Focus on Important Things During Challenging Economies

Wishing Is the Difference Between Urgent and Important

During challenge economies we can make the smart choice and carve out quality time to spend on our wishes.  With fewer urgencies we can focus on important things.  If you plan correctly, the amount of urgency will have been reduced after the improvements that you make.

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By John Bernardi

Another Reason Why Business Schools Should Teach History

Self Fulfilling Prophesies Work Both Ways

If you expect a positive outcome, you are on the right track. If you expect a negative outcome, you'll be subconsciously influencing that result as well.

Today's high school and college students have yet to experience a healthy economy.  They're used to hearing about fiscal cliffs, high unemployment, a tough job market, belt tightening, outsourcing, etc.  Has this become their self-fulfilling prophecy because that's what they've come to expect?  Let's hope it's not engrained in their muscle memory.

I believe that a holistic business curriculum can foster their positive self fulfilling prophecy? If we teach business students about the history of the cycles our economy has traversed, they'll be better equipped to believe that they can influence future good times.

If we can create positive self-fulfilling prophecies in these future leaders, they will be wanting to innovate, undertake risk, invest, etc.  They will have a positive, enthusiastic attitude and will enjoy their careers.  And they'll get our economy back on track for the long term.

Here's an intersting article on Self-fulfilling prophecy by Carolyn Kaufman, Psy.D. in Psychology for Writers

Focus On Most Valuable Customers In A Challenging Economy

Focus during this challenging economy by asking "What's A Most Valuable Customer Worth"?

MVCs, the core of your business, have a high lifetime value and unrealized potential. MVC traits:

1. They award you most of their business through repeat high margin sales
2. They buy during economic downturns
3. They are easy to do business with and readily self serve themselves
4. Because you are well positioned within their organization, they tell you what you need to do to win - no guesswork.
5. They provide collaborative assistance in designing new products and services 
6. Being in your customer portfolio enhances your stature because of their reputation
7. They refer you to new potential MVCs

Do you know who are your MVCs? Do you have enough of them?

Do you know who are your Most Growable Customers (MGCs) who can be developed into MVCs?

I believe that you should strive for MVCs + MGCs to comprise 80% of your customer base.

I also believe that your field sales reps should be managing only MVPs and MGCs. If they're investing time with second tier customers (STCs) or below zero customers (BZs), you have too many sales reps. Instead, your inside and online sales processes should manage STCs and your marketing process should nurture leads to sales ready status.

Easiest Time To Improve Is When Things Are Going Well

Don't Miss the Opportunity To Raise the Bar During Good Times

Have you noticed when things aren't going so well your peripheral vision shrinks and you don't pay attention to opportunities for improvement?

With this in mind, shouldn't we make every effort to improve when things are going well?  More discretionary funds become available. Higher confidence levels are evident throughout the organization. There tends to be less risk avoidance and more willingness to expand comfort zones. Positive attitudes begin to take over.

Continue to raise the bar and elevate to the next level of something, whether it be customer experience, profitability, marketing process, team participation levels, efficiency ...

The Top 20% Are looking to Raise The Bar At All Times

Even when their economy isn't doing well

Business Development In Its Basic Form

Find Ways To Win Today

While Building For The Future

Allow your business to be the best it can be by answering four basic questions every day:

1. What will my business look like in a couple of years if I continue to run it in its current form?
2. What could I be doing today to improve short term results?
3. What would I like my business to look like in 2 to 3 years?
4. Will short term results subsidize my company's future?

Now, you're ready to define business development's role for your business.

Sustainable Energy Needs a Rock Star

Yesterday I attended a venture group event and the topic was sustainable energy.  The panel included people who ran companies that produced sustainable energy technology [solar, hydrogen fuel cell, etc.] along with government officials who are trying to catalyze sustainable energy investment.

The conversation centered around obstacles and "policy" rather than customers, markets, creativity, etc.  I learned about all the reasons that sustainable energy hasn't become a mainstream alternative.  For example, without a way to store natural energy for when the sun isn't shining or the wind isn't blowing, public utility companies will remain adversaries because they won't be able to fulfill their backup role and the traditional grid will never go away.  Maybe we should be funneling investment money towards entrepreneurs who can design and manufacture the right backup solution.

Another reason is that since natural gas prices are so low, it's tough to justify investing in sustainable energy solutions.  We all know that as soon as natural gas demand skyrockets, its price will also soar.

Another reason is that because of party politics, the federal government align with a unified energy strategy.  Well, what a great opportunity for a state to attract new tax paying businesses by making itself "energy friendly" through a creative approach.

No wonder sustainable energy is going nowhere fast.

Sustainable energy needs a rock star.

• VHS beat Beta Max
• Prius beat all the rest [and will do even better when their technology finds its way to other types of vehicles]
• iTunes succeeded while Napster failed
• Blue Ray beat HDTV

Each one of these success stories was led by a charismatic visionary who focused on the customer rather than the easy to rationalize reasons as to why it won't work.

JFK challenged us to go to the moon.  We did.


We need someone like Ted Turner or Steve Jobs to make it happen.

Generating Sales-Ready Leads is Essential

How do you define "sales ready" leads?

An inquiry does not equal a lead, nor does a suspect or prospect.

An early stage lead is marketing accepted, but needs nurturing before it can be "sales ready".

Navigating a Global Economy

Define Your Own Economy

It's Different from the Macro Economy

Work to retain your existing customers and ensure sufficient marketing and selling activity for continually acquiring new buyers each month.

Invest daily team time trying to imagine ways to lower the customer's risk rather than your price.

Let a goal statement influence each day as a pop up on your calendar.

Monitor month-to-month sales funnel health as your leading indicator. This includes close rate, deal size, length of sales cycle, average discount rate, # products per deal and the # of leads required to find a winnable opportunity.

If you have channel partners, coach them on the best closing tactics.

Add recurring revenue sources to your product line.

By John Bernardi