The economic recession is forcing businesses to rethink
their strategies and retool their processes as they operate in worsening and
ever changing conditions. In the midst of corporate reorganizations, layoffs,
budget cuts and process improvements to create greater efficiencies, most
businesses overlook how fear, and the lack of a clear plan to reduce it, is an
impediment to their success. The fear epidemic perpetuated by the financial
markets, government, ongoing negative media coverage and anxious individuals is
a deliberate assault on our very nature and must be reversed. The constraints
of fear without answers are the catalysts for inaction. Without solutions,
denial sets in as people either begin to think they will not be affected or
simply feel hopeless. Either way, inaction takes place as the body experiences
sensory overload. The adage "stopped in your tracks" holds true here just as a
mouse in a maze becomes immobile with no options for escape.
The Only Thing
We Have to Fear is Fear Without a Plan
Once fear is accepted as reality, it takes rare and powerful
leadership to reverse it. The upside of fear is that it can be harnessed and
used as a powerful motivator to bring people to act. Therefore leaders must
have a clear, viable plan to minimize tension and take bold action now to
challenge and reduce the fear. Corporate leaders can rise to this unique
challenge and transform it into opportunity. Revising FDR’s famous quote to
take human nature into account, "The only thing we have to fear is fear without
a plan.
Reinvest to Renew Confidence
Success starts with reinvestment and a renewed confidence,
demonstrated simultaneously. Layoffs have never been in the equation for growth
or long-term success. One critical way for business leaders to reverse the
trend of fear mongering without solutions is to focus on business development.
Nothing happens in the economic world until money is exchanged, and that occurs
once a sale is made. There are currently phenomenal opportunities to
aggressively acquire unclaimed and available talent.
1. Allocate
your resources to build the best sales force in your industry and start making
sales. Upgrade your sales force through skills development and headcount.
This sends a very strong message to the organization. It demonstrates that you
are proactively focusing on your company’s future, to which the sales force is
so vital.
-
Always be optimistic: Salespeople are
emotional and must stay optimistic and confident to sell effectively. Pessimism
only sells newspapers, not products or services. -
Assess resources: Take a long, hard look
at your current sales force. Unclaimed talent in this market makes it easier to
honestly assess the numbers internally and confirm the competencies needed to
excel. -
Reverse the trend: In good times, ride
your sales force hard, demanding more and more. In tough times, the reverse is
necessary. Reeducate, retrain and console to build confidence not tear it down. -
Develop competencies: Ensure your sales
force has adaptable skills to produce in this changing market. For example, if
they no longer had access to sell in person, could they begin selling over the
phone? -
Solidify your sales force: Uncertainty
clouds progress. It’s critical to ensure these improvements produce top
performance levels and reduce underperformance.
2. Let
your veteran force know the talent and backgrounds of the people you are
bringing in. This should inspire them. If tenured employees are paralyzed
or jealous about new talent being added to the team, there may be another case
of "tough times" exposing those who don’t have the drive to take advantage of
the current circumstances. They will weed themselves out.
-
Use your network of relationships to acquire
talent with preferred competencies based on the performance metrics of your top
performers and your ideal candidate profile.
3. Communicate
clearly and regularly that the down economy is an opportunity for success. Though
far from an ideal business environment, the recession still offers a rare
opportunity for achievement that your sales team may never have again. This is
a time to dominate and gain market share. Make your message clear so people
recognize this challenge as an opportunity for growth.
-
Do not panic: Management cannot show
signs of pressing the panic button; otherwise you are in jeopardy of not only
losing your best sales people, but also removing their effectiveness as sales
people. -
Reaffirm your vision: Sales people cannot
doubt the vision and company direction. They must know it and trust it. They
must be spoken to directly and allowed to express concerns. Address all
concerns letting them know what, how and why certain actions are being taken. -
Be direct and honest: If layoffs must
happen, they cannot occur in waves, it must be swift, quick, and final. Nothing
demoralizes a group more than to wait and anticipate when the ax will fall on
them next.
4. Seek
Out New Market Opportunities: Just as employee layoffs have forced the
unemployed to rethink how their skills can be transferred to new industries,
businesses should deploy the same strategy to grow new markets.
-
Assess your current market: Does this
economy place you in position to dominate? Are your competitors less capable of
excelling at this time? -
Create partnerships: Research companies
that complement your business and help you expand your footprint and your
ability to gain market share. Create synergies through strategic alliances, for
instance, licensing agreements that can reduce capital expenditures. -
Acquire another company: Acquiring the
right business can reduce upfront risk of failure and start-up cost. Cash flow
is generated from day one from a proven business concept and process. Barriers
to entry are avoided and less reaction from competitors are experienced.
While there are no guarantees in business, these four steps
will instill confidence in your sales force and harness the fear espoused in
the public dialogue by motivating them to act and produce to their potential.
At a time when leadership is needed most, the opportunity to lead is here for
the taking. iBi
Dirk Gorman’s expertise is in turning around and building
successful sales organizations in the business-to-business space. He is
founding partner of Empire Surgical, a multi-faceted sales solutions company
and exclusive distributor of Depuy Mitek, a leading Johnson & Johnson
sports medical device company. www.empiresurgical.com
©Empire Surgical 2009. Reprinted with permission.
