Biz Coach Steve

Tag: Owner

  • Are you a good Negotiator?

    Are you a good Negotiator?

    I was having coffee with a fellow business owner, and he was telling me that he is expanding his office into the suite next to his current office and he is about ready to start negotiating with his landlord. He confessed he has never had to negotiate anything like this before and was worried that he will not get everything he wants with the larger space.

    Many business owners just accepted a lease from a landlord and never entered into negotiating with them, which is normal.

    In a sense, all of life is a negotiation.

    You are always negotiating in some way. When you drive from one place to another, you negotiate through traffic, letting other people get in front of you and you get in front of them. When you go to a restaurant you negotiate, to get a table and then get the kind of table you most like. You negotiate all the elements of your work life and all the things you do or don’t do. You negotiate prices, terms, schedules, standards, and a thousand other details all day long. The process is never-ending.

    Your ability to interact, communicate, persuade and negotiate with others determines your income more than any other factor It is therefore well worth your while to do everything possible to be very good in this area.

    It is not really a question of whether or not you negotiate. The only question is, “How good of a negotiator are you?”  If you want to get things in life faster and easier then you need to be better at negotiating than the other person.

    How many times have you heard someone say, “I am not good at negotiating.”  The reason they feel this way is that negotiating is a learned skill, just as learning how to ride a bicycle.  They may not be good at negotiating because they were never taught how to negotiate.  Learning how to be an effective negotiator takes time and practice.

    Why does everyone hate to negotiate with a car salesperson? Because the salesperson has been taught how to negotiate and usually has the upper hand in the discussion.  Now, if you were trained as they were on how to negotiate and understood the rules of negotiating, would you dread negotiating with a car salesperson?  Probably not.

    The primary purpose of negotiating is to come to an agreement between two or more parties and then fulfilling that obligation.  That’s it. Simple right?

    Your ability to negotiate will for yourself and your company will make an enormous difference in the quality of your sales and the degree of profitability you achieve for your organization. So being an effective negotiator will make a great difference in your life.

    There are many rules for negotiating. 

    Rule #1) This is a shocker – AVOID IT!  Yes, that is correct, avoid negotiating. If the other party is good at negotiating and you feel you’re not, then why go into a negotiation with that attitude-you’re not going to fair too well on the outcome.

    Rule #2) Delay negotiating as long as possible. You must first have a desire to buy before offering concessions. Never use negotiating as a substitute for salesmanship (value).

    Rule #3) Negotiating is a sales tool – use it as one. Early concessions have very little impact on the deal and decrease the attractiveness of your product or service.  Early concessions create an appetite for more & bigger ones later and the first person to concede will usually concede again & again.

    Rule #4) There are several requirements for negotiating.  All parties involved must first have the authority to negotiate as well as to uphold what has been agreed upon. Many times, you may enter a negotiation, and come to an acceptable outcome only to find out that the person you have been negotiating with must get someone else’s approval.

    Rule #5) Some primary aims of negotiating in sales.  Remember if you don’t need to negotiate, then don’t.

    • Negotiate only when it’s necessary to get the sale
    • Negotiate to build a long-term relationship
    • Negotiate to find a way to satisfy both parties

    There are only six outcomes of negotiating.  If the outcome is NOT a Win/Win or No Deal, then end the negotiation. You may win in a Win/Lose outcome for now, but the party that lost will not be doing business with you after that deal.

    1. Win/Lose
    2. Lose/Win
    3. Lose/Lose
    4. Compromise
    5. Win/Win
    6. No Deal

    Finally, always prepare to be successful at negotiating. Remember negotiating is a skill that can be learned, and you need to prepare and practice before entering a negotiation. Some ways to prepare are;

    • Lawyer method:  Prepare your position from the other party’s point of view.
    • 20 Idea Method: Write out 20 benefits for the other party and when negotiating present those ideas.
    • Research the other party: Many times, this simple step is avoided.  Find out what they are looking to gain from the negotiation.
    • Get the fact before you enter a negotiation:  Make sure you are clear on why you are entering the negotiation with the other party and what they are willing to offer to enhance the negotiation.
    • Ask the customer for the information you need to negotiate effectively. Pretty simple, but how many times have you just asked the other party for their information?

