Many professional service firms put themselves at risk by only focusing on one single approach to business development. It could be networking or SEO, it could be word of mouth and referrals. Typically, it’s whatever they feel the most comfortable with, not necessarily the approach that will actually work the best to bring them in new clients.

This works fine when times are good and there’s plenty of work for everyone. However, when times get tough, if that single source stops working, they’re left high and dry.

My suggestion to clients is to protect against this by always having multiple approaches to win new clients. In particular, I suggest a Business Development Strategy which focuses on 4 types of client:

1. Current Clients: investing in “superpleasing” their highest potential current clients to secure their business, win expansion and extension projects, and get referrals to new clients. To do this, a Key Account Management or Client Relationship Management approach must be used.

2. High Probability Potential Clients: targeting 3-5 specific companies which meet the core criteria for being a good client ( in terms of their size, sector, location, leadership, cultural fit, etc.) and where there are alredy pre-exisiting relationships to increase the chances of winning work. For example, an ex client, or a contact that’s been nurtured over recent months. This requires the use of personal approaches – either direct contact with the potential client where there’s a pre-existing relationship, or asking for a referral if there isn’t one.

3. Ideal Potential Clients: focusing on 3-5 specific, named businesses who meet or exceed all the criteria for an ideal client – but where there’s no pre-existing relationship whcih could be leveraged to increase the chance of a sale. This, of course, is a long-term approach. It requires them to begin nurtuirng their relationship with the client – perhaps offering to run a seminar for free, or sending them a sequence of high value articles and ideas.

4. “Bluebirds”: the seemingly serendipitous clients that “drop in your lap” rather than being directly targeted. How can you attract and win business with these types of client? By having a method of getting in front of a broad range of prospects. E.g. speaking at seminars at client industry conferences, or optimising your website for keywords you know your potential clients use. Here, the trick is to find tactics which open up a broad range of potential clients, rather than the narrow focus of the previous approaches.

The starting point should always be to win more work from your current clients. Because they already know and trust you, the likelihood of winning new business is so much higher than with a “cold” or even “warm” prospect. After that, it’s important to use a portfolio approach. Balance the greater probability of success with a High Probability prospect with the higher potential of an Ideal Prospect. Wherever possible, still try to leave the possibility of a nice “bluebird” by having one of these channels live.

Bigger firms, able to invest more into marketing, can expand on this strategy simply by adding more individual names to the lists of current, high probability and ideal potential clients; or by adding and extra “bluebird” channel.

My advice for most firms though is to always add resources in that order. For many professionals, the “bluebird” channels (e.g. web, speaking, articles) are seductive ones as they offer the hope of attractive new clients without the challenge of personally engaging in the process. Resist the urge to focus too much effort on these channels – the most successful Business Development Strategy will focus on the more targeted, personal approaches.

Unfortunately many SME’s don’t have access to the large corporate bailouts that offered a lifeline to the largest banks and corporations.  Collectively,  SMEs are the largest employers in the economy but face some tough choices at the moment.While the banks pay their huge bonuses to “keep the talent” that got us all into this mess in the first place, SMEs are facing layoffs or shutting the doors. Before looking at those options, effective inventory management is one step that any company can take to help it weather the storm.

Other than employees, inventory is a company’s single largest asset. Reducing inventory levels and increasing inventory turn-around can result in substantial savings on a company’s bottom line. In a nutshell, you need to get rid of the inventory you don’t sell and get more of the inventory you do. Sounds straightforward but many businesses still have the wrong mix of inventory and more don’t actually know what they’ve got.  Inventory management software will help implement a system that allows you to shed products that don’t sell and invest in those that do.

Fixed asset accounting can also make a significant contribution to cutting costs and increasing profitability. It can help manage internal and external service providers to reduce administrative costs associated with asset maintenance and repairs and provide asset-specific total cost of ownership data that can be used to reduce insurance premiums and cut tax liabilities. Effective asset tracking can also save money by reassigning idle equipment instead of having to purchase brand new plant or machinery. Leased equipment and assets can also be managed far better. Lease termination penalties can be avoided by simplifying the process of tracking and locating those assets and ensuring the equipment is returned promptly when the lease term expires.

