So You Want to Sell More?
I know, I know. What does a bean-counter, accountant geek know about sales? Actually more than you might think. But setting aside all pre-conceived notions, I wanted to share an article I discovered today. It’s about the physiological changes in people who are asked to talk about themselves. It is really quite fascinating. Here is the article:
Facebook, Twitter, other social media are brain candy, study says
By Deborah Netburn
May 8, 2012, 2:05 p.m.
In her article, Deborah says:
“Researchers at Harvard have gotten to the bottom of why so many of us are compelled to share our every thought, movement, like and want through mediums like Twitter, Facebook, Foursquare, Instagram and Pinterest. In a series of experiments, the researchers found that the act of disclosing information about oneself activates the same sensation of pleasure in the brain that we get from eating food, getting money or having sex. It’s all a matter of degrees of course, (talking about yourself isn’t quite as pleasurable as sex for most of us), but the science makes it clear that our brain considers self-disclosure to be a rewarding experience.”
So what does all that have to do with selling more? Quite a bit, if you think about it. Effective selling initially involves active listening during the approach, interview and demonstration phases. You as the prospective seller should only be talking 20% of the time or less while trying to determine and clarify the needs of the prospective buyer. So if you are listening 80% of the time, that means that the prospect is talking 80% of the time. If you are asking the right questions, they are talking about themselves and/or their company. Now refer back to the physiological response above as determined by the smart folks at Harvard. I think that if you have allowed the prospect the pleasurable experience of talking about themselves, they are likely to be in a much more favorable state of mind to give strong consideration to the value proposition you are trying to present and ultimately sell.
Off to the Races
The economy is clearly in the early stages of recovery. GDP for last quarter has now been unexpectedly upgraded to 4%. The manufacturing sector has led the way to recovery and is stronger than it has been in some time. Employment, one of the last leading economic indicators, is improving.
Many of my clients, not surprisingly, are seeing incredible opportunities in the market place. But to address these opportunities, they must find capital to finance the acquisition of raw materials (sometimes on a prepaid basis), packaging, labor and marketing. Then a substantial amount of samples must be provided to prospective distributors and/or end users to obtain market awareness and penetration. Traditional borrowing will rarely provide the needed capital for these projects. Most businesses’ balance sheets have been significantly weakened over the recessionary period over the last three years, meaning that internal capital is likely unavailable. What’s the answer? Read on. Read more
Natural Gas is Cheap – Good or Bad News?
I have blogged on this subject before, but now things are different. Now some of the energy industry’s brightest minds actually agree with me. Natural gas is clean burning, plentiful, and as liquid natural gas (“LNG”) makes a wonderful automotive fuel. There is a reason that Boone Pickens, Chairman of the Board at Clean Energy, spent over $80 million of his own money to promote the “Pickens Plan“, which essentially called on America’s leaders to adopt an energy policy which focused on eliminating our country’s dependence on foreign oil and convert fleets, municipalities, long-haul trucks and other vehicles to run on LNG. By the way, I just paid $4.09 per gallon at the pump today…
My client, American Gas & Technologies (www.americangastech.com) has taken this concept a step further by creatiing technology which can produce LNG at a fleet owner’s site, just by tapping into the existing underground natural gas pipeline. Yes – that means no trucking of fuel – a very green and sustainable business model which can help eliminate our foreign oil dependence.
But that’s just me talking. Listen to someone who’s qualifications dwarf mine in talking about clean energy technology -Sheeraz Haji, CEO of Cleantech. He clearly sees the light when saying:
“However, I’m thinking there must be a flip side. Cheap and abundant natural gas should create an opportunity for creative cleantech startups. While out of favor, isn’t there a strong business case for natural gas as a transportation fuel? I know of American Gas & Technology and a couple other companies focused in this area, but it’s not been a focal point for venture capitalists or government policy. Lack of distribution (fueling stations) is often cited as a big barrier, but can’t natural gas work for fleets where routes are highly predictable? Or forklifts that are always within close proximity of a filling station?”
