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Information Exchange - Business Communication
While it may sound obvious, the key to any business is the
exchange of information with prospects. Without effective
business communication, you are doomed to failure.
Information Exchange
Communication means transmitting your thoughts...
Master the Art of Communication. Part 1 of 2- Using Your Passion To Make A Connection
by Carole Nicolaides Š 2002 All Rights Reserved http://www.progressiveleadership.com One skill that we should all develop further is effective communication. Communicating clearly to your employees, co-workers, friends, and family is a critical...
Non-Profit Organizations - What Are They?
Definition of Fund; Assets; and Fund Balance According to the Financial and Accounting Guide for Not-For-Profit Organizations written by CPAs Gross, Larkin, Bruttomesso, and McNalley, (fifth edition, pg 25) the definition of a these three terms...
PR: A Potent Force for Success
Whats REALLY potent for a business, non-profit or association manager is public relations ability to alter individual perception leading to changed behaviors. And then, to persuade those key outside folks to the managers way of thinking, and...
Unethical behaviors and dirty tricks of Real Estate Agents
Like in many professions and occupations there are honest and
ethical people and there are some who aren't. Since the
commissions of the Real Estate Agent are being paid by the
seller of the house a buyer cannot relay on his objectivity...
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Is The "At Home" In Your Work At Home Business?
Have you ever thought about the fact that most people with a
"home" business probably spend more time outside their home
working their business, than actually being at home?
With the exception of certain types of home based businesses,
most, whether in businesses of the traditional variety, such as
real estate agents, mortgage brokers, etc., or network
marketers, spend a great deal of time outside the home in an
effort to build and maintain their businesses.
When it comes to network marketing the number one activity that
takes place outside the home is probably the classic hotel
and/or conference room meeting where people gather at least once
a week to bring prospects to hear their company's business
presentation.
Of course, industry veterans know that these meetings often turn
into mere social gatherings, because the same people
(representatives who are already in the business) usually keep
showing up week after week, as opposed to the new prospects who
are supposed to be getting into the business.
Many home business owners routinely meet prospects at the
prospects' homes or offices, or have the prospect come to them
in order to conduct a business presentation.
Yet another popular practice is to take your prospect to lunch
or dinner to discuss your business proposal over a meal.
Prospects often love it, because they get a free meal, usually
with no obligation to join you in your business.
For some types of high dollar transactions, as in the type of
business that is often conducted among larger businesses and
organizations, taking your prospective customer, client, or new
business partner out on the town may be justifiable. However,
especially if you are involved in network marketing, the amount
that you stand to make up front if a new prospect signs up may
range from as little as nothing, to perhaps a few hundred
dollars.
For example's sake, lets say that you are with a company where
at your level in their compensation plan you earn $100 each time
someone new comes into your business and qualifies for whatever
your initial product/service purchase requirements are. As
always, it is the consumption of the product that you are being
paid for.
And let's say that for every 10 prospects you take to lunch 1
prospect typically signs up. Again, this is for example's sake,
as your actual closing rate may be higher. However, especially
for someone new, it's reasonable to assume that he or she may
sign up as few as 1 prospect out of every 10.
Let's further assume an average lunch bill of $25. Again, this
is being very conservative, as a typical lunch even for two can
easily be higher.
Ok, let's do the math. You take 10 prospects to lunch at $25
each, and 1 signs up in your business, which earns you an
up-front commission (when your check comes) of $100. $25 x 10 =
$250 so you are now at a loss of $150 for your efforts. That's
not including gas money, wear and tear on your car, or any sales
aids or samples that you may have also given away to each
prospect. So, conservatively, at this rate you're going to LOSE
AT LEAST $150 for each and every person you bring into your
business!
Again, your closing rate may be higher than 1 out of 10, and
your initial compensation may be higher, perhaps even by
hundreds of dollars. However, if you are like 9 out of 10
typical home business people or network marketers, the numbers
above are probably very realistic. Many network marketing
compensation plans pay considerably less than $100 in up-front
money.
If you are doing hotel conference room meetings then your cost
may be lower as you, along with all other representatives
attending, are likely sharing in the expense of the room and
facilities.
The above examples assume that you are working with prospects
and/or representatives who are in your immediate local vicinity.
