Tag: Business Development

Dealing with Big Prospects: 5 Killer Mistakes – Part 2

Posted on by David Kolakowski

In the last post we covered the first two of the 5 biggest mistakes you can make in dealing with big fish clients. Today we’ll cover the third and fourth ones: Taking on More Than You Can Handle.

When you take on too much, your business can’t keep up and therefore you can easily lose control of everything and find yourself barely functioning. You want your business to be successful, no doubt, but you need to have a plan for how you will handle the growth. Your clients expect great customer service and high-quality products/services, they don’t know or care about your behind-the-scenes operations to get those things done.

  • Look for these signs that you are taking on more than you can handle:
  • Clients’ needs aren’t being met.
  • Employee morale is low, clients are upset and you’re in a panic.
  • You have to react in emergency mode to save accounts.
  • Your current clients are suffering from trying to keep up with new business.
  • Profits are going down.
  • You are just trying to pick up the pieces of your business.
  • Your clients/customers leave.
  • Resources are being reallocated.

 

There is a trick called the Mock Fish Plan. This plan can help you react positively when you are facing some or all of these things and help you get your business back on track. This plan will:

  • Help increase sales in a short period of time.
  • Alter your products/services for the better.
  • Fulfill promises you made to your clients.

 

There are six steps to this plan:

  1. Bring in your best team and have them all help to meet the fish’s needs.
  2. Review your operational system.
  3. Anticipate future problems better.
  4. Communicate better.
  5. Include costs in your quotes.
  6. Always have a back-up plan.

All Your Eggs in One Basket

You can allow your company to become dependent on any one fish. Eventually or for certain periods there is going to be a slowing down period with your fish. To stay in the game, you need to diversify.

If you’ve ever mishandled a fish, you could drive away potential fish as well. In order to keep balance and prepare for a strong future, there are a few things you can do.

  • These things include:
  • Stay in the loop and try to know what’s going on inside your fish’s company.
  • Constantly reinvent yourself and stay at the top of your industry.
  • Stay exclusive.
  • Try to secure multi-year commitments and contracts.
  • Spread your contracts out.
  • Price your products/services correctly.

 

You also need to work to reduce your dependency on your fish. This can generally be measured in sales or profits. Take a look back at the process we’ve used thus far to snag more fish to keep this all in balance.

These are the ways you can help avoid the killer mistakes that can make you lose it all. If you need help with any of these tips or tricks, try our FREE test drive to get the help you need fast.

Next time we’ll talk about the last of the killer mistakes and how to combat it from hitting your business hard.

Catching Big Fish with The Perfect Bait

Posted on by David Kolakowski

In the last post we talked about how to learn about your big fish and prepare for the first contact you’ll make with them. This first contact is essential to your success. You need to instill confidence in them. They need to know you can fulfill exactly what you are offering on time, at a good price and at the quality you promise.

Today we’ll actually go through the big approach and how to make that perfect first impression. Before you put together your approach plan, you need to choose which big fish you’re going after. Take a look at your notes and the research you’ve done about prospective fish. Then decide which one will be the easiest approach to start out with.

There are a series of things to go through in choosing which fish to start with. They are:

  • Position Your Business
  • Compile Your Hit List
  • Select the Best Target

 

Position Your Business

You need to position your business to make the first move by listing your revenue streams, your operational procedures, where your fish is initially positioned, your big-customer research, and putting it all together.

Compile Your Hit List

Start with a list of all the companies you’ve been considering. Then narrow it down to the ones who know could use your products or services. Don’t overlook obvious choices, whether they are big or small. Even small companies could be big fish in the future.

Select the Best Target

Once you’ve got your list narrowed down, you need to decide which one is the best fish to start with. You need to consider a couple of things:

  • Which have the most purchasing resources to spend?
  • Does their company vision compliment yours?
  • What are their employee incentive programs as they relate to your products/services?
  • What’s the company’s real need for you?
  • Will the partnership lead you off-course?

Now you should have a target in mind to start with. It’s time to plan your approach and execute that plan.

Here’s the step-by-step plan to help you make a good first impression:

  1. Build and analyze your database. Divide your leads into three different categories: hot leads, great fits, and secondary leads.
  2. Send out introductory mailings to your target to introduce yourself, your company, services, products, and vision. They need to be short, clean, and concise.
  3. Follow up with your first phone call 2-3 days after they would have received the mailings. During the phone call find out whom you need to be speaking with in the future and try to set up a meet with the right person.
  4. Follow up your phone call with another mailing that thanks them for taking the time to speak with you and offer more details about your products/services. Use this letter and opportunity to set up a meeting to do a presentation.
  5. Follow up the letter with another phone call a couple of days after they would have received the letter. This phone call is to help you further develop your relationship with the prospective client. You should also be able to set up a presentation meeting with them.
  6. Call again a week later if they haven’t agreed to a meeting or presentation. Ask if they received your creative letter (the second one) and if they have a minute when you can stop by and introduce yourself in person.

Now, don’t be upset if you don’t seal the deal right away. Some people simply take a little longer to woo. This can all be a little intimidating at first, but when you know you are offering a quality product/service, you can’t go wrong.

Once you’ve gone through this process and make first contact (and hopefully a good first impression) it’s time to put your best face forward, which means sending the right salesperson to seal the deal.

If you need help putting together your approach and make a good first impression, try our FREE test drive to work with a coach and have access to a wealth of great resources and tools.

Are You On The Right Path to Getting Bigger Clients?

Posted on by David Kolakowski

Are You On The Right Path?

There are a number of factors to take into consideration when prepping yourself and your company to approach the largest clients you’ll ever work with.

Today we’re going to start with a brief look at the three paths every business faces and show you which one is the path to success. Then we’ll talk about the mindset it takes to attract the big fish.

There are three major paths a business can take:

  • Snail Speed
  • Shooting Star
  • Catch the Big Fish

 

Snail Speed

Most business owners ended up working themselves into the ground without much reward or success. This is what happens when you fool yourself into thinking you will find quick success. You may also find yourself following this path when you are afraid of change.

Shooting Star

This describes a business that shoots to the top so fast you are overwhelmed and don’t have the right resources in place to adapt. This can also happen from being overwhelmed by small clients and not taking the time to find large clients, which will sustain your business after the small client sales slow.

Catch the Big Fish

This is the path that allows you to build at a steady pace that you can manage by not allowing your customers to outpace you. You can do this by putting these tips to work:

  1. Attract, keep and lock in big clients.
  2. Integrate “big business” culture into your company and employees.
  3. Acquire the expertise you need to grow.
  4. Have the courage to make changes as you grow.

Now we are going to transition a bit and talk about the “big fish” mindset. It may sound easy to just find and catch that big fish, but if you are stuck in the small business mindset, you may find it harder than you think.

Think of all the benefits of aiming at bigger clients:

  • Inexpensive
  • Highly Profitable
  • Longevity
  • Security

In order to catch the big fish, you need to believe your company can make a difference with theirs. It’s easy to get into the thought that a large company doesn’t need anything from a small business like yours, but this is entirely wrong!

Once you take a look at how big companies operate, it’s important to know which ones are the best fit with your company. One of the best ways to get in the door is by knowing someone on the inside who can put in a good word for you.

If you’re not sure where to start and feel a little intimidated about catching big fish, try our FREE test drive to get help from our amazing business coaches.