January 24, 2007

Defeating the Eight Most Common Objections
Posted by Dave Lorenzo - Business Coach


I often get questions from clients about overcoming objections during the sales process. There are eight objections that are most common during a business deal. I have listed them below along with my thoughts on each. I have also included some questions that you can ask yourself during the sales process to help avoid falling prey to these objections in the first place.

1. Lack of perceived value in the product or service – Answer the question: What do they get for their money? This is the cardinal sin of the sales process. Your first and only job is to demonstrate value at all times. Always think Return on Investment (ROI). In most cases this means showing a financial return greater than the investment. Perception is also a key part of this objection. Manage perception and you manage the sales process.

There’s more to it than this but these are the basics.

2. Lack of perceived urgency in purchasing the offering – Answer the question: Why should they buy this now? To get beyond this objection there has to be an end to the sales process. The end can be real or it can be artificial. There just needs to be an end.

3. Perception of an inferiority to a competitive offering – Answer this question: How is what I’m selling better than what my competitor is selling? There are three ways to get past this objection. Your product or service must be first, best or different (in a good way).

4. Internal political issue between parties/ departments – Answer the question: Who will this deal benefit and who will it hurt? You can be sure there will be people on both sides of this equation. The key to getting past this objection is to work at a high enough level to be above the internal politics. If that is not possible, you need to pick a side…and hope it is the right one.

5. Lack of funds to purchase the offering – Answer the question: Can they afford me/my company/my product/my service? You should answer this question before you ever walk in the door or pick up the phone. If you write up a proposal and you get this objection, you deserve to lose the sale. Shame on you.

6. Personal issue with the decision maker(s)– Answer the question: Does the decision maker like me? People need to like you before they can trust you. Trust is the foundation of any productive relationship. There are enough reasons to kill a deal (or a business relationship) without bringing personal feelings into the equation. Be charming, if it’s your style. Be funny if it is your way. Above all else, be yourself. Unless you’re a jerk, then just keep your mouth shut.

7. Initiative with an external party – Answer the question: What outside force could possibly derail this deal, and what can I do about it? Many times you will never know that this is happening. Sometimes the company will be sold, or your contact will get fired or the CFO will go to jail. At the end of the day, you need to keep doing your homework by reading the papers and trade publications. Try to close the deal before the company goes bust, is sold or they lead someone out in handcuffs. In other words, after you shake hands on the deal get the paperwork signed right away. Don’t wait. Oh yeah, try to get paid quickly too. In advance if possible.

8. “It’s safer to do nothing” perception – Answer the question: What is the buyer afraid of? Fear is the greatest motivator. You need to associate fear with the status quo. This is the only way to get a client to move off their rear end and spend their money with you. Find the fear and tie the fear to inactivity.

Every salesperson faces objections. The rainmakers anticipate the objections ahead of time and cut them off at the pass. This requires some strategic thinking.

Study these objections and recall some of the deals you lost in the past. Would these tips have helped?

More importantly, how can they help on your next big deal?

April 17, 2007

Business Coaching Success in Miami Florida
Posted by Dave Lorenzo - Business Coach


If you want to improve the profitability of your business you need to read this next post.

During the past year I piloted my entrepreneur coaching system and the results have been phenomenal.

My team and I coached 20 small businesses and independent professionals. These businesses each had less than $1 million in annual revenue and less than 100 employees. Most of the business owners were in the process of deciding if they wanted to stay in business or go out and look for jobs. Some of them were overwhelmed by the complexity that had engulfed their lives.

We worked with these fantastic people for the past nine to twelve months. We coached them on Strategic Planning, Sales, Marketing and basic Organizational Skills.

Ninety percent of our coaching was done over the phone. We had weekly sales and marketing teleseminars, monthly on-on-one sessions (again via phone) and quarterly workshops with a mastermind group in Miami, Florida. (Yes, everyone loved to come to Miami four times last year – but the focus of our sessions was on their business – although some of our clients brought their families and made a vacation out of it.)

What were the results?

All the businesses grew their revenue by 50% or more. Six of the businesses are on track to produce revenue over $1 million in 2007. But the most amazing part – every single business doubled their profit during the year we worked with them.

You read that correctly. All 20 businesses doubled their profit!

What are the secrets to this amazing success? They stick to the F.A.C.T.S.

Focus – Coaching forces business owners to prioritize their activities. They learn to look for a return on the investment of their time from everything they do. If it is not a “high value” activity, they don’t do it. Period. Some activities can be delegated. Many activities are unnecessary yet business owners do them because “that’s the way they’ve always done it”. We help them sort and prioritize how they spend their time.

Accountability – Our coaches do not let business owners off the hook. If the client sets a goal, the coach keeps forcing the business owner to take action toward that goal. Sometimes the work is tough but the results speak for themselves.

