Ok, we are in a downturn.

I had an interesting conversation with a friend and friendly competitor yesterday discussing the downturns in our business since COVID19 restrictions.  Many are facing those same challenges.  Our challenges are different than many as we can continue to work, but, it has become a challenge to find clients that are willing to make major investments for our services.  My friend has decided to offer some auxiliary services which at first blush sounds great.  After analysis, I find 2 problems with that.  The distraction from the core business and the low margins in his new offerings.  His time away from the core business will be costly and replaced by trivial work that won't  fulfill his financial needs or contribute to long term success.

After taking some time to consider what we discussed, I began to focus on what I know to be true.  This exercise was a great reminder and I am sharing it here. 

1.  Don't devalue your professional services.  When prices fall dramatically customers begin to think that any price is too high and they perceive little value in your service. 

2.  Focus on solutions.  It is impossible to do that when speaking to a gatekeeper, procurement specialist or other individual not being directly affected by the existing problem that you may provide a solution for.  Ask questions.  Understand who the user of your service really is and determine if they are a decision maker.  Understand the pain that is being created by not solving the problem for the user and the decision maker.  (If they are different parties.)  NO PAIN = NO SALE!

3.  It is never over!  I have had prospects tell me no for years only later to become profitable clients.  Have  plan for regular follow up which will help to build familiarity, create a relationship, demonstrate persistence and strengthen your reputation with the prospect.  No is only for today.

4.  Increase activities in  areas that will help facilitate sales.  Email messages, low margin services, and unproductive activities like surfing the web aren't going to increase sales.  Your most powerful tool is your willingness to pick up the phone and call your prospective clients. 

 

Must I accept a new position after interviewing?

I speak with professionals daily, recruiting them for positions with their competitors.   The most frequent objection  that I encounter is that "I am happy."  When asked what their current firm provides, it usually includes non-specific reasons about nice people, corporate culture, being comfortable etc.  Basically, folks are telling me that it is easier not to have to consider an alternative. 

This always brings me to several questions.  Sometimes I ask them, but usually not as people seem to take offense.  Is this the happiest that you will ever be?  How do you know that another firm may not value your talent enough to provide everything that makes you happy with your current firm and more? 

There are numerous reasons to agree to interviews.  The main reason being is that it puts you in a position to fully understand what a competitor may offer rather than assume that your current firm is up to date on technology, has the ability to attract the most interesting projects, or is valuing your skills and supporting your goals as well as a competitor may.  In addition, expanding your professional network is always beneficial to enhance learning and perhaps create teaming opportunities. 

To thoroughly analyze a new company/position, several meetings will probably be necessary.  You are empowered to ask questions and research the firm at various stages.  After doing so, you have the choice to accept an offer if presented, propose different terms like compensation, roles, responsibilities etc., or decline and remain with your firm if the company presenting the offer doesn't provide compelling reasons for you to make a change.  You risk nothing by engaging in this process and may never know what riches (cash, opportunities, relationships) that you forego by being complacent. 

Forgiveness Provides You a Clean Slate

I always grimace when dealing with this subject.   "I have been wronged, why should I forgive" is a thought that always comes to mind.  I have learned though that a failure to forgive causes mental anguish for me while not affecting the person that I have not forgiven.

In business, there is plenty of opportunity to feel wronged.  I am a professional salesperson providing consulting services.  In order to build new relationships I must make an initial contact and begin to earn the trust of the person that I am talking to.  Those of you not in sales call this "Cold Calling."  Cold Calling is tough work.  You experience tons of rejection and many responses are less than polite, provoking angry thoughts on my part.  It would be easy to solve,  just never call that person again.  The problem is, the prospect pool is finite and would be non existent if I did not call those that had been abrupt, rude, etc. Early in my career I understood the need to continue to try to establish the relationships but struggled to be at my best during subsequent conversations.  It is very difficult to succeed when you are not at your best.  

What do you do?  Forgive.  If you do not, you will never succeed.  This is a valuable skill to learn in business but even more important in life.  Grudges are tough to bear so why hold them?  Here are some things that I remember during my better times.  Believe me, I still struggle with the issue but having a tool to overcome the struggle is a huge benefit.

1.  It is not about me.  Usually when someone does me wrong it is because they are facing a challenge themselves or lack skills, ethics or whatever in general.  I can't control that.  I must accept it.  As I am a believer that most people want to do the right thing, I assume that they are having a difficult time and don't hold a bad day against them.  

2.  No only means no today.  Circumstances change.  Moods change.  Relationships change.  It pays to build cordial relationships even when there has been a rocky one to this point.  

3.  Blow it off and move on.  Dwelling on it only affects my ability to be at my best for my next contact or my interactions outside of work.  

4.  Have a list of validations.  Do you want to change your attitude rapidly?  Take some quiet time and make a list of things that you are grateful for, things that you enjoy doing, people that you love and why you feel that way.  It's a great tool to refer to when angry, hurt or not at your highest level of motivation.    

