St. Louis Bi-State Region
Nov. 2019
OUR 2019 SCORE ST. LOUIS TRAUTMANNAWARD RECIPIENT CELEBRATING MAX SAUNDERS’ IMMENSE CONTRIBUTIONTO SMALL-BUSINESS MENTORSHIP
E ach year, theTrautmann Award is as a committee chairperson. Previously known as theVolunteer of theYear Award, it was renamed three years ago in honor of longtime SCORE member Carl Trautmann. Carl joined SCORE in 1988 and became national chairman of the board of directors in 2002. Carl passed away in March 2017. By the end of his tenure with SCORE, he had mentored over 3,000 clients. This year, it was our great honor to present the TrautmannAward to Max Saunders, a longtime SCORE mentor and someone who knew Carl Trautmann well. It seems fitting that Carl’s legacy can continue through folks like Max, who dedicate their time to sharing their business expertise. It’s been 7 1/2 years since he began volunteering with us, and he identifies it as one of the ways he’s found meaning in retirement while still calling on his business expertise.“SCORE helped me go from being a boss to being a helper,” Max explains.“I’ve been very happy being able to do this.” He enjoys meeting people and finds that folks are appreciative of his insight. presented to an active SCORE member who exemplifies our mission, has served on the executive board, and has served For 20 years, Max owned and operated a franchise quick-printing business in Kansas City.An engineer by training, Max found himself searching for more. Eventually, an opportunity to move to St. Louis and work as the general manager of a machine tool company came up,
and Max jumped at it. Over the course of his career with them, he got the company to $14 million in sales and got them to a place where they could pay off their long-term debt. At 73, Max reluctantly retired.At the Saunders’ annual Christmas party that year, someone asked the question he’d been dreading.“What are you going to do when you retire?” a friend’s wife asked.“I’ve been worrying about that,” Max admitted. Her next question surprised him.“Why don’t you look into SCORE?” she suggested. From there, Max looked into SCORE and, “The next thing I knew, I was going through the training,” he describes. He found himself going from retirement to helping on several committees with SCORE St. Louis, including working on the committee on education and putting together workshops and seminars. In his time with SCORE St. Louis, Max got to know Carl Trautmann well and speaks to the loss he feels with his passing.“I really miss him. He was like a dad to me as far as SCORE is concerned,” Max says. Max’s background in machinery manufacturing is pretty rare among SCORE mentors, and that makes his perspective invaluable.“I think differently,” he says.This has been helpful on numerous occasions for providing the type of diverse insight mentees need.“So many people don’t have any idea what you have to do to run a business.They might be good at selling
or good at engineering, but they don’t have a clue about the rest of the operations,” Max says.“That’s what we’re good at — helping people run a business.” Max clues folks in to the key components they’ll need to run a business, including cash flow, hiring the right team members, and making purchasing decisions. Now, after years of putting in countless hours to make companies successful, Max is using everything he learned to help small businesses get off on the right start.“SCORE has helped me convert from working many hours and being concerned with making money to helping people save money,” Max says of the fresh perspective he’s developed as a mentor. Congratulations, Max, and thank you for all you do for SCORE St. Louis and the many people whom you’ve provided mentorship and guidance to. With SCORE, you’re never alone! Schedule an appointment to meet with a mentor today. Call 1-866-726-7340 or visit StLSCORE.org right now!
