Unleashed - How to Thrive as an Independent Professional

Show Notes Greg Fincke is a Managing Director at Equiteq, a global sector focused investment bank that works with entrepreneurs in the IT services and management consulting sectors to create exit strategies. They have offices in London, Singapore, New York with smaller outposts around the globe. They typically advise on companies with 3-25 million EBIT range, and revenue up to $200 million. The firm has 70 members around the world and did 20 transactions last year with an aggregate value of a billion. An expert in M&A deals, Greg discusses how the big deals are typically handled. What it Takes to Build a Sellable Consulting Firm The conversation focuses on the question of what it takes to build a sellable consulting firm. Greg suggests that one of the key factors to consider is key person risk; if a potential buyer is looking at a buy versus build situation and the equation starts becoming too expensive for the buy, it may be difficult to close the transaction. To build value and reduce the risk, it is important to have multiple people who can drive the business forward. Other factors to consider include developing a strong brand, having a good network of clients, a diversified client base, and a good mix of services or products. Additionally, it is important to have a good relationship with other consultants, vendors, and potential buyers. Finally, it is also important to focus on long-term goals and invest in the growth of the firm. Greg explains that when looking at the financials of the firm gross margin is an important factor. Buyers typically want to see firms with a gross margin of 40% and discounted when under 40%. When thinking about valuation, you're looking at how the business looks financially and what they do. Greg talks about gross margins for consulting firms when the owner is selling the business. He explains what the two types of gross margins are and how to calculate partner cost, and typical multiples are for a consulting firm. Scaling a Consulting Firm This conversation focuses on the difficulties of scaling a consulting firm. On one side, there is the need to acquire new clients and promote the services of the firm, and on the other, there is the need to create, onboard and teach new consultants. Achieving a balance between these two elements is crucial, as buyers are looking for firms that can deliver services that scale, on both supply and demand, and are willing to pay a premium for it. Greg talks about buyers' preferences, suggesting that they would rather work with firms that have good web traffic and reputation and are able to generate inbound leads, rather than those that need to grow the sales side and bring in clients. He explains why they consider IP an important factor of consulting services. He talks about talent recruitment and retention, and the value of a firm that offers a strong career plan and training and coaching systems as this demonstrates the ability and control to scale with in-house talent instead of relying on recruiters to find talent which can be unreliable and expensive. Beyond Corporate and Private Equity According to Greg, the best options in firm valuation in management quality are how well companies are run, retention, sales and profit growth, and who your clients are and how you engage with them. Fortune 500 and private equity are the two most valuable in the market, and vertical specialization. From a delivery model, being able to deliver fixed fees on good margins is most desirable. Smaller consulting companies are seen as less valuable because their financial spend is significantly lower. These companies tend to engage in one-off consulting projects and do not have a consistent spend on consulting, making them less desirable to broker deals. Greg states that the buyers for deals have changed over the last five years and shares a few examples of company M&A his company has facilitated. What Partners Can Expect when they Sell the Firm Greg shares what partners can expect in terms of a percentage and timeline. The numbers vary widely depending on the buyer. He explains what can happen to the team after a sale, and how it often inspires an entrepreneurial spirit. He mentions that often buyers are looking for a new service line and that the synergy between companies should accommodate this growth and value, in this scenario the team stays independent, in other cases, there may also be an integration of teams. Greg reflects on how clients move forward after selling a firm; often they take a role in the management team of the larger company, and some have retired from business to sail around the world, or just retire, but he hasn't encountered any who regret the sale or decide to start a new business. He talks about the advice he gives companies when the founders are not quite ready to sell such as having a goal for the sale, this entails examining what the bottlenecks for growth are, whether that is client or talent acquisition. Greg helps them focus on the goal and target market growth. This may include building talent to open doors, and investing in marketing. He talks about the buyer universe for smaller firms, how this differs from the larger M&A buyers, and who takes care of the billion dollar deals. Greg shares how his company secures clients, his team's laser focus on a specific industry, and the type of advice they give clients. Timestamps 02:42 Exploring the Value of a Consulting Firm: Key Person Risk and Building Value 10:43 Scaling a Consulting Firm 13:16 Growing Sales Through IP and Recruiting Processes 17:01 Management Quality, Retention, Sales and Profit Growth, and Client Engagement 22:19 Private Equity and Strategic Acquisitions in the Consulting Space 23:53 Selling a Firm: Earnout Periods and Expectations 37:35 Recent Private Equity Acquisitions in the Management Consulting Industry 39:42 Billion Dollar Deals in the M&A Space 40:32 Exploring the Range of Options in the Consulting Industry 43:37 Building Value in the Consulting Industry 47:09 Resources for Learning About the Consulting World Links: Greg Alexander The Boutique E2E.com Consultancy.uk Collective 54 Podcast The World's Newest Profession – Chris McKenna The Lords of Strategy – Walter Kiechel CONTACT INFO: https://www.equiteq.com/ Unleashed is produced by Umbrex, which has a mission of connecting independent management consultants with one another, creating opportunities for members to meet, build relationships, and share lessons learned. Learn more at www.umbrex.com.

