When ethics are a major consideration in marketing, there will be times when you have to turn down work. One of the challenges, at least at first, is getting comfortable with the idea- especially challenging if you’re a small entrepreneur just getting started, and you’re used to struggling hard for every last dollar.

But amazingly enough, in my experience, when you say no to the jobs you don’t want, you open yourself up to finding those that you do - and your business grows very nicely.

When would you need to refuse an order? Here are several situations, and they all come back to the three key attributes of the Magic Triangle - honesty, integrity, and quality:

• You don’t have the appropriate solution; someone else is better equipped to solve the client’s problem (honesty)
• There isn’t enough time to do the job well (quality)
• You could do the job, but it’s an area you’re trying to get away from (honesty—to yourself)
• The client will obviously be so high-maintenance and/or so demanding that the job isn’t worth the price you can charge (quality—of the client)
• The client asks you to engage in unethical behavior (integrity)
• The product is too shoddy and you don’t feel good about working on it (integrity/quality)
• You find the job itself morally distasteful (integrity)

As an example of that last bullet, I was developing a relationship with a local PR firm that wanted to subcontract some copywriting assignments to me. The very first job I got was so clearly wrapped up in a cause that I have spent my life working against that it actually made me ill to look at the client’s publicity fliers.

Know that you already have a plan. It’s in a place where it’s causing you more overwhelm and mistakes then it’s helping you. It’s time to take your plan from your head and put it in writing and I have the process for you to do just that.

This business plan process is strategic and tactical. IT NOT complete unless you take the plan you’ve created and turn your actions into results that can be monitored.

Know that the results of this simple planning system isn’t used to go after funding - if that’s what your company really needs. However, if you are seeking funding to start or expand your business and the thought of creating a 30-page plan is overwhelming, this plan is for you. AND prospective investors don’t read longer plans when you meet them; they want you to tell them something in 2-5 minutes and require something shorter and to the point, and this is a great short tool.

When you create a plan for the first time, what you’re really doing is taking what’s in your head and putting it down on paper for you to see. A very good thing, but not the whole story if you’re looking to grow your business.

Using the book, you’ll update your plan 3-4 times after meeting with those business owners who are supporting your business with their input. Done this way, the process should take you 20 or so hours to complete your plan. Then a couple of hours to create a scorecard fro your objectives and a project management system for your action plans.

Just creating a first draft will help you, no doubt about it, but it’s not the optimal. Seeing what’s in your head is important. You’ll be able to do what I did the first time I created a plan. I saw that I had great stategies and objectives - but they weren’t working for me.

1.  Market Research. Market research is the first step to starting a business, it is the last step, and it is an ongoing process.  Market research tells you not only if you have a viable business idea, it keeps you in touch with your prospects and customers and helps you build your business so that it can continue to grow.

2.  Master the Internet.  The internet isn’t just a place to do business, though your business will definitely profit with an online presence. The internet is a valuable research tool, communication tool, payment tool, marketing tool and so much more.  Master the internet and you will find numerous time saving, money saving, business building tools and resources - guaranteed.

3.  Seek outside Advice.  You can’t know everything and don’t expect yourself too.  You certainly have specialized knowledge and that is your strength.  Consult with others about their expert advice to build your business. For example, if you’re a software genius chances are your copywriting skills are not top notch.  Gather advice and experience from copywriters who are at the top of their field.  Seek legal advice from attorneys you trust and learn about customer service from experts.  Gathering expert advice, outside of your area of knowledge, will help eliminate any start-up mistakes and set you ahead of your competition.

Though some people seem to have the Midas touch and easily turn everything to gold, most of us have to give our endeavors lots of time, effort and the sweat of our brow before seeing things come to fruition.  The simple truth is that the majority of us are simply not born leaders, but become leaders by who we are and the actions we take.  Consequently, whether or not you’re an established entrepreneur or just starting out on your journey, there are particular traits you’ll usually find operating within the exceptional entrepreneur.  In fact there are 7 particular traits you’ll generally discover deeply embedded within the exceptional and successful entrepreneur.

If you’ve already taken the plunge as an entrepreneur, you know that it takes a great deal of planning, development and strategic marketing to succeed.  At any given time, there are changes to be considered and new directions to examine.  In which case, whether you’re the CEO, CFO, Chief Marketer or Chief Solutions Officer of your company, your journey to success is probably full of trials and tribulations.

To support you in your journey to success, be willing to open your mind and sense of reasoning as you consider whether these traits are part of your driving force.  If they are not yet ingrained within you, I recommend that you give them some thought.

The 7 Traits to Success

Most of us negotiate every day without realizing it.  However mention the word “negotiation” and some people get nervous.  It frightens them.  They imagine themselves at the car dealership and the hassles and pressure associated with making a deal with someone who is an expert negotiator.  However, 99.9% of the time negotiation is simply working with someone to find a solution that benefits both parties equally.  Whether you’re negotiating with your two year old about bedtime or your biggest customer, the principles are the same.
 
