Business 5/10/21

 

High-Impact Relationships: How CEOs Can Help The Business

Thor Ernstsson is a founder of Strata, the operating system for your professional network. 

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As a startup founder or executive, revenue is always top-of-mind. It’s not easy to make sales, particularly large deals with large companies. From generating leads to getting the paperwork signed, it takes a team effort. It’s not just on salespeople. Executives can help the business grow by tapping their network to find prospects and fostering their relationships with executive stakeholders at prospect companies. 

I’ve supported sales with dozens of Fortune 500 companies as a founder of two venture-backed enterprise software companies. I’ve learned ways to not only generate leads and help win deals in the short-term, but set our teams up with a healthy pipeline and repeat customers. 

People think of deals as feats to be conquered or won. Most teams focus too much on sales tactics and immediate next steps. But driving consistent revenue takes more than sales decks and follow-up emails. You need to build meaningful relationships with your prospects and your network. 

Here are three tried and tested, albeit counterintuitive, relationship management strategies for driving revenue as a startup founder or executive. 

1. Treat people like people.

Building relationships is essential in winning big deals. Of course, your product, marketing and sales strategies matter, but there’s more to it than that. 

Your prospects are not just companies or budget holders. Stop treating them like they’re just a record in your CRM that needs to be pushed to the next stage in your pipeline. Treat them like people. 

People have goals outside of whatever you’re selling. They even have interests outside of work. Get to know your prospects on a deeper level. 

At my previous company, we were working on a major deal with a Fortune 500 company that would make or break our quarter. I sat down with one of our executive stakeholders for coffee. We didn’t talk about the deal at all. I asked him about his career goals and about other projects he was working on. 

He told me that he was hiring an operations person and was having trouble finding candidates. So I introduced him to a fantastic operations person that I know who happened to be looking for her next opportunity. 

The product we were selling had nothing to do with operations, and I’m not a recruiter. It was a matter of getting to know someone better and treating them like a human being. 

2. Build meaningful relationships over time.

Executives at large companies are very thorough when making major buying decisions. They consider factors like budget, ROI and product features. But individual people make buying decisions based on more than just the numbers. 

People want to work with people they like and trust. They want to work with people who they will enjoy working with and who can be long-term partners throughout their careers. 

Use the lengthy amount of time it often takes to close large deals as an opportunity to build meaningful relationships with key stakeholders. 

Our team hosted a dinner where we invited twenty senior executives in our network, including several prospects. The night included a roundtable discussion on a topic relevant to everyone in the room. 

It gave our prospects an opportunity to expand their networks and to learn from peers. It gave us credibility and showed that signing a deal with us would lead to a great relationship to have over the long term. 

Look for opportunities to help your prospects beyond the deal at hand and build a genuine relationship. 

3. Make staying in touch a habit.

Your network is your best source for leads that are likely to buy. You might know someone who wasn’t ready to buy last year but could be in the future. By staying in touch, you’ll be the first person they think to reach out to when they are ready to buy. 

People often neglect their network because nurturing relationships doesn’t always provide immediate results. However, it’s been one of the highest impact activities over the course of my career and the careers of almost all of the founders and executives I know. 

Building any new habit is challenging, regardless of whether it's running or keeping in touch with your network. According to health psychology researcher, Phillippa Lally, it takes 66 days to develop a new habit to the point where it becomes “automatic.” 

There are a number of tools that help make the habit easier, but the hardest part is simply getting started. So start small. 

When reaching out to your network, the content of your message is not as important as most people think. It’s far more important that you reach out at all. You don’t have to write a novel. Send a funny meme or congratulate them on their wedding anniversary. 

Once you start getting in the habit of reaching out to people regularly, be more personal. Use what you know about them to reach out contextually. Say you know someone who loves yoga. Reach out to them to discuss a new Netflix documentary about yoga. 

Over time, you’ll start seeing results from your efforts and it will be an automatic habit.

