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Randy Elgin
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San Antonio, TX 78230
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How to Survive the Recession... Stronger Than Before
As bad as it is out there, it's important to recognize that this is a time of tremendous opportunity.
Get my free report, "How to Survive the Recession ...Stronger than Before" by replying to this email or by calling the number above.
Worth Reading
Selections from the best articles seen online this month.
5 Things You Must Do to Sell to a Small Business Owner
from Duct Tape Marketing
John Jantsch advises small businesspeople to look at their own buying habits for keys to selling to other small-business owners. “Don’t sell; educate,” he says. Provide solutions and show that you will be there whenever and however you are needed.
5 Things a B2B Website Must Accomplish
from Marketing Interactions
In order to start climbing that ladder of opportunity, your B2B website must orient visitors as soon as they land on your site. Make sure your content speaks directly to their needs and indicates clearly what they must do to access your services. Also provide interest pathways that incorporate all resources about specific topics in a logical progression. Be sure you can monitor activity.
BOOK REVIEW
The MacKay MBA of Selling in the Real World
Harvey MacKay is perhaps best known for his book How to Swim With Sharks Without Being Eaten Alive.
The title of his new book is less amusing but still sums up the content of the work. This book is an extremely thorough summary of everything you need to know to create a successful sales career or grow a business through an effective sales operation.
The book is divided up into bite-sized chapters, which makes its content easy to digest. This isn't a book to read at one sitting.
Instead, it's more suited to leaving on your desk as a reference to pick up from time to time, or to reading one chapter per day.
In addition to dealing with sales tactics, it also handles personal development - something that is key to functioning well as a salesperson or a business owner.
This book is highly recommended for anyone who is struggling with sales or simply wants to sell more.
Wisdom
Quotes by...Mark Zuckerberg
"When you give everyone a voice and give people power, the system usually ends up in a really good place. So, what we view our role as is giving people that power."
"People have really gotten comfortable not only sharing more information and different kinds, but more openly and with more people, and that social norm is just something that has evolved over time."
"It's not because of the amount of money. For me and my colleagues, the most important thing is that we create an open information flow for people. Having media corporations owned by conglomerates is just not an attractive idea to me."
"It's tough to say, exactly, what things will look like in three to five years, but there's a lot of work to do in just moving along the path that we've already set out."
"Move fast and break things. Unless you are breaking stuff, you are not moving fast enough."
Mark Zuckerberg founded Facebook. |
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REAL ESTATE
3 Key Questions to Ask Potential Tenants
Qualifying commercial tenants can be a difficult process. Dealing with businesses that may have no history or individual business owners who may not have experience running a business can make it difficult to select tenants. Following are three questions a landlord needs to consider before leasing a commercial space to a tenant:
1. Is the business owner serious about moving or expanding his or her business? Both established and new business owners have their own motivations for selecting a space to lease. Does the lease offer options for future expansion of the space? As the landlord, you want to ensure that the tenant is committed to the space for the term of the lease and perhaps even beyond.
2. Is the business owner financially capable of supporting the lease? A thorough inspection of the prospective tenant's financial information is essential.
3. Does the tenant meet the qualifying criteria? Every landlord will have slightly different criteria. He or she may consider only non-competing businesses within a retail plaza, or he or she may want to lease to businesses that will require minimal changes to the structure of the space. Regardless, the landlord needs to clearly identify and stick to his or her qualifying criteria.
The difficult process of qualifying commercial tenants can be simplified if you know what questions to ask before negotiating a lease with a potential tenant.
MANAGEMENT
The Secrets to Setting Effective Business Goals
 A new year always brings with it new personal goals. And it's also a great time to think about setting new goals for your business.
Goals give you focus, allowing you to trim the fat where needed.
Once you've marked your goals, you can go back and review where business efforts aren't really contributing toward the desired result - saving you both money and time.
Goals will also allow you to spot opportunities that will help you further along your path.
You should be thinking about both long-term and short-term results.
Long-term goals should be based quarterly and yearly, while short-term goals are best suited for monthly timetables.
Setting short-term goals also lets you better manage your time.
You can sort out weekly goals and better allocate resources to ensure you're able to achieve monthly benchmarks.
Be careful not to overindulge.
