Biz Coach Steve

Author: bizcoachsteve

  • The 7 C’s of Success

    [vc_row][vc_column][vc_column_text]If I asked 10 people what the definition of Success is, I bet I would get 8 to 10 different answers. We each have our own viewpoint of success. Whether it be money, power, position, family, community status or many other items, we have all hit roadblocks and encountered detours along the way to our personal success.

    I recently came across a note in my files that was titled the 7 C’s of Success from Harvey McKay. The note just had the 7 C’s with no explanation, so here is my viewpoint of each C to help you achieve the 7 C’s of success.

    Clarity: You must be clear on who you are and what you want. You must be committed to what you want and communicate that to those around you.

    Competence: Remember what got you here will not get you to the next level. You need to increase your knowledge and practice what you preach.

    Constraints: Almost all our constraints come from within. We all have internal dialogue that holds us back (negative self-talk, etc.). We also may have external constraints (financial, etc.)

    Concentration: How many of you have hear this from your parents, “focus.” Look at the best athletes, they have concentration and focus that makes them great. Keep your mind on your goals and complete what you start.

    Creativity: Surround yourself with creative people. As we get older, our creativity drops. We can reverse this by staying fresh and being creative.

    Courage: Courage is the willingness to do the things you know are right, despite popular belief. You must act and use this courage to achieve your goals.

    Continuous learning: Set aside some time either every day, every week, and every month to improve yourself. This alone will put you ahead of most of your competition. Read trade publications, books, listen to business and self-advancement books in your car instead of the radio or music. Take additional classes if necessary to improve your weak points of your business knowledge, join industry associations, etc. Whatever it may be, just never stop learning.

    Try this exercise. Write down on a piece of paper each one of the C’s list above vertically. Then write one sentence about each C related to you and your business/job/personal life. I.E. Clarity-I will make $100,000 in my job by the end of 2018. Currently at $85,000. Now each of the other C’s should support the clarity C. I.E. Competence-I will reach out to the managers above me, meet with them, find out exactly what they do, and see if they can recommend some training or suggestions on how I can join them at that level.

    I hope you achieve the level of success you want.[/vc_column_text][/vc_column][/vc_row]

  • What Motivates Your Staff? Just Ask Them

    When you started your business you probably through of the freedom you will have because your staff will handle many of the problems, you wanted that control over your life to do the things you want to do in your business – your way.  Some of you allow your staff to run free-letting the inmates run the asylum (hopefully not that extreme). Some of you are micromanagers-overseeing everything your staff does. Many of you have a nice balance of leading your team while giving them the freedom to control themselves and develop within your organization.  Being the owner, you have all the power to determine the amount of latitude you give your employees.

    This is what employee mentoring is all about. It starts with accepting the real responsibility that lies in having authority and influence over someone else’s paycheck, not to mention the rest of their day. This is one of the most essential components in I speak with my clients. You must have regularly scheduled meetings with each person who reports to you.

    How is your business ever going to reach that beautiful vision, embody those deeply-held values, and reach those financial goals, if the people you need to get there are left behind in the process?

    The first thing to do is book monthly meetings with each member of your staff. You know, those “one-on-one” meetings. Call them whatever works for you.  Just meet with every member of your staff (or direct reports if your company is very large) on a regular monthly basis to talk. To gather information. To check in. To tune into what is really going on within your business.  These meeting are not the time to be critical on their performance, but to develop your staff, create goals with them, provide them the confidence to do better at their job and giving them the chance to make a mistake and learn.

    Here is some example of questions you can ask your staff during these meetings. Find questions that are appropriate for you and your business. You should do very little of the talking and 90% of the listening during these meetings.

    1. “We talk a lot around here about our company values – which one of them is most important to you? Why is that?” “Was there something that happened before you started working here that caused you to feel that way?”
    2. “I’d love to hear an example of where you feel like we didn’t live up to our standards, or anything else you see along those lines. Was there something we did that you felt let down by?” “How do you think we should handle it differently next time?”
    3. “Do you feel like you’re in the ‘center’ of your job? Meaning, are you doing something that really suits you? And do you feel like you have the right amount of responsibility and authority to do it well?”
    4. “What would you say is the ‘theme’ that runs through your work here? For example, do you tend to get lost in the details on projects, or struggle to feel relaxed in talking with our customers? What are you working on as a professional goal for yourself in being here?”
    5. “Does working here make you ‘better’ at your life outside of here? Meaning, do you go home feeling good about yourself and your contribution? What do you think is in the way of you feeling more that way here?”
    6. “When you think about where you want to be a year from now, or three, how does working here serve that personal dream? What is it giving you, or could it give you, that serves you and the life you want?”

