Having a successful business is very, very different than having a fully successful business.
A successful business is closer to having a job: you have to be there everyday, you work over 40 hours a week, you are stressed about cash-flow, and you have to wear five different hats to make it work, and you serve your business.
A fully successful business is truly being a business owner: you can show-up and work whenever you desire, it grows even when you’re not present, it produces more profits than you need, and it serves you and your family.
A fully successful business might sound like it’s impossible to attain but it’s not. Here are a few steps to making it happen.
1st step: Decide you want a fully successful business more than anything.
Don’t negotiate with your mind!
2nd step: Start building a system for everything.
Save Yourself Stress Time Energy Money
3rd Step: Start measuring everything.
You can’t improve what you don’t measure.
4th Step: Sell. Sell. Sell.
Nothing happens without the sale. Nothing!
5th Step: Hire the best people you can afford to work for you.
You hire mediocre you get mediocre.
Or as I refer to it: halftime – six months down and six months to go in 2018.
If you’re winning, a huge congratulations to you! It’s not easy reaching the ambitious goals you set on New Year’s Eve.
When it comes to goals, the simple part is setting them. The more difficult part is reaching them. Give yourself a high-five. You deserve it. Take a spontaneous day off and do something special to celebrate.
If you’re losing at halftime, now is the time to turn your game around. You’re in a hole, but like every great athlete, successful entrepreneurs have a way of making spectacular comebacks.
My advice is to reverse engineer your goals. Example: If you want to add $100,000 in profits this year, figure out how many sales that requires. What is your profit margin? How many prospects do you need to present to? What’s your conversion rate? How many leads do you need? You must work twice as hard to win, but hard-work always beats losing. Let’s go!
Tip: Treat every Monday morning with the same enthusiasm that you have every January 1st!
I disagree big time with this ad. Big time! The reason you go into business is exactly to ‘work less and earn more.’ Why would you become an entrepreneur if you expect to work more and earn less? I know from experience that ‘you owning your business’ beats ‘your business owning you’ every single time. I coach clients to spend a maximum amount of time with their friends and family while growing their business. #LivetheDream Share this post with someone who’s living for their business. #YouCanHaveYouCakeAndEatItToo
Do you remember the goals you set for yourself this New Year’s Eve?
Silly question? I think not. Most goals are forgotten by mid-January or February.
I equate setting goals with buying a Powerball ticket. It makes you feel great for two minutes as you contemplate winning.
But reality is quite different. Most people don’t win Powerball and most don’t hit their goals.
Instead of setting goals, I wish folks would set action steps.
Rather than creating a goal, like “I want to double my business in 2018,” it would be more productive to create an action step, like
“I will schedule one new prospect meeting per week.”
My experience tells me that the entrepreneur who sets action steps instead of goals will have a more successful 2018.
I’m not saying that goals are useless. What I’m saying is that without action, they’re nothing more than dreams.
Try reverse engineering your goals.
If you want to double your business, figure out a few things first.
How many new clients will that take?
How many leads will I need?
What will be my conversion rate of leads to new clients?
Can my current clients spend more with me or increase their patronage?
I challenge you right now to make a list of action steps.
The trick is that you must complete them each week. No excuses.
The smart money will bet that with a plan of action in place, you will meet/exceed your dreams/goals.
So, at next year’s New Year’s Eve parties, I would like everyone to ask, “What are your action steps for 2019?” Who knows? Maybe this idea will catch on!
“I don’t need a coach” is a phrase that makes me want to stuff my face with an entire 3×3 from #inandout.
Yes, I’m an emotional eater.
Why do I get emotional when I hear, “I don’t need a coach?”
Because the biggest frustration in my line of work is that most people think that business coaches are for failing, bad, broken companies/entrepreneurs.
Nope, I’ll leave @marcuslemonis, #theprofit, @markcuban, #sharktank, @jontaffer, #barrescue, and @tonyrobbins to handle the truly desperate cases. I’m too ugly for TV anyway.
