Biz Coach Steve

Tag: entreprenuer

  • 10 Proven Strategies to Keep Your Best People Happy, Engaged, and Loyal

    10 Proven Strategies to Keep Your Best People Happy, Engaged, and Loyal

    In today’s competitive business landscape, retaining top talent is not just about offering a paycheck. It’s about creating an environment where employees feel valued, empowered, and motivated to contribute their best. High-performing employees are the backbone of any successful organization and keeping them engaged requires a thoughtful and strategic approach.

    Here are 10 great strategies to ensure your talented team members stay with you for the long haul:

    1. Set Clear Expectations

    Ambiguity breeds frustration. Ensure that every employee understands their role by providing a clear, concise job description along with expectations. When employees know what’s required of them, they’re more likely to deliver exceptional results. Clearly defined expectations also pave the way for measurable success and accountability.

    2. Encourage Cross-Training and Job Rotation

    Monotony can lead to disengagement, even for your top talent. Let your skilled employees explore different roles within your organization. Cross-training not only enhances their skill sets but also fosters a sense of belonging and flexibility. Plus, a well-rounded team member is an invaluable asset during times of change or crisis.

    3. Equip Your Team for Success

    Do your employees have everything they need to excel? Whether it’s access to technology, ongoing training, or ergonomic tools to enhance their physical comfort, ensure their workspace supports productivity. Knowing their individual strengths and addressing their needs demonstrates that you care about their success.

    4. Streamline Communication

    Nobody likes being left in the dark. Develop a fast and efficient communication system to keep your employees informed about important updates and company strategies. Timely, transparent communication fosters trust and prevents resentment that could arise from finding out critical information secondhand.

    5. Leverage Strengths Every Day

    Great leaders recognize the unique strengths of their team members and allow them to shine in those areas daily. When employees can do what they love and excel at regularly, they’re more engaged, more productive, and more loyal to the organization.

    6. Recognize and Encourage Talent

    Never underestimate the power of recognition. Publicly celebrate achievements and offer private words of encouragement to let your employees know they’re appreciated. Dedicate time to identifying your key players and regularly checking in with them. A simple “thank you” or a moment of acknowledgment can go a long way in building morale.

    7. Partner in Professional Development

    Top talent craves growth. Encourage managers to collaborate with their employees in creating personalized development plans. Managers should take an active role in helping their team members identify and pursue opportunities for advancement, learning, and skill enhancement.

    8. Build Genuine Relationships

    Understanding what drives your employees is key to retaining them. Regularly revisit conversations to uncover what matters most to them—professionally and personally. Needs and ambitions evolve, so staying updated shows you genuinely care about their well-being and career satisfaction.

    9. Train Managers in Productivity Coaching

    Your managers are the linchpin in talent retention. Equip them with the skills to be effective productivity coaches and hold them accountable for fostering talent development. A well-trained manager who actively supports their team’s growth can create a ripple effect of positivity throughout your organization.

    10. Emphasize the “High-Touch” Approach

    In an increasingly digital world, personal connection matters more than ever. Train managers to excel in High-Touch leadership by recognizing, respecting, and rewarding employees for outstanding performance. Whether it’s a handwritten note, a personalized gift, or a verbal acknowledgment during a meeting, meaningful gestures can create lasting loyalty.

    The Bottom Line: Invest in Your People

    Retaining top talent isn’t just about offering perks or a competitive salary—it’s about fostering a culture of respect, growth, and recognition. By implementing these 10 strategies, you’re not just keeping your best people; you’re building a workplace where they’ll want to stay, grow, and thrive.

    Remember: Talented people have options. Make sure your organization remains their first and best choice by demonstrating that you value, respect, and support them every step of the way.

    By focusing on these areas, you’ll not only retain your best talent but also position your organization as a workplace of choice for years to come. Prioritize your people—they’re the ultimate drivers of success!

    #bizcoachstevef #business #stevefeld #smallbusiness #smallbiz #entrepreneur #marketing #leadership #coaching #businessowner #businesscoach #businesssuccess #businesscoaching #businesstips #entrepreneurship #success #entrepreneurlife #keynotespeaker #podcast #author #smallbusinessowner #speaker

  • When Should I Review My Business Plan?

    When Should I Review My Business Plan?

    A business plan is often the cornerstone of a company’s launch. Entrepreneurs invest countless hours crafting these detailed documents to secure funding, establish direction, and define goals. Yet, far too often, that painstakingly prepared plan ends up forgotten, tucked away on a shelf or in a drawer. However, a business plan should be a living document, regularly revisited and updated to guide your business through changes and challenges.

