Category: Business

  • Insurance: One of The Necessary Evils of doing Business

    You’ve successfully launched your new business. You have your first “big” client and you’re already to start working with them when you get the call. “Please fax over a copy of your insurance certificate, we need that before you can come onto our premises.”

    Wait, what does insurance that have to do with what I’m doing for my new client? How do I get it in place fast so I can do the job? This is a familiar scenario that I see every day with startup companies. They will have a great concept and their operations are going forward; however, when the first really big client comes along, they have forgotten to get the necessary insurance and now it’s panic time.

    General Liability is the most common insurance that a new business is required by customers to obtain. It protects you if a third party makes allegations against you for bodily injury or property damage. The ability to obtain insurance quickly depends entirely on what your business is. If you’re a consultant, you can obtain the necessary policy quickly and inexpensively. If you’re a contractor, it can be more complex and more expensive.

    When purchasing insurance, you need to determine what your exposure is to make sure you spend your insurance dollars in the best way. While General Liability may be what your client is requiring, it may not be what you need to protect your business. If the service you’re providing is advice that can result in causing a monetary loss for your client if you make a mistake, you need Errors and Omissions (this is also referred to as Professional Insurance).

    If you are renting space or buying a building, you will need to consider property insurance. If your business is dependent on the space, you occupy and would cause you a monetary loss if you couldn’t operate at the property you need to consider Loss of Profits and Extra Expense Insurance.

    What about your auto exposure? Even if you don’t have any autos that are used in your business you still have a substantial auto exposure. If you are using your own vehicle to run to the bank or visit a client and cause an at fault accident, not only will the person you hit file a claim against you personally, but they will also file a claim against your company, since you were on company business. The coverage that protects you for this is Non-Owned Auto Liability Insurance.

    There are lots of other exposures that can cause risk to your business. In many cases there are insurance policies that you can transfer that risk to. Finding a good agent to advise you is essential. Your insurance agent should be picked with the same consideration you use to pick your attorney or CPA. As part of developing your new business plan, you should take the time write up your potential exposures and then discuss them with your agent.

    The key is to understand what your exposures are and make the decision to either accept the exposure as a risk of doing business or transfer the exposure to an insurance company. Understanding the exposures, you are taking on in your new business can be the difference between success and failure.

    Find an agent that is right for you, your business and personal needs. They need to be on your side and make sure you are protected properly. Insurance is there for when bad things happen-not IF bad things happen.  Protect yourself.

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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. Need a speaker, contact Steve today. #bizcoachstevef #entrepreneur #smallbusiness #business #smallbiz #coaching #businessowner #businesscoach #leadership #marketing #speaking

  • To create change you need Action

    “I think there is something more important than believing: action!  The world is full of dreamers, there aren’t enough who will move ahead and begin to take concrete steps to actualize their vision.” —W. Clement Stone

    Contrary to movie lore, you can’t just sit on your tush on your couch and imagine checks coming into your mailbox.  If you do, you won’t have that couch for long.  You have to act on your plans.  You have to get off the couch, walk out your door and work that tush off to get what you want in life.  Doing must follow planning.
     
    All the planning, pondering and philosophizing in the world won’t produce your desired results.  All the contemplation, envisioning, affirmations, chanting, positive thinking and meditation won’t materialize your goals if you do not take action.
     
    “Affirmation without action leads to delusion.” —Jim Rohn
     
    Napoleon Hill once asked an audience, “What is the average number of times that a person tries to achieve a new goal before they give up?”  After several guesses from the audience, he gave the answer: “Less than one.”
     
    Most people give up before they even try.  Even though they want to improve their lives, increase their income and accomplish more, most people think, “I can’t,” and give up before they even get started.
     
    Nothing breaks the human heart more than the realization that one has lived only a fraction of their potential—that they didn’t fulfill their duty to shine.  Don’t let this be you.

    To achieve your goals, you must be Committed and disciplined.
     
    You’ve decided what you want and who you must become to achieve your goals.  Now you must “strike while the iron is hot.”  Begin now, while your enthusiasm is high, and your intentions are strong.  What is stopping you from starting?
     
    “Without a sense of urgency, desire loses its value.” —Jim Rohn
     
    DO IT NOW!

    You may have heard that if you learn something new and want to implement it into your life/business you must act on it with 72 hours. Let’s get moving and make that 24 to 48 hours. What one goal must you act on in that time frame? Create momentum by taking action now.
     
    Examples: Go to a car dealership and get a brochure for the car you want.  Purchase a greeting card and mail it to your wife.  Inside, tell her how much she means to you and state your intention to create a magical and romantic year.  Get a course catalog from the community college and mark the courses you will take.
     
    Within the Next 30 Days
    Identify what you need to do during the next 30 days to put some of your goals into action.  What will you do?
     
    Examples: Make your first donation or set up a savings account and arrange an automatic draft according to your plan.  Hire a personal fitness trainer and start your program.  Recruit your mentor.  Make the necessary prospecting calls.  Designate the planned family night.
     
    Do it now.  You cannot afford to wait for perfect conditions.  Have the courage to begin.

