Is Your Franchise Flying Blind?

EOS Issues

How to Recognize and Address Your Core Business Issues.

Over the past several months we have highlighted the various components within the Entrepreneurial Operating System (EOS).

  1. Vision
  2. People
  3. Issues
  4. Data
  5. Process
  6. Traction

While each of the 6 components of the EOS Model is a separate entity, they inherently interact with each other in some capacity.  Each individual component needs to be solidly identified if the EOS is going to help the company’s health and growth.

For example, while most companies think that the Issues they are having are unique, in actuality there are only about 25 different Issues that companies have faced since the beginning of time.

Issues: IDS

Let’s examine one company in the news lately that lost close to $1 billion in the market because they failed to handle an Issue properly.  The company in question is, of course, United Airlines.  My purpose is not to get into a debate of the legalities (or illegalities) of what happened, but to merely show you how important it is to go through your own IDS (Identify – Discuss – Solve) for any Issues you might have. Let’s start with what happened within United’s chain of command that broke down so horrifically into a continuing PR nightmare.

From United’s website:  “We are committed to providing a level of service to our customers that makes us a leader in the airline industry. We understand that to do this we need to have a product we are proud of and employees who like coming to work every day.

Our goal is to make every flight a positive experience for our customers. Our United Customer Commitment explains our specific service commitments so that we can continue a high level of performance and improve wherever possible. The commitment explains our policies in a clear, consistent and understandable fashion. We have detailed training programs and system enhancements to support our employees in meeting these commitments, and we measure how well we meet them.”

 

Very interesting…so what happened, what’s the Issue?  From what I’ve read in the various media posts, someone realized that they needed to get 4 crew members to Louisville for the next day.  They had a Process for this, eventually randomly selecting passengers to “volunteer” their seats. It’s still inconclusive as to if that Process called for having police “enforce” that policy.

Part of the process of identifying the key Issue here is to ask a few questions:

  1. Why a PR nightmare?
  2. What happened & What could have been done better to resole this Issue?
  3. Solution:  Analytical tools, Process modification, People

From our February e-newsletter on issues, “Only when the real root Issue is identified should you and your team begin the discussion phase.” What is the real Issue that United is facing?  I’ll suggest a few, but this list is by no means conclusive.

  1. Too much concern for the bottom line that Wall Street requires (Data component)
  2. Too little concern for their paying customers (a direct conflict with their Vision)
  3. Faulty Process
  4. Process driving People, rather than People driving Process

Hopefully, Oscar Munoz, the CEO of United is going to give more than lip service when he states his apology for ‘re-accommodating’ passengers. What happens over the next few weeks will be telling as to how seriously United takes this Issue.

What types of Issues are you facing within your company?  If you would like to have  an Issue Review Session with coach Thom Torode, click here to schedule.

Thom Torode is a NJ based Professional Executive & Business Coach and EOS Implementer. Having owned and operated over 5 different businesses he is currently the Managing Director for Sunrise Business Advisors.   Thom’s expertise includes working with those business owners who have plateaued getting them unstuck and back in growth mode. Additionally, Thom works with both franchisees and franchisors in helping them develop their leadership. Thom is also Director Consultant with BNI. When not helping business owners and their teams create the business and lives they want and need, he can be found following his kids activities.

 

Slingshot Sales Handling Objections

Handling Objections

In  previous article we discussed the importance of working with qualified sales prospects in order for the band in your Slingshot sales process to properly tighten before launch.  If objections are not handled properly the Slingshot band will break or release too soon.  Handling objections with finesse and grace will allow the band to release with just the right tension thereby closing the sale.

When Objections are handled properly the process is like a rocket taking off.

When Objections are handled properly the process is like a rocket taking off.

Prospects will have two types of objections.

  1.  Legitimate concerns
  2. Those voiced as objections, while in reality are the prospects way of asking for reassurance and clarification.

Throughout the Slingshot sales process it is critical to remain calm,  patient,  and focused.  Remember, people buy from people they know, like and trust.  Above all be authentic while handling objections.                Prospects know when your trying to pull one over on them.  While handling objections properly is literally like watching a rocket ship take off.  When objections are not handled properly your life become like the Greek god Sisyphus forever pushing a rock up a hill.difficult business task

To keep the band tight and ready for release it is important to answer questions in a forthright manner.  It’s also of to continue inquiring with a prospect where they are in the buying process.  This includes asking them to be open and honest if at any point their plans have changed.  This helps both of you from wasting each others time.

Thom Torode is a NJ based Professional Executive & Business Coach. He has owned over 5 different businesses and is currently the Managing Director for Sunrise Business Advisors. Thom’s expertise includes working with those business owners who have plateaued getting them unstuck and back in growth mode. Additionally, Thom works with both franchisees and franchisors in helping them develop their leadership. Thom is also Director Consultant with BNI. When not helping business owners and their teams create the business and lives they want and need, he can be found following his kids activities.

 

Slingshot Sales Qualifying

Sales Qualifying

In our last article, we discussed Sales Targets and understanding why people buy.  Once we have know whether it’s primarily based on Pain or Pleasure, we can now determine if the opportunity is real through Sales Qualifying Questions (SQQ).