    The next time you must enter into a negotiation with another party, be prepared, practice, do your research, qualify them to make sure you are dealing with the decision maker, research them (talk to some of their customers), and only accept a Win/Win or No Deal as the outcome.

    Good luck negotiating.

    #

    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, [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 #businesscoachnearme

  • The Vacation Liberator

    The Vacation Liberator

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

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

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

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

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

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

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

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

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

    Stop lying to yourself. Recharge your batteries and take a real vacation.

  • 7 Traits of Successful Entrepreneurs

    7 Traits of Successful Entrepreneurs

    Enter “entrepreneurial traits” into Google, and the menu of frequent searches will complete the query with “… of Steve Jobs,” “Mark Cuban,” and “… of Bill Gates,” among others. These are the forces of nature that spring to mind for most of us when we think of entrepreneurs–iconic figures who seemed to burst from the womb with enterprise in their DNA.

    They inspire, but they also intimidate. What if you weren’t born with Jobs’ creative genius, Cuban’s pursuit of simplicity, or Gates’ iron will? There’s good news for the rest of us: Entrepreneurs can be guided to success by harnessing crucial attributes. Scholars, business experts, and venture capitalists say entrepreneurs can emerge at any stage of life and from any realm, and they come in all personality types and with any grade point average.

    Contrary to conventional wisdom, you don’t have to be Type A–that is, an overachieving, hyper-organized workaholic–or an extrovert to launch a successful business. “Type A’s don’t take the risks to be entrepreneurs,” says Elana Fine, managing director of the University of Maryland’s Dingman Center for Entrepreneurship, adding that the same goes for straight-A students. “Very often it’s C students who become entrepreneurs.”

    However, the best entrepreneurs do share a collection of characteristics, from tenacity to the ability to tolerate risk, that are crucial to a successful venture. An analysis of 23 research studies published under the title “The Big Five Personality Dimensions and Entrepreneurial Status” found that entrepreneurs have different personality traits than corporate managers, scoring far higher on traits such as openness to experience (curiosity, innovation) and conscientiousness (self-discipline, motivation) and considerably lower on neuroticism, which allows them to better tolerate stress.

    1. Tenacity

    Starting a business is an ultramarathon. You have to be able to live with uncertainty and push through a crucible of obstacles for years on end. Entrepreneurs who can avoid saying uncle have a better chance of finding their market and outlasting their inevitable mistakes. This trait is known by many names–perseverance, persistence, determination, commitment, resilience–but it’s really just old-fashioned stick-to-it-iveness.

    So much of entrepreneurship is dealing with repeated failure. It happens many times each week, every day.

    When failure happens, you have to start all over again. Those businesses that survive and thrive learn from their failures. Fail fast, my friend.

    • Passion

    It’s commonly assumed that successful entrepreneurs are driven by money. But most will tell you they are fueled by a passion for their product or service, by the opportunity to solve a problem and make life easier, better, cheaper.

    I hear this all the time that most entrepreneurs believe they will change the world. Passion based on your company’s specific mission is an intrinsic drive that provides the internal reward that can sustain you between paydays.

    • Tolerance of ambiguity

    This classic trait is the definition of risk-taking–the ability to withstand the fear of uncertainty and potential failure. “It all boils down to being able to successfully manage fear,” notes Michael Sherrod, entrepreneur-in-residence at the Neeley School of Business at Texas Christian University.

    He sees the ability to control fear as the most important trait of all. “Fear of humiliation, fear of missing payroll, running out of cash, bankruptcy, the list goes on. An entrepreneur looks at the situation and knows he has some control over the outcome, they may or may not.

    • Vision

    One of the defining traits of entrepreneurship is the ability to spot an opportunity and imagine something where others haven’t. Entrepreneurs have a curiosity that identifies overlooked niches and puts them at the forefront of innovation and emerging fields. They imagine another world and have the ability to communicate that vision effectively to investors, customers, and staff.

    Many people would be satisfied with a couple of successful businesses, but true entrepreneurs have that vision. Entrepreneurs have to endure naysayers and need to keep seeing the future before the future plays out. You have to be several steps ahead of the market.

    • Self-belief

    Self-confidence is a key entrepreneurial trait. You have to be crazy-sure your product is something the world needs and that you can deliver it to overcome the naysayers, who will always deride what the majority has yet to validate.

