Making The Most Of Your Down Business Cycle

Learn how to build an accurate income forecast for your business while creatively taking advantage of your slower months.

By Leah Grant

When I first started coaching my mentor coach warned me that August and December tended to be slow months while January, April and September were the busiest months in terms of clients seeking coaches. Armed with this information, I was able to build a realistic income forecast for my business as well as plan personal downtime.

Planning around my business cycles is one key way I have been able to stay in business for 12 years.

Unfortunately, too many people believe that the amount they make one month will translate to all months and then they’re in trouble when that’s not the case. I have seen it too many times. A business owner will have a big party and overspend after having a great month then they are short when a lean month comes along.

Most businesses have an annual cycle and it’s imperative to know what that cycle is for your business.

Determining The Cycle

If you have been in business for a year or more, go back in your records and chart the amount of business each month. Is it steady? Are some months much higher while others much lower? Use this information to define your business cycle.

If you are just starting out, do some informational interviews with other people in your industry. Ask what the busiest times of the year are and what the slowest are. Ask what affects people’s decisions in buying.

It’s important to make the distinction that the business cycle I’m speaking of in this article is not dictated by the economy but rather by the buying habits of your clients and the seasonality of your market. Slow periods created by a down economy require additional measures be taken to generate business.

Making The Most Of Your Business Cycle

Once you determine your business cycle, brainstorm ways to leverage or minimize the slow times. Here are some ideas:

* Do side work - For example, I teach classes at a virtual university. During slow client months I keep my calendar full by teaching more classes and replace the client cash flow with teaching cash flow. This minimizes the impact of client’s taking vacations and breaks that month.

I would recommend that the side work either relates to your main business, compliment your main business or feed a passion in you. The point is to stay engaged, not to start something completely new and different.

* Catch-up. Although it’s great to think we get everything done we need and would like to, the reality is we often don’t. Make a list of unfinished projects such as scanning business cards, calling old contacts, updating addresses, hiring a new CPA and plan to knock out the list during a slow month.

* Create. Design new products, set-up partnerships or create a marketing campaign that will roll out following the slow cycle.

* Plan. It seems easier to take time to think, plan and strategize when there are fewer day-to-day activities happening.

* Update systems. When fewer people are using the systems you have in place it’s easier to transition to newer, better ones. Some systems to review: credit card processing, database, newsletter provider and communications among your team.

* Schedule doctor’s appointments. I book all my annual doctor’s appointments during my slow months. Doing so keeps appointments from conflicting with my client call schedules and gives me more wriggle room around the appointment so I don’t feel rushed to get back to the office.

* Connect. Meeting friends for coffee or taking the time to have lunch with your spouse can be a luxury during a busy month, so plan some outings when you can.

* Rejuvenate. Slow months can be the perfect time for you to get away because fewer clients will miss you. I take two to three weeks off in December to spend quality time with my family in Colorado. I find that during this time I can turn off my computer completely and enjoy really quality downtime to refresh my creative juices.

To offset the weeks without work, I offer clients the opportunity to pay upfront for the following year’s sessions if they need more tax write-offs in the current year. Typically, two to three clients take advantage of this offer that helps to keep my December income balanced with other months.

No matter how you choose to use the extra time during slower months, make sure you do use it efficiently. Time is a commodity for small business owners.

(c) 2009 Leah Grant Enterprises LLC.

New Business Mentor Leah Grant publishes Startup Success, a weekly enewsletter. If you're thinking about starting a new business or are in the early phases of entrepreneurship get your FREE New Business Startup Kit including the Secrets of Successful Business Owners audio.

10 Ways Showing Gratitude Now Can Increase Your Future Income

As busy businessowners, sometimes we forget to show our appreciation for our clients and customers. There are some simple ways to do this that will increase their loyalty and add to your bottom line at the same time.

By Alicia Forest

As we head into the season of giving, now is a great time to show appreciation to your clients and customers. Taking the time to give thanks to your clients will set you apart, increase loyalty, improve retention, inspire more sales, and deepen relationships that last long after the initial sale.

Here are 10 easy ways you can say thank you to your clients:

1. Greeting Cards
My husband often teases me that I should own stock in Hallmark for the amount of money I spend a year on cards. I love to send cards, for a specific reason or for no reason at all.
For business, you’ve probably heard of SendOutCards (and no, I’m not an affiliate or a distributor). I get a lot of cards this way, from colleagues, and it definitely deepens the relationship for me. And it is a super-easy way for you to do that with your customers too.