    Be BOLD and re-instill your faith in yourself.  A lack of self-confidence can keep you from reaching your greatness.  Start living with audacity.  Have chutzpa.  Stand away from the crowd.  Refuse to follow the herd.  Never again settle for average results.  Set a higher standard for yourself than anyone around you would expect.  Be different, think different and act different.  Be what others are afraid to be.

    Remember: “Fortune favors the bold.” —Virgil
     
    Fight for your life. Most people wouldn’t know or care about David if he didn’t take on Goliath.  You want to be remembered, revered and heralded like David?  Find a Goliath (your Big Hairy Audacious Goals), and fight for them to the death.
     

    Casualness leads to casualty.  Get serious about creating a better future.  If you want to get healthy, get serious about your health.  If you want to get rich, get serious about becoming wealthy.  If you want to experience great love, get serious about your commitment to relationships.  Astound yourself.  Bewilder your friends, family and competition.
     
    Never, Never, Never Give Up
    Develop a hard-core devotion to your better you.  Have an obnoxious commitment to your goals.  Be unreasonable.  Be uncompromising.  If you have gone just as far as you can, you can still go a little bit further.  Success is obtained in the extra mile—extra effort, extra hours, extra preparation, extra care and extra calls.  Extra is what separates you from average.  It is the “extra” that goes in front of “ordinary” to make you extraordinary.
     
    You are going to make mistakes.  You are going to get off track.  You are going to fail, fall down, trip up, become discouraged, feel defeated, become overwhelmed and hit the wall.  That is OK; it happens to everyone.  It’s called being human.  Expect failure, plan for it, and get back on track as quickly as possible.
     
    “Our greatest glory is not in never failing, but in rising every time we fall.” —Confucius
     
    As you go through the trials and tribulations that come with striving to achieve your goals, believe that success is closer than you think.  It is darkest just before dawn.  A transformative moment might only be steps away.  It could be the next phone call, the next meeting, the next person you meet.  The key is to keep moving forward.
     
    Persistence is the ability to face your fears again and again without giving up, to push on in the face of great difficulty.
     
    “Most people give up just when they’re about to achieve success.  They give up the last minute of the game, one foot away from the winning touchdown.” —H. Ross Perot
     
    Go for it!  The power is now in your hands.  You now have everything you need to achieve everything you have ever wanted.  Just go for it, one step at a time, one foot in front of the other.  The journey of a thousand miles starts this very moment.  Take your first step forward now.

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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. Need a speaker, contact Steve today. #bizcoachstevef #entrepreneur #smallbusiness #business #smallbiz #coaching #businessowner #businesscoach #leadership #marketing #speaking

  • Do you have a solid SUPPORT system?

    So you now have your well-designed goals—fantastic!
     
    You also have your plan of action to achieve them—hooray!
     
    You even have your achievement-management system set to keep you on track with that plan—bravo!
     
    What could possibly get in your way now?
     
    Actually, 7.7 billion things (the world’s current population at the time of this writing), or at least those people whom you circulate with regularly.
     
    Your associations are one of the most powerful influences that determine whether you will stick to your goals or get forever derailed.
     
    Dr. David McClelland of Harvard University concluded after 25 years of research that the choice of a negative “reference group” was in itself enough to condemn a person to failure and underachievement in life.  Scary, isn’t it?
     
    His discovery indicates that your reference group is more important in determining your success or failure than any other single factor.
     
    “Associations are both subtle and powerful.” —Jim Rohn
     
    Your associations don’t shove you in a direction; they nudge you ever so slightly over time.  Influence is so subtle that it is like being on an inner tube out in the ocean; you feel like you are floating still, until you look up and realize the subtle current has pushed you half a mile down the shore.
     
    Jim Rohn explains: “You will become the combined average of the five people you hang around the most.  You will have the combined attitude, health and income of the five people you hang around the most.”

    Write down the names of the five people you hang around the most. Then write down how they support you in one column, and how they don’t support you in another column. I.E. Under John, you may write down. He did support me when I wanted to change jobs. He did not support me when I wanted to buy a dog. Do that with multiple topics and with each person. Then see who out of your 5 people support you the most. You will see clearly that the company you are keeping might be what’s standing between you and what you want to achieve.

    This may sound harsh. But sometimes the truth is harsh. You already know this.
     
    “Keep away from people who try to belittle your ambitions.  Small people always do that, but the really great ones make you feel that you, too, can become great.”—Mark Twain
     
    If you are really going to go for it. If you’re going to reach, stretch and do things you’ve never done before. If you are going to be able to achieve things you’ve never achieved before. You will need to reappraise and reprioritize the people you surround yourself with.  These relationships can nurture you, suck the life out of you, or keep you right where you are.
     
    Jim Rohn said “it’s powerful to evaluate and organize your associations into three categories: dissociations, limited associations and expanded associations”.
      
    1. Disassociations – There are some people you might need to break away from completely.  What friend(s) do you have that if you were your own parent, you wouldn’t let yourself hang around because of their influence?  Cut them loose.
     
