Womens Leadership

Savor DallasI moved from working in my business to working on my business!
Jim White, Founder Savor Dallas
http://www.savordallas.com
 
CoachWorks InternationalI found a community of business leaders who make being in business a lot more fun and less lonely.
Jeannine Sandstrom,
CEO CoachWorks International, Inc.
http://www.coachworks.com
 
The Sales CompanyI now have a place to be open about my business success and future challenges.
Debbie Mrazek, CEO The Sales Company
Author The Field Guide to Sales
http://www.the-sales-company.com
 

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Posts Tagged ‘executive’

Written by Gary Cokins

Is your budget obsolete in two months? The traditional corporate budget process focuses on what managers are allowed to spend to accomplish their goals and not what resources they require. Budget plans can be costly to prepare, starve departments that have valid needs, incorporate last year’s inefficiencies and fail to identify waste and respond to a business’ strategic objectives. However, companies can develop more realistic, dynamic budgets based on predictive planning. One way to do this is to use activity-based costing (ABC)—basing company plans on fluctuating needs related to demand rather than on historical data.

Here are some budgeting tips to keep in mind that incorporate ABC principles.

  • Don’t limit yourself to the current situation defined by predetermined spending limits. Begin the budget equation with the outcomes you expect—profit, for example—measured against customer and management demands that vary in mix and volume over time. Don’t let your budget stay frozen; revisit it as needed in response to marketplace conditions.
  • Budget management and cost management are not synonymous, so don’t confuse them. Formulate budget strategies according to two questions: What should we be doing, and how should we do it?
  • Then inject costs into the equation. Using activity-based-cost estimating helps you relate what-if scenarios over time to the overall impact of expenses on the organization. For example, are you going to open a new warehouse? To estimate the level of spending required in the future, you should match future capacity (what’s currently available vs. what’s required) with estimated needs (forecasted customer demand).
  • Activity-based-cost management is not a replacement for general ledger accounting. But if your general ledger software does not convert spending into useful managerial information, use an ABC model—based on resources, work activities, process costs and final cost objects—to reflect market, product, service-line, channel and customer-oriented decisions.
  • No one knows in advance how simple or complex a company’s first ABC model needs to be. Many make the mistake with their initial ABC system of plugging in too many details before learning how to apply the data or what the accuracy requirements are. Instead, improve the usefulness of the results by understanding that such predictive planning depends on constructing a cost-assignment network that traces how outcomes—such as products or orders—consume resource expenses with a cause-and-effect relationship.
  • Organizations always want to understand where they make and lose money. To get a better picture of this, design budgets that do not inhibit managers’ flexibility to meet objectives. Develop plans that are feasible, determine what specific resources are needed to execute them, then compare the plans’ projected results with current performance to manage profit margins.
  • Successfully implementing ABC depends to a large degree on managing organizational behavior. Avoid resistance from employees and managers that can jeopardize the acceptance of the new methodology or technology by following these rules:
  • Use a rapid prototyping pilot program to quickly implement a summarized ABC model. Don’t necessarily start with your most technologically sophisticated employees; this will stigmatize the project by making it look like it’s for tech gurus only.
  • Get the support of an executive sponsor and find a champion to create interest in ownership of the information and its uses.
  • Make sure there are end-users who really need the data—design the system with the ends in mind.
  • Don’t be afraid to combine art, craft and science in constructing your ABC model. One that is successfully prototyped can quickly be redone with more detail and accuracy so users readily begin to see how the ABC data relate to the problems they are trying to solve. ABC models can provide valuable insights within weeks that aren’t visible from traditional data

Gary Cokins is the author of Activity-Based Cost Management—An Executive’s Guide

Ever wonder what a single page sales letter looks like dissected from top to bottom. In this blog post we have used a simple outline you can find all over the Internet and filled in example text to show you line by line what makes up a single page sales letter.

Single Page Sales Letter Anatomy

  • This is the pre-head – it "calls out" to a targeted audience.

Attention Small Business Owners!

  • The headline grabs your prospect’s attention

"Finally! A Marketing System Guaranteed to Increase Your Sales in 14 Days or Less or Your Money Back!…………………."

  • The sub-head adds more information to gain interest

Our Marketing System Brings in More Customers, Increases Sales, and Saves You Money!

  • The salutation zeros in on your audience

Dear Small Business Owner,

  • The first paragraph of the body is called the lead paragraph and is where you want to entice the reader to keep reading.

If your sales are down or you have wasted thousand of dollars on marketing programs that don’t work, I’ve got good news for you.

  • The body tells the story and gives details.

