The Sales Growth Specialists Blog
Get insight on building a high performance sales organization that delivers results, regardless of economic, market, and industry obstacles, from Danita Bye, founder of Sales Growth Specialists.
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Economic and Business Outlook 2010 Insights and Comments-2
What are your thoughts about these facts and how it relates to your revenue growth strategies?
If you weren’t at the Economic and Business Outlook 2010 Symposium sponsored by Allied Executives, you’ll be interested in these insights and comments by Don Gaicchetti, President of TACT Solutions, Inc:
It was interesting to hear Narayana Kocherlakota, our new Federal Reserve Bank President, speak on the state of the USA economy. From other sources I have read, I would have to agree with his assessment that the next 18 months will show slow economic growth (around 3% GDP growth) and that unemployment will remain high, dropping to 9% by YE’10 and 8% by YE’11. A positive was his prediction for low inflation of around 1.5% during this period.
It was also noteworthy that Narayana stated that most economists did not see the current recession coming. This remains a disturbing fact since there are no assurances that we have learned enough to see the next one coming and minimize it before it grips us. There remains major risks in commercial real estate loan delinquencies and uncertain pending federal legislation (healthcare, cap-n-trade…..) that could be the next “quake” in the economy.
I do share Narayana’s concern that Congress is currently trying to strip the Federal Reserve of its role in financial oversight of economic activity and monetary policy. This change, if enacted, would be a disaster because this recession could have been much worse if not for the actions of the Fed and the next one could be fatal to our economy without the Fed. An independent Federal Reserve organization is one of our best safeguards against political gerrymandering.
During the panel discussion, Dean Bachelor, from the Platinum Group, made a poignant comment about the runaway deficit spending our federal government is authorizing and how Congress just raised the federal debt ceiling to $15 TRILLION. He was quite concerned with what was going on in Washington these days regarding the lack of fiscal responsibility. I caught Dean after the session and we discussed that as bad as the $15 Trillion debt amount was, that the unfunded liability amount of the federal government was about $108 TRILLION (mostly from social security, prescription drug and Medicare obligations). Thus, if we had the federal government adhere to the same financial reporting rules it mandates for private companies (think off balance sheet financial deception), this number would make headline news as the next Enron type financial scandal. Put another way, on a US Citizen basis, the USA has about $245,000 assets per citizen and about $350,000 of liabilities per citizen. That means that there is a negative equity of about $105,000 per citizen right now. These statistics are readily available at a cool and informative website at the following weblink…. http://www.usdebtclock.org/. In business, when liabilities exceed assets, it’s called insolvency and bankruptcy!!! What does that say about the state of our union??? This is something for all of us citizens to consider. We do not want to be the next Greece in world financial status!!!
I’m interested in what your thoughts. I look forward to hearing from you.
Economic and Business Outlook 2010 Insights and Comments
Thought you’d be interested in some of the initial comments from both clients and colleagues regarding the Economic and Business Outlook 2010 Symposium sponsored by Allied Executives.I’m still waiting some key responses. As they arrive, I’ll post for your review.
“John Palen put together a really nice, diverse group of business professionals, executives and leaders for the panel discussion. I was especially struck with the participation Polaris CEO, Scott Wine, discussing some of the ways they have segmented their marketing based on demographics. Great examples and insight into how one company is moving through this changing economic landscape by gathering important customer data and implementing initiatives with tangible results. This was my first Allied Executives event, and I’m really glad I attended.” Pam Muldoon, Relationship Marketing Strategist, Next Stage Business
“My favorite quote was from Beth Keiffer Leonard – ‘You can’t just work in the business. You need to work on it.’ In today’s economy, many business owners spend their time in the day-to-day minutia managing costs, until they realize other companies have just leaped in front of them because they forgot to create a new vision. They are heads down, instead of heads up. Effective communication strategies, coupled with a sales effectiveness program, allows your new vision to sing for the company so when we get out of this economic crunch, we will be on top.” Laura Boyd, President, Lebreche
“Having attended several of these events, I am always impressed with the high level expertise of the panelists. Specifically, Scott Wine of Polaris, Jean Taylor of Taylor Corp and Elliot Jaffee of US Bank provided us with specific examples of how their companies manage during this tough economic timeframe. I also enjoy the interaction and networking before and after the formal discussion. “ Lev Buslovich, COO, Noble Conservation Solutions
“The Symposium was a great way to get caught up on what some of our business leaders are thinking – as well as a great place to do some networking. We really enjoyed it and thought it was a valuable experience. John Palen really knows how to fill a room with powerful leaders!” Kristy Gusick, President, Ingenuity Marketing
“I thought the symposium was a spectacular event and was proud to sponsor it. I got tremendous personal value from the content as well as the favorable co-branding exposure professionally. I met a lot of great people too.” Ted Capistrant, President, Profit Builder Network
Did you attend? If yes, interested in your comments and insights also.
