the same. But the agenda should always relate to the family council’s purpose—the value that you expect to gain from the council’s existence.

The Importance of a Family Council

You should set clear rules for your family council—both its purpose and how it will operate.

These rules must be set up early and with input from not only members of the family but also non-family who are leaders in the business. The point is that everyone have a solid understanding of the council, including what to do when something unexpected happens.

What if the business’s leader gets hit by a bus?

I’ve worked in the leadership of family-run companies, and the senior executive and I weren’t allowed to travel on the same flights. We weren’t allowed to go to the airport together. Those are the types of procedures that the family and the Board of Directors put in place to secure a smooth leadership transition if the worst happened and the flight crashed.

What Makes Family-Run Businesses Different from Other Businesses

In a typical business, senior management reports to a CEO, the CEO reports to the Board of Directors, and the members of the Board report to the owners.

In a family-run business, senior management may be owners or members of the Board of Directors. The CEO may be an owner, a member of the Board, or neither, and he or she may or may not be a member of the family.

Given these potential complications, the way in which family-run businesses report to their owners and other stakeholders may differ from other businesses. For example, the head of the family may work for the CEO if that approach is best for the business.

To learn more about these topics, please listen to the episode.

Mentions

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Younger Next Year (book) by Chris Crowley

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012 Working with an Advisory Board

011 Working with an Advisory Board

Welcome to the Bottom Line Top Line Podcast with Carol Bartlett, Jol Hunter, and Chris Spurvey.

This week on the podcast, we talk about how advisory boards can help get you further in business and in life, as well as what being a member of an advisory board is like. We also give some tips on how to choose the right people for your advisory board and how to get the most out of your time with your advisory board.

Make sure to check it out!

To download the document, scroll to the bottom of these show notes and fill in the form.

Choosing People for Your Advisory Board

As a business owner, I may look at a potential member of my advisory board and ask myself why that person would want to join my advisory board when he or she is already very busy. But I challenge myself and anyone who is listening to this podcast to ask the person anyway.

Many successful business people are looking for opportunities to help others who are perhaps a few years behind them in terms of the growth of their businesses. They’re looking for ways to share their experiences and help others in their journeys.

Benefits of Being a Member of an Advisory Board

Being a member of an advisory board is a learning experience for that person as well.

When I’m on advisory boards, I always try to add value—to give back—but I also learn what those organizations are doing and then share what I take from that experience with other business owners who I mentor.

In this way, being part of an advisory board works both ways. I don’t think there’s a downside in having an advisory board or being part of an advisory board.

Operations of an Advisory Board

At the outset, the advisory board and the person who convenes it should discuss the range of issues that are on the table for discussion, the typical meeting agenda, how often the meetings will take place, and who will be the chairperson. Each advisory board needs a chairperson—somebody who leads it and keeps the ball rolling by creating meeting agendas, staying in touch with the person who convened the advisory board, and ensuring that progress is made and follow-up occurs.

An advisory board that isn’t set up with some structure and then proactively managed won’t be effective.

To learn more about these topics, please listen to the episode.

Mentions

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011 Dynamics of a Family Business

011 Dynamics of a Family Business

Welcome to the Bottom Line Top Line Podcast with Carol Bartlett, Jol Hunter, and Chris Spurvey.

In this week’s episode, we talk about the dynamics of a family business and how you can ensure that your family business moves forward without compromising the relationships among family members involved in the business. We also talk about whether you should encourage your children to join the family business or allow them pursue their own passions.

This episode is full of insights about parenting, family life, and business, so make sure to check it out!

To download the document, scroll to the bottom of these show notes and fill in the form.

Structured Communication in Family Businesses

Family members who are in business together are often good at making assumptions—having a sixth sense—about actions that should be taken, because they’re familiar with another. But the ease of making such assumptions can have negative consequences. Structured communication processes can help.

Family businesses must have clear rules about which decisions can be made by whom, which decisions must be discussed and with whom, how those decisions should be communicated, and the process for implementing them.

Although some lines may always be blurry, structured communication can minimize the challenges.