I firmly believe that an aggressive and protracted commitment to the adoption of LNG for not all, but some of our transportation needs, could have the following benefits:
- Clean up our air
- Reduce the price of transportation fuel
- Help spur economic recovery
- Create good, high-paying domestic jobs
- Create a bridge to the future where hydrogen is the transportation fuel of choice (LNG is the logical feedsource for creating hydrogen fuel “on the fly” since LNG is pure methane, the simplest of all hydrocarbons).
My hat is off to the members of the CleanTech community who recognize the vast potential of LNG, wherein the past, natural gas wasn’t considered “green” enough. LNG is not the answer to our energy challenges, but it can be a key component, as well as a catalyst to our economic recovery.
B2B CFO Announces the Call for Nominations and Event Sponsors for the Inaugural
“Smart 25 Awards”
Nominations for the Inaugural “Smart 25 Awards” are being accepted through March 20, 2012
B2B CFO, the nation’s largest CFO services firm, is accepting nominations for the first annual “Smart 25 Awards” through March 20, 2012. The award program recognizes outstanding companies and individuals for driving smart business growth in one of the toughest economies.
Honorees and finalists will be celebrated during the awards ceremony on May 4th, 2012, at the Aria Resort in Las Vegas, Nevada, during B2B CFO’s annual National Partners Conference.
The Smart 25 Awards were launched to coincide with B2B CFO’s silver anniversary and recognize the critical components of best business practices that create jobs and improve the economy. Open to all growth-oriented privately-held businesses from around the United States, the awards honor companies and leaders for their significant accomplishments.
Award categories include:
• Fastest Growing in Sales – presented to companies that demonstrate strong sales growth over a period of three years 2009-2011.
• Top Job Creators – presented to companies that created most jobs over a period of three years 2009-2011.
• Largest Loan Secured – presented to companies that managed to secure the largest loan (single or cumulative) during a three-year period 2009-2011.
• Best Working Capital Increase – presented to companies that demonstrate the healthiest growth in their working capital.
“Businesses are thriving despite these tough economic conditions and the Smart 25 Awards is our opportunity to celebrate and showcase their accomplishments,” said Jerry L. Mills, founder and CEO of B2B CFO. “These awards recognize the smartest business practices and provide a platform for national exposure. So we encourage the business community from around the nation get involved and get recognized for the great impact they are making in our economy every day.”
Company nominations and self-nominations are accepted. Up to five finalists will be chosen for each category by a selection committee comprised of distinguished representatives from the media and financial community.
The inaugural Smart 25 Awards will be presented at the B2B CFO National Partners Conference which brings together Partners and Service Providers from around the country. More than 300 attendees are anticipated to participate.
“2012 marks a very big year for B2B CFO,” added Mills. “It’s our company’s 25th anniversary and we cannot think of a better way to celebrate then by launching an awards program that recognizes other successful businesses.”
Conference sponsors include Morgan Stanley Smith Barney, SAP, and Intuit among many others.
Why Sponsor a Charitable Event?
In navigating through the challenged business environment over the last three years, all discretionary expenditures, large and small, had to be carefully considered and weighed in terms of return on investment. Not coincidentally, discretionary corporate giving has decreased during the recession.
Fundraisers like the Sonoma County Backroad Challenge, conversely, rely heavily on corporate donations and sponsorship in order to cover fixed costs and assure positive fundraising results. Many companies realize, however, that corporate donations and corporate sponsorship are not synonymous. Donations are a one-way street – i.e. giving with no expectation of receiving anything in return. Corporate sponsorship, however, is quite different. Some corporations recognize that sponsorship is purely and simply a business deal: the sponsorship dollars are expected to yield a return of some sort.
The Discovery™
Hopefully you have seen the methodology we utilize at B2B CFO™ at http://gameplan.b2bcfo.com or read about it in my latest newsletter. This methodology allows us to provide highly targeted and cost-effective business solutions. But for now, let’s focus solely on the first and most important stage, The Discovery™.