My name is Mark Ferguson and I have seen companies waste money on Marketing Programs for over 17 years! Time and Time again they fall for a sales pitch from some slick firm using key words that get them to buy, only to be left later with huge debts, unhappy customers, and with no new sales. After seeing the aftermath over and over again I knew there had to be a better way. I knew my clients were getting results for less money!

That’s when I set out to build a Marketing System that Works Guaranteed for less money, less time, and less work from you. I spent years with my clients researching, designing, and perfecting one system after another. Finally I have consolidated my system into a simple straight forward process that anyone can use. My program has been proven by top small businesses in the US and more than doubled the revenue of many small businesses.

Within 14 days my clients were increasing their revenue, getting more customers, all for less money. I haven’t seen a single client who is ready for growth not get results. Best of all my simple program works anywhere, without huge amounts of money or resources. Simply start the program follow the steps and you are on your way. It’s so easy – you never have to worry about where your business is headed again.

Customers will flock to your door because the program aligns all of your potential customers to buy and trust your business. Once they’re in there’s no escape because they will never consider doing business with someone else again. I call it Customers For Life.

  • Bullet points – Are is a subject and an art all by itself. Many copywriters list features and leave it at that. Others translate features into benefits.

Why should you grab the Marketing System right now?

Increases your sales in 14 days or less – guaranteed so you’ll never have a revenue problem again.

  1. Easy so that any Small Business Owner Can Get Started Today
  2. Increased Sales in 14 days or Less Guaranteed
  3. Will save you thousand of dollars on your business marketing year after year
  4. The program attracts the right customers that stay with you for life
  5. Your revenue problem will be gone in 14 days or we’ll send you a refund for every penny – including shipping!
  • Testimonials offer social proof

I had already experienced one business failing that resulted in bankruptcy and was facing another one when I met Mark at a conference. I knew something good was going to come of our meeting, I just didn’t know what. After six months on the Marketing System, my struggling publication that was about to shut down, grew 50 percent larger, I increased my revenue 300 percent, and attracted some of the most well-known names in our industry. I can’t believe all of this happened so fast. I know without a doubt that without the Marketing System I would not be in this place today.”

Josh Wilson, Houston, TX

  • This trial close introduces the guarantee

I know it sounds too good to be true, but what can I say? This Marketing System really works! I’m so confident it’s the best, the only Marketing System you’ll ever need – I back it with my own, personal 100% lifetime no-hassle guarantee!

  • The guarantee takes the risk away from the prospect

100% lifetime no-hassle guarantee!

If you’re ever not satisfied with my "Marketing System" for any reason, simply return it and I’ll promptly refund every penny. I’ll even pay for return postage.

You’ve got nothing to lose except your revenue problem. So how much does the "perfect marketing program" set you back?

  • The offer tells what they get for how much and why they should buy right now. It also asks for the order!

Order today and I’ll ship your Marketing System by Priority Mail for only $1999.95! Remember you’ll be making more money in 14 days or less or your money back!

Can’t wait? Have your Marketing System FedEx’ed to you for Next Day Delivery. Order before Noon EST and I’ll ship it out today! (You will be billed for the extra shipping charges.)

  • Call to action – usually accompanied by an order button

Don’t delay! Order Now.

  • Closing identifies the seller.

Sincerely,

Mark Ferguson, President Creative Strategy

The one80group, Inc.

  • The P.S. Strengthens the deal in some way.

P.S. Order right now and I’ll include one half hour of Executive Coaching with Marketing Guru Tina Ferguson at NO CHARGE! That’s a $1250.00 VALUE. Please know that this is a very limited offer and may be removed at any time! There are only so many hours in the day!

Every person from every walk of life has 24 hours in a day to accomplish all that he or she can. As any successful entrepreneur or executive will attest, the art of delegation can dramatically increase productivity at the most critical level.

While most business owners and executives know they should spend time in areas that will deliver maximum return on invested time to business operations, many of the most well-intentioned people wind up focusing on what is priority – not what actually improves profits or productivity.

This syndrome of working “in” your business rather than working “on” your business is common, yet there are many ways to proactively take charge of your time. One is learning to systematically delegate tasks that can be performed by someone other than the chief decision maker.

The art of delegation follows these eight steps:

1. Eliminate before you delegate. Some tasks are not necessary. Before making your list of tasks to delegate, make a list of those you can eliminate entirely. For instance, if you are filing paper documents that you have electronically filed elsewhere, and these paper documents are not required for legal reasons, you may be better off eliminating this task.

