Biz Coach Steve

Author: bizcoachsteve

  • Small Business Checklist

    Don’t put the cart before the horse

    Starting and managing a business takes motivation, desire and talent. It also takes research and planning

    Many small business owners try to put some steps in front of others without any real reasoning behind it and it costs them time and possibly money.  For example, trying to create a website when you don’t know what your business will be or know what the purpose of your website is. “I just need a website, because that is what I was told,” is not the reason you should build a website before you understand you product/service and who your target market is.  Stop wasting time.

    To increase your chances for success, then take the time up front to explore and evaluate your business and personal goals.  Use this information to build a comprehensive and well-thought-out business plan that will help you reach your goals.  Fire, ready, aim will not work well in starting a business.

    I am not suggesting that you need a full business plan. The process of building your plan is MUCH more important for you to understand what the purpose of your business is and who you serve and how you are going to do that.  Your plan will become a valuable tool as you start your business to keep you on track and provide you milestones to gauge your success.

    1. Getting started

    Before starting out, list your reasons for wanting to go into business. If you think you want to be a business owner to work less and make more money, that is a big dream for the first 5 years. You need to be prepared to have a plan, execute on your plan, stay focused and work your butt off for very little to no money at the start. Some of the most common reasons for starting a business are:

    1. You want to be your own boss.
    2. You want financial independence.
    3. You want creative freedom.
    4. You want to fully use your skills and knowledge.
    5. Determine what business is “right for you.”

    Just starting a business without knowing what you like and don’t like to do is like a chicken running around with its head cut off. If you are not passionate about what you are about to endeavor on, then it will be difficult to get your business launched.  Don’t start a business without knowing your strengths and weaknesses.

    1. What do I like to do with my time?
    2. What technical skills have I learned or developed?
    3. What do others say I am good at?
    4. Will I have the support of my family?
    5. How much time do I have to run a successful business?
    6. Do I have any hobbies or interests that are marketable?
    7. Identify the niche your business will fill.

    As the saying goes, “the riches are in the niches.” If you don’t know who your target market is, their problem and the solution you provide them, then your business will not be successful. You need to know what problem you solve with your product or service and who has that problem.

    1. What business am I interested in starting?
    2. What services or products will I sell?
    3. Is my idea practical, and will it fill a need?
    4. What is my competition?
    5. What is my business’s advantage over existing firms?
    6. Can I deliver a better-quality service?
    7. Can I create a demand for my business?
    8. Developing your plan is a pre-business checklist.

    This is where you may need some help. Get a Score mentor, attend “how to start a business” classes. If you cannot visualize your business and put it on paper, and explain it clearly in one to two sentences, then you need to go back to the drawing board and get some focus on what your business is.

    1. What skills and experience do I bring to the business?
    2. What will be my legal structure?
    3. How will my company’s business records be maintained?
    4. What insurance coverage will be needed?
    5. What equipment or supplies will I need?
    6. How will I compensate myself?
    7. What are my resources?
    8. What financing will I need?
    9. Where will my business be located?
    10. What will I name my business?

    Your answers will help you create a focused, well-researched business plan. that should serve as a blueprint. It should detail how the business will be operated, managed and capitalized.

    One of the most important cornerstones of starting a business is the business plan. A modern alternative to a business plan is the Business Model Canvas. Once you have completed your business plan, review it with a friend or business associate. When you feel comfortable with the content and structure, make an appointment to review and discuss it with your Score mentor. The business plan is a flexible document that should change as your business grows.

    Don’t put the cart before the horse.  You need to really know what your business is, what problem do you solve and for whom, how you are going to solve them, how you are going to market your business.  Stay focused, be clear and get some help if needed.

  • How to Ask for Help

    A little boy was spending his Saturday morning playing in his sandbox.  He had cars and trucks, his plastic pail, and a shiny red shovel.  In the process of creating roads and tunnels in the soft sand, he discovered a large rock in the middle of the sandbox.

    The boy dug around the rock, managing to dislodge it from the dirt.  With a little bit of struggle, he pushed and nudged the large rock across the sandbox by using his feet.  When the boy got the rock to the edge of the sandbox, he found that he couldn’t roll it up and over the wall of the sandbox.  Every time he made some progress, the rock tipped and then fell back into the sandbox. 

    Frustrated, he burst into tears.  All this time the boy’s father watched from his living room window.  As the tears fell, a large shadow fell across the boy and the sandbox.  It was his father.  Gently but firmly he said, “Son, why didn’t you use all the strength that you had available?”

    Defeated, the boy sobbed back, “But I did, Daddy, I did!  I used all the strength that I had!” 

    “No, son,” corrected the father kindly.  “You didn’t use all the strength you had.  You didn’t ask me.”  With that the father reached down, picked up the rock and removed it from the sandbox.

    We all need help at some time.  Don’t be afraid to ask for it.  As I like to say, don’t say no for the other person. 

    Successful people rarely reach the top without a lot of help along the way.  The ability – and willingness – to ask for help is one trait that really stands out among those who are truly committed to success. 

    I can personally attest to the necessity of asking for help.  I visited Score to start my first business Got it up and running with their mentoring. Since that time, I have owned 6 different businesses, ran 3 others and still ask for help in my current business.  By not asking for help could cost you your business.