    So, when should you review your business plan? Here’s what you need to know.

    At Least Annually: The Bare Minimum:

    Every business owner should review their business plan at least once a year. Leading publications like Entrepreneur, Forbes, and Inc. advocate for an annual update to ensure your plan reflects the current state of your business, industry trends, and future goals.

    An annual review allows you to assess progress, identify emerging opportunities, and address challenges. It’s a chance to realign your strategies and tactics with your overarching vision. Think of it as your business’s annual physical exam—essential for long-term health and success.

    Monthly: Staying on Track:

    For even greater effectiveness, consider reviewing your business plan monthly. This proactive approach can help you ensure your company remains aligned with its objectives while allowing for timely adjustments.

    For example, during my time growing a large business, we committed to monthly reviews of our business plan. Each department revisited the plan, assessed performance against goals, and adjusted strategies as needed. The results were remarkable—every department consistently exceeded expectations. The key was maintaining alignment and focus through regular check-ins.

    Every Quarter: Staying Agile:

    Some companies, like Apple, take an even more dynamic approach by updating their plans quarterly. This allows them to adapt quickly to shifts in market trends, technological advancements, customer behavior, and regulatory changes. A 90-day review cycle ensures your business remains agile, giving you the flexibility to seize opportunities and mitigate risks as they arise. FYI Apple has a business plan department, and they are working 3 years out.

    When Major Changes Happen:

    Beyond scheduled reviews, certain events warrant an immediate update to your business plan. These might include:

    • Shifts in the marketplace: New competitors, regulatory changes, or disruptive innovations.
    • Company growth: Adding new products, services, or locations.
    • Financial changes: Securing new funding, significant revenue fluctuations, or altering your pricing strategy.
    • Ownership or management changes: Bringing in new partners or key team members.

    Your business plan must reflect the current landscape and internal dynamics. By staying up to date, you can ensure that your plan remains relevant and actionable.

    Why Regular Updates Matter:

    A current business plan offers numerous benefits, including:

    1. Clear alignment among stakeholders: If your company has multiple owners or partners, regular updates help ensure everyone shares the same vision and priorities.
    2. New opportunities and threats identified: Revisiting your plan regularly allows you to spot emerging competitors, potential collaborators, or untapped customer segments.
    3. Goal evolution: As your business grows, your objectives will change. Your plan should evolve to reflect these shifts, providing clear and measurable targets.
    4. Improved profitability: Consistent reviews keep you focused on financial performance, helping to identify cost-saving measures or revenue-boosting opportunities.

    Think of your business plan as a GPS for your business. The route you mapped out when you launched may no longer be the best way forward. Regular updates ensure you’re always navigating the most efficient and effective path.

    Involve Your Team:

    In the early days of your business, you likely prepared your plan alone. But as your team grows, their involvement becomes crucial. Engaging your staff in the review and update process fosters buy-in, alignment, and accountability. When your team has a hand in shaping the plan, they’re more likely to embrace its implementation and contribute to its success.

    If you don’t have a team, get with some fellow business owners to bounce ideas off them and receive feedback, input, and resources.

    Making It a Habit:

    To keep your business plan alive and relevant:

    • Set a recurring date for your reviews—annually, quarterly, or monthly.
    • Identify key metrics to evaluate progress and success.
    • Involve your leadership team and other relevant stakeholders.
    • Be honest about what’s working and what isn’t.

    By making plan reviews a regular practice, you can keep your business aligned with your goals and better prepared for the future.

    Dust It Off and Dive In:

    If your business plan has been sitting idle, it’s time to dust it off. Pull it out, review it, and update it to meet the current and future needs of your business. Whether you conduct annual reviews, quarterly updates, or monthly check-ins, the important thing is to make it a habit. A living, evolving business plan is one of the most powerful tools you must ensure your company’s continued growth and success.

    #bizcoachstevef #business #stevefeld #smallbusiness #smallbiz #entrepreneur #marketing #leadership #coaching #businessowner #businesscoach #businesssuccess #businesscoaching #businesstips #entrepreneurship #success #entrepreneurlife #keynotespeaker #podcast #author #smallbusinessowner #speaker

  • Are You Open to Getting More Sales?

    Are You Open to Getting More Sales?

