5 Powerful Steps to Evaluate Risk

By Sheri Taber

Only those who dare to fail greatly can ever achieve greatly.
-Robert F. Kennedy

Risk poses a powerful threat for the faint of heart, yet is ever present in the quest for great success. For many, risk so quickly attracts fear that (at an ever-present subconscious level) the two feel synonymous. The risk-adverse rarely achieve greatness.

When I think of risk, I scratch my head to identify any negative connotation. Perhaps its because for everything I’ve done well and at which, succeeded greatly, Risk was an ever-present companion. I’ve established a great relationship with Risk. When she shows up, I ask her a lot of questions. I determine whether she’s here to warn me or empower me to open fortuitous doors others have failed to observe or were too fearful to traverse. Risk is a messenger. Those who befriend her refer to her as a channel of information. Those who avoid her fear her.

Fear is a “poser.” It is the charlatan of risk. It suppresses while encouraging paralysis and retreat. A common acronym for FEAR is False Evidence Appearing Real. Fear leverages erred thinking that emanates from our inability to fully perceive the potential for a positive outcome and impact in the midst of unfamiliar territory. Fear is like the shadow that startles and has no power except to incapacitate. You’ll find fear is not a gut feeling, but a head game. An interview with Risk shines the light on the shadows. The value of the opportunity she’s here to share with you becomes increasingly clear.

Understanding that if you treat Risk as an agent of information, you’ll perceive her more positively and embrace her more readily. I’ve adopted a no-fail process for evaluating, mitigating and embracing Risk and the promise of her presence.

1. Identify, characterize and assess the risks

• What is the potential value impact of the opportunity should you embark upon it?
• What is the potential loss of opportunity and value should you retreat?
• What is the worst-case scenario? (With this clearly defined, will an effective strategy detour such a scenario?)
• Identify unknown risks and associated opportunities
• Is this risk required to achieve my legacy or bigger opportunity?

2. Assess the vulnerability of critical assets to specific threats

• Time, energy, money, network and other resources
• Would these assets potentially receive a higher impact if I were to invest the same energy elsewhere?
• Define peripheral costs, loss or gain if you divert your investment?

3. Define the expected consequences of the types of risks on your specific assets

4. Identify ways to reduce potential risk and leverage gains for greater opportunity

• Research risk aversion strategies
• Identify and leverage resources to overcome obstacles
• Transfer risk to external agencies (i.e. insurance company, larger community of support, partnerships)
• Prior to embarking on your opportunity, design built in risk control processes and containment measures

5. Create a strategy to prioritize risk reduction measures

This risk evaluation process takes the fear out of risk. It will help you know whether to engage or retreat, how to reduce or mitigate risk, avoid undesired consequences and maximize your potential for success in any opportunity.

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Sheri Taber is the CEO of The Peak Performance Group, Inc, a global management consulting. A 30-year industry veteran, Sheri’ is an international award-winning, business expert with the capacity to take a business and its leaders in the right direction and solve the toughest problems.

Hiring a consultant can be the perfect solution when your small business needs specific or specialized short-term expertise. Hiring the right consultant can be tough, though, and after you’ve checked credentials and talked to references, your decision is often based on the conversations you have with a potential consultant.

With that in mind, here are eight warning signs of a potential consulting engagement that won’t work out like you hope:

“Implementation will be easy and seamless.” Every project is disruptive. The best projects are often hugely disruptive because they involve considerable change. A consultant who downplays the disruption factor is inexperienced or fibbing. A consultant who sugar-coats the difficulty up front is unlikely to communicate proactively when problems inevitably occur.

“Don’t worry. We have all the answers.” A consultant’s job is to provide answers, in particular the answers you don’t have. After all, if you had the answers, you wouldn’t need a consultant. The best consultants are willing to say, “I don’t know — let’s figure it out,” because the best projects are collaborative.

“We provide a turn-key solution.” There are very few turn-key solutions unless a consultant provides simple equipment, hardware or applications, and even then, at least some amount of training or process modification is generally necessary. There will always be more training and start-up pain than you assume. Make sure “turn-key” means, “We’ll work with you until everything is running smoothly.”

“You know, I’m not sure your employees can handle that.” A consultant who downplays the skills of your employees is likely to be angling for a long-term engagement. Except in unusual circumstances, with the right training your employees can take over just about any task. Good consultants will show you how to bridge the gap so that eventually your employees are self-sufficient.

