Entrepreneurship - The Why Effect https://thewhyeffect.com Shifting Perspectives Mon, 08 Nov 2021 09:59:55 +0000 en-US hourly 1 https://wordpress.org/?v=7.0 https://thewhyeffect.com/wp-content/uploads/2022/01/cropped-The-Why-Effect-Logo-Website-32x32.png Entrepreneurship - The Why Effect https://thewhyeffect.com 32 32 Think Like an Entrepreneur: Building relationships in a hybrid working environment https://thewhyeffect.com/building-relationships-in-a-hybrid-world/ https://thewhyeffect.com/building-relationships-in-a-hybrid-world/#respond Mon, 08 Nov 2021 09:59:55 +0000 http://thewhyeffect.com/?p=1306 A simple tool and 5 steps to intentionally building strong relationships If you would like to access the video recording of this and the template, please click here to receive them. Relationships used to happen organically. People gathered in the same physical space, they were able to connect (whether they wanted to or not) with […]

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A simple tool and 5 steps to intentionally building strong relationships

If you would like to access the video recording of this and the template, please click here to receive them.

Relationships used to happen organically. People gathered in the same physical space, they were able to connect (whether they wanted to or not) with others in a seamless way. Talking while making coffee in the same kitchen. The proverbial water cooler chat. Bumping into each other in the passages. Walking into the office from the car park. The opportunities for informal chats were endless. Most of these opportunities no longer exist. Remote, or hybrid working environments, have changed the way we build relationship. But we still need to build relationships. So how?

This is one to areas I’ve consistently heard people express concern about. Not just with new team members who were on-boarded post March 2020, but even with existing team members and other people within the organisation relationships need to be maintained.

Think like an entrepreneur!

Entrepreneurs are known for finding creative solutions to problems. Opportunities within the difficulties. While this may look like a natural and easy skill. It isn’t. We rely on different tools, mentors, support structures to achieve this. Here’s a tool, adapted slightly, that can help you work towards building relationships intentionally in a remote or hybrid working world.

The humble sales funnel!

The sales funnel is a process that takes potential customers through a journey. It starts with creating awareness about your product or service through to purchase and retention. Have a look at the image to get the idea.

Relationship building sales funnel

Using a sales funnel to build relationships

Approach your relationship building like a business approaches business development. It’s time to get intentional about who you need to create relationships with and how you’re going to do it. This will not happen by accident anymore.

Relationships are centred around three key phases; know, like and trust. Once you know me, what can I do to make you like me and then how can I build your trust. Taking it one step further, how can I maintain that trust?

Step 1 – Who needs to know you?

This is your target market. It could be your colleagues, superiors, people in other departments, any who is key for you to build a relationship with. This could be a list of 2 people or 22. It doesn’t matter. Write their names down.

Step 2 – How am I going to connect with them?

Connect with people in a way that makes both you and them comfortable. It could be as simple as scheduling an informal cup of coffee. Perhaps the person doesn’t have time for coffee or prefers engaging online. Could you perhaps connect with them on a platform like LinkedIn or another social media platform? If they are in the office on specific days of the week, this could also be a good time to connect with them.

There are unlimited opportunities available to connect with people. The trick is to work out what works best for them but also what you would like to achieve with this connection. Getting a superior to notice that you’re a thought leader requires a very different approach to building a relationship with a colleague.

Step 3 – What will make them like me?

“Like” is a tricky word in this context. Perhaps a better word would be respect and being able to work together as a functional team. You may not have a common area of interest with everyone (and sometimes common areas of interest outside of work can be difficult to manage). But finding out what information your “target market” need from, when they need it by, how they like to receive it etc could go a long way to helping entrench the relationship. You could even go beyond this and find out how they like to work, when they prefer an email or a text message.

Get creative with this process. Keep thinking about other options and opportunities. Asking questions never did any harm either.

Step 4 – What will make them trust me?

Trust is built up through consistency and integrity i.e., doing what you say you will, when you say you will. And if you can’t, how are you communicating about not being able to meet requirements?

You’re probably doing a lot this unconsciously all ready. But by becoming conscious about it will give you the opportunity to tweak how you do things. You might also go truly entrepreneurial and find more efficient ways of delivering what you need to. Another word for this is systems and processes! Can you create micro systems and processes for yourself?

Step 5 – What will make them keep trusting me?

Trust can often be like a debit and credit system. If you have a lot of credit i.e., have a good reputation and become known for doing things well and on time etc. when you need to make a “withdrawal” (also known as making a mistake) it’s ok because you have the credit to do so. But trust can also be broken with one single action. Everyone has their absolute no no’s. These are the things that no matter how good your credit score, if you do this all trust will be wiped out. But if you’ve done your homework properly in step one you should know what these are, and you’ll be able to avoid them completely. Or just think about what single actions would wipe out years or months of trust for you? You can probably apply these to most people.

