Category: Leadership

  • Top 10 Reasons Small Businesses Fail

    Sad to say this but the stats don’t lie. The statistics for a new business to succeed is not too positive. Twenty-four percent of new business fail in the first two year. Almost 50% of those remaining fail within the first five years. Which leaves about 8 out of 100 new business that are still around after 10 years.

    The top ten reasons small businesses fail are simple and all can be avoided. But most business owner do not seek help and avoid the harsh realities of their own business. The order of the list has been discussed with many fellow business owners, mentors, coaches and consultants and we feel this order and the years in which a business fails are accurate.

    1. Cash flow: Hands down the number one reason why small businesses fail. You need to know how to track the money coming into and out of your business — even a profitable venture will flounder if it runs short of cash. In addition, you must learn to make cash flow projections that will help you decide how much money you can afford to spend and warn you of impending trouble.
    2. Lack of clarity: Most new business owner does not have a clear vision for their business, and do not have a target market. They are shooting a shotgun in the wind and not shooting at anything at all. If you don’t know who you service, what their problems are and how your product and service satisfy their need-your business will die an ugly death.
    3. Sloppy or ineffective marketing: Contrary to the popular cliché, few products or services “sell themselves.” If you don’t have time to market your product effectively, hire an experienced person to do it for you. Marketing keeps your products selling and money flowing into your business. It’s crucial that you do it well. Know your target market and stay focused on them. Forget everyone else.
    4. Unsustainable product or service: If you don’t have a market for your product or service, then you have no sales. The true purpose of business is to satisfy a want or need with your product or service in exchange for money. If your target market is 1 out of every 10 million people, you will not be around long. Once those people have your product or service will they rebuy?
    5. Inadequate planning: Start with realistic but precise goals for your business, including deadlines. For example, don’t just say that you want to increase sales; instead, decide that you want sales to reach $100,000 by next holiday season. Then write down the steps you can take to meet those goals on time and set deadlines for completing those steps. Consult your goal list every day, and make sure you are doing what you need to do to meet your objectives.
    6. Procrastination. When you own a small business, you will find that tasks and paperwork pile up like snowdrifts on your desk. Putting them off is like piling up debt; eventually they could overwhelm you. Small business owners like distractions that keep them from money making activities. Stay focused, have goals, move forward in your business.
    7. Incompetent employees: Hire only workers who are essential to your operation. When you do hire employees, make sure they’re well trained and able to complete the tasks expected of them. And remember that happy employees make good workers — try to create a work environment that keeps your staff happy and motivated. Sometimes the incompetent employee is the owner.
    8. Ignoring customers´ needs: Once you attract customers, you’ll have to work hard to keep them. Customer service should be a key aspect of your business. If you don’t follow through with your customers, they’ll find someone who will. Most small business are horrible at following up with customers. This can set you apart from your competition.  Remember, not customers, no revenue, which leads to no business.
    9. Ignoring the competition: Consumer loyalty has declined sharply in recent years. Today, customers go where they can find the best products and services, even if that means breaking off long-term business relationships. Monitor your competitors, and don’t be ashamed to copy their best ideas (assuming that doesn’t mean violating patent law). Better yet, devote some time each week or month to devising new methods, products or services for your firm. You need to show value in your products and services. Being the low-price leader, means you also need to be the low-cost leader to win.
    10. Lack of versatility: You may be great at making hats or painting houses or fixing computers, but that’s not enough to make your millinery shop or house painting business or computer consultancy successful. Successful business owners tend to be adept at a number of tasks, from accounting to marketing to hiring. You need to be well versed in all aspects of your business. Hire people to do the tasks you do not like to do or are unskilled to do.

    Bonus: A closed mind: Everyone goes into business with some preconceptions — don’t be surprised if you find that many of yours are wrong. Look for mentors who can give you advice and run your ideas by them before you make important financial commitments. Read books and magazines about small business, visit business-related Web sites and network with your peers in the business community.

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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 #keynotespeaker #meetingprofs #eventprofs #meetingstoday

  • Don’t stop working during the holidays

    The Holiday Season is upon us and for sales professionals and sales managers this time of year adds special challenges for maintaining focus on sales productivity.

    Being an entrepreneur has lots of challenges between Thanksgiving and New Year’s Day. The familiar music, parties, seeing old friends, and spending time with family. In the midst of a joyous season the sales environment can be brutal.

    During the holiday’s salespeople and business owners struggle to maintain activity targets while prospects and customers routinely put off decisions until the New Year. The good news is, despite the challenges, you can take control, maintain your focus, and still close deals. The key is in staying true to the fundamentals of selling and maintaining self-discipline combined with a sprinkle of creativity.

    One of the hardest things about selling during the holiday season is getting customers to act on buying decisions. They say they just want to wait until the New Year to make any decisions. To them it makes logical sense to wait. Far too many salespeople willingly accept this excuse as logical too. However, if you’ve been around selling long enough you know, by the time you get to January, most of these deals will be cold.

