The Profit Doctor

5 Steps to Settinfg a Life Agenda

2010-11-08T17:59:00.000-08:00

1. IDENTIFY YOUR WINS. That, in turn, will fuel the fire. Keep a journal of your successes.

2. INVENTORY FUN. What was the most fun in the past year? What were you doing? What got you there? What are you doing differently?

[sidebar] You'll invariably think of negatives. Think about what you learned from them, then put them away.

3. IDENTIFY AREAS YOU HAVE COMPROMISED. It's critical to acknowledge that - but don't stop there! Ask yourself "What behaviors or activities do I need to adopt to get me back on course?"

4. IDENTIFY NEW HABITS. What new things can you do, right away, that would have a huge impact on your life? Forget that "21 days equals a habit" nonsense ... it takes 21 days to get it right!

5. TAKE A STAND. Identify what you can do to make it clear to everyone that you're serious about your performance - without saying a word.

The Biggest Challenge In Sales

2010-10-04T11:58:00.000-07:00

Most experts agree the biggest challenge in sales is managing emotions successfully.

And let's face it. Anyone who sells anything can identify that sales is a tough, mental game.

Following are the Top Five Ways to Manage Emotions:

1) DO THE NUMBERS ANYWAY. That's easier said then done, but when you get the monster out of the closet, you'll usually find he's a lot smaller than you imagined him to be. He (or she) takes the form of rejection (or the fear thereof), time mismanagement, the realization that it's hard work and pressure. Pressure from not doing the work, from not making appointments, from not making the sale, from finances and - perhaps the ugliest of all - from family, friends and peers who don't support you and/or your dream.

2) FILL YOUR BASKET WITH EGGS. Living large off one, large, favorite client is a death sentence. You can get fat off one sale or one client today, but you can starve tomorrow. Another thing it can do is to cause you to forsake the rest of your customers/clients. And, as the old adage goes, if you don't care for your customer, someone else will!

3) DON'T CONNECT POSITIVES AND NEGATIVES TO EACH OTHER. The next person you talk to has nothing to do with the previous person you talked to. Clear your mind before each call to be sure you're not bringing your last experience into the current call, visit, etc. Be on top of your game e-v-e-r-y time ... you never know what the next contact may bring.

4) RESPOND, NOT REACT. When facing a challenge, focus on using logic, not emotion. Become a student of introspection. Aim, then shoot - not shoot, then aim! Embrace challenges as a learning opportunity and realize it all evens out, as results are best measured over time. The bed was made a while ago ... today's result is a result of what you did some time ago.

5) LEARN FROM OTHERS. Turn off the radio and television (except for Big Bang Theory) and read, read, read. Find a mentor a-n-d an accountability partner (not the same thing). While you may be independent, you should never be alone.

If you have any comments, ideas to add, etc. just drop me a line.

Continued success.

John

GreenFlag Accelerator Revoluntionizes Accounts Receivable Management

2010-09-30T14:01:00.000-07:00

At last ... Transworld Systems / GreenFlag makes tools available to small and medium sized businesses at a price point typically reserved for large corporations!

Print and fax back for more info today!

Can We Move This Sale Along, PLEASE???

2010-09-27T12:41:00.000-07:00

I am a HUGE fan of Paul Castain (Uncle Paul) and his blog, tweets, Linkedin Group, etc.

I recently hosted a Sales Playbook! Group discussion "What fresh way of following up for a decision aside from the lame "I'm just calling to follow up" (often accompanied by a crackle in one's voice) has worked for you?"

I got some great responses and thought I'd summarize them here, for your benefit.

Communicate that you're following through, not following up
Provide a new value. That could be a new product or idea, news about their company, news about their industry, new marketing materials/brochures, tid bits
Compliment/flatter them by letting them know you were thinking about them, that you want their business
Set expectations when you agree to follow up in the first place ... that you will be calling back on an agreed-upon date and that you will need to confirm milestones along the way
Create a sense of urgency by communicating that "today is the day we agreed I'd call you to activate our plan in order to begin achieving the desired results," that you require lead time once a decision is made
Be respectful by acknowledging their right to say "No" while providing new, additional benefits to their moving forward
Pay it forward. Do something unexpected. Give them something. Refer them to someone who could benefit them ... no strings attached

I was encouraged by the fact that the responses overwhelmingly made it about the prospective client/customer and NOT about the sales person. What that tells me is that Zig Ziglar has done his job well in that we understand "You can get everything in life you want if you will just help enough other people get what they want. "

If you have additional ideas, please leave a comment - for the benefit of those who follow.