“That’s enough detail. I already have a good understanding of the requirements.” Some consultants love fuzzy requirements because misunderstandings or gaps create wiggle room later. Some even see scope-creep as a standard way of generating additional revenue. On the other hand, great consultants want to know as much as possible — the better they understand your expectations, the better they can deliver on those expectations. Think of it this way: A consultant who makes identifying requirements easy up front will often struggle to deliver a great project. Look for a consultant who goes the extra mile in nailing down details. Clear expectations are everything.

“You could handle that yourself, but I really don’t recommend it.” Poor consultants never point out ways a customer can save money. Great consultants operate just like you do. They try to build long-term business relationships, and they see losing a little revenue now as better than losing customers later when they realize they purchased services they didn’t need.

“That’s exactly what your employees want.” Your list of needs, and the list of needs your employees create (especially end-user employees) are often two very different things. Employee wish lists can be very long and very profitable for a consultant. A great consultant tries to reconcile various perspectives and owner/user needs so the project scope is clearly defined. A clearly defined project protects you — and ensures your employees aren’t disappointed later when everything on their wish list isn’t included.

“Absolutely.” Rarely can a consultant provide everything you want for the price and schedule you need. The word “No” might be disappointing, but sometimes it’s the best answer you can get. Think twice about a consultant who appears to agree to anything just to get the gig. Great plans — and great completed projects — are based on reality, not on wishful thinking. Hearing “No” before you get started is a lot better than finding out something isn’t possible after it’s too late.

© 2011 CBS Interactive Inc.. All Rights Reserved.

Read more: http://www.cbsnews.com/8301-505143_162-57342041/8-warning-signs-of-a-bad-consultant/?tag=nl.e808

More Clients. Revenue. Influence. Sales. Impact. Success.

It is estimated that networking can yield 80% more results than cold calling. Networking can also increase your chances of landing a job by more than 70%. Whether you own a business, have a job or are looking for one, you should be networking.

Some common and misinformed reasons include, “I’m not a sales person, I can’t do face-to-face selling,” “I don’t even know where to go to network” and “I don’t have the time.”

Networking is NOT direct sales, and it isn’t a new idea. People have always done business with people whom they know and trust. How else to trust someone other than getting to know them?

Networking is all about developing relationships and can be the highest yielding strategy of your marketing plan. You can’t afford not to get involved.

Networking Basics
Who is your ideal referral or strategic partner? These are the people who already have trusted relationships with your target customer or employer; they are their:

• Clients
• Community
• Associations
• Vendors
• Networking groups or
• Professional services suppliers

You aren’t looking to sell to these people, you are looking to build relationships, market yourself, then earn their referrals and give them referrals in return.

Identify what events these ideal partners attend, and be there! They could be market or vendor related events, associations, client events or even community and humanitarian activities.

Networking isn’t an overnight sales tool. Relationships built on trust and credibility take time, but they also have longevity far beyond a quick sale. Networking also isn’t a one-way street. These relationships should be mutually beneficial. Understand their business, what they do, what their personal and professional goals are, and what qualifies as a good lead for them. Pass them referrals as soon as you are comfortable and able and they will do the same for you.

Strategic Planning
Networking drives the growth of your business. To make the most out of every networking opportunity you must create an action plan wherein all of your networking activities are aligned to your strategically defined business goals.

• What are your networking goals?
• Reach business goals?
• Build relationships to generate new clients?
• Meet colleagues for possible collaborations?
• Develop brand and name recognition?
• Look for funding opportunities?

With a clear understanding of your desired outcomes, you’ll be able to develop a networking strategy that out delivers previous experience and your expectations!

The forethought put into preparing physically, mentally, conversationally and emotionally will contribute to a successful networking event as well as long-term results toward your goals.

Be Physically Prepared

• Name badge Business cards
• Smartphones
• Pen and notepaper
• Brochures (if appropriate for your business)
• Professional attire and posture that reflects confidence

Be Mentally Prepared

• Focus on connecting and sharing with others
• Consider how you can support those you meet – then do it
• Have a “full practice” or “booked solid” mentality, energy and essence
• Avoid approaching networking from a “must make a sale” mindset ? it projects a scarcity mindset and attitude

Be Conversationally Prepared

• Listen and ask genuine, relevant and strategic questions
• Frame your responses and business oriented conversation to their needs and network
• Make your pitch emotionally compelling; emotional benefits garner higher interest
• Be enthusiastic
• Know how to create and leverage opportunities for your ideal contacts

Be Emotionally Prepared

• What you believe and feel on the inside is projected outwardly – have a winning attitude
• Align your thoughts and behavior with your level of service and integrity
• Disconnect from the problems and challenges that are occurring in your world

It’s not what you know, it’s whom you know – and networking is your most powerful path to mutually profitable relationships.