    As you can see, these questions are ‘soft’ – they’re not about today’s tasks or next week’s deadline. They’re questions that invite your people into the big picture, not only to ‘do better’ at work, but to ‘be better’ in their life, and most importantly, experience that they matter to you as a person – that their individual hopes, dreams and fears are all part of the magic that is your brand. That’s the real purpose of the meeting, so they can bring that much more of themselves into work today than they did yesterday, and most importantly to feel they have your support in doing it.

    Conducting these kinds of monthly meeting will help you retain the most talented people in your business as well as attract highly qualified people that will want to work for you. Without great staff, your business could be doomed, and you don’t know it yet. Hire great people. Develop them. Listen to them and what they want from you to be successful in your business.

    It’s that simple. If you want to know what really motivates your staff – just ask them.

     

    #bizcoachstevef

  • How to Sell Anything to Anybody

    [vc_row][vc_column][vc_column_text]Whether you know it or not – you’re in sales. It doesn’t matter if you are selling a product to customers, ideas to your boss, a service, or speaking with a vendor. Here’s how to get the deal done.

    You may not realize it, but the most critical junctures in your career involve selling. Whether you’re selling a product or service to a customer, an idea or a plan to your management or investors, or yourself to an employer, your ability to sell will play a huge role in your success.

    Unfortunately, most people aren’t born with the sales gene. Not only that, selling has sort of a bad rep. I remember telling my parents many times that I do not want to be a salesperson, while at the same time I was the top salesperson at the company where I worked. My dad just laughed and told me that I am always selling, just like I did with him and my mother.

    Looking back, I now know what he meant. Sales taught me about connecting with others, getting them on board with an idea, negotiating, and closing. I put all that to good use throughout my career as a senior executive and in management consulting.So, can you.

    There are four fundamental concepts you need to understand to sell anything to anybody. Learn them, practice them, and above all, make them uniquely your own by determining how to best integrate them into your DNA, your own situation, and the goals you’d like to achieve.

    1) Do your homework:

    Know your customer, audience, whoever you’re selling to. Know what their role is, what responsibilities do they have, and what are their objectives to buy your product or service. Understand as much as you can about what’s in it for them. You should also know your competition and all the possible objections and hurdles you might face.

    Just as importantly: know whatever it is you’re trying to sell. Know it cold. Whether it’s an idea, a product, a plan, whatever, know it inside and out. And, without a doubt, know it better than anyone else, especially those you’re selling to.

    It sucks getting beaten up by a customer or your boss, because you didn’t prepare and did your homework. Find out what the customer really wants and satisfy that need or want.

    2) Ask and listen:

    So, you did your homework and now you’re ready to sell. You’re so prepared and passionate that you’re chomping at the bit to get it out. Don’t. Here’s why. Take a step back. You may come off poorly, even pushy because your presentation will be all about you. Remember, it’s all about THEM. Their needs and wants.

    Ask how you can help them. Ask what their goals are. Ask what their concerns are. Then listen. Ask leading questions and listen some more. Keep listening until you have a pretty clear understanding of the whole picture. Then recap what you think you heard-this gets by-in.

    Sometimes you may have to have a few meetings to get to the sale – that’s fine. Listen
    to what their concerns are, what will satisfy their needs and wants. Don’t be pushy.
    Have a natural conversation and listen to what really matters to them. Information is
    power.

    3) Make a genuine connection:

    If you have the world’s greatest product or idea, that’s great, I’m sure you’ll kill out there. If not, then know this: Every business transaction involves a genuine connection between individuals. It’s not always a deep relationship, but it’s a relationship, nevertheless.

    Sales are either made or not within the first 30 seconds. You need to connect with people, you have to explain things in a way that resonates with them. If you’ve done your homework, asked the right questions, and listened carefully, you should know what they’re looking for and how to overcome their concerns and meet their needs.

    Purchasing anything is an emotional transaction and primal needs, supported with internal logic and information. Genuinely connect with the person and communicate using anecdotes and analogies that will cut through and resonate with them.

    People like to hear about ideas, features, and performance. They need to hear about benefits and what’s in it for them even more. But when it’s all said and done and they’re on their own deciding, it’;s an emotional connection to stories and people they’ll remember. And that’s what will motivate them to go for it.

    4) Know whose side you’re on:

    This is a tough concept for people to grasp but it is key so listen up. You may be sitting across from someone, physically opposite them, but in reality, you’re on the same side. The sooner you get into that mindset, the sooner you’ll get deals done.

    You see, many people view sales the wrong way. In a certain sense, you’;re actually working for the customer or whoever you’re selling to. That’s because your job is to understand and serve their needs. To help them achieve their goals. That’s your job. That means you work for them.

    And you know what? Your customers need to know that. That you’re there to help them achieve their goals. That you’;re partners. That you’re willing to move mountains for them. And oftentimes, that’s what you have to do to get a deal done.