Ulrich Riedel and Will Bachman discuss Ulrich's unique cold lead generation process via LinkedIn. Ulrich advises to respect the leads and to be careful to select only candidates who would benefit from this process and to be careful not to spam. He shares why he chose to find leads this way and explains why there is more upside than downside to his process. He explains that the process involves several aspects such as researching the prospects, creating a message, and following up. He also suggests focusing on building relationships and emphasizing the value of the offer. Finally, he stresses the importance of tracking results and being persistent. Using LinkedIn Sales Navigator to Contact Leads Ulrich offers three pieces of advice on how to use LinkedIn Sales Navigator to reach out to potential leads. He stresses the importance of your investment in time and money investments to ensure the leads are super targeted, as sourcing too many leads that do not fit the needs of the company will be a waste of the time and money invested. He emphasizes that real expertise and external help are needed to set up the process. Hiring an Expert in Lead Generation Ulrich discusses how he hired an expert to help him with his lead generation process. The expert used a Sales Navigator, which is a powerful search tool, to look for leads and contacts, and then organize them in groups and tag them to make sure none were duplicated. Ulrich created the messaging, but they were responsible for sending out initial connection requests and any follow-up messages. Once a prospect accepted and engaged, the expert would set up a call in the prospect's calendar and then hand the contact over to Ulrich to handle. Ultimately, the expert helped Ulrich to find, organize, and contact the leads, which saved him time. He talks about his direct and concise communication technique that helps him build a connection with suitable prospects. Reaching the Right People through LinkedIn Sales Navigator Ulrich helps reduce implementation risk and increase project value for large complex projects and strategies. He has been doing this since 2004 and has found that his initial connection requests were not reaching the right people. He now targets Senior Vice Presidents and above in companies with $3 billion or more in Germany, Switzerland, and Austria. His current connection requests are clear and direct, stating his goal to reduce risk and increase project value followed by an offer to explain how he would achieve this for the person he is reaching out to. Once he has secured a lead, Ulrich transfers the client from LinkedIn Navigator to his own CRM system to keep track of communications, campaigns, and status etc. He explains how and when he makes first contact, how he follows up with them, often using GetEmail and RocketReach to find emails of his clients, and how he schedules meetings. Most importantly, Ulrich focuses on authentic and respectful communication. He stresses the importance of patience and persistence, and that following up with clients on a regular basis to remind them of the benefits they will receive from Ulrich's expertise pays off. He finds that out of 100 connection requests sent, usually 20 will connect. He sends the 20 a longer message and roughly five will reply. Out of five, he will secure one client. Ulrich shares when and how he follows up with the other potential clients. He checks his CRM system daily and explains why he uses Outlook Contact instead of Hubspot. Timestamps: 04:15 Exploring Strategies for Effective LinkedIn Outreach 05:05 The Benefits of Utilizing Expertise for Lead Generation 08:38 Maximizing Project Value Through Risk Reduction 10:51 Exploring the Benefits of a Custom CRM System for Lead Tracking 12:41 Lead Management and Prospecting Strategies 18:56 Building Professional Connections on LinkedIn 24:56 Networking Strategies for Building Trust and Connections 28:37 Utilizing Sales Navigator and CRM Systems for Lead Generation 30:13 Leveraging CRM Systems for Business Growth Links: https://www.drulrichriedelconsulting.ch/ CONTACT INFO: https://www.linkedin.com/in/DrUlrichRiedel/ Unleashed is produced by Umbrex, which has a mission of connecting independent management consultants with one another, creating opportunities for members to meet, build relationships, and share lessons learned. Learn more at www.umbrex.com.

