Industry news and views from Panacea and our partners.
John Joe McGinley, Glassagh Consulting_
Hearing is not always listening
How many presentational skills courses have you been on? How many books about public speaking are lying half read around your house? We get so much help and information these days on communication, but how often do we learn about listening?
Common sense and segmentation
Most successful businesses in every sector use a segmentation model of some sort or another, but if you asked business owners what it was, many would say they have never used segmentation at all. This is because in reality its just plain common sense that business people have adapted over time. This allows them to ensure they work with and sell to the people who value, want and need their product or service.
Make the most of what youve got
Ask any business owner and they will tell you that it is more profitable to deal with existing clients than to attract and sell to new ones. Most sources agree that it costs between 4 and 10 times more to acquire a new customer than it does to keep an existing one. Why then do many businesses seek new clients while ignoring the value within their own organisation? I think the answer for many is that they just dont know what theyve got.
Segmentation is no dark art its essential for any business.
There is a lot talked about segmentation, much of it theoretical and off putting, when in fact its a very simple business process to group, service and market to right minded clients and potential customers.
Strategic Alliances Action plan
In my last article I looked at how you resolve conflict in a strategic alliance How to rescue a failing strategic alliance (panaceaadviser.com) and I also promised to provide a simple template to collate your thoughts and create a strategic alliances plan. As you will know by now, I am no fan of large academic piles of paper, that do nothing more than sit in a drawer. I favour a living breathing document that answers the questions you have and provides you with a template to drive forward with.
How to rescue a failing strategic alliance
According to Harvard university, the failure rate for strategic alliances hovers between 60% and 70%. Despite an abundance of advice on how to make alliances work, this dismal record hasnt improved in the past decade.
Selling the sizzle of a new Strategic Alliance
You may think you have done the hard work when you establish a new working relationship with a strategic alliance, but the next stage is the most important ensuring you communicate this relationship correctly to your existing clients.
You may think you have done the hard work when you establish a new working relationship with a strategic alliance, but the next stage is the most important ensuring you communicate this relationship correctly to your existing clients.
Look before you leap into a strategic alliance
Most businesses I have worked with have embraced the need for alliances with likeminded companies at some time, but very few get it right. Those that do have one major thing in common, they have taken the time to identify why they need an alliance, what that alliance should look like and what any partnership entered into should involve. They have looked before they have leaped into a relationship that could quickly go wrong.
Its time for a fresh look at Strategic Alliances
Pre covid establishing the right partnerships with other businesses and suppliers was one of the most powerful corporate tools for dealing with the fast pace of changing markets, consumer preferences and emerging technologies.
When it comes to change the key is to ask, listen and communicate
Over the last few weeks, I have looked at how to implement each phase of the change process. My previous articles can be read here. I now want to cover possibly the most important part of any change process, communication. No matter what you change or evolve in your business how you inform your clients and new customers can potentially make our break your organisation.
Its easier to evolve than change overnight
Happy new year everyone and I wish you all health, happiness, and success in 2022. Please dont switch off this isnt another article about new years resolutions, this is about something that works and that is goals. Unlike resolutions, goals can drive sustainable evolution in life rather than quick fixes that do not deliver the desired change.
Implementing the change that is around the corner
No matter the level of change, it can be difficult to implement each phase of the process, but there are proven steps that can make it much easier. In the third part of my look at preparing for the changes that are around the corner, I now want to look at Implementing change.
Preparing for whats around the corner
No matter the changes you face or want to make in life its sensible to undertake this process with a plan in place. In this blog I want to share with you the simple steps in creating a template for change, which can help no matter how small or daunting the challenges you face.
No matter the changes you face or want to make in life its sensible to undertake this process with a plan in place. In this blog I want to share with you the simple steps in creating a template for change, which can help no matter how small or daunting the challenges you face.
Do you look around the corner?
Last time I talked about the momentous changes we are all facing and how you can help your clients navigate these. However, before you can do this you also need to understand, embrace and manage the changes that the future will bring for your own business. How will you evolve to meet these challenges and exploit the opportunities our changing world and society will bring?
Is social media an addiction or a positive part of your life?
Well, how did you cope without Facebook, Instagram, WhatsApp and Messenger for those six hours it was down? Did you start to have withdrawal symptoms from liking, sharing and commenting?
Do you ever feel like you are an imposter?
As millions of people across the world return to working in offices, an issue which many people are talking about is mental wellbeing.