Discomfort is ok

Following this process might feel uncomfortable initially, like all new things. But keep working at it and have fun with this process. It will become more comfort and easy and your relationships and career will benefit.

 

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Nicci chats to: Andy Coppin about storytelling https://thewhyeffect.com/nicci-chats-to-andy-coppin-about-storytelling/ https://thewhyeffect.com/nicci-chats-to-andy-coppin-about-storytelling/#respond Fri, 22 Oct 2021 08:48:38 +0000 http://thewhyeffect.com/?p=1291 The art of storytelling In this interview Nicci chats to Andy Coppin about using the art of storytelling to become a better presenter and public speaker. Click here to access to interview. Andy shares his tips on how to: Overcome public speaker nerves (hint: it involves lots of practice!) Incorporate storytelling into your day-to-day meetings […]

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The art of storytelling

In this interview Nicci chats to Andy Coppin about using the art of storytelling to become a better presenter and public speaker.

Click here to access to interview.

Andy shares his tips on how to:

  • Overcome public speaker nerves (hint: it involves lots of practice!)
  • Incorporate storytelling into your day-to-day meetings
  • Find your story

LinkedIn Live Interview with Andy Coppin about the art of storytelling

For more information or to be a part of Nicci Chats To… click here to contact me

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Know, like and trust https://thewhyeffect.com/know-like-and-trust/ https://thewhyeffect.com/know-like-and-trust/#respond Fri, 23 Apr 2021 12:05:22 +0000 http://thewhyeffect.com/?p=1271 Building a relationship with your audience Hello my name is Nicci. I’m a business owner. I help other business owners achieve growth through operational excellence. Now you know me. I’m passionate about entrepreneurship and love connecting with other entrepreneurs from around the world to share our stories of success and, sometimes failure. Maybe we can […]

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Building a relationship with your audience

Hello my name is Nicci. I’m a business owner. I help other business owners achieve growth through operational excellence. Now you know me. I’m passionate about entrepreneurship and love connecting with other entrepreneurs from around the world to share our stories of success and, sometimes failure. Maybe we can support each other and grow together. Now you like me… I hope! But let’s talk about trust. Bit more complicated, isn’t it?

Building relationships with people can be tough, both personally and professionally. But this isn’t about personal relationships. This is about professional relationships and creating a connection with your audience or target market. (In my case that might be you.) It’s a crucial part of building and maintaining a business. Think about creating these connections in three phases: know, like and, finally, trust.

Know

We get to know people in various ways. We meet them at events or conferences. We actively network through various groups or on social media platforms. We reach out through different sales tactics. We produce content that will appeal to them. The list is endless. This is how people get know us.

Who do we want them to get to know? We want them to get to know a respected, credible businessperson (remember we’re talking business here not personal). Someone who can help solve their problem or add value to their lives.

But getting to know people – or getting them to know you – is just that. I know who you are. Nothing more. To create a genuine connection, I need you to like me.

Like

How do you build “like”? How can you create a strong connection with someone who is a complete stranger? Here are some of my thoughts:

  1. An open mind

Approach people and situations with an open but discerning mind. Strive to expand your views and challenge yourself. Connect with people you wouldn’t normally connect with. But understand that time is precious, so remain discerning. Especially when it comes to creating business connections.

  1. Curiosity

Without curiosity there can be no empathy. Empathy is one of the main drivers of creating connection. How can you understand people if you don’t get curious about them? Ask questions and be genuinely interested in their answers. And remember introverts are often better at this than extroverts. They tend to ask more and talk less. So, there’s no excuse. Extroverts – learn something!

  1. Empathy

This has been identified as one to greatest traits a leader can have. And the best way to connect with someone. The ability to put yourself in their situation and understand the problems they face. The trick with empathy is that is must be real. It’s one of things you simply can’t fake it till you make it. But if you care about people and really want to help them (isn’t that why you started a business in the first place?) this shouldn’t be too difficult.

Trust

This is the hardest one of all. It takes the longest to build and can be wiped out in an instant. First you need to get to a point of trust. Once you have this the most important thing you can do is keep it. Don’t blow it!

I often see trust as being a debit and credit system. What we have or haven’t done in past counts for or against us in the present. The best way to top up your credits is by delivering on your promise and being consistent. Consistency is hard! (I’ve written about this before you can read that article here.) Doing what you say you will, when you say you will…. ALL THE TIME!

The promise

Firstly, we need to understand what our promise to our clients or audience is. Does this deliver value to them? Does it resonate with them? If you’re comfortable you have this right, please move along. If not do some work on this before you continue.

Tried and trusted – with a twist!

Being the operations nerd that I am, I have discovered the best way to build and maintain trust is through a good ol’ process. To achieve this, I dug into my trusted toolkit and discovered two frameworks I had never considered to achieve this.

