8 Essential ingredients of a high growth mindset

23/10/2014

The issue of what constitutes a high growth entrepreneurial mindset is one that has fascinated me for years. We saw in yesterday’s press that 50% of new start ups fail within five years, a recent report from leading accountants MazarsHow to be a stand out SME – showed that very few SMEs grow beyond the micro stage (10 staff). Across Europe, 92% of companies have fewer than 10 employees. Surely not all of these entrepreneurs fail to have a business model that lacks the potential to scale – there must be other issues that lead to what is almost a shopkeeper mentality. My frustration is that I see day in day out companies with massive potential, however the founders often fail to recognise that, with more motivation, much greater value could be created for themselves stakeholders and their family’s. So what holds them back? It’s their pedestrian mindset – If they only had more fire in their belly!

Whilst I would never encourage a business owner to go for growth, if they genuinely did not want it, my experience is that many do want to achieve more – I would say its more than 70% do. My conclusion is the wrong state of mind holds too many entrepreneurs back from greater thingstheir mindset is not tuned into the reality of what it takes to grow. Having a great business idea and tight control over key functions and processes is only part of the success equation. It’s also about having a high performing mental attitude. Mindset is a hugely complex area with many constituent parts. Here is my simple view on the top 8 ingredients that deliver a high growth, high performance mindset:

Desire and intention – every action flows from genuine desire and personal intention. I want to grow my business is easy to say but hard to do. Desire is observed when entrepreneurs practice the 20% thinking and 80% doing rule. Growth entrepreneurs talk about what they have done not what they are going to do. Strong personal intentions create a performance culture mindset and go the extra mile mentality.

Sell, Sell, Sell – every successful entrepreneur knows that without a sale, there is no business, period. Thomas Edison, said I don’t invent anything I can’t sell, how true. I am constantly amazed at how many businesses are started on the basis of an idea with no attention paid to customers or does anyone want to buy this? Selling is not a dirty word; great entrepreneurs are great sales people – get comfortable with it!

Mental resilience – an ability to cope with the random nature of business supported by an ability to get back up when the chips are down is one of the most defining traits of a winner’s mindset.

Self-awareness –there is no way one person can do it all, winners create an effective team and call on the support of others. The inability of a founder/entrepreneur to recognise their own failings will inevitably lead to slow growth. Better decisions are made when entrepreneurs actively encourage trusted team members to contribute and to input to debate. Accelerated growth only happens when the founder starts to let go of parts of the business.

Creativity – the invisible force that drives innovation and ultimately creates a fantastic culture – it also underpins a positive memorable customer experience. Great entrepreneurs have an ability to embrace ambiguity, they are curious, they experiment with new ideas, and they take action. New sales ultimately result.

Self- belief – If you believe you can, you can, if you believe you cant then you’re correct. A belief in ones ability is a good starting point for any growth entrepreneur. Growing a business can be very tough, along the ways critics emerge who drain enthusiasm and energy. Successful entrepreneurs have an ability to close off to negative energy. Very often in a growth business such negativity emerges from the market place and scarily from staff. BYC – Believe You Can.

Clarity – don’t be surprised if you don’t end up at your destination if you don’t know where you are going. Successful entrepreneurs have a vision of what they want to achieve in the marketplace – revenue, profit, market and customers and business model.

Higher purpose – a desire to change a market place, solve a burning issue or address an unfulfilled need is a massive motivator for many entrepreneurs. Higher purpose provides a reason for getting out of bed in the morning. Without a reason, business becomes mundane, passion disappears and people disengage. Personal and business performance suffers. A clearly defined higher purpose and reason instills a desire to serve.

There are many other components but being aware of the above is a great starting point. Create foundations for growth by getting your head.

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Satellite navigation and strategy

29/07/2014

In times of turbulent economic conditions and market uncertainty much of the strategy stuff you read in management text books just does not apply. What I see at the moment is very much a survival approach with long-term strategy not featuring on the agenda of board meetings I attend. (The strategy is actually the tactics). My own research has found that a good proportion of the entrepreneurs who come through challenging phases have faith in what they are trying to achieve and remain firmly fixed on their destination.

