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 >>>


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.


Is the “elevator pitch” history?

02/11/2011

For the past ten years marketing experts and the finance community have stressed the importance and benefit of having an “elevator pitch”. This is the term, originating from the US, used to describe very clearly and concisely your proposition or offering. The elevator pitch is commonly used in selling situations, increasingly it has become one of the key tools entrepreneurs use to raise finance.

The Dragons Den format has dominated investments forums in recent years and it seems to be these events where the elevator pitch has greatest application. Just how effective is this pitching environment? – on TV we have seen many individuals face humiliation in front of millions. Makes great TV (not for me, as I personally can’t stand the programme). These TV styled events have got boring, local entrepreneurs (business angels, devils more like) with ego’s the size of planets, sit there in judgement of nervous individuals struggling to get their message out in three minutes.

Well in my view anyone who can make a financial judgement based on a three-minute elevator pitch must be a genius. The sensible and ethical investors I have come across avoid TV style pitching formats and spend time trying to understand the idea, the proposition, the person, the market, and the numbers. It’s a considered response based on a least a couple of hours of discussion. How many ideas get lost or fail to see the light of day because an individual can’t get their message over within 30 seconds to 3 minutes. Does that make them a bad entrepreneur?

Two serious and successful VC’s I have spoken to (one in the UK and the other from North America) have started to do away with pitching type events – instead they want to get under the skin of the ideas and the people. How refreshing!


What do I think about the LEAD programme?

10/10/2011

I was asked today what I thought about the LEAD programme. The truth is it should still be running. For me LEAD was a fantastic stimulus for both personal and organisational change. It helped leaders to personally and professionally grow.

Anyone running a business knows that if you don’t adapt and constantly move with the needs of customers you will quickly get left behind. Living in the “Customers World” by spending at least 3 days a week with them is a habit successful entrepreneurs exhibit. By doing this you get close to their problems and issues, ultimately locking in by becoming a trusted adviser

Any leader should be promoting the fundamental importance of sales. Great selling is about adding value, leaving positive mental imprints of yourself and your business. Integrity, trust and a strong reputation are key foundations of happy customers. Remember – the desk is a very dangerous place to view the market and your customers needs, get out there and practice the philosophy of success is 20% thinking and 80% doing!

LEAD helped to embed these very important principles for growth – bring it back !