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Stakeholders Gone Wild

July 22, 2020 By Jan Triplett 1 Comment

Stakeholders can be useful to you but can go wild as well. Photo by cone_dnm

Stakeholders can be useful to you but can go wild as well. Photo by cone_dnm

Stakeholders: can’t live without them and sometimes can’t live with them.

They are customers, providers, allies, employees, colleagues, the government, the media, competitors, influencers and many, many others. After reviewing a stakeholder map example that had 105 entries, I came up with at least 50 more. [Read more…]

Filed Under: Business Improvement, Business Management, Business Process, Customer Loyalty, Sales Tagged With: Crossing the Chasm, Platinum Profile Stakeholder™, Stakeholder, Stakeholder Map, The Long Tail

What’s better for growth: a partner or a strategic alliance?

May 19, 2020 By Jan Triplett Leave a Comment

Partner or Strategic Business Alliance? Photo by Giorgio Montersino.

Partner or Strategic Business Alliance? Photo by Giorgio Montersino.

Get a partner or set up a strategic alliance — which is better for your business growth? Many business owners want a “partner” to  share the load. Partners exert a lot of control no matter how little of the business they own. Use a strategic alliance instead to grow your business and  keep more control.

What is a Strategic Alliance?

“If we are together, nothing is impossible. If we are divided all will fail.” Winston Churchill

The most accepted definition of a strategic alliance is that it’s “a formal or informal agreement between two or more individuals or entities to achieve a common goal”.

In 2005, companies reported that 18% of their revenue was generated through strategic alliances. The economy has changed but there are still thousands of alliances formed each year and are critical as we re-think business post COVID-19.

According to Ard-Pieter de Man and Dave Luvison, authors of Collaborative Business Models: Aligning and Operationalizing Alliances (from Business Horizons Volume 62, Issue 4, July–August 2019, Pages 473-482), “the big challenge is to align company interests with alliance interests”. This peer-reviewed article is definitely worth reading and thinking about especially for larger organizations.

It pays to know more and think more before deciding that a strategic alliance is right for you.

[Read more…]

Filed Under: Business Ideas, Business Management, Business Process, Business Trends, Financials, Funding, Legal, Marketing, Marketing Strategy, Planning & Vision, Resources, Sales, Sales Strategy, Vision Tagged With: Business Alliances, Business Culture, Business Development, Business Growth, Business Strategy, Handshake Alliance Strategy™, New Business Opportunities, Partnership, Strategic Alliance, Successful Alliances

4 Parts to a Platinum Customer Profile System™

May 8, 2018 By Jan Triplett 2 Comments

There are 7 potential customer types you could have — Platinum, Gold, Silver, Bronze, Lead, Concrete, and RAW (Radio Active Waste). But you should have only the best, the Platinum Customer. They give you money and a lot more.

If you aren’t satisfied with the value of your current customers, make better choices by setting up a Platinum Customer Profile™ identification system. This is more than just “target” or “niche” marketing. The four parts of a Platinum Customer Profile™ are demographics, psychographics, behaviors, and geography. [Read more…]

Filed Under: Business Growth, Business Management, Growth Readiness, Planning & Vision, Sales, Sales Strategy Tagged With: ACT, Buy In Process™, Buying Behavior, Buying Cycle, Buying Georgraphy, Demographics, DIY Sales, Do Nothing Sales, Ghost Competitors, Metrics, Network, Niche Marketing, Platinum Profile™, Psychographics, Radioactive Waste, Sales System, Salesforce.com, Salespeople, Selling Cycle

Inspiring 5-Star Holiday Business-Related Films

December 1, 2017 By Jan Triplett

You can be entertained and inspired at the same time this holiday season or any time of the year with these business-related films. What a combination.

Even your family and friends will enjoy them.

So will your employees. You might want to have a movie party or film festival  instead of what you usually do to celebrate the season.

Some of these holiday films are old and some are new but they have one thing in common: they will leave you with ideas, a smile and maybe a happy tear or two. Best of all none of these are snarky. The people really care about each other, instead of trying to rip each other apart or outdo each other. These are all 5-star!

1. Holiday (1938) is all about vision and sticking to your guns. Cary Grant and Katherine Hepburn show that money doesn’t mean everything and that being true to your vision — even if it’s unorthodox.  We know, and the characters know, that making your vision come true can be painful but rmore rewarding than following the herd and what is expected.

2. Miracle on 34th Street (1947 Maureen O’Hara & John Payne) is what good customer service should be all about — giving people the opportunity to buy if it’s the right choice for them. It’s about believing in yourself when others don’t. Yes, I believe in Santa Claus (or at least what he stands for.)