    This might not be an easy step to take, but it’s essential.  You have to make the hard choice not to let certain negative influences affect you anymore.  Decide the quality of life you want, and then surround yourself with the people who represent and support that vision.
     
    “Don’t join an easy crowd.  Go where the challenge is great and the emotions are high.  Go where the expectations are so strong that they provoke you, push you and urgently insist that you not remain in one place.  That way, you will grow and change.”—Jim Rohn
     
    2. Limited Associations– There are some people who you can spend three hours with, but not three days.  Others you can spend three minutes with, but not three hours.  Remember, the influence of associations is both powerful and subtle.  You get a deposit of the dominant attitudes, actions and behaviors of the people you spend your time with.
     
    Decide how much you can “afford” to be influenced, based on how those people represent themselves.  This is difficult, I know.  I have had to do this on several occasions, even with close friends.  I will not, however, allow someone else’s actions or attitudes to have an indelible influence on me.
     
    “If you want to fly with the eagles you can’t continue to scratch with the turkeys.” —Zig Ziglar
     
    3. Expanded Associations– Whatever area of your life you want to see improvement in, find someone who represents the success you want—the parenting skills you want, the relationship you want, the lifestyle you want—and spend more time with those people.   Join organizations, businesses and health clubs where these people are and make friends with them.  Create a circle of excellence by purposefully selecting those with whom you will surround yourself.
     
    Build your library of expanded associations.
     
    Invest in Mentorship– Isn’t it interesting that the top performers in the world have the highest-paid coaches and trainers?  Having people who push you to excel is critical, regardless of how successful you are.  That’s why those at the top still invest heavily in their trainers and coaches.  You can never pay too much for someone’s well-earned experience and guidance.  They give you the advantage of the shortcuts they’ve discovered.  Their road map identifies the landmines so you can avoid them.  Their hard-earned wisdom can help you accelerate your growth.
     
    You’re never too good for a mentor or coach. During an interview with Harvey Mackay, he said, “I’ve had 20 coaches, if you can believe it.  And that’s not a typo.  I have a speech coach, I have a writing coach, I have a humor coach, I’ve got a language coach, and on and on.”  And he’s a top achiever, respected business leader and best-selling author!
     
    Are you courageous enough to make the necessary changes to those around you?  

    Contact Score today to get matched up with a Mentor who will help you in your business.

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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. Need a speaker, contact Steve today. #bizcoachstevef #entrepreneur #smallbusiness #business #smallbiz #coaching #businessowner #businesscoach #leadership #marketing #speaking

  • 3 Simple Steps to the Perfect Customer Experience

    Ultimately, your business exists to do two things:

    •    Attract customers
    •    Satisfy customers

    If your business doesn’t perform these two fundamental functions, it doesn’t matter how well you do anything else.

    Don’t fool yourself into thinking otherwise. 

    If your customers don’t feel inspired by their interactions with you, then your business – the business you felt such freedom in starting, the business you have poured everything into – will fail before you even see it coming.

    No excuse you make can change a bad customer experience. No amount of “blame-shifting” will make your customer feel better when their expectations aren’t met. You made a promise to your customers.  Maybe you said it.  Maybe it was implied.  But you made a promise to do something for them.  Everything your business does either delivers on your promise or doesn’t.  Their satisfaction stems from their experience of how well you deliver on that promise.

    The customer experience is a dynamic one.  It’s not a one-time thing.  It’s happening the entire time (and even a little before and after) a client interacts with your business.  As a business owner, not only do you have to create positive impressions from the start, you must ensure the customer experience remains outstanding and consistent throughout repeated exposures to your brand.

    The “Pink Pen” Story

    In order to drive my point home, I’ll illustrate with a story that I found from E-Myth.  This is a story of how a very positive experience fell apart because of one small incongruity in the customer experience.  It happened in a very nice restaurant.

    “Not too long ago, I decided to try a new upscale restaurant in town. As I pulled up to the restaurant that evening, I saw that the signs for the restaurant were tasteful and informative.  The parking lot was spotless, and the landscaping was immaculate.  Even before I set foot in the door, I knew this was a five-star establishment.

    The maître d’ was friendly, polite, and seated me promptly.  Though the restaurant was nearly full, it felt like the other members of my party and I were the only ones there.  I felt like royalty. 

    The interior was subtle, upscale, and perfectly lit.  I was led to a courtyard that looked as though it belonged in ancient Greece or in a Maxfield Parrish painting.  It had been a hot day, but somehow the courtyard was the perfect temperature.  As I sat down, I was delightfully surprised; the chair was comfortable to sit in!  It was the sort of chair that not only looked nice, it was also the sort of chair I could see myself sitting in for hours, lingering over desserts and coffee, long into the evening.

    The white linen tablecloths were crisp and without a hint of fold lines.  The wait staff was dressed in spotless white shirts, black dress slacks, aprons, and were keenly attentive without being overbearing.  They were stationed around the periphery but were never intrusive.  I could see a waiter at all times, and I knew that at my least whim, I could summon one over with a look. 

