Business Toolkit – Page 52 – thoughtLEADERS, LLC: Leadership Training for the Real World

How The Wrong Pricing Approach Is Killing Your Business

June 25, 2009/4 Comments/in Business Toolkit, Entrepreneur, Sales, Strategy /by Mike Figliuolo

Bob Barker used to point out when the price was right but what happens to your business when the price is wrong? Getting pricing wrong is one of the biggest and costliest mistakes you can make and that applies whether you’re a sole proprietor or a Fortune 500 company.

First, a little pricing math. Let’s say you sell a widget for $100 and your gross profit on said widget is $30. After taking out overhead, you’re down to $10. Then the tax man comes along and takes $4 of that leaving you with a whopping $6 on your $100 sale.

Here’s the critical part – imagine you want to win a new customer over with a teensy weensy little $1 discount. Sure it’s a 1% discount to him but you just blew a 10% hole in your overall profitability (changing pricing doesn’t change your cost of goods or your overhead and, after tax effects, the majority of that price decrease hits your bottom line like a sledge hammer).

Conversely, if you’re in a position where you can increase pricing by $1, you’ve just increased your profits by 10% (and in this economy, that’s huge). Pricing matters. Bigtime.

The mistake we often make is in thinking it’s only a 1% price change. You have to look at it from a profitability standpoint. Knowing how hard it is to keep your pricing intact, here are two thoughts on how to get the pricing right regardless of the business you’re in:

Are You Slowly Destroying Your Network?

June 22, 2009/13 Comments/in Business Toolkit, Career, Communications, Social Media /by Mike Figliuolo

Web 2.0. Social networking. LinkedInPlaxoTwitterbarf. Blogaroni and cheese. Some people would have you believe we’ve entered a new era of business where the rules have fundamentally changed. I’d submit that the rules are the same and the way we’re behaving is self-defeating.

One of the most valuable resources you have as a professional is your network. All the people you meet in your professional and personal life enter that interconnected web of relationships.

But your network is only worth what you put into maintaining it. And many of us are destroying that resource. All this interwebz garbage makes us lazy. It provides an easy out. It enables us to expand our reach beyond our ability to control or maintain meaningful relationships. Admission is the first step to remission – there are two behaviors you need to stop right now.

Grow Your Business and Career by Asking for Help

June 15, 2009/1 Comment/in Books, Business Toolkit, Career, Communications /by Mike Figliuolo

It’s hard asking for help. Getting rejected stings. But by not asking, you’re probably missing out on some great opportunities.

I don’t know about you, but when I was growing up I was a little bit of a dork. Okay, okay… a HUGE dork. I sold comic books (and incidentally made 100x what my contemporaries made in allowance but that didn’t stop them from teasing me). I weighed 98 pounds and my nose was 11 of it.

What came along with this dorkiness (aside from therapy bills I still pay today) was a fear of rejection. If you ask out enough girls and get laughed at enough times, you become conditioned not to ask for things in the purest form of Pavlovian conditioning a young man can endure.

While request avoidance as a mechanism for pain avoidance is wholly appropriate as a skinny pimply teenager, it can destroy business opportunities as an adult. As I was launching thoughtLEADERS, I had this fear of asking people for favors or for help. Why? I don’t exactly know. It was a combination of not wanting to impose upon people and not wanting to hear “no” or be rejected.

“So what?” you say? “So you didn’t ask for help. No big deal, right?” Wrong.

Time for a Little Spring Cleaning for Your Work Life

May 26, 2009/3 Comments/in Balanced Lifestyle, Business Toolkit, Career, Project Management /by Mike Figliuolo

It’s a great time of year. Beautiful weather, flowers blooming, and 110 bags of mulch to be spread tell you it’s spring. Now is when we traditionally clean our homes and yards. It’s also a great time to clean up your work and professional life.

Face it – we’re creatures of habit and averse to change. Over time though those habits and that aversion can lead to cluttered and less-than-fully productive work lives. I encourage you to take this week to do some spring cleaning on your career and your professional life.

To save you the effort of thinking about how to do so, I’ll offer a few thoughts on things I’ve found helpful in doing my own cleaning. Grab your mop, your cleaning supplies, and your yard tools. It’s time to get to work. Hey! Where are you going? Get back here… you’ll be happier and more efficient after this cleaning. I promise.