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From Suspect to Customer A Prospect’s Decision-Making Process
negotiations or next steps/setup types of questions.Answer these questions well, and you’re on your way to having a brand-new customer. By focusing on campaigns that will help you walk each new prospect through their decision-making process, you will be better positioned to not only be on the short list come decision time, but also to be the company that wins the customer at the end of the day. Unfortunately, getting a new customer is only half the battle. Once you’ve acquired your new customers, your job becomes turning them into loyal, repeat customers. Most businesses lose money on each new customer, so make sure your customer onboarding process, repeat purchase process, and customer retention process are on point to protect your investment and ultimately help you see a positive long-term ROI for each new customer you acquire.At the end of the day, there’s no point in acquiring a new customer if you can’t keep them and ultimately turn a profit. With SCORE, you’re never alone!We offer workshops and seminars each month to help you develop the skills you need to succeed.Visit StLouisSCORE.eventbrite.com today!
product or service. Having a solid nurture campaign can increase sales opportunities by 20% or more. The consideration phase can last weeks, months, or even years. It’s all dependent on you, your follow-up, and the needs of the prospect. During this phase is when you want your prospect to chat with your salesperson or watch your selling webinar. AdvancedTip:While you’re giving great info and sales presentations to your prospects that position your product or service as better than your competitors’, make sure you also give the prospect info on why it’s important for them to take action and not simply do nothing . Many prospects bury their heads in the sand instead of working to solve their problems, but most companies never address the issue of doing nothing — they only address why they are better than their competitors, without realizing that they lose far more deals to people kicking the can than they do to people actually making the decision to use a competitor.
You may have heard me say in the past that people are ready to buy when they are ready to buy, not when you’re ready to sell to them. This is correct, but does that mean you are at the mercy of the prospect to make a sale? Of course not. Every buyer goes on a buyer’s journey. Some people move quickly through that journey, while others move slowly, but with information, contact, and education, you can greatly influence that journey and ultimately get more customers. In this phase, buyers don’t even know you exist, so they can’t know what your product is or if they even need what you sell. It is your job to find these people (I call them suspects) so you can let them know who you are, what you do, and that your business even exists.At this stage of the game, you are simply generating leads with a goal of getting some of those suspects to raise their hands and express some interest in your company, product, or service.When you’re creating this lead magnet or content to attract these suspects, you want to focus on helping your suspect solve a problem they have. Once someone’s opted in, they’ve taken the first step. In this stage, the prospect now has an awareness of you and your company, but they still aren’t ready to buy because they need more information. In years past, prospects got all of that information from salespeople, but now, thanks to the internet, buyers don’t need to chat with a salesperson to learn more. But that doesn’t mean you shouldn’t be trying to get your info into their hands early and often. Make sure this info is focused on helping them answer the questions they have. It should show them additional pain points your product or service is able to solve, it should tell them about the benefits, and it should enlighten them to the features of the 2. CONSIDERATION All prospects go through three phases. 1. AWARENESS
3. DECISION
Once your company is on the short list for a buying decision, the prospect’s purchase comes down to simple verification of facts or terms and last-minute
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EXECUTE STRATEGY AND KILL STAGNANCY 3 TIPS FOR EVERY BUSINESS LEADER
3. EVALUATE, EVALUATE, EVALUATE We’re not saying you should micromanage your team, but you do need to be checking in on a regular basis to evaluate progress on your plan. Schedule monthly or quarterly meetings to go over the strategy.This is where you look for any changes that need to be made and refine the strategy. A smart strategy feels reassuring, but learning to execute a plan is the only way to make progress.The best business plan in the world is worthless if you never follow through. With SCORE, you’re never alone! Schedule an appointment to meet with a mentor today. Call 1-866-726-7340 or visit StLSCORE.org right now!