Show Notes Ulrich Riedel and Will Bachman discuss Ulrich's unique pricing model for independent consultants. Rather than being paid upfront or daily rates, Ulrich gets paid a percentage of the value he creates for the client at the end of the project. To make this type of pricing model possible, Ulrich needs to make sure certain conditions are met, such as creating value for the client, measuring the value, and convincing the client of the value. He also needs to make sure that the client will be willing or able to share in the risk associated with the project. Ulrich has learned how to do this through experience, and was willing to share his knowledge with Will and the viewers of Unleashed. What to Consider with an At-risk Pricing Model Ulrich Riedel explains that there are four main themes to consider when using an at-risk pricing model. First, the offer needs to have unique value to the client. Second, the individual must be willing to accept risk. Third, the client must be open to the at-risk pricing model. Fourth, the approach to project generation must be tailored to the at-risk pricing model. He suggests that the network may not be enough for project generation because many close relations may not be able to accept at-risk pricing. A solution to finding suitable clients, may be to develop cold lead generation through LinkedIn might be helpful. He also suggests partnering with people who have contacts to potential clients and projects, and what he found most helpful is to establish oneself as an expert to increase trust. Pricing the Project Ulrich specializes in large, complex projects that are worth more than $100 million that involve many functions, hierarchies, global reach, different countries and cultures, change management with hesitancies and conflicting priorities, and the list goes on. He analyzes the entirety of the project, helps implement it, and generates an added value of 8-15%. Ulrich discusses a project they are working on with a client to shape the future. His role is to provide insight and advice on the strategy and execution of the project. He recently worked with a small company with a few $100 million turnover to help them optimize three main projects. He is also responsible for talking to many people in different hierarchies to collect data and figure out where value is hidden and how to create an intervention and implementation plan which could generate much more value. Prospect Generation Ulrich studies the mentality of the client and the company and talks to people in all hierarchies to gather in depth information from all levels, including employees at the water cooler or the factory floor during the night shift. Once he has an implementation plan in place, he sits down with the client to discuss two main variables: volume and cost. Ulrich also talks about how he determines his fees, and the search time for finding projects, and how long projects typically take. Timestamps: 03:54 Exploring At-Risk Pricing Models: Strategies for Generating Projects and Establishing Trust 06:05 Exploring Value-Based Pricing for Large Complex Projects 06:25 Consulting on Building a New Business Model with a Hybrid Technology 11:46 Value Creation and Compensation for Consultancy Services 14:39 Exploring the Long Sales Cycle and Prospect Generation Links: https://www.drulrichriedelconsulting.ch/ CONTACT INFO: https://www.linkedin.com/in/DrUlrichRiedel/ Unleashed is produced by Umbrex, which has a mission of connecting independent management consultants with one another, creating opportunities for members to meet, build relationships, and share lessons learned. Learn more at www.umbrex.com.

Show Notes Tony Martignetti and Will Bachman discuss the importance of maintaining energy and excitement as a solopreneur or independent professional. They talk about taking an assessment of the tools and different parts that you have been working on for your business. It is important to check in with yourself and ask what it is that you really want and what you are driving towards. It is necessary to determine which tools and activities are providing you with energy and which are draining you of energy. They also discuss how to tap into inspiration and creativity. Martignetti recommends getting out of your current environment to experience awe, which can't be done while sitting behind a desk. Tony shares a few activities where he found inspiration, including climbing Mt. Kilimanjaro. Priorities and Values in Leadership Tony talks about the concept of grounded leadership and how to achieve it in the context of executive coaching. Bachman asks for the first step to take to become more grounded. Martignetti responds that it is important to first be thoughtful, clear on one's priorities and values, and that all decisions should be based on these. From there, one can focus on creating calm within the chaos and help others to do the same. This could involve creating a plan to keep oneself grounded, such as setting reminders to pause and check in with oneself, or reflecting on values and purpose. Ultimately, it is important to remember that everything should be done with these priorities and values in mind. Tony talks about the importance of understanding the foundation of one's values, mission, and purpose in order to make decisions. Will and Tony discuss the STOP method, an acronym for Stop, Take a Breath, which is a classic mindfulness practice that can help in moments of stress and when one is triggered. Taking the pause allows them to slow down and not react. This method encourages people to take a moment to reflect on their values and ask themselves questions about why they are doing something. Dealing with Difficult Situations Will and Tony discuss maintaining mindfulness using the Stop, Observe, and Proceed method of dealing with difficult situations, which involves taking a moment to understand what emotions are coming up, and why. Will mentions the importance of not sending emails when annoyed and suggests making a phone call instead. Will talks about his executive coach's