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Business Broadband: Best Internet Service Provider In 2021

 © ZDNet

At home, an internet outage is an annoyance, but nothing more. Aside from interrupting whatever you're watching on Netflix, a brief break in online access for an hour or two is no big deal. At your business, on the other hand, even an hour-long outage can have serious repercussions on productivity and profits. 

CONSTELLATION BRANDS, INC.

That's why, when you're looking for an internet service provider for your small business, you should look for more than just high speeds and low prices. Reliability is at the absolute top of the list, backed up by service level agreements that clearly spell out what you're buying. That's followed closely by support, which should be available 24/7 and knowledgeable enough to quickly handle problems so an outage doesn't ruin your day. 

Business internet providers offer a feature set that consumer cable companies won't touch, including upload speeds that are as fast as download speeds, a detail that matters for design firms that routinely exchange massive video and CAD files with remote business partners. Prices are, unsurprisingly, higher than corresponding consumer plans but typically include no data caps. Using dedicated IP addresses, you can keep a permanent high-speed connection to a branch office or run your own public-facing server. Neither of those scenarios are possible (or advisable) with a consumer-focused internet plan. And business internet providers typically offer attractive add-ons like email and phone service for a relatively small surcharge. 

For this guide, we've focused on large, nationwide internet providers in the United States. Depending on where your office is located, you might be able to find excellent local and regional options, but we don't have the space or the bandwidth to track down the hundreds of options in that category.

Premium services at premium prices  © Provided by ZDNet verizon-fios.Jpg

As one of two Tier 1 internet providers in this list (the other is AT&T), Verizon has more control over its network than competitors that have to purchase access from upstream providers. Fios is a fiber-based service that is available in three tiers, starting at 100 Mbps and going up to 940/880 Mbps, at prices ranging from $69 to $249 per month. The highest-priced plan include a single digital voice line for your business as well, and you can get additional discounts for bundling with Verizon Wireless plans or Fios TV. 

Verizon also offers Internet Dedicated Services, at speeds ranging from 10 Mbps to 1 Gbps, with the fastest connection costing $855 per month with a three-year commitment. For an extra charge, you can add 4G LTE wireless backup, which will keep critical services like point of sale systems running in the event of an outage. 

Unlike some of its competitors, Verizon charges additional fees for equipment and some services, so be sure to include the full list of charges when comparing prices. 

View Now at Verizon Business Best for those who want to create a custom package  © Provided by ZDNet at-t-internet.Jpg

As one of the biggest brands on the internet and a Tier 1 provider, AT&T offers a dizzying array of options, with broadband, wireless, and Dedicated Internet plans available for the choosing. Special terms and pricing are available for government agencies, schools, and libraries. 

Wired broadband plans start at $40 per month, with wireless backup available as an option. Wireless plans begin at $80 a month and top out at 100 Mbps speeds. Dedicated Internet access, offering speeds of up to 1 Tbps with traffic prioritization, will cost at least $550 per month and can run into the thousands of dollars monthly for a Gigabit connection. Although you can start your search online, getting a detailed price quote means filling in an online form or speaking with a sales rep. 

View Now at AT&T Business Internet For best rates, you’ll need to sign a two-year contract  © Provided by ZDNet comcast-internet.Jpg

Comcast Business, unlike its consumer cousin, has no data caps, and it offers dedicated, round-the-clock support for business customers. But this is still Comcast, as you'll realize when you discover that the best prices require a two-year contract. Expect to pay $80 to $500 per month for download speeds starting at 35 Mbps and going up to 1 Gbps. In our review of Comcast Business pricing, we found that internet packages that bundled a single phone line were actually cheaper than the internet-only versions. For the first two years, at least. 

Comcast offers a slew of add-ons for business customers, including Wi-Fi options to secure your corporate network from the one you allow guests to use, as well as a backup option called Connection Pro, that provides a 4G LTE modem with battery reserve for up to 8 hours, so you can maintain connectivity in the event of an outage. 

If those speeds are too sluggish, you can get Ethernet dedicated internet, with symmetrical download/upload speeds up to 100 Gbps and two permanent IP addresses. Border Gateway Protocol (BGP) router is optional. Be prepared to pay, though. 