    Isn’t it curious that sales, the lifeblood of every small business, is so damn hard to get right? You started your business because you believed you could make or do something that other people wanted, but then you struggle to find a way to talk about it with them so they’re moved to say, “How can I get some of that?” You want so badly to connect with prospective customers. You want so sincerely to experience your salespeople connecting with them. And it hardly ever feels like there’s enough connection going on, enough excitement about the product or service you’re so invested in, and enough prospects turning into customers.

    If you want to turn that around, first think about building a sales system in your company. Then consider this rarely appreciated notion: Sales is not about closing. Closing is an ‘old school’ idea that may work for those ‘hard-core’ salespeople, but it leaves everyone else feeling like everything that just happened was ‘wrong’.

    Sales is about opening. It’s about facilitating prospects with care in opening about what they really want and need. It’s about giving them room to feel what they’re feeling. Of course, prospects want things like product knowledge, insight, and solutions from the people they buy from. But, if you want your sales process to feel both meaningful and fun, and maximize your lead-to-sale conversions, you have to learn how to give your prospects an opening experience.

    Fortunately, the problem and the solution are one and the same. People—all people including prospects—speak in symbolic expressions. A symbolic expression is a ‘shorthand’ people use to capture a set of experiences and the meanings they associate with those experiences.

    Let’s look at an example, a symbolic expression may be: “We’ve made some mistakes in hiring.” It means something very specific to the prospect that he or she isn’t sharing. If you receive those words, without entering your prospect’s reality, you’ll create horizontal or superficial movement in your sales conversations. When you assume you understand people—when you really don’t—you leave them feeling disconnected from you, whether they’re conscious of it or not. Horizontal movement is what happens in most sales conversations. It looks like this:

    Prospect: We’ve made some mistakes in hiring.
    Salesperson: Hm, how many employees do you have?

    Prospects express something that has meaning to them that they’re not revealing, and the salesperson barely registers it and then changes the subject. The more prospects experience that you’re not curious about what they mean—again, whether they’re conscious of it or not—the less they’ll feel your interest in them. Your interest in them—your willingness to enter their reality—is the most meaningful gift you have to give your prospective customers, whether they buy it or not. Because, most likely, no one else is interested in their reality and they’re starved for it.

    Every symbolic expression is an opening opportunity, an opportunity to help prospects open up about what they really want, what they really need, and how they are really feeling. Opening opportunities create vertical movement in a sales conversation that takes people on a journey that is new, real, and alive. Here’s what vertical movement looks like:

    Prospect: We’ve made some mistakes in hiring.
    Salesperson: Oh, what mistakes?

    Sounds simple, but if you were to listen to recordings of your sales calls or those of your salespeople, you’d be shocked to find out what a tiny fraction of the time that level of ‘contact’ is happening. If you start orienting your listening to hear the symbolic expressions/opening opportunities offered by people in conversations—whether they’re with your prospects, employees, friends, or your spouse—you’ll begin to see how much people say that’s a door to a deeper level of what’s really living in them. When you can hear these expressions, try asking questions like:

    • What do you mean?
    • Can you tell me more about that?
    • When does that most often happen?
    • What’s that like for you?

    With practice, you’ll start to connect with people and enjoy your sales conversations in ways that would have never happened otherwise.

    One thing you’re likely to discover in the process, though, is how often people deflect or avoid answering the question you’ve asked. When people answer a different question than the one, you’re asking, notice it and find a way to ask the same question even a slightly different way—with as much real care as you can muster. Just because people aren’t accustomed to someone being interested in them doesn’t mean it isn’t worthwhile learning how to enter their reality and connect with them there. They may be surprised and even a bit uncomfortable, but they’ll appreciate it, whether they express it to you or not.

    If you’re not satisfied with the sales results you’re getting—if you and/or your salespeople aren’t connecting with enough of the prospects you get in front of—then do yourself a favor and assume there’s something you’re not creating in your sales conversations. Connecting with prospects means putting your reality aside long enough to meet your prospects where they are. Everything you want to accomplish in your business depends on it.

    #bizcoachstevef #business #stevefeld #smallbusiness #smallbiz #entrepreneur #marketing #leadership #coaching #businessowner #businesscoach #businesssuccess #businesscoaching #businesstips #entrepreneurship #success #entrepreneurlife #keynotespeaker #podcast #author #smallbusinessowner #speaker

  • YES!  I don’t want your business

    YES!  I don’t want your business

    Have you ever gone into a restaurant where you felt unwelcome?  Did you leave?  Do you continue to give them your money and feel unwelcome?

    How many times have you called a business to give them your business? Only to leave a message during operating hours, or be put on hold for longer than 10 minutes?