Business and Economic Outlook 2010
In order to accurately plan for sales expansion in 2010, it’s important to have an understanding of the economic and marketplace issues. One of the most informative events that I attended last year was the Business and Economic Outlook Symposium sponsored by Allied Executives. Therefore, it’s with anticipation that I’ll be attending again this year. There’s a strong moderator, John Palen. Here’s are some of the panelist’s I’m looking forward to learning from (see below). If you’d like to attend, let me know.
- Narayana Kocherlakota, President of Federal Reserve Bank of Minneapolis
- Dean Bachelor, CEO of Platinum Group
- Al Gerhardt, COO fo Kraus-Anderson Construction
- Elliot Jaffee, Twin Cities Market President, US Bank
- Michael Lacy, President of Digineer
- Cary Musech, Managing Principle, Tonka Bay Partners
Leadership in Turbulent Times: Who will Survive and who will Thrive?
I’m honored to be jointly conducting a Top Sales Experts masterclass with Steven Rosen of Star Results. Steven works extensively with the pharmaceutical industry in Canada. Here’s a short description of “Sales Leadership in Turbulent Times: Who will Survive and who will Thrive” and what we’ll be covering:
Sales leaders are ultimately responsible for meeting sales and profitability targets. Your leadership style has a direct impact on the performance of your sales organization. With many sales forces operating below their potential we examine different leadership styles and their impact on the performance of the sales team.
Sales Leaders will learn:
- Different leadership styles and their impact on performance
- How you can transform your team into a high performance machine
- 5 Steps to evolving your culture to deliver high performance
Those who attend you will receive a complimentary copy of “The New Sales Leadership Paradigm: Coaching for High Performance.” I’ve read it and it’s excellent, examining the difference between the old, ineffective management-leadership methods (transactional) and the newer, more empowering methods (transformational)
Plus, I’m including a chapter from my newest eBook that will be launched mid-March, “Seven Paradoxes for the Transformational Leader.” Here’s a sampling of some of the the paradoxes I’ve written some in recent blog postings:
- The First Shall be Last–Even in Sales Management
- To Lead, Manager Must Serve
- The Source of the Sales Problem May Be In the Roots
- Leadership Paradoxes Poem (Revised)
- Leadership Paradoxes Poem
The Owners Impact on Sales Effectiveness
I recently attended a seminar sponsored by EBITDA Parnters and Olsen Thielen, “Chosing Power Over Control: A Guide for Entrepreneurs In Transition,” by Cary Tutelman. The principles
outlined by Tutleman are important as they often have a direct impact on the effectiveness of not only the management team, but also the sales team.
If owners don’t describe their values, those basic principles that drive planning, decision making and behavior, i.e.
- ethics, doing the right thing;
- culture, acting the right way;
- performance, how well I must do; and
- accountability, defining “being on the hook,”‘
how do the sales teams, know the “rules of the game”?
If owners don’t know and/or won’t describe their needs,what they need now or have now and do not want to give up, how does management know what the best information to gather and provide?
If owners don’t know or don’t clearly articulate their goals, what they want both short term and long term, how do the manager’s know what revenue and margin goals to shoot for or how to measure their success?
If owners can’t work together or don’t know how they will work together, they often send conflicting messages to the entire company, salespeople included. Any conflict can derail, de-energize and defocus salespeople,
I highly recommend both owners and managers read Balance Point: New Ways Owners Can Use Boards as it has a direct impact on both short term and long term sales effectiveness.
Teach Sales to Think Like Enterprise Builders
In a recent publication of Investors Business Daily, I read an article entitled, “Teach Workers to Think Like Enterprise Builders” by Morey Stettner (who’s also written, Skills for New Managers) that caught my attention. 
The article was written to entrepreneurs about how to create a healthy growth culture However, the article could have been written for anyone concerned about their sales effort. The title could have read, “ Teach Sales to Think with Enterprise Builders.” Here are some bits of wise advice from Morey that are applicable in all our organizations:
“If you want everyone (on your sales staff) to adopt an entrepreneurial mindset, provide ample opportunity for free flowing dialogue and idea-sharing.”
“Entrepreneurs (including sales leaders) need to be curious with their people. Lean back and listen after you ask a question.”
“When facing a key business decision, don’t make it in a vacuum. Gather workers (sales people) at all levels….and welcome their input.”
“To unclog communication channels across departments, reward collaboration among different parts of the business.”
Sisu Thinking: Turning the Conditions You’ve Got Into the Business You Want.
The majority of my speaking engagements are to CEO, Owners, Presidents and Board of Directors who’s are tired of investing in sales development initiatives and not getting the ROI they expect…and yet they are committed to finding a better solution to improving their 2010 revenue and margin results.
However, I have an upcoming speaking event just for sales professionals. You’ll want to encourage your sales people to attend this PSA-MN event: SISU Thinking: Turning the Conditions You’ve Got Into the Business You Want.
