St. Louis Bi-State Region
June 2019
FROM BACKYARD MECHANIC TO BUSINESS OWNER DAVID’S STORY T alking to Gary and David is a bit like talking to two old friends. As a mentor and mentee pair at SCORE, they build each other up and are quick to mention each other’s strengths and positive attributes. Over their two years working together, they’ve built a relationship based on support, guidance, and mutual admiration. Gary is a former business owner who joined SCORE as a mentor a little over five years ago. After retiring from his business, he wanted to give back and felt he had experience and expertise he could contribute to new business owners. For the last five years, he’s been sharing valuable knowledge and helping fledgling entrepreneurs get off on the right foot. David is skilled, described by Gary as a “really smart guy” who came into SCORE as an ace mechanic, but he needed training and support for his business management skills. David had been a mechanic for several years when he decided to go out on his own and “bought a garage with a house attached.” David set up a shop in the garage, where he repaired cars for nine years.Aspiring to open his own shop, he applied
Anyone can be a backyard mechanic, but not everyone can be a business owner. Gary taught me how.
to do this,” he says. Over the past couple years, Gary helped David generate a monthly financial statement showing his profitability.And it all moved David closer to his goal. A couple months ago, David went back to the bank with his business plan and finances clearly laid out, and the bank granted him a loan. David says this time around, he was able to speak the financial language that felt elusive before, and his experience at SCORE was on his side. He says, “Every banker I talked to, when I told them I was working with SCORE, loved it.” “Anyone can be a backyard mechanic, but not everyone can be a business owner. Gary taught me how,” David attests. He’s since leased a facility and opened up his own auto repair shop. He has a couple employees working for him, and he’s selling used cars that he personally repairs and gets into excellent working order. Even with these milestones reached, Gary isn’t going anywhere. He says,“I’ll continue to work with him to help him be successful.”
for a loan but was turned away because the bank didn’t feel his business plan was strong enough.
“That’s when he came to me,” Gary says.
With years of experience in the automotive industry, Gary was the perfect match for the insight David needed.Working together, Gary helped David with the financial side of business, setting up an accounting system, teaching him how to use QuickBooks, and giving him a better feel for running a business overall. David is appreciative of all of it.“It’s important for me to know how With SCORE, you're never alone! Schedule an appointment to meet with a mentor today. Call 1-866-726-7340 or visit www.StLScore.org right now!
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The 6 Star Principles for Building Relationships Last month we went over the first two principles: Don’t misunderstand; we’re not against email marketing.We’re against it being the only form more money with someone they see as a personality or a celebrity because of how they feel about that person.
of communication.To build a relationship, you should communicate in multiple ways.A winning annual content strategy would look like this: 12 print newsletters, 104 emails, 26 postcards, 12 letters, online retargeting of existing customers, six CD/DVD interviews, three FedEx packages, three gifts, and two awards/trophies.This would have the customer hearing from you about every 2 1/2 days in a variety of different ways. Star Principle No. 5 is personality/ celebrity. Fairly recently, the MGM Grand in Las Vegas ripped out its highly profitable $2 million-per-year but run-of-the-mill restaurant and replaced it with a restaurant created by celebrity chef Michael Mina called Nobhill Tavern.They have since tripled sales to $6 million annually.What makes Nobhill Tavern three times better? Is it possible the food being served is 300 percent better than before? I doubt it.The addition of celebrity allowed the MGM Grand to increase prices at Nobhill, compared to the previous restaurant, as well as allowed them to fill the restaurant each night, something that was not happening previously.Adding celebrity to restaurants has been a game changer, and adding celebrity (even local celebrity) or at least personality to any business will have the same effect because as a society, we’re programmed to value personality/celebrity.As we said earlier, people want to do business with people they know, like, and trust, and they’re willing to spend
1. Frequency of Communication –You don’t have relationships with people you don’t talk to.You also don’t have relationships with people who, when you do talk to them, are always asking you for something. 2. Consistency – Inconsistency sends a message that you are, at a minimum, disorganized. Star Principle No. 3 is creativity in your communication. This step is difficult for so many business owners.The primary reason people seem to fail at this is that they simply get busy. Countless business owners start down the right path of being creative and useful to their customers, only to self-sabotage and revert back to old habits, becoming the same as everyone else in their industry: boring. You need to communicate information that is interesting, personal, and relevant and that speaks directly to your ideal reader. People want to do business with people they know, like, and trust; it is your job to let them know you through quality, creative content, so they have the opportunity to like you and connect with you, which helps them trust you. Star Principle No. 4 is variety of styles in communication. This one seems like a no-brainer, but many people mess it up.You cannot have a single method of communicating. Not only is it very unstable (as you never know when a form of communication may become less effective) but it also just isn’t smart. People consume information in multiple ways and value various media differently. It would be much simpler if all communication came via email, but “simple” doesn’t mean correct or smart. Email deliverability and open rates decline each and every year, which is why so many people are sending even more emails to compensate for the lack of results.