    Researchers define this trait as task-specific confidence. It’s a belief that turns the risk proposition around–you’ve conducted enough research and have enough confidence that you can get the job done that you ameliorate the risk.

    You have to have a lot of self-confidence. Be willing to take a risk, but be conservative.

    • Flexibility

    Business survival, like that of the species, depends on adaptation. Your final product or service likely won’t look anything like what you started with. The flexibility that allows you to respond to changing tastes and market conditions is essential. “You have to have a willingness, to be honest with yourself and say, “This isn’t working. You have to be able to pivot.”

    • Rule-breaking

    Entrepreneurs exist to defy conventional wisdom. A survey last year by Ross Levine of the University of California, Berkeley, and Yona Rubinstein of the London School of Economics found that among incorporated entrepreneurs, a combination of “smarts” and “aggressive, illicit, risk-taking activities” is a characteristic mix. This often shows up in youth as rebellious behavior, such as pot-smoking. That description would certainly hold for some of the most famous entrepreneurs of recent years.

    In fact, simply starting a business breaks the rules, as only about 13 percent of Americans are engaged in entrepreneurship, according to a Babson College report. Doing what the majority isn’t doing is the nature of entrepreneurship, which is where the supply of inner resources comes in.

    Are these traits in you? There’s only one way to find out.

  • Eight Signs it’s Time to Hire a Business Coach

    Eight Signs it’s Time to Hire a Business Coach

    As a leader, you might think you should have everything figured out already, but this simply isn’t true. While all of us have our talents, leadership skills are often something we have to learn along the way.

    Enter the business coach. A business coach oversees and guides a manager or founder in starting, growing, or developing a business. Like a sports coach, a business coach’s job is to help you develop the skills and resources you need to be successful. A coach is there to assist you in your business, not to tell you how to run your business. They can see your shortcoming and provide you the tools and resources to fill in those gaps to grow your business and improve your own skills.

    Whether you’re overwhelmed, in need of advice, or want to see better results, here are 8 signs that it may be time to bring in a coach into your business.

    1. You Are Overwhelmed

    One of the top signs that it’s time for a coach is when you hit that feeling of being overwhelmed. You are overwhelmed by feeling like there is too much to do and too few hours in the day to get everyone accomplished. You are overwhelmed by not knowing how much profit you are making at the end of your month. And you are overwhelmed because you don’t feel like you have control of your business, your employees, or your vendors.

    2. You Need a Confidant to Talk About Your Business With

    Standing center stage expects excellence. Who can you trust to speak without feeling exposed, or impairing your credibility or reputation within the organization or its clients? How would it feel to have a safe sounding board for honest feedback on your ideas and a partner to support you in the process of design, implementation, and evaluation? Time to hire a coach!  

    3. You Intellectually Know What to Do But Don’t Do It

    You need a coach when you “know” what to do but don’t implement. Lack of change typically occurs because you need to experience some paradigm shifts that require someone with an outside perspective to challenge your assumptions and because you need someone to help you translate general principles into specific steps that you can take in your own life.

    4. You Aren’t Getting the Results You Want

    Sometimes we think we know the right path to take in our career growth or business growth, but we come to find it isn’t working. To get the results we want, we may need guidance from someone who can see things from a more objective view, not a subjective view. Turning to a business coach can increase ROI, surge active engagement, and allow one to remove obstacles that are precluding results.

    5. You Want to Save Time and Money

    If you’re business or thinking about starting a business and thinking, “Wow, I could use someone to help me figure out the best way to do this,” you should be considering getting a coach. Going the “lone wolf” route can cost much more in wasted time and money, and that can all be avoided by working with an excellent coach.

    6. You Find Yourself Listening Only To Your own Ideas

    You need to hire a business coach is when you find yourself only listening to your own ideas. The higher up the ladder you are, the more people tend not to be honest and just comply. The same thing can happen to entrepreneurs because they have a tendency to work alone; they tend to only hear their own ideas. We all need checks and balances. A coach can help you.

    7. You’re Feeling Stuck and Frustrated by Others

    Einstien stated the definition of insanity is doing the same thing over and over and expecting different results. I hear this all the time. My clients often have a similar story reappearing in their lives in different ways. A great time to work with a coach is when you find yourself repeatedly frustrated by others around you at work, or if you can see that you have some unhealthy workplace dynamics, but you’re not sure how to really shift them. The unbiased perspective of a coach can be just what that executive needs.