In times like these, SMEs have to manage realistically, cutting short-term costs that they can afford to cut.  A rigorous inventory management and asset tracking system will allow you to identify which assets are mission-critical and which ones are not, so you can cut expenses and increase sales.

Business Strategy Consulting. This is an essential lesson about enterprise method, so pay out close consideration to it. I had a handful of consulting calls this week and the subject of ranking came up on greater than an individual occasion. In small business, “positioning” is everything. It generates your differential (why a person must work with YOU over your competition), it provides you with a explanation why you exist, and it also, when employed correctly… translates into scarcity, solidifies your place from the market place, and enables you to charge higher charges than any person else.

The secret to placement is to merely make whatever’s various about you, your power. But occasionally it’s tough to view this big difference when you are looking at your own small business. So today I want to share a story with you that will give you one more perspective. The tale, whose writer is unfamiliar, is labeled…

Business Management Strategy. “One Trick Pony”

There was a 10-year aged tiny boy, who’s left arm had sadly been amputated — the result of your tragic automobile accident. The bit of boy made a decision he desired to learn judo, and so he commenced studying under an good old Sensei. His Sensei was a affected person but demanding teacher, a well-respected Chinese judo expert. And even even though the young man learned quickly, he was frustrated. See, after three months, the child had only discovered one proceed.

He pleaded with his Sensei to train him a lot more moves, however the Sensei held firm that this was a common proceed he would ever should know. To show this, he entered the child into a tournament, and he easily innovative on the finals. Nonetheless, his opponent in this final match was considerably larger, and far much more skilled, along with the odds seemed to become stacked towards this one-armed small child.

Business Marketing Strategy. Yet, immediately after a long match, his opponent initiated losing concentration. The boy sensed this, and rapidly took edge of it. He pinned his opponent and scored a highly unlikely win. In the vehicle about the way house in the tournament, the boy asked his Sensei, “Sensei, how was it probable I was in a position to win with only a single proceed?”

The Sensei replied, smiling, “You have mastered one with the most challenging moves in all of judo. As well as the ONLY defense in opposition to this shift, is for the opponent to grab your left arm.” If you’re smart, and in the event you do the job at your enterprise method… from time to time even your biggest weakness… can become… your largest muscle.

There are really essentially two kinds of people.  Those who are genetically organized, and those who are not.  Do you feel you are in the second category?  Don’t worry!  There is still hope for you to keep your small business organized. 

The advantages are great.  A person who is organized can complete their work much more efficiently.  They remember important events and meetings.  They are more relaxed and feel in control of their day.  This article will give you some realistic techniques to stay organized even if you feel you are a hopeless cause:

Don’t Let The Sun Set on a Mess

Don’t head out the door in the evening without taking a short amount of time to straighten your desk.  Gather your office supplies up and place them together on your desktop so they are ready to go when you return.  Throw out the trash and get rid of any used cups or other things that don’t belong. 

Most important, quickly go through the papers cluttering up the desk and stack them somewhat in the order they need to be tackled in the morning.  At the same time, you can quickly prepare an action plan (also known as “to-do list”) for the next day, and rank each task in order of importance. 

You will find that this simple 10 minute process each evening will fire you up to jump in feet first the next day to complete what needs to be done. 

Group Your Working Product in 3s

There are those people with organization stamped on their forehead who never waste time looking for what they need to complete a task.  The rest of us make up the bigger population.  I have found the best way to organize my working papers so that I can actually find something when I need it is to use the rule of 3. 

The idea is not tricky.  Maintain only three stacks of paperwork at any one time.  The first stack contains the most pressing items you hope to accomplish within the day.  Next, are those items to accomplish sometime during the week, and the final stack contains those less pressing items to get to within the month.  This can be a painful upfront process, but by taking the time to create these three stacks, you will save time in the long run from digging through piles when you are in a hurry and need some critical paper fast. 

Take Action

The bottom line is that you are losing opportunities for your small business every day that you wait to find an organization system you can work with.  A larger part of your day can be spent on making your small business succeed when you are organized.  But remember, one size does not fit all and what works for one would drive someone else crazy.  So find the system that works for you and make sure you can commit to using it every day.     

Get more small business success strategies and claim your free white paper: “7 Ways Your Stone-Age Accounting System is Stealing Money From You Every Day … And, How to Get it Back This Year”  to learn about an online accounting program that makes it simple to organize your accounting and finance.

