Building Your Board of Directors: Work With People Because They Can Contribute – Not Because It’s Convenient

When you’re building your Board of Directors (BOD) and joining boards of other businesses, you need to keep your focus. It should be an exclusive club that not everyone can join. Don’t get others involved because they’re friendly or you think it may land you a short-term gain. What are your needs and goals? How can others help you satisfy those needs and achieve those goals? After you’ve figured that out, work with those who are a good fit, not a convenient fit.

What Do You Need From a Director?

You may have started a business because you’re very good at making or doing something and you enjoy doing it (which is probably why you’re good at it). But you don’t know all you need to know about business and lack some essential skills. A BOD can give you advice, share some tips, and connect you with other businesses that might help you overcome your weaknesses. If you’re terrible at numbers, hire a bookkeeper or accountant. If you’re disorganized, consider hiring a digital assistant.

Your BOD should also be people who have your back while you have theirs. You’re working together so everyone can succeed in the fastest and least painful way possible. In the future, you could brag about all the mistakes you overcame and all the problems you resolved, or you could prevent mistakes, avoid problems, and meet your sales goals. Your business’s story will be less interesting, but you’ll probably have more money and less stress.

How Do You Choose Board Members?

You have to admit you’re not perfect and you can’t do everything yourself, which can be difficult for some people. If you don’t have a business plan, create one. You can get lots of help, some of it for free, when you do this (SCORE is one option and the Small Business Administration’s Small Business Development Centers are another). After your plan is complete, decide what aspects you know the least about. Try to find someone who can help you in that area, while you help them in ways that serve them.

Unless your business is a smashing success from day one, you need to generate a sales pipeline. These are prospects and potential customers within your reach. Your pipeline will leak, so you can’t count on business from all those connected to you.

How Can This Person Help You Reach Your Goals?

You, like all business owners, need long-term connections to generate sales. It’s far easier and cheaper to keep existing customers happy and develop new business from them rather than focusing just on creating new customers. Directors who aid you, in the long run, may also help you generate clients and customers who will stay with you over time.

A possible customer may be a convenient addition to your BOD, and it may or may not be a good idea. Don’t add someone to generate a sale then lose interest in them. They’ll feel used and probably say bad things about you, which is never good when creating business relationships.

You could try to kill two birds with one stone if that person’s a good fit for your BOD. You may get a sale and the person may have many reliable connections that could help you in the long term. They might also bring valuable industry experience and knowledge to your BOD.

Take the Next Step. Contact Coaches for CEOs

Recruiting for your BOD is not about racking up quick scores, the focus should be on success today and in the future. You need the right people on your BOD to help you go in the right direction, not cause a temporary distraction.

Your board of directors can be the foundation of your sales machine. They can champion your business while you return the favor. Contact me to learn more about how cooperating with others can grow your business. Fill out my contact form so we can talk about your company and how you can join a Zoom seminar to learn more.

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FFF: Family, Faith, and Finance

We have only so much time and energy in our lives. We’re generally oblivious to the passing of time until there’s a holiday, an important date, or something traumatic happens. We can either float around on this river of time and go where the current takes us, or we can swim toward our destination. Part of that direction includes spending as much time as you can with the people who add the most to your life.

I try to interact as much as possible with people who contribute to my 3 Fs: family, faith, and finance. I try to spend my time with people who contribute to my life in some way. There are people you know who recharge your battery and those who drain it. The more charged up you are, the more energy you have for what’s essential in your life.

  1. Family

I’m blessed with a wonderful family. They keep me going and I hope I do the same for them. We all face challenges, but with strong family support, if you can’t change a situation at the very least you can make the most of it.

A major reason I’m in business is to support my family. I want them to have the resources for their needs and enough of the things they want to keep them happy. Money may not buy you a happy family, but it gives you options.

We all need balance in our lives. You can get a lot of satisfaction from a successful business, as well as a good income, but it’s not worth it if you have no time or energy for the people you love.

  1. Faith

Successful business owners have all kinds of faiths. There are people accomplishing amazing things from all parts of the globe of every faith, including those who don’t belong to an organized faith. I’m not here to convert you to one or another, just to try to open your eyes to the possibilities of faith.