    8. You Want Your Company to Grow

    If you’re alive and breathing as an entrepreneur, you need a coach. I’m not only a coach I am also the CEO of my company with multiple people in the organization. I’ve hired half a dozen coaches (and have 2 coaches), been the beneficiary of a couple of dozen mentors, and worked with multiple strategic partners. Your company only expands at the rate of your own growth. Find a coach you can rely on and get to work. The ROI is ridiculous.

    Stop the madness and wishing your company can grow. Get the help you need to really have your business take off. It will be one of the best investments you ever made in your business and yourself.

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    Steve Feld, MBA, Certified Business Coach, Author, provides training and business performance coaching to business owners, professionals, and executives. Steve also speaks to organizations, 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, [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 #businesscoachnearme

  • The Manager – Coach and Confidant

    The Manager – Coach and Confidant

    Your people are your most precious resource. Only your people can be made to appreciate you and the value you bring to them. All other resources and corporate assets depreciate over time. You need great people in your organization to grow your business.

    People leave jobs due to their manager and that person’s poor leadership and managerial skills. People stay at bad jobs due to how great their manager treats and lead them.

    Many organizations have managers that were promoted because; they talk a great game (the BS’ers), or performed well on a project, are great at shuffling paperwork, are well networked in the organization, due to nepotism, or were hired externally to make changes within an organization. Many managers are just that – managers and not leaders. There is a big difference between managing and leading.

    Bad managers may or may not know they are demoralizing their staff through their words and actions. The worst managers do not believe they are negatively impacting the business but believe the business is declining due to the staff.

    One big area I have seen managers and business owners fail at is providing effective coaching to their employees. They believe having that annual review with their staff, beating them up over something they cannot remember 10 months ago, and providing nothing, but negative comments are showcasing their great managerial skills.  They are doing it because that is all they know, and they need to check a box to say they did the review.

    The fastest and most effective way to increase the productivity and performance of your people is for you to give them timely and relevant coaching and counseling at the proper times in their careers. This is the exact opposite of what many managers believe. People cannot grow without honest, objective feedback and instruction from someone who can look at their performance and tell them exactly how they are doing.  The best managers are always communicating with their staff, coaching and guiding them. Correcting them if needed but in a positive and supportive manner.

    Everyone needs feedback and counseling from someone he or she respects and trusts to improve and to get better at their work. Many average people have become star performers within their organization as the result of a manager taking the time to guide them and instruct them on how to improve in critical areas of their work.

    One of the best managers I have ever met never wanted to run the company. They were very happy in their manager role looking over 50 people who were on the manufacturing floor.  The reason being his employees in his division had the highest output compared to other locations the company had as well as the industry average. His employee turnover was unheard of at 99% retention. He told new staff members that they will only work for him for a maximum of 5 years. His goal is to provide his staff with managerial and leadership skills to get a better job within or outside the organization. He had monthly group and one-on-one meetings. He did little talking at all the meetings. He listened. Asked the right questions at the right time. Provided guidance and support to everyone. All his current and prior staff members would walk through fire for this guy.  His passion was to be the best manager and develop leaders.  Could you emulate his vision and actions?

    You need to learn how to give timely and accurate coaching and counseling to each of your staff members regularly. If they are performing below par, take them aside and find out why. Ask them questions. Don’t start criticizing them and threatening them about their performance. You may be shocked to find out that person may have lost a close family member and that has impacted their performance. You don’t know. Treat them with respect and ask questions.

    Make sure you are clear about what is expected from your staff. If you just tell them to produce 100 units an hour, that is an expectation. Go deeper. Show them how to produce 100 units an hour. Sit with them. Ask them how they could produce 100 units an hour. What could they improve on to produce more?  Be clear on your expectations and be the coach and confidant.

    “The number one demotivator in the world of work is not knowing what is expected.”

    A great strategy is to have short monthly one-on-one meetings with your staff. The manager is there as a facilitator, the coach, guiding the meeting, but doing the listening and asking questions. To make these meetings effective and to coach your staff, they create the agenda for the meeting. Let them tell you what they have been working on in the past month. What their goals were in the last month and if they achieved them or not and why. They will tell you their goals for the next month and how they will achieve them. You will just ask questions to clarify anything they said and to push them a little bit to learn something new. Improve their production, their leadership skills, whatever it may be. You are the coach. Coach them. Be clear in your communication. No fluffy stuff. Be open honest and caring. Have them always reaching higher to achieve their personal goals and to achieve the goals of the business. 