    How many times have you spoken to the owner of the business to get an estimate or proposal, only to never hear from them again?

    Have you ever heard a business owner complain they are not getting enough sales?  Then you give them a warm lead that they never follow up on?

    These are businesses that want the money but cannot perform any proper customer service to get the revenue.  They will complain about other businesses that provide this low level of customer service, but they are one of “those” businesses.

    A couple of years ago, I booked an industry expert (not on the sales side) to speak in front of 20 very active and profitable business owners regarding commercial insurance. More than half of these business owners are open to switching carriers right now.  I reached out to 8 local commercial insurance agency owners that I know who could help these business owners and connect them with their commercial insurance needs.

    I know what you are thinking.  WHAT AN OPPORTUNITY!!!  How would you like to get in front of 12 business owners who are actively looking for YOUR product or service?  And it didn’t cost you a penny, you didn’t have to pound the pavement, or smile and dial to get this opportunity, you didn’t have to beg or plead to get in front of them, you’re the expert and all you must do is show up, be you and educate these business owners.  Would you jump on an opportunity like that??  I know I would.

    Here’s what happened:

    • Two agency owners said no thanks-they were not interested. They were very large agencies and had too much business to take on more. In reality, they were both struggling for new business.
    • One said they didn’t have the time.  I don’t know about you, but I would find the time if it would translate into 12 large long-term sales.
    • I left voice mail messages for the remaining five agency owners.  Not one or two voice mails – but THREE voice mails all during their operating hours.  The voicemails were detailed and none of them were returned.  Plus, 3 emails to each one. Four of these agency owners are barely growing and tell me all the time they need more business. The fifth business is large and picks and chooses who they want as clients. They do lots of advertising.

    You may be thinking, are you kidding me? Really?  You’re making this stuff up. 

    This happens all the time and I hear it from prospects as well as fellow business owners. Businesses want more business but fail big time on the simple little actions that cause the biggest consequences.  If you are too busy to answer your phone during business hours, then put in a structured system on how the phones will be answered in your business.  If the receptionist is on the phone and the phone rings, have it routed to someone who could answer the phone. In one business HIGHLY successful business, they had implemented a structured phone answer system that was 6 layers deep (only 6 people worked there), and the calls were picked up before the fifth ring-most by the second or third ring. They were crushing their competition and always heard from the caller, “Oh wow, you answered your phone, the other company didn’t pick up.”

    This one simple thing could change your business. It’s also not just about answering the phone but being courteous and pleasant.  If you want business, then answer your phone.  Take care of the prospect.  If you get invited to speak to individuals who are open to purchasing your products or services.  Jump all over it and treat them like pure gold. 

    Just out of curiosity, I did reach out to the business owners a month after all this to see if they connected with the insurance agents. Not one of them heard from any of the agents. I never did refer any business to those agency owners ever again, nor will I ever allow them to win my business.

    What are you going to do today to improve one small thing in your business to take care of a prospect or customer?

    #bizcoachstevef #business #stevefeld #smallbusiness #smallbiz #entrepreneur #marketing #leadership #coaching #businessowner #businesscoach #businesssuccess #businesscoaching #businesstips #entrepreneurship #success #entrepreneurlife #keynotespeaker #podcast #author #smallbusinessowner #speaker

  • How to Make Sales during the Holidays

    How to Make Sales during the Holidays

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

    The time between Thanksgiving and New Year’s Day is critical to any business that wants to start the next year off with a full pipeline of prospects. Many businesses get caught up with the familiar music, parties, seeing old friends, and spending time with my family, make the holidays special. Almost everything about the holidays is fun except – selling. During a joyous season, the sales environment can be brutal. You need to make time for yourself and your family.

    During the holidays you and your salespeople struggle to maintain activity targets while prospects and customers routinely put off decisions until the New Year. The good news is, that despite the challenges, you can take control, maintain your focus, and still close deals. The key is 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 that by the time you get to January, most of these deals will be cold.

    Learn How to Get More Referrals During the Holidays

    To have any chance of closing these deals you must strike while the iron is hot. You cannot allow emotions to wane. So, during this time of year, you must give your prospects and customers a more compelling reason to plan 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 the wonderful (and not-so-wonderful) distractions of the holidays, it can be easy to slack off, and let your self-discipline slip and move away from your normal daily routine. 

    This slip has two consequences. In the short term, it hurts your closing ratio during 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, you must 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. Consider all 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 planning process is for keeping you on track and focused during the holidays.

    Most importantly, by planning 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.