question, "What are you currently avoiding?". The conversation ultimately emphasized the importance of taking time to understand and process emotions before taking action. Questions Used in Coaching Tony talks about the questions he uses in his coaching practice. Tony's first question is, "when you look at the week ahead, what do you look forward to the most?" He then moved on to the question of "what is one conversation that you are putting off that you really need to have." This helps to identify any areas of avoidance and to move forward with life and work. He suggests taking note of what you are tolerating. Will asks Tony what sorts of responses he gets from his clients to the question of avoided conversations. Tony responds that he typically gets a variety of answers, ranging from fear of failure to fear of rejection to lack of clarity on how to approach the conversation. Tony tells Will where he found inspiration for his book, Climbing the Right Mountain, and how to think differently about success, and how to determine the right mountain for you. He talks about his coaching practice and workshops, and how many of his clients feel stuck or want to grow in a new direction. Timestamps 03:03- Assessing Business Activities to Maximize Energy and Productivity 04:43- Evolving and Inspiring Yourself as an Entrepreneur 07:30- Reflection and Inspiration for Business Growth 10:12- Experiencing Awe and Climbing Kilimanjaro 13:41- Exploring Human Experience: Tips for Training for Kilimanjaro and Experiencing New Things 15:08- Expanding Consciousness and Grounded Leadership 16:52- Grounded Leadership 18:30- System Two Thinking and Executive Coaching 20:53- The Benefits of Establishing a Foundation for Decision-Making 24:17- Incorporating Questions into Coaching Practice Links: Climbing the Right Mountain https://www.inspiredpurposecoach.com/ CONTACT INFO: https://www.linkedin.com/in/tonymartignett1/ Unleashed is produced by Umbrex, which has a mission of connecting independent management consultants with one another, creating opportunities for members to meet, build relationships, and share lessons learned. Learn more at www.umbrex.com.

Show Notes: Nick Shevelyoff is a cybersecurity expert who recently left his role as Chief Information Security Officer at Silicon Valley Bank to pursue consulting services. In the mid-1990s, Nick Shevelyov began his career in technology. He soon became interested in cybersecurity and went on to work for a boutique security consulting firm. Shevelyoff later spent years working in Enterprise Risk Services at Deloitte, specializing in cybersecurity and data privacy. In 2005, he joined Silicon Valley Bank as the chief security and chief privacy officer. During his 15-year tenure at the bank, Shevelyoff became CIO and then chief information security officer. Throughout his career, he has been interested in understanding cyber risk from a holistic perspective. The Book on Cyber War and Peace Nick discusses his new book, Cyber War and Peace, which explores how organizations can learn from lessons from history and behavioral science to improve their cybersecurity posture. In his book, Nick covers a wide range of topics related to cybersecurity, from the history of technology to the importance of risk management. He highlights how ancient civilizations such as Babylon and Rome dealt with technological challenges and draws parallels to modern cybersecurity concerns. He also emphasizes the importance of knowing oneself in order to effectively defend against cyber attacks. Nick enjoys reading about ancient Greece, Rome, and the Napoleonic Wars, among other periods. He draws upon lessons from these periods in his book, specifically around the importance of practice and preparation. To get a sense of a company's current level of preparedness, Nick recommends asking questions about the company's existing investment, business outcomes, and risks. He also suggests using a framework like the National Institute of Standards and Technology critical security framework to measure the organization against that framework and understand where the gaps are. Executive Planning for Investments and Technology The need for business executives to properly plan ahead when considering investments and technology cannot be overemphasized, and Nick suggests that it is important to understand the existing conditions, the age of the company, the outcomes they are looking for, the risks they may face, and the value of the data they have. He recommends a Z-shaped relationship to connect the goals to the risks, and to understand the unique risks facing the organization. Nick also suggests that it is important to consider the volume, variability, and veracity of the data, and the layers of control that can be used to manage the uncertainty. Bespoke Security Models for Organizations Nick and Will discussed the process of creating a bespoke security model for an organization. Nick suggested using a commonly accepted framework, such as the National Institute of Standards and Technology Critical Security Framework, to measure the organization against and identify gaps. Additionally, Nick suggested considering the Mitre Attack Framework to assess how an organization is susceptible to different types of attacks and the OWASP Top 20 to identify any potential application vulnerabilities. To further understand the current security state, Nick suggested conducting vulnerability scans, penetration testing, and application security assessments. He also talks about leveraging tactical conformance checks to assess an organization's cyber health. Nick provided insight into the criminal business world of hackers today, which is an industry run by criminals who attack organizations, steal data, and sell it on the dark web. This hacking as a service has become operationalized and victims of ransomware attacks, where malware is deployed on networks and locks up their systems, are all too common. He discussed the ongoing cyber war, where foreign governments are encouraging and supporting hacking of US and