3. Desk Set (1957 Spencer Tracy and Katherine Hepburn) is a tale of  trade secrets and technology that can backfire good intentions. It demonstrates the need to recognize the employee grapevine we all have — even if we only have one employee. Every well-meaning owner should watch it if they are planning major changes to their business. And, remember what they learned!

4. We’re No Angels (1955) Humphrey Bogart, Aldo Ray, and Peter Ustinov become temporary employees and use unusual methods to help out a well-meaning business man. Think about what your employees do for you and be thankful.

5. Other People’s Money (1991) Danny De Vito and Gregory Peck point out the good and bad of corporate takeovers. Darker than the rest of the films listed and not holiday-driven, it is highly relevant today as current businesses struggle with the issue of what is good for employees and what is good for shareholders who are also employees. It’s a thinking movie that lends itself to discussions between employees and management and even other stakeholders.

6. The Man Who Invented Christmas (2017 Dan Stevens & Christopher Plummer) is not just about creatives like Charles Dickens. Most owners go through business blockages from time to time and live with businesses that always don’t cooperate. They can be messy and inefficient. Downright unprofitable and scary. When you go back to your roots and use the resources that you are exposed to, great things can happen.

We hope you will add to the list and watch some of these treasures. Be sure to share them with others.

Filed Under: Business Ideas, Business Improvement, Business Management, Customer Service, Financial Management, Small Business/Entrepreneur History, Vision Tagged With: business vision, Business-related films, customer service, Employee Film Festival, Inspiring Entrepreneur, takeovers

Beware of IRS Scams

November 3, 2017 By Jim Kelly

While tax scams can occur at any time of the year, tax scams usually peak during tax-filing season. In an effort to protect you from becoming a victim of a tax scam, I’d like to share with you some notable scams the IRS recently announced to help combat fraud and protect taxpayers:

Phone Scams – Criminals impersonating IRS agents often making aggressive calls to taxpayers demanding payment for taxes owed. They may insist the taxpayer send cash through a wire transfer, a prepaid debit or gift card. They may also threaten to arrest the taxpayer, revoke his/her driver’s license, or file a lawsuit against the taxpayer if money is not paid.

Please note that the IRS does not initiate contact with taxpayers via phone or email. The IRS will never call to demand immediate payment using a specific payment method like a wire transfer, prepaid debit card, or gift card. In general, the IRS typically will first mail a bill to any taxpayer that they show owes taxes.

Phishing –This scam involves fake emails or websites in which criminals attempt to steal personal information. Scam emails and websites can also infect a taxpayer’s computer with malware. Taxpayers should avoid opening emails or clicking on web links claiming to be from the IRS; unexpected emails purportedly from the IRS concerning large refunds or tax bills, or requesting personal information, should not be opened.

Please be aware that the IRS generally does not initiate contact with taxpayers via email to request personal or financial information.

Inflated Refund Claims – Criminals sometimes pose as tax return preparers promising large federal tax refunds. During tax season, these scammers lure victims by using flyers, ads, phony storefronts, or by making presentations to local community groups promising large refunds. The scammer frequently claims false rebates, credits, or benefits that will generate a large refund for the victim. Typically, the fraudulent refund is deposited in the scammer’s bank account, and then a large fee is deducted before the victim is paid; this practice is not used by legitimate tax preparers.

It is important to remember that taxpayers are legally responsible for the information contained on their return, even if prepared by someone else. Before selecting a tax preparer, taxpayers should do due diligence by checking into a tax preparer’s credentials, qualifications and background before engaging him/her.

Fake Charities – If you plan to donate to a charity, be sure to take the time to ensure the charity is legitimate. Groups of phony charities often use names very similar to familiar organizations and have been known to steal personal information and money from unsuspecting contributors.

Before you donate, make sure the charity is legitimate and qualified through Select Check on the IRS website.

Please contact Jim Kelly, Jim Kelly, Inc. at 512-474-8300 if you have any questions.

Filed Under: Administration, Business Management, Business Tools, Financial Management, Financials, Taxes Tagged With: Fake Charities, Inflated Refund Claims, Phishing, Phone Scams, Scams

Leveraging Existing Customers in Contract Negotiations

November 3, 2017 By Jan Triplett Leave a Comment

Rabbit vs. penguin. Who do you think would win in a negotiation? Image by Daniel Voyager3.

Rabbit vs. penguin. Who do you think would win in a negotiation? Image by Daniel Voyager3.

Contract negotiations and re-negotiations can be risky business. Both parties go into it with the assumption of the potential for conflict. If you are the provider, you do have a secret weapon: your existing customers and their contracts.

These existing contracts give you precedent that you can use in the negotiations. This is especially true if you do business with a government entity. As my colleague Sandra Stenzel, founder of the Bid Resource Centers in Texas that became the model throughout the US has often said to clients, “the government wants the lowest responsive, responsible bid”. That translates in contract negotation to “we want the best deal” — unspoken is “than you give anyone else”.