Today's takeaway.  Only you are responsible for your emotions.  Forgiveness allows you to improve your attitude and levels of success in business and in your relationships. 

Pandemic Proof Your Career

One of my regrets is that I never finished my college education but anyone that knows me can say that my drive to learn has never ended. I frequently read and work on developing new skills. It may be learning new technical skills, improving my ability to communicate, obtaining licensure or certifications, learning to work better with people, etc, I invest heavily in time and money.
During these uncertain times it is more crucial than ever before. Companies assess a passion for improvement, a willingness to volunteer and the flexibility to adapt to new situations when making retention decisions or offering promotions. In addition, those attributes are attractive to perspective employers.
You should regularly work to improve skills and communicate your efforts to your superiors along with your desire to contribute in more ways. These things will provide dividends throughout your career.
Here is a recent article that you will find interesting.
https://www.vault.com/blogs/job-search/benefits-of-learning-new-skills

June Job Growth Exceeds All Expectations

The following is provided courtesy of the MRI Network.

Following strong May results, the hiring recovery continued to gain momentum with much better than expected job gains in June. The U.S. jobless rate fell 2.2 percentage points to 11.1 percent and payrolls rose by 4.9 million as businesses continued to look to a future free of pandemic-induced supply chain disruptions and its drag on overall demand.

“Today’s employment data adds support to a business trend our Network of almost 400 executive recruitment offices have reported. We continue to see month-over-month improvements in client demand for professional, technical, executive and managerial talent,” said Bert Miller, president and CEO of MRINetwork. “In spite of travel barriers and limitations on face-to-face interviewing, companies are recognizing the need to strengthen their organizations by hiring talented people who can thrive in the new world of work which is emerging from the coronavirus-impacted economy.”

Forecasts for the June jobs report had been wide ranging with a consensus 2.9 million new jobs. Analysts remained more uncertain than normal after the surprising gain of 2.5 million jobs versus a consensus of a decline of 7.5 million jobs in May. “We’ve got big forces at work here,” said James Sweeney, chief economist at Credit Suisse Group AG in comments to Bloomberg. “In addition to the return of workers and the (May) misclassification, more recently you have the new wave of infections slowing the return. So, this is tricky.” The June jobs report is also expected to influence congressional debate over the dimensions of an anticipated federal coronavirus relief bill.

The BLS reported broad improvements in the labor market reflecting the continued resumption of economic activity that had been curtailed in March and April due to the coronavirus pandemic and efforts to contain it. In June, employment in leisure and hospitality rose sharply. Notable job gains also occurred in retail trade, education and health services, other services, manufacturing, and professional and business services.

Total nonfarm payroll employment increased by 4.9 million in June, following an increase of 2.7 million in May. These gains reflect a partial resumption of economic activity that had been curtailed due to the coronavirus pandemic in April and March, when employment fell by a total of 22.2 million in the two months combined. In June, nonfarm employment was 14.7 million, or 9.6 percent, lower than its February level.

Commenting on the June results to Fox Business, Andrew Chamberlain, chief economist at Glassdoor noted the better-than-expected report provided a “powerful signal of how swiftly U.S. job growth can bounce back and how rapidly businesses can reopen once the nation finally brings the coronavirus under control - a reason for optimism in coming months.”

Also commenting on the June jobs report and noting the current resurgence of coronavirus cases, economist Thomas Simons of Jeffries added, “There's continued risk that a second-wave could reverse some of these job gains in July, but that should not take away from the strength of the June data.”

In June, employment in leisure and hospitality increased by 2.1 million, accounting for about two-fifths of the gain in total nonfarm employment. Over the month, employment in food services and drinking places rose by 1.5 million, following a gain of the same magnitude in May. Despite these gains, employment in food services and drinking places remains down by 3.1 million since February. Employment also rose in June in amusements, gambling, and recreation (+353,000) and in the accommodation industry (+239,000).

Employment in retail trade rose by 740,000, after a gain of 372,000 in May. On net, employment in the industry remains 1.3 million lower than in February. In June, notable job gains occurred in clothing and clothing accessories stores (+202,000), general merchandise stores (+108,000), furniture and home furnishings stores (+84,000), and motor vehicle and parts dealers (+84,000).

Professional and business services added 306,000 jobs in June, 1.8 million below its February level. In June, employment rose in temporary help services (+149,000), services to buildings and dwellings (+53,000), and accounting and bookkeeping services (+18,000). By contrast, employment declined in computer systems design and related services (-20,000).

Construction employment increased by 158,000 in June, following a gain of 453,000 in May. These gains accounted for more than half of the decline in March and April (-1.1 million combined). Month-over-month gains occurred in specialty trade contractors (+135,000), with growth equally split between the residential and nonresidential components. Job gains also occurred in construction of buildings (+32,000).  Financial activities added 32,000 jobs in June, with over half of the gain in real estate (+18,000).