    As one who is often on the other side now (mentoring for Score and being a certified business coach), I appreciate the opportunity to advise and mentor entrepreneurs and emerging talents.  When you are seeking advice from the experts, here are some items to consider:

    • Don’t waste their time:  Once they’ve agreed to help, get to the point quickly.  Don’t go through your life story in excruciating detail, or spend an hour explaining your business plan or the plot of your novel.  Plan what you want to ask so you can make a clear, succinct request.  Utilize your time with them, stay on point. Take notes so they know you value their input.
    • Get specific:  Don’t just ask, “What should I do?”  Imagine you can ask only one question (because that may be the case).  Identify the most important issue you’re facing that your expert is qualified to address and build your question around that.  Be prepared in case you get a chance to ask a follow-up or move on to another subject.  Don’t assume you’ll have all the time in the world to get to what you need.
    • Save one general question for the end:   The corollary to the rule above is to save a few minutes to ask something like, “Is there anything else you’d recommend?” once you’ve gotten the answer to your essential question.  This gives the expert a chance to expand on whatever information he or she has shared and provides the opportunity to start building more of a relationship than a one-time transaction.
    • Give people options:   When you approach an expert, ask for permission to probe his or her mind before starting to fire off questions.  Give the other person some control over how to respond.  It’s polite and shows your consideration for the expert’s time and workload.
    • Offer something in return:  You’re asking for a favor.  Be ready to trade services, buy lunch, offer your own expertise, or reciprocate in some other form.  This demonstrates your professionalism and commitment to building relationships, not just grabbing information and leaving right away.

    Don’t struggle in your business. Ask for help. Meet with a Score mentor and see how they can help you today.

    Story came from Mackay’s Moral.

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    Steve Feld, MBA, provides training and business performance coaching to business owners, professionals and executives. Steve also speaks to organizations, conducts workshops and training.  Focusing on the lead generation and revenue creation to get growth results for the business. Contact Steve today to see how he can assist you grow your business, [email protected], or www.bizcoachsteve.com. He is in the business of growing businesses. #bizcoachstevef #entrepreneur #smallbusiness #business #smallbiz #coaching #businessowner #businesscoach #leadership #marketing

  • You Lost the Sale, because …

    Nobody likes getting rejected.  We have all experienced rejection many times in our lives and we do try to avoid it as much as possible. Just like in high school, having the person you had a crush on rejected your offer to go to the dance-it happened so fast and you don’t know why. Being in business is different than being the captain of the high school football team or head cheerleader. Your prospects are rejecting your offer for things you are doing and may not realize you are doing. By being aware of all those little ways you put off your customer, you can avoid them and work on becoming a better, more approachable salesperson.  Stay away from these four damaging sales interactions that can end up sealing your sales fate with a customer’s 180-degree turn straight for the door.

    1. Focusing on price instead of VALUE:

    This is probably the biggest mistake many salespeople make is ignoring the difference between price and value. Most salespeople think they are the same thing-they are NOT. If you offer a customer a product that solves a distinct problem and it’s something, they have been trying to find for quite some time, that item price and value will probably be very high. When their needs are met, price tends to matter more to lose the sale.  I.E. if you are stuck in the desert with no water for 2 days and you come across someone selling water. Price will not matter to purchase the water. But, if someone has a case of water in their hand and you are trying to sell them more water, value will matter more.

    If you push a product that has little to no benefit, your customer is bound to walk out of the store empty-handed regardless of the price and that is bad news for both of you. You’re more likely to annoy them out of buying something they might actually want than to make a sale when you push items that have no value to them. This will leave your customers frustrated and destroy their loyalty to your brand.

    Keep WIIFM in mind. What’s In It For Me?  The me is the customer. If you are too busy selling you and not solving their problem, then the Me on the wrong person.

    • Avoiding the budge conversation:

    Speaking of price, you should never start pushing a sale until you’ve addressed the customer’s budget. Sure, it can feel a little awkward; but until you know what a customer is can and is willing to spend, your tried-and-true sales tactics won’t do any good.

    Think of your customer’s budget as a map. It can point you in the right direction as you promote various products, and it can help them find what they’re looking for at a price point that makes sense.  Of course, there will always be opportunities for upsells, add-ons, and showcasing higher-priced products; but unless you know where your customer stands on budget, you’ll have a hard time selling them.

    If you push the customer too hard on an item that’s above their price point, it could lead them to skip a sale altogether. Or worse, take the sale to another retailer. And the last thing you want is your customers’ loyalty shifting to someone else!

    1. Being impatient about getting to the checkout:

    A salesperson who runs to the cash register before the customer has actually committed to a purchase is always a red flag. Doing these signals to the customer that you don’t actually care about what they need, just about ringing the till.

    Read your customer’s body language and verbal cues to get a sense of where they are in the sales process. Sure, most customers require a bit of coaxing and warming up before they’ll let you into their circle. But the sooner you can start building trust, proving that you’re there to help and not to force a sale, the better off you’ll both be. As soon as that trust is built and you can show them what value a specific item will bring them, you won’t have to drag them to the cash register kicking and screaming.

    1. Letting ‘no’ be the final answer:

    It’s easy to let ‘no’ be the final answer. However, checking in with the customer a second time might magically turn that ‘no’ into a ‘yes.’ You don’t want the customer to live happily ever after with someone else’s product, right? Of course not. So, put on your big kid pants and ask for the sale again.

    In sales, a ‘no’ is rarely a cold, hard, set-in-stone ‘no’. Again, demonstrate your patience here and find out the real story. Establish rapport and you’ll usually find a way to solve their problem, encouraging them to change their answer to that one word you like much better — ‘yes’.

    By sidestepping these missteps, you can ensure you don’t find yourself in a sales dilemma that ends with losing a sale, or even a customer. Avoid the above interactions and instead of a lonely rejection, you’ll be enjoying the sweet success of a sale.

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    Steve Feld, MBA, provides training and business performance coaching to business owners, professionals and executives. Steve also speaks to organizations, conducts workshops and training.  Focusing on the lead generation and revenue creation to get growth results for the business. Contact Steve today to see how he can assist you grow your business, [email protected], or www.bizcoachsteve.com. He is in the business of growing businesses. #bizcoachstevef #entrepreneur #smallbusiness #business #smallbiz #coaching #businessowner #businesscoach #leadership #marketing

  • Time Management Test

    Being a business owner, you have two very precious commodities. Time and Money.  You can always make/borrow more money. But you cannot get your time back.  One of the biggest killers of small businesses is poor time management. Everything you do in your business must be to grow your business, sell your product or service, adding value to your customers.  If you are busy emptying out the trash and cleaning your office during operating hours-you are wasting your time, money and a very precious commodity.