I think we all need some kind of faith to make sense of this world. Increasingly Americans consider themselves to be spiritual but not religious. They find a way to work that into their lives that suits them. If your faith isn’t a God-based religion, maybe you have faith in your potential and that of others.

Whether we’re alive on Earth because of an unfathomable grand plan or sheer luck, we should be working toward creating a better place for everyone. I’d like to think that’s a faith we can all believe in.

I want to spend time with people who build my faith. You should too. It’s a harsh world, and despite all the millennia humans have been alive, it’s hard to find a good reason why bad things happen to good people. I want to make the most of my life, so I try to work with those who strengthen and broaden my faith because it helps me get through the day, to decide right and wrong, and make the most of my life.

  1. Finance

A successful business can be very gratifying, but it’s income that pays the bills and allows you to save for the future. I’m constantly trying to find the right people who, in some way, will help my business and my finances. You never know who you might meet or how they might contribute.

This doesn’t mean your life should be a quest for people to exploit (if it is, what kind of faith do you have?). But it should be about finding people who will help you and developing relationships in which you can return the favor.

You need to find new clients and customers, so keep your eyes and ears open to meeting those who can help you directly and indirectly through a board of directors. It’s the most effective and efficient way to grow your business while allowing you the opportunity to give back to others who help you.

Get the Help Your Business Needs

If you want to learn more about how to leverage your relationships with business partners and grow your business, fill out my contact form and attend one of my online seminars. Let’s start the conversation about how we can help ourselves and others.

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A Rising Tide Lifts All Boats

As we get past the pandemic and the economy improves, we hope that those who struggled over the past year can find success. Some businesses had record years last year, others stayed the same, but many suffered. You may find your boat lifting this year not just because of a better economy but because of those on your board of directors.

When you help others by referring them clients, you actually have the ability to help many other individuals as well. For instance, if a realtor refers a client to a financial advisor, he/she will want to know if the client has a will. If they do not, the financial advisor will likely refer them to a wills and estates attorney, giving the attorney a chance to benefit from your original referral. 

The National Economic Tide is Rising

Federal Reserve Bank officials are forecasting economic growth this year of 7 percent, a level the U.S. hasn’t seen since the 1980s. With that growth comes inflation, projected at 3 percent (not counting volatile food and energy prices) for this year, reports Politico. Raising interest rates is usually a response to inflation, but the Fed stated that might not happen until 2023. They expect heightened inflation to come back down by next year.

That’s good news, so we should work together to make the most of what’s going on around us. More than a year of pandemic limitations caused lay-offs and business closures. Some industries had record years, and those who navigated the pandemic want to get out of the house, get their lives back, and spend money. Let’s take the ball and run with it!

Everyone Should Pitch In

With enough cooperation, communication, and goodwill, your board of directors could be the key to maximizing the opportunities that may await your company this year. You should also do your part to help the companies you’re helping as a board member.

As your business leverages the contacts you’ve developed, you may need more help meeting the demand. By relying on your board, and their connections, your success can spread to others. The businesses that count on you for your feedback and guidance should also reach out to you. They may need your help to exploit their growth.

When it’s time to buy supplies or services, turn to your board members. If they can’t directly help you, they may put you in touch with someone in their network. If you need to hire someone, turn to your board for suggestions if you don’t know of a good candidate yourself.

Buy Super Local

You need to develop a community of people who support each other’s businesses. The more members use their resources to aid each other, the faster and easier it will be for these businesses to grow. One of the main benefits of buying from local businesses is that the positive economic impact is more concentrated in your region compared to buying from a national chain.

One way boats rise is when their owners spend as much money as they can on each other. As the economy improves, there should be more to spend, and the benefits will rebound through your board of directors. This goes beyond buying locally in your town to buying super locally. Try to spend all you can on those you know and work with. They should return the favor, though it may take some time.

Take the Next Step. Contact Coaches for CEOs

How can you build a sales machine for your business? Build your board of directors. These people can champion your business while you return the favor. Contact me to learn more about how working with others can make your business grow. Fill out my contact form so we can talk about your business and how you can join a Zoom seminar to learn more.