    It doesn’t matter if you are on the sales force pounding pavement, smiling and dialing, or in accounting speaking with a vendor about in invoice, the custodian who gets asked a million questions from passer byes (check out Disney University)– you’re all in sales. You are selling yourself. Not for money, but your image, the company that you represent, the type of person you are. If the person you are communicating with connects with you, a sale can be made.

    When people pick up on your genuine desire and ability to jump through any hoop to help make them successful, fulfill their needs and wants, that, more than anything, will help you get deals done. That’s how you become successful. By convincing others that you can and will make them successful–and then doing it.[/vc_column_text][/vc_column][/vc_row]

  • You need to Fail, to be Great

    The African impala can jump to a height of over 10 feet and cover greater than 30 feet.  Yet these magnificent creatures can be kept in an enclosure in any zoo with a 3-foot wall.  The animals will not jump if they cannot see where their feet will land.

    A lot of humans are like this.  They are afraid to take a risk.  Growing up, I was surrounded by lots of very successful business people. Listening to their stories you would think they were the most unsuccessful business people in the world. It took me years to understand they failed many times before they found success.  Then they built on that success.  They taught me that you need to fail in order to learn, then take that knowledge and grow to try again in a different way.

    Thomas Edison found thousands of ways a light bulb does not work, before he found one way it did work. Those failures gave him the knowledge and took him one step closer to success.

    Failure can be one more step on your road to success – you just have to turn it around in a positive direction.  Failure can push you harder to succeed.  Failure can strengthen your determination to overcome obstacles.  Failure can make you braver in the face of opposition.  Failure can help you learn what you need to do in order to succeed.  Failure can teach you what your limitations are – and your strengths.  Failure can encourage you to change your strategy.

    “Failure is not an option” became a popular catchphrase after the release of the movie Apollo 13.  Failure happens, but when you’re responsible for the people working for you, you have to do everything you can to guard against it.  As a leader, devote yourself to avoiding these crucial failures in leadership.

    • Disconnecting from people.  Don’t get so caught up in strategy and planning that you forget to talk to the people who work for you.  Most of the time, they know more than you about how things work from the ground level, and their insights can be invaluable.
    • Doing too much.  Delegate appropriately so you don’t get overwhelmed and lose sight of the big picture.  When you hire, look for people who can perform aspects of your job as well as or better than you can.  Your role is complicated enough without adding tasks that your team should be able to handle.
    • Avoiding risk.  Play it safe, and your organization will never grow.  That doesn’t mean being foolhardy with your organization’s assets.  Seek opportunities everywhere and be willing to commit resources wherever you’ve got a reasonable chance of success.
    • Falling in love with authority.  You’re the boss, not a monarch ruling by birthright.  Don’t rely on your title, and the volume of your voice, to get employees to do what you want.  Base your decisions on your experience and judgment and be willing to listen to other points of view instead of assuming that only you know what’s right.

    When J. K. Rowling, author of the phenomenally successful Harry Potter series, had been out of college for seven years, she found herself at a dark juncture in her life.  At that time, she says, she had failed in life on an epic scale.  “An exceptionally short-lived marriage had imploded.  I was jobless, a lone parent, and as poor as it is possible to be in modern Britain without being homeless.”

    In short, Rowling says she was the biggest failure she knew.  And while she says there is nothing ennobling about being poor, she believes she reaped benefits from her failures.  Failure, she says, stripped away all the inessential aspects of her life.  She stopped pretending to be anything other than herself, and it was then that she began to earnestly pursue the only work that mattered to her.  It was not, she says, the fairy-tale transformation to success so often written about her in the media.

    It never is, by the way.  “Overnight sensations” are rare indeed – most of us have to plug away, pay our dues and have a few failures before we can begin to imagine real success.

     

    #bizcoachstevef

  • 5 Success Tips of Highly Effective Folks

    What lessons did you learn last year?

    Were they positive lessons? Or negative lessons?

    Recently I read the Fast Company magazine on their top 30 most productive people and I found some very interesting similarities within ALL of these interesting people.  Here they are (in no particular order):

    • They all get adequate sleep. Anywhere from 6 to 8 hours. If you have not been exposed to the mounds of research showing that sleep is very important for us, then here is a summary. You really need to get at least 6 to 9 hours of good REM sleep per day. Being sleep deprived and proud of it, is not a positive thing.
    • They all have set schedules made in advance. They know before they go to bed what they are doing the next day, then they review it in the morning to stay focused and productive.
    • They all have filters on their email and social media. Having a set routine on when the look and respond to emails as well as setting up filters to avoid the junk improves their productivity. Same with social media. They all stated they do look at social media, but narrowed down which sites they look, for what reason, and only in small doses. They are not scanning Facebook looking for cool GIFs.
    • Most of them exercise. They do some form of exercise, whether it be yoga, working out, etc. Some of them even told us their food habits, which works well for them.
    • They all read – BOOKS. Yes, real paper books. Studies have shown we retain and process words better on paper than on a tablet, computer, phone, or any other electronical devise.  So, set some time out of the day and read.

