Archive for the ‘Good Ideas’ Category

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Is It All About Results?

May 18th, 2012

The answer is a resounding NO!

Innocently many small to medium sized businesses use goals as a replacement for a true business strategy. This creates a dynamic where the need for results determines the actions or activities that the business engages in. Even more startling is that most goals are short term in nature and are not typically part of a bigger picture or architecture for long term success. This of course leads to a situation where precious time energy and money resources are consumed to meet short-term objectives at the cost of longer-term leverage and sustainability.

Do not misunderstand results are critical. However it should be actions that produce results and not the need for results that determines actions.  So how do you determine what actions and activities to engage in?

The answer is strategy.

A business strategy is NOT a collection of goals. A proper business strategy is like a lever that magnifies force. In the short term, you could drag a large block of rock across the ground using muscles, ropes and motivation. However, it is wiser to build levers and wheels and then move the rock. Building levers and wheels can only be done when you take a strategic view of the big picture and allocate resources to achieve the maximum results with the appropriate actions.

If both outcomes were completed in the same time with equal resources, which result will create better long-term value?

Posted in Blog, Experience, Good Ideas |

Getting it All in Perspective – Marketing

May 14th, 2012

The distinction between sales and marketing is a blurry line for most. The problem with this perspective is that it distorts your worldview and does not allow for the reality that sales and marketing are very different. Sure, both activities play important roles in generating revenue but they are still different. When it comes to solving business constraints, you will not be able to solve a sales issue if you have it lumped in with marketing. Likewise, you will not be able to solve a marketing issue if you have it lumped in with sales.

A professional services provider needs a distinct sales process to continue securing work/clients AND a deliberate and focused marketing process to consistently create opportunity. It is true that marketing feeds sales AND it is also true that they are not the same and are separate systems in your business.

The secret to a marketing system for a professional services provider is choosing a set of simple, effective actions that are done consistently. The true secret to successful marketing is the consistency with which the activities are done.

If you want to get unstuck from the gray area between sales and marketing start by separating the two and taking the time to write out and document your process for marketing.

Posted in Blog, Good Ideas, Good Marketing |

The Experience of the Experience

May 10th, 2012

In the Experience Economy the quality of a client relationship is reflected in the affinity they feel with you. It is stating the obvious that the interpersonal interactions that you and your staff have with a client go a long way in establishing affinity.

However, what might not be so obvious if whether you have developed the skills required to relate to your clients in a very personal way. When was the last time you attended a course or read a book on interpersonal communication? What expectations do you have of your staff to be experts in communicating with your clients? Do you know the finer points of communication with different personality styles?

In the Experience Economy one of the key differentiators that will separate the professional from the journeyman will be your capacity for meaningful communication.

Hint: the journeyman already thinks they are an expert and the professional strives to get better and more proficient.

Posted in Blog, Client Service, Experience, Good Ideas |

Motivation or Inspiration

May 9th, 2012

So much has been written about motivation that I hesitate to continue this post … I don’t think I like the idea of “motivation” – the root word being “motive” suggests to me that a person will only take action if there is something in it for them, where I would prefer that they take action because there is something in it for someone else.

Inspiration is an internal force. You are so passionate about what you do that you throw yourself at it with enthusiasm. You go above and beyond because you want others to feel as passionately about you, your business, or your service as you do.

Motivation … You run to lose weight, to look better, or to raise money to fight cancer. There is nothing necessarily wrong with any of these answers.

Inspiration … You simply love to run, and when you run you feel more alive and content and at peace. You could care less about what you look like; it’s just about how you feel doing it.

Motivation … If you write the book, the blog, if you tweet, if you join some newsgroups and comment you will raise your profile, get more interest in your services, increase your speaking fee. Just set aside time each day, write every day, for a certain number of days, then cross the line and presto you have a book. Again, these are all fine reasons to be motivated to write a book.

Inspiration … I have something to say that needs to be heard. When I write I feel like I am “on to something”, I feel closer to honing and understanding the message. I need to write this book because I want to help others. I want to write a book that doesn’t need a follow up. I want to write a book, and supplement it with a blog. I want to blog more often. I want people to start their day by reading my blog and I want them to be happy they did. I am committed to learning and sharing my passion.