2. Personal Notes
I love to send personal notes too. I have specially designed notecards that I send when I just want to connect with someone after a particularly powerful coaching call, when someone makes an investment in Platinum, when I’ve made a special connection with someone in person, or when a client just needs a little cheer.

3. Invitations
One of the things you can do for your top clients is to invite them to a special event just for them. It can be a lunch or dinner at an event you’ll all be at, or carve out a portion of your own live event to spend time just with them.
You can also invite them to special teleseminar or webinar where you offer them free content just for being your top clients.

4. Small Gifts
Flowers, books, a mug, or something more specific are all thoughtful gifts for clients. They can be sent for certain occasions or just because (that’s actually my favorite way to send a gift).

5. Gift Cards
These days you can get gift cards for almost any product or service. Some companies, like Starbucks, offer having your logo or business name imprinted on them. Other ideas besides coffee include restaurants, movies, bookstores, office supplies and online vendors like Amazon.

6. Referral and Affiliate Rewards
Even if your referral or affiliate programs offer a commission on each referral, sending a personalized note along with it will go further in encouraging your network to continue to promote your offers into the future.

7. Reverse Referrals
Whenever appropriate, refer your clients and customers to others whom they will benefit from. Making this a part of the way you run your business will come back to you ten-fold as it shows the Universe your belief in abundance.

8. Customer Appreciation Days
Pick one day a year to designate as a Customer Appreciation Day to celebrate your clients. Make a special offer only to them and make a lasting impression.

9. Host Events
Host a gathering at the next event where your clients and customers are likely to gather. A Tweetup is a popular way to connect with both current and prospective clients and they are super-simple to set up and cost you nothing but a bit of time. You can also hold a virtual event anytime you want to bring your clients and customers together.

10. Life Events
Weddings, baby showers, major moves, book contracts, big speaking gigs, TV spots, or any other major event warrants an acknowledgment. A nice card or personal note, or even a quick phone call, will make you memorable for sure.

Alicia M Forest, MBA, 6-Figure Business Breakthrough Mentor, teaches self-employed professionals how to attract more clients, create profit-making products and services, make more sales, and ultimately live the life they desire and deserve. For FREE tips on how to create wild abundance in your business, visit http://www.ClientAbundance.com

Do a Sales Job on Yourself

Resolve to put your customer's interests first and watch your sales increase.

By Charles H. Green

Let's get real for a minute. If you look up the dictionary definition of the word “sell,” you may not like some of what you find. There are unpleasant synonyms and usages, words like "persuasion," "inducement," "sell out," "hard sell" and "sell down the river.

"Selling, in other words, doesn't have an entirely good reputation, but you probably already knew that quite well. You know some people who react negatively to being "sold" and even deplore sales as a career. You've probably spent some energy justifying the role even to yourself.

All this makes it hard to do a great job selling. Unfortunately positive thinking alone won't change people's perceptions. And crossing over to the dark side--accepting the role of con artist and hustler--is ugly, immoral and doesn't work well, anyway.

But there's a way out, a way of acknowledging the tough reputation of sales and overcoming it at the same time. It involves the most important sale you'll make--the sale inside your head.

Pick one of these simple ideas, however you say it:

-You get more sales by getting people what they want than by trying to sell them what you want.
-If you stop trying to control people, they'll cooperate with you.
-If you listen to people first, they will then listen to you.
-If you help people you increase your chances of making sales.
-If you put your customers' interests ahead of your own, you'll end up better off than if you tried to achieve your own ends directly.

There's a good reason most customers are suspicious of salespeople: Most salespeople are, in fact, more motivated by getting the sale than they are by helping their customers. And it's made worse by the sales professionals' relentless pursuit of efficiency, closing and objection handling--all of which are about the salesman, not the customer.

The idea is so plain it can be difficult to believe. It seems paradoxical: Stop trying to control your customers and you'll get better results than if you try every trick in the book.

People want to buy from those they trust. The best way to be trusted by your customers is simply to be worthy of their trust. Be trustworthy. That means truth-telling and transparency. Above all, a relentless focus on the best interests of your customers will earn their trust.