    #bizcoachstevef #business #stevefeld #smallbusiness #smallbiz #entrepreneur #marketing #leadership #coaching #businessowner #businesscoach #businesssuccess #businesscoaching #businesstips #entrepreneurship #success #entrepreneurlife #keynotespeaker #podcast #author #smallbusinessowner #speaker

  • Why Every Entrepreneur Needs a Coach

    Why Every Entrepreneur Needs a Coach

    See why a coach can help you grow, save time and leverage the resources around you.

    As entrepreneurs, we want to take on the world by ourselves. We dig in, work hard, and are determined to be self-made. Why would we need someone to tell us what to do? Isn’t that why we started our own business in the first place, to avoid being told what to do?

    I’m a firm believer in business coaches and mentors. In fact, I have multiple mentors over the course of my life and a mentor in each one of my business to help guide me through my own business and life challenges. The value and expertise they provided me was incredible. They brought light to my weak points, gave me a very objective outside view, and they all held me accountable to my own goals.

    Experienced coaches have seen businesses grow throughout every stage and know the challenges that come with every step. These coaches usually work with business owners and leaders within different industries and provide resources to someone that is solely focused within their own industry. Many times, entrepreneurs will never consider bringing on a coach because they feel either they know their business better than anyone else or they think they “should” know everything about their business. It can be difficult to swallow some pride and reach out for help. However, many small business owners are seeing the value of coaches. As a result, they are taking advantage of one of the greatest resources at their disposal.

    Coaching and Education

    More businesses that have employees are starting to utilize the services of a coach within their business.  Just look at the INC 500, or Fortune 500 list and related articles on how many of those high performing companies are utilizing the services of a business/executive coach – almost all of them.

    You don’t have to be some large or unicorn company to use a coach, any size business should be working with a coach and taking advantage of their resources in overcoming business and personal challenges.

    Several factors are driving the use of coaches and training. Business has gotten more complex and is changing more rapidly. Businesses are turning to expert coaches and training that they’re willing to pay for to provide guidance on working through complex problems quickly. There simply is no longer the time to “learn while doing” or the margin of error to “learn by making mistakes.”

    Masterminds, Mentoring and Metrics

    Many successful small business owners I have spoken with said they used coaches and unpaid mentors to improve their management and leadership skills, help them set and achieve goals and work through difficult business problems and decisions.

    Some entrepreneurs mentioned they often turned to mentors and coaches for emotional support, especially when faced with difficult decisions. We are not talking about speaking with a family member here-they will NOT give you the good, bad and the ugly of the situation.

    In a past mastermind group I facilitated, several members brought up a need for help to get over their fear of hiring an employee. In another mastermind group, the larger firms continually posed to the group on how to enhance their skillsets and assist them in decision-making. These firms clearly see the value of mentors and coaches and are expanding their use.

    Three Reasons Why You Need a Coach

    • Personal Growth: Take advantage of those who’ve walked the path before you. There’s much to be learned from those who’ve been there and done it before us. Sure, times have changed over the years in how we do business, but there are fundamental and enduring principles involved with running a successful business and dealing with people, especially the one you see in the mirror every day. There is no shame in getting help.
    • Save Time: You simply don’t have the time to stay on top of the latest changes in the business world. As business gets more complex and the pace of change increases, leverage an experienced coach or mentor to save you and your team time and money.
    • Work smarter, not harder: Having a strategic partner by your side, who will keep you focused and on track to your goals will save a lot of time and frustration. The coach will have resources available to them to assist you to implement these tools. So leverage an expert resource to help guide you on the journey to success.

    Don’t be afraid to get help. Successful small business owners look to coaches, mentors, education and training for themselves and their employees to help overcome challenges, learn new skills, and deal with complexity. They see help as a way to improve themselves and their business’s competitiveness.

    So what are you waiting for? Go ask for the help you need in your business to overcome the challenges you’re facing! You, your team, and your customers will likely all benefit.

    Portions of this article were original articles written by Clate Mask

    #bizcoachstevef #business #stevefeld #smallbusiness #smallbiz #entrepreneur #marketing #leadership #coaching #businessowner #businesscoach #businesssuccess #businesscoaching #businesstips #entrepreneurship #success #entrepreneurlife #keynotespeaker #podcast #author #smallbusinessowner #speaker

  • 3 Elements of a Successful Coaching Engagement

    3 Elements of a Successful Coaching Engagement

    Just pick up any business periodical, view them online, read industry journals, blogs, and posts, to see the hundreds, if not thousands of articles stating the benefits of executive coaching. Executive coaching has now become a buzzword and something many high-performing organizations are using within their business.

