Are you flying your business blind or do you use data to manage it? Do you have a handful of numbers that tell you at a glance how your business is doing?
Some people use monthly financial documents, profit and loss statements (P & L) to manage their business, which is a trailing indicator and after the fact. With a scorecard you can manage the future.
1. What is a scorecard?
A scorecard measures activity based weekly numbers for each team member. These might include: weekly revenue, closed business, customer satisfaction, capacity, sales meetings or cash in the bank.
For any business to grow and thrive, whatever your sector, product or service, it is vital to know how to negotiate. I love negotiating and being a smart negotiator has been a big part of making me successful in business.
For me, creativity and fairness are fundamental to success, so aim for a deal that is a win-win. If your negotiation result is “I win-you lose” you may not keep your customer or supplier for very long.
Whatever deal is under discussion, using these six techniques will help show you how to negotiate smarter:
If you ask people what they think about meetings, some would say they start late or run over, they are inefficient, nothing is ever agreed and sometimes they waste the company’s time. They need is to know how to run a good meeting.
The problem isn’t that we schedule meetings in the first place, it’s how we run them. Most companies tell me their meetings are just not productive.
But they don’t have to be like this.
Meetings can be a good forum for healthy conflict and lively debate, a time to crowdsource the best ideas, build consensus and agreement, and move the company forward with solutions.
People are your most valuable business resource.
You can have the best idea, product or service; you can be well funded, have great cash flow and be positioned in the right market, however if you don’t have the right people, you’re won’t make your vision come true.
Your people need to match your core values, have the right skills and have the right attitude.
In order to make sure you’ve got the right people in the right seats, you need the right structure for your business.
A fundamental tool of The Entrepreneurial Operating System™ (EOS) is have an Accountability Chart.
You have a great business, great market share and good cash flow.
But if you don’t have the right people, in the right seats, you won’t be successful.
You can’t have a good business without good people, whether they are your employees or outsourced.
And if your vision for your business is not shared by your team, it will take longer to achieve that vision – and you risk it not happening.
To avoid this, you need a system and process that everyone follows.
I have hundreds of business books on my shelf. This one stands out.
My friend Todd gave me a copy three years ago and it stayed with me because it was so simple and easy.
This book is ideal for entrepreneurs and someone who runs a privately held business and has hit the ceiling.
The author Gino Wickman quotes five common frustrations:
Developing strategic partnerships is an extremely powerful way to build your business.
Typically it’s very difficult to grow a business client by client, deal by deal. If you find the right partners it can have a multiplying effect.
My business Retail Profile Europe would never have grown to the size, scope and scale it did unless I had taken the risk of partnering with share-holders, venture capitalists and even a competitor.
The Entrepreneur Organisation (EO) is a global non-profit organisation for entrepreneurs whose businesses turn over $1 million. It has over 10,000 members and 144 chapters in 46 countries.
I have been a member since 2003 and have gained benefited in both my professional and personal life from my membership. To find out more about membership, visit the EO website.
Founded in 1950, YPO has 22,000 members in 125 countries. At the age of 50 members graduate to the WPO, which is a global community within YPO of current and former chief executives.
There is a lot going on in a business. If you’re a leader, manager or entrepreneur, managing your business means you’re wrestling with 136 issues at the same time.
The degree to which you can solve your problems is directly related to your success.
EOS, the Entrepreneurial Operating System®, addresses the issues you face in your business. The degree to which you can simplify and strengthen The Six Key Components™ of your business allows those 136 things to fall into place as they are symptoms of the root cause.
In order to grow your business sometimes you have to look beyond your country borders.
If you are considering expanding into another country, ask yourself these three questions:
- Is my business in a mature market?
- Has it reached market saturation?
- If the answer is yes to both, then where is the most advantageous and attractive market to diversify?
Here are some tips to help you determine a strategy to expand your business internationally.
This week, I was privileged to be asked to speak at the Women Unlimited Thrive 2014 Conference on the topic of how to be a negotiating success.
In my presentation, I shared tips on how to negotiate smarter, and described some effective techniques that work when you are in the middle of a negotiation:
I had such great feedback, I’d like to share some here:
“Excellent talk on top negotiation tips from @JuliaLangkraehr #Thrive2014″
“Really enjoyed this session yesterday – planning to put one of tips into action on Monday! #Thrive2014”
“@women_unlimited @Thrive2014 great presentation from @JuliaLangkraehr on negotiation skills learn to say no”
“Excellent tips on #negotiating at #Thrive2014 from @JuliaLangkraehr”
“Excellent talk on top negotiation tips from @JuliaLangkraehr #Thrive2014”
“Great negotiating tips from @JuliaLangkraehr at #Thrive2014 Already planning to use next week”
If you’d like me to speak at your event, either about the key to negotiating success, or another topic, such as how to grow your business, or the benefits of partnerships to business growth, please do get in touch.
A key strategy that will help you to build your business and grow is to develop strategic partnerships.
It is one I used time and again as was expanding my business, Retail Profile Europe, and it helped me expand into Russia and Germany.
I firmly believe that you never know where your next partner is going to come from, and networking can help you to build relationships which can lead to great partnerships.
Recently I spoke to a group of entrepreneurs at the Key Person of Influence Brand Accelerator event about how I had four different strategic partnerships as I grew my business, and the benefits they brought.
Every business should have a business plan – one which isn’t just written then left in a drawer, but one which is a working document, which you return to, refer to, revise and update as the business grows, changes, develops and expands.
Here are the key elements I think you need to include in your business plan:
1. Title page and contents
These are important as they mark you out as a professional, serious business – and make the document easy to use.
2. Summary of what the business does
This should be the About Us of your business answering in brief the all important who, what, where, when and how questions:
- What you do?
- Who does it – and who for?
- Where you do it?
- When you do it?
- How you do it?
If you are planning a new venture or new product, this is the place to include this.
- You get what you wish for, so know and define exactly what you want and make sure your goals are SMART: Specific, Measurable, Attainable, Realistic and Timely
- Once you’ve defined your goal, learn how to tell a story about why you want it. Use a triangle of three things – your past experience, what future behaviours you are going to take and how it makes you feel)
- Create a list of stakeholders and people who could help you achieve it, even if you don’t know them
Let me tell you a story. It’s about a chap called Tony.
I first met Tony in 2002.
He was one of a group of international businessmen I met when I was presenting my business and concept, Retail Profile.
There was a Spaniard from Spain, a Swede from Scandinavia and a German from Germany – all running different outdoor poster media companies across Europe. And then there was a New Yorker from Russia. And that was Tony.