People Make the Difference Copyright © 2010 John Wiley & Sons, Inc.
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“In every endeavor, people make the difference, and just one person has the power to make a profound difference in the lives of so many people.”
“With physical and financial capital having been replaced by human capital as the economy’s driving force, the knowledge, skills and experience of people have become this country’s scarce resource.”
Quotes by Lowell Milken
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WHAT IF? What if we could take 2 common business concepts- Human Capital and combine it with Value Add to create a new business
strategy as advisors and business owners
CPAAttorneys
Consultants
Business Owners
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Human Capital
The skills, knowledge, and experience possessed by an individual or population, viewed in terms of their value or cost to an organization or country
Human Capital for most of us, is our most important asset
Other businesses most overlooked asset category
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Human Capital
“An analysis of capital structure should recognize that most balance sheets are dramatically inaccurate because (with the exception of sports franchises) they fail to include the value of human capital” Mike Milken
Our we using our human capital to the best of our ability?
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Value Add
Outside of economics, value added refers to "extra" feature(s) of an item of interest (product, service, person etc.) that go beyond the standard expectations and provide something "more" while adding little or nothing to its cost.Value-added features give competitive edges to companies with otherwise more expensive products.
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Value add- an overused term
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Human Capital Value Add
Resource leader or Rainmaker
SkillsKnowledge
EmployeesNetwork
Desire to focus on other’s needs
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Marketing Strategy
Direct sales force Cold calling Facebook and social media Networking
Referrals
Advertising Online marketing Blogging Newsletters Seminars Direct Mail
Push Through Marketing CampaignTrusted Relationships
Pull through Marketing campaignIndustry LeaderBuild Trusted Relationships
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Number one favorite type of lead
Referrals!! Warm lead Others do the leg work for you
Level of trust that you wouldn’t normally have
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Prospecting methods for Advisors, Consultants, Business Owners
Prospecting Method
% who used this method
% of bringing in clients with this method
Direct mail 57% 27%
Cold Calling 46% 27%
Seminars 62% 40%
Networking 93% 78%
Asking for Referrals 97% 90%
Asking for Introductions
91% 72%
Becoming a Rainmaker by Matt Oechsli
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Highest Impact
Prospecting
Moderate Impact
Prospecting
Lowest Impact
Methods
1. Arranging Introductions 2. Getting
Referrals
3. Strategic Networking 4. Strategic
Referral Alliances
5. Intimate client events
6. Targeted Seminars
7. Public Speaking
8. Publishing and Publicity
9. Cold Calls
10. Direct Mail
11. Advertising
ANAC Survey 2004 to 2005
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Keys to success Becoming A Resource Leader
Skills Want to try new ideas
Mindset- Must be genuine Reputational risk No Fear
Action Targeted Lists** (ANAC) Research Make appointments
Skills
Mindset
Action
Becoming a Resource Leader
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Created a strategy around this concept vs. a professional courtesy
What are some ideas that you can execute immediately to start this plan?
What are the pros? What are the cons? Talk about one thing you can improve in
your Rainmaker Bench legs: Skills, Mindset, Action