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Kevin Garrett Named Five Star Wealth Manager Market Commentary – October 28, 2019
You Need To Step Up Your Game!
It isn’t often that I can observe my clients during their day-to-day interactions. In my twenty years as an Executive Recruiter, I have observed only five interviews conducted by a client. I found those situations interesting and most helpful. As a coach and consultant, I usually rely on the client’s after-the-fact recollections of an encounter. This is not ideal, as I only hear one side of the story. Sometimes, I am fortunate enough to observe the encounter in real-time. Those opportunities, however rare, result in a treasure trove of useful information. I had one of those opportunities this past week.
I spent some time with a prospective client this week. It was an unusual situation as I was working with another client, who happens to be a vendor for the prospect. This prospect has come to know me through my work with his vendor. Apparently, he likes my style and has talked with me about an engagement. So far, the discussion has been preliminary. I recognize a possible conflict of interest with my current client, which I intend to avoid.
My client and the prospect are typical entrepreneurs. They are hyperactive, creative types. Maybe even a little ADD. Although affable and engaging, they share a common weakness, communication skills. When they aren’t understood, or work is not completed as they had envisioned, they become frustrated. It’s as if they expect others to read their minds. The resulting admonitions are unprofessional, unproductive, and borderline nasty. They fail to provide clarity to their expectations and how to correct the issue if required. I am amazed that neither recognizes the problem, but they aren’t happy with the symptoms. My client has come to the realization that changes must be made if there is to be a productive working relationship with the prospect. Clearly, they lack self-awareness regarding this issue.
While with them this week, I experienced their interactions firsthand. I observed the prospective client’s interaction with others including his employees, vendors, and customers. I observed his interaction with my client and a few of his subordinates. They were interesting and revealing. In one case he admonished an employee for his failure to complete an assignment. The prospect was agitated that the employee had not completed more work, challenging his work ethic. The prospect continued to repeat, “you’ve got to step up your game.” Regarding this encounter, I witnessed the instructions the employee received from my prospective client. The employee did exactly what he was told to do. The prospect failed to recognize the work completed by his employee and never explained what should have been completed. My take on the situation is that the prospect was worried about something else and unloaded his frustration on the employee. Not exactly what I would call a positive management style. The confrontation was a waste of time and detrimental to the employer-employee relationship.
I observed similar conversations between my client and the prospect. Those conversations included contradictory instructions and failure to establish clarity. At one point, the prospect told my client “we must slow this project down,” then later, “you must speed up your work!” Totally contradictory. When debriefing my client, I recommended that he make greater effort to achieve clarification. I suggested he ask questions and take cogent notes. Then confirm back with the prospect to ensure mutual understanding. Simple right? Well, not necessarily. The other point is to make better use of technology. I recommended that my client use email, text messaging and meeting scheduling tools to ensure understanding.
This post is about working through a dysfunctional relationship, the need to improve one’s communication skills and the importance of hiring a coach or maybe even an Organization Psychologist. I will continue my discussions with the prospect as I know I can be helpful. At this point, the prospect needs a coach more than a consultant.
Thank you for visiting our blog.
I hope you enjoyed our point of view and would like to receive regular posts directly to your email inbox. Toward this end, put your contact information on my mailing list.
Your feedback helps me continue to publish articles that you want to read. Your input is very important to me so; please leave a comment.
Jim Weber, Managing Partner
ITB PARTNERS
North Fulton Business RadioX Interview, September 26, 2019
Author of: Fighting Alligators, Job Search Strategy For The New Normal
Selling Consulting Services: Are you asking the right questions?
As you would expect, I spend a lot of my time promoting ITB Partners to prospective clients who may need our consulting services. Additionally, I talk with many people who want to affiliate with our company to leverage their resources and create a sustainable independent consulting practice. This week was typical in that respect.
Of course, all my meetings are interesting. I learn a lot from these conversations. One conversation stood apart this week. I received a phone call from a lady I have known for many years. A millennial, she’s been developing a sideline business. She started by purchasing unclaimed freight and reselling that merchandise through Facebook. As she learned about her customers and her skill set, her business became focused on selling women’s clothing. She has positioned herself as a fashion consultant. Her unique selling proposition is helping women purchase clothing that best suits their body type and personal style. As her business model requires consultative selling, I was very interested to learn how she connects with her clients and the process she uses to generate business. She was very gracious as she answered all my questions.
Consulting services are categorized as intangible sales. The product we sell is an improved future ‘state of being’ compared to the current situation. The desired ‘state of being’ cannot be experienced physically. One cannot see the outcome with their eyes; they cannot touch or taste the product as it currently doesn’t exist. The product may be a significant increase in revenue, lower operating costs, greater profitability, or reduced risk. These states can be measured only after they have occurred. Those of us selling consulting services must conduct ourselves like a physician. We want to make our clients feel better.