    There are many different time management techniques available for you to use.  Just find one that works the best for you.  It could be a filo-fax, desk calendar, Google calendar, anything.  Just use a calendar religiously to keep you on task and to move your business forward. Everything needs to go in your calendar. Block out time for calls, then make sure you have your call list (name, title, phone number, why you are calling and what you want to get out of the call) ready to go. Make these lists in your non-operating hours. Maybe after the business closes or on the weekend. Don’t waste time creating your call list when you should be dialing and smiling.

    Here is a simple time management assessment to see how well you are using your time.  Put a score after each statement, then you will add them up at the end. Scoring: 1=Not like me at all, 2=Not like me, 3=Neither like me or not, 4=Like me, and 5=Very much like me.  Be honest with your scoring.

    I hardly ever make a commitment for a deadline I can’t keep: __

    I generally answer emails and return phone calls right away: __

    Once I have the information I need, I usually make decisions quickly: __

    I am generally able to fit an unscheduled “urgent” action item into my day: __

    I usually feel satisfied with what I’ve accomplished at the end of the week: __

    I seldom find myself running out of time when trying to complete a task: __

    I generally like to focus on one thing at a time: __

    I rarely procrastinate over “not fun” tasks. The sooner the tasks get done, the better: __

    I often don’t get jobs done for days, even if they require little effort to sit down and do them: _

    I frequently leave things for “tomorrow”: __

    When faced with a huge task, I chunk it down & figure out what to do 1st so I can get going: __

    I often have a task finished sooner than necessary: __

    I never have to waste time looking for things. I usually know where everything is: __

    When deadlines are getting close, I often waste time by doing other things: __

    I find it easy to say “No” to requests that are not my priorities: __

    Scoring Key:

    46 – 75            Congratulations! Your time management is fantastic!

    31 – 45            Very good! But there is room for improvement.

    15 – 30            Oh dear! The good news is that you can find a lot of time once you improve your time management skills.

    Here are just a few ways you can be more efficient and STOP waiting time.

    PRIORITIZING AND ORGANIZATION

    • Take 30 minutes on Sunday to plan your week ahead
    • Make a daily To-do-list
    • Prioritize
    • Assign the time you will need to finish the task
    • Start doing
    • Identify the five most important things on your list and do them
    • Spend the first 15 minutes of every morning looking over your to-do-list
    • Set fixed times every day for uninterrupted work and communicate them
    • If you can do the task it in less than 5 minutes do it RIGHT AWAY
    • Organize your desk before you leave it for the night
    • In the last 15 minutes of the day review you list and prepare for the next day.
    • Stop multitasking! – Do one thing at a time!
    • Work against time – You’ll get your work done faster
    • Limit your phone calls to a max. of five minutes per call
    • Take an hour every week to organize your paperwork
    • Use your email inbox as a to-do-list. What’s done gets archived
    • Limit the number of meetings that you attend

    STOP PROCRATINATION

    • Don’t think! START!
    • Just take the first step
    • Start with the task you least like doing first
    • Make a decision. Any decision.
    • If the task is overwhelming, break it down in mini tasks

    SAY NO

    • “Sorry. I can’t do this at the moment. I have other priorities”
    • “Now is not a good time. I’m very busy right now”
    • “I’d love to help you but…”
    • “No sorry, I can’t…”
    • Don’t accept any new tasks until you have everything under control
    • Don’t run any errands
    • Set fixed times for checking your emails
    • Set fixed times for your social media activities
    • Leave some time in your schedule or unexpected events
    • Ask yourself every morning: “What is my most important task of today.”

    Starting today, find a time management method that works for you and USE IT!

    Follow the time management tips and use your time effectively and grow your business.

    Steve Feld, MBA. Business owners hire him to monetize their marketing. Because, most are lacking leads, conversions and financial success. So, Steve helps them exponentially increase their leads, revenue, and aligns their core message to their target market with laser focus. Bottom line is that you should stop being part of the pack and start leading the pack. Steve also speaks to organizations, conducts workshops and training.  Contact Steve today to see how he can assist you grow your business, [email protected], or www.bizcoachsteve.com. He is in the business of growing businesses. #bizcoachstevef #entrepreneur #smallbusiness #business #smallbiz #coaching #businessowner #businesscoach #leadership #marketing #speaking #growth

  • Pros and Cons of Outsourcing

    “To outsource, or not to outsource. That is the question.”  

    OK, I took some liberties with that famous line from Shakespeare.

    Businesses today have more ways to be efficient and outsourcing may or may not work for them. Have you been mulling over the idea to outsource one or more tasks within your business? The most popular outsourcing trend right now is outsourcing your human resources. What about outsourcing your marketing? Sales? Customer Service? Production? Delivery?

    What about outsourcing personal tasks? You can outsource things like picking up your dry cleaning with Task Rabbit, many people are already outsourcing picking up their food through GrubHub and other delivery services.  

    Outsourcing in the business world is growing and will continue to grow as many organizations become your outside departments. You really need to understand the effects of outsourcing and how that can affect your company culture and not just the bottom line.

    Some Advantages of Outsourcing:

    Knowing the benefits of outsourcing will help you decide if this is something that could work for your business. One of the biggest reason’s companies outsource is to free up resources for other areas.

