Your business RESULTS reflect your MINDSET

I meet a lot of business owners. Many of them are from very similar businesses, operating in the same markets, in the same business environment. But their results vary wildly.

When we question the results, we get a vast array of reasons and excuses.

The business that are struggling generally focus on external factors or factors that do not involve the business owner. Things like the economy, the weather, the competition, the products, the price, the team that they have working (or not working) for them. Its is never about activity and results.

The business that are successful generally focus on understanding their business, planning for success, understanding leverage, understanding how to differentiate, understanding how to make tough decisions about team, about customers and about products. They understand and act on what is good for the business in the short medium and long term, they have a plan and they stick to the plan. They understand about ownership and accountability and most importantly, they understand about leverage and leadership. They also take massive action.

So if this is so obvious, why does everyone not do the same?

Is it because we are conditioned for instant gratification, for immediate results. Do we not understand about growing a business, how it needs structure and a plan. Do we not understand about how to hire and manage the best people.

Being in business is a long term play, it is very difficult to work a long term play when everything you do is based on immediacy and short term results. It is very difficult to build a long term business when there is no foundation in place. It is even harder to sell a business that has survived for a long time with no structure – it has no value.

Business Success starts in your mind, it needs to be developed and it needs time to develop. Are you working on this?

As a business coach, I work with client who want to build their business properly.

If you have a business that works, but only with enormous effort from you, we probably need to talk.

My direct line is 087 222 0270

 

 

“We’re happy where we are at” they said…

It’s 2015, nearly 7 years since the country fell into recession, massive drops in sales and profits, ongoing battles for survival, struggles with rents, rates, materials costs, creditors, energy prices. Many firms did not survive but thousands did survive. And they continue to survive. And they continue to work very hard and they continue to pay themselves very little and they hope that one day they may be able to pay themselves a bit more.

I met a business owner last week and as they outline the above situation for me, they also said they were happy where they were and Fear Of Crisis With Businessman Like An Ostrichdid not want to make any changes to the business. I was intrigued. A team of 8 including 4 family members. None of them were earning more than a nominal wage, all the family members were working in excess of 50 hours per week. But they were happy.

They knew their breakeven figure (based on their own poor wages).

I also happen to work with an almost identical business in another part of the country. Their situation has been transformed over the past few years because they believed there was more business out there and they went after it. They re-positioned themselves in the market, they were pro-active in their marketing, they were pro-active in their professional sales approach and they focused on making a healthy profit rather than just settling for a simple breakeven.

There are some businesses where it can be difficult to build value, where you may have an opportunity to sell the business at a later stage and finally be rewarded for your hard work.

There are other business that I would define primarily as cashflow businesses, where you have to reward yourself as you go. There is no future payday.

Operating a cashflow business at a break even position and being happy about where you are at really is a road to nowhere.

The family in question were incapacitated by fear, all they wanted to do was hold on to what they had (which in effect was nothing apart from 4 low paying jobs). They needed to look at the real possibilities that existed for their business and go for them.

If your business is not generating sufficient profit for you and your family, call me immediately.

I would be quicker doing it myself…

If you, as a manager or as a business owner ever find yourself say, “I would be quicker "  A Chain Is No Stronger Than Its Weakest Link " Written On A Bdoing it myself”, you have a problem on your hands.

Either you are not good at delegating, you are not prepared to take the time to train your team, you do not trust your team or you simply have the wrong team.

While “doing it yourself” may be the only option available to you in the moment, the problem will remain with you forever, unless you decide to resolve the problem.

Thinking that “you would be quicker doing it yourself” will lead to the following:

1. You being caught up endlessly in the “busyness” of business.

2. An ineffective team that get no satisfaction from working in your business.

3. Sluggish business growth restricted by your “busyness”

4. Poor customer service – Good while you are there but disengaged when you are not there.

5. Burnout for you.

So whats the answer?

It’s simple. If you want to grow and develop a business that can work without you, you will need to invest some of your time and some of your effort creating systems within your business.

Once the systems are created, you will need to train the team on how to use the system

If the system works properly, there should not be any reason why 80% of the tasks in the business can be completed by people other than you.

Most business owners will not take the time to create a systemised business. This is a shame as the business cannot grow beyond their own capability and the number of hours in the day.

The word SYSTEM is an Acronym for:

Saving You, Stress, Time, Energy and Money

In theory, all business owners want all of the above.

I have a list of systems required by every business. I have examples of systems that work in businesses that I have coached over the past 12 years.

If you would like a copy of the list or to see some examples, email me and I will rush them to you.

 

 

How detailed is your business plan

Very few businesses achieve the level of success that they aspire to. This is a shame. Sometimes the business they have chosen may not have sufficient market to enable it to grow, some may not have the knowledge, some may not have the money and some may not have the poeple. Others just get caught in a RUT and struggle for survival every week and month.

The common trait among most of these business is lack of planning or lack of activity as a result of the planning.

Your plan will guide your success and your ability to stick to your plan will determine the level of success you achieve.

So why do so few people have a plan or ever create a plan? Too Busy, Too much indiscipline, indifference, fear that it will slow them down. Most are not valid reasons.

Some people feel it will hinder their growth – they rarely do.

Some people have plans but they are not comprehensive enough and they do not demonstrate the business owners level of research and understanding of their business or their marketplace.

ActionCOACH run business planning sessions with business owners on a regular basis. Find out more today. Get in touch and we will schedule a planning session with you.

What I learnt on my Linkedin Course

Well, I attended the Linkedin Training on Friday with Andy Gwynn. There were about 25 other attendees. Here are the top five things that I took away from the course:

1. Linkedin is not a passive networking tool. Like many other social media sites, Linkedin inoroutcan be more of a distraction than a useful tool in business. The reason is that people create a profile which is often very poorly written, with poor examples of work, poor photographs and minimal descriptions on your capabilities. Once created, they sit back and wait for the enquiries to come in. But they never arrive. And then the whining about how rubbish Linkedin is, starts. You have to work at Linkedin for it to work for you.

2. Like an advert, the headline and the image are important. First impressions last and given that Linkedin is a very search friendly tool, it is important that whatever content you place on Linkedin is well thought out for Search engines – i.e understand what your potential customers look for before you start writing your profile.

3. Be clear on how you help people, be clear on who you can help specifically and make an effort to niche your profile so that you get found for a specific purpose. If you do this and are still not found, then you can broaden your niche.

4. While endorsements are fine, recommendations are better. They are even better when linked to specific roles that you make have had or specific projects that you may have worked on.. You have to request the recommendation so get working on that.

5. Welcome invitations to connect but always reply with an offer to help or an attempt to start a communication. Why else would someone want to connect. Aim to help first. Your rewards will come later. Also, use your own language on Linkedin – get rid of the standard messages.

It takes time to master but Linkedin is here for the present. Get good at it, as fast as you can. There is business out there for you.