How to Avoid 4 Major Job Interview Mistakes

May 11, 2009/8 Comments/in Business Toolkit, Career /by Mike Figliuolo

While many predict further economic gloom, I’m seeing some signs of recovery. Friends are getting invited on interviews and headhunters are calling me occasionally. If you’re lucky enough to land an interview during these tough times, don’t blow it with a moron moment.

I’ve interviewed (and been interviewed) hundreds of times. Some went fantastic. Others made me cringe. Remember, in times like these, an employer is looking for ANY reason, no matter how small, to knock a candidate out of the running. They can afford to be extremely choosy as they seek out the highest caliber talent.

Much like my prior posts on how not to be stupid and lazy, how to avoid one major interview landmine, and really understanding the role of your resume, this post will focus on helping you avoid classic mistakes I’ve actually seen first-hand during interviews.

Here goes: 4 job offer-killing interview mistakes…

Building a Personal Board of Directors

April 27, 2009/6 Comments/in Balanced Lifestyle, Business Toolkit, Career, Entrepreneur, Leadership /by Mike Figliuolo

Whether you’re in big business or an entrepreneur, you need advice from time to time. External perspectives can be incredibly valuable. They’ll round out your thinking, help you work through complex problems, and identify new opportunities for growth.

Unfortunately many of us don’t have a formalized group of advisors – we simply pick up the phone or stroll by the office of anyone who will listen. That construct is only partially effective. The advisor may not have time to chat. They might be unfamiliar with the issue you’re dealing with. They might not even care to help but you’ve imprisoned them for 30 minutes with your plaintive “can you please help me?” request. The result? You get suboptimal and, sometimes, even bad advice.

There’s a better way. You should create your own personal board of directors.

In the corporate world, a board of directors is composed of ostensibly wise outside senior advisors to the leadership team. Their job is to help set direction, solve complex problems, and hold the business accountable against a variety of standards. Their role is formalized (meet once a quarter, they’re compensated, they have employment agreements, etc.). There are expectations placed on these individuals both by those within the company and those outside it (shareholders, regulators, etc.).

Fortunately for you, setting up your own board of directors should be less cumbersome. No employment agreements. No shareholders. But you still need to set standards. Here’s how I use mine:

As the Chili Peppers Say – Give It Away Now!

April 20, 2009/15 Comments/in Business Toolkit, Career, Entrepreneur, Sales, Strategy /by Mike Figliuolo

I love the Red Hot Chili Peppers. Great tunes especially at 3AM on a Friday night. They’ve also got an incredibly relevant message for how you can grow your business: Give it away, give it away, give it away now! (I’ll spare you the repeats).

Want to grow your business? Give it away.

No. I haven’t fallen and hit my head again. I routinely give away our stuff. Our services. Our content (ummm… yeah, you’re reading a FREE blog full of our intellectual property and the only price I ask is comments and telling your friends – you are telling your friends, right?). But I give it away deliberately and with purpose.

Have you ever been in that “free seminar” that was nothing more than a disguised sales pitch? Infuriating, huh? Did you buy the speaker’s stuff? Didn’t it grate on you when they’d say “so those are the first two steps in our secret ten step process. Buy the other eight steps for just $999.99!”

Those folks aren’t successful long term. They need to learn how to give it away. So do you. Allow me to explain.

Train Them Now or Lose Them Later

April 6, 2009/4 Comments/in About Us, Business Toolkit, Career, Leadership, Training, Upcoming Events /by Mike Figliuolo

A friend of mine was lamenting the current economic environment. He bemoaned budget cuts at his company and the lack of opportunities for professional development. He also said something truly alarming:

“Our management team is so focused on just making the numbers that they’re not investing in developing their people.” (Incidentally, I think making the numbers can be stupid). He added “But it’s really not a huge deal because in this economy, no one is going to quit over lack of training or development, y’know?”

After I reattached my head to my body, I thought about this painful comment. I think we might have actually reached the point of myopic leadership destruction where leaders get so focused on the short term that they forget the future. They become so narrow in their view they miss the point that their people will have choices before them after this crisis. Sure you can skimp on your people today and they’ll sit there and take it. But as soon as the economy turns, they’ll be bugging out on you and heading to a better job faster than you can say “leadership FAIL.”

