Now that the booming economic climate has been stripped away, what I have found - in the main - are business owners stymied with inaction. Excuses. Whining. Instead, they should be taking action. Grabbing opportunities.
You might think this is a callous statement, but it's true. How do I know? Let me explain. As a free add-on to my speaking engagements, I include a one-year consultation period for all delegates. They have 24/7 access to contact me with questions, to run ideas by me, or even to get help in solving software problems.
In the past two years, how many people out of thousands do you think took the initiative to contact me? One - a jeweller from Australia asking me to help him and write a marketing letter to publicise a two-week renovation sale.
Further, I also personally email all delegates quarterly during the year and ask, "Do you need any assistance; how is your progress implementing ideas from the sessions you've attended?" The saddest thing from this quarterly follow-up is not how many respond with a "no - everything is okay". Rather, it is the number who never did anything. The ones who write back with "I've been too busy to implement the ideas, but I will", "I haven't found time to read the 'how-to' books", "I'll let you know if I need help".
Unfortunately, a positive response is a rarity. But when I do get them, they highlight the fact that, regardless of the economic climate, when business owners take action and grab opportunity, they benefit significantly.
Even more delightful is the fact that they can do so not by spending money but by better using the tools at their fingertips. Let me share two recent examples.
Reply from Debra Dorrington, partner, Alexander Dorrington Lawyers, Auckland.
"Thanks for the follow-up. Yes, we have taken on board lots of the things you told us about and I was able to apply your information to something for our firm recently.
"Opportunity: a new agreement for sale and purchase has been launched by the Real Estate Institute which represents a fundamental change in the way people will buy and sell property.
"Action: We prepared emails. Used Excel to set up a database of people who would be interested in coming to workshops about the agreement. We personalised the emails, used the Word email merge and had them 'click here' to answer. Sounds very ordinary, but for lawyers this is different from the norm.
"Benefit: As a direct result of what you taught us we ran a dozen workshops; created an email list of interested clientele and prospects. We secured new business but also, very importantly, we all skilled up on the agreement and completed our client education workshops well before the rest of our competitors had even begun to look and learn about the changes. We also got our name in front of many new faces, helped cement existing relationships and have even been interviewed for a NZ Herald article because we were recognised as experts on the topic."
Reply from Graeme Leigh, senior broker, The Mortgage Centre Rotorua.
"Thanks for the email. I thought you might like to know what we put in place following on from the session last July.
"1. Kept up a constant stream of regular emails to our existing database (created lists of clients for each different topic) which really are just excerpts from various lenders' economic reports. But the feedback has been excellent and clients have appreciated the contact and I have become a sort of interest-rate 'expert'.
"2. Had a good look at our business and decided where we want to position ourselves and stuck to that. For example, we have made a company policy to NOT have any association with KiwiSaver. Not give advice, not accept applications, not make comment. It's just NOT US!!! And clients have appreciated that stance. We have told them we cannot be all things to all people.
"3. We have continued to run our Annual Charity Golf Tournament to raise funds for epilepsy (which I have myself). My clients know that I have that condition, and I get tremendous support and look the 'good guy'.
"4. Continued to produce our quarterly newsletter and expanded on the range of topics covered in it to include some interior decorating tips, some lending case studies and a sudoku competition. We will also include insurance case studies in future issues. I have made more changes to our business communication systems that might further interest you and are a further result of your Hamilton seminar way back.
"5. My PA's role is carefully defined in that she completes ALL non-income-producing tasks. That ensures that I concentrate on all the income-generating activities. Works so very well.
"6. We now send SMS texts to clients updating progress towards their loan approvals.
"PS. We have just completed our annual accounts for the last financial year and have done brilliantly.
"PPS. I was chosen as a finalist for NZ Mortgage Broker of the Year for the Waikato/Bay of Plenty region and that was nice accolade in itself."
Debbie Mayo-Smith is a best-selling author and international speaker.
Website for Motivational Speaker Author Debbie Mayo-Smith