    What are you going to do to be the coach and confident in your business?

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    Steve Feld, MBA, Certified Business Coach, Author, provides training and business performance coaching to business owners, professionals, and executives. Steve also speaks to organizations, 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, [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 #businesscoachnearme

  • Develop a vision for your future

    Develop a vision for your future

    Where do you envision your business to be in a year?  5 Years?  10 Years?

    Where do you envision your personal life to be in a year?  5 Years?  10 Years?

    When I ask business owners these questions, I usually get them spewing a bunch of platitudes with no definitive answer on where they see their life and business in the future. They have no clear vision for their future.

    Simple questions, but with hard answers. 

    One quality that all leaders have in common is that they have a clear and exciting vision for their future. This is something that only the leader can do. By leader, could mean the business owners. Parent, Guardian, Manager, etc.…  Only the leader can think about the future and plan for the future each day.  Think of it like this. If you are the captain of a ship, are you just floating around the ocean? Or, do you have a clear plan to go somewhere or do something? Pirates had a clear plan. Sail the seas, find other ships, steal everything they have, and move onto the next ship.

    Excellent leaders take the time to think through and develop a clear picture of where they want the organization to be in one, three, and five years. Leaders can communicate this vision in such a way that others “buy-in” and eventually see the vision as belonging to them.

    Set aside sometime over a weekend and put some thought into your vision. Write it down. Be as detailed as possible. Then write one simple statement that you can say to convey your vision to others. This will help you get crystal clear on your vision and stay on track to reach your goals.

    Use your vision to motivate others. Your vision shows your future possibilities of what can be, and that arouses emotion and motivates you and others to give their best. The most powerful vision is always qualitative, aimed at and described in terms of values and mission rather than quantitative, described in terms of money. Of course, money is important, but the decision and commitment to “be the best in the business” is far more exciting.

    A clear vision that is communicated properly can encourage others, instill confidence in them, to help them to perform at their best. It does require you to lead by example and stick to your vision.

    A clear vision for your future can create great team players.
    A study at Stanford Business School examined the qualities that companies look for in promoting young managers toward senior executive positions, especially the position of Chief Executive Officer. The study concluded that there were two important qualities required for great success in leadership. The first is the ability to put together a team and function as a good team player. Since all work is ultimately done by teams, and the managers’ output is the output of the team, the ability to select team members, set objectives, delegate responsibility, and finally, get the job done, was central to success in management.

    Keep Your Cool
    The second quality required for rapid promotion was found to be the ability to function well under pressure, and especially in a crisis. Keeping your cool in a crisis means practicing patience and self-control under difficult or disappointing circumstances.

    Everyone Is Watching
    The character and quality of a leader are often demonstrated in these critical moments under fire when everyone is watching, observing, and privately taking notes. As Rudyard Kipling once said, “If you can keep your head when all around you are losing theirs and blaming it on you, then the world is yours and all that’s in it”.

    Your job as a leader is to have a clear vision of where you want to go and then to keep your cool when things go wrong, as they surely will.

    Action Exercises
    Here are two things you can do immediately to put these ideas into action.

    First, project forward 3-5 years and imagine your ideal future vision. What does it look like? What steps can you take immediately to begin turning your future vision into your current reality?

    Second, resolve in advance that, no matter what happens, you will remain calm and cool. You will not become upset or angry. You will take a deep breath and focus on the solution rather than on the problem.

    #

    Steve Feld, MBA, Certified Business Coach, Author, provides training and business performance coaching to business owners, professionals, and executives. Steve also speaks to organizations, 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, [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 #businesscoachnearme

  • Speed Networking

    Speed Networking

    When I tell business owners one of the easiest ways to expand your network is to attend a speed networking event, they always think I am pulling their leg.  I’m not.

    All business owners, salespeople, and those that live on commissions should always attend a speed networking event to “PRACTICE” your elevator pitch. This is the best testing ground to test your elevator pitch in a relevant environment.