Far too many business consultants, in my experience, provide “boiler-plate” or “canned” solutions to unsuspecting business owners. They are there to sell whatever it is that they have in their “tool box,” whether or not that is the appropriate solution for the business owner. Furthering the analogy, if the consultant has a “hammer,” then the business needs begin to look like a “nail” and the selling process begins. But how is B2B CFO™ any different? I’m proud to say that we truly are. Here’s why.
A B2B CFO™ will normally spend a day or more when visiting a potential client, all at no cost to the business owner, as part of The Discovery™ process. We take this time in order to clearly understand:
the company and its industry
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• the aspiration of ownership
• the abilities of the staff
• the challenges, if any, that are preventing the company from reaching its potential and realizing ownership’s aspirations
Why do we do this? For the simple reason that we are not interested in providing canned solutions to business problems that don’t exist. That would be “selling” in the traditional sense. Instead, a B2B CFO™ engages in “integrity selling.” If you have not read Integrity Selling by Ron Willingham, you would be well-served in doing so. In his book, Willingham describes selling as a process whereby the seller does very little “selling” as we think of it. The process involves us asking a lot of open-ended questions and then carefully listening to the responses of the business owner and staff, all with the intent to clearly understand the business and determine needs.
Next is where the need for integrity comes in. If I look at the company and can’t determine clear needs or if I am not the right person to address such needs, I tell the business owner as much, and then try to introduce them to the appropriate person who could help. Conversely, if I determine that I can be of assistance, I tell them that as well, and then provide a no-cost, no-obligation proposal.
So The Discovery™ process is all about listening, which takes a little time, but is infinitely more productive than traditional “selling.” Once needs are determined, we take a step back and objectively assess what should be done and who should do it. Sometimes we can help. Sometimes we can’t. But either way, we give it to you straight.
How to Outsource Your Finance Department
By David Worrell, AllBusiness.com, 12/27/2011
http://www.allbusiness.com/outsource-finance-department/16738143-1.html
Few positions in a company are as easily outsourced as those in the finance department. That’s great news for small companies looking to add strategic skills, and for larger companies looking to cut full-time staffing costs.
Nearly every company can save money while expanding its team of key decision makers and strategic support by outsourcing key finance positions.
Outsource the Right Positions
You probably already outsource your tax preparation, either corporate or personal or both. Because taxes are generally a once-a-year event, having an expensive accountant on staff year round is usually not cost effective.
The same might be true of a chief financial officer, an analyst, a controller, and even a bookkeeper. If you don’t need these people every day, you can easily outsource these positions. The extent to which you outsource your finance department depends on the volume of transactions, the complexity of your finances, and the amount of management information (decision support) you want.
Find the Right Firm
Firms offering outsourced finance personnel are quite common, from large national firms such as B2B CFO and Tatum to teams of just a few consultants working virtually. Search the terms “fractional CFO” or “part-time CFO” to get a good selection.
Before bringing on a virtual finance team, be sure you have defined your needs. There is a huge difference between a good accountant and a strategic finance professional. If you have, or will have, a need for more than one role, consider hiring a firm that can provide more than one person on an as-needed basis. Splitting duties between unrelated contractors is likely to cause more confusion than it’s worth. Even a small firm with three to five professionals will be able to provide the skills you need while keeping the communication tight and the work streamlined.
Maximize the Value
Getting the most from an outsourced finance person is more about good communication and regular meetings than anything else. Set a weekly meeting and follow a regular agenda, making sure issues from previous weeks are resolved and new issues are discussed. In between, a good finance team should invite you to call or e-mail as often as you want. The more information you share with them, the more they can help you.
But communication works two ways. Early in the relationship, establish an expectation for weekly or monthly reports. After all, the core value of the finance department is to provide you, the business owner or manager, with the information you need to grow the business. Whether this is a complete finance dashboard or a simple snapshot of work done, be certain that you are getting regular feedback. Let the finance team build one from scratch, or try an online system such as ProfitSee, Praedx, or Birst.