    The meal was exquisite.  The appetizer was sublime, and each course was better than the last.  The flavors were expertly combined in unusual ways, and at the end of the meal, I was pleasantly full without feeling stuffed.  The desserts were masterpieces of culinary creation. 

    When the check came, it was in a discreet leather case.  Though expensive, the meal and the experience seemed well worth the price.  But when the receipt came back for me to sign, I took one look and stopped cold.

    They had thoughtfully provided me with a pen to sign the check.  But there, nestled in the black leather case, was a cheap pink pen with a little fuzzy tassel on the top.

    I stared at it.  I thought, “This is absurd!  This pen doesn’t belong here, of all places.” 

    But there it was. I held up the cheap, plastic, pink tasseled thing and looked at it.  It was a non sequitur.  I wondered if they had done it on purpose.  Were they so worried about a customer taking a pen that they replaced all their regular pens with pink tasseled ones? Had they run out of nice pens?  Was this just an oversight?  Out of an incredible dining experience, that pen was the only thing that didn’t fit. 

    It was a systems failure. And no matter how hard I tried, no matter how much I told myself “it’s just a pen” I couldn’t get the image of the pink pen out of my mind! 

    It was just one tiny element of a fantastic evening.  But it was so incongruous; it was all I could think about.  Even now, it’s still the most memorable part of the experience.  It’s the only story I tell about my evening there!”

    The Three Steps:

    How many “pink pens” are you handing out in your business each day? As a business owner, you need to develop your “pink pen radar.”  Your customers aren’t stupid; they won’t miss the little things. You can’t afford to either. You need to be on the lookout for inconsistencies in each customer’s experience. 

    In order to do that, you’ll need to change the way you think about your business. You need to get out of your head and into your customers’ heads. Together, we can achieve that.

    Here are three steps to get the process started:

    1.    Review your lead generation material through a new lens.  What is the promise that you’re communicating to your customers in your message?  What expectations will they have when they come to you?

    2.    With those expectations in mind, look at your business with a set of fresh eyes – the eyes of your customers.  What do they see? Walk through each step of their experience as if you were a new customer – from the initial visit to your website, to the time they leave your store. A great way to organize this is to create a flowchart of every client touch point. Make notes of each step in the process.  Is their experience going to be consistent with the promise that you’ve made them?

    3.    Ask yourself: what are the “pink pens” that dilute, distract, or even destroy the experience you intend to create for your customer? Once you’ve determined those inconsistencies, fix them! Most importantly, give your employees the information and the opportunity to help you develop that “pink pen radar.”  Give them permission to go above and beyond without always having to stop for permission. Provide them with the information they need to make informed decisions.  

    Don’t let a small incongruity become the one thing your customers talk about.  Value, like beauty, is in the eye of the beholder.  And the most important beholder of your business is your customer. 

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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. Need a speaker, contact Steve today. #bizcoachstevef #entrepreneur #smallbusiness #business #smallbiz #coaching #businessowner #businesscoach #leadership #marketing #speaking

  • Symptoms of Strategy Misalignment

    Business owner, “I feel that I am guiding the ship one way, but in reality, the ship is going in another direction.”  Another business owner, “I feel that I am driving the car, holding on the wheel, but there is no car-it’s driving itself somewhere else.”  Get the point?

    Strategy misalignment is subtle and sometimes difficult to spot. Yet without a properly aligned business strategy, you are likely to introduce a serious dose of chaos into the organizational environment.

    Your business (or corporate) strategy is the blend of strategic goals that support the mission and vision of an organization. When a corporate strategy is aligned, the key outcomes (strategic goals) of the organization are in sync with operations and execution tactics. In other words, all parts of the organization’s eco-system (the sum of internal and external functions of an organization’s environment) are moving in the same well-defined direction. When strategy is misaligned, operational initiatives are out of sync with the strategic goals of the organization, mission drift occurs within the operations of the business.

    It is critically important to identify strategic misalignment early since misalignment can lead to chaotic reactions. Uncorrected, problems compound quickly and lead to serious issues within the organization.  Therefore, working with a business coach and/or mentor can really help your business. They see it from a different point of view and get you to see the misalignment in your business.
    How do you know if your business strategy is aligned?

    Look for these symptoms:

    Financial Projections are Missed:
    While missed projections can be traced back to an array of different issues, often the root cause is strategic misalignment. Why? Remember that strategy alignment is the union between operations/execution and strategy. If misaligned, you can imagine the types of non-strategic efforts that can occur at a grass roots level in the organization as managers and workers attempt to find their own direction. Over time you’ll find deadlines are not met within operations, product launches or service lines are delayed, and all of this directly impacts projected revenue streams.

    Growth is Stalled:
    When organizations begin to misfire due to misalignment, initiatives required to support and sustain profitable growth get into trouble. It’s not that the leadership and rank-and-file employees don’t want to see growth occur. It is that, despite their best intentions, they cannot sufficiently coordinate efforts on their own to right the ship. Unfortunately, spotting this symptom is difficult in situations where governance is already lax or missing altogether. This is why the leader of the business must have an open dialogue with their employees. Righting the course of the business requires the efforts of all parts of the organization, but they must be working in concert together to do it. Such a feat requires the ability to align strategy and execution through and through.