I think motivation is only required to get people to do something they don’t want to do and if they don’t want to do it, it’s probably a bad idea to get them to.

We are all inspired when we are doing what we love, and not doing anything we hate. There is nothing worse than being good at something you shouldn’t be doing, or don’t want to be doing.

When your life has purpose, when you do what you love and love what you do you will find all kinds of inspiration and desire to do it. I climb onto over 100 air planes a year because I love to speak at conferences. I write a lot of blogs because I love to hear that people read them and send them around, and I do a lot of day dreaming about making my business better for my clients because I love what I do.

Somehow I know it would be impossible for me to be motivated to do this if I didn’t want to.

Inspiration is a completely different force of creativity and commitment.

What is motivating you?

What is inspiring you?

What is pushing you?

What is pulling you?

Go with the pull, it’s the first step to flying.

Posted in Blog, Client Service, Good Ideas |

The Cup is Always Half Full

April 16th, 2012

From home renovations to vacations, nothing goes as it should. In case you had not noticed things do not always go as planned in business either and we often have setbacks. So, instead of communicating the wrong message to yourself and your employees, get over yourself and turn any setback into an opportunity for future benefit. Some suggestions are:

Reframe. Don’t treat setbacks as failures and don’t assign blame. Instead, frame them as learning opportunities and focus your team on solving problems so that you become more proactive, experienced and resilient as a group.

Don’t constrain the solution. When faced with a problem, you don’t always figure out the solution right away. Be open to changing direction and give people the freedom to look for alternative answers. There is nothing more inspiring for a team member than coming up with a solution.

Focus on small wins. Help people see their progress in other areas. If people have regular successes, even small ones, then a setback will sting less.

Posted in Blog, Good Ideas |

Announcing the Self-Directed Study from DMW Strategic Consulting

March 27th, 2012

“We feel that we have brought a practical solution to advisors that they can use again and again to add value to their business. It is excellent value at $600.”
- Dennis Moseley-Williams

DMW Strategic Consulting is pleased to announce the release of the DMWSC Self-Directed Study. The Self-Directed Study is a stand-alone solution that has been designed for the advisor who is looking for an easy way to inject meaningful innovation into their business.

For years audiences have been hearing Dennis Moseley-Williams’ compelling message about building a world-class wealth management business. The DMWSC Self-Directed Study is designed to create a lasting impact based on proven practices to generate high levels of trust, innovation and implementation.

The DMWSC Self-Directed Study comes on an interactive DVD and will improve your capacity for innovation and implementation through a step-by-step program. The DVD provides an advisor with a selection of proven business strategies and contains a full selection of videos and resources to ensure that you have the basics you need to get up to speed.

If you are looking to drive your Inspiration through to Innovation and Implementation then the DMWSC Self Directed Study will be an invaluable resource.

You can order the DMWSC Self-Directed Study by calling Nick at 1-613-729-0419.

DMW Strategic Consulting is a boutique firm that specializes in providing business solutions that allow entrepreneurs to make meaningful change in their lives and the lives of others.

Posted in Blog, Client Service, Good Ideas, Good Marketing, Services & Solutions |

You Can Change Anything

February 23rd, 2012

You can change anything if you are open to surprises.

I first posted this video in September of 2010, and I have probably watched it completely 50 times, including this morning.

I am going to post it again – its 17 minutes long and if you don’t think you have the time I’d like to respectfully ask you to find it.

It will make you wonder what is possible in your own life. In fact, you should send it to your home account and watch it later with your family.

What a great idea … Every night you and your family could watch a 17 minute video and then talk about it at the dinner table.

Totally. Cool.

Lately I have been writing and speaking about thinking of your business as art, of having courage to do what you normally wouldn’t do, to not accept conventional wisdom and to fight through resistance to live a life less ordinary.

A life less ordinary. A noble life. A life of service to others. A life where you set the rules, and you leave a profit and make other people’s lives better and you want no reward, no recognition. A life where you are motivated to do what is right, what is best, because you believe that this is what we should all do.

I know, easier said than done – but that is just the Lizard messing with your head again. Forgive him, he loves you completely.

We all have problems or riddles in our life that seem unsolvable, and sometimes we give up the fight and accept the problem as our reality.

Part of the package. The necessary evil. Some assembly required.