    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 period–generally one or two minutes–the outside circle of people gets up and moves in one direction around the circle until everyone has met.

    You might not be surprised to learn that I have some definite opinions and ideas about how to best use speed networking as a tool for creating viable referral partnerships. First, I think speed networking is a great way to meet other business professionals in a short period. It’s a good tool for business people to be the viability to a high number of people in a short amount of time.

    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 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.

    I don’t feel speed networking can be used to its potential if you treat it as a means to eliminate potential referral sources, but to attract potential referral sources. Developing a strong referral base is about developing relationships with a variety of people, even when it seems 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 are NOT there to sell your stuff, nor is someone there to buy your stuff. You’re not there to eliminate referral sources or referral partners. You’re there to find ways to connect with every person you have the opportunity to sit (or stand) in front of for that one- to two-minute period.

    If you are going to a speed networking event to “refine” your elevator pitch, bring 3 versions and practice each pitch to a third of the room and gauge their reaction to your elevator pitch to see which one engages the other person to what to know more.

    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.

    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 pad of paper to write down the information you discover. Be sure to note the person’s interests and goals you could help achieve.

    4. Follow up. Follow up. 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.

    Set appointments with each person, not to convince them they need your product, but to become 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.

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    Steve Feld, MBA, Certified Business Coach, Author, provides training and business performance coaching to business owners, professionals, and executives. Steve also speaks to organizations, 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, [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 #businesscoachnearme

  • Do you have scarcity in your business?

    Do you have scarcity in your business?

    Can you take on hundreds of clients or only a handful?

    Can you only have a specific number of people inside your store, building, business?

    Do you accept appointments 24-hours a day? Or do you limit the number of appointments during specific hours on certain days?

    Have you created scarcity in your business?

    Scarcity is a deeply rooted psychological principle which states that a limited supply of a product will increase the demand for that certain product.

    A new bar recently opened up, that created scarcity out of the gate even before they opened their doors. The bar can only hold 28 people – very limited. You must have a reservation in advance to be in the bar – no walk-ins allowed. They are booked 4 months out before officially opening up. You must adhere to their dress code.  They promise an experience that you have not had before in a bar that is under a restaurant. It makes you feel like you are sitting in the middle of a greenhouse. The drinks are created using elements such as fire and smoke.

    I bet you want to go and check out this bar right now, even if you don’t drink alcohol.

    Why?

    They created scarcity. 

    In Michael Port’s book, “Book Yourself Solid,” he talks about the ‘red rope.’  The red rope is the rope outside your business that keeps the prospect you don’t want out and allows you to only let those you want in to do business with you.  Think of that hot nightclub and the bouncers on the inside of the rope only letting who they want into the club or those on the list. Scarcity

    Scarcity does create attraction if it’s done correctly.

    Think of a restaurant, a bar, an event, or a store that has a line out the door, or a waiting list month’s long. They all created scarcity.

    If you are a Green Bay Packers fan that wants to get a season ticket for their football games, you will have to wait 30 or more years to get a season ticket at Packer Stadium.  Scarcity.

    How about a manufacturer who produces oversized wood benches?  This business has only 4 people working-including the owner and produces around 2 (maybe 3) benches per month. Here’s the kicker. All his clients are Fortune 500 companies. When they place an order, it is usually for 30 or more benches. Do the math. That means one order keeps his company busy for 15 months straight.  You may be thinking he should get more staff and produce more benches and you may be right. All his staff is highly trained woodworkers with years of experience. Each bench goes for around $15,000 to $50,000. Lifetime guarantee. They are customized to the company that purchases them and they are immaculate. His waiting list is 5 years long and the clients are more than happy to wait on him to get their benches from him. Why?  He created scarcity for his product.

    There is a difference between creating scarcity and just running out of your product. Knowing that a scarce item generates more attractiveness is a delicate subject for any business and overusing this principle or using it falsely will most likely lead to the opposite desired outcome, it will decrease sales and even the business’ reputation, overall.

    We could provide you with many examples of scarcity.

    • Why are there only 1 or fewer Lamborghini dealerships in a major city, but more than 50 Toyota dealerships?
    • When Tesla started selling their cars, they didn’t sell the cars through dealerships-appointment only showrooms?

    You may be thinking, I am giving you high ticket examples. Here are very low-ticket examples.