    Speaking of books. I do mix of real paper books along with audio books within my schedule. Do yourself a HUGE favor and stop listening to the talking heads on the radio while you drive and educate yourself with an audio book. As Brian Tracy says, turn your car into a rolling university by listening to books while you drive. In 2017, I have read/listened to 57 books.  Many times, I will be reading one book and listening to another in my car.

    Here are my top 10 books that I read/listened to in 2017 (no particular order):

    • Think and Grow Rich lost secret – Vic Johnston. This is a great expansion to think and grow rich with a lot of deeper insight to the original book by Napoleon Hill.
    • The Coaching Habit – Michael Stanier. If you own/lead a business or manage anyone, then this should be on your reading list in 2018. It provides great insight on how you can be a better leader/manager and get more out of your people just by asking great questions.
    • Power of Habit – Charles Duhigg. You may have heard that to form a habit, you need to do it for 21 straight days. This book is right up that ally and gives some great advice how to develop that positive habit a little easier.
    • ABC’s of Success – Bob Proctor. An older book, but still very relevant today. Great for new business owners and those business owners looking to get a re-boot within their business.
    • Pitch Perfect – Bill McGowen. If you are looking to be a better presenter/speaker than this is a must read. Simple, easy techniques to improve your presentations.
    • Start with Why – Simon Sinek. Read this last year and had to read it again to keep my why in check. Great for anyone to develop their why, which will keep you on track in your business and priorities.
    • World according to Star Wars – Cass Sunstein. OK, not your standard business book. But, the lessons in this book can be applied to any business. It was fascinating to really understand the cult following of Star Wars, and how you can use what they did in your business to create raving fans as well.
    • Too big to fail – Andrew Sorkin. Need a scary book to read that is an economics book, then this is it.  This book really explains how bad the banks and financial institutions were/are in when the government bailed them out and why.  It may make your blood boil a little bit.
    • Think and Grow Rich – Napoleon Hill. This is always on my annual reading list and it should be on yours as well. Reading this book every year, will really keep you on your path for success.  Get into a mastermind group to really get the most out of this book and improve your life.

    No matter what, we all have learned something this past year. If you haven’t learned one or more new things, then make it a plan to learn something new in 2018 and put it into practice to grow your business, or improve your life, maybe to move up in the company you work for, get a new job, mentor someone, share your time by volunteering for an organization that you have no affiliation with.  Just learn something new.  I learned how to use a sewing machine in 2017.  What did you learn?.

    By continually learning you are growing as a person.  Right now, decide what action you are going to take to learn something new in 2018. Read more real books. Take an educational class. Learn a new computer program. Learn martial arts. Just learn.

    I wish you much learning success in 2018.

    Let me know what were your favorite books that you read/listened to in 2017 and why.

     

     

    #bizcoachstevef

  • Why you need a Mentor

    As I was in the middle of my teenage years, I worked with a guy (who to me was around when dirt was invented) who met with me every week just to talk about life. He guided me, gave me advise, sometimes made me mad because he called me out on my glaring shortcoming or if I gave him a lame excuse on why I did not act on something that would be very positive in my life. He got me back on course if I did something stupid (hey, I was a teenager that was a given). Every week for 2 years he took the time out of his business to meet with me.  At the time I just liked the guy because he gave me good advice and guidance. Looking back in my 20’s I realized he was a great mentor, and now I really miss him (may he rest in peace).  He was my first mentor and I didn’t know it then.

    So, what is a mentor? According to Webster’s:

    Mentor: Noun – A trusted counselor or guide.

    Since that time, I’ve had several mentors over the years and learned a large amount of valuable lessons from each and every one of my mentors. From not making certain business decisions to fostering certain partnerships, a great mentor can help guide you through your professional and personal journey. Now, I volunteer for Score and am grateful for being allowed to mentor many entrepreneurs and share my knowledge to help new entrepreneurs as many people in my life helped me become an entrepreneur.

    Being a mentor, you MUST be committed in helping others become a fuller version of who they are.  A mentor must be givers – NOT takers. Mentoring fosters not only professional growth but also personal growth. It can develop confidence for the mentee, improve their understanding by using different approaches to a situation and can enhance self-esteem for both the mentor and the mentee.

    Look at some of the top executives, many of them got their due to a mentor and many of them are mentoring the future stars of the organization.

    What are some benefits of mentoring?