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When It Comes to Business Partners, Knowledge is Power

When you become a Coaching for CEOs client, we will talk about your business and learn all we can to help it grow. The more we know about you and your business, the better position we will be in to help you put together the best board of directors you can.

We will want to know your POS:

  • Production: How many clients do you currently serve?
  • Offering: What services or products do you offer?
  • Sources: Who are your ideal clients?

Without knowing your strengths and weaknesses and what you need to reach your goals, it’s hard for us to help. We will also need a baseline of where your business is now so we can chart a course for you to grow. Your business partners should also know your POS. If not, they won’t know which of their clients and connections are a good fit for you.

With the right knowledge, your business partners will be empowered to help you.

Production

We’d like to know how many clients you have and your capacity to serve more. You may want fewer new clients who buy more from you or you might be better served by diversifying your clients so there are more of them, but they buy less.

How much growth do you want and how fast do you want to grow? Companies can fail because they lack customers or can’t cope with fast growth and their service and reputation suffer. Your competitors could take advantage of the situation and take your unhappy customers away.

Offering

No one can help your business if they don’t know what you do. Depending on what you do, one of your possible business partners may be a great match, while another may not be much help. Ideally, you find someone who is well connected to the people or businesses you want to serve but they’re not competing against you.

Your business may be very local, have clients in this region of the country, or nationwide. A business making or selling something fairly simple and inexpensive will have a client base much different than if you are selling a product that is complex and expensive. Do you sell directly to users or through distributors?

Service providers face similar issues. A business selling home cleaning services or lawn maintenance is much different from one offering accounting or legal services to business clients. Is your service limited to a geographic area, or can you provide it anywhere thanks to telephones and the internet?

Sources

Your ideal clients could be individuals, small or large businesses, institutions, nonprofits, or government agencies. They might be in the area or within a five-hour drive. You may seek well-off families with considerable disposable income, businesses willing to spend money on you to save more money by cutting one of their costs, religious organizations looking to grow their membership, or car repair shops looking for more customers. There’s no potential customer out of reach with the right board members.

Get the Help Your Business Needs

If you want to learn more about how to leverage your relationships with business partners and grow your business, fill out my contact form and attend one of my online seminars. Let’s start the conversation about how we can help ourselves and others.

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7 Ways to Market Your Business for Next to Nothing

Are you attempting to build a business but cannot seem to bring in the right leads? Are your sales down? Do you want to do more to market your business? Some of us are natural promoters. For others, being the center of attention might be the last thing you want. If you own a business and that’s how you feel, it’s something you’ll have to manage. It’s difficult, if not impossible, to generate sales without getting into the “limelight” in some way. However, it’s not nearly as bad as you think, and there are many ways to accomplish this without being a carnival barker for your company.

Do Your Friends, Family, and Connections Know What You Do? 

When it comes to “getting the word out,” these people are low-hanging fruit. They know and care about you. You never know who they might know, who their neighbors, co-workers, or in-laws might be. Friends and family should be happy to refer you to people who need your help. It’s a win-win for them. You sell a service or product that their family or friend needs. They make a connection and everyone’s happy.

Make Appointments With Key Individuals Who Make Money From You

Take some time and track where your spending goes. There will be some who will be of no help, like the IRS, but others may be like you, business owners looking to expand their connections:

  • Who repairs and maintains your vehicle?
  • Do you regularly buy vehicles from the same dealer?
  • Who maintains your heating system and air conditioning?
  • Who’s your insurance agent?
  • Do you rely on a contractor for home repairs or maintenance?
  • Do you use an accountant?
  • If you’re active in politics, did you donate to or volunteer for a candidate?
  • Do you hire a music teacher or private coach for your kids?
  • Do you regularly go to a gym?

These individuals may have contacts with all kinds of people. Arrange a meeting at a time and day convenient for them, make it short, and tell your story:

  • Tell them who you can help and how
  • Ask them to keep their “ears open” for opportunities and introductions to those who may be customers or referral sources
  • Offer to return the favor. Who do they help? What kinds of customers do they seek? Who would be a good connection for them?

