The Coach's Corner

Archive for August, 2019

Is Your Employee Turnover Too High?

August 26th, 2019 // Tom Doescher //

Tom Doescher - Doescher Advisors

In this historically low unemployment environment, many business owners are struggling to keep their people. According to the leadership coaching team Bliss & Associates, the cost of employee turnover averages 150 percent of the employee’s annual compensation. Wow!

In his book, The Dream Manager, Matthew Kelly offers some very practical advice. The book is a fictional story/fable, similar to Patrick Lencioni books, and it’s a powerful, quick, easy read. Kelly opens the book by quoting Thoreau: “Go confidently in the direction of your dreams. Live the life you have imagined!” He goes on to quote statistics on the high level of disengagement by employees in the workplace today.

Kelly states that people generally do not leave because of money. Remember Marcus Buckingham’s Gallup results and his 12 Questions, now reduced to 8? (You can get a PDF copy of both the 12 and 8 Questions in the Resource section of my website.)

Most of the book is about “dreams,” but the fictional company owner reluctantly agrees to a one-question employee survey, recommended by his COO. Here’s the question: Why do you think so many people come and go from our company? It’s a very simple, but powerful, question, and although the results are shocking, they’re relatively easily dealt with. However, as my mentor, Ken Kunkel, used to warn me, “Be careful what you ask for.” By that, he meant that if you ask, you need to be prepared to do something, and not just “receive and file” the advice. You’ll probably be surprised, and it may cost some money, but do the math. How many people left your company last year? What was their average compensation? Multiply that result times 150 percent, and that’s what it’s costing now, if you do nothing.

Most of the book involves a revolutionary idea that may be more than you’re willing to take on at this time. I would still encourage you to read it; it may stimulate an idea or two that you can implement.

If you’re concerned about your high turnover rate, I would highly recommend you and your leadership team read The Dream Manager.

If you’re a financial/wealth management advisor and you’re looking for ways to use your skills and give back to your community, I would also recommend you read this book.

Do You Want to be More Successful Developing New Business?

August 12th, 2019 // Tom Doescher //

Tom Doescher - Doescher Advisors

I just finished reading a fascinating book, Win Bigly, by Scott Adams. For those of you who read the daily comic strips, you’ll recognize Adams as the Dilbert cartoonist. If I haven’t lost you yet, guess who the book is about? President Trump.

Adams, a self-proclaimed ultra-liberal, was in a very tiny group that predicted Donald Trump’s victory in 2016. He says he took a lot of heat and abuse, especially from his liberal neighbors in California.

I would highly recommend the book, which was very entertaining, but not for that reason. Adams, who would say he’s a persuader as much as a writer, refers to President Trump as the Master Persuader — and possibly one of the best in human history. Reading along as Adams makes his case, it dawned on me that he’s describing the best marketing/new business/Hunters I’ve ever known.

As you read the book, assume you have two products to choose from: Hillary Clinton or Donald Trump. Which would you buy? The choice has almost nothing to do with their positions/platforms. Now, I’m sure I’ve offended many of you, but I suggest that you read Win Bigly as a “How to win that next big customer” playbook.

Here are a few of Adams’ observations:

  1. Trump is the most persuasive human he has ever observed. (Editorial comment: Keep in mind that Adams vehemently disagrees with most, if not all, of President Trump’s positions.)
  2. When they were done criticizing Trump for the “error” of saying he would build one big solid “wall,” the critics had convinced themselves that border security was a higher priority than they had thought coming into the conversation. The reason the wall imagery was good persuasion is that it was both simple to understand and memorable.
  3. A big opening demand in a negotiation will form a mental anchor that will bias negotiations toward that high offer.
  4. Humans think they’re rational, and they think they understand their reality. But they’re wrong on both counts. The main theme of this book is that humans are not rational.
  5. Humans literally make decisions first and then create elaborate rationalizations for them after the fact.
  6. Trump is so persuasive, policies don’t matter. People voted for him even though his policies were murky and changing.
  7. Visual persuasion is stronger than oral persuasion. Trump always paid attention to the colors and symbols associated with his brand — his shirt was always white and his tie colors were always from the American flag.
  8. What you might not realize is that each of us is “marketing” all the time. (Editorial comment: For those of you who know me well, you know I struggle with “business casual” dress. Show me a great new business developer and I bet they look sharp.)
  9. If you want to make a good first impression, don’t jokingly complain about the traffic on the way over. Try to work into the initial conversation some positive thoughts and images. (Editorial comment: People love to be around the “sharp” new business developer because they always share a positive, uplifting, inspiring story.)

My challenge to you is:

  1. After reading the book, evaluate your sales process, including handouts and pitch.
  2. Is it a bunch of facts and details?
  3. Does it appeal to your customers’ emotions? Is there a WOW factor?
  4. Would you buy anything from you?
  5. Do people like being around you or do they hide when they see you coming?

I would love for you to send me stories of instances where your company has applied the principles in Win Bigly and has won new business.

The Advisor’s Corner

Tom DoescherYou’ll find stories from the trenches, business lessons, and pertinent questions to help you find inspiration, professional growth, and leadership savvy.

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