Personality Styles and Joint Ventures

A client of mine who owned a chain of restaurants radically improved his business when we tested his employees for the personality styles and re-organized the business. We all have characteristics of all the four major personality styles, however one is normally dominant. In business, it’s important to acknowledge our strengths and leverage them, and to find others to supplement our weaknesses. There’s no right or wrong character type. Here’s a quick overview.

The High D – Dominant style (minority of people, hardest to find) is bottom-line and results oriented, impatient, sometimes tactless, driven and extroverted, with weaknesses in details. Major fear: being taken advantage of / ripped off. Good closers, great pioneers. Need the numbers and systems guys.

The High I – Influencing style is an extrovert, “party animal”, great at meeting people and starting relationships, popular, good opener, weakness is details and time management. Major fear: being embarrassed in public. Needs closers and numbers guys.

The High C – Cautious style is introverted, loves details, numbers and systems more than people, excellent numbers guys and accountants, computer experts, analyzers. Weakness is over analysis; fear is criticism of their work. Needs the extravert's and the drivers.

The High S – Steady style (majority of people) is an introvert, loyal, team player, family type, great systems and support person, needs security and long term relationships, fears risk, conflict and change. Needs others to make things happen and to create change and to take unpopular action when necessary.

This is a simplistic approach, but understanding our strengths and weaknesses and allowing people to do what they’re good at, while avoiding tasks that they’re weak at, is simply smart business sense. For technical sales we use High C’s and S’s. Ideal salespeople are normally High D’s with secondary I’s. One wouldn’t an accountant who is a High D, or a High S to launch a new business. You don’t want a High C to be the host at a cocktail party and we don’t want two High I’s behind a reception desk because they’ll talk all day!

Using personality style analysis has helped many of my clients to be better entrepreneurs and hire the appropriate people. Self knowledge is essential to success. I use the DISC style analysis – there are many others available, including the excellent Myers-Briggs Type Indicator. Click here for more information.

Sales Tip
Selling to High D’s: Talk results and ROI and close early and hard.
Selling to High I’s: Build relationship, have fun and close early.
Selling to High C’s: Provide copious details and proof and take time to close.
Selling to High S’s: Prove that the support and relationships will be in place long after the sale is made and close slowly.

Management Tip
Managing High D’s: Give them lots of control and clear objectives and do what you say you will do.
Managing High I’s: Reward them publicly, make them look good and watch their time allocation.
Managing High C’s: Be specific, don’t rush them, and compliment their work (catch them doing something right), set time goals.
Managing High S’s: Make changes slowly, provide lots of security, share long-term plans.

Robin J. Elliott www.DollarMakers.com Join the Joint Venture Eagles.
Robin J. Elliott has been officially included inthe International Who's Who of Entrepreneurs in 2002 and has been nominated as a candidate for inclusion in the 2004-2005 edition of the International Who's Who of Professionals.

Work with Distressed or Failing Businesses.

When I was approached by the frantic owner of a failing business in 1995, we stood back and rationally analyzed the situation. By leveraging the Hidden Assets in the business, getting rid of unproductive staff and refocusing, we turned the corner and the business is still flourishing today.

You know that, when a business is in trouble, logic often flies out of the nearest cracked window and emotional choices rule the day. Yet this is could be an opportunity for you and the owners to benefit. Instead of simply closing the doors and selling off the inventory and equipment on a fire sale, look for the Hidden Assets in the business – a sales team, intellectual property, customer database, unfulfilled orders, access to residual sales of consumable products and services, relationships, inventory, equipment, distribution and goodwill. These could be converted, with little or no upfront costs, to windfall profits and ongoing income for both you and the owners of the distressed business. You could possibly establish a lucrative, win/win Joint Venture that leverages these Hidden Assets by adding your own distribution, inventory piggy-back or other resources.
The key is finding an open-minded business owner who realizes that he needs help and is mature enough to get his ego under control. Make sure you have adequate contractual protection and be prepared to negotiate. After all, you’re in a position of strength and you can often turn a seemingly bad situation around.

Smart business owners know that it’s wise to talk with objective experts when they’re panicking about cash flow. I know I have had occasion to regain my perspective and regroup when I did so in the past. Together, we can do amazing things.

Robin J. Elliott www.DollarMakers.com

Robin J. Elliott has been officially included inthe International Who's Who of Entrepreneurs in 2002 and has been nominated as a candidate for inclusion in the 2004-2005 edition of the International Who's Who of Professionals.

Breaking Even on the Front End

When you have a service or a product that is bought many times over, it makes sense to pay to get a new customer. For example, I showed a hair salon owner client of mine how to invite high-end potential clients for a hair free cut and blow wave. His cost was negligible; however 82% of them were so impressed with the quality of his work that they became regular customers. A Tree Surgeon may offer a free service in order to obtain long-term customers. An accountant or lawyer may offer a free initial consultation.

Combine the above with a Joint Venture and you can create the opportunity to access a large base of potential customers, especially if you have a consumable product. If your research and experience shows that most people who try your product go on to consume it on a regular basis over a period of time, why not ask JV partners to advertise your product and keep 100% of the first sale income for their trouble? Or they might want to give it away to their clients as a gesture of thanks for loyal patronage. The clients who like it can be directed to make all future purchases from you. Smart coffee shop owners can target business people who work in the area with an offer of three free cups of coffee. The prospects will get used to coming in to the shop and probably buy muffins or sandwiches anyway, and if the food and service is really good they could very well become regulars. Three cups of coffee costs about 60 cents. What is your profit on a sandwich?

The Law of Reciprocity works. When most people get something for nothing, accompanied by excellent packaging, friendly service and a good product, they feel obliged to reciprocate. What is the marginal net worth or lifetime value of a customer to you? Being generous and allowing them to taste and experience your products and services at no cost is a smart marketing strategy. People whom you would never have met will have a reason to try your products and services.