Western companies. He also mentioned that cyber risk is a reflection of geopolitical risk, and that organizations should always be investing in the right risk posture. Nick is now offering consulting services to help innovators and entrepreneurs all over the world improve their probability of success. He is also working as a fractional Chief Information Security Officer. Timestamps 09:58- Exploring Risk Management Strategies for Business Executives 12:16- Exploring a Bespoke Security Model for Organizations 14:00- CYBER HEALTH: Leveraging Tactical Conformance Checks to Assess Organizational Risk in the Criminal Business World 17:06- Cybersecurity and Cyber Risk 22:22- Fractional CFO and CISO Services 27:13- Developing a Security Program for Organizations 30:17- DevSecOps and Risk Management Links: https://www.nickshevelyov.com/ https://www.amazon.ca/Nicholas-Shevelyov/e/B09BDGQD22%3Fref=dbs_a_mng_rwt_scns_share https://authorhour.co/cyber-war-and-peace-nick-shevelyov/ CONTACT INFO: shevelyov@gmail.com https://www.linkedin.com/in/nicholasshevelyov/ Unleashed is produced by Umbrex, which has a mission of connecting independent management consultants with one another, creating opportunities for members to meet, build relationships, and share lessons learned. Learn more at www.umbrex.com.

Show Notes In this episode, Will Bachman explains how independent consultants can set up and use a paid CRM system. While a spreadsheet is a great place to start when setting up a CRM system as it is free, and can help you understand which features of a paid system you would like to have, Will explains why, at one point, you might want to upgrade to a paid CRM system, and how CRM systems offer advantages over spreadsheets when tracking contacts, opportunities, and projects. Advantages of a CRM System over a Spreadsheet One advantage is that you can add documents to the categories mentioned in the previous episode: contacts, company and/or opportunity. Other features can include the ability to add notes from discussions to keep track of customer interactions, automated reminders, and tracking customer feedback. The CRM system provides the ability to attach documents, such as resumes for potential subcontractors, and add notes from conversations. It also allows for a photo of the contact to be attached, as well as other fields like name, title, employer, education, location, and LinkedIn profiles. Custom fields can also be created to track newsletters, gifts sent and received, and who introduced you to the contact. Will explains how CRM systems sync with the user's emails and the contacts' emails, making it easier to track emails from multiple addresses. Using a CRM System for Opportunities The CRM system also allows the user to track and easily see all the project opportunities associated with your contacts. Additionally, the user can tag contacts, opportunities, and projects with an industry tag, or functional tags, or skill-based or discreet defined tags, making it easier to categorize and track these elements. Using a CRM system to Manage Tasks Using a CRM system has several advantages. One of these is the ability to easily manage tasks. This can be done by adding task tags to contacts or projects and then viewing them all in one place, whether that is to follow up with a contact or submit a proposal, and you can easily mark them as done or change dates etc. Another advantage is the ability to easily manage opportunities. It is possible to have a visual view, with columns for the status of each project, and have the ability to drag and move the tiles. A third advantage is the ability to customize the names for the stages of an opportunity. These stages include identified opportunity, completed context discussion, submitted proposal, and finally whether the project was 'lost' or if it is '1 Active', or '1 Completed'. Additionally, when a project is moved from one stage to another, a pop up will appear asking for the reason. You could also add other stages such as 'On Hold' to remind you to follow up at a later date, and you could add a 'Future Opportunity' tab to remind you to follow up about it. You can also add documents to opportunities to keep all that information in one place and easy to access. Another useful feature is to add reports to give insight into projects won and lost. You can also easily add other users to give easy access to team members, but you also maintain control over the system to ensure no-one accidentally deletes or changes information. Researching CRM Systems Will also explains how to set up a paid CRM system, such as choosing a provider, setting up user roles, and integrating the system into your workflow. Lastly, he talks about the importance of finding the right CRM system that suits your needs. Will recommends starting with a spreadsheet to get an idea of how you need to structure the information you need, and then look into resources on Umbrex.com where you will find information on CRM systems used by members. Timestamps 00:01 The benefits of using a purpose-built CRM system 02:38 The benefits of a CRM system for tracking contacts 03:49 Creating custom fields 04:57 The benefits of a CRM system for tracking opportunities and projects 07:36 Stages of opportunities in a CRM system 11:18 Adding users to the CRM system Links: Notes on using a purpose-built CRM system: https://docs.google.com/document/d/1SfVS9cB_YtmTgtRoBb1hWAxo-qy1vbC6BqiOKtTpEFo/edit?usp=sharing

