Posts Tagged ‘Mondays with Mike’


Mondays with Mike: The 8 Female Values Every Male Leader Needs

Stocksy_txpc96af066We9000_Small_285956I’ve been fortunate enough to work with some spectacularly smart and strong women throughout my career, and I’m frequently reminded of the values that these women have displayed – things I’m working hard to implement in my own business.  Whether you believe that gender differences are the result of nature or of nurture, don’t miss out on the lessons you can learn from successful women.

  1. Self-worth derives from community service.  Some men tend to be trophy hunters – racking up accomplishments and money in an attempt to demonstrate their value to the world.  Women tend to see their relationship to their community – and the vital ways in which they are connected to their community – as the hallmark of success.  Keeping in mind that we are part of our community and that it is our interconnectedness that makes and keeps us relevant and necessary can help us focus on strengthening ties rather than creating distance.
  2. Presentation matters.  Women have been judged by their appearances to a much greater degree than men have, and it’s worth remembering that we only get one chance to make a first impression.  Make sure that you present yourself as organized, neat, and capable … every time.  And hey – stylish doesn’t hurt either!
  3. Balance work and home.  While no one gets it perfect every day, women tend to make the effort to flourish in their careers, while still making time to spend time with their families.  It’s important to maintain the vital support of our home lives – the support that will actually help us succeed in business.  Don’t devote all of your time to your career at the expense of your partner and your family.
  4. Tolerate pain.  Running a successful business is hard work – much like the labor that precedes a delivery.  Women are masters as gritting their teeth, settling in for the long haul, and getting the job done.  Growing a business is a struggle, and it’s never painless.  Entrepreneurs can’t afford to be wimps!
  5. Multitask.  Women tend to be much more adept than men at juggling multiple tasks efficiently.  While there is something to be said for a single-minded focus, sometimes concentrating on just one task is a luxury we don’t have.  When you’re faced with many things all competing for your attention, observe some women working on multiple tasks and see if you can improve your multitasking abilities.
  6. Ask for help.  We joke about the man who will drive around forever and never stop to ask for directions, but the joke hits close to home for some men.  Realizing that you’re not an expert in everything and that asking for help is actually a sign of strength lets you avail yourself of the expertise that’s all around you.  You don’t have to be the best at every task that keeps your business running, and asking employees or mentors for advice or assistance shows your confidence in them.
  7. Use social skills.  Women are master networkers.  They use their ties to the community as a powerful asset, and nurturing those connections will put you in contact with more clients and more collaborators.
  8. Collaborate.  As fields become increasingly specialized, we’re going to find more tasks that require us to collaborate with other experts.  If you’re focused on producing the very best products and services, that goal will nearly always be more easily achieved by collaboration.  Look around you for folks who can make you better.

In listing these values that I’ve seen in so many successful women, I’m not guy-bashing.  I work hard to keep an open mind about techniques for improving my abilities to run my businesses, and I’ve learned that success had no gender.  It’s available to us all.


Mondays with Mike: 5 Tips For Finding Prospects On Twitter

Twitter

I’ll admit it.  I thought Twitter was a silly little fad when I first learned about it.  Seriously – how much effect can 140 characters have?  It turns out that it’s a massively powerful medium, and I wish I’d started using it earlier.  It can be a goldmine in terms of establishing relationships with existing and prospective customers.  Here’s how you do it:

