Posts Tagged ‘Passion’

So you’re passionate about your business. So what?

Yawning2 150x150 So youre passionate about your business. So what?

Being passionate about your business is a good thing – right?

I know lots of people who are passionate about their business. It’s a good thing and no more than I would expect from the people I mix with, given that most of them have chosen to do what they do.

However, I am constantly puzzled by the need that many folk have to “tell”  me they are passionate about their business. Maybe you are one of them.

Telling me you’re passionate doesn’t do a thing for me.

Would you tell me you are funny in order to make me laugh or say that you’re sexy in the hope I might introduce you to a friend looking for a fling? Would you start a business conversation by telling me you’re honest?

No? I thought not. So why tell me you’re passionate about what you do?

Do you think by declaring your passion that I’m more likely to buy from you?

Here’s a newsflash. I’m not – and neither is anyone else.

Your customers don’t care how you feel about your business

Actually no-one cares how you feel about your business. Its just not relevant. You could be bored to death by it but if you supply what people want at the right price they’ll buy it.

I understand the whole thing about buying decisions being emotional ones but its the customer’s emotions that are in the equation not yours. How you or your product makes them feel is important but will your declaration for being passionate affect their emotions?

No – and here’s why:

This is from Jeremy Marchant  http://www.emotionalintelligenceatwork.com I’ve edited his words slightly for context.

Jeremy says: ” …  it is a mistake to believe that, if you tell me how you are feeling, that is a conversation at a feelings level, at the level of emotions. It’s not. It is a rational, “thinking” conversation.

A description of how passionate you are about what you do is not an emotional experience for the listener. It is a factual monologue, which will have the inevitable consequence of keeping them in their thinking mode, NOT getting them into their feelings – in other words it precisely does what you don’t want it to do!

The way out of this impasse is … to convey your passion by HOW you talk. How you are. “

In other words, its better to let people see and feel how passionate you are than to tell them!

Getting people to connect with you on an emotional level is the key to any transaction but simply telling them how you feel doesn’t work.

Don’t tell me – show me

If you want me to buy from you, stop telling me you are passionate and start demonstrating your conviction that you have the solution to my needs.

Businesses are driven by process not by emotion

There are millions of businesses that make money without anyone investing any emotion into them. In some ways, its better to be detached and make the right decisions logically that to be so emotionally involved that your judgement is clouded.

Passion is a great thing to have in your life but it doesn’t have to be invested in a business in order to make money. Of course,  for some people, the ideal situation is to turn your passion into a way to make a living but there are those who prefer to keep them separate. The important thing is to recognise that what works for you and what works for the business may not always be the same thing.

Question Time

David F Smallman, Managing Partner of Pathfinder Team Consulting,  invited participants in The Inspired Group to ask him any question about business. These are his answers:

 

Q. What advice would you give someone in their first year of business?

A. Don’t lose the passion. Ever. Not even in your 42nd year.

 

Q. Is it wise to use an untested business model?

A.  No. Get it tested.

 

Q. How do you make sure a new idea doesn’t get stolen before you develop it?

A. Keep it out of the public domain until you’ve had it patented, trade marked etc. Non disclosure agreements are hard to enforce.

 

Q. What is the best way to price your services?

A. Price the project according to the value to the customer. This may mean that you charge two very different prices for the same work. Charge 25% up front, then two further instalments of 25% and 50%. In over 40 years in business we’ve never had a significant bad debt or had to waste time chasing money.  Cash flow is vitally important and this way, your expenses are covered before you start.

 

Q. What is the single most important ingredient in creating a successful business?

A. Passion (as above)

 

Q. What one channel would you choose to market a business?

A. It depends on the type of business:
Manufacturing – distribution / sub contractors
Service Provision – figure out how your customers/clients like to buy and meet them there
Accounting / Financial services – traditional routes are still working

 

Q. What will the future economic power of the UK be like?
A. Look out for a debate between David and Phil Jones of Excitant Ltd on this topic. David recommends reading The Big Short by Michael Lewis.

 

Q. If the three essentials of business are producing the product or service, managing and marketing, what time should a business owner spend on each.
A. In a 60 hour week (which most business owners admit to working)

Marketing 55%  – 33 hours
Making       35% – 21 hours
Managing   10% -   6 hours
Anyone spending more than 6 hours managing a business needs to streamline or outsource and ask themselves if they using this as an excuse not to do the marketing.

Similarly, when marketing, use the same equation:
Existing customers 55%
Short term prospects 33%
Long term prospects 10%

 

Q. Should we strive to continuously make our services or products better?
A. Excellence can sometimes be the death of a business. Quality is what is good enough to satisfy the customer.

 

Q. Is social media providing businesses that use it with an advantage?
A.  Many big businesses just haven’t got it yet but many smaller businesses are using Social Media to great advantage so it gives them an edge in engaging, listening and providing what customers want.

 

There are more questions and answers on the LinkedIn discussion http://lnkd.in/Hw4QVb

Questions that David didn’t have time to answer:

Is there a particular hobby or pastime  associated with business success?
Is there a difference between leadership and management? (See http://lnkd.in/xMdyjG for this discussion)
What is the best strategy to cope with a business failure?

 

 

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