Join Sheri’ Taber, CEO of The Peak Performance Group, Inc. for the one-hour, eye-opening Networking C.R.I.S.I.S. on demand webinar right here in our “On Demand Coaching” Center.

Sheri’ frequently presents her one and two hour Networking workshop to organizations and sales teams seeking to increase strategic partnerships and organic lead generation. You may contact her at Sheri’ or 1.800.513.6902.

Why do businesses fail to achieve breakthrough performance? Because they make things too complex. From the top down, everyone’s day is cluttered with tasks that don’t impact the organization’s strategy and goals.

Organizations that leverage a “Stop Doing List” accelerate achievement, create breakthrough opportunities and increase shareholder value. The Stop Doing List creates time and space to execute to goal aligned activities.

The Stop Doing List is also a vital component of your strategic plan. If your company doesn’t currently have a formal strategic plan in place – get it done – it is never too late or too early to get it done.

As the leader of your company, it is your job to spearhead the effective development of goal-aligned strategy and be the leading proponent of its execution and achievement. It is your responsibility to set standards, culture, ethics and to control how your company behaves.

Another very important aspect of strategic planning is the identification of the organization’s Vital Few Objectives (VFOs). These objectives clarify and direct the organization’s activity. They bring with them priorities and responsibilities. In order to attend successfully to the VFOs, leaders must develop, align and cascade Stop Doing List activities all the way down to the line people.

If you want to become a better leader, if you want to spend more time focusing on what matters, when it matters and if you are serious about creating a sustainable growth company, you’ll need to “STOP DOING” nine very specific things.

Sheri’ Taber’s “9 Things Leaders Must Stop Doing, If You Want To Lead A Growth Company” introduces “The Stop Doing List,” a powerful best practice principle and critically important step in the development and execution of successful strategy. She’ll teach you Stop Doing Strategies that will catapult your company to successive next level bests!

Sheri’ presents this powerful workshop for small business owners who want to lead a growth company. You may also access it “On Demand” at The Principles of Success Small Business Center – available by November 1st. Pre-register and receive automatic complimentary access to “8 Days to More Money Bootcamp!” Click here to learn more and to register.

There are so many great opportunities in down markets. Businesses that want to compete must have the framework in place to achieve sustainable growth. 98% of business is a science. There really is little guess work; however, a whole lot of innovation and spot on alignment and execution against a strategic plan is required to achieve sustainable growth. Planning is critical. Knowing how to plan often requires expert help.

The investment to contract an expert is far less than what you are losing daily, weekly, monthly and annually when your plan is off the mark or leaves out critical observations, opportunities, threats and strengths you are not leveraging well today. The ROI can be in the 4, 5 and 6 digits depending on your business. A competent consultant will not take your business if you can’t gain significantly from their support and advising.

Today’s business climate is unlike any we’ve ever seen… I estimate it will continue to evolve in ways we’ve never experienced. You are an expert at your trade, widget or service – are you a business expert too? Here are some tips to Building a Sustainable Growth Business

Elizabeth Boyle, Social Media Guru, creative marketing maven and CEO of Reuni, LLC has been managing my social media strategy for nearly six months. I came across the information below and wanted to share it with you for two reasons:

• You need to know it and you need to employ it! If you can’t do it all, start somewhere – it’s now considered a minimum standard
• Elizabeth relentlessly stays on top of all 42 content marketing tactics for me (and all of her clients) and provides services for the five newest social media/marketing areas every business needs to leverage

Joe Peluzzi’s Content Marketing Playbook consists of all of the content marketing tactics and all are ranked in popularity by the CMI community.

The top 10 include:

1. Blog
2. Enewsletter
3. White Paper
4. Article
5. eBook
6. Case Study
7. Testimonials
8. Microblogging (i.e., Twitter)
9. Webinar/Webcast
10. Video

New for 2011
This year’s Playbook includes five brand new tactics added from the community, including:

1. Infographics
2. Online Survey Research Project
3. Discussion Forum
4. iPad Application
5. Multimedia Content Platform

Download the eBook [for FREE with NO subscription form]

Author: Joe Pulizzi

How do you know what start up costs are going to be incurred? You’ll know this by developing a strategic Business Model and Business Plan. Your CPA or financial expert can help you refine your Financial Model component and a competent business start up advisor or consultant can help you put a plan together that delivers!