Show Notes In this episode of Unleashed, Will Bachman explains how independent professionals can use a spreadsheet as their CRM system. A spreadsheet can be an effective first step before investing in a paid CRM system, and for independent professionals, the most fundamental use of a CRM spreadsheet is to keep track of the people, organizations, and project opportunities, in addition to confirming new projects, but the first step in setting up a CRM system should be to create a spreadsheet of all your contacts, and another tab with all your past projects. Ultimately, using a spreadsheet as a CRM system can be a great way to get started and gain familiarity with the features of a paid CRM system before investing, but when you do, you'll be able to upload your spreadsheet into the CRM. Will walks you through setting up a CRM system. The initial tabs discussed are 1.contacts, 2.opportunities, and 3.companies. Using a Spreadsheet for Contacts When setting up the contacts tab, a few fields are recommended, including: info about the person, like employer and title, name, pronouns, ID number URLs/links/social media links Physical address It's also recommended to have separate columns for first name, middle name, last name, maiden name, and nickname. It is also recommended to include the option to track if the contact is a connection on LinkedIn or not. When it comes to tracking contacts, emails are essential, and often, the preferred method of communication. It may also be helpful to track physical address, how the contact was originally met, the strength of the relationship, the level of decision making power, whether they are a client or potential partner, the industry they are in, the date of the last contact, the time interval between points of contact, if they are subscribed to your newsletter, if they are on your holiday card list, what gifts have been sent, topics of interest, the name of their executive assistant and their contact info, and the next action to be taken with the contact. Additionally, it is helpful to also track notes from interactions with the contact. Will suggests creating a separate tab for notes on each conversation, and to filter it for any given individual. However, the drawback of using a spreadsheet is that it is not as great as a relational database. Using a Spreadsheet for Opportunities For opportunities, the fields suggested to track are: Current pipeline Project/opportunity ID, title, associated company/organization Client executive name, billing contact, and any other names related to the opportunity A description and stage of the opportunity Source of opportunity Will learned this system from David A. Fields and he talked about it in episode 172 of Unleashed. David's three stages are: identified opportunity, but not yet talked to the client; completed context discussion (which entails live interaction with client), and finally, submitted proposal. If you have several projects in the pipeline, you could also add several stages such as: 'in contract phase'. Will suggests adding two stages for a contract: '1 active' - for current projects, and '1 complete', for the final stage. It may also be useful to add a stage for 'lost' and/or 'on hold' and 'possible opportunity' for potential opportunities on the horizon that you may want to follow up on in a few months. You could also track the dollar size of the opportunity and likelihood of closing. By tracking 'likelihood to close' you'll gain a better understanding of your ability to your accuracy in estimating potential opportunities, and dates of each stage. And most importantly, columns to include are your next action(s) and action due date(s). Using a Spreadsheet to Keep Track of Organizations Company ID, website, LinkedIn, industry All the projects you have done for the same company Who else works at the same company Be able to see all the projects you have done for the same company Who else you might speak with at the company Will also suggests adding if you have a service agreement with the company, termination dates, payment terms, and any other key contractual terms, such as a non-compete agreement, and invoicing instructions. While the former company details may not be necessary if you have the details of the company contact in place, the latter is particularly useful if it's been a few years since you worked on a project for the company. A link to a downloadable spreadsheet template has been added in links to to help you customize your own spreadsheet. Timestamps 00:01 Using a spreadsheet as a CRM system for independent professionals 01:49 Tracking contact Information for professional relationships 09:27 Tracking conversations and opportunities 16:21: Tracking contact and contract information on organizations Links: Notes on using a spreadsheet as a CRM: https://docs.google.com/document/d/1PQssMvenlu4EPVaLevbRNWGlgppIWc8IXFatU4RG5sY/edit?usp=sharing

Show Notes Will Bachman and Niul Burton discuss procurement and strategic sourcing. Procurement is the function of acquiring goods or services as inputs to a company's operations. Strategic sourcing is a subset of procurement that focuses on the sourcing of goods and services in order to maximize value and efficiency. Niul explained that procurement involves identifying, negotiating, contracting, and working with suppliers on an ongoing basis. He also discussed the importance of understanding the needs of the company, the market, and the supplier in order to ensure that the best deal is being offered. Finally, Niul stressed the importance of building relationships with suppliers in order to ensure successful and long-term collaborations. Functions of Procurement Procurement is the process of buying goods and services from external suppliers. Strategic sourcing is a subset of procurement that takes a big-picture perspective to maximize value from spending. Other functions within procurement include contract negotiation and purchase to pay, which is the day-to-day operational execution of requisitions, purchase orders and invoicing. Third party risk management is an evolution of procurement that includes managing risk for external suppliers, licensees, and distributors. Strategic Sourcing to Drive More Value Strategic sourcing is an evolution of the procurement function to drive more value for an organization. Historically, purchasing was simply a department that executed purchase orders. Now, strategic sourcing is focused on creating value, as more than 50% of an organization's revenue goes out to their supply base. To manage costs and drive value, procurement and the relationship with the suppliers creates a tremendous opportunity. Procurement