Star Principle No. 6 is quality. The look and feel of your product, service, and marketing matters.You can’t claim to be high-end and send out items that were last updated in 1990, when New Kids on the Block was a big deal and “Beverly Hills 90210” was a popular freshman TV show.Your content also can’t suck. If your articles add no value, you’re shooting yourself in the foot. Always look for the one (or more) big idea. Why was this piece of content not a waste of time? How did it help the person consuming it? These are questions you need to ask when you create content. Relationships matter. Don’t take your customers for granted because one day, you may look up and find they’re all gone. It happens to businesses on the daily.According to the SBA, from 2008-09, on average, 1,865 businesses closed their doors each day. Having a relationship with the people who put food on your table is just smart business. Follow these six principles, and you will be way ahead of your competition. With SCORE, you’re never alone!We offer workshops and seminars each month to help you develop the skills you need to succeed.Visit www.StLouisScore.Eventbrite.com today!
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STOP SWEET- TALKINGYOURTEAM HOWTO DELIVER BAD NEWS IN A WAYTHEY’LL ACTUALLY APPRECIATE
USE CONCISE LANGUAGE. Get to your point as soon as you can.This doesn’t mean you have to rush your speech, but don’t add extra padding to your words. INVITE FEEDBACK. By asking thoughtful, open-ended questions, you may receive the information needed to move forward in the most productive way.The problem may not have a simple answer, but by opening up the floor to suggestions, you’ll be putting the power in the hands of the team and creating a sense of shared responsibility for the problem and its solution. With SCORE, you’re never alone! Schedule an appointment to meet with a mentor today. Call 1-866-726-7340 or visit www.StLScore.org right now!
ENSUREYOUARE OPERATING WITHINA CULTURE OF REAL COMMUNICATION. Your team should value constructive criticism and feedback and be open to it. If you haven’t made real communication one of your top values, start now.There should be transparency starting at the highest level, ensuring team members have a clear understanding of expectations and targets and feel part of a common goal. DON’T HESITATE. Say something when the problem first arises.Waiting too long to talk could communicate that you aren’t serious about the problem or that you weren’t confident in the information. PREFACETHE DELIVERY. Before you drop news that’s going to sting, warn your audience.This ensures that everyone understands the words may hurt a little, but it’s for the greater good.
It’s one of the most difficult but necessary things about leadership: the dreaded “talk.”You find yourself nearing an important deadline with a struggling team, and the project has taken a turn for the worse. Mistakes were made, expectations weren’t met, and details fell through the cracks. It’s up to you to bring it to your team’s attention.Addressing the problem in a way that doesn’t tear down confidence or invite team members to totally disengage is not easy. Luckily, honesty doesn’t always have to be brutal.There are ways to be resolute without being a jerk, and “real talk” can build a stronger workforce and culture when done tactfully. Sugarcoating bad news may be easier in the moment, but it will mislead and ultimately won’t deliver the lasting results your business requires. Here’s how to deliver a serious talk to your team when it matters most.
Listen, Learn, and Deliver That ‘Wow!’ Experience
factor, so listen to everything. Maybe one client is celebrating their wedding anniversary; meanwhile, another is feeling a little under the weather.You’d be surprised by how far a get- well card or a gift basket for two will take you. If a client is willing to converse with you on a personal level, don’t take it for granted. The more information you have, the more effective your “wow!” factor will be. With SCORE, you’re never alone!We offer workshops and seminars each month to help you develop the skills you need to succeed.Visit www.StLouisScore.Eventbrite.com today!
Everybody wants it: the elusive “wow!” factor. The “wow!” factor should reside in the foreground of your business model because it improves retention and reinforces why your clients genuinely want to do business with you. It makes them feel like they really matter to you and your operation.Though easy to define, sometimes the “wow!” factor isn’t easy to deliver. However, there are steps you can take to ensure you deliver a “wow!” Chief among them is to listen. Chances are, you know a fair bit about your clients. If anything, personal conversations can alert you to details that can give you a distinct advantage in regards to delivering that “wow!”
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St. Louis Bi-State Region UPCOMING WORKSHOPS
JUNE 2019 Saturday, June 1 • How to Start and ManageYour Business Monday, June 10 • Building a Referral Machine • The Importance of a Business Plan
JULY 2019 Monday, July 8th • LinkedIn Success — Creating Consistent Leads & Clients • The Importance of a Business Plan Saturday, July 13 • How to Start and ManageYour Business • DefiningYourTarget Market Monday, July 22 • How to Start a Not-For-Profit Business • QuickBooks Online —Advanced
Monday, June 24 • Grants in Plain Sight • Price Strategy
To register for an upcoming workshop, go to StLouisSCORE.eventbrite.com
EXPERT LEADWORKSHOPS + MENTORSTO GUIDE YOU = THE SCORE ADVANTAGE *Workshop schedules are subject to change.
SUPPORT OUR SPONSORS
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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