Involving Children in the Family Business

I’m in favor of involving children in the family business early. But I’m also in favor of encouraging children to find their own ways and their own paths rather than pressuring them to go into the family business.

I recommend that you encourage your children to get involved in the business to learn the business model, how the business operates, and how to make wise business decisions.

Standards for Family Members in the Business

You should have clear standards, or expectations, for family members in the business. For example, if the expectation for employees is that the workday starts at 8:00 a.m., maybe all family members should start work at 7:55 a.m. If the usual lunch break starts at noon, maybe family members should take lunch at 12:05 p.m. Standards usually should be higher for family members to ensure that they earn the respect of their non-family coworkers.

How Being a Parent and Running a Business are Similar

I’m not a parent. But I think that in parenting, as in business, we do the best we can and sometimes we’re harder on ourselves than we should be. Becoming a parent doesn’t come with a guidebook, and businesses are the same way, so let’s be a little bit easier on ourselves.

To learn more about these topics, please listen to the episode.

Mentions

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010 Winners and Losers in Tough Times

010 Winners and Losers in Tough Times

Welcome to the Bottom Line Top Line Podcast with Carol Bartlett, Jol Hunter, and Chris Spurvey.

Today on the podcast, we explore some of the strategies that businesses employ during highs and lows. When things are tough, how do successful businesses adapt? When things are going well, what strategies do they implement to help them sustain their success?

Check out the full episode!

To download the document, scroll to the bottom of these show notes and fill in the form.

How to Get Through the Hard Times

I’ve been through both the oil and gas industry downturn and the boom time when the province of Newfoundland and Labrador was doing amazingly well but the rest of Canada wasn’t. Then Canada’s economy started to grow again, but the oil and gas industry tanked and the province’s economy followed soon after.

To make it through an economic downturn, focus on what really can get you to the end rather than worrying about things on the fringe.

Instead of chasing everything, trim back and focus on your primary goals—your primary service area and your primary client—and scrutinize your expenses and your organization’s structure.

Raising Prices During Tough Times

Raising prices in tough times is difficult, so seeing qualified individuals deciding to do just that should give you pause.

In tough times, customers are more concerned than usual about risk and so they’re ready to pay more to mitigate it. I can’t tell you whether raising prices in a particular situation is right or wrong; however, your team should stop and think about any potential tactic or strategy before pursuing it—especially when you all may be feeling under stress and depleted.

Lower Prices in Exchange for a Long-Term Contract

If you can convince your suppliers to commit to a lower price for a longer term, you’ll be better off because you will have reduced your costs.

And in such a situation the suppliers may think, “We’ll give a lower price on a long-term contract, because we want to reduce our risk and lock in the business.” In addition to reducing your cost, you will have built a long-term relationship.

To learn more about these topics, please listen to the episode.

Mentions

Connect with Carol, Jol and Chris on LinkedIn.

Winners and Losers in Tough Times

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009 The Ladder: How to Grow a Business Through Relationships

009 The Ladder: How to Grow a Business Through Relationships

Welcome to the Bottom Line Top Line Podcast with Carol Bartlett, Jol Hunter, and Chris Spurvey.

We have a wonderful treat for you this week on the podcast, listeners!

Chris, Jol, and Carol talk about the ladder principles and how you can send the right message to your referral sources and to your clients. They talk about using the right words in conversations, how the language you use can change a person’s mind-set and your business, giving quality client service, asking for referrals, building referral resources, creating win-win relationships, and so much more.

Don’t miss out on this episode!

To download the document, scroll to the bottom of these show notes and fill in the form.

Changing Language to Change Mind-Set

Changing mind-set starts with changing language.

If you’re in a terrible situation and that is all you think about, you won’t get out of that situation. Your ability to get yourself out of a bad situation is dictated by how you approach language and use it to formulate your thoughts.

The Importance of Using the Right Words

Through my research about how people make purchase decisions, I’ve learned that the decision is based on feelings at a subconscious level.