    Reactive Spending and Duplicated Initiatives Occur:
    When strategy is misaligned, company divisions can drift into a self-directed mode that stray further and further from corporate goals. Reactive spending and duplicity of initiatives might occur as a result of trying to increase sales but spending redundant money. These unsynchronized activities begin to impact each other, and desperation sets in, creating a vicious cycle of time and resources being consumed. I.E. Paying a marketing company to do Pay Per Click ads for you (PPC), and then doing your own PPC ads.

    Cultural Erosion and Morale Problems Appear:
    We’ve already mentioned the chaos that occurs with strategy misalignment. This chaos takes a toll on leaders and workers of the organization who share in a profound dislike of organizational chaos. As a result, morale suffers. If you notice an erosion of the corporate culture and morale problems, consider that your strategy may be misaligned. If your employees do not understand your culture, then your morale has already decreased. It is the leader’s responsibility to maintain the culture of the business and keep it moving forward.

    Revenue and/or Profitability Decline:
    The bottom-line impact of strategy misalignment inevitably falls to the bottom line. While revenue and profitability can decrease for a variety of reasons, most of these reasons trace back to misalignment. Profitability suffers as a result of any of the symptoms presented here, such as when new services or products are delayed in roll-out because the initiatives to bring them to market are unsuccessful.

    How to Address Strategy Misalignment:
    Just as it takes time and effort to see results from strategy, re-instilling strategy alignment and correcting misalignment requires time, work and discipline. The situation didn’t occur overnight and won’t disappear overnight either.

    Look at your strategy, get a team of random employees, bring in an outside party (business coach/consultant), then lay out where the business is and to have them provide you input on what areas of the business are in misalignment.

  • 7 Simple Ways to Develop Daily Discipline

    You probably know that one person that is very disciplined.  You also know that person that is very disheveled and cannot get it together. Maybe the person you know is you and you are either disciplined or could use some discipline in your life.

    If you are the person that is very disciplined, focused, knows what they want and how to get it, then kudos to you. You probably have a daily task list and knock it out every day.

    Unfortunately, many of us are the ones that could use some discipline in our lives. But how?

    So how do you maintain a disciplined lifestyle? By combining an automated brain program—doing whatever needs to be done—with an incredible commitment to your goal.

    It becomes increasingly harder to be disciplined in a society that prizes instant gratification. We are more concerned about feeling good all the time, so we seek immediate pleasures, whether it’s a new car, an exotic trip, likes for our posts, or a new partner. Our long-term goals are not so important anymore. We get comfortable and wait for a special event to give our lives meaning, happiness and success.

    • Discipline is the difference between being in control of your future and letting your environment dictate your destiny.
    • Discipline means freedom and happiness. It gives you the ability to do what you want because you know you can learn how to achieve any dream you set your mind to.
    • Discipline teaches you how to control your thoughts—and how to be happy in any situation, to visualize positive emotions and trigger an optimistic mood.
    • Discipline builds self-confidence, mental and physical strength, and inspires you to grow as a human being. With growth comes the ability to enjoy life in deeper, more meaningful ways.

    Anyone can develop discipline. It’s a learnable skill and it’s not complicated—you just have to train yourself for it. Here are 7 simple ways to get disciplined.

    1. Set BIG goals: When you challenge yourself to achieve bigger goals, you really dedicate yourself to the craft. The more time you spend on it, the harder it becomes to quit. Once you have spent so much sweat, time and effort on it, if you quit, it will be for nothing. The bigger the goal, the more invested you become.
    • Set CLEAR goals:  Clearly define what your goal means to you and what you will specifically do to achieve it. If you set a goal to live healthier, for example, will you go running every day? At what time and for how long? Will you eat healthy? If there is no clear goal, there is no opportunity to create the specific steps you’d need to do to accomplish it.
    • Know that EVERYDAY matters: When you wake up in the morning, do you know what’s most important for you to accomplish that day? Every goal, every priority, you have set for yourself has to be done – it will determine whether your dream lives or dies. Professional athletes know if they skip even one training session, they are already behind; they know they will lose a competition that is still three months away if they don’t do what they said they would, if they don’t follow through with their plan—if they aren’t disciplined.
    • Don’t ARGUE with the plan: If you want to go to the company award ceremony and be recognized, then you must stay with the process you laid out to get the sales that will get you that award. It’s the same with everything else in your life. When you start the process, you cannot question it, you cannot hesitate, you cannot back down—you have to work hard every single day to reach your dream, full force.
    • Build a No-Matter-What mindset. Build the mindset that no matter what, you will accomplish things when you said you would. No matter what. You have to create pressure for yourself, otherwise nothing will get done. There is good stress and bad stress, and you have to make sure you are operating under good stress—butterflies in the stomach, a manageable adrenaline that stimulates you.
    • PLAN a routine:  Create a routine that becomes second nature, automatic, normal. Athletes, for example, know what hours they train, when to break for lunchtime and dinnertime, and when to rest. In training, they know they have to do a warm-up, main training, and cool-down and recovery. By following the same routine, it becomes second nature—the discipline preps them to win. Planning your own routine—and sticking to it until it becomes automatic—can prep you for success, too.
    • COMMIT:  Discipline was instilled in me by my mom. There was a big snowstorm and I didn’t want to go to football practice because it was brutal cold, and I knew the coach would have us out in the snow. My mother told me I chose to play and commit to being part of the team. She told me that I will have to follow through with it until the end and do it well. So, I did go, and the coach called more plays to me in the game to me because of that commitment. You must really consider whether you are able to commit to something for a long time and see it out to the end.