2. Plan your delegation. Make a list of routine tasks that do not gain value by you performing it. Easy tasks often stay on busy owner and executive desks because they are quick and easy to perform. Systematically delegate to-do items with your overall schedule in mind. Do not haphazardly give out tasks without knowing what you hope to achieve from delegating these duties.

3. Set realistic standards. Not everything has to be performed 100 percent perfectly. While your standard may be very high, consider a lower, yet acceptable standard for tasks that can be performed by others. For instance, if you can perform a task in 15 minutes, but it takes another person 20 minutes to do the same task and the result is the same, is your time better spent elsewhere?

4. Assume others enjoy responsibility. Many high-achievers assume that others do not enjoy taking on added responsibility or that others simply will not take the job seriously. In many instances, this thinking is not true. Look for others who perform their duties with a similar work ethic and begin delegating appropriate tasks.

5. Set clear expectations. Once you’ve identified a person you trust with task(s), be sure to be clear in your communication of what your desired outcome is. People often want to succeed, yet when left to their own judgment can fall short of your vision.

6. Let freedom ring. While you may have been doing a task for many years, a fresh perspective may offer a faster solution or a new insight on an old issue. Give those that you delegate to the freedom to offer solutions that may save your company time and/or money.

7. Pay the price. Invest short-term time in training to gain a long-term increase in productivity. While there are associated opportunity costs related to delegation, the long-term payoff can significantly pay you back.

8. Know your role. Delegation means that others will take duties from you to perform, but it doesn’t mean that they assume full responsibility without some type of follow-up. Continue to manage the process at arm’s length and allow all parties to do their share of the work.

When it comes to delegation, keep your eye on the real prize. The ultimate goal of delegation is to free up more time for you to spend on higher level activities that will, ultimately, add to your bottom line. If delegation means improving processes to make it easier for all involved, consider the big picture before making your final decision.

One day I worked with a top level executive. It was really interesting how the conversation weaved between how his team wasn’t getting results and how he was doing the lion’s share of the work (and marketing). This guy was a rainmaker extraordinaire. The other executives on his team were not.

What we discussed during our meeting was his strengths* and how those revealed themselves. He had an intense desire to serve others and to be excellent in all of his dealings. His marketing was effortless. He simply did what he loved and the clients followed. On the other hand, his counterparts struggled with their marketing and business development efforts. They didn’t act like themselves. They second-guessed their decisions.

During this conversation, the executive lamented, “Why can’t they just ‘get it?’”

That’s when I shared with him what I saw. What I saw was that one of the other executives just lost his confidence after a series of bad deals. His book of business was down, and he was down, too. Here was a superstar who was getting mediocre results. The effect was that he started acting mediocre. To me, this one was the easiest fix.

Another executive was not good at business development. His strengths were geared more toward organization and managing details. He was a precision operator as a manager and a technician; however, when it came to going out of the office, it was really a bit of a disaster for all involved.

I tactfully shared what I saw in the rainmaker. I shared with him that I saw that he was an amazing business developer and client service advocate. However, internally, he was as much of a disaster as the guy who was a great manager and technician was at business development.

Our conversation veered toward the question, “What would happen if you continued to grow business like you do and this other executive manages the internal side for you? How would that affect your business?”

His response was immediate – “That would almost be the best of both worlds – I get to do what I do best and so does he.” And then came the concern about the mechanics of making that happen – compensation models would have to be changed, etc.

The point here is this. In an organization, every player works at business development. Some will take on the lion’s share of the work because it is simply the best thing for them. They thrive on it, they are energized by it. Others will contribute to helping those rainmakers go out and make rain. Those activities will energize them, and contribute to the overall good of the company. And yet all can contribute in their own unique way to the bottom line. Every person can market. The key to success is discovering what your unique style is.

When it comes to marketing, go with what works for you. Don’t try to do activities that are not reflective of who you are. If you are an introvert, and love bridge, then join a bridge club and share with others just what you do. Go with the flow so to speak. Don’t force yourself into a business situation where you would rather watch paint peel – enjoy who you are and go where others will see your brilliance.

If you are an active type of person, take it off-road and do something different. Get out of the marketing box and refuel for profits.

Next week I’ll share one of the most profitable marketing ideas I’ve ever encountered and I’ll share exactly how you can do it, too!

*This conversation took place before I ever knew about the Clifton StrengthsFinder or CoreClarity – I’ve had an insatiable desire to match up top performers to their best jobs for years. Therefore, in this example, I didn’t use the proper terminology of ‘talent’ vs. ‘strength’ although in this gentleman’s case his talents were definitely strengths.