is now also doing more supplier risk management, which is a subset of third parties. Strategic sourcing is focused on understanding the current market, developing the right supplier relationships, and creating a competitive environment to drive the best value for the company. The process typically includes conducting a market analysis, negotiating with the suppliers, and implementing a contract. Strategic Sourcing – A View on Spend Strategic sourcing is a way of taking a new view on how money is spent. It involves centralizing contracts and purchases, standardizing specifications, and creating competition in the market. A former client of Niul was a big manufacturing company which had 36 different agreements for different sites, each with different terms and conditions and pricing. Strategic sourcing enabled them to look at the situation from a bigger picture view, and negotiate a commercial relationship with the supplier which was worth $1.5 billion over five years. Some of the levers used to create more value included consolidating skews, reducing the number of vendors, and having one standardized contract. Other strategies included aggregating volume, aligning to industry specifications, creating new competition, and process improvement. Timestamps 00:01 Procurement and Strategic Sourcing 101 02:07 Exploring the Different Functions of Procurement 08:12 Leveraging Value Creation Through Process Improvement 09:25 864 different strategies that can be deployed in strategic sourcing 12:13 Assessing the Procurement Function 15:47 Category Management 30:59 The internal process 39:38 The difference between RFI RFP and RFQ Links: https://www.beroeinc.com/podcasts/niul-burton-procurement-digitalization-journey/ CONTACT INFO: Niul@NiulBurton.com https://www.linkedin.com/in/niulburton/ https://niulburton.com/ Unleashed is produced by Umbrex, which has a mission of connecting independent management consultants with one another, creating opportunities for members to meet, build relationships, and share lessons learned. Learn more at www.umbrex.com.

Show Notes Jessica Magoch is a jazz musician and sales expert who has put her two skills together to help others. She started her sales career when she was auditioning for college musical theater programs and realized that the best job for her would be one with flexibility - sales. She quickly excelled in the field and went on to work for a company that she helped build from zero to 100 million in revenue. After leaving that company, she started her own consulting and coaching business, where she helps women-led social enterprises learn how to sell. How to Improve Your Sales Technique Jessica explains that people who are successful in sales often have an inexplicable thing that cannot be taught. This is because they are able to connect with people emotionally, which is something that can be learned. She explains that music is the fastest way to affect someone's emotions and that using it in a sales conversation can make a difference. The conversation explores the idea that people make decisions based on emotions and then back them up with logic. The idea is from the study of emotional intelligence. The study found that information travels through the amygdala first before it hits the frontal cortex. The amygdala is where emotions happen, and it is also where gut reactions are. The study also found that the information in the logical part of the brain is very limited. The conversation then discusses how to incorporate these insights from music into sales. One way is to start with your scales, which are your sales frameworks, your sales techniques, and your processes. Another way is to bring artistry to it by looking at the dynamics of music and applying it to sales conversations. The salesperson's main role is to help the customer take action, and musicality can help with that by adding emotion and creativity to the conversation. Musicality can also help salespeople be more creative in general. Building Confidence in Business Jessica talks about the importance of performance in all aspects of life, from music to sales. The idea is that sometimes you have to access different parts of yourself in order to be successful and that this is not a bad thing. Beyonce is cited as an example of someone who has an alter ego that she calls upon when she needs to be fierce on stage. In business, it is often important to be able to sell oneself and one's ideas confidently. One way to build confidence is to develop an alter ego or character who is comfortable with selling. This can be helpful especially when cold calling, as it can be difficult to remain confident when speaking to someone who may not be interested. Outbound Sales Strategies Will Bachman and Jessica Magoch discuss the importance of outbound strategies that involve phone calls. Jessica says that cold calling is often ineffective because people feel like they are just a target on a list. Bachman and Macgoch agree that cold calling is not a pleasant experience. In order to make a cold call warmer, it is important to do 15 seconds of research on the person you are calling. This will help you to better understand them and get their attention. It is also important to ask permission before continuing the conversation and to be specific about the problems that you are solving. Timestamps 2:06: Making decisions first emotionally and back them up with logic. 7:24: How to incorporate music into sales? 11:14: How to teach creativity in sales. 15:38: How to be creative in the moment. 20:51: Eliminate the emotion from objections by eliminating the objection. 29:08: How to avoid cold-calling. 34:02: How to personalize your call? 38:06: How to get your voice to be dynamic. Links: https://www.jpmpartners.com/ CONTACT INFO: https://www.linkedin.com/in/jessicamagoch/ Unleashed is produced by Umbrex, which has a mission of connecting independent management consultants with one another, creating opportunities for members to meet, build relationships, and share lessons learned. Learn more at www.umbrex.com.