  1. Search for your company name.  This sounds like a no-brainer, but it’s so essential!  This first key step lets you know who’s talking about you … and what they’re saying.  You’ll know right away if there’s a problem you hadn’t heard about, and you’ll get a read on the public’s impression of your company.  The folks who are already tweeting about you are the first ones you should make contact with.  In addition to alerting you to problems folks may be having, Twitter gives you a real-time means of responding to criticism in professional and productive ways, establishing your business as a stand-up organization that cares about its clients.
  2. Search for your competitors.  Not only is it just good business practice to know what the other guy is up to, but monitoring the chatter about your competition can also give you priceless inside information into problems or challenges your competitor is facing.  If you learn that customers are upset that the pizza shop down the road discontinued a particular entrée, you may want to advertise that you’re adding a new menu item (which, coincidentally, is what consumers are begging for!)  Unscripted, candid feedback on the other guy’s business may give you ideas about new products or tip you off about mistakes you should avoid making. 
  3. Search for relevant keywords.  Information is power, and knowing what terms people are using to search for services and products like yours is so important.  You can use the information to load your messages up with the right keywords, and you’ll discover links to articles and discussions in your industry that you might never have seen.  Everything you uncover can help you tweak your message and be more sure of reaching the right people.
  4. Use an autoresponder.  Twitter works because it’s instantaneously interactive, and if your Twitter followers don’t get that play from you, they’ll lose interest.  You should thank new followers (automatically,) and using an autoresponder even lets you create and send messages even if you’re taking the day off to go fishing with your kids. 
  5. Produce relevant content.  If your tweets are boring, repetitive, or irrelevant, then you’re going to lose followers as soon as you get them.  Armed with the competitor’s information and the relevant keywords, you’re prepped to start creating useful articles that your followers will actually read and use.  Even though each tweet has a maximum of 140 characters, you can send the link to your content.  Giving your customers useful tips and suggestions that relate to your industry can win you loyal customers for life.

Twitter is so much more than selfies.  It’s a more powerful medium than I ever though it could be, and harnessing that power gives you far-reaching access to millions of potential customers.    


Mondays with Mike: How To Prep Your Business For Sale In 90 Days (Or Less!)

I know a thing or two about selling businesses.  I’ve done it both hard way, and the easy way, and it’s not hard to figure out which way I prefer.  Even if you plan on turning your company into a legacy that your children will run after you’re gone, the best time to get your business ready to sell is today!  Before you ever want or need to sell your business – that’s when you should start.  Here’s what you need to do:

  1. Identify strategic buyers.  Strategic buyers are those who want your business for some reason other than just your company’s revenue.  They may want your customers, your intellectual property, or even your employees.  If you can identify these buyers, you can learn which of your assets are most desirable – and you can protect them.
  2. Resolve any legal troubles.  Buyers won’t want to touch a business that has lawsuits or liens against it, so you need to clear up any old business and get your company in the clear. 
  3. ??????????????????????????????????????????????????????????Focus on profitability, rather than debt.  Businesses are often valued by a multiple of their profit, so you’re better off directing extra revenue toward measures that make you more profitable.  Paying down debt with your extra money doesn’t add nearly as much to your value.
  4. Protect your key employees’ positions.  We all have those staff members who are critical to our survival, and it’s smart to make a plan for what you’d do if one of them left.  Whether your discreetly cross-train employees or keep a list of potential new hires, you want to make sure that if one of your key employees leaves, that your business goes on as usual.
  5. Get out of the office.  Not only is your business more valuable if it can run in your absence, but you also need to be out in the marketplace as the face of your company.  You need to continue running your business as if you’re going to hand it down to your children, and that means cementing relationships with important clients and maintaining your market share.  Don’t slack off!
  6. Cut costs.  You’ll boost your selling price if your company is lean, efficient, and profitable.  Make sure you trim unnecessary expenses and eliminate anything that doesn’t directly contribute to the health of your company.
  7. Work with a business broker or investment banker.  You’ll want to make sure your business is ready to sell when you tackle this step, but you’ll often find that brokers have a stable of businesses looking to acquire others.  Not only can you sell your company more quickly, but a broker can also help you get top dollar for it.
  8. Be hard to get.  If you appear to be desperate to sell, your value diminishes.  Cultivate a field of buyers and watch your price go up.  You want buyers to have competition in order to ensure that you get every penny you’re worth.
  9. Keep it quiet.  The news that you’re looking to sell your company can potentially frighten off employees and even deter new clients from signing on with you.  You want your business to continue to grow and flourish … just in case a sale falls through.

