The Virtual Wire

How far do you let prospects negotiate?

A fantastic VA, Lauray Walsh, posted this video today in our community and it resonated with me so much, that I immediately had to share this with you. 

It is a clear illustration of how, as small business service providers, we often enter or succomb to totally illogical agreements.  We know what we are worth and we should charge that!  If a prospect cannot pay our fee then they are just not right the client. 

Stacy Brice has always said to us in AssistU "Your clients wouldn't think of going to the store, and purchasing an item, but only paying for a quarter or half of it, so why should they do so with you?"  or words to that effect, and this video is literally showing you how crazy that would be if someone tried this negotation tactic. 

So why do we succomb to this form of negotiation?  Whether you would call it the economy, frustration, starter's nerves, etc it all boils down to fear, and we all know that fear is no good when we allow it to make us drop our standards, or ignore our boundaries.

Personally for me, it not only reminded me of similar conversations, but also made me look at a undesirable relationship at the moment that just has to change.  Have a look at this video and share your thoughts.  I would love to know!!!

Big kisses to you Lauray, and thanks so much for sharing!

Stepping Into my client’s shoes

I had great fun last month as I stepped into my client’s shoes.  One of my clients decided to take an impromptu holiday.  She felt burnt out and need some serious TLC, and she turned to me and asked me for my help.  Of course I can hold the forte for her whilst she was away.  It was an eye-opener because it really allowed me to experience what my client does on a daily basis. 

Talk about “hit the ground running,” I had to keep up-to-date with her calls, her team members, dealing with all product issues, updating communication and forging forward with company growth.  It gave me a stark, but realistic insight into her world.  If it was possible I wish I could do this for all of my clients.  I have been working with this client for over 5 years, and even though I know her and her business in-depth, there is nothing that could rival this experience for truly getting me to understand who she is, and what she does. 

The funniest thing is that even though there were some people who would only feel comfortable in dealing with my client, and therefore arranged to connect with her upon her return, there were so many others who just saw me as her replacement and wanted to work with me as they do with her.  This really allowed me to get to grips with the nuances of her business.

And then there was the added and unexpected bonus to this experience.  Upon my client’s return we were able to sit down and map out a growth plan for the next 6 months, based on her renewed energy, and creative downtime whilst away, AND my new insight on her business.  What a win, win!!

From my client’s perspective this was soooo successful that she has already planned her next break in October, and I will be taking the reigns again.

Pretty cool, huh!!

Now I know some of you want to try this, or have done this for your client’s before.  Share some comment love, and let me know what you think of “stepping into your client’s shoes.”

Suffering from social networking overwhelm?

I've found a great blog article, and want to share it with you today.  Its title says it all:  "How to Manage Your Time with Social Networks."  

I've come across many "experts" advising me how to use the various networking sites.  In fact, I'm tiring of their advice. 

This post from Meryl.net, however, hit the mark for me with her short list of tips and solid, practical concepts.

My favorite tip is her first one: "Tell yourself that no one can keep up with it all."  (I guess I simply needed the reminder.)

And ... I appreciate her summary:

"Don’t let social networking overwhelm you. You’re the boss of your time and very few can be all over the place on a regular basis. Instead, take a step back and prioritize. Having a profile is better than nothing. Besides, you can point to where people can find you."

I've been re-thinking and rearranging work schedules and commitments in my own business and daily  activities -- a type of life management exercise.  It's a skill that continually needs attention, I've found. Determining what is most valuable and understanding then what can be left out is not necessarily easy.  It is, though, critical - avoiding overwhelm can be achieved! 

What have you found that helps?

The Fortune Is In The Follow-Up

In the course of everyday life, we are constantly meeting people that we can connect to each other.  Perhaps a girlfriend you had lunch with last week is looking for a new gardener.  Or one of your Virtual Assistant colleagues is in need of a recommendation for a Graphic Designer to build her new website.  Or, you meet a prospective client who seems to be ideal for you and is interested in learning more about your services.

How good are your follow-up skills?  Do you make the connections you promise to make?  Do you get back in touch with folks when you say you’re going to?  And most importantly, do you have a system to make sure that all of your necessary follow-ups get handled in a timely manner?

If not, it’s OK.  This is an easy problem to fix and the benefits are priceless.  It is really great for you to be known in your online and offline communities as a connector.  Connectors become the “go to” solutions for all sorts of problems and you’ll find that you get to meet lots of interesting people along the way.  While you personally won’t have the answer to each person’s problem, having a wide network of resources to refer to positions you as a generous, valuable resource in the eyes of everyone you meet.  And you’ll be pleasantly surprised at the amount of referrals that come back to you, because you are constantly referring to others.

So the next time you attend a networking event and collect business cards of people you want to stay in touch with, promise to connect a friend to a resource or meet a prospective client who is perfect for you, commit to follow-up with those individuals within 24 hours.  Keep a stack of simple, high-quality note cards with you so that you can follow-up with folks via good old fashioned snail mail.  Or send a quick email to introduce the two people you want to connect.  You can also follow-up with a quick phone call.  Whichever method works best for you is fine, but be sure to schedule a few minutes out of your day to keep your promise in this regard.  