Its so easy to say “well this is just the way it is, always has been, and its not going to change” and then fall in line and accept whatever the person in front of you accepted.

Well that doesn’t work for me and it shouldn’t work for you either.

Sugata Mitra did something crazy – something impossible – he set out to solve all the problems the world has – all of them – and he wants to solve them in 10 years.

He didn’t start his experiment in a leafy neighborhood in Ottawa, or a suburb of London UK or a private school in Manhattan.

There are no real problems there. Starting there is a waste of time.

He started in a slum in New Delhi.

What he discovered surprised him, and it will surprise you too.

Everything is possible, and it can happen virtually instantly.

Compared to his goal – ending poverty, your goal might seem pretty lame. You are likely trying to bring more predictability into your life, maybe a little more balance to your existence, some perspective.

The problems you have are problems to kill for, you’d like your life to be a little better, you’d like to attract clients rather than chase them. You’d like to figure out a way for the world, or your world at least, to know and appreciate your genius.

Well do you have 17 minutes?

When you are done – think about what was considered impossible before Sugata Mitra got started.

Think about what your problem is … then reach out to us and see how we can help you.

http://www.ted.com/talks/sugata_mitra_the_child_driven_education.html

Posted in Blog, Experience, Good Ideas |

The Gap

February 11th, 2012

You are standing on top of one mountain, looking up at the next peak which is where you want to be.

The only problem is, there is no cable car, no gondola, and the only way to get up there is to first go down into The Gap.

Getting to the next peak can be exhausting and it requires a lot of effort and consistency and accountability.

Sometimes it gets so hard you wonder if you should have started at all. That’s The Lizard talking again, forgive him, he loves you.

You might feel like you are working more, not less. Earning less, and not more. You may feel like you are moving farther away from your goal. The truth is that progress doesn’t always feel like progress – sometimes it feels quite the opposite.

Nothing will come without effort, sacrifice and discomfort – your strategy, your plan and willingness to measure your progress and hold yourself, and your team accountable is the only way back up – all you need is to know that you are moving forward, to keep yourself moving forward. Don’t stall.

An inch an hour, two feet a day.

Posted in Blog, Good Ideas |

Kodak Boils with The Frog

January 20th, 2012

You have probably heard the “Boiling Frog” analogy. It goes like this: If you put a frog in boiling water it will jump out, but if you put the frog in cold water that is slowly heated the frog will not perceive the danger, and will eventually die.

In this case the Frog was Kodak, and the water slowly coming to a boil for the last twenty years is the digital age where our photos are images and our cameras are phones.

Kodak failed to interpret the changing marketplace, innovate their product offerings, or adjust to new markets. They had a critical failure, and it can happen to every one of us who “entrepreneur” for a living, so watch out.

Some amazing stats to consider

Kodak was founded in 1880 and it was considered a technological marvel of its time. They enjoyed complete dominance and by the mid 70’s Kodak sold 90% of the film, and 85% of cameras in America.

Until the 1990’s, Kodak was regarded as one of the world’s top five most valuable brands.

Ironically, it was Kodak that made the first digital camera in the 70’s, but they were unable to adjust to what the digital camera marketplace would do to them. For a long time Kodak had a great working model – selling cheap cameras and expensive film.

Digital technology eliminated most film sales, and smart phones have taken oven cameras – how did Kodak not position themselves as a partner for all these smart phones? How come Kodak didn’t become the equivalent of “Intel Inside” to the smart phone companies?

Fuji, Kodak’s main rival didn’t get crushed, they found new markets to make money in, and only 11 years ago film made up 60% of their revenue – now it accounts for next to nothing. Fuji diversified into cosmetics, and optical films for LCD flat screens – they enjoy 100% market share.

McDonald’s to McCafé

McDonalds is a great example of a big company getting it right. I live in Canada and McDonalds spent CDN 1 billion remaking many of their restaurants into an up branded, more “coffee shop” feel. Gone are the cafeteria seats; in are couches, comfortable chairs, softer colours. Everything says “Be our guest.”

They know that their market place has changed – they are not the dominate player anymore. In the 70’s your fast food options were McDonalds and maybe Burger King and back then it was generally understood that only freaks and weirdoes went there.

Fast forward to 2011/2012 and if you walked into a McDonalds in Canada (and I read Australia) you’d fall over.