Continued success,

John Patrick, Profit Doctor

2010-09-26T14:50:00.001-07:00

My Podcast Alley feed! {pca-88e7ae6453f0944c34c9f1af19af8afa}

If Talk is Cheap, Why'd I Just Pay $49 For This CD?

2010-09-02T09:38:00.000-07:00

I'm a big fan of who is considered to be the top sales guru of our time. I'm not mentioning names due to the nature of this blog..

From the surface, he (the only hint you'll get) appears to demand and command customer service above all else. The irony is that after all those cd's, dvd's, and books, I found customer service was lacking when I became a paying client. I jetisoned my prior product provider at the insistence of "the man," after a revival-type webinar, in blind faith that the grass was truly greener.

My grass died.

Here's what I've learned from my experience, in hopes you'll spare your clients, customers or patients a similar experience:

Be reactive when there's a problem. It really didn't make me any happier to get a "We can't help you now that we've gotten your money, but please let us know if we can help you with anything else ... we're here for you!" response.

If you're going to change the product, advise the customer ahead of time. After converting, the very features of the product that caused me to jump ship were removed ... with no warning.

Find a way to fix it now. I was told that new and better features would be coming soon ... in about two or three months! Now my business is on hold for 60-90 days. A costly lesson. I have to wonder if "the man" would be surprised at the lack of urgency here.

Follow up to completion. I got a call from a senior person, offering to help. The call came after hours (impressive). I called back three days ago and left a message. My call has not been returned.

I welcome feedback, comments, and/or your story.

Continued Success,

John Patrick, Profit Doctor

Life Is What Happens ...

2010-08-23T10:43:00.000-07:00

"Life is what happens to you while you're busy making other plans," according to John Lennon.

As it relates to accounts receivable and running a business, remember that your customer, client or patient gets pulled in many directions as well. Their good intent this morning could have fallen victim to spilled coffee, a rude driver in traffic, a customer service disaster, etc.

Here some ways to help reduce the distance between your objective (being paid) and their reality (life happened).

1. It starts with stated credit policy. Is your credit policy stated, in writing, in your lobby or waiting area?

2. Stay in touch. Be sure to bill monthly. Every month.

3. Follow close. Statements/letters should be no more than 30 days apart. Phone calls (reminders) should be no more than 7 days apart.

4. Get rid of the boxes. If your statements reflect boxes that show 30 days, 60 days, 90 days, etc. - get rid of them! Human nature says if a past due debtor sees there are two more boxes to the right, that must mean they have two more months before something bad happens to them. Instead, reflect a due date. You're much more likely to be put in the "to be paid" pile sooner.

5. Reach out and hug someone. Make it a practice to touch 10% of your client base, at a minimum, each month by phone, and another 10% per month by mail. You'll ensure a minimum of two personal contacts per year. Ask for feed back, offer to do an analysis of how you are stacking up to expectations. THANK THEM for their business. People do business with those they know and like ... and they pay them more readily as well.

6. Time does not heal all wounds. In the service arena, the longer the time span between your service and their payment, the higher the chance that emotionally it becomes your fault they are late. Or your service wasn't up to their expectation. Or they resent your car, your house, your degree. Consistent follow up early on is the key, despite the inclination to think you could be "bothering them."

7. Consider offering a discount for early payment. It's more cost effective than chasing after the money.

8. Use a third party sooner. Most businesses wait at least 90 days more then they should to pursue collections. Between 90 and 180 days, the likelihood of your getting your money decreases by one half percent per day.

Feel free to ask questions or to share what you do in regards to "life happening."