situations hit the fan, these powerhouses are able to come out on top while maintaining customer loyalty. Apple, for instance, doesn’t sell just computers; they sell an entire lifestyle.With every iPad, iPhone, and MacBook that people buy, they’re also buying the hip, provocative image that comes with it.That’s been Apple’s shtick all along, and unless you’ve been hiding under a rock since 1976, you should be able to see that it’s definitely worked for them. Much like Apple, Disney has the glossy product line to support their name. But, unlike Apple, they don’t have the sexy image attached to help them sell movies, stuffed animals, children’s toys, etc. However, what they do have is an incredibly specific target market that they cater to every time, creating a sense of brand loyalty that is pretty much unsurpassed. Putting off action in favor of creating the perfect plan or strategy leads to stagnant business. Successful people know that plans take many shapes before they reach their final form. Don’t jump into something without a clear plan, but don’t be afraid to define your strategy as you go. There’s a reason audiences won’t be flocking to theaters to watch the latest galactic adventures of Luke Starkiller this December. 2. BE METHODICAL While you shouldn’t wait for the perfect plan, you shouldn’t be flying in blind, either. You can be too energetic about execution. Make sure everyone involved in a plan knows their responsibilities. Confusion will torpedo any strategy faster than you can say,“Who was in charge of this?” The Harvard Business Review states,“Having the discipline to organize people, assemble resources, and then generate a plan that others can commit to will collectively improve execution.”
“To me, ideas are worth nothing unless executed ... Execution is worth millions.”
–Steve Jobs
Branding 101 When it comes to owning and operating a business, it can be hard to know if you’re making the right decisions, especially with so much competition in the market trying to get a leg up on you. Keeping up with the Joneses can create tension within your business, but learning from those pulling ahead in the race can definitely work in your favor. Something that every successful business has, that many less than successful businesses don’t have, is an established brand identity. Whether they sell sports equipment, mufflers, or tube socks, the brands with strangleholds on the marketplace all have defining characteristics that consumers recognize when it comes time to buy stuff. From a branding standpoint, companies like Apple and Disney, although controversial at times, are always able to rack up serious profits every year because of how powerful their image is. In other words, when certain Anyone can take this advice to heart, whether you’re a stay-at-home parent or the CEO of a Fortune 500 company. Ideas are easy, but no one becomes successful because they had a great idea. Success comes from putting that idea into action. Being able to execute a plan is a skill every business leader needs. Here are three steps to help you improve your execution. 1. DITCH PERFECTION Have you ever watched a behind-the-scenes featurette of your favorite movie? Some of the most successful films were all but unrecognizable in their early phases. In fact, a lot of early concepts are terrible. Look up the original designs forWoody in “Toy Story” to see for yourself. Fortunately, rather than wait for the perfect script, creators executed their visions and make changes as needed.
WHEN IN DOUBT, PEEP THE COMPETITION
So, as you can see, by investing time and money into your image and your brand identity, you can establish a loyal customer base that will always come back for more. Even if what you sell doesn’t necessarily appeal to the senses, leveraging your products with a strong brand can not only compensate for that but can also help you garner profits in the long run. With SCORE, you’re never alone!We offer workshops and seminars each month to help you develop the skills you need to succeed.Visit StLouisSCORE.eventbrite.com today!
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St. Louis Bi-State Region UPCOMING WORKSHOPS
NOVEMBER 2019 Saturday, Nov. 2 • How to Start and ManageYour Own Business • Grants in Plain Sight Monday, Nov. 4 • Building a Referral Machine • How toWrite a Great Business Plan Monday, Nov. 18 • Price Strategy —Your Guide to Profits • Utilizing the Library for Research
DECEMBER 2019 Monday, Dec. 9
• Managing Cash Flow • Hiring Made Simple
Saturday, Dec. 12 • How to Start and ManageYour Own Business • Government Contracting Basics: How to Seek Government Contracts • FindingYourTarget Market
To register for an upcoming workshop, go to StLouisSCORE.eventbrite.com . *Workshop schedules are subject to change.
EXPERT LEDWORKSHOPS + MENTORSTO GUIDE YOU = THE SCORE ADVANTAGE
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ADVERTISE YOUR BUSINESS HERE GET EXPOSURE TO THOUSANDS OF BUSINESS OWNERS EVERY MONTH
To Sponsor Our Newsletter : Kim Henson 636-219-5244 Kim.Henson@ScoreVolunteer.org
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SCORE is a resource partner of the Small Business Administration and provides mentoring services free of charge to all business owners and aspiring entrepreneurs.
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