Here’s a snapshot of what we’ll be talking about:” Learning from the past and the present is essential to being in sales. But, dwelling on these is a surefire way to stall growth and rob you of your unwavering determination, unapologetic perseverance to future success. Leave 2009 behind and look forward to a profitable 2010 with noted sales turnaround specialist Danita Bye and her new presentation, SISU Thinking: Turning the Conditions You’ve Got Into the Business You Want. Better sales numbers don’t have to wait for the economy to get better. In this energizing presentation, attendees will learn the following:
- tools to exploit the possibilities present in your resources,
- tactics to build a better business in any economy, and
- techniques to tap your creativity.
If needed, you can forward this bio to your staff: ”Danita Bye, sought-after speaker, sales turnaround specialist, and author of Accelerate Sales Revenue: 67 Ways to Shift Your Sales Team into High Gear, Energize Your Dreams and Target Sales Focus rapt audiences everywhere that timing doesn’t have as much to do with business success as learning to deliver and committing to results at all times – regardless of competitive landscape or economic conditions. In addition to working on a Masters in Transformation Leadership at Bethel, she’s been developing SalesGrowthCoaching.com, an on-line sales & sales management program. She’ll also appear on a new syndicated TV show, The Ruthless Entrepreneur, which will air on the Oxygen Network in 2010.”
Hope to see some of your sales people at PSA-MN!
Cover All Your Executive Management Bases
I’m excited to kick off 2010 with my first leadership webinar sponsored by Top Sales Experts entitled, “Cover All Your Executive Management Bases and Win
the Sales Series in 2010.”
Like baseball (and football, considering that we’re in Super Bowl season!), sales is a team sport where every position is critical to winning the game. And, without strong executive leadership, even the best salespeople and managers will lose to the competition. To play baseball, you need to have nine players, each specializing in a different skill set, on the field. To play the sales game, you need nine distinct, yet complementary, leadership types suited up and ready to go – especially if you plan on playing to win in 2010.
In this new webinar, we’ll show business owners and CEOs how to draft an unbeatable executive team. Building on the nine game-winning management styles identified by the Key Management Dynamics Assessment, this webinar is a must-attend presentation for business leaders who want to take charge of the playing field this season. Join me on Thursday to learn the following:
- Who’s missing from your player roster and how to draft the heavy-hitters you need
- How to do business better, faster, and cheaper with the help of the Innovator
- What the Problem Solver needs to work through your most complex business problems
- How to create unstoppable momentum with the Developer & Motivator
2010 Outlook in Manufacturing
If you don’t follow George Buckley, Chairman, president and CEO of 3M Co., I recommend that you do. Matt Meents, president of Reside, invited me to First Friday Speaking Series, sponsored by University of St. Thomas, where George Buckley was the guest speaker in Feb. 2009. His ideas regarding the economic climate for 2009 were valuable; he has a unique engineering-manufacturing-business view worldview that I find insightful.
The Minneapolis/St. Paul Business Journal recently asked 14 Industry “movers and shakers” about what they see as in store for their industry in “2010 Outlook.” Mr. Buckley’s comments about the state of manufacturing caught my attention since it’s one of the trends that I’m seeing also. He says, “I think a year of separation is coming–a year where the strong and the weak are going to get separated. As the economy does come back, it is going to be hard for people to fund their growth, so the strong are going to get stronger and the weak are going won’t.”
If you consider yourself as one of the “strong who are getting stronger,” then now is the time to streamline, strengthen and optimize your sales efforts, ensuring that you capture market
And, if you consider your company as one of the weaker, than it’s just as critical to evaluate your entire sales effort and ensure you have the right people and processes in place so that your sales operation is as “lean and mean” as it needs to be. You can’t afford any wasted effort, time or money.
So, what steps are you taking to ensure your sales efforts will accomplish your 2010 objectives?
Leadership Messages
Even though I’m pursing my Master’s in Transformational Leadership at Bethel University, I must confess that I’m a bit cynical about most leadership books that I read. It seem like they are “same old, same old.”
However, the first reading assignment for my current class, Communication and Organizational Leadership, is Great Communication Secrets of Great Leaders by John Baldoni, caught my interest with the Purpose of Leadership Communication (pg.6-7), “Leadership communications are designed to do the following:
- Engage the listener,
- Gain commitment, and
- Ultimately create a bond of trust between leader and follower.”
The “trust” concept caught my attention, as a colleague of mine from both Bethel and NSA-Mn, Dave Horsager recently published a dynamic book, The Trust Edge, where he asserts that he reveals the single uniqueness of the greatest leaders and organizations of all times….trust.
This raises a host of questions, i.e.:
- How am I building trust with my followers?
- What am I doing that might be destroying trust with my team?
- What might I do differently that would build trust?
Baldoni then goes on to list the purpose of leadership messages:
And, these raise a different set of questions:
- How do you rate your leadership messages in each of these areas?
- Are there some areas where you are stronger then others? why?
- What might you do to strengthen some of the weaker areas?
I’m certain that over the next couple of weeks, you’ll be hearing more about my studies.
And, I’m looking forward to hear about your assessments of your leadership challenges.
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