Why My Grocer Offers Free Hand Wipes

2010-06-20T12:42:00.000-07:00

You may recall that a few months ago I shared an experience in What NOT to do relating to customer service, concerning my local grocery store. I was contacted by their corporate office as well as the local store, who assured me that the consistent disregard for the customer was surely an isolated incident, but that they heard my concerns and would conduct a training meeting immediately. I was also assured that I would notice an immediate improvement, starting with the fact I would always get a "Thank You" when checking out. To no surprise to me, I've yet to hear one ... though I was told it is company policy to do so.

And today, I was once again all but run over by a stocker (not to be confused with a stalker) who never thought to say "Excuse me." I couldn't let the chance go by to assist the employee in their pursuit of improving on their customer service skills ... so I said "You're excused." The look she shot me back curdled the milk in the dairy case fifty feet away. I chalked it up to her not having read that far in the customer service hand book. I was reminded of the Bible passage "Love thy neighbor" and I moved on.

I made the mistake of going by the bakery section, where I am amazed that they charge 25%+ more for their baked goods than anyone else that I know of. I rarely buy anything in the bakery department, as I cannot allow myself to be taken advantage of to that degree. I'll pay $4.50 for a latte-caramel-frappe-something-or-other, but I won't pay more for a cookie than I pay more a gallon of gas - or a gallon of milk to dip the cookie in.

That's when it hit me. The sanitizer wipes at the store entrance are not for sanitizing the cart handles at all. They're there so that you can wipe off the greed and customer disservice on the way out!

How does that relate to you and I? It is THE foundation to everything you do, to every interaction you have with a customer, client, patient or prospect. When they leave YOUR business, do they feel they need to clean off? Or, do they feel that they are your most important asset and that they are better off for having been there?

I'd love to hear what you do to make their visit to your business a 10 out of 10.

May you never need a hand wipe dispenser. Much success.

FREE Webinar for Medical Practices

2010-06-09T17:17:00.000-07:00

Transworld Systems Presents Larson Allen

Join us for a Webinar on June 24

Space is limited.

Reserve your Webinar seat now at:

https://www1.gotomeeting.com/register/900571241

Physician Revenue Cycle: A Gold Standard Study

Do you constantly battle to manage your revenue cycle? The health care industry will be facing significant changes in the future and accordingly, a medical practice's success will become increasingly linked to its revenue cycle.

TSI would like to invite you to participate in a special webinar on June 24th from 3 to 4:15 pm with LarsonAllen. LarsonAllen is one of the top 20 accounting firms in the nation. They provide assurance, accounting, tax, consulting and advisory services to health care entities nationwide.

The purpose of the call will be to provide you the results of a study executed by LarsonAllen that reveals the keys of successful “revenue cycle management” through what they term the “Gold Standard Study”.

Gold Standard Study was developed jointly by LarsonAllen, and Gateway EDI, a national clearinghouse (40.000 clients) in order to determine what makes the best performers relating to the Revenue Cycle for medical practices. The Gold Standard Study identifies 9 core areas that Gateways’ top 23 practices focused on, enabling them to consistently outperform their peers regarding their Revenue Cycle.

The Gold Standard Study was developed to offer insights into the success of these top performers regarding the Revenue Cycle for medical practices. This session will give you practical information that will allow you to apply the same processes to your practice's Revenue Cycle for the best results.

It is our pleasure to offer this webinar to you as a courtesy at no cost to you. We believe the information from this prestigious firm will be extremely beneficial to your practice.

For more information about LarsonAllen please go to www.larsonallen.com

Title: Transworld Systems Presents Larson Allen

Date: Thursday, June 24, 2010

Time: 3:00 PM - 4:00 PM EDT

After registering you will receive a confirmation email containing information about joining the Webinar.

System Requirements
PC-based attendees: Required: Windows® 7, Vista, XP, 2003 Server or 2000
Macintosh®-based attendees: Required: Mac OS® X 10.4.11 (Tiger®) or newer

Don't Throw The Book At 'em!

2010-05-12T13:47:00.000-07:00

There are three things that come to mind when I hear the word "book."

1) That it's been said that elite units within our armed forces can kill a man with a book without leaving any marks.

2) That I learned the art (trick) of how to tear a telephone book in half when I was younger.

3) That too many times people, who haven't been properly trained or empowered, hide behind them.

That's the one I want to focus on right now.