So all this got me thinking. Tight budgets. Lack of training dollars. Yearning for professional development. As I noodled on these ideas, I fortuitously had a great conversation with Jack Windsor and genius struck. He handed me a solution to these problems on a silver platter. I would love to hear what you think about this…

Interview Landmine: Don’t Worry – We’re Off The Record

March 23, 2009/9 Comments/in Business Toolkit, Career /by Mike Figliuolo

Here’s a fun little interview landmine I’ve seen many people step on. In the process, they’ve blown the legs off the rest of their interview and after the fact they sit there scratching their head as to why they didn’t get a job offer. Hopefully this gentle warning can save you from a similar job search fate.

I’ve mentioned some resume myths that are out there. Let’s assume you debunk those and actually land the interview. Here’s the next place you can blow your chance for a new job.

I was interviewing for a fantastic role. The meeting in the reception area went swimmingly (pro tip: always be nice to the receptionist manning the lobby. More on that later). The receptionist and I had a very pleasant conversation about how wonderful the employer’s city was and how surprised I was by everything in the downtown area.

My first interviewer arrived to bring me back for my day of meetings. The first four sessions of the day went very well. I liked the interviewers and they seemed to like me. The conversations were interesting, pleasant, and stimulating.

It was time for lunch. Another associate from the company met me in the lobby and we headed to the restaurant. After some idle chit chat, we placed our orders. Then he threw out the landmine to see if I’d step on it.

Project Manager Doesn’t Mean Status Monkey

March 18, 2009/5 Comments/in Business Toolkit, Leadership, Project Management /by Mike Figliuolo

Being a Project Manager is a little more involved than creating a project plan and asking for status. You have to understand your project and all its working pieces. I see a lot of project managers whose eyes glaze over when one of their team members explains their issues.

Stop daydreaming about getting back in your MS Project plan and updating your tasks and LISTEN!

In a conversation, when you are not talking, you should be listening. You shouldn’t be thinking about the next thing to say or going to your happy place. You have two ears and one mouth for a reason.

If the only time you talk to your team is when you’re asking for status, they will treat you like you treated your younger brother in high school. They will talk to you enough to shut you up and that is all. They won’t talk about how things are going, what’s keeping them up at night, or risks that may rear their head in six months.

Get Jacked Up on Caribou! 3 Key Networking Tactics

March 2, 2009/11 Comments/in Business Toolkit, Career, Communications, Social Media /by Mike Figliuolo

If you’ve read this blog for more than a week, you’ve probably figured out I’m usually jacked up and hyper-caffeinated. As Texas Ranger says in Talladega Nights “I’m all jacked up on Mountain Dew!” While it makes me more productive, it’s also a key to networking success. In my case it’s not Mountain Dew though – it’s coffee so I guess I’d have to say “I’m all jacked up on Caribou!”

People sometimes overcomplicate networking or view it as something mysterious. It’s not. The best kind of networking is simple and personal. I won’t go into the value of networking (aside from pointing out the best business and career opportunities come from having a strong network). Instead, I’m going to elaborate on three simple networking tactics that can help you advance your business or career agenda.

These ideas aren’t new. They’re not revolutionary. I’m going to ask you one question though: when is the last time you did these things? If the answer is “it’s been a while” then get cracking.

Take A Dollar Today, Lose Ten Tomorrow – Negotiating 101

February 16, 2009/4 Comments/in Business Toolkit, Career, Leadership, Strategy /by Mike Figliuolo

I read a great article in Fortune a while back. Joanna Shields of Bebo.com quoted her dad: “Your career is long and the business world is small. Always act with integrity. Never take the last dollar off the table.”

Fantastic advice. Unfortunately many of us never heed it. We get wrapped up in near term numbers, performance bonuses, and, yeah, I’m gonna say it, greed. In economic times like the present, these pressures are amplified.

Many folks look at business as a competition. In many cases it is (duh, hence the term “competitors”). Sadly we sometimes extend the definition of competitor to include anyone sitting across the table from us. Quite often, that person across the table is supposed to be our partner but we engage in completely dysfunctional competitive or territorial behaviors. Then bad things happen. What kinds of bad things? You know I’m going to tell you.

Shields’ father continues: “You can always do a slightly better deal, but that incremental dollar or windfall is not worth creating an imbalance that affects the relationship. You have to have the intuition to know when to say, ‘I’m going to make sure that we walk away feeling like we’ve both done well.'”

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