    • You don’t have to hire more employees: When you outsource, you can pay your help as a contractor or vendor. This allows you to avoid bringing an employee into the company, which saves you money on everything from benefits to training.
    • Lower labor cost: Did you know that there are approximately 300,000 jobs outsourced in the US each year?  By having those specialists doing the work of the company lowers your labor costs from taxes, benefits, etc. By outsourcing your labor, the company you hire finds the right person for the job. They usually have access to a larger talent pool.
    • Outsource the mundane tasks: Paying a full-time data entry person may not make sense when you can have someone else do the same tasks for a fraction of the rate. Not to mention all the other savings that come with not having that person on the payroll or taking up a desk.
    • Tap into global scaling: Even outsourcing manufacturing can reduce costs but allows your connection with the contractor to tap into other potential customers and revenue streams. Possibly expand your product lines, increase distribution, eliminate warehousing, and not manufacturing in-house.
    • Reduce problems: Outsourcing allows the business to wash its hands from many problems, that are difficult to control in house, such as regulatory, unions, licenses, etc.

    Some Disadvantages of Outsourcing:

    Despite the many benefits of outsourcing, you don’t want to go down this path until you compare some of these potential drawbacks:

    • Lack of control: Although you can provide direction in regard to what you need to accomplish, you give up some control when you outsource. There are many reasons for this, including the fact that you are often hiring a contractor instead of an employee. And since the person is not working on-site, it can be difficult to maintain the level of control you desire.
    • Communication issues: This doesn’t always come into play, but it’s one of the biggest potential drawbacks. Here are several questions to ask:
      • What time zone does the person live in and how does this match up with your business hours?
      • What is your preferred method of communication? Phone, email, instant messaging?
      • Does the person have access to a reliable internet connection?
      • Since communication is essential to success in the business world.
      • A large number of U.S.-based employees report not being engaged at work.
      • Communication remains a major problem. Will this get worse if you outsource?
    • Problems with quality: Despite all the benefits of outsourcing, it is only a good thing if you’re receiving the quality you expect. Anything less than this will be a disappointment.

    This isn’t to say you can’t successfully outsource particular tasks, but you need to discuss the expected quality upfront. You are still responsible to your customers regarding the quality of your product and/or service. Make sure you do your due diligence in finding the best outsource company for your product or service.

    • Delivery: Many companies outsource their manufacturing operation, then have another outsourced company that stores and pick/pack/ships the finished goods. Their delivery problems are your delivery problems. Customers don’t want to hear excuses on why their delivery was not on time, or the wrong products were delivered.
    • Intellectual property/formulas/secret sauce:  You really need to make sure your IP, formulas, etc. are protected properly.  Some countries don’t care about your legal documents and will copy your product and distribute it through their sources without your knowledge.

    Impact of Outsourcing on Company Culture: 

    As a business owner, it’s easy to focus on the benefits of outsourcing, all without considering the impact it can have on your company as a whole. If you plan on outsourcing, you need to take steps to ensure that it doesn’t have a negative effect on company culture.

    A positive work culture leads a higher level of productivity, so you don’t want to do anything to jeopardize this. Some of the ways outsourcing can negatively affect company culture include:

    • Upset employees as they may feel they are being replaced
    • Confused employees who don’t understand why you are outsourcing particular tasks
    • Add challenges to the daily workflow of the company

    Outsourcing doesn’t always have a negative impact on company culture, but you need to protect against this before you ever take a step in this direction. This typically means discussing your decision with any employees who could be impacted.

    There are many pros and cons of outsourcing, all of which you should carefully consider before deciding for or against this strategy. With the ability to affect company culture, this isn’t something to take lightly. Do you have any experience with outsourcing? Did it benefit your company, or result in more harm than good?

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    Steve Feld, MBA, provides training and business performance coaching to business owners, professionals and executives. Steve also speaks to organizations, conducts workshops and training.  Focusing on the lead generation and revenue creation to get growth results for the business. Contact Steve today to see how he can assist you grow your business, [email protected], or www.bizcoachsteve.com. He is in the business of growing businesses. #bizcoachstevef #entrepreneur #smallbusiness #business #smallbiz #coaching #businessowner #businesscoach #leadership #marketing

  • Complacency Kills

    When a business’s culture stagnates and complacency sets in, performance declines, growth stalls and existing customers sense the lack of drive and erosion of value occurs. In many situations where a business has lost its drive and is backsliding, the cure it to reset to a performance-based culture. This is a move that can have a significant impact on the organizations long-term financial performance.

    But how to instill a performance-based culture as a means of improving a product or service and concentrating on three main components: Goals, Incentives, and Measures.

    Have you ever noticed the companies that are consistently growing are always changing? Having a strong culture to keep inventing is usually directly correlated to consistent growth. That culture starts with leadership but can diminish over the life of the business as other coefficients of culture become more powerful.  Undoubtedly, a company’s culture is impacted by many factors. Sometimes corporate culture is nurtured by involved and caring management where it flourishes and sustains, while other times the culture gets dinged and damaged over the years to the point of being unrepairable. Among the many no-so-positive factors that might harm the culture are: major restructuring, mergers and acquisitions and frequent changes in leadership at the corporate level.

    Mission Drift: Businesses naturally evolve and change. Executives, staff and customers come and go. Change and evolution are good and to be expected, but over time, businesses can experience “mission drift.” When a business starts it is focused on its mission, as the business grows the organizations workforce expands with the business’s growth. Roles change, key resources stretch to take on new responsibilities and try to transition their knowledge about their old role to someone else. Mis-interpretation creeps in, so does improvisation.

    The original organizational culture has changed, it gets diluted as fresh blood gets pumped into the environment. This is also when the culture transforms, sometimes positive with new ideas and innovation. The key is to stay in check and preserve the core mission of the business, but yet keep it moving forward.