The time you spend preparing your business will give you one additional benefit other than just getting you ready to sell, and it’s actually a huge one.  Your business will be healthier.  Much of the advice I’ve listed here is stuff you should be doing anyway – measures that make your business more efficient and profitable, in addition to making it more attractive to buyers.  


Mondays with Mike: How To Vaccinate Your Job Applicants

I’ll start this article with a nod to Dan and Chip Heath, whose book, Decisive, has had an enormous impact on the way I handle making important decisions.  I’ve learned over the years that while sometimes all you can do is trust your gut instinct, there’s a lot to be said for making decisions as deliberately as possible.  The vaccination technique in the hiring process plays the very important role of eliminating a number of the poor options, leaving you with the applicants who are best suited for your position.

Here’s how the vaccination technique works:  Let’s say that you’re hiring for a customer service position.  Before you write your job ad, think back to the problems you’ve had with previous employees in that position and make a list of the parts of the job that presented the biggest challenges.  Now, include those parts of the job description in the ad.  If it feels like you’re warning people off the job, then you’re doing it right!  Your goal should be to accurately describe the job, warts and all.

Why would you want to focus on the difficult aspects?

Stocksy_txpbfc73dd2sR8000_Small_175628You’re inoculating your applicants.  You’re giving the candidates who don’t want to deal with irate customers’ complaints a reason not to apply.  You’re telling the folks who don’t ever want to work weekends that they’re not going to be happy in the position.  You’re essentially screening out unsuitable folks so you don’t have to waste time interviewing, hiring, training, and ultimately firing them. 

My favorite way to write an ad is as a challenge to just the right candidate.  Emphasize that it’s a very special person you’re looking for, with just the right unique skill set.  People who read your ad and say “That’s me!” are the ones you’re looking for.  They’re dedicated and prepared to face the challenges of being your customer service rep.

In addition to screening out candidates who aren’t a good fit for your job, vaccination also ensures that your applicants know what they’re getting onto.  They won’t legitimately be able to complain that they didn’t know they’d have to work evenings and holidays if you included those details in the ad.  Think about the alternative – you gush about what a great company you’ve built, how wonderful the staff is, and how rewarding the work is – some employees may feel like they’ve been misled when they encounter their first real challenge.  Oversell the difficulties and let them discover for themselves how wonderful your company is.

When you’ve weeded out the unsuitable candidates, what you’re left with is a short list of much better options, and that means that you’ll be able to make a better decision since you’ve taken the time to deliberately sift out the cream of the crop before you even schedule the first interview.  Good decision making is a habit, and eliminating unwise choices is one of the surest ways to improve your long term outcomes and bring on staff who’s in it for the long haul.  


Mondays with Mike: 7 Tips For Making Your Employees Marketing Superstars

?????????????????????????????????????????????????????????????????????????????????????????Wouldn’t it be wonderful if you had a team of enthusiastic marketing superstars who promoted your brand everywhere they went?  Here’s a secret:  You can make it happen!  Consider the fact that every one of your employees interacts with dozens and dozens of people everyday, and you’re missing your opportunity if you don’t enlist them in your mission to promote your brand.  Here are some sure-fire strategies for making your employees part of your marketing strategy:

  1. Speak their language.  Every single member of your staff is motivated in a slightly different way.  Take the time to figure out what’s important to your employees, and you’ll be able to tell your story in a way that matters to them.  If you can sell your staff on your vision, they’ll sell it to your customers.
  2. Create the right climate.  Make sure that your staff understands that you’re not just in business for the bottom line.  Show the ways in which you enrich your community, whether it’s by providing necessary services or through your investment in community programs.  If your staff feels good about the work they’re doing, they’ll share their enthusiasm.
  3. Provide awesome wearables.  The key to this tip is making the wardrobe genuinely cool – something that your staff will actually choose to wear.  Your tagline or logo on a t-shirt becomes a walking billboard.  If you make sure your staff actually likes their company togs, then you’ll be sure that they won’t end up in the trunk of the car, where – let’s face it – they’re not doing you any good.
  4. Use social media.  Whether your run a caption contest or share pics of your staff wearing your logo in interesting locales, make sure you leverage the powerful tool provided by the various social media apps.  Folks love that fifteen minutes of fame – so why not use it?  Turning your brand into one that people have fun sharing increases your visibility and strengthens brand loyalty.
  5. Provide Halloween costumes.  Create a character that suits your company climate and offer your staff the chance to celebrate without having to stress over what to wear.  Whether you create a superhero – think something like Uber Geek if you’re an IT company or Grammar Nazi if you’re a PR firm – you’re injecting a little fun into your corporate image.
  6. Use every opportunity to advertise, no matter how small.  One of my favorite, often overlooked examples of an underused means of getting your company’s name out there is to make sure that your company wi-fi and your employees’ mobile hotspots are all branded with your company’s name.  The next time your sales rep is working and sipping a latte at Starbucks, everyone who logs on to the free wi-fi will see your company’s name.  Never miss a chance to make in impression.
  7. Don’t forget the hardware.  Don’t send your staff out with laptops that advertise for Apple; slap your awesome logo on everything that sits still long enough.  Your staff can make countless impressions just by toting gear that advertises for you.

Be open, and be creative!  Brands are built one impression at a time, and you have more opportunities than you realize.


Mondays with Mike: 8 Ways You Can Accomplish More By Going Old School

I love gadgets as much as the next guy, but I had an experience recently that made me realize that sometimes, putting all your technological eggs in one basket isn’t a good idea.  My phone died while I was traveling (long story) and I was left without my clock, directions to the hotel, or even the name of the hotel that my assistant had reserved for me.  I was paralyzed until I could get some juice for my phone, and I realized that sometimes, old school is best.  Here’s a list of devices that you should always have in reserve.

  1. Calculator.  Yes, I know your phone has one, but have you ever needed the calculator while you’re on the phone?  Happens to me all the time.  A pocket-sized solar calculator with a battery backup can be a lifesaver.
  2. Typewriter.  Don’t roll your eyes.  I’m serious.  If you’ve ever needed to fill in a form that you can’t edit online, then the typewriter is a godsend.   Print the form, type your entries, and you’re all set.  I don’t use mine often, but when I need it, it’s the perfect solution.
  3. GPS device.  Sure, most phones have this function, but again – when you’re on a call and you simultaneously need directions, you’ll be glad you have the separate unit.  The bonus is that prices have come way down, and you can get a great GPS for very little.
  4. Alarm clock.  This item’s about redundancy as well, but if your phone battery dies or the power goes out, you’ll still be on time for that important meeting if you’ve packed a battery or wind-up alarm clock.  No need to make excuses for oversleeping.
  5. Compass.  Yes, really.  It never fails that the very moment that I need my GPS the most – like in the middle of Manhattan – the buildings keep my GPS from working properly.  If I know I need to head uptown, my pocket compass saves the day.
  6. Watch.  I may be old fashioned, but people who constantly check their phones drive me crazy.  If you just need to check the time, you’ll look much more engaged if you glance at your watch, rather than checking your phone and incidentally seeing the twenty new emails that need your attention.
  7. Pen and paper.  Inevitably, every time I try to use my phone’s notes function, I get distracted by a text message or a calendar alert and frequently forget what I needed to jot down.  Pen and paper in my pocket solves the problem.
  8. Polaroid camera.  I tell people that I keep a Polaroid camera just for fun, but it’s actually a fantastic leave behind.  Physical pictures are becoming so rare that they’re a brilliant way to remind a client or a friend of a momentous occasion.