    To do all this you need to:

    • Understand the transformation process:  Your body and brain will do everything it can to resist change and growth. You need to know that it’s natural to feel lazy and undisciplined—but you also need to know that you have all the power to fight it. Start with your thoughts.
    • Go above feelings:  The hardest part about discipline is maintaining the actions needed to achieve your dream or state of happiness. It requires constant hard work and fighting against comfort and instant pleasures. To do so, you have to separate yourself from the feelings that stop you, like fatigue, laziness or self-pity. You have to go above them, even if your feelings tell you that you are tired, stressed and alone in this struggle.  Get a Score mentor to hold you accountable to your own goals.
    • Resist the brain:  All people are lazy, even the most successful businesspeople, the most accomplished athletes and the most talented actors. But it’s not simply laziness—it’s your brain saving energy for you. Any movement takes energy, and the brain is doing everything to stop you from moving by sending body signals about how hard it is to move and thoughts about how scary it would be if you fail. But you can trick your brain: Imagine your body is a beautiful machine and you are operating it as a higher force from above. Separate yourself from your body. Play it as a computer game. You are the one who commands your body to accomplish tasks.
    • Find pleasure in the hard work:  Shift your focus to the process and concentrate on getting the work done faster and better every time. Speed is important; you have to move quickly in order to achieve perfection in a set amount of time.  Try to make a difficult task into a game.
    • So many people quit too early. Success is all about persistence, and discipline is what gets you to your final destination—the realization of your dream. The more you learn about your craft and your capabilities, when you start seeing yourself improve, the results will make you hungry for more. Self-improvement is an amazing drug.  You will be addicted.

    Disciple is a source of power. It is an engine that helps us understand and explore our capabilities and life’s opportunities. Discipline is not boring; it’s the freedom to put all our energy into creating something meaningful and beautiful.

    It’s up to us to choose the life with discipline or without, with a goal or without, with a dream or without.

  • TIME TO GET BUSINESS SMART

    We all know those people that are either book smart or street smart. Combining the two make one very sharp individual.

    What about business smart?

    You may have met someone that was business smart. They started multiple businesses and sold them after they were built into a highly successful entity.

    What do you think they know that you don’t know?

    Your smart! You must be. You’re reading my article.

    But in case you are wondering. Here are 10 ways to get business smart. Now, there many more, but here’s a well-rounded ten for you to work on or improve on.

    1. Come up for air: Are you sitting in your ivory tower scanning data, financials, and reading reports? If so, get out and really learn about business. You need to be well versed in all areas of business to be successful.
    • Talk to others: Take marketing to lunch.  Chat with business development. Get out of your office and talk to your employees.  Just ask them questions, no advise, no managing, just questions-personal and business.  This will be very helpful when you want to know the truth about some issue that popped up.
    • Spend time with the customer: No one knows what they want better than the customers, so why not ask them?  Some very successful company CEO’s spend a day every month on the phones with the customers to really hear what the customers want and need.  The customer does not know they are speaking with the CEO, just having a real conversation.  Just think what you will find out by speaking to your customers.
    • Get a business mentor: Find someone who knows the business and get him or her to teach you.  Provide technical knowledge in exchange.  ALL great leaders have a mentor.  Find one that will give you advice, hold you accountable to yourself, and can be a great resource for you and your business.  Get a SCORE mentor.
    • Pick up a book: Burn the midnight oil and read up on business basics.  When speaking to business owners that are successful, they are always reading their industry magazines, zines, blogs, listening to podcasts and reading a book about business.  For you to be ahead of your competition and satisfy your clients you need to be in the know and ahead of the game.  Read!
    • SSPA: Stop speaking in acronyms:  Others will understand better when you translate techspeak into standard English.  When you speak in acronyms you alienate your listener and they shut you off.  Don’t assume everyone knows your industry acronyms. DYKWIM?   Do you know what I mean?
    • Polish those social skills: Learn a few communication techniques to smooth the differences between IT and the suits. You really need to speak to each department as they want to be spoken to.  If you are talking big picture to the folks that work in the minutiae you will not be on the same page with them. But, if you explain how their work relates to the big picture and visa versa, they will understand you.
    • Look for another answer: Realize that technology cannot solve every business problem.  This is where all those other tips above will come into play. You may have some answers, but I bet your team has a lot more answers – ask them.
    • Ask Questions: If nobody is telling you anything, start asking questions.  Ask open ended question, not closed end (yes or no answers). The more questions you ask the more information you will get.  Ask straight forward questions. Don’t combine two questions into one. One question at a time to get an answer, then have a follow up question if needed.
    1. Try to form consensus on terms: Get to the bottom of any failure to communicate. Have both sides speak and represent their ideas. Then ask questions to find out some underlying items, this will open dialogue with everyone to get a consensus on and item.