Last week I wrote about the value of listening which I believe to be an essential skill. I am convinced that it is the most important tool required to be a good consultant. I have been faithfully working to improve this skill. Toward that end, I remind myself to concentrate on what the other person is saying and to squelch thoughts about my response. As with most sales processes, my meetings are about gathering information to qualify prospective clients, not to debate. I endeavor to listen carefully and ask questions that yield useful information. Asking the right questions is required to keep the conversation flowing.
I am fond of using the physician as an analogy for the consultant. Before the physician can convince the patient on a course of action (to resolve a problem) she must gain the patient’s trust and confidence. The patient must be assured that the physician is prescribing a treatment that is in their best interest and that the physician is competent. It is the same process for an independent consultant. The first step is to gain the trust of the prospect and then to establish confidence. To begin the process of creating trust, the consultant must establish rapport. We do that by asking questions and listening thoughtfully to the prospect’s response. Questions that reveal the prospect’s situation, concerns, and fears help the consultant understand the nature of the problem to be solved. It also demonstrates empathy which establishes rapport. Like a physician, we want to know ‘where it hurts,’ and to understand the prospect’s ideal situation. Asking follow-up questions shows the prospect that you have a sincere interest to help them resolve their problems. Sincerity on your part will establish trust.
When you’ve established trust, you can work to gain confidence. Establishing confidence is based on quantifiable results. In other words, how many times have you completed the prescribed work and what is your success rate? If you are a surgeon prescribing a heart transplant, the patient will want to know how many heart transplants you’ve completed and if you lost any patients. This is a good time to have references available to ‘sing your praises.’
To be successful selling an intangible product like consulting services requires that you create a bond with the prospect. Creating a bond, or establishing rapport is accomplished by listening carefully to understand the prospect’s pain. Asking follow-up questions to completely understand the extent of the prospect’s situation helps ensure that you will close the deal. So, take time to ask good questions, listen carefully, and close more deals.
Thank you for visiting our blog.
I hope you enjoyed our point of view and would like to receive regular posts directly to your email inbox. Toward this end, put your contact information on my mailing list.
Your feedback helps me continue to publish articles that you want to read. Your input is very important to me so; please leave a comment.
Jim Weber, Managing Partner
ITB PARTNERS
North Fulton Business RadioX Interview, September 26, 2019
Author of: Fighting Alligators, Job Search Strategy For The New Normal
Trade War Thawing? Market Commentary – October 14, 2019
A verbal agreement. Friday, October 11, the U.S. announced that it had reached a verbal agreement with China, concluding two days of face-to-face talks and rampant speculation of a deal in financial markets. China agreed to purchase more agricultural products from the U.S., and the U.S. dropped plans for higher tariffs on $250 billion in Chinese goods, which were scheduled to take effect Oct.15. Stocks are down this morning, though, amid reports that China wants more discussions with the U.S. before signing the deal.
Slumping Chinese imports. We believe progress in the U.S.-China trade dispute is becoming more crucial to jumpstarting global demand, as China data showed this morning. China’s imports (in U.S. dollars) dropped 8.5% year over year in September, the fifth straight decline, while China’s exports fell 3.2%. Slumping Chinese imports adds to evidence that the second-largest world economy has weakened over the past year, while pockets of the U.S. economy continue to deteriorate. We think signs of slowing growth could motivate both sides to continue working together.
Earnings preview. Corporate America is unlikely to deliver much if any, earnings growth in the third quarter. However, we think better days lie ahead. We expect progress on trade to keep U.S. economic growth at or above the trend for the current economic expansion. The U.S.-China trade conflict is unlikely to be resolved anytime soon, but we believe any small steps forward could increase business confidence and spark capital investment, lifting corporate profits. Flat earnings are hardly exciting, but we think prospects for better growth in 2020 will support stocks at current valuations.
Stocks rally to end the week. Stocks rallied on trade optimism late last week, erasing the S&P 500 Index’s 2% loss through Tuesday. Fixed income markets dropped across the board as global interest rates moved sharply higher. Review all the major indexes in the latest Weekly Market Performance.
The week ahead. This week’s economic calendar in the United States includes retail sales and Federal Reserve’s Beige Book on October 16, followed by industrial production on October 17 and the Conference Board’s Leading Economic Index on October 18. Internationally, we’ll get industrial production and Consumer Price Index data out of the Eurozone. A swath of China data is slated to be released as well, including third-quarter gross domestic product, inflation, and industrial production.
