Performance Tips

Successful people in business today, defined as those who realize the value they bring and deliver to others, have recognized the difference between being busy and being productive. They know that their time is best invested in doing the things that move the business ahead. Whether they are in sales, marketing, administration, service or any other myriad of roles, they have recognized their greatest currency is their time. As a result, they have confronted themselves about wasting time or practicing creative avoidance. Many business owners I spoke with in the past several months have delegated email and meaningless “errands” so they can focus on what they do best. Consequently they are relentlessly focused on productive activity. Those who can’t delegate relegate those activities to non-business growth time periods such as very early or very late in the day.

The clear feedback is that those who are growing have a DAILY plan of exactly what they will accomplish by focusing solely on productive activities. In this economy as in any others, to waste time when there is no time to lose is a recipe for disaster.

What can be learned from this? Are you delegating what you “can do” so you can focus on what you are gifted to do? Are you steadfastly guarding against time wasting activities, also known as “creative avoidance”, (getting the mail, running an errand, etc.) to be sure you are always productive, not just feeling busy?

Finally, are you putting in enough real effort to get to where you want to be . . . or just enough to justify where you are now? We are two-thirds of the way through the 1st quarter of 2012. If you have momentum, increase it….if you don’t have momentum, lose no time in getting it!

During the last three months, I have personally spoken to over 150 business owners and professionals about the state of their businesses.  They range from $100 million distribution firms to individuals leading professionals with a $1 million per year practice.  In all cases, when we discussed business performance, each had varied input on what they believed were the keys to moving forward in this economy and beyond.

During the next few performance tips I will share what I discovered.  I will deliver them in the form of an acrostic using the word “PERFORM” and give you action steps to execute them in your business.

 Purpose
Many stated a commitment to working and building a business  or practice that creates and delivers substantial value for consumers was essential.  When I asked why, several indicated they were passionate about what they did.  As a result, they felt their passion gave them a sense of purpose and to accomplish it in good times and bad they had to deliver substantial value to achieve sustainability and/or growth.  Asked whether value equated to price, the response from nearly all was the same.  Price is the driver only when substantial discernable value is absent.  They said that working from purpose relieved them from a sense of working from pricing pressure. 
With this input in mind:

1. Are you clear on why you are doing what you are doing?
2. Are you working from a clearly defined purpose?
3. Are those on your team feeling pressured to perform or have you uncovered their purpose for being a part of your organization?
4. Is your focus on creating substantial value for customers?

These discussions made me reflect and examine our purpose once again.  You would be well served to do so as well.  I know we are passionate and purposeful about elevating our clients’ business performance in today’s marketplace.  What’s yours?  Why?  There is no doubt a clear purpose is the gateway to a superior pattern of performance in any market!

We are thrilled to announce the Marketer of the Year winner for 2011!
We received more entries than ever before and the selection process was very difficult. Many entries were considered extraordinary, however in the end our team of certified coaches selected the following entry based upon the execution of 3 important factors: creativity, the event itself, and most of importantly ROI.
 
Congratulations, this years winner is:
 
James R. Mounier, CSNA, CRPC®, CIMA®, CFP®
Senior Vice President – Investments
Wealth Management Advisor
Merrill Lynch
7210 East State Street, Suite 102
Rockford, Il  61108
 
  James and his Team will be awarded one full year access to The Weylman Center for Excellence in Practice Management™  and two coaching sessions with Richard. 
  
  
  Here is his Team’s winning entry, enjoy…..
 
 The following three events really standout based on the feedback we have received from our clients and prospects.  It is difficult to tell if our new client relationships were a direct result of them attending one or more of our events.  One thing we do know, these events separates us from many of our competitors in Rockford.  We believe all of our events allow our clients to get to know us better and gives prospects the opportunity to learn more about us and interact with our happy clients.  People ultimately do business with the people they like and trust.
 
At each event (except the hockey game) we give a copy of The 50 Questions You Need to Ask….To Achieve the Financial Advisor Relationship You Deserve to anyone who does not already have copy. I wrote and published this book in 2006.
 
Prospecting Event (Women Only)
This event was held June 20, 2011.  We hosted “Organizing Your Financial Life” seminar at Anderson Japanese Gardens in Rockford.  We purchased tickets for the garden tour and allowed time beginning at 4:00 for everyone to tour the gardens before our event that began at 6:00.  The gardens are rated as one of the top Japanese gardens outside of Japan.  This was a women’s only event.  There were 32 attendees.  More than 1/4 was prospects, best girlfriend, adult daughters, daughters-in-law, or mother-in-law.
 
Original Idea:  Heard about doing a women only event from Dion Rooney with MFS Investments.
 