I’d love to hear your favorite follow-up tips!  Do tell by leaving a comment below!

Design the business you want, but start with an exit strategy

Most virtual business owners, as well as those with brick and mortar, have a reason for starting their own business - freedom!

You are not alone if you started your business because you wanted freedom to:

• take days off at a whim;
• be with your children;
• care for a parent;
• be financially sound;
• travel and see the world; or
• be your own boss.

The list can go on, and on. Once you achieve that single, most important objective, then what?  Or, what if you're forced to abandon that dream because something in life has become more of a priority? Or because of "happenstance" - you know, the "stuff" that just throws you for a loop, like the market changing or loosing funding?

The answer to the above question depends on your exit strategy?  Planning the start up of your business with the end in mind, as well as an alternative, is prudent.  Here's what I mean:  If you develop a solid product, establish a lucrative service or become hugely famous, at some point you'll be faced with choices, options, and potentially, early retirement.  What happens to your legacy?  Who keeps things going in your stead?  What will your customers do without the niche you've carved into their lives?  It all depends on your exit strategy.

Solid exit strategies can include:

• Successors
• Partners
• Mergers
• Buyouts
• Closure

Training your replacement is smart.  Having someone on hand, BEFORE, they are needed allows you to have the options we discussed earlier.  Waiting until the need arises may limit your effectiveness as a leader.  For example, what if your business grows and now you have to focus on the vision, strategy or some other key component of the business and NOT be in the day to day operations of your business.  If you don't have a trained successor, the level of service could suffer and you could potentially lose the client base you once had.  If this happens, your bottom line is impacted -- your pocket -- and more importantly, your reputation.

Cloning yourself is smart too, because, believe it or not, a business is supposed to serve a singular purpose:  make you money so you can do what's really important in life--whatever you've defined that to be. 

Business owners consider partnerships when the combining of talents suits the overall strategic vision for the business, or when the market trends require a talent that you no longer possess or don't have.  Partners are smart when bringing them to the table offers a financial reward or a trade in talent that cannot be ignored.

Mergers are smart when the acquisition of the other companies talent, patent or market share threatens your existence.  The additional access to revenue or human capital may position you well for keeping your vision alive, while offering you an option to exit the business and still reap the rich rewards.

Buyouts may enable you to recoup your losses or cut the money train while there is still time.  This exit strategy may be smart when your other options are limited and the payout enables you to do what you've always wanted to or to reinvest in another venture that is more attractive.

Closing your doors, while being your last resort, may be your only one.  You know the feeling we've all had when we went to a store that has services us, for what seems to be an eternity, is no longer there.  We've all wondered 'what happened'.  Then, there is a sigh of relief when we hear "they retired to the Virgin Islands" - then we become green with envy wishing it were us instead.  On the flip side of the coin, we're saddened when we hear, "they just couldn't keep it afloat".  For the business owner, this is a smart option when you are sinking more time, money and energy that you actually have to give into a project that is an endless money pit.

So, what about you?  If you got sick today, how will your clients be impacted.  When do you plan to retire?  How?  Think and plan now for your exit strategy.  Keep your business afloat, even when you can't personally do the paddling.

If you have ideas that weren't explored here, please comment and tell us about it.

Resources for exit strategies:

Articles:  Exit Strategies for Your Business; The Four Ds of a Business Exit Strategy; Exit Strategies Resources and References

Client references – do they work?

Okay maybe my header is flippant, and, I really understand that the “traditional” way of starting a new working relationship thrives on references from previous clients, employers etc, but I have really found that it absolutely makes no difference to a successful relationship.  I also feel that it just inconveniences my present clients for no tangible reason.

Now if I wanted a plumber to do some work in my house, and this plumber was not a member of a professional association I would definitely ask for references.  If the plumber was a member of a highly reputable association, maybe I wouldn’t ask for references.  I am more inclined to look to the association to have systems in place to give me piece of mind.  Now my husband is one of those people who would definitely ask for references, it makes him feel comfortable and I really get that.  As a VA, though I have found that my long-term, successful relationships are with clients that did not seek references, and many, but not all, of my short-term, unsuccessful relationships were with clients who did seek references. 

I agree that if a service professional is not a member of an organization that has an established training requirement, and member requirements that focus around performance, integrity and honesty, then a prospect has no choice but to request client references.  But if the professional has made sure that they are in good standing with a fantastic association, then I ask you, “Is the reference truly necessary?” 

I suspect the problem is that many prospective clients do not know exactly what information they need to get from a reference conversation, so why should I put my clients through this?  They have to find time in their day for these reference conversations, and thankfully they are very busy people.  I am loathed to ask them to do something that, personally, I think is done just for doing’s sake.

Fighting feelings of isolation

Since beginning my VA practice and establishing my home office, I knew I would need to develop plans to ensure I would not easily become overwhelmed with feelings of isolation.  I confess, I was quite diligent in those early months, and found ways to meet my need for interaction with others. It was working beautifully!