The main reason why people start new companies is to make more cash. However, whichever company you decide to begin, it is crucial to possess a great strategy regardless of regardless of whether you need to begin a short or long phrase company. In case you are not experienced enough, hire a competent person so that you can have great management. Producing decisions all alone isn’t advisable therefore, look for professional assist and also include your family members. Occasionally, you will need to calculate the capital required to your new store to know whether you entirely ready for the new expense. Your monthly earnings will also assist you to know regardless of whether you’ll qualify for a loan so that you can start the new shop.There are so many challenges involved in every investment for example inflation and competition from other similar institutions. Sometimes you’ll appreciate great profits and at other times little or no profit at all. Be sensible and take advantage when your company is at it’s best. For instance, provide gifts for your customers to make them arrive for more. This will promote your business as well as attract more clients. Another great way to market your company is by sending postcards to your customers as soon as in a while as a sign of appreciation. It’s extremely crucial to say thank you for your clients every time they arrive for your shop. This can not only make them happy but additionally strengthen your relationship.

Use a suggestion box where your clients will be able to air their views privately. By doing this, you’ll have the ability to know when you have to do correction. Evaluate your business strategy once in some time and see if you are pursuing the right procedures regarding your objectives. Arrange a meeting together with your employers as soon as some time focus on issues concerning your company. Their salary ought to have the ability to fulfill their needs in order to maintain them and to avoid theft. Advertise your shop even during difficult times to help you reach more customers and also to avoid loosing your existing customers. It’s your responsibility to enhance your skills and knowledge concerning monetary elements of your business. With great know-how, you’ll impress your customers and make them arrive for guidance anytime they encounter difficulties.You buy items or services and among the very first thoughts you have is – How Much? You sell products or providers to customers and one of the very first thing a client really wants to know is- How Much? Somebody looks at buying a business and once more needs to know – How Significantly? And a company proprietor is ready to market his company and either move on to other business interest or retire and he must figure out – How Much.

How does a company proprietor determine how much his business is worth? The reality of the matter is that the marketplace, as with most company transactions, figure out how significantly is the well worth from the business. But in order to attempt to sell your company and marketplace you company a value, or a price range needs to be determined to permit possible buyers the chance to see if your cost goals match with the price range they’re willing to spend. Additional source of info. on Forex Megadroid review . http://www.forexnewschannel.com/forex-megadroid

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When discussing the concept of valuing a business or setting a range and or target sell price of business with business owners some instances the wrong requirements is initially considered through the business owner. Occasionally the “What I have to make when I sell my business” is various than “what the company is well worth. Think about the example of a company owner invested $50,000 as an initial investment into his business and owes another $100,000 on some gear he bought and is nevertheless paying off. I may question the Forex Robots Review proprietor if he has regarded what he would wish to sell his company for and he may say “I need to at least get $150,000 for the business because from the above reasons.” Really the business owner is telling you what he believes he must get out of the company, however this doesn’t necessarily represent potential value towards the purchaser.

You may have been thinking about how to be able to transfer your business. This is where adequate business succession planning comes in, and though it may look complicated, this is something that can be done in a very efficient way. Whether you’re planning to turn the business over in six months or six years, having this plan in place is key to making sure everything happens in an orderly way.

Consider how you handle other issues- for weight loss and fitness, you have a personal trainer. For tax preparation and guidance, you have a Certified Public Accountant. Preparation in any case is an important factor in success.

So, it only makes sense that you would want someone on your side when it comes down to making sure that the transfer goes as smoothly as possible. There are a variety of ways to do this, but asking yourself and those involved some questions about your existing set up can help.

It does not matter if your business is a large scale retailer, or even just an internet business income. You can benefit from having something set up in case of a need to transfer. The consequences of not doing so may be worse than you imagine- from tax issues to debt, perhaps even the business closing down. Taxes, especially estate taxes are the cause of many businesses closing their doors.

There are a couple of things you can do up front, easily. Life insurance, annuities and disability insurance in place can help. But also, think about the capital that would be needed to continue running your business. Consider what sort of plan you can set in place to be sure things go ahead in an efficient and productive manner, were you to not be around for whatever reason.