1.  Creating a Win-Win situation.  When you approach a negotiation with the right attitude, it takes the pressure off of both parties.  What is the right attitude?  The desire for both parties to get what they want.  To create a win-win situation.  If one party is only in the process for themselves, a resolution will be difficult to come by.

2.  Listening skills.  In order to know what the other party hopes to get from a negotiation, you have to listen.  In fact, your ability to ask the right questions, and listen to the answers, is your #1 most important negotiating skill.  A skilled negotiator enters a negotiation with a questioning mindset.  When you make it your mission to learn more about your customer, you are more likely to learn quality information, information that you can use to build a rapport and establish a collaborative environment.  Look to learn what your customer needs, wants, what makes them successful, and how you can sell to them.

M&M Manager
What such situations don’t need is an M&M manager.  An M&M manager is not a specialist in focusing people. He or she is a specialist in meetings & memos.  Even if the company has less than 25 employees, this executive dictates reams of memos and schedules meeting after meeting. The M&M manager would rather dictate a memo to a department manager than call to discuss a situation or resolve a problem. This action occupies the precious time of a number of people (the manager, his assistant, a delivery person and the recipient). Rather than getting an immediate solution, at least four people have to research the question, dictate the solution, prepare the response memo, deliver the response, read it and file the response. In other words, M&M management is a gross waste of time, money and effort. When the M&M manager is forced to emerge from the office, it is generally to attend a meeting.  Again the new manager insulates him or herself from the organization with red tape.

While the big numbers garner the headlines there are thousands of smaller and less visible mergers and acquisitions taking place every week.    AT&T has made an aggressive series of acquisitions.  Now almost unbelievably it looks vulnerable to attack.  Financial institutions are buying other financial institutions.  The petroleum, pharmaceutical and distribution industries are all consolidating.  The transportation industry is “consolidating.” Retail organizations are buying other retailer organizations.  The communications industry is being reshaped at mind boggling evaluations even as red ink bleeding and there is no sign of clotting in sight.

While highly visible, the latest round of deals isn’t isolated events.  For the first ten months of 2000, more than 58,520 similar transactions were completed.  There were 2,500 LBOs (leveraged buy-outs), including divestitures as well as friendly and unfriendly takeovers in the United States and abroad.

While you will rarely use a complete company/product presentation in a specific sales situation, it is wise to have one, which discusses all of the features and benefits, as well as the salient selling points.  And, it should ask for the order.
It sounds simple, but these facts are often left at the office when there’s selling to be done.  One of the major problems is that most professional sales training still stresses one-on-one selling.  But in today’s selling environment, for systems as well as other products/services, a team presentation to a group of decision-makers is required.

This is not to say that one-on-one selling does not take place today.  But for organizations to be successful in specific market segments, they have to sell to more than just the buyer who calls or sends an email and places small orders.  There’s more at stake in high-volume organizational sales, and more people participate in the decision making process.

Wrong Focus
These people blow it because they don’t have “the right stuff.” These founders assigned responsibilities and authority without considering true capabilities.  Just because someone handles the checkbook at home is no reason to believe he or she can be the finance officer for the company.  The best technical guru may not be the best to be VP of engineering or design.  The person who had the idea may not be the best person to be president.  The most outgoing individual, or the salesperson with a record of outstanding sales, is probably not the one to guide marketing and sales. Being able to talk technically, or having a good sales sense, has nothing to do with being an outstanding marketing person.  Outstanding salespeople generally think that good marketing is belly-to-belly selling or increasingly a solid Web presence.  Their marketing plan is to double sales next year.  They fail to understand the total marketing concept.  They believe that advertising, PR, selling and the other marketing activities are separate and independent functions.

What are Escrow Documents?

Escrow documents are the documents that govern the final payment structure or arrangement for the business to move from the seller to the buyer smoothly. Escrow is an important period of time because it is the last chance both buyer and seller have to formalize their agreement. There are various functions that take place during this time, but all arrangements are specified in the escrow documents.

Escrow documents detail the amount of money that has been placed in the hands of a third party, which is usually a broker or a licensed escrow agent. It also stipulates when the escrowed funds are to be released and to whom, as well as any payment schedule that may exist. It may be that the seller has agreed to pay the buyer in instalments as each part of the transaction has been completed. It may be that so much is held back until 6 or 12 months down the line. This is determined in negotiations and then recorded in the escrow documents.

The main item of importance that is contained within the escrow documents though is the sale terms. The terms of any business sale have to be fulfilled before the escrow can be released, so all of that information has to be recorded in order to ensure that the transaction is a smooth one.