Objective One:  Thank you to our clients.
 
Objective Two:  Connect with clients’ family members.
 
Objective Three:  Meet clients’ friends.
 
Objective Four:  Spend time with key prospects.
 
Invitation:  Personalized email
    
Follow-Up:  For this event we sent an email to clients and called prospects thanking them for attending and to see if they would like more information or to set-up a time to meet.
Overall Outcome:  See the overall outcome under “Client Appreciation Event.”
 ____________________________________________________________
Prospecting Event (Men Only)
This event was held August 11, 2011.  We hosted a “Weathering Market Storms” seminar with dinner coupled with a “Short Game Clinic” at my country club.  This was a men’s only event.  We had two PGA professionals from the country club teach chipping and sand shots.  We asked the attendees to bring their wedges and 7-iron to the clinic so they could get individual attention.  There were 35 attendees.  More than a 1/3 was prospects, best friend, adult sons, sons-in-law, father or father-in-law.  The invitation lists the golf clinic after dinner but we actually held the golf clinic first and then the presentation and dinner after.
 
Original Idea:  We heard about this idea from several investment wholesalers.
 
Objective One:  Thank you to our clients.
 
Objective Two:  Connect with clients’ family members.
 
Objective Three:  Meet clients’ friends.
 
Objective Four:  Spend time with key prospects.
 
Invitation:  Personalized email.
 
 
Follow-Up:  For this event we sent an email to clients and called prospects thanking them for attending and to see if they would like more information or to set-up a time to meet.
Overall Outcome:  See the overall outcome under “Client Appreciation Event.”
 
 ____________________________________________________________
 
Client Appreciation Event
Our community has an American Hockey League team (IceHogs) that is
affiliated with the Chicago Blackhawks.  The games have proven to be a great venue for an entertaining  clients and prospects.  Clients love to bring their children and grandchildren.  We rent the “Party Deck” that holds about 150 people for a Saturday evening game and provide food and refreshments.  Everything is included except parking passes.  We also arrange for the IceHogs mascot (Hammy Hog) to visit the Party Deck after the first period.
 
This event will be held December 3, 2011.  We have done this in past years with great success.  150 attend our last event on the “Party Deck.”
 
Original Idea:  Jim Mounier and John Larson.
 
Objective One:  Thank you to our clients.
 
Objective Two:  Connect with clients’ family members.
 
Objective Three:  Meet clients’ friends.
 
Objective Four:  Spend time with key prospects.
 
Invitation:  Personalized email (see below).
 
Follow-Up:  For this event we simply sent an email thanking everyone for attending.
 
Overall Outcome:  From prospects who have attended our events, so far this year we have opened 9 client relationships totaling more than $14,000,000 AUM.  We have several other prospects that we have met with one or more times.  We believe we will open at least 4 new client relationships within the next 3 months with total assets of about $6,000,000 AUM from these prospects. (For a total of $20,000,000 in AUM from these three events.)

Business plans for the New Year too often fall into the same category as New Years’ Resolutions – well-intentioned but soon deemed too difficult to execute. New plans, like resolutions, will not be fulfilled with a new year, but with a new you! No matter what type of business or organization you are in, to execute in today’s economy requires that you first personally examine two areas.

1. Your Personal & Professional Lexicon

Frequently I hear things such as, “We are trying to move ahead,” or “I am trying to execute.” The word “try”, in and of itself, lacks determination and commitment. Trying suggests that it will happen but if obstacles occur that you can’t foresee, you may not reach your objectives. In all our offices we have a mantra we encourage all clients and friends of the firm to adopt. It is, “Try is dead, will do killed it.” Using “we will move ahead” as your execution lexicon encourages your team members. Most importantly, it also creates a mindset that you will execute regardless of unforeseen obstacles.

2. Purpose in Yourself to Practice Self-Discipline vs. Self-Indulgence

To execute brilliantly the distinctions between the two creates a remarkably different mindset and outcomes. Here is an illustration to help you “see” this important change in you.

____________________________________________________________

Self-Indulgence is:
 You THINK about how
 You FEEL and decide whether you want/can/should execute, then
 You decide whether to ACT or not and
 You worry about the CONSEQUENCES later.
Alternatively: Self-Discipline is:
 You THINK about the
 CONSEQUENCES if you do or don’t execute
 You decide to take ACTION (with the consequences in mind) and
 FEEL good about your progress.

____________________________________________________________

By first adjusting your lexicon and then purposing in yourself to practice self-discipline vs. self-indulgence you are equipped to fight through or around the obstacles that often prevent the elevation of business or personal performance in today’s chaotic environment.