You may also consider what will happen to your existing client or customer base. Will they stop utilizing your businesses’ services or stop purchasing products when you are no longer the owner? This is an important factor to consider in capital. Also, making sure that if the business is a partnership, there is a way for the other partner to take control if need be is vital. Managing all of this prior to it happening may save more than you realize.

Once you have taken a look at the situations that can happen, proper planning is next. Think through possible scenarios and consider each and every possible solution. Once you are able to do all of this, if there is a reason to transfer your business, it can be handled in a much better way.

It can be difficult to change the culture of an entire organization, especially if it is large and spread out.  To find out what works, you can always look to the success stories of organizations that have gone before you.  Adventist Midwest Health is just such a success story. 

With over 5,000 on the go health care workers engaged in numerous hospital, outpatient and support facilities, the first step for Adventist was to find manageble, definable steps that the entire staff could discuss and implement.

A major goal was to correct patient’s and patient’s family’s opinion regarding the quality of care they were receiving.  While Adventist was committed to providing quality care, the staff was often so engaged in the task at hand that they appeared flustered and non-communicative to those they encountered.  While this was not correct, patients often expressed concern over the health care quality they were receiving as a result. 

In order to capture the trust of the patients and their families, Adventist set out to become a more attentive staff dedicated to gracious interchange among those they encountered.  While it might have been tempting to simply direct the employees to “be more polite,” Adventist saw the value in identifying straightforward actions that would help achieve the goal. 

Consultants from the Studer Group helped the leaders of Adventist to implement the 10/5 Rule. They trained staff to make eye contact when approaching anyone (patients, coworkers and vendors) in the hallway within ten feet and to say “hello” at five feet.  

The result was a benchmark everyone shared and a name to identify it by. The employees would check each other on whether or not they were following the rule and kept each other accountable.  While some employees acknowledge that it can be annoying to be “called on it” when they forget to say hello, the rule has helped to create a friendlier environment.

The 10/5 rule has become deeply embedded in Adventist’s culture. After about a month, patients and employees alike started giving positive feedback about how things seemed different and a better place to be.

Lessons Learned

Adventist’s experience with the 10/5 rule brings up several points regarding change and influence. 

1.    Make change concrete.

According to the book, Influencer, it is important for leaders who want to effect change to identify vital behaviors. These behaviors are the initial key actions that the members of the organization must achieve in order to lead to other changes. In this example, the vital behavior was looking up and acknowledging one another. While this action didn’t change the culture in and of itself, it did create a ripple effect that resulted in other positive changes within the organization.

2.    Messages should be “sticky”.

In their book, Made to Stick, researchers (and brothers) Chip and Dan Heath argue that an idea needs to be “sticky” enough for people to first understand it and then communicate it to others in order for it to spread.  The 10/5 rule adopted by Adventist was just such an idea in that it was easy, tangible, creative and easy to remember.

3.    Make it a priority for all members of the organization to share accountability.

Finally, the accountability factor was critical to the successful outcome of Adventist’s campaign.  Employees throughout the organization were asked to hold each other accountable for the effective use of the 10/5 rule. This involved the entire staff in the success of the campaign. 

Because it is so indefinite, organizational culture is difficult to define. Adventist’s experience teaches us that by changing specific, concrete behaviors, the culture of the organization will most likely also change as a result.  

Vinnie Garufi is the Director of Organization and Leadership Development for Adventist Midwest Health.  Wendy Mack is a consultant, speaker, and author who specializes in leading and communicating change.  For more articles and resources on mobilizing energy for change, visit www.WendyMack.com.

Can you use this kind of improvement in your portfolio companies?

· Telecom – Increased revenue by 33% in 7 months

· Manufacturing – Improved productivity by 62% in three months

· Aerospace – Reduced cost by 20% in 6 months

· Financial Services – Increased Sales by 20% in 3 months

· Construction – Reduced costs by 20% in 6 months

· Healthcare – Increased Patient Satisfaction (10%) & Reduced Staff Turnover (36%) in 6 months

These are just a few recent results that a change to participative based management has allowed companies to achieve.

The use of Participative Management tools in your portfolio companies quickly increase bottom line results.   Benefits to the Portfolio Manager include:

1) Leveraging an asset that few companies utilize effectively – human capital.