McDonalds has moved to delivering a more relaxed experience – they know that the entire backdrop of business in general has shifted to delivering a more enjoyable, client-first experience and they will not be left behind.

They want you to come in, sit down, and stick around. They obviously figured out that there is a lot of profit in coffee and they want to pick up some of that and to that end they are becoming more of a coffee house than a fast food joint.

McDonalds is again the pioneer and all the other “burger joints” are going to have to move quickly to catch up. When you are playing catch up, you often lose. Too much demand on energy, money and time is spent and the spiral begins.

I keep wondering if one day Microsoft will announce they bought a company like Maytag or Kenmore or some other major home appliance maker. We know that sooner or later our refrigerator is going to tell our smart phone that we need more eggs, and then it’s going to complain to the toaster about how we can be distant and non-communicative. Oh sorry, that’s the espresso maker.

All jokes aside this idea of Microsoft buying a home appliance maker is a perfect example of strategy extension, and it’s also a perfect example of what Kodak failed to do.

My point is – the world is wondering when Microsoft is going to solve the smart phone issue, and I bet they have moved on. They’ll make some money in smart phones but I bet they are looking further down the field than that.

So how warm is your water?

In the 1980s financial advisors sold products, in the 1990s it was specific interest and today its experience. You are still in the business of making money grow, but now the expectations of the market place is that it will be a pleasant, unique, and very personal experience.

In short – it’s no longer a cute idea to evolve into an experience driven financial planning practice, its completely necessary to your survival. Anyone can get anything – products, information, absolutely anything, online in less than a minute and that isn’t a lie.

What do your clients need now? You should have known that yesterday, the question is what do they need tomorrow?

Is it getting warm in here?

Posted in Blog, Client Service, Experience, Good Ideas |

Thanksgiving Season Campaign Part Deux … This Time Its Personal

November 7th, 2011

You can read Part One here if you missed it.

Thank you for all the feedback on our blog last week, we appreciate it. Look for an Advisor Profile later this week that you will enjoy.

This blog is about the next step of the Thanksgiving Season campaign where we are looking to uncover new opportunities within your own business. This isn’t hard to do, and with very little effort you can do this all the time.

Last week you were going to send everyone a card using this incredibly handy service, you were going to call your clients, beginning with your top client, and gather CLAN information (Career, Life Goals, Activities, Next of Kin).

You can get the campaign rolling in about 20 minutes by visiting here. If you need any help, email us info@moseleywilliams.com and someone will walk you through it.

The feedback so far is that the service is pretty straightforward.

How you can leverage the CLAN info that you gathered.

Lets agree that profiling clients is always important, and always a benefit. Undoubtedly sometimes you will walk right into new business, but I would encourage you to take a longer, more patient view. This work is important, necessary and will pay off.

Just by calling and profiling your clients you are building a wall around them – you are protecting your most valuable asset, a client who is onside. Think about what a single client is worth to you, year after year. What does a client pay you per year in fees, what does that client pay you every 5 or even 10 years? These numbers can be staggering.

So again – at the very least we are protecting this income, now let’s see how we can grow a little.

Look for family information – specifically parents.

When you ask about Thanksgiving dinner, and you find out who is going to be there, ask a few qualifying questions to flush out a better picture of the family dynamic.

Obviously you are going to want to know more about my parents – and it’s likely that most of your clients who are in their forties have parents who are at least in their mid sixties. In my case, my mother is in her late 70s, and my father is in his mid to late 80s and lives in a long term care facility.

 

If you called me and asked me what my plans were, you’d find out that I have 4 older brothers, that I will likely have dinner with two of them, and that most likely my mom will be there. My father isn’t very well, so you might find out that we are going to visit with him that day, probably in shifts, and that it’s unlikely he will join us that night.

My brothers are all married, they are all professionals and we are all friendly with each other. One of my brothers you would like to have as a client, and probably could if you lived in our town.

You might ask something about kids, and find out that there are enough Moseley-Williams grandkids to field a team, and that they range in age from 4 to 25. We are a family that goes to University and College, most of my nephews and nieces will graduate from post-secondary education. There are a lot of 529 plans (RESPs in Canada) to consider.

There are some great opportunities here to help me, to diversify your service and to further build a professional relationship. All you have to do is ask, and you have permission to do this.