Yesterday I had the (unpleasant) experience of trying to have a civil, common-sense conversation with my cable/phone/internet company (think Nike check mark, but in red). It was evident that they knew books well, as the were obviously reading from one. And while they acknowledged what concerned me (at least they repeated what I said, prefaced by "I'm sorry to hear that ..."), the fact they immediately changed gears right back to the script left me feeling they were less than genuine. To their credit, I suppose if I listened to complaints for eight hours a day I'd find it hard to be creative after the one hundred seventy-eighth one.

Eventually I decided to put both of us out of our misery and said "Ma'am ... I know a monolithic company like yours has rules and rule books. And I know that your responsibility is to do it by the book. But can you just please put the big red book down for a minute so we can talk?" Silence. Then I swore I heard her flipping pages, trying to find where it said how to respond.

I say all this to make a point. People calling into your business or practice expect the same. Do you want to know how to make your business or practice stand heads-and-shoulders above the rest? Teach those who communicate with your customers, clients or patients to sit "the book" down and simply talk. Talk and listen. Actually role play how you would like to have your company or practice represented when dealing with customer service issues.

Continued success.

A Tribute

2010-04-23T10:56:00.000-07:00

I'm venturing off the beaten path here to pay tribute to one terrific lady, who left us on April 15th. Her name was Angeline (Angie) Goebel and I'm proud to say she was my Mother-in-Law. You might ask how this blog post relates to business. I'll get to that later in the post.

But first, let me introduce this fine lady to you. Angie was born in Milwaukee, Wisconsin and fell in love with her high school sweetheart, Ed - whom she married and spent her life with. She was the first person to Varsity in cheer leading for six straight years and was the Prom Queen her senior year in high school. She placed first in Wisconsin in fifth in the United States in a DECA (Delta Epsilon Chi) competition. She graduated from college at age 54, with a degree in industrial marketing. She was a staunch Republican and a devout Catholic. She was a successful business woman. She never met a person she didn't like and we couldn't name a person she'd met who didn't like her. But perhaps the thing she was most proud of was her two daughters (Cheri and Lori, my wife) and her four grandchildren (George, Marie, Natasha and Courtney).

How does this apply to business? In every way. Too many times we get caught up in climbing the ladder or in furthering the company, business or practice to realize one thing. The receptionist you employ is somebody's daughter, or mother, or both. The same for that customer or prospect you just encountered, the woman who rang up your order, the lady who cleans your office. It's the human side of the business. One day we all face the inevitability that we are here but for a short while. Take the time to let those you encounter know you value them as a human being. And when you get home tonight after grinding out a hard day's work, don't forget to give those you love a hug and let them know you love and value them. We never know when we'll no longer have that privilege.

Rest in peace, Mom ... until we are reunited again.

Would Your Business Pass The Microscope Test?

2010-04-12T09:35:00.000-07:00

I don't care for too many television shows, but two I try not to miss (The Biggest Loser and Undercover Boss) have a common theme. Both feature participants who place themselves under a figurative microscope for all the world to see. From the comfort of my own couch I enjoy watching them squirm with no way out from under the microscope. But when I later reflect on it, and attempt to transfer the logic and meaning I also try to put myself in the same environment. Imagine you stood in front of the world with 100 ... 200 excess pounds with all the flab exposed for all to see. Imagine being a CEO, CFO or President of a company and having not only the inner workings of your company but your abilities and your employees' opinions of you exposed for all to see.

I was "sentenced" to work for a major household-word corporation for almost thirty years that feared ever being put under a microscope. And while senior management applied the "Do what I say, not what I do" principle to everything, one of the greatest things I ever learned there was to constantly analyze things from the microscope perspective. Examples:

"Raise your own pups." One of my mentors used to use that saying to communicate a simple truth. If your team believes in what you say, then anyone walking into your business should see you in every employee they come in contact with. The transference of your belief should show in everything they touch. Do others see you throughout the organization?

"What if you get hit by a bus?" was another one. The thought there was to cause you to think about the business from the perspective that if you got hit by a bus tonight and your replacement came in tomorrow - would they face a mess, or would they find themselves amazed by how you left things?