    To have any chance of closing these deals you have to strike while the iron is hot. You cannot allow emotions to wane. So, during this time of year you have to give your prospects and customers a more compelling reason to make a decision now than to wait until later. This means getting creative with your offer, price, value added services, or signing bonuses. You may have to give up more to get the deal done than during other times of the year. 

    In sales, like it or not, activity is everything. If you are not prospecting, questioning, presenting, and closing you will fail – no matter what time of year it is. Of course with all of the wonderful (and not so wonderful) distractions of the holidays, it can be easy to slack-off, let your self-discipline slip move away from your normal daily routine. 

    This slip has two consequences. In the short-term it hurts your closing ratio during the month of December. In the long-term it impacts your sales pipeline during January, February, and March which can have a major impact on your future income.

    To keep this from happening to you, it is critical that you sit down with your daily planner right now and ensure that you have your calendar blocked properly for daily prospecting and lead generation, as well as information gathering, presentations, demos, and closing meetings. Take into account all of your holiday activities and build them into your planner. You may have to do some workarounds, but the key here is to get everything planned out in advance. To stay on track set daily activity targets and commit to reviewing those targets each morning and afternoon. You will be amazed at how powerful this forward planning process is for keeping you on track and focused during the holidays.

    Most importantly, by planning in advance and developing creative ways to close more business, you will find that you feel less stress, cash bigger commission checks, and have plenty of time to enjoy the holidays with the ones you care about the most.

    One thing I cannot stress enough is to be open as much as possible during the holiday season and answer your phone. Just that alone will separate you from the rest of the pack. Keep moving forward, do not take the season off and your business will benefit in the first quarter of next year.

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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

  • The old run-a-round

    How many times have you encountered an extreme run-a-round when you trying to get an answer from someone?  I bet we all have many horror stories of being transferred around from customer service representative to customer service representative.  Or when you are in the business and the person behind the counter tells you that you have to call an 800 number to get your question or issue resolved?  How about when you ask an employee a question and they don’t know the answer but then just disappear on you-not knowing if they are asking someone else or just hiding from you.

    As someone that has pressured my employees to provide the best customer service experience as possible these kinds of customer service nightmares drive me crazy.  They are fully 100% avoidable, but only if the business owner or manager wants them to be avoidable.  Many times, employees are not given proper customer service training.  They are given a handbook that they never read, and it has some paragraphs about customer service that they employee should follow.  This is far from being adequate.  Business today (especially in a downturn economy) really need to focus on customer service.  It’s free, it’s easy, and its great customer service will set your business apart from your competitors’. 

    So, some of you are saying “How”?  How can I instill great customer service in my front-line employees?  How can I get my staff to provide great customers service?  Simple.  It all starts at the top.  Everyone in your organization must be properly trained in customer service skills.  This even includes the folks in the accounting department.  Everyone that comes in contact with your business, whether they are the customer, someone picking something up for the customer, your vendors, your business partners, the delivery drivers – EVERYONE is your customer! 

    Right now, I am going to focus on how to eliminate the run-a-around in a few simple examples.

    1. A customer asks the cashier if they purchase 10 items could they get a discount.  Simple and straight forward.  Not your everyday question, but instead of the employee going “I don’t know.  Why do you want to buy 10 of those?” or the employee just walking away from the customer and not saying anything, train them to follow simple procedures.  Have the employee act (not overdoing it) enthused that someone would like to purchase 10 of an item.  Then inform them “I don’t know, but please wait here a moment and I will get the manager who could answer that question for you-I will be right back.”  The employee informed the customer on what they should do and what he/she will do to get their question resolved.
    • Now if the manager does not have the answer and needs to ask the owner or their supervisor, here’s how that should be handled.  Manager- “I’m sorry I do not have the answer to your question at this time.  Here’s what I can do for you.  Please let me put aside 10 of the items for you and get your contact information and I will contact the owner/supervisor and get an answer for you within 24 hours.”  Once again, the manager informed the customer of what they are going to do to get the question answered and gave the customer instructions on what will be done.

    Starting to sound like the run-a-around again doesn’t it?  The difference is simple communication.  The run-a-around that most business give the customer all steams on the employee not knowing who to go to in situations.  We used to provide customer service training to all the department at once.  This way a person in department A knows who to contact in department B in case there is a question that department B handles.  All the phones had a list of who to contact from each department in case these scenarios arose.

    Now, the best way to handle this is to empower your employees. In this case, maybe the front-line employee does reach out to their manager who does have the knowledge to answer the customers inquiry and for the front-line employee learn something new about those deep policies that are in the business. Then the manager can inform everyone on what just occurred and let them know what the procedure is for a similar situation. You cannot train everyone on every little scenario, but as they come up you can train everyone. This will strengthen your customer service skills and win over your customers.

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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