    • McDonald’s only has the McRib available for 1 to 2 months every few years.
    • People travel hundreds of miles to go to a corporate-owned In and Out Burger restaurant.
    • Chick-fil-a receives over 60,000 applications from wanting to be franchisees owners, and they only award less than 1% (.13 according to Business Insider magazine) of them a franchise per year. It’s easier to get into Harvard than own a Chick-fil-a.

    All these companies created scarcity.

    Think of your business. Do you cater to everyone, or do you focus on a particular target market and only cater to them?

    Why not improve your service? Improve your product?  You may have to work with fewer people, or not have as many items to sell as you did before. But that will eliminate those penny-pinching clients that are beating you up over price because they don’t see the value you are bringing them.

    Scarcity will not work for every business.  Do you believe that Coke-a-cola would want to create scarcity?  They will lose their market share fast if they reduce the number of outlets around the world.  They do create scarcity with limited edition collector sets and cans/bottles.

    What can you do in your business to increase the value of your products or services?  Put up the red rope and control who you want as a client. Create scarcity.

    #

    Steve Feld, MBA, Certified Business Coach, Author, provides training and business performance coaching to business owners, professionals, and executives. Steve also speaks to organizations, 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, [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 #businesscoachnearme#bizcoachstevef #entrepreneur #smallbusiness #business #smallbiz #coaching #businessowner #businesscoach #leadership #marketing #speaking #keynotespeaker #meetingprofs #eventprofs #meetingstoday #businesscoachnearme

  • Time Management is Painful Real leaders do it anyway

    We all want to feel good, and not feel bad. So, we prefer that change be comfortable. Sometimes it is. Most of the time it’s not. If you have ever wanted to “get in shape,” “lose weight,” etc. You think it may be easy. But as is it so often said in the fitness world, “No pain, no gain.” You want to slim your waistline? Bigger muscles? You earn that progress through discomfort. You’re going to sweat, and it’s going to burn. Sure, you’ll feel great afterward, but the process is going to hurt. That’s how you know it’s working. That, and seeing the results when you stick with it over time. Many people really believe that if they go to the gym, look at the machines, not put any effort into the workout, some how will see miraculous results in their body. That is avoiding the discomfort and your results will reflect your input. But, if you schedule time in your day to workout, train with other or a trainer, really push yourself-feel the burn. Your results will be directly related to all that hard work.  Stick with your workout and really see the difference in your body and life.

    Business change works exactly the same way. In my experience as a coach, it’s your relationship to discomfort that makes all the difference. Leadership is a challenge, so working on yourself as a leader should feel like a workout. You are intentionally (stressing intentional) doing things that make you uncomfortable to improve yourself and your business. It’s not easy. But it doesn’t have to lead to burnout. In fitness, it’s called over-training. In business, it’s called overwhelm. Over time, what was uncomfortable in the past is easy and something new will be uncomfortable-that is how you will grow as a leader.

    Having more time in your day is right there for the taking, but you have to accept some discomfort to get there. Over the years, the most successful clients I’ve had are the ones willing to accept this short-term ‘pain’ for the long-term benefit. They live by their calendar and their calendar is filled with revenue generating activities, and activities that are moving the business and their team forward.

    Can you wake up, get ready and leave the house every morning in sixty minutes flat? Can you cut your lunches to thirty minutes for a while instead of an hour? Can you say “No” to some brilliant and fun projects that you know you can’t really focus on and are not moving your business forward? Can you train someone on your staff today to handle three things that you know you shouldn’t be dealing with as the business leader? Are you willing to post office hours for the only times of the day where employees can interrupt you? Having an open-door policy is highly encouraged, but you need to be productive. Having set hours on specific days, where your staff can come and talk to you will increase your productivity. You then put lower level tasks on your calendar during those open-door times. This way if someone wants to speak with you, they are not derailing your thought progress on something bigger. You will be able to hop back on replying to emails or making a few outbound calls.

    It’s your relationship to discomfort that makes all the difference.

    Some of these things may sound easy but putting it into practice is another story. Going out of your normal routine can be very uncomfortable. Just remember why you’re doing this – it’s in the best interest of the business and you as the owner. Most business owner I speak with are filling their day with non-revenue producing activities and are busy being busy.