The truth is simple. Think of your favorite athlete, actor, or entrepreneur.
I’m pretty sure that every top performer that popped into your head had or has a coach.
Coincidence? I don’t think so. Winners invest in themselves more than second placers.
I’ve been a business coach for eight years and I’m grateful every day that I found my calling.
My main goal for this post is to spread the word because entrepreneurs are my heroes and I want them to win.
I believe that unless you are coached, you are leaving some of your potential on the table.
I coach only a few people at a time and I don’t have affiliates who work my program, so I’m not interested in ten new clients. But I always have room for one more superstar on my team.
My public service announcement: Hire a coach, the best one you can find, to invest in yourself and reach your maximum capabilities.
Let me know if you have any questions about business coaching and how it works.
Credit: Jeff Boss. Entrepreneur Magazine
So, you made the leap from being an employee to owning a business. Congratulations, you’ve just entered the ranks of becoming a soon-to-be entrepreneurial failure or a near-term startup success.
Of course, the question becomes how do you stay alive as a newfound business owner? After all, being a subject matter expert in a particular job is one thing, being a generalist for an industry (an organizational leader) is something else entirely.
There comes a point where stagnation sets in. You can take yourself only so far without the help of others. Hey, it happens. Consider it part of the startup lifecycle.
“If you are not clear on your vision, then every single opportunity will distract you and impede your progress,” says Tracy Cherpeski, an entrepreneurship and wellness coach.
After all, you’ll never really know what you’re capable of until there’s someone to push you outside your comfort zone. Just ask any professional athlete. If a business coach is something you’ve thought about recently but aren’t quite sold on getting one yet, here are four reasons why you should:
There’s a common saying that goes, “nobody is smarter than all of us.” In other words, the collective power of many is far superior to the single power of one, which speaks to the value a coach brings in brainstorming new ideas. However, doing so is both an art and a science.
Anybody can go online and find brainstorming software for free with the goal to generate genius — that’s the science part. The “art” part, however, is excavating personal values and beliefs that you never knew existed and linking them to your desires and intentions. Sometimes it takes a new perspective to see an existing connection.
Nowhere else do you find somebody solely dedicated to acting as your own personal sounding board. A coach — well, a good coach — pushes out all thoughts from his or her own brain to be present and just listen. Doing so allows the coach to ask powerful questions that unearths deeply rooted values otherwise firmly planted.
The best part about this is the amount of judgment that the coach offers: zero. Unlike the local rumor mill in your neighborhood or office, it’s not a coach’s responsibility to opine about your position, but rather to suspend judgment in such a way that guides you toward your own goals.
Isn’t it strange how easy it is to break the promises we make to ourselves, but less so when we involve other people? A coach serves as an accountability partner who challenges you to strategize and develop your goals while aligning your efforts toward achieving them.
A business coach will challenge your thinking, goals and willingness to grow. As somebody who has “been there, done that,” a coach also acts as a role model because of the experience that he or she shares. Additionally, a coach has unique insight that broadens your business awareness.
Think of it this way: When Santa Claus brings you a new toy, you get excited at the thought of playing with it but maybe a little disheartened at the thought of having to assemble all those ridiculously tiny pieces. So what do you need? Directions. You need guidance for how to get from where you are to where you want to be, and once you do, you play with the toy all morning.
The key metric for success from coaching isn’t so much the cool technical tools you learn — those will become obsolete in roughly 18 months. The value of coaching resides in the mental tools the coachee learns that help him or her navigate toward success both inside and outside of the business world.
Every athlete and every top performer uses a coach to bring out their best. Why don’t you?
Credit: Jeff Boss. Entrepreneur Magazine
Yes, You Need a Business Coach
Here’s why Google’s CEO and other entrepreneurs say hiring a coach was the best advice they ever received.
