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.

 

Business Vision is the foundation of any business

Business Vision

Business Vision Concept

EOS is Comprised of Six Key Components:

Business Vision, People, Data, Issues, Process, and Traction. While these are all interrelated, it is important to understand each aspect individually in relation to your business.  Each of the six components of EOS defines where to focus efforts to keep you attaining your goals.  When each component is optimized your business will be unstoppable.

Now we’ll concentrate on the Vision aspect of EOS.

Think about your business’ mission statement, this is the Business Vision that helps determine the goals you set in order to be successful.  You need to have both a short-term and a long-term view of where you want to be.

Your Vision should include what makes your products and/or services stand out if you are going to convince customers to choose you every time.  It is essential to know your target market and identify your competition so you can effectively tailor your marketing efforts.

Are your employees aware of your Vision?

This is crucial to your success.  It’s never too late to formally communicate your Vision of the business with your team.  Write down your mission statement and discuss it in detail to be sure everyone understands.  Your team needs (and wants) to be included in the Vision. Working together to achieve common goals will only happen if everyone is informed.

Are you achieving the goals you set when you began your business?

In order to keep on your Business Vision on track, you need to honestly critique and evaluate quarterly.  This schedule gives you enough time to identify issues and adjust your process accordingly.  It will also keep your team in the loopBusiness Vision and focused on the direction of your business.

As your business grows and changes, it is important to keep your Business Vision in mind when making decisions.  Remember that your Vision is the first building block in your Entrepreneurial Operating System (EOS) and is crucial to the success of you and your team.

 

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.

 

The Why Behind Your Goals

Your Why Behind Your Goals

Setting Goals is important understanding the why behind your goals is critical. Learn 3 steps that will almost guarantee you the results you desire.

It is something of a cultural phenomenon for everyone to focus on future goals and new resolutions around the end of each year. Whether or not you participated in this process as 2015 started, it is worth stopping here at the end of the first quarter and complete a quick assessment. Are you, in fact, pursuing the goals you consider most important? Do your daily priorities and accomplishment move you along the path to achieving those goals in a timely manner?

As you pause to reflect on these important questions, it is worth evaluating every task you undertake each day and week by some simple, yet vital, criteria. As you already know, it is very easy to be quite busy every moment of the day and end that day feeling like you accomplished very little of importance. In fact, some of the most important tasks you set for yourself are easily put off if you don’t tackle them based on properly assigned priorities.

Themed photo 'Reaching your goal via a bullseye'Below we provide three basic questions that almost every time management experts concur are part of properly organizing your time and achieving your desired success targets. While these are not the important principles related to effective time management, they serve as an excellent starting point.

1) When is this specific due? The word specific is very important to this question. Most people understand the idea of eating an elephant a bite at a time, (that’s the only way to do it!) and grasp the idea that all major projects must be broken down into digestible elements. If you don’t have that significant and looming To-Do broken down, it is easy to tell yourself you’ll tackle it later – and suddenly the due date is upon you. When you find yourself constantly against deadlines and rushing to get priority products done, that is a good indication you aren’t taking the time to plan your work correctly. And, another popular trope says it all, Failing to Plan is Planning to Fail.

2) What’ll happen if I don’t do it? It is vital to understand the second component of getting things done, and that is not doing the unimportant until the important is accomplished. Often called the Tyranny of the Urgent, many people who fail to get where they want to be lack the ability to say no, or on the other hand say yes to the wrong things.Priorities List

Each morning, you will undoubtedly start off with a longer list of things to do than you can possibly accomplish. You’re on the right track when you do the thing that must be done (to meet your goals) first. Of course, this assumes you’ve done a good job of aligning your priorities with those of your employer and supervisor. If you are your own boss, that makes this discipline all the more important.

3) To whom do I owe the responsibility of completing this task? The answer to this question usually has at least two, and maybe more, dimensions. Certainly, we must accomplish the tasks we assume that are directly related to helping our business grow and thereby earning money. That is the first dimension. Secondly, we should be designing our work flow where the accomplishment of each task is meeting our personal needs and expectations.

Beyond these, there are your stakeholders: Your team of employees, customers, family and other players. Here is where the answers to the first two questions come into play. Others will always task us with expectations, tasks, and responsibilities. However, eventual success again comes down to first meeting your own carefully determined priorities and expectations, freeing you and/or positioning you to help others.  In other words, understanding the why behind your goals.

golden-circleHere’s a bonus tip. Successful and effective time management is never an accident. It should be your first goal and your first priority – this will make all other goals more feasible and attainable.do something awesome right nowThom 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.
In addition to being a Certified Business & Executive Coach, Thom is also a Certified Franchise Business & Leadership Coach, as well as Certified Guerrilla Marketing Coach and Trainer. Our philosophy is to provide coaching, mentoring, and advisory services to help business owners achieve the businesses, the teams and the lives that they’ve always dreamed of having. We accomplish this through a tried and proven process of learning and understanding your needs and we’ve always achieved high marks with our valued clients.