    Relentless Charge:  Expansion creates fatigue and burnout within the organization and can also lead to an exhausted and ambivalent workforce that is detrimental to growth, innovation and operational excellence in the business. This does not mean that a business should not push ahead, or coast along and slack-off. It does mean that we must have a formula to fuel the business for the long-run. Think in terms of running a marathon and not a sprint. The formula must be mixed with the new culture and be attuned to the business’s strategies and goals.

    During boom times, business leaders must listen to the signals the business is sending to them. Organizations get tired and need rest cycles as well. Not like us humans need to rest, but the business cannot endlessly expend energy with replacing it along the way. Business cycles go in spurts of work and then rejuvenation. Constant full-speed accelerations without maintaining the organizational pistons will wear out the engine and momentum will slow. A balance is needed between the need to constantly move the organization forward and the need to recharge energy and celebrate successes along the way.

    Complacency: One of the biggest enemies a business culture faces is complacency. Complacency can come from having reached a level of comfort that accompanies some degree of achievement and feelings of success. Sometimes when an organization reaches a significant milestone the employees throughout the company sometimes gravitate towards a place where it is comfortable and safe. Why risk what we’ve works so hard for? Complacency develops out of our natural desire for the predictability of a routine over the uncertainty of change.

    The primary issue with complacency is that we cannot remain in a fixed position with the external environment is moving and changing. This guarantees that the organization will be passed by competing businesses that embrace change.  Businesses that do not systematically strive for improvement and growth will plateau, stagnate and then decline. Those businesses that continue to reach beyond the status quo and adapt to evolutionary changes in their environment will thrive.

    Strong leadership during growth periods is essential to curtail dilution and avoid organizational complacency. Non-proactive leadership during a growth period can slowly erode confidence throughout the organization and lead to complacency and disconnectedness.  It may seem counter-intuitive, but these outcomes are exposed when people begin to focus on the wrong things as a result of the business-essential tacit knowledge held by the original core team being stretched and worn thin. Some workers may begin to feel overworked, while others may feel underutilized.

    So, what do you do when your organization’s culture has been pummeled and is no longer reflective of the workplace that it once was?

    What’s your ideal target?  Clearly, a broken culture must be addressed by changing it, but that requires a vision of the target culture be in place before attempting any transformative actions as well as a realistic plan for change. Ultimately, the goal of the culture reset is to create a strong and positive culture that is well-aligned with the organization’s core values.

    A strong organizational culture is one that is extremely well aligned to a common set of core values, making policy and procedure changes easier to introduce. However, rigidity and group think are two rick factors that accompany strong organizational beliefs and corporate dogma. Having a strong culture is certainly preferable to a weak one but is not entirely the optimal situation.

    A healthier model is a performance-centric culture, striking a balance between the desirable attributes of a strong culture and the equally important ingredients of goals, incentives, measures, flexibility and acceptance. A performance-centric organization allows for and promotes diversity in thought and business innovation but does not tolerate complacent behavior. These organizations have developed a corporate structure that promotes accountability and rewards performance target achievements, while accepting and embracing challenges to the status quo. Bureaucracy and group think are viewed as the demons of innovation that must be kept in check in order to allow fragile new and game-changing business ideas to survive and one day be implemented. Research has shown that organizations with performance-centric cultures experience better financial growth.

    The Reward: A culture with a bias for action: Make no mistake, transforming a culture is not easy and requires an organization to seek change. Unfortunately, an organization in mission drift, exhausted from the relentless charge and/or suffering from complacency is not an ideal patient to respond quickly to any treatment. Conditions that developed over a long period of time will require a careful and paced culture change program as opposed to an attempt to introduce quick fixes that create more disruption and distraction.  Those organizations that succeed in change the rewards are enormous.

    Realizing the benefits: Performance-based cultures unify employees and naturally bridge the organizational gaps such as hierarchy or geography. In a performance-based culture, the organization feels and behaves much like a family. This commitment helps guide employees to do the right things right and strive to advance the business in the absence of explicit direction.

    Perhaps most importantly, employees in performance-based cultures demonstrate a marked bias for action remaining fundamentally dissatisfied with the status quo and thinking and acting more like owners of the business. They show accountability and take personal responsibility for overall business performance and not just their own domains. As such, the culture tolerates very little bureaucratic debate and expects team players who display high levels of passion and commitment to achieving organizational goals.

  • WORK SMARTER

    “Work smarter, not harder.” We have all probably heard that saying before. It’s great advice, but many entrepreneurs fail to work smarter and they grind it out and work harder.  Which leads to frustration, stress, and burnout. On the other hand, working smarter leads to a work/life balance, control, and focus.

    Here are 10 simple ways to get business SMART:

    1. Come up for some air.  This takes on two different meanings. One is, take some time away from your business. You need to recharge your batteries every now and then. The other meaning is that you need to get out of your office and visit other departments within your business. You cannot really understand what is going on in your business if you stay in your glass tower.
    • Talk with other. Take employees/managers/sales from other department out for lunch and really get to know them. Try not to talk shop, get to really know them. Listen to their ideas about the business. You will be surprised on what you will find out.
    • Spend time with your customers. Find out what the customers REALLY want.  Your customers will tell you what they want from your company – ask them. Take customer service calls, and really hear their concerns.
    • Get a business mentor. Find someone who knows the business and get them to help you. Get a Score mentor to keep you focused and on track. Get that outside perspective. Sorry to tell you this, but, your way may not be the best way.
    • Read a book.  Yes, a real book. Read about business, marketing, sales, accounting, and leadership, grow your knowledge base which will help you grow your business.
    • SSSPA. Stop speaking in acronyms. Others will understand you better when you translate techspeak into standard English.  Many of your employees may not know your acronyms which leads to confusion. Be clear.
    • Brush up on your social skills.  Soft skills are the hot trend today in finding staff, therefore you should have great social skills. Learning new communication techniques will help when IT and marketing cannot communicate properly. You can step in and smooth it all out while educating your departments.
    • Look for another answer. So many times, business leaders think they know the answer to solve a problem and many times it is technology. Realize that technology cannot solve every business problem. This is that “thinking outside the box” time.
    • Ask Questions. Believe it or not, someone, somewhere has been in your shoes before. If you are not getting answers to your questions – ASK! Ask questions, don’t tell-get answers. A great leader asks lots of questions.
    1. Get a consensus on terms. Get to the bottom of any failure of communication. Most issues within business arise from poor communication. What sounds clear to you, may sound like mud to someone else. Be clear when you communicate. Ask questions to make sure everyone is clear and on the same page.