Our nation’s business climate is different than it ever has been and it will continue to evolve quickly. A network of experts will help you achieve your goals and reach levels of success that previous business climates could not have provided. In every down situation, opportunities emerge… What opportunities are waiting for you?

Whether you are the business owner, the CEO or the Director of Sales, business development is your business. Sadly, even the most aggressive and savvy leaders have allowed their business’s high-value solutions to become the victim of commoditization. I hear your inner voice – “but you don’t understand my industry…” Therein lies the problem. You have become convinced that you must sell according to the traditions of your industry.

The traditional sales process assumes the client comprehensively understands his need and the complexity of the existing situation. Defaulting to this approach results in complete dependence upon the customer’s decision-making process. In this scenario, sales professionals are forced to focus the majority of their sales efforts on meeting that presumptive need, thereby falling into the “one-size fits all” commodity paradigm.

A slightly evolved professional is practicing the value-based sales approach that evolved in the seventies and early nineteen eighties. These sales professionals conduct a needs or gap analysis – learning from the client what the client thinks the problem is and then developing a solution to the client’s perceived problem.

In these scenarios, the solution is being based upon the client’s understanding and perception of the problem. If you’ve been in sales for very long, you know the client rarely has a comprehensive understanding of her “problem.” By positioning her as the expert, you are simply forced to provide a matching solution at a price that is dictated by the same factors as your competition, forcing your solution into commoditization.

The most successful organization and sales professional understands that to overcome the commodity trap is to successfully:

1. Diagnose your customer’s situation

2. Clearly and measurably communicate the absence of value

3. Quantify the impact of the missing value at every applicable level

4. Connect the value of the solution to their business objectives and to the customers they serve

With an understanding of your customers’ business drivers, connecting the impact value of your solutions to their objectives positions you as a partner in their ongoing success. An ongoing partnership in your customers’ success, long after the deal has closed, significantly reduces the chances your product or service and relationship will be outsourced as the clients’ need and the solutions thereto evolve.

The Peak Performance Group, Inc. provides one-to-one engagements and workshops to support the development of the diagnostically driven, value-based consultative sales approach. Learn more about our workshops http://theppginc.com/consultativeselling.php or call us or email us for more information.

3 – 30 Second Secrets Every Power Rainmaker
Leverages in their 30 Second Commercials

Is your 30-second commercial worth a million dollars? Sounds like a crazy question, doesn’t it?

Think about it for a moment. What is your best client worth to your business over a lifetime? Let’s say your best client:

• produces $20,000.00 a year for you,
• she stays with you for two years,
• takes approximately 3 hours of your time to close (does not include preparing a proposal or delivering the solution to the client – you need to hire someone else to do that, if you haven’t already),
• has the potential to refer 3 more great clients to you and
• those 3 referrals generate 1.5 new clients of the same value

Let’s also say that your 30-second pitch has the potential to yield one new client for every delivery. In this example, your client has a total lifetime value to you of $130,000.00. Because this type of client takes an average of 3 hours to close, when you spend your time focused on this type of activity, your hourly value is $43,333.33. If your 30-second commercial packs a million dollar punch, you could create $1,040,000.00 in new business revenue by sharing your million-dollar message about 24 times a year – and that’s if you only received one ideal client from each delivery.

If you wanted to be aggressive and create 40 opportunities a week to share your million-dollar message, you could close 667 new clients and rake in approximately $86,700,000. If you could actually share your pitch every 30 seconds for one hour, your potential hourly value would be as high as 15.6 million dollars. (I’ll share the math with you in the webinar.)

Is your 30-second commercial dynamic and compelling and does it create referrals?
If it doesn’t do that today, it can by tomorrow!

My “Million Dollar Message” formula will help you create an emotional connection to your audience, while clearly and succinctly communicating the value and impact of your solution today, into the future and the value of future opportunities that may arise for them as a result of your solution. You’ll learn the three critical elements to landing hot referrals and creating new client opportunities.

When you can attract even one client each time you deliver your 30-second commercial, the value of your commercial is worth well into the millions of dollars. As you focus more and more of your time talking about your business in the highest potential environments, the value of your commercial will skyrocket into the 7 digits and so will your hourly value. Imagine how the power of your brand and market share will grow.