View Now at Comcast Business Best for those looking for a low-priced bundle  © Provided by ZDNet spectrum-truck.Jpg

As expected from a division of cable giant Charter Communications, Spectrum Business plans come with a dizzying array of prices that vary based on contract length and whether you've bundled phone or TV service with your internet access. Speeds range from 200 Mbps to 940 Mbps, at prices from $65 to $250 per month with a 12- or 24-month contract. 

The entry level plan includes domain name registration and email service, with higher-priced plans bundling voice service as well. Add-ons include a $20-per-month Wireless Internet Backup plan, static IP addresses (1 for $15, up to 29 addresses for $60 monthly), and a variety of Wi-Fi options. 

View Now at Spectrum Business Fiber performance, if you live in their coverage area  © Provided by ZDNet frontier-map.Png

Frontier's network covers huge swaths of the United States, including the Southwest from California to Texas, the entire Southeast, and every state that borders the Great Lakes, including Illinois and New York. There are some noteworthy gaps in the coverage map, however, including the Pacific Northwest, Colorado, Virginia/Maryland/D.C, and the upper Northeast from Massachusetts to Maine. 

Frontier's claim to fame is its 100% fiber-optic network, which allows it to offer upload speeds that are as fast as downloads, depending on the plan. That's the same network that Frontier's consumer customers use. 

Frontier's website focuses mostly on its consumer offerings and is thin on what it offers business customers, and the only way to get details on a business plan is to call their business sales line. That leads us to believe that the main difference is easier access to support lines. Still, if you're in Frontier's service area, it's probably worth a call to figure out whether their no-contract plans are right for your business. 

View Now at Frontier Business Internet No billing surprises, if you live in the right city  © Provided by ZDNet how-to-get-fiber.Png

Does Google have a nationwide network? Well ... Sort of. Google Fiber business plans are available to a large segment of the United States population, but only if you live in one of the 19 cities that are part of the network. You can expect to pay $100 a month for 250 Mbps service and $250 monthly for the 1 Gbps. 

On Google Fiber plans, upload and download speeds are identical (equipment permitting) and there are no hidden fees or data caps, nor is a contract required. The monthly price includes installation and required networking equipment, although you're welcome to bring your own router if you prefer.

View Now at Google Fiber What type of internet connection is best for businesses?

For most office-based small businesses, a regular broadband connection with wired access to each desktop or laptop PC is the best choice, and you can easily add wireless connectivity. Businesses that are more spread out, with common areas for customers and employees, might prefer an all-wireless option. Be sure to check the terms of service carefully, however, as some providers restrict access to bars, restaurants, hotels, and other establishments that serve the public. If you data needs are especially demanding, with employees routinely transferring large files or doing HD video streaming, a dedicated connection is pricey but probably worth it.

If you work from home, do you need business internet?

Home-based employees can use large amounts of data, sometimes enough to exceed data caps that are common with consumer internet plans. Paying for unlimited access is usually still cheaper than signing up for a dedicated business plan. Consider a business plan if you need fast upload speeds (most consumer providers limit uploads to a fraction of download speeds) or if you need to run your own server (which is prohibited under the terms of service for most consumer plans).

What internet speed is appropriate for business use?

Each tier of increased speed comes at a higher price, sometimes significantly higher, so it's important to sign up for only as much bandwidth as you need. For lightweight office use by one or two users plus point-of-sale transactions, even the most modest package will probably do. As you add workers, especially if they routinely transfer large files, you'll want to expand speeds significantly. Businesses that do intensive work with large files, such as graphic design shops and videographers, should get as much bandwidth as they can afford.

How we narrowed the field

We looked at national internet service providers that offer plans dedicated for business use, with support staff that are trained to work with business networks of all sizes. We encourage you to use your local business connections to see if a smaller regional option might be a smaller alternative. All of these plans include 24/7 support, options for dedicated IP addresses, email and security add-ons, and symmetrical upload/download speeds.