    For the Mentee:

    • Provides impartial advice and encouragement
    • Develops a supportive relationship
    • Assists with problem solving
    • Improves self-confidence
    • Offers professional development
    • Encourages reflection on practice
    • Becoming emotionally intelligent

     For the Mentor:

    • Opportunity to reflect on own practice and to take action
    • Develops professional relationships
    • Enhances peer recognition
    • It uses your experience, making it available to a new person
    • It enables you to practice interpersonal skills
    • It provides personal satisfaction through supporting the development of others
    • Presents challenges
    • Great mentors don’t sugarcoat their failings

    As an entrepreneur, it’s exciting to go it alone and create something on your own. However, the reality is that, while you have a great idea, you may not know exactly what you should be doing with your business at which times to develop it into a sustainable business.

    Here are ten other reasons why you need someone like a mentor (from Inc Magazine):

    1. Mentors provide information and knowledge.As Benjamin Franklin said, “Tell me and I forget, teach me and I may remember, involve me and I learn.”
    2. Mentors can see where we need to improve where we often cannot.Movie maker George Lucas noted, “Mentors have a way of seeing more of our faults that we would like. It’s the only way we grow.”
    3. Mentors find ways to stimulate our personal and professional growth.Renowned director and producer, Steven Spielberg stated, “The delicate balance of mentoring someone is not creating them in your own image, but giving them the opportunity to create themselves.”
    4. Mentors offer encouragement and help keep us going.Inspirational entrepreneur Oprah Winfrey announced, “A mentor is someone who allows you to see the hope inside yourself.”
    5. Mentors are disciplinarians that create necessary boundaries that we cannot set for ourselves.“A mentor is someone who sees more talent and ability within you, than you see in yourself, and helps bring it out of you.”— Bob Proctor
    6. Mentors are sounding boards, so we can bounce ideas off them for an unfiltered opinion. “The greatest good you can do for another is not just to share your riches but to reveal to him his own.” – Benjamin Disraeli
    7. Mentors are trusted advisers.“My mentor said, ‘Let’s go do it,’ not ‘You go do it.’ How powerful when someone says, ‘Let’s!’” – Jim Rohn
    8. Mentors can be connectors.“I’ve learned a lot from mentors who were instrumental in shaping me, and I want to share what I’ve learned.” – Herbie Hancock
    9. Mentors have the experiences you can learn from to prevent making the same mistakes beginners make.“A lot of people put pressure on themselves and think it will be way too hard for them to live out their dreams. Mentors are there to say, ‘Look, it’s not that tough. It’s not as hard as you think. Here are some guidelines and things I have gone through to get to where I am in my career.’” – Joe Jonas
    10. Mentors are free, which makes them priceless in more ways than one.A mentor does not do it for the money. Instead, they are driven by the satisfaction of helping another entrepreneur, paying it forward from a similar experience they had when starting their own business.

    Having a mentor is not a sign of weakness; it shows you are smart enough and are driven enough to succeed.

    In 2018, challenge yourself to either be a mentor or find someone that you could mentor.

    “A mentor is someone who is detached and can hold up a mirror to us.” – P.W. Keve

     

    #bizcoachstevef

  • 5 Mistakes to Avoid

    [vc_row][vc_column][vc_column_text]Five common mistakes to avoid when preparing a business plan.

    The general thought is that if you are going to start any type of a business you must have a written business plan before you do anything else. People spend hours, days, weeks, months, doing research, learning how to write a business plan, understanding financial statements, making changes to their prose, just to find the most eloquent way of stating “I will not make money in my first year.” Do you really need a business plan? It depends on what you want to do with that masterpiece you created with words and numbers.

    Most businesses have their business plan on a shelf or in a drawer, where is does them no good. All that time and effort spend on creating that document is now collecting dust. A good business plan is your blueprint, your roadmap for your business and should be reviewed at least monthly and annually. But, do you really need a business plan in the first place?

    If you are going to seek any type of funding (debt, equity, venture capital, angel, government assisted, or grants) then YES – you must have a written, solid business plan. This also goes for anyone that is jumping full steam into business and you will bring on investors, putting in your life savings, or have debt/equity to start your business up. Your plan needs to speak to those who will read it – the ones that will give you money. FYI If you are a new entrepreneur and have no track record of owning and operating a business in the industry you are looking to enter, and believe that a bank will lend you the money to start your business – you will be greatly disappointed. Banks avoid risk. Start-ups are risky. If you have some tech company that fulfills a specific need in the market, you
    could probably get some VC funding. You never know who may give you money, so make sure your business plan is solid.

    If you have a hobby and are thinking about slowly transitioning it into business. Then you can probably live without writing a business plan. Just focus on getting sales and proving your concept. If you are not looking to jump into your business with 100% of your effort, save your time and energy and do not write a business plan.