    BONUS:

    1. Clear Communication: One of the biggest problems with communication is filler words and NOT getting to the point. Believe me, the listener will receive your message much better without saying, “UM” “AH” and “YOU KNOW” every 4th word. Clean up your communication, get to the point and your message will be much clearer. Join a Toastmasters club if needed. If you are the leader of your organization (or want to be) clean up your communication. Then you will sound like a leader. Have you ever heard Winston Churchill say “UM” and “AH” during his famous speeches?

    These are very simple ways for you to become business smart.  None of them cost money (maybe if you buy a book and join Toastmaster-but that is a very small price to pay on your return), and only some limited time.

    Run your business smarter, not harder.  GET SMART!!

    #

    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. Need a speaker, contact Steve today. #bizcoachstevef #entrepreneur #smallbusiness #business #smallbiz #coaching #businessowner #businesscoach #leadership #marketing #speaking

  • Speed Networking and More

    Launch yourself into a new circle of people waiting to talk to you.

    Speed networking programs are showing up all around the world. These events tend to be a fun, exciting and effective way to make a lot of initial connections in a very different environment from the standard business networking meetings.

    Speed networking programs generally involve people meeting each other one at a time for a short interval and then moving on to the next person in line. They are fairly structured in the way people queue up to meet. For example, one variation is to have two concentric circles of people. The individuals sit across from one another and after the set time period–generally one minute–the outside circle of people gets up and moves in one direction around the circle until everyone has met.

    I have referred new business owners to attend a speed networking event for a few specific reasons.

    1. You will get to meet fellow business owners in a fun environment. Those other people may be your customer, vendor, future partner, or a great referral partnership.
    2. You get to really practice your elevator pitch in an environment, where that is all you have time to do. Go there with 2 different elevator pitches and see how the person on the other side of the table reacts. If they lean in and are engaged-you have a winner. If they lean back, cross their arms, and/or have that “what are you talking about” look on their face-you need to work on your elevator pitch.

    The potential downside to speed networking is if someone thinks this is “all” they have to do to network effectively. The key to making speed networking work, is to take those contacts and develop them over time into “credible” relationships that lead to “profitable” referral partners.

    Some people have likened speed networking to speed dating. While there are clearly some similarities, there is also a subtle but significant difference. Speed dating is done to eliminate potential suitors and keep from wasting time on people with whom you share no common interests and no mutual attraction. The presumption is that you are going to follow up with only the ones you connect with during the exercise.

    Speed Networking is not to eliminate potential referral sources, but to nurture the relationships that come out of the event, even if you feel you have nothing in common.

    So how do you go about participating in a speed networking exercise with the proper focus to make the most of your time? Here are several points to consider:

    1. Start with the end in mind. You’re not there to bag the big one. You’re not there to eliminate referral sources or referral partners. You’re there to find ways to connect with each and every person you have the opportunity to sit (or stand) in front of for that one- to two-minute period.

    While you will not, realistically, become close friends with every person in the room, you’re increasing your potential referral sources by meeting many people in one setting.  HINT: Go into the networking with the goal of really connecting with other participants.

    2. Conduct the exercise as a mini interview. Think in terms of what you can find out about the person you’re meeting. That’ll allow you to help further the goals of that individual. Forget about mining their database or trying to determine who they know to further your goals. In working to mutually benefit one another, ask questions that’ll clarify where and how you can best help your new referral source. HINT: If you have time left, have some basic questions you can ask the other person to get to know them better.

    3. Make notes during the exercise. If you’re not provided some type of contact card on which you can jot notes while in the exercise, be sure to use your own pad of paper to write down the information you discover. Be sure to note the person’s interests and goals you could help achieve. HINT: Bring mini post-it-notes, put your notes on it, then adhere it on the back of their business card with my notes on it.

    4. Follow up. If you don’t follow up with those you meet during the speed networking exercise, you will only have succeeded in wasting your time–which is exactly what you were trying to avoid by attending the event in the first place. Collect the business cards of each person you sit with during the exercise. The magic happens after the exercise, in the weeks and months to come.  HINT: You are NOT there to collect business cards, then spam everyone. Please do not do this. Word will get out about you really fast.

    Set appointments with each person, not to convince them they need your product, but with the intention of becoming better acquainted, finding out what their needs are and how you can positively impact their lives. You’ll realize the reason you went to the speed networking exercise in the first place: to develop more referral business.

    I believe speed networking can work if it’s done the right way. It can be a fun, energetic and dynamic way to further your own goals of having a thriving, successful word-of-mouth-based business.  Give it a try.