Confidence – The business owners build more and more confidence each time they see results. Coaching helps them learn to celebrate all the small victories that will eventually lead to larger victories. Confidence is responsible for a good portion of the success each of our successful entrepreneurs enjoy.

Tactics – Many business owners only know one way to do things. For example: Several of our clients focused solely on advertising as a way to bring in new customers. This is expensive and often ineffective. We work with our clients to develop at least seven different ways to acquire a new customer. This helps to diversify how they fill their client pipeline. Using this philosophy, if something doesn’t work they stop doing it.

Strategy – Everything our clients do is guided by a strategic plan that fits with their personal mission and leads to achieving their goals. They run their businesses in alignment with the way they live their lives. Our first task in working with a client is to remove the barriers that prevent them from achieving success. Normally these barriers consist of their own limiting beliefs. Creating a strategic plan that not only addresses their business goals but does so in a way that helps them align with their personal values and mission is our first priority.

Congratulations to all 20 of our business coaching success stories. As we expand our coaching practice we look forward to many many more of these phenomenal success stories in Miami, Florida.

March 7, 2007

Great Summary of the Secret
Posted by Dave Lorenzo - Business Coach


Working Solo has a great summary of The Secret for the self employed:

1. Intention rules all. Successful solo entrepreneurs understand that singleness of purpose is a potent force.

2. Clarity is crucial. Be specific in your targets.

3. Seek the joy. Chase passion, not profits.

4. Magnetize your connections. Be the type of person you want to associate with, the type of company you would like as a partner.

5. Take action. Merely thinking about having a successful company is not enough.

6. Expect the best. Expect great things from yourself and your company, and put forth the effort to build the professional foundation to support your aims.

7. Multiply the gratitude. Give thanks for all that you have, for no matter what your situation, there is much to be grateful for.

July 7, 2006

Entrepreneurship Is Hip
Posted by Dave Lorenzo - Business Coach


“Entrepreneurship keeps getting cooler, and the entrepreneurs keep getting younger.”
Inc.com’s Young and the Restless feature highlights five standout young entrepreneurs. Age has very little to do with potential for success in business and as an entrepreneur. Value is the key component. Other characteristics typical of entrepreneurs include:

Confidence. If you’re going to strike out on your own and try something new, you’re going to have to believe in yourself and what you’re offering. Confidence is magnetic, and when you’re selling something you believe in completely, customers are naturally drawn to you. Confidence is a skill that can be developed. Act as if you are already in the position of success you seek. Your mind will catch up to your behavior before you know it.

Risk Tolerance. Starting up your own business is risky, and you have to be willing to take a leap to get off the ground. Risk takers have just as many fears of failure as everybody else, but they always have a Plan B and a Plan C. Knowing you’ve got somewhere relatively soft to land if you fall makes it much easier to jump.

Adaptability. If you want to sustain yourself with your own work, you have to be flexible and adapt to what your clients need. Entrepreneurs perform so many different job functions, and they have to be ready to learn new skills all the time. Most business owners say that one of the best things about their work is that they’re always doing and learning new things.

Creativity. While not every entrepreneur is required to innovate and develop groundbreaking new products and services, all of them need to know how to reinvent old ideas and make them fresh. They must also be able to develop a personal brand, work with all different kinds of people, and present ideas in new and exciting ways.

Urgency. The business owner’s work is never done, and he can’t afford to take a lackadaisical approach to his business. He must discover opportunities and pounce on them quickly. To keep business relationships healthy and peaceful, he must be in close touch with his clients, ready to make quick decisions for their benefit. A superachiever has her finger on the pulse of the business world. She tunes in, reacts quickly, and makes things happen.

Anyone of any age can have these five traits, and all the others that make up a well-rounded entrepreneur. You don’t need years of experience, thousands of dollars, or the perfect moment to start your own business. The many young entrepreneurs of today prove it.

July 23, 2006

Small Business Success - What it takes
Posted by Dave Lorenzo - Business Coach


How do you know if you have what it takes to be successful in your own business? When people ask why your “cut out” to be a business owner how do you answer?

There are ten personality traits that successful business owners possess – at least to some degree. Read the list below and see how many of them apply to you:

Willingness to Sacrifice — Are you willing to accept the fact that you will be the last one to be paid? Are you willing to sacrifice your free time to your business? Are you willing to give up vacations, holidays, time with the kids, ball games and birthday parties?

Service Orientation — Do you have what it takes to deal with suppliers, customers, employees, lawyers, accountants, government officials, and everybody who calls on the phone and walks in the door? Are you willing to ask your customers for feedback and then adjust your business based upon what they say? Are you willing to spend time with the last customer of the day even if it means working after closing time? Can you come to win-win agreements with everyone mentioned above?

