Small Business Resource

Don Farrell’s take on business ethics may shock some, but in light of current economic times, it is a pragmatic and sensible approach.

Farrell, author of Ethical Theft: How to Steal Business from Your Competition, from Brio Publishing (www.FreshRevenues.com) defines business ethics not from the standpoint of what’s fair for the market, but rather, what’s fair for the company and its employees.

“My definition of unethical is this: Failing to do anything and everything within my power, and without breaking the law, to provide for my loved ones, my employees, and my employees’ families,” said Farrell.

So is it ethical to take business from the competition knowing that they have employees and loved ones as well? Farrell thinks so.

“If I can steal their business, then they don’t deserve it,” said Farrell. “If I can take their business from them, those clients and customers were not as happy as they deserved to be, and therefore not as loyal as they should have been.”

The key to successful business is to make the customer happy. Provide what they need, faster, better, and before they know they need it and you will be successful. Farrell provided tips on selling that include knowing the customer’s personality style and matching your sales style to that. Give the customer the best value, not necessarily the lowest price. Value is in the eye of the customer, not the salesperson. Farrell’s formula V=D/E, means your delivery should be higher than your customer’s expectation. Be a consultant, not a salesperson, make it personal, provide a relationship with your customer, it will make them loyal to your company.

Earning loyalty is important in procuring a client from the competition, but the trick is to keep it. Continuing to define the client’s long term goals and reaching beyond them is the key. Keep the lines of communication open by setting appointments to advance your relationship with an existing client. Just because you have them does not mean you can keep them.

“Gaining loyalty is not something you ever stop doing,” said Farrell. “You have to keep earning it each and every day. Does it sound daunting? It can be, but I believe it to be worthwhile.”

Farrell’s tactics for “stealing” include using:

· Want ads

· Accounting departments from the competition

· Headhunters

· Rental car agencies

· Executive travel clubs

· Incentive programs

· Humor

Farrell advised remembering that it is not just your salespeople who can sell. Everyone in the company has contacts you can use. It may be the employee who lives next door to the deal-maker for the company you are courting, the maid who can talk about the business as if she was the potential customer’s long-lost sister, the baker who delivers your rolls who also delivers to the competition, or students at a local university who are looking to gain some experience. Using a sales-blitz can utilize all these potential salespeople.

Farrell shared his tactics so they could be used to gain clients, but also as a reminder that even if you are not willing to use these tactics, someone else is…so look at your competition with open eyes; they may surprise you.

“If you knew someone was going to be able to steal your business because you did not make that account or your employees loyal, believe me, you would work harder and smarter to hang onto them,” said Farrell