LinkedIn

LinkedIn is a social media platform focused on professionals, businesses, and organizations. It has about 700 million members worldwide. You can start for free, but your ability to find and connect with others improves as you pay for more expensive subscriptions.

Like any social media, it may not cost money, but getting results will take time and energy. You should engage other users, make connections, and post articles to show your knowledge and expertise. Like anything else, the more you put into LinkedIn, the more you can get out of it.

Testimonials From Clients

If you have happy clients willing to write a testimonial or shoot a video about your excellent work, that’s free and very valuable content. You can post it on your website and the social media you use (especially LinkedIn). If your product or service is something visual, a video from the client showing your work can be very effective.

This is what marketers call “social proof.” We don’t always have the time and energy to determine who we should hire or buy from, so we rely on others’ opinions. It’s why Amazon includes product reviews and why their purchasers use them.

Video

You could provide a live video of a presentation, talk to a satisfied customer, or discuss with someone important issues your clients face. It could be on Facebook Live or YouTube. Recordings can be saved and accessed by others later. You can send promotional emails before going live and afterward email links to saved recordings to current and potential customers.

Training

I train others to get the most sales for their businesses with the least time, effort, and cost. It’s all about cooperating and working with others, referring business back and forth, but in a way that’s much more effective than networking groups or chambers of commerce.

If you want to learn more about leveraging your relationships and growing your business, fill out my contact form and attend one of my online seminars. Let’s start the conversation about how we can help ourselves and others.

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Networking Strategy for Your Business

Your best networking strategy is the one that provides you with the most warm leads in the least amount of time. That’s not something you can do by yourself. It requires others to commit to helping you. To make that work, you need to return the favor.

You need a Board of Directors (BOD), a group of people showing a deliberate intention to build your bottom line. That belief, time, and energy invested in your business must be reciprocated or it won’t last. It also wouldn’t be fair for you to take advantage of their efforts but not do the same for them. Bring opportunities to them first. Give a hand up, don’t ask for a hand out.

Work for Others So They’ll Work for You

Get to know these other businesses and promote them. If you worked in their sales department, what would you need to know?

  • What are their products and or services?
  • What geographic area do they cover?
  • How are they priced? Do they undercut the competition? Are they providing premium products or services at a premium price?
  • Do they have a market niche or do they pursue the general public?
  • Why should someone trust them? Why should they be relied upon for this product or service?

While doing your research, you may find someone isn’t a good fit for you. There may be little or nothing in common between you. You may also find this person isn’t trustworthy and has a bad reputation. You don’t want to refer your valuable contacts and connections to this kind of business. If your contacts get burned, that reflects badly on you.

For those you want to work with, keep your eyes and ears open for potential customers and opportunities for their business while you go about your own business. Of the people you meet or know, who might be a good match for them? You don’t have to hard sell, just make connections and introductions. Do your part to make it easy for your BOD member to do business with your contact.

There are other things you can do as well. Your BOD member probably has an internet and social media presence. Share their posts and provide positive comments. If you used their product or service, leave an endorsement on one of any number of websites that may rate this business. You can also write a review on Google Local or Yelp!

Opportunities are Out There – Help Your BOD Members Take Advantage of Them

Think about others who serve your clients and introduce the concept to them. You can create your own economy by bringing those to the table who can help your business grow while you help them grow.

The economy overall is struggling while some industries are having record years. In this disjointed economy, make the connections that can help spread the wealth. Those people and businesses doing well may need help from others to keep up, including you and your BOD members. They may be:

  • too busy to do landscaping
  • able to afford a nicer car and are actively searching for one
  • working from home and want an addition. They’re looking for a contractor and want to refinance their mortgage or get a home equity loan
  • looking for accounting or legal help because their business has grown

Are there businesses and people in your network who can fulfill these needs? These are challenging times that require flexibility and creativity. Through your efforts, you and those helping you can enjoy the fruits of your labor.

Help Others Help You

If you want to learn more about how to leverage your relationships, get the most out of your networking strategy, and grow your business, call me at (856)905-7040 or fill out my contact form, and attend one of my online seminars. Let’s start the conversation about how we can help ourselves and others.