I increasingly hear folks making excuses for why they haven’t managed to get something done, usually blaming their shortcomings on technology.  It’s far better to be the one person who always delivers, every time, rather than being the person whining about a dead battery and a failure to plan ahead.  Don’t be caught unprepared.  

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Mondays with Mike: 7 Crazy Ideas To Turn Your Customers Into Raving Fans

The far reach of social media has fundamentally altered the way in which we interact with one another.  Things happen lightning fast, and it’s commonplace to get moment-to-moment updates on what your friends are doing.  While you may believe that it is – in fact – possible to OD on never-ending selfies, the prevalence of digital photos and tweets that reach millions of followers is a huge opportunity for savvy entrepreneurs who are able to enlist their customers in building their brands.  Here’s how to convert your customers to your biggest fans:

  1. Have your clients do some of the work.  If you can find a way to let customers make doing business with you a unique and personalized experience, they’re far more likely to tell their friends about you.  The best recent example of this principle are the number of business popping up that provide detailed art instruction for a group of people to gather at a bar or restaurant and paint their own picture.  You see Facebook posts of smiling faces and proud amateur artists.  They’re selling the experience to their friends.
  2. Play hard to get.  The American Express Black Card is the best example bar none.  It’s obscenely expensive, but people fall all over themselves, coveting an invitation to open one, and only a few customers ever receive that invitation.  Creating a sense of exclusivity makes your product that much more desirable.
  3. Deny your own existence.  One of the reasons there was so much buzz about the Amex Black Card when it was created was because Amex refused to confirm the card’s existence.  They relied on the excitement of gossip and speculation to generate interest.
  4. ????????????????Encourage tattoos.  I know this tactic may sound extreme, but when folks start permanently applying your logo to their bodies, you’ve officially arrived.  Associating your brand with a lifestyle and developing a great logo is a good start.  Think no one would ever ink a logo?  Look around you at the beer labels, band logos, and Harley Davidson tattoos that are out there.  It’s possible.
  5. Go underground.  Throw exclusive parties for your very best customers – parties that they must be invited to attend.  Offering special perks for invitation only rewards clubs makes customers crave that favored status.
  6. Put your customers through boot camp.  The idea here is to have a series of steps that customers have to go through in order to achieve a special status.  Give them special status and reward them with exclusive offers that are available only to the elite customers who’ve been dedicated enough to reach your upper echelon.  Give customers a shirt or a car magnet that boasts about their status, and you’re generating interest everywhere your customer goes. 
  7. Create an annual event.  Start a tradition that anchors your company as a valuable member of your community.  Whether you sponsor a fall festival or a public Easter Egg hunt, giving your community something to look forward to creates lasting, positive associations for your company.

So the real secret of all of these techniques is what happens afterwards.  By creating loyal, dedicated fans of your brand, you’re inevitably creating brand ambassadors who will Tweet, Instagram, and Facebook about your company, spreading the word with every like, share, or comment.  That’s why these raving fans are so valuable – they become your cheerleaders and enthusiastically help build your brand.  


Mondays with Mike: Experts and Minions

????????????????????????????????????????????????????While entrepreneurs strive to staff their companies with superstars, we all know that there’s usually one person who stands out – you know, the person that everyone (including you) calls when you’re stuck and need expert advice.  Since cloning people isn’t legal – and probably not cost effective, either – it’s easy to feel frustrated when there’s simply not enough of your expert to go around. 

After all, an expert can only be in one place at a time, right?

Wrong!  The solution to your expert cloning needs is to provide your experts with minions.  Here’s an example of how it works:

Let’s say that you own a security company, and you provide installation and monitoring services to your clients.  You have technicians who work out in the field doing the installation and making service calls when something goes wrong.  These technicians are trained, but you’ve got one guy who can always troubleshoot any problem and devise intelligent solutions.  But he’s only one guy.