Elder Care is an important issue, and a great opportunity.

In the cases where your client might have a similar situation to my own, consider sending out a letter after you make the call and offer to be a source of clarity and assistance as it relates to possible elder care issues.

“Dear Dennis,

You have been on my mind since I spoke with you the other day. I have been thinking about your parents, who I will assume are well taken care of. With that said, more and more I get questions from my clients whose parents are nearing, or already in retirement.

Obviously a proper will and estate plan is an essential piece of your financial planning puzzle. I am going to assume that all is well taken care of, but I wouldn’t be doing my job if I didn’t reach out to you.

Please find enclosed a little information on the subject that highlights a few issues that you should be aware of. If you have any questions, please let me know.

Seminar for elder care? With a speaker? A Retirement Symposium?

One of our clients leveraged this simple campaign – a card, a call, and some profiling, into a seminar for retirees featuring a gerontologist as a speaker. The subject was retirement lifestyle planning, The New Retirement, and it was incredibly well received.

The audience was a mix of existing clients, their parents, and some prospects. It was an exceptional event, and the topic was timely, appropriate and appreciated.

A fistful of other ideas

What if you don’t have the elder care event as a possibility? Not to worry. There are all kinds of other opportunities. Remember, you are not trying to sell a product; you are trying to create a client.

Career – can you send anything out to a client who is thinking of changing careers, companies, or who is uncertain about long term job security?

Lifegoals – Are your clients planning any trips? This is usually an easy one.

Speaking personally I have already booked two ski getaways, January and February and I have a third “almost booked” for March – just need to finalize the dates.

What is significant in my case is that I am booking these trips as rewards for some heavy work I am doing now, so this is also related to CAREER stuff. Namely I am finishing a book, launching two products and I am currently in the midst of finishing a complete rebuild of my consulting program.

Anyone can get on GOOGLE (it’s new) and wherever your clients tell you they are going, type in something like: Best restaurants in Location. Can’t-miss attractions in Location. Secrets-of Location.

You will get millions of possibilities, you need two. Check out the links, print what is appropriate and send the printed pages out to your clients with a little note:

“Dennis, I enjoyed speaking with you the other day, I love that you are always looking ahead and planning some fun. Keep it up. I have enclosed a little list of things to do when you are in Location skiing. I’m sure you are doing your own homework, but according to those who know, you don’t want to miss …”

That’s it. That’s all you have to do. All you are trying to do is demonstrate that you listen, and you care and that you are willing to bring a little value when you can, and maybe you will find out that it really helped them. You are buying your own space in their story.

Activities – Think hobbies, and what is going on closer to home. Do your clients have a boat or a cottage or lake house? When do they close it up? Are they an avid runner, biker or swimmer? Are they involved in a fund raiser or community activity that you could sponsor or in some way assist with?

Next of Kin – This is a huge opportunity. Imagine if you sent a book like The Richest Man in Babylon, or The Wealthy Barber to every teenage child of your top clients who has a job. To every kid who makes $216 every two weeks from working at her or his job at a retail store.

What would that say about your commitment to your clients as a Personal CFO? Write a note that says this:

“Ella, I was speaking with your father/mother the other day and they were telling me that you have joined the workforce. Congratulations! Your parents are understandably very proud of you and they should be. I have enclosed this book for your consideration, and encourage you to read it before you get too many pay cheques.”

Make sure you call your client and let them know that you have sent along the book, and then suggest that they bring in their son or daughter to meet you at their next review meeting.

Speaking very personally – nothing means more to me than my daughter. Anyone who makes any effort to help me be a good dad is an important ally in my life.

Become Indispensible

The bottom line is this – you have to stir the pot. You have to stay in touch. You have to remain top of mind and you have to add value.

Sending a statement isn’t adding value. Sending a market update isn’t market value either – frankly it’s your job.

Don’t measure your value by doing what you are hired to do. Measure your value by doing things that are nowhere in your job description.

Once again – if you want to get this campaign going, start with a card and you can get going here.

After the card is sent out, hop on the phone and gather your CLAN information then use a little imagination. The more you do it, the more easily you will manufacture runs.

Posted in Blog, Campaigns, Client Service, Good Ideas, Good Marketing |

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