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The Busy Trap

Are you busy with your business, making some money, but not as much as you want? We can all get mired in busywork that sucks too much time out of our days. We’re busy with wheel spinning and slogging ahead, not focusing on intentional networking and business planning to grow our relationships and expand our bottom line. 

You can fill your day with meetings, phone and Zoom calls, business card exchanges, and not-working events. Content marketing requires a constant stream of new blogs, LinkedIn articles, and social media posts. Connecting to others on LinkedIn involves time and effort, but there are hit or miss results.

It is also easy to get distracted. People fall victim to thinking immediate news and information all day, every day is a good thing. In my mind, it’s a granted form of theft. We allow that shiny object or bit of information to steal our gifted minutes. It’s nothing but a distraction.

If you lack a strategy and busyness isn’t bringing anything to your bottom line, you need to focus on building meaningful connections that bring opportunity directly into your business. How do you find the time and energy to do that?

Time is Money

The key is to create as much time as possible for business development, then use that time to generate business most effectively and efficiently – by creating and cultivating connections and your Board of Directors (BOD). You must get the most money out of your time. It’s limited and has value. Think of every minute as a dollar. What would be the best way to spend it?

Many of us, business owners and others, are simply distracted and unfocused. We surf the internet. We post on social media. Maybe you’re a big fan of air fryers, Kenny Chesney, Ford trucks, or the Eagles. We can’t get enough of online debates and the latest news.

You need to put your hands up and step away from your smartphone. This distraction is doing nothing to improve your business or your life. It may be hard to imagine, but for thousands of years, humans existed without Facebook, Instagram, YouTube, and internet-connected phones.

Document How You Spend Your Time So You Can Do It Wisely

For a week, write down what you’re doing for your business and how much time it’s taking. Organize your notes, add up all the time you spent, then consider what return, if any, you’ve gotten. Look for patterns.

  • Are there things you’re consistently doing that, despite your hopes, aren’t giving you back what you need?
  • What may not get immediate results, but the odds are good business will come soon?

Think about the essential tasks of your business.

  • How many must you do? Can any be delegated to others?
  • If you spend a lot of time on your business’s operations, what are problems that repeatedly come up? What are the causes? Is there a way to address these problems so you won’t spend so much time on them? Do your employees need better training or equipment?
  • Can anyone else handle these problems instead of you? How feasible is it to hire someone else to do this work? Might a digital assistant whose services you outsource be a solution?
  • Is there a way to automate these tasks or use technology so you can do them more efficiently?

The Road to Unprofitability is Paved With Bad Intentions

To spend more time developing clients, creating business relationships, and getting the most of your BOD, use your time efficiently. If that’s not happening, document how you spend your time, analyze the data you found, and take actions to use your time better and more effectively.

Schedule your time so you’re making good use of it and stick to your schedule. Commit to being organized. Right now, organization may be something you know you should do, but you won’t take the plunge and get it done. Now’s the time. Make it happen.

Help Others Help You

If you want to learn more about how to leverage your relationships and grow your business, call me at (856)905-7040 or fill out my contact form, and attend one of my online seminars. Let’s start the conversation about how we can help ourselves and others.

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Creating Business Relationships

COVID-19 has upended the world and many relationships since March. What hasn’t changed is the need for your business to grow. Depending on your industry, this year may have been a struggle, or you may be doing very well. Whether you need to turn the corner or continue to succeed, it is always a good time to create new business relationships and strengthen existing ones.

There’s a Lot More Than Talking, Shaking Hands, Exchanging Cards, and Drinking Coffee

We’ve all been to networking meetings, lunches, and presentations. They’re now on Zoom, so there are fewer human connections to make. Some groups require you to pay to belong and send referrals to others. Those approaches may work for some, and maybe they’ve worked for you, but they’re mostly a lot of time and effort with not much in return.

Business relationships are not created by handing out cards and going to lunch. They’re formed when two professionals have a deliberate intention to contribute to each other’s bottom line. It’s an approach that’s much more focused and effective.