If you constantly serve your customers' ends, you'll gain a reputation for being trustworthy. When people trust you, they hassle you less about price, they refer you to others, you get fewer competitive and more sole-source bids, higher repeat rates and far more cooperation from your customers.

Successfully selling yourself on building a trust-based relationship is a win-win. Customers get their interests served better, and you get your interests served better. But this only happens when you don't lead from your own self-interest.

That simple, internal sales job is not all that easy. But the very best salespeople in nearly all industries have managed to make that sale. They have convinced themselves that everyone, themselves included, is better off if their primary focus is serving their customers.

Put it another way: Make your own sales not a goal, but a byproduct, a byproduct of making customer satisfaction your primary goal.

How to Sell in 60 Seconds

When selling you have one minute to pique your prospect's interest. Here are some tips to make the most of your time.

By Tony Parinello

Q: I've always equated selling with telling, and lately I've noticed that my prospects cut me off when I am giving them my pitch. What's the best way to get my point across and win the sale?

A: I would imagine that this month's question has value to all of us in sales and marketing. Let's face it: Buyers are more educated than ever before. What we sales and marketing types need to focus more on is understanding our prospect's world--and the best way I know of to do just that is to ask intelligent questions. Here's a rundown of the best questions to use and when to use them. My strong suggestion is that each and every one of us should ask a whole lot more questions and speak a whole lot less.

When interacting with a prospect, you must first seek to understand what's going on in the other person's world. Then and only then will your ideas be accepted and understood by the prospect.

The best way to do this is to set strict limits on your own "talk time." Keep it under 60 seconds. Yes, you read right: You must never, ever speak for more than 60 seconds without asking for approval to continue. This approval comes when you ask open-ended "prompting" questions. Generally speaking, these questions:

Cannot be answered with a simple yes or no.

Do not lead, control or try to manipulate the other person.

Enable dialoging.

Begin with the words "when," "what," "how," "why" or "where."

Require thought to be answered.

Encourage the other person to reveal feelings.

Build rapport.

The opposite of an open-ended question is a closed-ended question. Closed-ended questions, unlike the kind we've just examined, put an end to effective dialoging and will not get you any closer to a second appointment. Therefore, you should totally avoid this type of questioning as a means of getting approval to win another 60 seconds.

One example of a closed-ended question might be, "You're interested in attracting new customers, right?" The best place to use the closed-ended question is in a situation where you need to validate or confirm what you think is going on in your prospect's world. Generally speaking, closed-ended questions:

Are useful to give feedback during a dialog.

Can be used to obtain specific information and/or confirm facts.

During a dialogue, if you need to make sure that you've heard the prospect correctly, you can use what's called a clarifying question. These questions, too, can win you a fresh 60 seconds. A good clarifying question might begin with the words, "So, if I understand you correctly, you're saying that...". Warning: you should always preface your clarifying question with a statement such as this and then creatively paraphrase what you think your contact's main point is. It's a really bad idea to parrot back what you've just heard your prospect say. That approach may be perceived as condescending, sarcastic and disrespectful. Generally speaking, clarifying questions:
Secure the other person's approval and prove to a greater degree that you've got a good understanding of what he or she said.

Express in your own words what you just heard.

Clear up differences in the definition of words and phrases being used.

Clarify the meaning of "global" words (like "always" and "never").

Typically, once you clarify with your prospect, you can then use a developmental question to move the dialog in a desired direction to further understand the prospect's purpose and/or result he or she wants to achieve. These questions, too, can win you another 60 seconds of time to talk--once the contact has responded to your question, of course. Generally speaking, developmental questions:

Encourage the other person to elaborate on what he or she just said.

Begin to make it possible for the other person to show his or her true feelings about the topic at hand.

Obtain further definition of what's under discussion.

Optionally, you can also use a directional question to win another 60 seconds. These questions steer the dialog to a certain direction that a developmental question just uncovered. Directional questions are like a roadmap of your conversation and allow the dialog to take another path, one that's beneficial to uncovering the prospect's purpose and needs. Generally speaking, directional questions:

Move the dialog from one logical topic to another.

Invite the other person to participate in an informational exchange.

Can be used to replace a closed-ended question you were tempted to ask.