You can’t send him out on every service call, but what you can do is keep him in the office.  No, I haven’t lost my mind.  You keep your expert in a single location, and you set up a way for him to communicate with everyone out in the field.  When a technician encounters a problem, he gets on the phone with the expert, and the expert talks him through the solution. 

The single most important component of this model is a consistent, reliable, and flexible means of communication, because if your communication goes down, the system falls apart.  Many VoIP (Voiceover Internet Protocol) providers offer all the services you’ll need.  My team uses Skype, but there are other companies who provide similar services.

So your minions can connect to your expert via phone, but if they need to share files, Skype also facilitates that.  If your minion has a particularly sticky problem and needs to show the expert what’s going on first-hand, Skype lets you use a webcam to virtually put the expert on-site.  Think about it … if your minions are connected to your expert, then your expert can be virtually anywhere.  You’ve essentially cloned your expert.

The hidden benefit of this model is that while your technicians are out in the field, relying on the expert for support as needed, they’re also getting additional training when they implement your expert’s solutions.  They have a model for troubleshooting that they can begin to implement in their own work.

This model is surprisingly versatile, as well.  Any business that has to send trained staff out to work with clients occasionally has employees who encounter unexpected circumstances and find themselves out of their comfort zone.  Whether you make service calls to repair copiers, or whether you have a team of sales reps in the market, you never know when your staff will need quick answers from your expert.  Setting up an expert-minion structure and protocol ensures that you have enough staff to get out to your clients, without the expense of hiring a dozen experts.


Mondays with Mike: 4 Steps To Taking Your Business On The Road

I’m a self-taught mobile business evangelist.  When I made the decision to convert the way I did business from the traditional, office-based model, I literally never looked back, at least not fondly.  Now, everything I need to conduct business is in my backpack, and I can work – quite easily, in fact – from anywhere in the world.

Getting your business ready to go mobile isn’t without its pitfalls, though, so I’ve compiled a game plan for getting there with minimal hassle.

  1. Communication is key.  The single most important component of your mobile business strategy is ensuring that you can communicate reliably with your staff, clients, and key contacts.  Skype is the solution for my company.  It lets me talk by phone, conduct video conferences, and it even lets me send messages.  When you’re on the road, you can’t afford to be out of touch, so it’s worth it to research your options and make the choice that meets all of your needs.
  2. Use the cloud to store and share data.  In addition to being able to talk to clients and employees, you’re also going to need a way to store and share your data securely.  Google Drive works for me, and I simply can’t overstate how critical it is to be able to access, edit, and share files from the road.  Even if you end up paying for your cloud storage, you’ll end up saving money in the long run when you factor in the savings in both time and money.  No more searching for a fax machine or waiting for documents to arrive.  Being able to share files – even large ones – by pointing and clicking is critical.
  3. Create contingency plans.  Ask yourself what you’d do if your laptop battery died.  What would you do if you couldn’t find reliable wifi?  What if Google Drive stopped working in the middle of a negotiation that relies on sending and receiving files?  Think through the problems that could arise and start developing solutions.  Whether it’s a backup battery or a second cloud storage account, you’ll save yourself huge headaches if you do some troubleshooting before you need it.
  4. Take a deep breath and jump right in.  Force yourself to go mobile.  Even if you start with a single day, making yourself actually do it will help you identify problems with your systems and give you the confidence that you can, in fact, survive outside your office and outside your comfort zone.  As you start going through your regular tasks from a mobile office, you’ll start to realize all the benefits.  You’ll appreciate the flexibility, and you’ll quickly see that you’re actually more efficient.

Much of working outside the office relies on technology, but one of the things that I love most about working from my backpack is that I’m free to schedule more face time with my important clients.  Rather than being tied to a desk, I’m free to actually go seal a deal with a real handshake.  Your laptop doesn’t distance you from personal contact; it simply lets you keep tabs on your business while you go forge those important face-to-face connections. 

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