Networking groups generally have the same idea, but the commitment isn’t there. When you meet someone at a networking group, you may try to figure out who the two of you know, who might connect with whom to help each other out. It is all very nice, but the difference is like playing in a softball bar league and the Major Leagues. It’s a whole different level.

Build a Business Relationship and a Board of Directors

Come with your hand up, not with your hand out. How can you help another individual build their business? How can you help them make money right now? These are the questions you should ask yourselves.

Build a board of directors (BOD) for your business, know what each member does, and join their BOD. Survey other connections and prospects on behalf of your BOD. Go through a mental checklist of members.

  • What’s their service?
  • What do they sell?
  • What problems do they solve?
  • Who are their target prospects?

If a realtor is on your BOD, or you’re on their BOD, ask someone you know, “Are you looking to buy or sell a house in the next year?” If so, not only may your realtor friend want the business, but your BOD member who does home repair or sells insurance might be interested as well.

Create connections that will help you and others. Be ready to introduce your client to that realtor. Schedule a call or get them on the phone right away while the issue is on the top of the person’s mind. Follow up with a phone call, text, or email. Follow-up is critical for your own sales and helping others.

Business love is not a thank you, a handshake, or a warm fuzzy feeling.  It is a collaborative partnership that yields opportunities and money for everyone involved. It’s about doing good for others, helping them and yourself do well. It’s a rewarding result, not just financially, but emotionally too.

Friends are great and we all need friends. But they probably don’t help pay your mortgage. If they don’t contribute to your bottom line, they are only a friend.

Help Others Help You

If you want to learn more about how to leverage your relationships and grow your business, call me at (856)905-7040 or fill out my contact form, and attend one of my online seminars. Let’s start the conversation about how we can help ourselves and others.

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Build Your Business

Building a business is like building a home. You could try to do it yourself, but you can only do so much. The same is true of building a business. The more help you get, the easier it gets, the faster it comes together, the stronger it becomes.

Imagine you have a group of professionals working hard to bring you potential clients. Would you feel more confident you could get through today and have a brighter future? More importantly, would it increase your chances of success?  

Your Board of Directors

Coaching for CEOs teaches you how to put together a Board of Directors (BOD) for your business. If your business is a corporation, you already have a BOD, but this is different. You should have a BOD no matter what kind of legal entity owns your business, whether you’re a sole proprietor, a partner, or own an LLC.

There are many acronyms in my program. Your BOD is comprised of those willing and able to help you build your business. You can think of it as a board of advisors. Your BOD members should be those who can refer clients to your business. But it’s also a two-way street. You need to help your BOD members develop new business too. 

How BODs Work

Over time, your BOD is a link in a chain of BODs for other businesses. You own one business, but you should become a board member for other businesses. Your board members should too. You’re all linked because you’re able to provide leads to others while they give them to you.

Let’s say you’re a home repair contractor. 

  • You may get to know other contractors and your customers own homes.
  • You’d be a good board member for an insurance agent.
  • That agent should know of policyholders making claims for home damage due to fires or water. 
  • The agent would be a good board member for you.
  • The agent could refer his clients to you so you could do repairs.
  • The two of you could be good directors for an attorney.
  • Your clients might need a lawyer if they’re having problems with their insurance company because it’s rejecting their claim to pay for the home damage. 

How My BOD Works

When I’m not training business owners on how to find new clients effortlessly, I work as a mortgage broker. I constantly think about my BOD and how to bring them new clients. I remember my BOD by the acronym BSMDC:

  • Buyers for my real estate agents
  • Sellers for my real estate agents
  • Mortgages for me 
  • Divorces for my divorce attorneys
  • Caregivers for financial planners and estate planning attorneys

Each person in my BOD can directly refer clients to me. I am always on the lookout to refer clients back to them.

Take the Next Step. Contact Coaches for CEOs

How can you build a sales machine for your business? Build your BOD. These people can champion your business while you return the favor. Contact me to learn more about how working with others can make your business grow. Call me at (856)905-7040, or fill out my contact form so we can talk about your business and how you can join a Zoom seminar to learn more.

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