    Executive coaching is still often misunderstood in terms of how it differentiates itself from performance management and other leadership development offerings. The International Coach Federation (ICF) defines coaching as “partnering with clients in a thought-provoking and creative process that inspires them to maximize their personal and professional potential, which is particularly important in today’s uncertain and complex environment.”

    A professional coaching engagement helps improve performance and personal effectiveness while reducing stress. It offers a rare opportunity to stand back and take a fresh look at the experiences and assumptions of a lifetime. Keep in mind that a professional coach is potentially the only person one interacts with who has a single focused agenda: the success of their client.

    The coaching process is highly personal, and structured to meet the needs of both the leader as well as all the staff within that organization. Different leaders focus on different goals; different approaches or methodologies are effective for different leaders; and different coaches are needed for different leaders.

    The Harvard Business Review conducted an online questionnaire for coaches and consultants to provide feedback on their insight into their own practices.  The results showed 3 main factors that are critical to a successful coaching engagement.

    Level of motivation of the executive. According to the survey, executives who get the most out of coaching are those with a fierce willingness to learn and evolve – these individuals are often referred to as “coachable.” Leaders who are motivated and prepared to make changes are more likely to make dramatic positive results within their businesses.

    Chemistry between coach and leader. The relationship and dynamic between the coach and the leader is critical to ensuring success. Allowing the leader, the opportunity to meet several coaches in person, or to consider their biographies, allows the leader to make the determination of which coach is best suited to working with them. There are many factors that are involved chemistry on the part of the coach – background, advanced degrees or training, expertise or niche, etc. This alliance will allow the coach and leader to build trust and rapport.

    Commitment from the leader or top management. The final key element to a successful coaching engagement is support and commitment from the leader and their organization. There must be a desire to develop and retain the leader who is taking part in coaching; at the same time, there must be alignment on the goals and objectives that the leader is undertaking during the coaching program. Conversations with key stakeholders, such as the leader’s manager or Human Resources business partner, ensure buy-in and support.

    These elements are just three of the many factors that are critical to support coaching engagement. Others include utilizing appropriate assessments to understand personal leadership capabilities and environmental dynamics; creating an individual development plan with actionable or SMART goals; and having an underlying methodology or process to follow, with milestones to track progress.

    #bizcoachstevef #business #stevefeld #smallbusiness #smallbiz #entrepreneur #marketing #leadership #coaching #businessowner #businesscoach #businesssuccess #businesscoaching #businesstips #entrepreneurship #success #entrepreneurlife #keynotespeaker #podcast #author #smallbusinessowner #speaker

  • TEN WAYS TO GET BUSINESS-SMART

    TEN WAYS TO GET BUSINESS-SMART

    In today’s fast-paced, ever-changing business environment, being “business smart” is more crucial than ever. But what does it mean to be business smart, and how can you develop this essential trait?

    What is Being Business Smart?

    Being business smart is more than just understanding the basics of your business and industry. It’s about having the acumen to navigate complex business environments, make informed decisions, and anticipate changes in the market. Business-smart individuals possess a blend of analytical thinking, strategic foresight, adaptability, and an understanding of both the big picture and the finer details. They are resourceful, innovative, and capable of leveraging their knowledge and experience to drive success.

    Ways to Get Business Smart

    1. Continuous Learning: Stay curious and committed to learning. Whether through formal education, online courses, or self-study, continuously expanding your knowledge is key. Familiarize yourself with the latest trends, technologies, and methodologies in your field.

    2. Understand Financials: Mastering the language of finance is crucial. Learn to read financial statements, and understand key metrics like profit margins, cash flow, and ROI. This knowledge will empower you to make data-driven decisions and identify potential financial pitfalls.

    3. Develop Strategic Thinking: Strategic thinking involves looking ahead and planning for the long term. Practice envisioning where your business should be in the future and outline actionable steps to get there. This includes understanding market dynamics and anticipating changes that could impact on your business.

    4. Build Strong Networks: Surround yourself with like-minded professionals and mentors who can offer advice, insights, and opportunities. Networking isn’t just about who you know; it’s about who knows you and values your contributions.

    5. Hone Your Leadership Skills: Effective leadership is at the core of being business smart. This means not only managing teams efficiently but also inspiring and motivating others to achieve collective goals. Leadership skills include communication, emotional intelligence, and decision-making.