    In the end, you’ll realize that “I don’t have time” is almost never true, it’s just that you haven’t yet made the difficult choices about how you use your time. And making those choices is the first step to creating a business that works.

    Not enough sales, people problems, cash flow issues, etc. – are all symptoms – they’re all a call to face the discomfort directly and solve it first by making the time. Then you’ll have your strength to be able to lift the real weights of finance or management systems or whatever your business needs next. Just like working out. You need to schedule the time, go to the gym, have a workout routine (so you’re not just wasting time), be committed to a result you are working to achieve.

    It all begins with you.

    What are you going to do today to get more time back to move your business forward?

    #

    Steve Feld, MBA, Certified Business Coach, Author, 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 Biz Coach Steve today to see how he can assist you get the results you want in 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

  • 8 Signs an Employee Is Exceptional

    We can all spot a great employee: she’s dependable, proactive, hardworking, a great leader, and a great follower. She brings a wide variety of easily defined attributes, but they also have some hard to find soft skills to the table.

    Some employees, though, are exceptional. They have skills and qualities that aren’t evaluated on performance appraisals but make a huge impact on that individual’s performance, the performance of the people around her, and especially on the company’s results.

    Here are eight signs an employee is truly exceptional:

    1. They think beyond job descriptions: The smaller the company, the more important it is that employees can think on their feet, adapt quickly to shifting priorities, and do whatever it takes, regardless of role or position, to get things done.

    When a key customer’s project is in jeopardy, exceptional employees know without being told there’s a problem, and they jump in without being asked, even if–especially if–it’s not their job.

    2. They’re quirky: The best employees are often a little different: a little eccentric, sometimes irreverent, even delighted to be unusual. They seem slightly odd, but in a really good way. Unusual personalities shake things up, make work more fun, and transform a plain-vanilla group into a team with flair and flavor.

    People who aren’t afraid to be different naturally stretch boundaries and challenge the status quo, and they often come up with the best ideas.

    3. They know when to rein in their individuality: An unusual personality is a lot of fun–right up until the moment it isn’t. When a major challenge pops up or a situation gets stressful, the best employees stop expressing their individuality and fit seamlessly into the team.

    Exceptional employees know when to play and when to be serious; when to be irreverent and when to conform; and when to challenge and when to back off.

    It’s a tough balance to strike, and a rare few can walk that fine line with ease.

    4. They praise other people in public: Praise from a boss feels good. Praise from a peer feels awesome, especially when you look up to that person.

    Exceptional employees recognize the contributions of others, especially in group settings where the impact of their words is even greater.

    5. They disagree in private: We all want employees to bring issues forward, but some problems are better handled in private. Great employees often get more latitude to bring up controversial subjects in a group setting because their performance allows greater freedom.

    Exceptional employees come to you before or after a meeting to discuss a sensitive issue, knowing that bringing it up in a group setting could set off a firestorm.

    6. They ask questions when others won’t: Some employees are hesitant to speak up in meetings. Some are even hesitant to speak up privately.

    An employee once asked me a question about potential layoffs. After the meeting I said to him, “Why did you ask about that? You already know what’s going on.” He said, “I do, but a lot of other people don’t, and they’re afraid to ask. I thought it would help if they heard the answer from you.”

    Exceptional employees have an innate feel for the issues and concerns of those around them and step up to ask questions or raise important issues when others hesitate.

    7. They are self-motivated: Self-motivation often springs from a desire to show that doubters are wrong. The woman without a college degree or the man who was told he didn’t have leadership potential often possesses a burning desire to prove other people wrong.

    Education, intelligence, talent, and skill are important, but drive is critical. Exceptional employees are driven by something deeper and more personal than just the desire to do a good job.

    8. They’re constantly exploring: Some people are rarely satisfied (I mean that in a good way) and are constantly tinkering with something: reworking a timeline, adjusting a process, tweaking a workflow.

    Good employees follow processes. Great employees tweak processes. Exceptional employees find ways to reinvent processes, not just because they are expected to…but because they just can’t help themselves.

    How can you recognize these employees? Encourage them? Provide them with the resources and developmental skills they want?  Let that employee know they are doing a great job and support them. They are the ones to ask about your business and will help you grow your business.

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    Steve Feld, MBA, Certified Business Coach, Author, 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 Biz Coach Steve today to see how he can assist you get the results you want in 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