Important: Don't fall into the trap of using directional questions to control or manipulate the prospect in any way. This will destroy any business rapport you've built and reduce your chances of getting a second appointment.

Another question type you can use to earn another 60 seconds of talk time is called an opinion question. This kind of question is extremely helpful in revealing where a prospect stands on any particular issue, and it can be used to give you more insight into someone's unique needs. Opinion questions are also a nonthreatening way to ensure that the other person is actually engaged in the dialog. As a general rule, opinion questions:

Ask a direct question in a nonconfrontational way.

Get the other person to speak frankly and openly.

Allow the opportunity to share feelings.

Show esteem and respect for the other person.

Help to extend and prolong dialogues.

Finally, you can use what I call a social proof question to justify another 60 seconds of talk time. This is an indirect way of getting the other person to realize that his situation is similar to that of other people you've worked with. As with any other reference to a third party, there is the chance that your contact will respond favorably to what you cite within the question. On the other hand, there is a chance that the social proof you introduce will be looked upon as competitive or irrelevant to what's being discussed. So these questions can be tricky. Generally speaking, social proof questions:

Introduce a third party that is relevant to the discussion.

May increase confidence that you can address the purpose and needs of the other person.

Validate the other person's reasoning.

Can be used to address concerns or problems before they arise.

Intelligent use of each of these question types will encourage your prospect to begin to show his or her true feelings about whatever subject is under discussion. Build business rapport with prospects, and they'll be less likely to tune out while you're delivering your pitch.

Testimonials are the Only Proof You've Got

Who is better at selling your product, you or your customer's testimonial?

Not even close. Your customer can outsell you one hundred to one. And even though you intuitively know this, you still thin you have to "sell" and "educate" the prospect. Nothing could be more powerful than the words of one customer who loves you, telling a customer thinking about doing business with you to DO IT! Are you going to believe your next door neighbor who just bought a car like the one you want, or a car salesman? Neighbor of course. Same with your business.

The most powerful person on your sales team is your customer.

Knowing that, why don't you take your customer with you on sales calls? They're better than you at closing the sale. way better. Your customer, your cat AND your kids sell better than you. You are the WORST salesperson on your team.

Testimonial power secret.

Most salespeople are so hell bent to get a testimonial, that they get the wrong kind, AND they fail to capture the most important element of a sale: Buy motives.

Worth remembering:

Asking a customer to tell you their reasons for purchasing from you will get you hundreds more sales of the same type.

Buying motives are 1,000 times more powerful than selling skills. Make that 10,000.

Ask the Wrong Questions. Get the Wrong Answers.

The most important aspect of making a sale - is also a major weakness of every salesperson. Asking questions.

It's an enigma to me. Questions are so critical, you'd think it would be the topic of training every week. Yet salespeople are odds on favorites to have never taken one training program in the science of asking a question.

How critical? The first personal (rapport) question sets the tone for the meeting, and the first business question sets the tone for the sale. That's critical. Benefits of asking the right question? Good question.

Here are 10 benefits to make sales by:

(1) Quality the buyer.

(2) Establish rapport.

(3) Create prospect disparity.

(4) Eliminate or differentiate from the competition.

(5) Build credibility.

(6) Know the customer and their business.

(7) Identify needs

(8) Find hot buttons.

(9) Get personlal information.

(10) Close the sale.

Here's the challenge:

Get every prospect and customer to say "No one ever asked me that before."

Here are 8 questioning success strategies:

(1) Ask prospect questions that make him evalutate new information.

(2) Ask question that qualify needs.

(3) Ask questions about improved productivity, profits or savings.

(4) Ask questions aout company or personal goals.

(5) Ask questions that separate you from your competition - no compare you to them.

(6) Ask question that make the customer or prospect think before giving a response.

(7) Ask Power Questions to create a BUYING atmosphere - not a selling one.

(8) CRITIAL SUCCESS STRATEGY: To enhance your listening skills, write down answers. it prove you care, preserves your data for follow-up, keeps the record straight, and makes the customer feel important.

Pulling Out of a Sales Slump

There isn't a salesperson alive who hasn't experienced a sales slump. It could be because of an economic downturn or because the competition has a new product. It could be due to personal challenges or lack of motivation. It can even happen when things are going well, and you feel you can "coast" for a while. The problem is, you can't coast uphill.
Barring catastrophic events, you don't dive into a slump. It creeps up on you until you start to realize that things haven't been going well. Don't wait to start your ascent; the longer you wait, the more difficult the climb will be.