    There are many other ways to work smarter within your business, but these are 10 very simple solutions. As you see, most focus around communication. Get a mentor to help with your communication style to meet the needs of others, which will help you be smarter in your business.

    Get Smart!

    #business #bizcoachstevef #entrepreneur #growyourbusiness

  • The Perceived Value of a Chamber

    The primary goals of all chambers of commerce is to obtain new members and retain their membership base. Everything else is secondary – the lead/referral groups, ambassador programs, public forums, awards, networking, mixers, advocacy, government forums, leadership programs, boards, committees, and philanthropy is all secondary and even tertiary.

    Without members, none of those programs matter. Members are the life blood of all chambers no matter in what town, city, or country they are in. Therefore, the CEO and chamber staff should be respectful and thankful for their members (AKA Clients).

    Having been a member of many different chambers they all have the same properties. Usually a dynamic CEO, some self-serving staff, some caring engaged staff, similar events/programs and of course the usually cliques within the membership and staff.

    The chambers all bank on those non-active members. You know, those members that never participate in anything, complain they don’t get any business from the chamber, but keep paying their membership fee.

    The chamber has a love/hate relationship with these types of members. The staff complains about those non-participating members, but love them around renewal time. The chamber is always wondering how to engage them into the chamber, but fail to do the simplest thing to do in the world. Ask those members what they would like to get out of their membership.

    How do I know this? Well, a few chambers along with a few other networking/referral groups had me investigate their programs on why membership engagement is declining. What I found out could be related to any social, fraternal, industrial, trade group/association. The results were always the same.

    Chambers need to show VALUE to their membership base – real or perceived. Real value may be that the chamber is your advocate in getting zoning changed for your business to expand. Going through the normal process many cost you thousands and thousands of dollars and lots of aggravation. The chamber could use their influence with the local city/county/state officials and assist you with that zoning change. The chamber could even set your business up to be a preferred vendor for a large company that is moving into your area, since they were actively engaged in getting that company to move to the area.  These are real dollar values.

    Perceived value may be those networking events. The members love them because they get to network with other business owner to create long-term relationships. I say this type of event is preserved value because if the member added up all their time they spent at this event throughout the year (including travel time), they multiplied that number by their hourly rate (annual gross income divided by 2,080 (work hours in a year)) and add all the fees or costs associated with this one event. That number is usually greater than the total amount of business they received from that event.

    I’ve presented this preserved value to many different groups and the audience always says, “No Way!” and then proceeded to argue with me that they are getting real value out of that event.

    I just ask them what is their return on their investment (ROI) for that event not even taking into consideration their annual fee. The answers are usually made up with lots of embarrassment in their voice.  Don’t be embarrassed. This is because 99% of business owners do not measure this activity. They should be tracking costs versus income because this program is a marketing activity.

    Now if they measured this activity it would be a “real value” and not a “perceived value.”

    For an experiment, years ago, I tracked all my costs associated with one chamber including all membership fees, my time, all additional chamber costs (lunch and learns, award programs, donations, etc.), as well as all direct sales to fellow members and all sales from member referrals. This was easy to track since I asked every customer how they heard about us and put that data in the point of sale system.

    The results were shocking. That membership was totally a perceived value, not real value. I was very active and engaged with the chamber and the other members. I had to drop that membership because it was a smart business decision. Other chamber memberships have only had perceived value and I have stayed a member because I really enjoyed being part of that chamber, their members as well as their staff.

    So, if you are thinking about joining a chamber, think what would you like to get out of your membership-obviously, sales is the number 1 answer, or are you looking to network and build a referral sales system. Talk with the chamber CEO and let them know what you’re looking for out of your membership. Only the expanding chambers will ask you, all the other you must tell them, because they will never ask you. I am a huge supporter of chambers, but every chamber has a different agenda (political, social, community, etc.) and you need to find the right chamber that fits what you want out of the chamber.

    Measure your ROI on your chamber membership – the results may shock you.

    #chambers #business #bizcoachstevef #growyourbusiness #networking

  • What You Need to Know to Turn Your Hobby into a Business

    What is the difference between a hobby or a business?

    The difference is: 

    If you are selling goods or services and making money (profit) at your venture, then it is a business. If you are providing goods or services and giving it away or just barley breaking even — it’s a hobby.  

    There is no dollar threshold to cross or any sales numbers you must achieve to be considered a business. All you need is a reasonable expectation of making a profit and proving the profit motive. If you are profitable year after year, there’s no argument you’re in business. But if you have losses year after year, the IRS may view your activities as a hobby.

    Hobbies that literally anything that provides value to others could potentially be monetized and turned into businesses. Would people buy from you? If so, you really could create a profitable business. If you can do something you love and get paid for it, that’s not real work right? But before you go and quit your day job, I want to encourage and caution you at the same time. There is a big difference between making some extra pocket change at holiday time and running a small business full-time.

    Every year millions of people believe they can turn their hobby into a business. A very high majority of them fail in their new venture. WHY?