Get Connected
Finance pros who interact with bank accounts and accounting software need to be particularly well-connected to the company’s resources. If you are not already set up to handle virtual employees, ask your new finance pro to bring remote software solutions, web-based project management systems, and other collaboration tools that will bridge the gap.
Consider giving your finance team the full responsibility for keeping the QuickBooks file offsite, or opt for a “hosted” solution such as Personable or QuickBooks Online.
Systematize Everything
One often overlooked skill of good finance people is their ability to systematize everything. Whether it’s reporting or bookkeeping, the amount of work you need from your new team should actually decrease over time as they put procedures and processes in place.
A good bookkeeper, for example, can keep up with an average $5 million company in about one day a week once things are running smoothly. A good CFO might only be needed for an hour-long call each week, or a once-monthly strategy meeting.
The upfront investment in recruiting, reporting, technology, and training will pay long-term dividends as your finance department supports and enhances company growth.
B2B CFO’s Record Growth Surpasses 200 Partners and Shapes New Leadership Team
PHOENIX–(BUSINESS WIRE)–B2B CFO’s record growth is pushing the firm to become the world’s largest CFO services firm with more than 200 Partners across 39 states and more than 800 clients across North America. B2B CFO surpassed the 200 Partner mark in September of 2011. Corresponding with the pace of the growth, the company today announced the appointment of Joseph C. Worth to Vice President of Operations.
Jerry L. Mills, Founder and Chief Executive Officer of B2B CFO, said: “We have entered a very exciting time for B2B CFO. As we further drive our growth, we must focus on streamlining our operations and ensuring the consistency of our brand. Great people have always been the key to our success and I am so pleased to have Joe Worth join our executive ranks. His leadership skills, deep roots in service, sales and the financial industry will be an invaluable asset in our future growth.”
“There are tremendous opportunities ahead for B2B CFO,” Mr. Worth said. “I look forward to further elevating the success of our firm by focusing on the individual development of each one of our Partners and supporting their accomplishments and growth.”
Mr. Worth, who lives in Wall, NJ, first joined B2B CFO as Partner in 2007. In 2008, Jerry Mills turned to Mr. Worth to help create a custom sales training program for B2B CFO’s Partners. Since then, Mr. Worth has been leading the sales training for B2B CFO. Mr. Worth was instrumental in launching a new coaching program in 2011 that will further enhance the resources available to the firm’s partners.
Making him extremely effective in this endeavor is his unique and diverse background. Mr. Worth has 30 years of financial and general management and transaction experience in many industries. He earned his undergraduate degree from Harvard College on a Navy ROTC scholarship and his MBA from Harvard Business School. After serving in the Navy and Navy Reserve, he retired as a Captain with 23 years of total service, including a combat tour in Vietnam. When not working, Mr. Worth is an accomplished sailor and navigator. He has sailed halfway around the world including passages of the Indian Ocean, Red Sea, Suez Canal and Atlantic Ocean.
Streamlining the training and coaching processes for B2B CFO Partners will be Mr. Worth’s first order of business. He will also be tasked with forming strategic partnerships and business alliances for the company. Mr. Worth’s new role complements the work that B2B CFO is already doing to implement emerging technologies across its operations. In 2010, B2B CFO created an in-house digital media team under the direction of Danny Stansfield to take the firm’s interactive marketing and digital presence to the next level. In his position as Director of Emerging Media, Danny Stansfield expanded the team in 2011 by adding Andrew Freeman and Dale Mills. To support the growth, B2B CFO also added two administrative positions.
“2011 has been a huge year for us,” added Mr. Mills. “Not only did we surpass the goal of 200 Partners, which puts us in the forefront of our industry, we also created six full-time in-house positions within the company, expanded our leadership team and we were recognized with top national honors for our continued growth and contributions to the economy.”