    If you are serious about starting a business, and you are not seeking funding, or slowly turning a hobby into a business, then you must at least write out a plan for your business. Notice, this is different than a business plan. You need to write down a plan to start and market your business for YOU! Write down what you envision your business to be in 5 years. Write down a solid marketing plan for you to follow to get sales and grow your business. Write down milestones, such as when to hire people, when to get a brick and mortar building, etc.

    Having written many different business plans and read many other. I am always triple checking the following 5 points in the business plan, and so should you.

    1. Underestimating the importance of the first 90 seconds.
    Readers of business plans are busy people, often poring through hundreds, or even thousands, of plans every year. Unless your plan has immediate, aesthetic attraction and contains an organization scheme, which calibrates the reader and compels the turning of pages, your plan may never be read, much less understood. Your executive summary should be clear, to the point, and provides the reader with a GREAT understanding of your business.

    2. Permitting inaccuracies, inconsistencies or lack of objectivity.
    You must pray to your lucky star that, if someone is actually reading your plan, he or she is focusing on its content. Errors or inaccuracies (however minor), inconsistencies (however immaterial) and perceptions of non- objectivity (however innocent), will always conspire to distract the reader and create a negative bias, from which your plan may not recover. By having inconsistencies in your plan, you will lose all credibility and your plan will end up in the circular file very fast.

    3. Failing to demonstrate sustainable, competitive advantage.
    The reader is keenly interested in whether a market for your product or service exists, and if so, whether you are capable of exploiting long-term advantages over the competitors currently occupying that market space. Do not succumb to the temptation to underestimate your competitors, overestimate your strengths or rely on a lower-than-market pricing strategy, in order to claim a sustainable, competitive advantage. Remember, the world is NOT your market, and no one is your competitor. You will have direct and indirect competitors, make sure you note them and the differences in your plan.

    4. Underestimating the importance of the management team.
    Many investors feel that a great management team can easily make a mediocre idea successful, but that a great idea rarely survives a mediocre management team. Help erase any potential doubts, by actively promoting your team and key advisors, articulating strategic objectives and an implementation plan, and providing a critical risk assessment and related plan for dealing with contingent events. If you don’t have a management team on board, then bring on an interim management team or surround yourself with the right players to make it look like you have
    the winning team on board.

    5. Failing to demonstrate revenue growth and profitability.
    Whether it’s the new or old economy, it’s important to remember: top line growth is great… but, bottom line success is essential. Be aware that your plan will not survive the reader’s scrutiny, unless you demonstrate that it is based on credible financial assumptions that the quantitative sections reconcile with the qualitative sections, and that your financial projections are consistent with generally accepted accounting principles. Be conservative with your revenue numbers and extreme with your expenses. Support your financial data numbers with where you found that
    information and what assumptions you are using.

    There are a few different types of business plans and you need to find the right one for you and it must match your objectives. Here are the differences:

     Summary business plan: It is what it says. It’s a summary of your entire business plan in 7 to 10 pages. Very strong executive summary, highlight areas of the business plan, simple 1-page financial statement. This could be used to draw interest of investors into your business.

     Managerial business plan: The next step up. Provides a little more detail than the summary, provides a deeper picture of your business. Maybe 15 to 20 pages.

     Operational business plan: This is your blueprint of your business. It has everything in it for you to follow. These plans can be anywhere from 80 to 150+ pages in length. You will have detailed information on every part of your business, such as a marketing plan down to the day, costs, results expected, who executes what on the plan, and so forth. Very detailed. I have seen some new entrepreneurs read their operational plan monthly to keep them on track towards their goals. They are usually the fastest growing businesses.

    If you are going to write a business plan, figure out which type of plan you need, target it toward the audience you want to read it, and avoid those 5 common mistakes that are found in many business plans.

    To your success.

    #bizcoachstevef[/vc_column_text][/vc_column][/vc_row]

  • 10 deadly small biz mistakes

    Business owners and leaders sometimes focus on just a couple of key areas within their business, while other areas seem fine and they don’t want to change anything. They want to focus on revenue, and if that’s going well they don’t want to look into the marketing numbers, or the message, or look ahead to make any changes to that department.

    Here are just 10 deadly small business mistakes/traps that many owners and leaders make-not intentionally.