    The problem is that many of us are afraid to take action, even when we know we have a marketable skill, because we are afraid of failure. We fear that if we attempt to monetize a hobby and fail, we’ll no longer feel joy or satisfaction from the activity at all… or others will regard us differently.

    This can be a scary proposition that may prevent many talented individuals from pursuing their dream. If this sounds familiar to you, then listen up.

    Trying to monetize a hobby isn’t easy, but on the other hand, it certainly isn’t rocket science. With a little preparation and strategic execution, you can enjoy a positive result. 

    Here are some tips on how to get started in profiting from your hobby:

    1. Do a Self-Assessment. Do you have the energy and stamina to crank out your hobby in volume enough to make it a viable business? Make sure you don’t ruin something that brings you joy. People pursue hobbies to blow off steam. If you add a lot of pressure, you could blow your stack. Do your research to make sure there’s a paying customer before you bet the farm on your hobby. Successful businesses require dedicated work and responsibility. It’s easy to take the fun out of your hobby if you do not plan well.
    2. Be sure you’ll still enjoy your hobby if you’re doing it for money. Making money from your hobby may mean meeting deadlines, pleasing demanding customers, and doing your hobby even on days when you don’t feel like it. You’ll have to manage marketing and finances. Be sure you’re willing to juggle all these balls before you turn your hobby into a business. When you leverage your passions and your own personal experiences, you become far more likely to develop a solution that other people are searching for.
    3. Know Your Goal. Do you want a full-time business so you can quit your day job? Or are you just looking for a little extra cash to cover expenses? The more you’ll depend on the income from your hobby-business, the harder you’ll need to work at it.
    4. Start Your Business as a Side Hustle. You need to first test the waters while you are still working to make sure you have a viable revenue model for your small business. Don’t quit your JOB before making sure your hobby could be a business.  Save all the money you can — I mean really save — not leftover change. You need to save enough money to cover 4 to 6 months of expenses, which includes your personal income.
    5. Get really good at what you do — before you quit your job. To make money from your hobby, you’ve got to be good at it. If your skills aren’t yet up to par, make a plan for improving them and put off your business idea until you’re ready.
    6. Brainstorm all the ways you could make money from your hobby. You may need to do more than one thing to create a financially sustainable business. For example, if you’re a quilter, you could sell your quilts, but you also could teach quilting classes, open a quilting shop, or design and sell quilting patterns.
    7. Adopt a business mindset. A hobby is something you do at your leisure. When you make it a business, you must show up to work. Think of your hobby as your second job and make it a priority in your life. If you want it to become your main source of revenue someday — or at least a sustainable second stream of income — then you have to give it the attention it deserves. Carve out time to work on your hobby, read about the industry, learn about sales and marketing and dedicate yourself to steady improvement. This is how to achieve positive results.
    8. Write a business plan. When you write a business plan, you’ll evaluate the market for your hobby-business and prove to yourself that it’s a viable business idea. You’ll learn how much money you need to get started, you’ll set goals, and you’ll plan how you’ll market the business to your customers.
    9. Maximize your time. For many people, working a full-time job and then spending extra hours pursuing a hobby isn’t practical. Between kids, significant other, friends and social requirements, you simply don’t have enough hours in the day. In the initial stages, you’ll have to get creative about how you use your time. Perhaps you need to wake up an hour earlier than you’re used to and get some stuff done before your regular job.
    10. Learn about marketing. You can be the best in the world at what you do, but if you don’t market your business, you’ll never get customers. Read up on small business marketing and observe how similar businesses promote themselves. Set up a website for your new business and get comfortable using social media. Start making connections online and in your community.
    11. Build an online presence. In business today, everybody needs an online presence to generate activity. This means creating and maintaining a website, social media profiles, and everything else that goes into branding yourself as a professional. Keeping consistency in the way you present yourself will give you a more established image, which in turn will result in more fans.
    12. Create a brand and stick to it. Your brand is your business identity and what you’ll be known for. A strong brand helps your loyal customers recognize you, just as people instantly know that golden arches mean McDonald’s. Decide on a business name, logo, font, and/or color scheme that reflect your business’s “personality” and use them consistently in your website, social media, and other marketing.
    13. Network. A few people will stumble across you online, but a lot of business success happens via word of mouth and networking. You have to be prepared to be active on this side of self-promotion, as well.Find clubs, conferences and groups in your specialty that cater to other professionals in the niche. You’ll learn a lot at these events and get the chance to mingle with people who are at the same stage as you, and preferably a little further. Just be sure you have an elevator speech prepared for moments like those.
      Start networking like it’s a new job. Reach out to all your contacts from college and any business associates to update your contact database. Spend time on at least one social media site to gain insights about your target customer. Use your downtime to do internet research for sourcing vendors and suppliers and to confirm your target market.
    14. Get your first customer — even if you have to work for free. Your first customer will give you confidence in your business idea and will make it psychologically easier to market yourself. If necessary, do your first job for free in exchange for a nice review or testimonial. You won’t go from hobby to a million-dollar business in a matter of days. Your number one goal in the beginning stages is to get your first sale. Your first sale is the hardest and most important sale you’ll ever make. While you may believe in your product, it’s important to remember that other people have no reason to believe in it. You haven’t proven yourself yet. Hustle hard for that first sale and then turn one sale into two, two sales into four and so forth.
    15. Put your finances in order. You must report your business income and expenses on your tax return and pay quarterly estimated taxes. You may also be required to collect sales tax. The easiest way to keep your business finances straight is to set up a bank account for your business, to keep business and personal finances separate. Meeting with an accountant and investing in accounting software can help you started on the right foot.
    16. Use Low-Cost Business Resources. Once you decide that starting a business is for you, there are many books that you can read to develop your plan. You should also make an appointment with your SCORE chapter, which can provide online and face-to-face counseling.
    17. Check Out Your Local Library. You can get plenty of market research data help from the business librarian at your local branch. Also, find out information on legal entities, sales taxes, business insurance and small business accounting systems.  There is also opportunity to learn about any business licenses or regulations that you will need to comply with to start your business.
    19. Turning your hobby into a full-time business is a great way to become your own boss. Why not work at something you love to do? Just do your researchbefore you start your business. Take the time to write business plan. You’ll need a lot more customers than the 30 people that buy your jewelry to replace your full-time salary. Make sure there’s a market for your goods and services, and start saving money. And remember to give yourself 12 months to develop a plan to become your own boss.