Many network marketers travel out of town to grow their
businesses. Sometimes this may be to sign up a new prospect.
However, typically it is to provide support and assistance to
new out of town people who have come into your organization. One
thing that you'll quickly learn as you grow your business is
that even if you only recruit and sponsor people locally,
because they will have friends and family in other states and
perhaps even other countries, it won't be long before any
organization of any size is spread out quite far geographically.
Almost every industry or network marketing company also holds at
least one annual company event or meeting, which all
representatives are encouraged to attend. These events require
yet more expense, time away from your main occupation (unless
you are working your business fulltime), and even time away from
your primary business. Sometimes you'll recruit someone along
the way using the old "3-Foot Rule," (prospect anyone who gets
within 3
feet of you) which is absolutely NOT one of the methods
advocated here on ABCIncome.com. But otherwise, when you attend
company functions you usually do so at the expense of taking
time away from the activities that are actively making you
money.
It can be true that you will gain enough new information and
insight into your business that what you learn at these company
functions can help you build your business even better, but
seldom can you count on such an even to guarantee dollars into
your bank account. Over the years I've watched countless people
spend money they didn't have in their budgets in order to attend
such events. That's because most such events cost you money, as
opposed to making you money.
There is nothing wrong with company conventions, seminars, etc.,
as long as you can readily afford it, enjoy it, and, most
importantly, can afford to pay for it out of PROFIT! If your
business isn't making you enough money to pay for such a trip
then wait until it does, unless you are already in a position to
easily and comfortably afford the trip out of your existing
budget (most likely from the income from your day job).
Not to digress too far away from the main theme of this article,
but key rules to always remember in your business are to grow
your business out of profit, spend as little money as possible
on things that don't make you money, and what money you do spend
try to invest wisely in those things that will make you money.
Lastly, be reasonable about how many functions you attend. Some
groups of network marketers (usually not an official company
sanctioned position) encourage or even demand their
representatives to attend pep talks and rallies as often as once
a month or more. Follow the guidelines already mentioned above:
Can you afford it, and what impact will attending that function
have on your business? Is it costing you money or making you
money?
Returning to our original theme, even if you can afford
activities like those just discussed above, do you want to spend
that much time away from your home and family? Many people find
that they are out and about so much, traveling to work with out
of town groups, and attending functions, that they are tired and
barely recover after returning from one before they are off to
the next.
Even if your efforts are profitable the above methods can be
among the least efficient ways of building a business. That's
not to say it can't or doesn't work, many have built
organizations of thousands that way, including me (in years
past, as I use better and more efficient methods today). But ask
yourself, if you could build an organization just as, if not
more, effectively while still being able to spend as much time
at home with your family as you would like, wouldn't that be
better?
Sure, you can always take people to lunch, dinner, and travel,
to socialize, but, especially with all of the tools that you now
have at your disposal such as the telephone, conference lines,
Internet, fax, etc., it simply isn't necessary to do so in order
to build a successful and profitable business.
There are some people who just love and enjoy always being on
the go, or socializing, etc. There too such things become a
matter of personal preference. I know people, for instance, who,
especially in years past before online bill pay, etc., love to
pay almost all of their bills in person. For a stay at home
parent, or someone not working fulltime, or a retired person,
etc., they often view it as a way to get out of the house and
keep active. However, if you employ the kinds of training and
techniques that are available to allow you to build a growing,
successful, and profitable business, right from the comfort of
your own home, you will be busy with so many new prospects and
representatives that you are unlikely to get bored sitting
around home with nothing to do!
So, if you're happy with the way in which you are currently
growing your business, which may include some of the methods
above, that's fine. Some people still enjoy building their
businesses in the traditional way, in person, one person or a
few at a time. However, if you would like to learn more about
some of the things that you can change, and techniques that you
can employ, in order to start growing your business effectively
right from home, then please take a look at the programs that we
offer on ABCIncome.com. They allow you to achieve better
results, faster, than using any of the less efficient methods
mentioned above.
About the author:
GRPMAX, L.L.C. was founded by CEO Phil Covington in 1979 and is
the parent company of ABCIncome.Com. GRPMAX specializes in
developing Uniquely Innovative Technologies & Solutions and has
worked with clients ranging from small business, to government,
to the Fortune 500.
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