 My firm specializes in working with people that experience what we call “Sudden Income.” Typically the income came from one of these events: 1) Accessing and Managing Retirement Assets I believe the unique nature of these events requires specialized professional experience, empathy, and communication to deal with both the financial changes and the life changes that inevitably come with them. My clients value my ability to simplify complex strategies into an actionable plan. They also appreciate that I am open, non-judging and easy to talk to about their dreams and fears. Each client defines financial success differently and my goal is to guide them from where they are now to where they want to be. As my client’s advisor, my goal is to provide them with a lifetime income stream, improving returns, protecting their funds and managing taxes. |
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KEVIN GARRETT, AWMA, CFS
Integrated Financial Group
200 Ashford Center North, Ste. 400 | Atlanta, GA 30338
Phone | 770.353.6311
Email | kgarrett@intfingroup.com
Website | kevingarrettifg.com
Are You Listening To Me?
Last night, we enjoyed a lovely October evening in the Atlanta area. The temperature had cooled to the low 70’s making it very comfortable for al-fresco dining with friends. As it would have been somewhat tragic to miss this blissful weather opportunity, my wife, Jill, and I enjoyed an evening out with another couple. The other couple, David and Dana are my wife’s business partners for her residential remodeling and construction business. We agreed to meet at Avalon around 6:00 p.m. Avalon is a trendy new mixed-use venue in the northern suburbs of Atlanta. Most Friday evenings during the Summer and early Fall, people congregate there to listen to a live band, enjoy a casual dinner and drinks, and participate in lively conversation.
David arrived a little later as he had to attend an event with his son. That gave us time for a few drinks and conversation with Dana. At some point during the conversation, Dana mentioned how interesting it is to watch Jill and David work together, especially the way they work through the creative process. As Dana explained it, she facilitates their work by helping Jill and David communicate. She said they spend a lot of time talking past each other, not actually hearing what the other has said. That’s not a surprise, as they’re both strong-willed, creative types, successful in their own right. Dana is their interpreter. Our conversation reminded me of the awesome power of listening.
Reflecting on this past week, I spent a lot of time listening. I listened to several job seekers talk about their career interests. One was much more interesting than the other, as his experience was broader and deeper. I made a presentation to The Business Executives Networking Group (The BENG) which I designed to be interactive. I was successful as my presentation generated a lively discussion. As a result, I received a lot of input from the group. While editing the presentation video I recorded, I became aware of opportunities to improve my delivery. While careful listening facilitated the editing process, it also revealed some cringe-worthy speaking habits. I had the same experience listening to the webinar I delivered on Thursday. Listening to my presentations as if I was a member of the audience, became a self-improvement exercise. Wednesday, I conducted my monthly Executive Leadership Meeting which was an opportunity to hear from my advisors. As these people represent the leadership counsel for my company, it is important to hear from them and to ask questions for clarity. As that meeting was conducted via ZOOM, I have a video recording to refer to as I prepare the meeting recap. Hopefully, I will hear something interesting that I missed during our meeting.
Friday morning, I had a meeting with another colleague. We discussed many opportunities, including the possibility of collaborating on a seminar about professionalism. During that meeting, I observed that my favorite way to close a deal was by listening to the prospective client talk about their issues and thoughts for corrective action. In those situations, I listen carefully and ask questions for clarification and insight. I listen without judgment or offering an opinion, asking questions to understand the prospect’s desired outcome. I believe that conducting myself in this manner demonstrates a sincere interest in understanding their situation. By showing interest in learning about the prospect’s problem, I demonstrate my respect for her and empathy for her situation. This process helps build rapport, the foundation for all relationships. It also shows the prospect what to expect from me if hired to help her resolve an issue. This discussion brought the power of listening to full focus.
It was a late evening, Friday. However, it was most enjoyable and a great bonding opportunity for all of us. Best of all, listening to Dana talk about her role as a facilitator reminded me how important listening is to one’s success.
Thank you for visiting our blog.
I hope you enjoyed our point of view and would like to receive regular posts directly to your email inbox. Toward this end, put your contact information on my mailing list.
Your feedback helps me continue to publish articles that you want to read. Your input is very important to me so; please leave a comment.
Jim Weber, Managing Partner
ITB PARTNERS
North Fulton Business RadioX Interview, September 26, 2019
Adopting the Entrepreneurial Mindset in Your Company Culture: Accept that Failure can be okay.
Welcome to the world of an entrepreneur.
The concept that failure can be okay can be so difficult to absorb. Do we really need to experience a failure to learn and succeed? Maybe not, but tried and true success does come with bumps and bruises and lessons learned from the experience of failure. What is the “entrepreneurial mindset?” According to a common misconception, an entrepreneur is a bold, risk-taking, rule-breaking individual with the reputation of a riverboat gambler. Why would you want that in your company culture? But, in reality, an entrepreneur is confident and decisive, understands risk clearly and knows when to challenge the status quo. Above all, an entrepreneur truly believes “Anything is possible.” An entrepreneur is not just an individual associated with a business startup. It’s common to find them scattered throughout any business or organization, thus the term “corporate entrepreneur.”
