51: How to Lose Money by Not Prospecting For New Business with Stacey Brown Randall

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Stacey Brown Randall has one focus in life: To help others avoid business failure. She knows – she’s been there, done that and bought the t-shirt. Stacey’s online programs, VIP days and live events provide a blueprint to follow to take control of your referrals, your client experience, and your business.

Stacey is a contrarian when it comes to typical referral advice and believes the best way to unleash a referral explosion is to do it WITHOUT asking for referrals (and she has results to prove it). Stacey is a three-time entrepreneur, certified productivity and time efficiency coach, has a background in sales and marketing, and is an aspiring author. Stacey received her Master’s in Organizational Communication and is married with three kids.

Time Stamped Show Notes

[3:19] One of the most common problem is that people don’t know their business numbers, and for people selling a service one of the most valuable thing to do is prospecting, know how much time to give to business development.

[7:50] At the end of 2008, an encouraging client from the research firm Stacey was working in, told her she had everything to start her own business. She then went to have her as a client for a 2 year contract.

[9:37] Everything went down when the accounting firm client left the company and the contract ended overnight. This contract was the 20% of Stacey’s life.

[10:38] During those 2 years with that client, opportunities as publishing articles, interviews, conferences came up that allowed to build credibility but no new clients were being generated.

[13:00] The effort to save the business lasted until Stacey realized that she didn’t like what she was doing at the end of 2012. A call with her business coach help her see what was going on.

[16:44] Stacey tells us about how a space and what it represents can help us see what’s wrong.  

[17:29] After two years of trying to save the company, a job offer came to Stacey’s way and she was on her way back to corporate America.

[19:00] The hardest thing was the ego blow of failing at a business and having to go back to an office job, although the lessons learned are unique.

[21:13] The job offer proved to be great for the next 18 months to help Stacey regather and meanwhile, was being exposed to entrepreneurship opportunities.

[25:48] Failing Forward Segment

  • What is the bottom line reason of this failure? “The ultimate reason why my business failed was because I didn’t touch business development every day in a way that worked for me”
  • What is the single most important lesson you learned from this? “That I can fail and that I can get back up. Fail early and figure out that you know how to bounce back from it”
  • What are the major ways you protect yourself from future failures? “Three lessons: Touch business development every day in a way that you’ll be consistent, Protect your mindset of why you are an entrepreneur and Make sure you have time to work on your business, not just in it.”
  • Who do you turn to when you need help? “I have a great group of business mentors, that are my go to source when I have questions. There always seems to be a person that can help me.”
  • What advice would you give to someone in a similar position? “Cut the cord fast. But I recognize that I needed that experience.”

[34:44] You can connect with Stacey at www.growthbyreferrals.com/howtolosemoney where she put together various resources about getting referrals without asking to the listeners of How To Lose Money.

[37:09] Stacey’s final thought: “Never let your failure define you, but never let yourself forget it.”

To hear this episode and many more like it on your mobile device, you can subscribe to How To Lose Money via iTunes or Stitcher.

Quotes:

Paul Moore: linkdin

Josh Thomas:linkdin

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