If you the salesperson leave the impression that you’re busy, your potential clients internalize that. When they go home and think about the problems that they need help solving, they feel that you’re too busy to provide that help. They hesitate to call you. You miss out on the opportunity to get their business.

Referral Sources

From my experience, relationships must be win-win. The terminology I use is you have clients, you have alliances, and you have partnerships.

You’re familiar with what a client is. Partnerships are formal arrangements between two people or two businesses. But alliances are win-win relationships in which each person or business looks for market opportunities for the other and keeps the other updated on a regular basis. Alliances are active, win-win relationships that generate business opportunities.

To learn more about these topics, please listen to the episode.

Mentions

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The Ladder

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008 Customer Intimacy

008 Customer Intimacy

Welcome to the Bottom Line Top Line Podcast with Carol Bartlett, Jol Hunter, and Chris Spurvey.

This week on the podcast, we take a deep dive into one of the three competitive strategies for market leadership, as mentioned in the book The Discipline of Market Leaders: customer intimacy.


Chris, Jol, and Carol talk about the types of conversations you can have with your customers to enable you to learn their pain points, the opportunities that come from having an intimate relationship with your customers, and the importance of having an attitude of service.


We hope you enjoy this episode!

To download the document, scroll to the bottom of these show notes and fill in the form.

Getting into the Lives of Your Customers

Working at a Fortune 500 company, I learned how they get into the lives of their customers. For the business to be successful, we had to do that.

Scale is important. How much do you know about your customer? How many touch points do you have? How well do you know the customer’s business? What are its pain points? Businesses thrive on knowing as much as possible about their customers.

Customer Intimacy for Small Organizations

The organizations that I’ve worked with have many, many customers. In retail, you can’t contact all of your customers.

But you should have touch points for the customers who buy your products on a regular basis. You can automate some of that contact. Regardless, touch points can give you an understanding of where your sales are coming from and how you can increase them. Where is your market share coming from? What industry is giving you most of your customers? Do you know that industry extremely well, or do you need to learn more about its pain points?

A Structure for Diagnostic Conversations with Your Customers

As the relationship between you and your customer develops, a broader range of issues are introduced into the conversation. In this way, your opportunities to serve that customer grow. And so do your sales opportunities.

But how can you cultivate such a relationship? Talk about the aspirations of the person and the aspirations of the person’s business so that you can gather information and better understand the situation. Help him or her to articulate goals and then think through strategies and tactics for reaching those goals. Clearly articulate what is going well and what is not going so well. Out of a conversation like that, issues pop. The issues may be strictly business ones or may be related to personal matters. When the issues have been identified, the opportunities will flow.

To learn more about these topics, please listen to the episode.

Mentions

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The Discipline of Market Leaders (book) by Michael Treacy & Fred Wiersema

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007 The Effect of Personal Health on Business Performance

007 The Effect of Personal Health on Business Performance

Welcome to the Bottom Line Top Line Podcast with Carol Bartlett, Jol Hunter, and Chris Spurvey.

In this week’s podcast, we look at the effect of personal health on business performance and get some tips from Jol, Chris, and Carol on how they maintain healthy, balanced lives.

To download the document, scroll to the bottom of these show notes and fill in the form.

Finding Happiness and Decreasing Stress

A lot of people feel the need to spend a lot of money on things that don’t really create happiness. But if we can increase revenue and spend less, we’ll have less stress in our lives and so will live longer.

Spending More to Make More

There’s no real difference between business and personal life in terms of justifying expenditures.

In business, sometimes you need to spend to generate profit, but doing that requires the discipline to consider whether each expense is necessary. In personal life, you may want to buy more because you think that it will bring happiness, but you should think just as critically about those expenditures.

The Importance of Human Connection

Connecting with other people and having that feeling of connection is happiness.

I sometimes do a network audit, which involves looking at your operational network, personal network, and strategic network. Most people fall short in the strategic network, but the fullness of your personal network is often an indicator of how happy you are. So building your personal network is a great way of bringing happiness to your life.

To learn more about these topics, please listen to the episode.

Mentions

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The Profit Formula