    6. Stay Customer-Centric: Understand your customers deeply. What are their needs, pain points, and desires? Being business smart involves anticipating customer needs and delivering value that exceeds their expectations. This customer-first mindset is essential for long-term success.

    7. Embrace Technology: Technology is a powerful enabler in today’s business world. Stay abreast of technological advancements relevant to your industry and explore how they can improve efficiency, enhance customer experience, and drive growth.

    8. Understand the Competition: Know your competition as well as you know your own business. Analyze their strengths and weaknesses and identify gaps in the market that you can exploit. Being aware of competitive moves allows you to stay ahead of the curve.

    9. Adapt to Change: The business world is constantly evolving, and so must you. Cultivate the ability to adapt quickly to changes in the market, technology, and customer preferences. Flexibility and resilience are hallmarks of business-smart individuals.

    10. Develop Problem-Solving Skills: Problems are inevitable in business, but how you handle them sets you apart. Sharpen your problem-solving skills by tackling challenges head-on, considering multiple solutions, and learning from past mistakes.

    Becoming business smart is not a destination but a journey. It involves continuously refining your skills, knowledge, and mindset to stay competitive and effective in the business world. By embracing these 10 strategies, you’ll be well on your way to developing the acumen needed to thrive in today’s dynamic marketplace. Whether you’re an entrepreneur, a seasoned executive, or just starting out, being business-smart is your ticket to success.

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  • The Perceived Value of a Chamber

    The Perceived Value of a Chamber

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

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

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

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

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

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

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

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

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

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

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

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

    The results were shocking. That membership was totally a perceived value, not a real value. I was very active and engaged with the chamber and the other members. I had to drop that membership because it was a smart business decision. Other chamber memberships have only had perceived value and I have stayed a member because I really enjoyed being part of that chamber, its members as well as its staff. In another chamber I was in the results were completely different. I had a 5x ROI. Yes, I renewed every year in that chamber.

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

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

  • Seven Idiot-Proof Marketing Strategies That Will Skyrocket Your Sales and Profits

    Seven Idiot-Proof Marketing Strategies That Will Skyrocket Your Sales and Profits

    Business owners are experiencing some of the most turbulent times in history. Inflation, Pandemic, Gig-Economy, the Great Resignation, etc. The Internet has created a whole new economy. And this is just the beginning…

    I get asked all the time, “What are a few marketing strategies that I should be doing right now to grow my business?”

    This a logical question that every business owner is asking.

    Here are just a few simple marketing strategies that will skyrocket your sales and profits.

    Idiot Proof Strategy #1

    Create A Marketing Parthenon

    A Marketing Parthenon means having multiple different sources of revenue and lead generation instead of relying on just one and not 100’s.

    There are literally thousands of different marketing strategies you could be using to grow your business but only a few that you need to do consistently that will allow you to make all the money you desire. It’s sometimes hard to find just 3-4 strategies that bring you the highest ROI. Most business owners are trying around 15-20 marketing strategies and are struggling with keeping up with all those strategies. Look at your current marketing strategies that have increased your business the most and just stick with those. Lose the rest.

    For example, let’s say your primary method for generating new business is through direct mail.

    What happens if, for whatever reason, your postcards, fliers, or FREE Reports stop working tomorrow? How will that impact your business?

    The same thing can happen to you if you don’t diversify your business.

    Start now by conservatively testing other methods of marketing so that if one method stops working, it won’t put down your entire business.

    Idiot-Proof Strategy #2

    Consistency

    This one seems so easy, yet so many people fail to be “consistent” in their marketing efforts.

    For example, we get calls all the time saying things like “I just mailed 200 postcards, now what do I do?” The answer’s pretty simple…

    Mail 200 More Next Week!

    You can’t do just one mailing, run just one ad, do just one joint venture, and expect blockbuster results.

    Marketing doesn’t work like that!

    Create a marketing plan and a marketing budget for the year and stick to it.

    For example, maybe your plan calls for mailing 200 postcards a week, developing, and maintaining an internet website, running 2 small ads a week in local newspapers, and setting up one new joint venture per month.

    If that’s your plan, you must stick to it.

    Over about 90 days, you will create momentum, and sales and profits will start to roll in.

    And if, for some reason, one of your marketing methods stops working…

    Change Your Approach!

    Don’t just give up on direct mail or advertising entirely – test a new ad or sales letter.

    Whatever you do…

    Be Consistent!

    Idiot-Proof Strategy #3

    Sequenced Mailings

    This is probably the most important marketing strategy you could implement, yet very few marketers have put systems into place to allow them to tap into the power of consistent sequenced mailings.