Unfortunately, most people won’t create 40 opportunities a week to talk about their business. However, you can see the business case for having and refining a commercial that is emotionally compelling and engaging. It is literally worth many millions of dollars to the professional that chooses to leverage it.

Without exception, every single person who learns my million dollar formula, develops, refines and delivers it well, walks away with referrals – every time!

The webinar is available “On Demand.” Why wait? It will be the absolutely best $19.99 you’ve invested in ages. Networking will never be the same! Be sure to check out “Networking CRISIS – More Clients. Revenue. Influence. Sales. Impact and Success!” In one hour, I’ll show you how to create a fail proof networking strategy that is completely aligned to deliver against your business goals and objectives.

Sheri Taber, an international award-winning strategy expert, provides her clients with nearly 30 years of organizational development and performance improvement experience. She is the founder and CEO of The Peak Performance Group, Inc. a global management-consulting firm.

Your Action Plan For Achieving P3 Status

If you’re like the majority and aren’t experiencing this trifecta, sharpen your number 2 pencil and let’s get started!  You’ll be inspired and encouraged to evaluate where you are and where you are going, against where you really want to be.

Would you say your career completely allows you to serve your purpose and passion?

If you are one of the lucky few, you’ll agree, as well, that your passion is being served as well and that when you receive your paycheck, you simply shake your head because you can’t believe you are being paid to do what you were born to do!

If you are not in a position where you are serving your purpose and passion, you’re probably saying, “Serve me up some of that, please!”

Having been in the personal, professional and organizational development field for 30 years, I feel qualified to say that those who are not serving their purpose and their passion within their career will never reach their fullest potential or feel completely fulfilled in any associated area:

• Earnings,
• Growth,
• Fulfillment, joy and contentment,
• Career,
• Spiritual,
• Community,
• Integrity, or
• Impact potential

P3 Status

It’s no wonder we think it’s a fairytale that one could actually enjoy all three at exactly the same time!  If you are in your twenties, its unlikely you’ve experienced it and even more unlikely your mother could have set an example for what it was like to have it.  If you are in your thirties or older, you likely had to “decide” it was possible, kicked family tradition to the curb and trekked out on your own to achieve it.

Let’s face it, ladies; if this is what we want, we’ll be among those setting the example.  It’s pretty amazing that in the second decade of the 21^st century women are still paving new paths

What does it mean to be serving your purpose through your career?  It means that the work you do or the impact you make aligns with your sense of purpose in this world.  Regardless of your religion, spiritual beliefs or absence thereof, nearly every individual has a sense that they have a purpose for being on this earth.  Unfortunately, most never spend purposed time discovering what that is for them.

If you’ve ever felt dissatisfied with what you are doing in life, but can’t really pinpoint the source, perhaps it can be traced to an unfulfilled purpose.  Are you serving your purpose every day?

What is Passion?

Passion results from being engaged in an activity or activities that energize you or “juice” you up!  Passion is empowering.  When you are executing activities related to your purpose, passion bubbles up naturally.  When your career is built around your passion, you’ll never feel as though you are imposing on a prospect that possesses indicators of the absence of your solution.  You’ll never feel the kind of exhaustion and frustration that you’ll feel when your activities are simply executed for the purpose of a paycheck.

When you are serving your purpose in your career, your earnings potential will skyrocket – whether you are an employee for someone else or you are a business owner. “Life-purpose” driven passion stimulates an emotional connection from others to your message and goal.  When your career serves your purpose, the energy required to pursue goal related objectives is naturally high-octane – greater impact with less effort.

If you understand this principle, you also understand that the energy required to pursue goals in a non-purpose-centered career lacks high-octane, high impact results, joy and fulfillment.

What is your passion? Are you in a J.O.B or are you in a purpose driven position? In Part II of Purpose, Passion and a Paycheck, Sheri will share three assessments that will help you identify where you are today against where you want to be.

Hate to wait?  You don’t have to!  Sheri’ reveals strategies and action plans to close the gaps and achieve what she calls P3 Status – Purpose, Passion and a Paycheck!  Visit the Principles of Success, Purpose, Passion and a Paycheck to register for the “On-Demand Coaching Session.”

Sheri’ will help you clarify where you are today and what you need to do to build a career or a company that serves your purpose, allows you to engage your passion every day and, as if that wasn’t enough, how to achieve financial success as a result!

You can register for this on demand coaching session at Principles of Success, Purpose, Passion and a Paycheck