In our case, our client was faced with a customer who wanted the same terms as the government got and not an increase in price from the last contract. Reasonable, but not in line with the contracts of their other clients. Our client’s goal was to provide parity with his other non-government contracts for the same work. Also reasonable and necessary for his growth in order to simplify his pricing structure which was definitely not standardized. [Read more…]

Filed Under: Business Growth, Business Management, Financials, Legal, Pricing, Sales Tagged With: Contracts, coupons, Daily Deal, discount, Negotiation, Pricing, Pricing on internet sales, Robinson-Patman Act

Bosses Who Blab Can Kill Their Business

June 28, 2017 By Jan Triplett Leave a Comment

 

Do you know a boss who talks too much? Artwork by Matt Devicious.

Do you know a boss who talks too much? Artwork by Matt Devicious.

Bosses who talk too much or blab can hurt their businesses more than any cyber security leak ever could. The results can be disruptive enough to kill sales, drive away staff, prevent being granted a patent, or potentially kill the company.

They can also be harder to stop because frequently the boss doesn’t realize they’re doing it.

Big Mouth Examples

Here are eight of the worst blabbermouths and what happened (or could have happened) to their businesses. See if you recognize these or maybe you are guilty yourself.

• Sharing Secrets

The food manufacturer responded to a simple question from someone she just met by revealing her secret way to solve a major production problem. She was too proud of what the company had done to keep quiet about it. Good product but the idea of protecting trade secrets was foreign to her. [Read more…]

Filed Under: Business Building, Business Development, Business Improvement, Business Management, Leadership Tagged With: Blabbermouths, Cyber Terrorists, Defamation, Foot in Mouth Disease, Gambardella v. Apple Health Care Inc., Harrassment, Harris v. Forklift Systems, Pricing Irregularities, Trade Secrets

Wasting Time: Good & Bad for Business

November 1, 2013 By Jan Triplett Leave a Comment

A little time wasting goes a long way. Photo by Cleaver.

A little time wasting goes a long way. Photo by Cleaver.

No business can afford to have employees waste time or effort.  No manager can expect employees to be 100% efficient either. Some time wasting activities can actually be rejuvenators according to an article on finding a productivity sweetspot by NICE Systems. [Read more…]

Filed Under: Administration, Business Improvement, Business Management Tagged With: Checklist Manifesto, Dr. Atul Gawande, Employee Motivation, Productivity, Time Wasting Survey

Business Owners Hierarchy of Needs

June 22, 2013 By Jan Triplett and Daniel Diener Leave a Comment

What motivates business owners? It depends on where they are in the owners' hierarchy of needs.

What motivates business owners? It depends on where they are in the owners’ hierarchy of needs.

You’ve probably heard of Maslow’s “Hierarchy of Needs”. He identified how a person’s needs dominate motivation and behavior and that there is a specific order in which they should be met.

His theory suggested that the basic needs (physiological, safety, love and belonging) had to be met before the individual will desire and pursue higher levels of needs (esteem, self actualization, and self transcendence).

If a need is not met, the individual will feel tense and anxious. Although people may have several needs at any time, one will dominate their actions. [Read more…]

Filed Under: Administration, Business Building, Business Development, Business Ideas, Business Management, Business Process, Financial Management, Marketing, Marketing Strategy, Networking, Planning & Vision, Research, Sales, Sales Strategy, Small Business Research, Vision Tagged With: A Networker's Guide to Success, Business Growth and Development, Business Owners Hierarchy of Needs, business transference, Employee Training, Exit Strategy, financial management, Government Compliance, marketing, Maslow, Maslow's Hierarchy of Needs, Platinum Profile Customers, Processes & Procedures, Ramping Up, Sales, Scalability, Team

What a CFO Can Do to Improve the Sales System

May 11, 2013 By Daniel Diener Leave a Comment

Role-playing dice have nothing on the role-playing CFO when it comes to improving the sales system.Photo by cal-harding from flickr.     Role-playing dice are like the role-playing CFO whose job includes improving the sales system. Photo by cal_harding from flickr.

Role-playing dice have nothing on the role-playing CFO when it comes to improving the sales system.Photo by cal-harding from flickr.

What can a CFO do to improve the company’s sales system? What do they even know about sales?  You’d be surprised.

If you’re the CFO and CEO, the following applies to you. If you’re both of these plus the Director of Sales and maybe even the Chief Salesperson, you still need to include the tasks below in order to improve the results of your sales system. [Read more…]

Filed Under: Business Building, Business Development, Business Growth, Business Management, Financial Management, Financial Services, Sales, Sales Strategy Tagged With: Business Intelligence, Financial Proejctions, Financial Projections, Leveraging Assets, Sales Projections, Sales System

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