Framework one – the sales funnel

This one was pretty obvious. Sales funnels are designed to get us thinking about how we create awareness for our businesses. Where do people search for the kind of information we can provide? What does the initial contact look like? Etc etc. What I have never considered was how to use this to drive the type of content I produce and where that should be published. Maybe you’re smarter than me but when I looked at this from a getting to know me/getting to like me perspective it changed my whole view of how this system could benefit me. Try it. Let me know how it works for you.

If you need a sales funnel template here’s one. I like this one because it gives action points, goals and deadlines.

Framework two – customer journey mapping

This one was less obvious for me (but as I said maybe you’re smarter). This particular customer journey map works hand-in-hand with the sales funnel (you can access a template here).

I found this exercise so useful because it forced me to consider things I hadn’t thought of before. All of which would contribute towards building and maintaining trust. My client’s (or potential clients) emotions at each stage of their customer journey. What the specific moments of truth are and how to handle their critical interactions. This was a real eye-opener for me.

A new lens

Both frameworks are not new. They are not new to me but when I looked at them through the lens of know, like and trust a new world opened to me. A perspective that I have never considered before. A tried and trusted framework with a twist that changed the way I viewed my client interactions. And more importantly has helped me build and maintain the trust of my existing clients and given potential new clients the chance to know me, (hopefully) like me and ultimately trust me.

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The Income-Value Scale – When is it ok to work for free (or less) https://thewhyeffect.com/income-value-scale/ https://thewhyeffect.com/income-value-scale/#respond Fri, 29 May 2020 13:44:35 +0000 http://thewhyeffect.com/?p=1201 Click here to listen to the audio version of this article “If we’re going to get paid nothing. Let us choose what we do with our time. Is it this?” I said this! To my business partner. About 8 years ago. I’ve changed my tune over the years. I’ve realised this is not a black […]

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Click here to listen to the audio version of this article

“If we’re going to get paid nothing. Let us choose what we do with our time. Is it this?” I said this! To my business partner. About 8 years ago. I’ve changed my tune over the years. I’ve realised this is not a black and white scenario. There are a lot of grey areas. When is it ok to work for free or less money?

When I made the above statement, we weren’t earning a huge amount of money. We definitely had capacity. But in my defence, my thinking was along the lines of; by giving them a discounted rate now, would they expect this to be the norm moving forward? I never found out.

But let’s look at this objectively. Because I have no doubt, you have found yourself in a similar situation more than once. This is where you must weigh up your options – the income-value scale. The income-value scale is the method I use now to evaluate free or discounted work. I ask myself (or the people I’m working with) these five questions:

1. Is earning some money better than earning no money at all?

Of course, this would be in the case of a discount – not a freebie. Do you have the capacity to take this work on? If you have no capacity, you’re in a much stronger position to negotiate or walk away. Then it’s a no brainer. But which is better working and earning some money or Netflix and nothing? The choice is yours.

2. Will the work be good for your mental health?

This can be a bit tricky because you might end up resenting work that you’re not being paid your full price for. But on the flip side, staying in “work mode” might help you keep a good momentum going. You know the old adage: ask a busy person to do something. The more you have to do, the more you’re able to do and all that. Slipping into Netflix mode can be equally as dangerous.

3. High or low maintenance?

Let’s be honest. Some clients are easy. Some aren’t. Some are good payers. Some aren’t. I take these things into consideration on the income-value scale. This has a big impact on the actual amount of time you spend on a project. It can also affect your state of mind (see point 2 above). If you’ve never worked with a client before this can be difficult to gauge. But you’ll get a sense during the initial discussions and quoting or proposal process. If the client asking for a discount has a history of high maintenance and bad paying, it’s no go for me.

4. What are the benefits?

This is an important question when especially when you’re asked to work for free. Let’s use TEDx Talks as an example. Not only do you not get paid. But you must apply. And people do. In abundance. Why? Because it’s a great brand to be associated with. The kudos you get for doing the talk are worth it.

It might be the same scenario for a particular client. It might be really great work that you can use for a case study to get other clients. Think about asking for non-financial benefits, like a testimonial or some PR. Get creative with these types of negotiations. TEDx Talks get a fantastic video and you get featured on their website.

5. What are your long-term options with this client?

Long term, you have a choice. My biggest fear was that this client would never pay us what we were worth. Maybe this is true but that doesn’t mean there aren’t options. Can you use another cheaper resource to do the work? Maybe outsourcing will reduce costs? Can you negotiate and up the price? You also have the option to walk away if all else fails and there is no further value.

As a business owner, you’re responsible for the decisions you make. Choose wisely. Choose slowly. Choose objectively. If you don’t feel you can be those things, get a second and trusted opinion.

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