Nate Kievman is the founder of Linked Strategies, a company that helps create better relationships between businesses and their ideal buyers. Link Strategies has been in business since 2010 and has evolved over the years into a full-service digital agency. Link Strategies Will Bachman is the host of Unleashed, and he and Nate discuss the services that Link Strategies offers. Link Strategies works with companies of all sizes, from one-person consulting shops to large enterprises like BlackRock and NASDAQ. The company typically works with companies that are looking to scale beyond their current referral- or network-based sales models. Nate discusses the lead generation industry, and how it is highly competitive and non-consolidated. He describes how there are many firms that claim to be able to generate leads, but in reality, most of them use spammy tactics and are not very effective. The book The Outsiders explores how companies like Salesforce have disrupted traditional businesses by using technology to their advantage. The book argues that companies that are able to use technology to their advantage will be the ones who succeed in the future. The book has had a major impact on the business world and has inspired many companies to adopt similar strategies. The book states that companies that are able to use technology to their advantage will be the ones who succeed in the future. Lead Generation Strategies They talk about how there is a low barrier to entry for anyone who wants to start a lead generation business, and how there are many firms that do this with very little experience. They also talk about how recent changes in spam detection have made it very difficult for companies to get their emails delivered, and how this has caused many companies to reevaluate their lead-generation strategies. Nate explains that the key to getting a response from a busy executive is to respect their time and give them enough information to make a decision about meeting with you. He also notes that it takes experience and knowledge to craft a compelling email that will engage the reader. Finally, he cautions that companies often fail at outbound strategies because they don't commit to the process. Cold Outbound Strategies Nate discusses how cold outbound strategies are designed to generate leads, appointments, and conversions, and how companies often fail to properly utilize them. He argues that companies should invest in their partners and salespeople in order to properly execute these strategies and maximize their potential. The conversation discuss tips for sales conversion on cold outreach meetings. They mention that it is important to think of these types of campaigns as a short, mid and long term pipeline development, and that most companies get into it as a tactical buy. They also mention that it is important to understand the nuances of all the facts in your current business, and that contracts should be for a year or more. The salespeople at Kievman's company are focused on finding out the challenges, goals, and gaps of their potential clients. They want to assess whether or not they can help solve the gap before going into their sales pitch. This is important because Kievman's company offers dynamic and customizable solutions. Timestamps: 1:51: Categories of competitors in the appointment setting and lead generation space. 3:57: The book "Predictable Revenue" 8:52: What's happening in the world of email deliverability. 14:15: How to get into the psychology of the executive office. 20:25: When you're sending emails out to your email accounts, who are you sending them to? 25:42: What are some of the archetypes of copy that you use? 30:18: The importance of being a growth partner and not a lead generator. 35:17: The importance of having a candid conversation with your prospects. 40:51: If you had 100 really good friends, how many of them would work with you over the course of two or three years? Links: https://www.amazon.ca/Predictable-Revenue-Business-Practices-Salesforce-com/dp/0984380213 CONTACT INFO: https://linkedstrategies.com https://www.linkedin.com/in/nathankievman natek@linkedstrategies.com Unleashed is produced by Umbrex, which has a mission of connecting independent management consultants with one another, creating opportunities for members to meet, build relationships, and share lessons learned. Learn more at www.umbrex.com.