What would someone find if they slid your business, or you, under the microscope? Something to think about.

Continued success.

Only Collection Agencies Can Violate Collection Laws ... Right?

2010-03-30T13:05:00.000-07:00

One of the biggest misconceptions I witness in meeting with businesses owners, corporations and medical practices is that collection agencies and collection attorneys are held to a different standard when it comes to communication with past due receivables.

Are you aware that something as simple as leaving a message on an answering machine "about that bill you owe" can put you in serious legal risk? Or how about threatening legal action or sending their account to a collection agency if they don't pay by __________? You could actually be guilty of discrimination by threatening to do either and in one person's case you follow through with it and in another person's case you don't.

One of the biggest advantages of using a third party is that (provided they have a hold harmless clause in their contract or agreement) you are not exposed to many of the liabilities you could otherwise be - without your knowing it.

Here's a link to some valuable information ... provided you saddle up to it with some strong coffee and a couple No-Doz pills to stay awake: www.fair-debt-collection.com/fair-debt-act.html

This is one of those times that "it's better to seek forgiveness rather than permission" does not work.

Wishing you continued success.

Gloom, Doom and Opportunity

2010-03-16T17:27:00.000-07:00

It's very common to hear about the woes of THIS economy, and the challenges it brings to business owners and businesses alike.

I think John Maxwell has it right. When speaking before a mortgage industry event recently, he thought through how to motivate the group despite the effects of the economy on the industry. He stated that "three years ago you didn't have to be good to make money." He went on to observe that today you DO have to be good.

How can you take advantage of the economy to become "good?"

Read. Others who have seemingly failed only to become successful have a lot to offer.

Study your craft, your business, your industry. Learn sales skills that are unfamiliar to you. Become more knowledgeable than your competition.

Practice. Develop a process and practice through role playing.

Develop. Advertise more, not less. When the economy picks up, you will be miles ahead of your competition.

Network. Create relationships and alliances now that will strengthen and deepen as you exit this economy. Attend functions specific to your industry where you can not only learn, but where you can make connections with experts in your business.

Serve. Contact customers, clients, patients, etc. and offer to pay it forward by offering value now.

What are YOU doing to become good? Why not leave a comment so others can benefit from what is working for you?

Continued success.

"Were You Born In a Barn?"

2010-03-09T18:36:00.000-08:00

Who hasn't heard that saying many times, especially when growing up? We eventually learn that the point is that not closing a door can be a waste of resources and a sign of being undisciplined.

I was struck by an article I just read in Success Magazine (my favorite) by Mel Robbins. Her story shares an experience she had in a women's restroom, where a business woman was tidying up. She found herself being interviewed by the same woman later on, which led her to learn a very important lesson ... "A true leader leaves the bathroom cleaner than they found it."

The late Jim Rohn used to talk about the impact of tossing a used toothpick to the ground ... and what that says about a person.

On of my pet peeves is observing lights, radios, coffee pots and so forth being left on for prolonged unattended lengths of time. Can "the company" afford it? Sure. But why? Why is it not better to save the energy, the supplies, the resources? Why not make it a more profitable company by not spending money on empty offices, cubicles, break rooms, conference rooms?

Petty? Perhaps. Then I think about what a true leader does. If it includes cleaning up a bathroom, maybe clicking a light switch isn't so bad.

Much success.

End of Your Rope?

2010-03-02T15:09:00.000-08:00

Whether or not the word is in your title or job description, we are all leaders. And, while life may be like a box of chocolates, I suggest people are like a rope.

Imagine a two-foot piece of rope laying in the center of a table. Now, move the rope with one finger tip so that one end of the rope is aligned with an edge of the table top BUT ... the rope must stay straight at all times. What if you were to put your finger anywhere on the rope and PUSH the rope? Would it stay straight? Not on your life! BUT ... what if you were to put your finger at one end of the rope and pull it to the closest edge of the table top? Would it stay straight? You bet!

What's the point? People are much like the rope. Most people respond much better by being pulled along rather than being pushed. And the more we push, the more out of alignment they become.

Long gone is the management/leadership style of "because I said so!" - aptly replaced by "let me show you" and "we can accomplish this together."

Continued success.