The Band

In the Sling Shot Sales Process all the aspects of the process lead up to having a band that is taught and ready to hit your target.  In this part of the process we are adding energy to the band preparing for its release.

Typical Qualifying Questions: 

Slingshot Sales Qualifying

Slingshot Sales Qualifying

  • Does the prospect have and issue that is big enough to justify paying you money?
  • Is there a budget and ability to spend?
  • Are all the relevant decision-makers part of the process?
  • Is there a clear time line and process to decide?
  • What solution will best solve their problem?

As you prepare to build out your Sling Shot Sales Qualifying Process, remember that you are the professional sales person must always be aware to define all the aspects of your process.

Typically these elements are required in the Sales Qualifying Process:

  1. The Step in the Process
  2. How that step happens (phone, email, in person)
  3. Time for each step
  4. Criteria in determining success and knowing when its OK to move onto the next step.

As you follow these steps the band on your Sling Shot will continue will continue to tighten preparing you for the next step of handling objections and managing momentum.

Book Now to have your sales process reviewed –

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Thom Torode is a NJ based Professional Executive & Business Coach. He has owned over 5 different businesses and is currently the Managing Director for Sunrise Business Advisors. Thom’s expertise includes working with those business owners who have plateaued getting them unstuck and back in growth mode. Additionally, Thom works with both franchisees and franchisors in helping them develop their leadership. Thom is also Director Consultant with BNI. When not helping business owners and their teams create the business and lives they want and need, he can be found following his kids activities.

Slingshot Sales Targets

Sales Targets

Previously, we have covered the Slingshot Sales Process and Components including the Band and Frame for your Slingshot Sales.  Today we are going to focus on your Target and understanding why people buy.

Slingshot Sales Target

Target Your Customers

Email now before spots are gone for your sales process review.

Inexperienced sales people tend to use a shotgun effect thinking that if they shoot enough rounds they are bound to hit something.  While this may be true it also wastes a tremendous amount of time, effort and money.  A skilled sales person knows and understands the importance of being laser focused on their sales target.  They also realize the importance of taking the time in understanding why people buy in the first place.

Why Sales Targets Buy

  1. Compelling Reason
  2. They have a challenge and are looking for a solution
    1. Understand the Sales Targets emotional reasons
      1. Pain
      2. Pleasure
  3. Budget and ability (No Money = No Sale)
  4. Authorized to purchase
  5. Timeline to take Action

Understand that your sales targets will buy from people they know, like and trust.  By getting to know your prospects better, through a specific process and system they will be compelled to buy from you.

In our next excerpt we’ll cover qualifying and how to determine if the opportunity is real.

Thom Torode is a NJ based Professional Executive & Business Coach. He has owned over 5 different businesses and is currently the Managing Director for Sunrise Business Advisors. Thom’s expertise includes working with those business owners who have plateaued getting them unstuck and back in growth mode. Additionally, Thom works with both franchisees and franchisors in helping them develop their leadership. Thom is also Director Consultant with BNI. When not helping business owners and their teams create the business and lives they want and need, he can be found following his kids activities.

Reserve your space now to have your own Sales Process Reviewed.

 

Slingshot Sales Components

Components:

In my first post about the Slingshot Sales Process I talked about why a Sling Shot and gave you a little understanding about how it applies to developing a sales process.
Let’s review some of the individual Slingshot Sales components of the Slingshot System

The Band:

The elastic band is the part of the slingshot where the action takes place. It takes energy to pull back the band and propel the projectile forward. With just the right amount of energy, the band can be released and send the projectile flying accurately to hit its target.

Components: Frame & the Band

The Frame:

A slingshot only works well when its frame is strong. For the effective salesperson, this means the right attitude, beliefs, and character. Remember that a strong frame provides the structure to allow the salesperson to use the slingshot process to aim, pull back, hold, and release to the target. Without a strong frame, the salesperson is weak and ungrounded.

Successful salespeople, have some or all of the following traits (Components):

  • Ability to EMPATHIZE, including the ability to read subtle clues by the prospect.
  • Desire to WIN and ACHIEVE. Top salespeople love the game and they WELCOME REJECTION.
  • They are OPTIMISTS. When a setback happens, they assume it will be temporary, that it is externally caused, and that it only applies to a specific part of their lives.
  • AUTHENTIC. They are authentic with prospects because they don’t mind telling the truth. If you have a concern, you voice it. You can be authentic and diplomatic.
  • They effectively balance RELATIONSHIPS, RESULTS, and EGO. Three forces are always at work with salespeople: building relationships, getting results (by closing sales and hitting sales goals), and managing their egos.

Next,  I’ll guide you through understanding your target, as well as,  helping you know why people buy.

Thom Torode is a NJ based Professional Executive & Business Coach. He has owned over 5 different businesses and is currently the Managing Director for Sunrise Business Advisors. Thom’s expertise includes working with those business owners who have plateaued getting them unstuck and back in growth mode. Additionally, Thom works with both franchisees and franchisors in helping them develop their leadership. Thom is also Director Consultant with BNI. When not helping business owners and their teams create the business and lives they want and need, he can be found following his kids activities.