    #

    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. Need a speaker, contact Steve today. #bizcoachstevef #entrepreneur #smallbusiness #business #smallbiz #coaching #businessowner #businesscoach #leadership #marketing #speaking

  • 4 Simple Strategies to Manage Your Online Reputation

    True story: In 2017, Devon an 18-year old was charging his Dell laptop on his couch. It let out a big bang and then burst into flames. He blew the flames out. Unplugged the laptop and put it on the table outside. It exploded again. This time he used a fire extinguisher. As that wasn’t enough, it exploded again. It was all caught on home security cameras and became viral overnight and spread like wildfire across the internet. Thousands of bloggers started bashing the company and demanding they apologize. In a matter of days, the company’s hard-earned reputation and goodwill in the marketplace was in jeopardy as Dell issued the biggest product recall in computer history.

    Michael Dell started his computer company in his dorm room and transformed it into a multi-billion-dollar company. He spent years building his legendary empire and suddenly, the company’s reputation was at stake thanks to the power of Social Media.  This could happen to your company.  Are your prepared to handle your online reputation?

    Bad things Happen to Good Companies

    The internet is filled with stories of companies and individuals whose reputations have been in ruins overnight. Honest businesses fall prey to manipulating competitors out to ruin them and steal market share in return. Many businesses have experienced, through no fault of their own, scheming competitors bad mouthing and spreading false rumors about them through social media. Heck just read the fake Yelp reviews. These days, the means to spread rumors about a business are many and as a result, it is imperative for businesses to proactively manage their online reputation.

    In a study by McKinsey & Company, they stated how consumers really make decisions. Part of the study stated, that the number one-way consumers make a decision to buy a product or service is through online reviews and ratings. Online reviews are not just for major sites like Amazon. Today, a customer can research a product or service just about anywhere including blogs, Twitter, Facebook, Instagram, and of course, within the dreaded search engine result pages. As such, business owners need to ensure that their company reviews are clean. By clean, I mean over 90% of reviews for your products and services should be positive. Of course, every now and then you will have that rogue customer who is not satisfied with your product or service and even though you may have gone the extra mile to satisfy him or her, it just didn’t cut it for them. But that’s the cost of doing business.

    Reputation Management online is not as tough as one would imagine and can be broken down into four solid pieces. Monitor, Listen, Respond and Amplify. Let’s look at each one of them:

    Monitoring your Reputation: 
    The starting point of online reputation management requires businesses to begin proactively monitoring conversations happening about their brand. Automated keyword searches can quickly reveal the topics and themes that customers (and competitors) are talking about. Companies often feel overwhelmed in the beginning due to the large volume of content on the internet. But proper configuration and tweaking of keywords can help tremendously. It is easy to set up Google Alerts. Use your company’s name as a keyword and have Google send you what it finds about your company. Set up a few different alerts. Include your name on one of the Alerts, Organizations you are affiliated with, Etc.

    Listening to your Customers:
    In this critical piece of online reputation management, a business needs to separate the noise from the real conversations taking place on social media about their products or services. The real conversations can be separated into two distinct categories; those that are actively talking about your business, and those that may warn of a storm on the horizon. The latter category requires you to listen carefully and diffuse the storm before it gains strength. Most social media managers categorize and separate these conversations into those that need “immediate attention” and those that require “active listening.” This allows them to be prepared and to strategize ways to diffuse the situation before the conversation turns into an ugly rant against their brand. Listening requires a careful plan of action with a fine balance between coming across as overprotective and defensive and simply monitoring your reputation.

    Responding is an Art:
    Effectively responding and diverging crises is an art. You don’t want your communication to sound like a well-honed PR message. People complain on social media channels because they are not satisfied, and they are usually hoping for a resolution. Always be sympathetic and put yourself in the customer’s position.  This does not mean that you should allow a customer to take your brand hostage while they are ranting against your company. However, responding means first analyzing what went wrong and how you can make it right. Most large companies follow a certain set of processes to ensure that they are responding to customer complaints on social media in a fair manner. These set processes can be setting up special email groups, hiring additional employees in the customer resolution area, and coming up with special offers to win these customers back.  Responding negatively will only do more harm than good. Watch your words.

    Amplify your Wins:
    I have seen many companies go to great lengths to satisfy an angry customer on a social media platform. It is not uncommon for complaining customers to receive complimentary gift certificates, free services, heavy discounts, you name it, in response to their public complaints.  At the end, both the customer and company are happy, and all is forgotten.

    A very critical piece that companies often neglect is to amplify the positive actions the company took to satisfy the angry customer. Traditional customer service folks are not trained on how to amplify positive remarks. This onus typically falls on the social media managers to let the world know that your company goes great lengths to satisfy their customers. Amplification of positive experiences with your brand or services goes a long way in the social media world. This amplification is not just leaving a comment behind but finding strategic, meaningful ways to communicate to the rest of the world. This is the art of social media.

    These are just some of the high-level strategy pieces that a company of any size can employ to manage their online reputation.

    What strategies are you going to take to manage your online reputation?

    #

    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. Need a speaker, contact Steve today. #bizcoachstevef #entrepreneur #smallbusiness #business #smallbiz #coaching #businessowner #businesscoach #leadership #marketing #speaking

  • 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.