Have you lost your Mojo ? How to keep motivated when you just cant be bothered.
Sometimes no matter what we have to do or how much needs done its hard to get motivated to do it. This is natural and just part of life but has the pandemic made this more prevalent and are more and more of us feeling less enthusiastic about what we do?
Lists dont make you boring, they make you efficient
Modern life is chaotic and stressful enough but even more so when you factor in a pandemic that makes even simple tasks involve so much planning.
Its time to switch off and recharge yourself not your technology
Everyone needs a holiday, time to unwind, forget about the stresses and strains of working life and relax. A problem many people have, is they cant let go and their minds drift back to unsolved problems and imagined crisis that may develop when they are away from work.
How to clear brain fog
If youre finding it hard to focus, remember things or make decisions at work, relax, youre not losing the plot. More than likely, you are suffering from pandemic-induced brain fatigue which makes it difficult to think straight. Some people call this brain fog.
What we do today impacts us in the months ahead
You have probably heard of the 100-day action plan, perhaps you associate it with incoming politicians especially America presidents. But I dont want to talk about politics or sound bites, I want to help you define your business planning going forward.
What changes will Covid bring to UK Financial Services?
Covid is changing everything, and Financial services is no different. Id like to share with you some musings on some changes we may see over the next few months and years ahead.
Be fearless and make that change
The pandemic has brought much sadness and stress for so many of us and its effects will be felt for years after this horrible virus burns out or is brought under control.
Its not the new normal, its the next normal
Despite this optimism, as our world begins to transition from fighting the covid 19 crisis to recovery and reopening of society and our economy, it is apparent that the lockdowns and the virus have had a profoundly lasting impact on how people live, work and consume.
Creating strategies for success
Over the last few weeks, we have looked at the process of creating a robust Covid 19 action plan using tried and tested simple business techniques that everyone of us can use in our own firms.
Your goals are nothing without action
Happy new year everyone and I wish you all health, happiness and success in 2021. Last time I talked about goals as part of a Covid action plan and this week when many people are talking about New Years resolutions, Id like to highlight a business tactic that will last beyond the second week in January! and that is business objectives.
Control the change, dont let change control you
Considering the uncertainties that are ahead, the pandemic for many of us has shifted thoughts from what may happen months from now to what we are doing today. This is a perfectly legitimate frame of mind, but Id argue that our world will evolve post Covid and we should also think about how we will adapt to this change.
If you really want to do something, you'll find a way. If you don't, you'll find an excuse.
If you are going to produce this plan, then a vision statement is a starting point that will help you produce a robust roadmap for the future. It will also enable you to identify where you want your business to go in our Post Covid and Brexit world.
Irish Wise Guys The stories of the most notorious Irish American Gangsters
The United States has always opened its arms to the huddled masses of Irish men and women, who have left their native land for a better life, and most have repaid this hospitality many times over.
An exciting opportunity is only as good as the plan of delivery
2020 has been a hell of a year and thats saying something, but with news of the development of at least two vaccines, perhaps we have some light at the end of whats been a long dark tunnel.
Happiness is not standing next to a Banana
Have you ever wondered why bananas appear to speed up the ripening process of other fruits?
The right activity is the key to success
I came across two quotes while doing some research that inspired me to jot down some ideas. The first was Happiness is a state of activity. Aristotle
Being yourself in a world that is constantly trying to make you something else
A few years ago, when I was going through a difficult time at work, a friend and colleague gave me one of the most valuable pieces of advice I have ever received. He had seen how I was reacting to people around me and allowing that to reduce my motivation, self-worth and happiness.
Five minutes everyday can make a lifetime of difference
When you got up today what was one of the first things that came into your mind? Was it the problems you face or the hurdles you must overcome today?
Business growth does not come from daydreaming, but hard work
Business expansion doesnt come from daydreaming, but as you well know, from experience, it takes a lot of hard work.
Working together is success
Over the last few difficult months one of the most used phrases which is now becoming a cliché is adjusting to the new normal. This suggests that people have changed, or have we, or will we revert to type and go back to our old bad habits?
You may be zooming but are you blogging?
Like virtually all businesses, financial advisors face major new challenges in the way they manage workflow, communicate with colleagues and clients and generally run their practices.
10 tips to develop your Covid Communications plan
Id like to share with you some ideas on how to develop a simple communications strategy in this uncertain business environment. Client communication is one of the most essential elements of any business. It is a fundamental part of your brands DNA and when done right, it will create greater loyalty and drive more business your way.