B2B CFO’s success echoes loudly in the national accolades received this year. The company made the prestigious Inc. 5000 list for two consecutive years as well as the ACE Corporate Growth Awards, which recognizes the top 25 most successful and fastest growing private companies in Arizona. B2B CFO was also named as the Free Enterprise Honoree by the US Chamber of Commerce and Jerry L. Mills was recognized as one of the top 100 Small Business Influencers in North America.
“I’ve often said that we are an overnight success that’s been 25 years in the making,” said Mr. Mills. “But my vision for the company has always been ambitious and we will continue to see further growth each year ahead.”
Mr. Mills founded the company in Phoenix, Ariz. in 1987. He established the company with a determined philosophy to put integrity, ethics, and the needs of small businesses above all.
The philosophy proved to be successful and by the 1990s, the firm expanded presence into the Southwest. In early 2005 the company had gained national prominence following expansions in its service portfolio and geographic coverage. In 2008, B2B CFO first moved into an aggressive growth period doubling the number of partners and increasing revenue by 70 percent. The company has maintained that fast growth momentum and is on set trajectory to continue that growth in the years ahead.
As of October 2011, B2B CFO has grown to 208 partners in 39 states with nearly 6000 years of cumulative experience. Each Partner is a seasoned financial executive who serves as a part-time CFO to growing businesses on an as-needed basis. A majority of the Partners have a background that includes senior executive positions at the Big Four, and all of the Partners have held high-level executive finance positions in various industries in corporate America. Together, B2B CFO Partners work with more than 800 businesses in the nation with combined annual sales of more than $4 billion.
ABOUT B2B CFO
Headquartered in Phoenix, Ariz., the firm was founded in 1987 by Jerry L. Mills, who pioneered the “CFO for hire” concept. Today, B2B CFO is the nation’s largest CFO firm serving entrepreneurial, growth and mid-market companies. The firm’s partners have an average of 25 years of experience and each individual partner is a senior-level executive with a broad range of expertise. Please visit online at www.B2BCFO.com to find out more about the company and CFO Careers.
Contacts
ANGLES Public Relations Ania Kubicki/Brooke Rodda, 480-477-8686
Sonoma County Backroads Challenge Cycling Event – Northern California Wine Country
It’s never too early to start planning for next year – business, personal, and recreation. Speaking of recreation, the Petaluma Sunrise Rotary in cooperation with Lagunitas Brewing Company is sponsoring the 2nd annual Sonoma County Backroad Challenge cycling event. Many thanks to so many of you who helped make this event a huge success in the spring pf 2011. We plan to make the spring 2012 event even better. We have added a full Century (100 mile) event and are planning a much bigger ”Backroad Fest” festival after the cycling with fabulous food, music, and libations. Sign-ups begin on January 1, 2012, so please put this event on your calendar now and stay tuned for additional details as they become available.
Net proceeds go to the Rotary International Foundation. The mission of The Rotary Foundation is to enable Rotarians to advance world understanding, goodwill, and peace through the improvement of health, the support of education, and the alleviation of poverty. The Foundation is a not-for-profit corporation supported solely by voluntary contributions from Rotarians and friends of the Foundation who share its vision of a better world. Rotary consists of more than 34,000 clubs worldwide, where volunteers work from home and abroad to support education and job training, provide clean water, combat hunger, improve health and sanitation, and eradicate polio. Learn more about Rotary by visiting:
http://www.rotary.org/en/AboutUs/TheRotaryFoundation/Programs/Pages/ridefault.aspx
B2B CFO® Keeps Impressive Company at the INC 500/5000
B2B CFO® is again in the news as a presenting company at the upcoming INC 500/5000 Conference and Awards to be held September 22-24, 2011 at the Gaylord National Hotel and Convention Center in National Harbor, Maryland
We are honored to be exhibiting with the prestigious companies shown below:
The Wall Street Journal featured B2B CFO® as experts in cash flow management. 