They operate a bit like a sat nav system in the car – when we lose our way we take a new path, different road and a detour –  a re calculation of the coordinates eventually put us back on course – we maintain faith in the software to get us there! This is probably a good way to think when things are not going to plan.

We have to deal with the short and immediate term issues without losing sight of the destination, however plotting a new course is vital. This often means putting yourself about in the market, nailing what you already have as well as keeping your eyes open to new ideas, reinvention, diversification and forging new partnerships and relationships to generate new opportunities.

Keep the strategy sat nav on!


Growing your own sales talent to drive high performance

22/07/2014

For the last 10 years I have been studying was makes great sales individuals tick. The high performers I have researched span the spectrum of start up entrepreneurs, high growth businesses, typically the Sunday Times Fast Track 100 up to FTSE250 businesses. My mission has been to understand what makes these people perform better, why do they excel? – More importantly what can we learn about the skills, tools, tactics and behaviours they use day in day out.

Some years ago my first book ‘Pitch Perfect – Feel the Impact of a Winning Sales approach’ was published it defined the three principles of sales excellence, these are:

  • Functional mastery – an intimate understanding of the products and services, customer’s world, market and competitive environment

  • Customer Connectivity – an ability to find, win and keep customers and build a go to brand both personally and professionally

  • Momentum – the internal energy, passion, drive and focus to achieve and exceed targets

Thousands of entrepreneurs and sales professionals have been trained in this methodology and they have embraced the sales excellence framework. The resultant effect has been transformational performance in terms of winning and retaining sales. Our success has led us to translating our methodology into a recognised qualification and educating the next generation of sales professionals – we have created a sales apprenticeship that equips young talent to embrace the approach of the world’s most effective entrepreneurial sales individuals.

Some of our fabulous sales apprentices with the team

Some of our fabulous sales apprentices with the team

 

Recruiting and retaining high quality sales talent is a challenge most business owners will be able to relate to. To combat the high staff turnover which is commonplace with sales staff many successful companies have decided to embark on a strategy of “growing their own talent”.

I am on a crusade to support and grow tomorrows “sales stars” by assembling a group of individuals who live and breathe the principles of great selling. I would strongly recommend any ambitious growth hungry entrepreneurial business to consider taking on a sales apprentice. They will have the attitude and mindset to do a great job, represent your brand with passion and more importantly help to deliver what every company wants – more sales!

Find out more about recruiting a sales apprentice, trained by The Winning Sales Academy >>>


Climbing the staircase of growth

02/07/2014

There has been extensive research into the business life cycle, however few studies have pointed to the practicalities of the intervention that are pivotal at each stage of growth. There is undoubtedly some common ground and overlap across the different phases, however some conclusions can be drawn in relation to – what support is needed at these critical stages. My experience shows that companies hit major challenges at a number of key points on their growth journey, particularly as it relates to employee numbers:Staircase

When a business reaches 5-7 employees – this is when a company starts to take shape and the founders find themselves faced with a set of challenges they never envisaged. Leadership skills become tested at this point as does managing people and cash. Funding for growth becomes a critical issue.

When a business reaches 25-30 people – the leaders are now faced with the issue of relatively high monthly costs to run the business. Structure and team working becomes vital. I believe this stage presents a real danger zone as organisational development and financing, along with more strategic selling become vital to sustained development. It is at this point that business owners set out to recruit a sales manager/director – a challenge for many! Financial control becomes a full time job

When an SME approaches 50 people – corporate thinking and mindsets are presented with KPIs becoming even more important as business issues become more complex and demanding. Management teams become preoccupied by sustainable revenue streams – key functions start to emerge and divisional perspectives give rise to profit centre management. Tight operational monitoring, management and control need to be embedded to ensure lean processes prevail. Staying ahead of the game is vital otherwise a disconnection from the market place will lead to stagnation and potential decline – not a good place to be!