Setting goals is not like writing a wish list. It's not about what you want but rather about what you can realistically achieve.
If you overindulge in goal setting, you'll completely miss the benefit goals have to offer, and you’re more likely to over-invest both time and expenses in a desperate effort to meet the mark.
Remember that it's not about shooting out as many arrows as you can to hit as many targets as you can.
It's about selecting the best targets and hitting them directly with calculated effort.
MANAGEMENT
How Strong Company Culture is Key to Business Success
 An organization's culture is the shared values and practices of its owners, managers and employees.
Culture is reflected in visible symbols.
Such symbols include everything from the firm's logo and signage to its marketing materials and premises.
Symbols also include less-tangible factors such as the way people dress and talk, how they treat each other, and how they interact with customers and vendors.
Smart business leaders seek to create a culture that is closely aligned to the firm's strategic goals and to inculcate cultural tenets through both formal policies and daily practices.
This starts with a mission statement that sets out the stated vision and values.
Physical space is important too.
If the culture is about innovation and creativity, work areas should be open so that people can exchange ideas and work together.
Getting employees engaged in a company's culture with their heads, hearts and hands is largely dependent on leadership's focus and commitment.
The best way to build and reinforce organizational culture is through behavior and role modeling.
If employees see that their leaders care about customers, they'll begin to adopt a customer-focused culture.
If they see managers demonstrating that care about employees, they will emulate that behavior and internalize that value.
A strong company culture motivates people to work hard, take pride in the business and assume responsibility for the firm's success.
Both employees and clients want to be associated with this kind of company.
REAL ESTATE
What if You Want to Sell an Occupied Building? Many commercial real estate agents have been faced with the unique challenge of showing potential purchasers an operating business in a commercial complex without raising the suspicions of the customers or employees.
If everyone involved knows their role ahead of time, the showing and subsequent transaction can run very smoothly.
The role of the listing agent is to communicate with the seller on a regular basis to determine the best times to show the property.
Buyers will want a sample of how the business operates on a day-to-day basis, and sellers will want to ensure that there are no interruptions.
By educating potential buyers or their agents on the predetermined showing arrangements, showings can be conducted as discreetly as possible while still showcasing the property and the business in the best light.
The role of the buyer agent is to communicate with the listing agent and schedule a showing that works for all parties involved.
Communicating the proper qualifications of the potential purchaser in advance can save time.
The buyer agent should also educate the buyer on the predetermined arrangements for showings.
Oftentimes this involves discreet visits to the property to purchase a tank of fuel, a newspaper or a meal, depending on the type of business.
The role of the seller is to work with the listing agent to allow reasonable access to the property for showings.
In many cases, the seller schedules himself or herself to work a few shifts per week, and showings will be conducted during those times. This minimizes the risk of inciting panic among employees due to fear of losing their jobs.
Managing the employees is an integral part of the seller's showing strategy. If the goal is to retain the staff, more discretion may be required.
For relocation, staff can be informed of the sale of the property and the relocation plan. When selling a business, the seller may want to insulate staff from the sale to limit staff turnover. By discussing showing restrictions, pitfalls and issues with a real estate agent, sellers can strike a balance between access and discretion that will work for both the seller, the business and potential buyers.
The role of the buyer is to understand and appreciate the need to be discreet during showings.
He or she must avoid going back to the property unannounced and asking questions or requesting information from employees.
While it is understandable for buyers to want unfettered access to a property, the business owner requires more discretion.
There will always be a fine balance between having reasonable access to a serious buyer and protecting the integrity of the business.
Too much access for buyers can lead to anxious staff that may leave for more secure employment pastures.
It can also turn away potential customers who may question the future of the business.
This places the seller in a difficult position, jeopardizes the negotiation process and could be detrimental to the business. |
| This newsletter and any information contained herein are intended for general informational purposes only and should not be construed as legal, financial or medical advice. The publisher takes great efforts to ensure the accuracy of information contained in this newsletter. However, we will not be responsible at any time for any errors or omissions or any damages, howsoever caused, that result from its use. Seek competent professional advice and/or legal counsel with respect to any matter discussed or published in this newsletter. This newsletter is not intended to solicit properties currently for sale. |
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