Leadership Ability — Are you willing to be the “go to” person for your business? Can you be the person who will lead a team to the promised land? Can you come up with the answers when others ask tough questions?

Business Intelligence and Creativity — Do you have street smarts and common sense? Can you make lemonade out of lemons? Can you anticipate problems before they arise and to take preemptive steps to avoid them? Can you “rearrange” solutions from other businesses or areas to meet the demands of your customers?

Management Ability and Organization — Do you have what it takes to manage relationships with your customers or clients, with your employees, with your suppliers, with your accountant and lawyer, with your banker, and with your family? Can you manage all of them at once….when you tired and hungry and when your worried about something else? Can you keep track of everything that’s going on in your business? Can you set priorities and get things done? Can you develop systems to automate the repetitive tasks in your business?

Optimism — Can you see the silver lining in each dark cloud? Can you keep your family and employees “pumped up” about you business and your ideas? Will you start each day looking for the possibility that it could be the best day you’ve ever had?

Persistence – Can you keep coming back for more even after you have had several setbacks? Do you believe that each time you you attempt something you learn and grow? Is it in your nature to come back over and over again until you get what you want?

Competitive Nature – Do you have to win? Are you the kind of person who needs to be the best at everything? Does competition bring out the best in your creative ability?
Sales Orientation – Can you sell yourself to others? You are you business. Can you convince others to work with you, buy from you and help spread the word about your business? Northing happens in business until somebody sells something. As an entrepreneur that somebody is you. Are you comfortable with that?

Confidence – Do you believe that risk is placing your future in the hands of someone else? Can you take on a difficult challenge head-on with the feeling that you will be successful? When the going gets tough do you instinctively feel that you will become stronger from the experience?

If one or more of these traits is not second nature to you, don’t fret. During the next two weeks we will be discussing each of them in detail. We’ll talk about ways to leverage your current skills, knowledge and experience to make up for a lack of strength in one or more of these areas.

September 12, 2006

What one thing seperates the best from the rest?
Posted by Dave Lorenzo - Business Coach


There is one quality that separates successful entrepreneurs from those who fail. What is that one thing?

Action.

Successful entrepreneurs do something, even if it is a little thing, to move one step closer to their goals each day.

It is not a complicated issue to grasp but all of us get caught up in the day-to-day activities that consume our lives. We get so caught up that we forget to take action on the things that are so important to us – the goals that will help us fulfill our dreams.

Here is an exercise that will show you how easy it is to take action:

Take ten minutes today and write down the five things you can do in the next five days to bring you closer to your goals (even if it is just an inch closer).

Next, schedule 30 minutes over the next five days to take these actions. If your schedule is booked wall-to-wall, get up 1/2 hour earlier.

Finally, on Saturday morning, while you are drinking your coffee, reflect back on the work you have done over the past week. Did you get closer to your goals?

Today’s money quote sums up half of it:

“We become what we think about all day long. The question is, ‘What do you think about?’”

- Dr. Wayne Dyer

How much time do you spend each day thinking about your goals?

The other half:

How much time do you spend taking action on them?

December 27, 2006

Nine Types of Entrepreneurs

Posted by Dave Lorenzo - Business Coach
From the Globe and Mail:

Successful entrepreneurs are supposed to be outgoing, risk-taking workaholics.

But Rhonda Abrams says there are actually nine different types of entrepreneurs, each with their own style and interests, allowing more of us the chance to enjoy the joy of entrepreneuring:

1. Adviser: Some entrepreneurs are paid for giving advice, such as lawyers, accountants, and financial advisers.

2. Administrator/Organizer: Like organizing? You can plan weddings, oversee projects, or take care of accounts, databases, and order fulfillment.

3. Builders/Creators: Artists, bakers, carpenters, and designers are examples of entrepreneurs driven to create something tangible where it did not exist before.

4. Caretaker: People with a helping personality find opportunities taking care of people, plants or property.

5. Communicator/Trainer: If you can transmit information or communicate in different languages you might find demand in sales, marketing, writing, training or a variety of information services.

6. Entertainer/Host: If you thrive on being with people, you may find an entrepreneurial opening in the hospitality industry or service industries such as hairdressing. Or you may be an entertainer, actor, musician, or singer.

7. Investor/Owner: If you have money to invest you can put your capital to work for you investing in stocks, real estate or businesses.

8. Seller: This covers salespeople and brokers in our purchases, from real estate to insurance to art.

9. Technologist/Engineer:

If you love figuring out computers, autos and engines, you may want to explore entrepreneurial opportunities in software development, engineering or technology.

Which entrepreneur are you?