    • Ignoring Your Cash Position:
      Your customers may not respond to your superior product/service in the timeframe that you think they should. Therefore, you will need plenty of cash to sustain yourself in the meantime.
    • Ignoring Employees:
      Motivating, coaching and managing your staff is probably one of your toughest challenges as an entrepreneur/business owner today! Without your patience, persistence and “people skills,” your problems can multiply quickly. Morale, productivity AND PROFITS can easily be destroyed!
    • No Sales Plan:
      Sales are great, why create a sales plan-right? Without a sales plan, there’s no serious way to gage the financial growth and progress of your business. You need a realistic map for where the sales will come from, how they’ll come and from whom.
    • No Marketing Plan:
      A marketing plan creates the kind of attention you want to get in front of your target customers. It is what attracts people to you! A good marketing plan implemented effectively, efficiently, elegantly and consistently, will eliminate the need for “cold calls!”
    • Not Knowing Your Customers:
      Changes in your customers’ preferences and your competitors’ products and services can leave you in the dust unless you get to know your customers well, what they want now and will likely want in the future, what their buying patterns are, and how you can be a resource for them even if you don’t have the right products or services for them now!
    • Confusing Likelihood With Reality:
      The successful entrepreneur lives in a world of likelihood but spends money in the world of reality.
    • Getting Married to an Idea And Sticking With It Too Long:
      Don’t marry a single idea. Remember, ideas are the currency of entrepreneurs. Play with many ideas and see which ones bring money and success.
    • Being The Lone Ranger:
      You might be the key to everything BUT you cannot DO everything and grow at the same time. Even modest success can overwhelm you unless you hire the right staff and delegate responsibility.
    • No Mentor:
      Get an advisory board or a mentor! Sounds crazy for a small operation? It’s not! The board can be family members that you trust, or friends. Ask them to be your board of directors and review your business plans and results with them. Join a mastermind group. Having someone to bounce ideas off and get an objective opinion is critical.
    • Giving Up:
      Some of the most successful entrepreneurs failed several times before doing extremely well. So, if you’re failing, fail. And fail fast. And learn. And try again, with this new wisdom. Do NOT give up. Yet, do not suffer, either.

    One Important Ingredient for Business Success

    One of the most important thing you need to acquire in order to succeed in business is… knowledge.

    Sounds crazy? You have heard that before? Listen to this…

    According to research conducted by Dun & Bradstreet, 90% of all small business failures can be traced to poor management resulting from lack of knowledge.

    If you are really serious about succeeding in a business, and you would like to avoid the common traps and mistakes, then it is absolutely necessary that you acquire the right knowledge. (See mistake #9). I’m not talking about the easy way to get knowledge-the Internet.  Because everything that is on the Internet is truthful and will work for you in your business – NOT!

    If you haven’t figured it out already, it is very difficult to know whom to believe on the Internet. So many people make ridiculous claims-do this don’t do that. Who are you going to believe?

    Have you been making any of these mistakes?  If so, what are you going to do right now to correct those mistakes and get the results you want in your business?

     

     

    #bizcoachstevef

  • Why Businesses Fail

    [vc_row][vc_column][vc_column_text]Why business fail:

    And how you can avoid being one of them

    By Steve Feld:

    I don’t think we should treat closing a business, with a failing business. Regardless what you have heard, or who you believe, that when you start a business, there is a good chance that you will fail. Your job as an entrepreneur, is to maximize your chances to succeed in business. While we hear many inconsistent numbers on what percentage of businesses fail, you can do a lot to prevent your own business from failing.

    According to Bloomberg, 8 out of 10 entrepreneurs who start a business will fail within the first 18 months. That’s a whopping 80% crash and burn rate! But why?

    What can we learn from the colossal amount of failure with small business that we can apply to our own business aspirations?

    Clearly, there are countless number of reasons, why a business fails. A few reasons always remain at the top, and I will only highlight the top 5 reasons.

    1) Cash flow: Hands down this is probably the number one reason why a new business (and many ongoing businesses) fail. Score mentors usually state that you should have a minimum of 2 to 3 times of operating capital in the bank, or have access to easy money before you start your business. This includes all your fixed and variable expense, YOUR salary, etc. If you believe your estimated sales will be $50,000 and expenses are $75,000 for your first year in business, then you should have at least $150,000 to $225,000 in the bank. What if your sales were less than estimated, and your expenses are more? Be
    prepared.

    2) Lack of demand: I hear many soon to be entrepreneurs that have an idea for a business, but it so unique, so specialized their entire market for the world is so small they could never make a business out of that idea. Business owners need to do a lot of due-diligence and market research to make sure their product or service has a demand that will drive sales.

    3) Staffing: This is the killer of many businesses no matter where they are in their life cycle. Your staff can either take your business to the next level or they can sink you way faster than the Titanic hitting an ice berg. If you want to build a successful business, hire great people, develop them, support them, listen to them, do not micromanage them to death.

    4) No unique selling propositions: What makes you different? Unique? Why should anyone buy from you versus the next business? Just go to any networking group and I bet you will find at least 20% of the attendees are SEO/Web developers/Internet self-proclaimed gurus. What sets each of them apart from each other? Knowing what sets you apart from others in your industry is key. Having something unique, special, targeted will allow you to find your unique selling proposition.