Here are four steps to follow if you find yourself in a slump:

1. Call on your satisfied customers. These are the people you know best; presumably, they're the ones with whom you have the best personal relationships. Look for additional ways to satisfy their needs or new needs you can meet. Ask about their customers and potential customers, and find ways to help them reach their targets. Learn about their new problems and challenges, and come back to them with fresh solutions.

2. Concentrate on bread-and-butter accounts. Different accounts have different sales cycles. Some may take a week, a month or two years. Sometimes, you get so caught up with landing the big one that you forget about little accounts with shorter sales cycles that can bring in money now. There are times when you have to sacrifice immediate income for something that will pay off over time. In business, you have to look ahead and think long-term. But you also have to take care of day-to-day responsibilities. It's important to keep those factors balanced; don't get so focused on one that you lose sight of the other.

3. Stay on top of business and world news, and always keep in mind how events of the day might affect your customers. When was the last time you broadened your reading habits? Look for sources that will give you new ideas on how to fine-tune your activities and target your customers more efficiently. Read materials that will help you speak to your customers in their business language. Learn more about how other people grew their businesses. You never know what you might learn from their failures and successes.

4. Be selective about the company you keep. If everyone around you is in a slump as well, you'll drag each other down. Surround yourself with people who are excited about what they do. Ride on their momentum until you can build enough of your own.
Be selective about your customers. It may seem like you want to keep every customer when you're in a slump, but there are times when you get so desperate that you spend all your time trying to make a match where one doesn't exist. So if an opportunity doesn't meet your expectations, move on.

In the end, it's the movement that counts. The best way to get out of a slump is to keep moving forward. Remember: See the people, sell the people, serve the people. Make more calls, set up more meetings. Don't let a temporary slump turn into a slippery slope. If you keep your activity levels high, you'll be at the top of your game again before you know it.

Nine Tools for Building Customer Loyalty

Here are 9 follow-up tools sure to motivate your customers to keep coming back:

1. Thank-you notes: This is a no-brainer, but you'd be surprised at how many entrepreneurs neglect to write thank-you notes--especially when they get really busy. Take the time to show your customers that you genuinely appreciate their business. They'll remember your thoughtfulness because most of your competition won't send out thank-you notes.

2. Postcard mailings: If you target consumers, send out monthly mailings that make good refrigerator fodder, such as "Quote of the Month," "Recipe of the Month" or useful tips on such topics as time-management, gardening or anything else that interests the bulk of your customers. Avoid being too promotional here. Just provide the kind of information that customers will want to hang on their frig. The added benefit to you is that whenever guests visit your customers' homes, they'll see your name, potentially leading to conversations about your business.

3. E-mail updates: Think of your e-mail update as a press release that you send to your customers. Providing them with regular product, service and customer updates via e-mail at least once per month will convey a sense of positive momentum. This keeps customers in the loop and, over time, gets them excited to be involved with you and motivates them to pass on referrals.

4. Getting together over coffee or lunch: Try to spend face time in a nonsales environment with your customers. Ask about their family, hobbies, personal goals and so forth. When you show customers that you really care about them on a personal level, they're yours for life.

5. Birthdays, anniversaries and other special occasions: These occasions are very important to your customers and their families and friends. Be among the few who actually remember a customer's special days, and that customer will never forget you!

6. Follow up on well-being: For example, if you find that a customer's wife has been sick, call periodically just to find out how she's recovering.

7. Pass referrals: One of the most powerful ways to encourage loyalty in customers is to pass them referrals. When you get a chance, scroll through your customer database and think through people you know who might add value to your customers.

8. Entertaining at your home: Throw a party for your best customers. You'll be amazed at how much rapport and goodwill you can build with people when you get them in your home environment. Your guests will also find value in your party as a networking opportunity for them.

9. Post-sale feedback: Demonstrate that you care about the quality of your service. Call customers and ask them questions like:
o Are you pleased with the service you received?
o What did you like most about working with us?
o What would you like to see improved?

Without this invaluable information, you'll have a hard time improving your products and services. Besides, when you ask customers for feedback and implement their comments, they feel a sense of ownership in what you're doing and thus become more loyal to your products and services.