2) Dramatically increasing performance in portfolio companies.

3) Measuring and improving employee commitment, motivation, and other lead indicators which directly impact your bottom-line.

“Private Equity needs to create sustainable and fundamental value beyond financial engineering” – World Economic Forum 2008

Traditional financial engineering and improved technology will only get you so far.  Utilize an untapped resource in your portfolio companies — human capital.Conventional management models will realize typical operational ability and may not take advantage of organizational resources.  As Boston Consulting Group experts Heino Meerkatt and Heinrich Liechtenstein advise,“ . . . [Private-Equity firms] should prepare all their portfolio companies for a long and deep recession, focusing on operational improvements. As the peak-performing private-equity companies have demonstrated, operational value formation contains the solution empowering success in this economy.   This will be the most critical differentiator in today’s recession, especially for the 50 percent of private-equity firms that are hovering between survival and extinction.”

Experts agree that in order to achieve excellence in the workplace, creativity and innovation are critical. 

“The key to survival and success does not lie in the rational quantitative approaches, but rather in a commitment to irrational, difficult to measure things like people, quality, creativity, innovation, and developing the flexibility to meet changing conditions” – Tom Peters and Bob Waterman

Peters and Waterman tell us we need to look beyond traditional metrics and harness intangible resources such as human commitment, motivation and trust. These intangibles (lead indicators) impact our tangible business results (lag indicators).Until just recently it was determined too intricate to monitor and calculate intangibles.  However, even the National Accounting Standards Board( NASB) recommends that metrics for intangibles appear on financial reports.

At hand is a demonstrated practice that makes best use of tangible and intangible assets.  We call it the “secret sauce,” it is very distinct from other management models because it utilizes tools and methods focused on human performance – a frequently overlooked factor that directly impacts the bottom line. Using strategic management tools, forward-thinking businesses obtain fast and powerful results.Rather than the carrot and stick method or taking a laissez faire approach this method provides a stable foundation that is easy and productive. Participative Management make optimum use of an organization’s human capital by providing people in the workplace innovative tools that allow them to increase company performance.Moreover, it imbues a sense of ownership amongst employees, which elicits worker dedication and fervor.

Motivation the Catalyst in Profit Formula – National Underwriter

John C. Bower, executive vice-president of Fidelity Union Life, noted, “a motivated workforce is essential strategy for enhancing company profits.  Highly motivated employees have a tendency to be more productive, which enhances profitability . . . Companies with the productivity edge usually outperform their competition.”

Recent Scholarly Work Supports These Critical Principles:

Improving Business Failure Prediction: Benchmarking Financial Models with Human and Social Capital –Journal of Private Equity 2009

“Research on entrepreneurship and firm performance indicates that human and social capital has emerged with strong predictive ability for business continuation.”

As little as 1/3 to ½ of most companies’ stock market value is accountable for today by hard assets such as , property, plant and equipment. The growing share of value lies in intangible assets—Harvard Business Review 1998

We are moving from the Information Age to the Intellectual Age according to Richard Barrett (management consultant-business). Prosperity creation will progressively derive from the enhancement in value of intangibles. Examples of intangibles are human motivation, commitment, and trust.

In the recent article, “Human Capital Formation and Foreign Direct Investment in Foreign Countries” Koji Miyamoto writes:

“One of the characteristics of rich industrial economies is the availability of a workforce with a high level of human capital. . . [L]ong time series trends in educational attainment and economic growth during the last century indicate that [Human Resource Development] and economic prosperity went hand in hand.”

“Private Equity Companies need better management practices in their portfolio companies –“ World Economic Forum 2008

During this recession Private Equity firms will have to hold on to their portfolio companies longer and adapt their business models to accommodate the downturn.  Private Equity firms can adapt their business models by focusing on improving operational performance and internal capabilities for sustained long-term results. 

Caridas Consulting International (management consultant-business)

More and more small business owners are turning to online Internet web video to boost their Internet marketing. However, most are not expert at video cameras and how to use it properly is a key concern. Sites and backgrounds are very important in creating professional looking videos. Here are some background and site location tips for how to use your video camera to best promote your business.

1. Think of Different Locations From Which You Can Film.