    5) Poor management: Going into business for yourself, you will need to learn and practice being a great manager/leader. Many new business owners make bad business decisions, hire the wrong people, take their eye of their business goals, go outside the realm of their business and it confuses people. Stay focused on what your goal of your business and what you want to build. Ask other business owners in your industry for advice and help if needed. Know your numbers.

    Here are just a few statistics to realize how many U.S. businesses SURVIVE.

    According to the Bureau of Labor Statics, the business survival rate looks like;
     About 80% (four-fifths) of businesses with employees will survive their first year in business.
     About 66%(two-thirds) of businesses with employees will survive their second year in business.
     About 50% (one-half) of businesses with employees will survive their fifth year in business.
     About 30% (one-third) of businesses will survive their 10 th year in business.

    What you really need to know is that;
     About 20% of small businesses fail in their first year.
     About 50% of small businesses fail by their fifth year.
    These rates are consistent over time. Suggesting that year-over-year economic factors, surprisingly, doesn’t have much of an impact, on how many U.S. small businesses survive

    The takeaway here is, that you can pretty much bet on an 80%, 66%, 50%, and 30% survival rate across 1, 2, 5, and 10 years in business—no matter the year.

    It’s important to note that this reflects all businesses in the private sector. While the overall survival rates for small businesses surprisingly doesn’t vary much, the facts look a little different when you look at business failure industry by industry.

    Before you start a business consider the reasons businesses fail. Begin by preparing to start a long-term successful business. Keep these simple items in mind when starting your business:
    1) Have access to capital
    2) Market research
    3) Staffing
    4) Find out why you are unique
    5) Get help

    #bizcoachstevef[/vc_column_text][/vc_column][/vc_row]

  • Vacation Liberator

    [vc_row][vc_column][vc_column_text]By Steve Feld

    Some people have called me the “vacation liberator.” I am not a travel agent, nor do I represent a vacation destination, or am on any city travel destination organization. I am an executive coach. The reason some people have called me this is that I get business owners and leaders to take a vacation.

    How many of us have heard a business owner/leader state, “Have haven’t taken a vacation in BLANK.” Fill in the blank with a number that is greater than 2 years. They say it with pride. Like it’s a badge of honor. They imply that without them in their business – it will fall apart and burn down.

    Do you think their staff or family feels the same way as this person? I bet not. After speaking to numerous staff members and the families of these vacation phobia individuals, they have a different
    point of view.

    The staff is frustrated that the owner/leader is proud they haven’t taken a vacation because they don’t trust the staff to run the business while they are gone. The staff maybe has not been coached or empowered fully to do the job they were hired to do and feel the owner has taken some of that power away from them.

    Their family is upset with them because they want to take a family vacation, but this person is “too busy” to take the time off and recharge their batteries. For those of you that have children, understand they grow up very fast and we must MAKE the time to be with them during this time. For those that are married, you know how your spouse views you by not going on a vacation with them. It does not support a positive healthy relationship at home.

    According to an article in Forbes (Feb. 2014) by Tanya Mohn stated, “Not taking vacation time is a bad idea, as it harms productivity and the economy.” There is countless research on this topic. The general gist is that not taking a vacation harms your business, your family life, impacts the economy, and demoralizes your staff.

    So, how does one liberate these anti-vacation individuals? Simple. BOOK A VACATION NOW! When proud business owners inform me about their last vacation 9 years ago, I had them call their spouse at that moment so I may speak with them. Then, just asked the spouse if you went on a vacation, where would you go and what would you do? The owner/leader hears this conversation and usually confirms what their spouse states. After that very brief call, I sit with the owner/leader and have them book that vacation at that moment. Once the vacation is booked, I have them call their spouse and let them know when and where they are going on vacation. You will not believe the positive response the spouse has and it makes the owner/leader feel good about their decision.

    The next step, is to have them round up their staff and inform them of their vacation and to put it on all the calendars. We must now get the owner to assign some of his duties and functions to his staff so they cover for him/her. One of the main goals is to make sure the owner/leader does not log in to their emails, call the office or be able to check on the business while they are gone. This is usually done by having their right-hand person be in charge and only to contact the owner/leader if something is really bad. Since every business does have a different dynamic, it depends on how deep we go with making sure the owner/leader enjoys themselves on their vacation and not to think about work.

    So, now are you one of those proud “I haven’t had a vacation in…?” If you are, stop everything and book your vacation now. Get your spouse/significant other involved in that decision. Inform your staff- empower them to cover for you. Go and enjoy yourself and re-charge your batteries. When you return, your business will still be there, all is going to be OK, and you, your spouse, and your staff will like you much better.

     

    #bizcoachstevef[/vc_column_text][/vc_column][/vc_row]