I enjoyed my monthly networking meetings, and made engagements with other business owners to meet at a nearby cafe' or enjoy lunch together.  I regularly visited hot spots and worked from my new local library branch. My first client was local, and we regularly met together, sometimes at her office. 

Additionally, during those earlier months, I was engaged full-time with caring for my elderly parents, and that ensured lots of time out at various doctor's offices and provided occasions to simply be 'out and about.'  Another helpful practice has been to engage a few favorite colleagues and regularly interact via chat and sometimes a phone conversation does the trick.  Staying connected with a couple of industry-specific communities and forums has been helpful as well.  Joining a local ladies' oriented fitness center was a good idea, too.

As life and business progressed, circumstances changed.  During this past year, I realize now that I've not been as diligent about this matter.  As a result, feelings of isolation have crept up.  It's been a struggle for me lately. 

I'm working on making some adjustments, and will follow through with my plan to "get out" on a regular basis. It's a good self-care practice, too, and definitely worth the effort.

I'd love to hear from those of you who, too, fight this fight.  New Ideas and perspectives are welcome!

Reclaim YOUR Time

Do you know how you are really spending your time each day?  Do you REALLY know?  Most of us are probably wasting a lot of “work” time doing things we should not. We don’t even realize it.  I was recently reminded by one of my mentors that, as business owners, we should only be spending our “work time” on two things – marketing and working with clients. 

After looking at how I’m REALLY spending my time, I have realized that I am doing a LOT of things I should not be doing.  So, I am in the process of TRULY delegating activities and tasks that don’t really require my attention.  This includes both my personal and my professional life.

What do I hope to gain from this?  MY TIME.  Time to chat on the phone with a good friend for a solid hour and not feel like there is something else I should be doing. Time to REALLY spend working ON my business and not just in my business.  Time to sit on my couch and stare out the window if I so choose.

As Virtual Assistants, we often “sell” ourselves to our clients on the fact that we can make their lives easier and their businesses run smoother.  We can take away all of the minutia they hate so much and allow them to focus on doing what they love.  But do we follow the same advice?  Don’t we need someone to delegate our minutia to?  I think so! 

So, do yourself a favor.  Take stock of how your spending your time for the next 7 days.  Keep a running list of everything you are doing.  Then designate a block of time to review the list and ask yourself, “Do I really need to be doing that?”  Can I hire someone to do it for me?  On the other hand, can I barter with someone in exchange for some other service that I actually enjoy?  Or, do I really need to be doing this at all?

I think you will be pleasantly surprised about how easy it is to reclaim a few hours of your day.  (This by the way, will quickly add up over the course of a week or a month).  Go ahead…you deserve it!

B2B help is here

One of the byproducts I've encountered in my practice has been the amazing intersections it has created.  I've encountered a multitidue of people representing a variety of organizations and companies I find quite interesting.  I imagine many of you have found this to be the case, it's not unique to me.  There are many folks busy about doing good - in their own personal lives and in the businesses and organizations they represent.

This past week, as a result of my work, I came upon another interesting organization and corresponded with them on behalf of my client.  April 16 has been designated as National Business Helping Business Day.

I've decided to subscribe to the effort after reading the following blurb on their Web site about April 16 and this initiative:

"Today, more than ever, small businesses are feeling the pinch of the global economic crisis and must rely on each other to weather the storm. National Business Helping Business Day highlights the significant contributions small businesses make to the global economy and ensures the selfless acts of others do not go unnoticed. To help facilitate this initiative, BusinessHelpingBusiness.com has been established as a free forum, available 365 days of the year, that brings to the forefront the Needs and Haves of businesses around the world."

An excellent mission, I thought.  Yes, I want to be involved. 

It seems the 'downturn" of the economy has precipitated other similar measures by thoughtful and intelligent people.  I can think of a few others, too, many of them operating on a local level and affecting their local communities.  I imagine you've become aware of such actions.  They represent part of the good and positive side of facing difficult times.  It's encouraging to me to come across this type of an organization and to "meet" some of the fine people involved behind the scenes.

Women and business ownership

I chuckled the other day when I read some Tweets discussing how the number of women-owned businesses seems to be growing by leaps and bounds.  This is not a new wave of entrepreneurship, the number of women owning businesses has been on the rise for a long time. The following fact was noted in a January Newsletter published by Barbara Weltman: 

"Women own 20% of $1 million+ businesses. According to new research - one in five $1 million+ revenue businesses are owned by women. However, fewer than 3% of the 10.1 million women-owned firms in the U.S. make it to that million-dollar mark. As of 2008, there were a total of 10.1 million firms owned by women, employing 13 million people and generating $1.9 trillion in revenues."

The research paper is packed full of great information, here's something I thought you'd enjoy learning today:

 “This research reinforces what many involved in women’s advocacy efforts have known all along: that women business owners create jobs and generate revenue from which we all benefit,” said Amy Fitzgibbons, senior manager of American Express OPEN.  “Identifying and sharing best practices of successful women business owners is the key to helping even more women entrepreneurs achieve that same level of success.”

You may enjoy reading through the entire research report; I found it quite encouraging.