When you sit down to write your end of year charitable giving checks ask yourself a few questions:  

1. Why do I feel so good giving when I know I will receive nothing tangible in return?
2. How can I bring my expertise to this organization so they can elevate their services to others?
3. How can I get my family and team involved here so they see that making a difference is what really makes a life?
4. How can I structure my giving so it meets the needs of the organizations I support during the month/quarter versus just at the end of the year?
5. Am I giving gladly or dutifully?

By way of example, we have learned in our organization that cheerful giving and team participation is essential to our corporate health. We contribute each month to the causes important to us. Further, at the end of the year each team member is given an additional stipend to give to the organization of their choice. It has created a culture of purpose versus pressure, and service versus sale with our team.

Giving at any level brings fulfillment to the giver. Most importantly it gives those who give a sense of a bigger life.

Going to a holiday party may or may not create an open door for you. You may meet a prospect or simply be asked by someone for “your card” so they can get in touch.

1.   Do not give out business cards in these settings. It says subtly “I am here for business”, or worse, “I am what I do.”

2.   Do create and give out personal cards – a card that has your personal contact information such as:

• Name
• Non-business email
• Non-business cell phone number

As it is a personal card and does not relate to business, it positions you socially not as there to do or talk business.

3.   Set up a business conversation if you wish. Tender your “personal card” to those who have requested it or you have decided to connect with. If you want to set up the business connection, simply say, “Here is my personal card. Everything is on there except my office number.” Nine out of ten times they will ask, “Oh what is that number and what do you do?” This creates a perfect place to transition to a breakfast or lunch the next week to “introduce yourself professionally.”

Social settings require personal cards. Otherwise we think you are just there for business!

Warren Buffet was asked what is the best possible investment today one can make? His reply stunned the interviewer. “Invest in yourself!” Great insight yet rarely taken. In today’s complex and difficult environment what was right is no longer right when it comes to elevating business performance.

Ask yourself these questions, and then invest where needed to “get it right” for these times.

1. Is your unique value promise about what the consumer receives by doing business with you or is it about your products and services?
2. Are you targeting the right buyers, or are you trying to be all things to all people?
3. Do you have delighted advocates who bring new business to you or simply loyalty neutral satisfied customers?
4. Is your team working on purpose to deliver extraordinary value and elevated experiences or are they working under pressure to just sell more products?
5. Do customers recognize the real value you deliver or are your prices or fees in question?

Buffet is right – if you’re not investing in yourself to grow your skills and your business, how can you expect a greater return on effort?

“In times of change, learners inherit the Earth, while the learned find themselves beautifully equipped to deal with a world that no longer exists.” – Eric Hoffer

The new year is beginning to germinate in the minds of pro-active business owners. The challenge is always what should we be aiming for with all the uncertainty in the marketplace. What you are aiming to accomplish next year is important and critical in this environment. The danger is because of the current business environment you may very likely have a secret, unspoken set of goals and objectives. This “other set” is the accomplishments you will settle for!

Make no mistake, the excuse that you “need to be realistic” is just that – an excuse, a hedge. No, your objective should be big goals, then set realistic time frames to accomplish them. Thinking smaller or having goals you will settle for next year is the last thing you need or the country needs right now.

For Weylman Center members, take the course Making Your Vision a Reality.

To know or not to know! Recently I had a call from an advisor who was facing a dilemma. He had been referred to an individual who “was looking for new investment ideas” by a friend. He eagerly called this prospect, scheduled a luncheon to “get to know you.” The luncheon was interesting to say the least. The prospect told him he had $20 million in investable assets. He was unhappy where he was and wanted to move. The advisor was shocked. “I had no idea you had that much money” was his first response. He further dug a hole for himself by saying, “You are the type of client I want to build my business around.” This from a 10-year veteran in the business!

The prospect seized the moment and immediately said, “Let’s talk fees.” The advisor begged off until he could “put together a proposal for him.” His dilemma is how he should move forward with this individual.

1. He has to reposition himself and partner with an advisor who already has clients in this space.
2. He has to do a far deeper discovery of why the prospect really wants to move his account.
3. If it is not because of a desire for lower fees or for a higher level of service, he should then present a plan of action to solve, not a proposal to sell.

Some lessons to be learned from this:

1. Never ever see a prospect without first doing at minimum a Google search of the individual. For Weylman Center members, also go to the Community Research Lab and research their occupation or profession. Use the links there to discover issues the local association in their line of work or special interest group are facing.
2. First meetings should be postured as an opportunity “to determine if we can be a resource for you” versus just rapport building or getting to know you.
3. Always talk about what you can do for them as a result of your discussions, never what they can do for you! I.e., “build my future business with clients like you”, etc.
4. Adjust your mindset and see yourself as bringing value versus hoping for business.