    There was a famous marketing study done several years ago that determined that over 70% of all people who respond to an advertisement (or letter) will ultimately buy the product or service being offered.

    Here’s the interesting part…

    Almost All of Those People Will Purchase The Product Or Service From Someone Other Than The Original Advertiser!

    Why do you think that is?

    I’ll tell you why… because people buy when THEY are ready to buy not when YOU are ready to sell.

    So, what does all this mean to you?

    It means that sending out one FREE Report to a leader is not enough.

    When a lead calls an 800# to get a FREE Report, all they are basically saying is that they are interested in buying what you have to offer (but NOT necessarily ready to buy yet).

    “Yet” is the important word here. This means that at some point in time, they will be ready to buy, and the company that gets the sale will be the one who stayed in front of them until they were ready to buy.

    Idiot-Proof Strategy #4

    Monthly Newsletters

    Do you send out monthly newsletters to your clients?

    If not, why not?

    Did you know it’s far easier to re-sell an existing client than to sell to someone who doesn’t know and trust you?

    Did you also know that you lose 1/12 of the value of a client every 30 days you don’t communicate with them?

    So, knowing these two facts, what’s the easiest, most profitable way to maintain relationships and re-sell existing clients?

    You guessed it… you’re reading one now.

    So, if someone becomes a client after reading a FREE report, offer them more FREE reports on other things that you offer.

    But whatever you do, make sure you keep in touch with your clients at least once a month!

    Idiot-Proof Strategy #5

    Create A Back End for Your Business

    As I said earlier, it’s far easier to re-sell to an existing client.

    It’s also…

    Far More Profitable!

    Think about it…once you’ve spent the high upfront costs to acquire a new client, it’s relatively inexpensive to send them a letter promoting another product or service.

    The list is endless. The sky is the limit.

    Now it’s up to you to either offer these services yourself or set up Joint Ventures with other companies who already offer these services and split the profits.

    Idiot-Proof Strategy #6

    Testing

    It always surprises me how few business owners and marketers actually “test.”

    For example, have you ever tested one price against another to see which price pulls the most sales?

    I’ll bet most of you haven’t.

    Well starting today, here’s a brief list of the most important things to test:

    1. Headlines (in ads and sales letters)
    2. Price
    3. Guarantees
    4. Offers
    5. Mailing Lists
    6. Newspapers

    And the list goes on. There are an endless number of variables you can test in your business.

    Here’s the exciting part: One “minor” change can have a major impact on your business.

    For example, let’s say you test charging $700 instead of $500 for your services and your sales remain the same. Let’s further assume you’re selling approximately 100 new clients a year.

    The $200 extra dollars per client multiplied by 100 clients or …

    $20,000 Extra Dollars Per Year with No Extra Work on Your Part!

    That’s the power of testing. Put it to use in your business today.

    Idiot-Proof Strategy #7

    Creating A Deluxe Version of Your Service

    Airlines have “First Class” tickets. Nightclubs have “VIP” rooms. Hotels have “Suites.”

    Are you starting to get the point?

    Give your clients more than one option. Offer them the “No Frills” service for one price, and the “Premium” service for a higher price.

    Add extra bells and whistles to the “Premium” service and create a much higher “perceived value” and I GUARANTEE most of your clients will choose the “Premium” service.

    You want to give your clients a “Yes” or “Yes” decision NOT a “Yes” or “No” decision.

    So, if you aren’t already offering a Deluxe service, start doing it immediately!

    What are you going to start doing today to create a marketing machine that increases your sales and profits? It doesn’t have to be 100 different marketing strategies. Start with one, be consistent with that strategy, test it, measure it, adjust it, and profit from it. Then start with the next one.

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    Steve Feld, MBA, Certified Business Coach, and Author, a coffee enthusiast, provides training and business performance coaching to business owners, professionals, and executives. Steve also speaks to organizations and conducts workshops and training.  Focusing on lead generation and revenue creation to get growth results for the business.

    Contact Biz Coach Steve today to see how he can assist you to get the results you want in your business, steve@bizcoachsteve.com, or www.bizcoachsteve.com. He is in the business of growing businesses. Need a speaker, contact Steve today.

    #bizcoachstevef #business #stevefeld #smallbusiness #smallbiz #entrepreneur #marketing #leadership #coaching #businessowner #businesscoach #businesssuccess #businesscoaching #businesstips #entrepreneurship #success #entrepreneurlife #keynotespeaker #podcast #author #smallbusinessowner #speaker