How to choose a business internet provider

Start by using the provider's online form to see if service is available at your address. If your business is located in space you rent or lease, you'll also want to check with the owner to confirm that you're allowed to do any work required as part of the installation. 

We recommend getting a detailed quote that includes all one-time charges as well as a firm estimate of monthly charges, including taxes and fees. If a long-term contract is required, be sure to find out what the monthly charge will be after the contract ends if you stay on a month-to-month basis. 

Finally, look at any available add-ons, including business phone service, email, wireless backup, and business Wi-Fi that uses secure authentication rather than a simple password. You might find that those options can provide some extra savings and give you a single point of contact for support. 

Real Estate: Big Office Complex In Pleasanton’s Hacienda Business Park Finds Buyer

PLEASANTON — A big office complex in Pleasanton has been bought, in a sign that investor interest in choice commercial properties is booming in one of the East Bay’s tech hubs.

Two real estate firms from Silicon Valley have teamed up to buy the office complex, which consists of three buildings in Pleasanton’s Hacienda Business Park.

An alliance of Menlo Park-based Spieker Investments and Palo Alto-based Keech Properties bought the office center through an affiliate called Spieker Keech Hacienda, according to Alameda County public records filed on May 5.

The real estate venture paid $58 million for Hacienda Terrace, which has addresses of 4301, 4305, and 4309 Hacienda Drive in Pleasanton, the county documents show.

Hacienda Terrace, a three-building office complex totaling 303,000 square feet at 4301, 4305, and 4309 Hacienda Drive in Pleasanton. // Google Maps

The seller was Embarcadero Capital, a veteran real estate firm that bought the three-building complex in 2011, the county records show.

The purchase was arranged through Brian Lagomarsino, an executive vice president with Colliers, a commercial real estate firm; and Eastdil Secured, a real estate firm.

The three buildings together total about 303,200 square feet, according to a marketing brochure that Colliers circulated. Each building is five stories high.

“Hacienda Terrace is comprised of three Class A office buildings in the heart of Hacienda Business Park, the premier Pleasanton office location,” the marketing brochure stated.

The Spieker Keech Hacienda alliance also obtained at the time of the purchase a $36.5 million loan from CRED REIT Holdco, according to the county documents.

The CRED REIT lender is one of the subsidiaries of The Teachers Insurance and Annuity Association of America-College Retirement Equities Fund, a New York City-based financial services behemoth.

Hacienda Terrace, a three-building Pleasanton office complex totaling 303,000 square feet at 4301, 4305, and 4309 Hacienda Drive. Google Maps

Several large purchases of commercial properties have occurred in Pleasanton lately, with two deals occurring near Stoneridge Shopping Center and two in Hacienda Business Park, including the purchase of Hacienda Terrace.

Among the other large Pleasanton deals besides Hacienda Terrace:

— 10x Genomics paid $29.4 million for an aging shopping center at 1701 Springdale Ave. In February. The life sciences upstart wants to replace the retail site with a new campus for its fast-expanding operations.

— Workday paid $172.5 million for six office buildings on Stoneridge Mall Road, including the tech firm’s existing headquarters, in March. The deal solidifies Workday’s Pleasanton footprint.

— A Florida-based investor paid $97.3 million for a huge industrial and office complex on Hacienda Drive in April. The complex is suitable for large logistics operations.

The most recent large Pleasanton transaction, involving the Hacienda Terrace purchase, points to rising commercial property values for prime office buildings in Pleasanton.

At the time the Spieker and Keech alliance bought Hacienda Terrace, the assessed value of the office complex was $43.3 million, the county documents show. This also suggests that Embarcadero Capital harvested a profit through the deal.

ServiceNow, a tech firm; a Morgan Stanley financial services office; and Sorenson Media, a publisher, are among the tenants in Hacienda Terrace.

During its years of ownership, Embarcadero Capital instituted upgrades to the complex.

“Fully renovated common areas” and “improvements to building entries, main lobbies, and elevators” were among the revamps that Embarcadero Capital undertook, according to the Colliers brochure.