    We all have those things we’re most passionate about—so why not turn your hobbies and interests into a career? As you follow these steps, you’ll begin the journey of turning your hobby into a business that can bring you even more satisfaction in the years to come.

  • Start today to change EVERYTHING

    Think about where you were 5 years ago.

    Seems like only yesterday, right?

    Are you where you’d thought you’d be 5 years later, when you looked forward back then?

    Are you leading the life you envisioned?

    Do you have the income, lifestyle, freedom, health, relationships, poise and skills you thought you would have by now?

    Guess What? Now you get another chance to look forward to the next 5 years
    Over the next 5 years you can accomplish what people spend a lifetime trying to do. How do you visualize your life to be in 5 years? What job do you have in what industry? How much money are you making? What city do you live in? What kind of car are you driving? What kind of house/apartment/etc. do you live in? Who are you with in your relationship? How are you viewed in the community?

    Be as specific as possible. Take the time to visualize all areas of your life. I only mentioned some of them. Write them all down and look at it every month, wee, and even day. Start today moving to where you want to be in 5 years.

    A Goal vs. A Promise
    It makes a big difference if you turn your goals into promises. That’s because most of us have set goals and know of other people that have set goals and didn’t fulfill them. Our mind tends to see goals as something to strive for, something to aim at…but if we don’t “hit the target”, it’s fine because “we’re not the first or the last that have set goals and didn’t achieve them.”

    On the other hand, when we promise someone that we’re going to do something, our mind goes to work for us and we do everything that’s in our power to fulfill that promise because we don’t like to feel the pain, shame or embarrassment of letting somebody down. Our integrity is such that a promise means more to us than setting a goal.

    Therefore, instead of saying, “Honey, I know that we have not been spending enough quality time alone, lately… so, I’m going to try (or my goal is) to take you out on a romantic date twice a month”, tell her instead, “Honey, I promise that from now on, I’m going to take you out on a date twice a month.”

    The Power of Accountability Partners
    Commitment is doing the thing you said you were going to do, long after the mood you said it in has left you.

    The pressures of life will not come to an end just because you have decided to begin this program. It has been my experience that those who have the most success with the program are those who had 2 or more Accountability Partners (not within the same household) doing the program also.

    Some benefits of utilizing Accountability Partners include:
    • Assistance in organizing ideas, thoughts, and tasks into specific, measurable, attainable, and realistic goals
    • Assistance in prioritizing an effective and consistent plan
    • Ensuring accountability for task follow through
    • Mentoring through difficulties and indecisiveness
    • Sharing advice, personal knowledge and experience
    • Follow up on your success

    During your search for appropriate Accountability Partners, keep in mind that the right person should be someone who will challenge, engage and evoke a sense of accomplishment in you. Confidence, creativity and strength are all traits that will be useful to you. Also consider choosing an Accountability Partner who you trust to keep confidence as you may get into financial and personal discussions that are confidential in nature.

    Promise yourself and your Accountability Partners that you will become a better person and achieve your goals.

    Change Your Thinking, Change Your Life
    Unlocking your full potential for Wealth, Success, and Achievement

    Your THOUGHTS, your WORDS, and your ACTIONS, are building blocks to creating the life that you want!

    Doing the same things over and over expecting different results is insanity. The only way to get different results is to change what we do. The process of change begins in our minds. Our thoughts help shape and create our circumstances in life. “As A Man Thinketh, So Is He.” When we change our thinking, we change our lives.

    What does it mean to change? Change = to transform or convert.

    When we find ourselves stuck in a rut or not quite where we want to be in life, it is time for change. Old habits, old thoughts, and old ways of thinking must go. We literally have to cleanse our minds of negativity, scars, conditioning, and mental blocks.

    Living Your Dream is a continuous process of training and transforming our minds to achieve optimal living. There are many ways to begin the process of changing the way we think.

    What we feed our minds affect how and what we think. When we bombard the mind with negative images, fears, bad news, violence, pain, and suffering etc…our mind responds by conjuring up matching thoughts. When we feed our minds with positive images, good news, peace, happiness, and prosperity …our mind responds accordingly.

    Our mind will produce thoughts based on the information we provide it with. The thoughts that our mind produces set a wheel of events in motion. Thoughts are creative and whatever thoughts we find ourselves preoccupied with always manifest in our lives.

    What you do with your life is up to you. Life is what you make it. You have everything you need to create life, destroy life, improve life, and touch the lives of others. For every cause there is an effect. Every life represents a mission, a purpose, a cause. What will be the effect of your LIFE?

    I promise you, if you commit today to reach your goal with the help of accountability partners, change your thinking to positive thoughts you will be in a much better place in 5 years.
    How do you visualize your life in 5 years?

    All long journeys start with a one step.
    What one step are you going to take today?

    #

    Steve Feld, MBA, provides training and business performance coaching to business owners, professionals and executives. Steve also speaks to organizations, conducts workshops and training. Focusing on the lead generation and revenue creation to get growth results for the business. Contact Steve today to see how he can assist you grow your business, [email protected], or www.bizcoachsteve.com. He is in the business of growing businesses. #bizcoachstevef #entrepreneur #smallbusiness #business #smallbiz #coaching #businessowner #businesscoach #leadership #marketing