UNDERSTANDING YOUR COMPANY CULTURE
Can you describe your company culture? Are your employees able to articulate it in simple terms to your customers, prospects and the business community? Culture is the personality of your company, which flows from the work environment, mission and vision, values and goals. Some traits are subtle, beneath the surface, while others are
very prominent. Do you see any traits of the entrepreneurial mindset in your culture? Are you comfortable with risk? Do you minimize failure? Do you make decisions quickly? Above all, do you show extreme optimism when developing a new business model, evaluating a new product or considering change against the status quo? By shifting your culture to reward entrepreneurial thinking, you tend to become more creative and innovative. Employee morale, in general, tends to rise with a more positive outlook toward risk, failure, and difficult situations. Stress levels trend downward when you migrate toward “anything is possible” and a “no fear of failure” mentality.
Some cultures in this industry tend to be steeped in conservative and deep traditions of doing it a certain way and not moving toward change as quickly as other industries. That could be attributed to the unique skill set of the gas and welding business. Knowledge is often home-grown and self-taught. There are no classes in the universities or trade schools on selecting the right gas blend for a welding application, creating solutions to manage cylinder inventory,
understanding a customer’s need to go bulk, troubleshooting a frozen liquid cylinder and on and on.
If you’re looking for reasons or justifications your culture might need an adjustment, consider these:
- Are you working harder for smaller efficiency gains? How much more cost-saving can you squeeze from your existing business model?
- Is our cost to acquire new customers and market share rising per unit? How much more revenue growth can you get from the same business?
- When you compare strategies with your closest competitor, is it getting harder to differentiate? If any of these hit home or you just have the intuition that change is needed, read on.
INTRODUCING THE MINDSET INTO YOUR CULTURE
Depending on how deeply you want to embrace entrepreneurial thinking into your culture, here are ideas and levels
of commitment to consider. The flow is in order of go lightly and start small to go big and be bold.
Basic Knowledge and introduction
Introduce the concept throughout your organization in short training workshop(s) and involve employees in feedback with ideas on how to implement and to what level.
“Homegrown” Champion
Is there someone in the organization who exhibits traits of an entrepreneur? Consider them for a special assignment and/or add duties to their existing position where they teach and/or mentor others on thinking the entrepreneurial way. This could also be an opportunity for career advancement.
Recruiting new talent
Is there a vacant position you’re recruiting for? Add heavy emphasis on entrepreneurial thinking to the skill set in the search. Open it up to any position—sales, admin or operations.
“Celebrate failure”
Find an opportunity to make a point of minimizing a failure someone in the organization has made. Reward them for
trying and missing. And then look for the next opportunity to celebrate another failure. Obviously not trying to fail but releasing the tension of trying something new without fear of retribution if it fails.
Create an “Entrepreneurship” Department
Develop a new department tasked with innovation, ideas and new business model opportunities. This is a big one; you’re all in when you go this route. But, why not. The rewards can be significant innovation and creativity are key to driving success. Everyone stands to benefit by adopting one or more traits of an entrepreneur, and when the mindset works its way into your company culture, positive change will follow. Confident and clear decision making, no fear of failure and the belief that anything is possible are characteristics of a winning team. Throughout the company, no matter the skill or position, learning to think like an entrepreneur is bound to lead to a more enriching work environment and ultimately to more success with your business strategy.
Seeing the positive in failure
We began this article with the concept of tolerance of failure, which is central to the philosophy of entrepreneurship. I’ll leave you with a few quotes on failure from well-known individuals who never let it get in the way of their success:
“Anyone who has never made a mistake has never tried anything new.”
Albert Einstein
“I have not failed; I’ve just found 10,000 ways that won’t work.”
Thomas Edison
“If you do what you’ve always done, you’ll get what you’ve always gotten.” Tony Robbins
John Tapley is a business management consultant and entrepreneur with expertise in new business startup, innovative business growth, and marketing strategies and digital/social media marketing. He has significant experience in all facets of the industrial gas industry, both domestic and global. He is also a mentor at the Entrepreneur and Innovation Institute, Georgia State University.
John can be reached at: John.Tapley@itbpartners.com and (404) 314-8106
Thank you for visiting our blog.
I hope you enjoyed our point of view and would like to receive regular posts directly to your email inbox. Toward this end, put your contact information on my mailing list.
Your feedback helps me continue to publish articles that you want to read. Your input is very important to me so; please leave a comment.
Jim Weber, Managing Partner
ITB PARTNERS
North Fulton Business RadioX Interview, September 26, 2019