An entrepreneurial mindset conducive to embracing constant change is vital to making the above transitions. The most common challenges for entrepreneurs along the journey present themselves in the form of how to:

  • Achieve clarity in relation to business and personal aspiration – vision, strategy and plan
  • Effective sales and marketing in increasingly competitive environments
  • Organisational development – the right team in place all working towards a common goal
  • Financial engineering – getting the right funding in place and managing the finances
  • Managing costs and ensuring lean and efficient processes across all functions

Non-executive directors (NEDS), coaching and mentoring prove to be vital external inputs to addressing these key challenges and stages of growth. One thing that inhibits the growth wish of many entrepreneurs is the management of people. Embedding effective organizational processes and systems are vital. A business can only grow as quick as its team so getting the people elements is vital.


Breakthrough selling

29/04/2014

Anyone involved in sales and marketing will know about features and benefits – a legacy of the 70′s/80′s and 90′s school of selling. Whilst the underpinning principle in my view is sound – today we find customers are more discerning, wanting for far more, often for less! Over the past few years I have been exploring how the old school of selling (F & B) can be fused with a more powerful channel to communicating propositions – this has led me to adding impact and evidence to the old ways of doing things. I believe that when we combine F and B with I and E an extremely intense message is emitted to customers. Next time you are in a sales situation think about:

Impact – can you validate to customers: return on investment (ROI), cost savings, efficiencies, when you can demonstrate impact in terms of facts and figures the credibility of your proposition is just positioned on a new level – for example if you are an advertising agency, can you show the impact of your services on the clients budget of £X will give a return of £5X

Evidence– telling the customer that you are great is superficial and generic – in the case of the advertising agency the evidence should be – the names of three clients that have benefited from the services and indeed the added value brought to bear. Such an approach to selling is clear – there is no ambiguity.

I have observed many businesses embrace this F.B.I.E model of selling and proposition marketing . It can be applied to telesales, web communications, pitches and any other form of business development. When you think in terms of FBIE your messages become crisper and to the point – more importantly they will resonate with the customers world – it shows you are bothered and its not just about getting a deal. Try it – it really does work!

 

Train yourself or your sales team on John’s ‘Principal of Selling’ with The Winning Sales Academy >>>


Pitching yourself through life

13/03/2014

Success involves people and organisations having to sell what they have to offer – this could be our skill, a product or service. This term frightens the life out of many as it conjures images of unethical smooth talking individuals manipulating others so as to get their own way. This is not the case, a great pitch is grounded in ethical behaviour fused to a mindset of offering real value through a passionate belief in what you have to offer. Personal and professional progression means that you will frequently be in a situation where you have to pitch for what you want. Applying for a career promotion, a place on the school board or attracting new customers fundamentally means we are in competition and there is a need to sell.

If you don’t adopt this mindset then you will struggle to get what you want out of life. When you find yourself in a situation where selling is vital, start by asking:

  • Do I understand their world?
  • What problem am I going to solve for the person I am pitching to?
  • What do I know about my audience?
  • What value do I bring?
  • What examples can I use to evidence credibility?
  • How can I bring to life the impact I make?
  • What is special about what I have to offer?

Personal progression means you must embrace the philosophy of life is a pitch. In doing this you condition yourself to delivering an effective and engaging performance to those that matter. Convincing others of the benefit of your talent, idea, product or service is an integral component to achieving your goals. Other people have an influence on whether we succeed or not. Your pitching mindset should help you to position your key messages in the following way:

  • Real and tangible
  • Deliver it with passion and meaning
  • Ruthlessly simplistic message
  • Clearly shows the difference you will make
  • Win – win outcome

Practicing your pitching skills to enhance your chances of success. It will put you in a stronger position to beat off competition.


Sales: A profitable career

10/03/2014

The UK needs more sales professionals. It’s a core skill many of the successful business people and entrepreneurs I have met possess. They commit time, effort and energy learning how to sell, they train hard and learn how to build long lasting relationships and win-win outcomes with customers.

Those individuals who learn how to effectively sell will always have employment, they get the highest paid jobs and many often go on to set up their own business. They enjoy fulfilling careers and make a big difference to their employers.

The call centre and door to door commissioned sales, sales-rep provides the classic view of a career in selling – the reality is these can be both highly paid positions and they provide a grounding in the vital skill of having a great telephone or face to face conversation – essential to success and personal progression.

Train hard, learn, read and hone your sales skills – it will deliver a long lasting and profitable career.

We are supporting National Apprenticeship week. Find out more about The Winning Sales Academy >>>>