Written by Scott Duffy, Founder & CEO Content.Market
Google’s CEO, Eric Schmidt, once told Fortune magazine that the best business advice he ever received was to hire a coach. He shared, “I initially resented the advice, because after all, I was a CEO. I was pretty experienced. Why would I need a coach? Am I doing something wrong? My argument was, ‘How could a coach advise me if I’m the best person in the world at this?’ But that’s not what a coach does. The coach doesn’t have to play the sport as well as you do. They have to watch you and get you to be your best.”
Eric Schmidt isn’t alone in his initial thinking. Many entrepreneurs balk at the idea of hiring a coach, and some even find it downright insulting. As an entrepreneur, you’ve built your business and achieved success because you understand your industry. Of all people, why would you need a coach?
In reality, that’s the wrong way to think about a business coach. A coach isn’t necessarily better than you and doesn’t necessarily know more than you do about your industry. Instead, a coach is someone who brings out your best by providing counsel, support, feedback, and advice. As long as you have an open mind, you can benefit from working with a coach in a number of invaluable ways.
The biggest reason to hire a coach is to gain a new perspective on ways to do business or accomplish certain goals. Think about the many times when you may have been only capable of looking at a problem from one angle. Sometimes, a coworker or even an intern can spot a solution by approaching the problem with a different perspective. It has nothing to do with someone being smarter; it’s just about looking at problems differently. Think of a business coach instead as a voice of reason or a support system as you map out your next business moves.
Think about all the projects you’ve considered pursuing but never did. One of the reasons why may have been because no one else ever knew about those ideas and, therefore, there was never any pressure for you to make something of them. A business coach expects you to make progress toward accomplishing specific tasks. They can inspire you to push harder, work faster, and think bigger.
Remember, there are two paths to success: you can figure it out on your own through trial and error, wasting valuable time and money. Or you can find coaches, role models, and advisors who can guide you. It’s ultimately your call, but I think we both know which of the two options makes the most sense.
The Significance Of Business Coaching
Business coaching is integral to the success of a company. Not every company can aim at a billion dollar initial public offering. Most companies would have a tough time during their startup phase and even after they have had a smooth sailing, untoward events and unforeseen challenges will apply the brakes on growth and profit. There are times when anyone needs a bit of a push, at times through motivation and at times through coaching. That is exactly what business coaching attempts to accomplish.
An entrepreneur, a manager or any employee is expected to be deft at a specific job or in a certain niche. It is quite unlikely for an entrepreneur to be the greatest coding mind in the world and also to be the best manager or coordinator or an outright efficient business administrator. An employee or manager may be amazingly effective at the job they do but they may lack skills when it comes to public relations or they may have certain shortcomings when it comes to farsighted planning and execution of various complicated modus operandi.
At times, it is the simple reality of pursuing a certain goal with the right conviction that entrepreneurs, managers, employees and small business owners struggle to attain.
Business coaching isn’t new. From the likes of Warren Buffet to Richard Branson, they have all endorsed it for years. All major companies, from IBM to Volkswagen, invest in business coaching and spend tens of thousands of dollars every year just to provide the fillip that their business managers need.
There is no reason why a small business owner shouldn’t invest in business coaching. It is more important for a small business owner because she or he is mostly alone, taking charge of more than one department and having no one to get some advice while taking a decision. Large companies have at least half a dozen brilliant minds working on a particular problem and then taking a collective decision. That luxury is nonexistent in a small business. Thus, it is through business coaching that a small business owner can hone her or his skills and become a better entrepreneur.
It doesn’t matter what one does. It could be sports or singing, acting or writing, sales or advertising, running a restaurant or operating a hedge fund, business coaching helps one and all.
I don’t often send out emails on Saturdays, but when I do, they are the most interesting.
Check this kid out. When I grow up, I want to be just like him!
Click link below:
Here’s a two minute video that should get you through Wednesday (Hump Day) better than 10 espressos.
Substitute: hockey players with entrepreneurs, hockey with business, and them (Russian Team) with your competition.
Last line should make you start running in place! (clip from the movie: Miracle).
Congratulations to Matt and Peg of Stuttering King Bakery. It’s an absolute privilege to work with
you. The only thing that trumps your story, mission, and vision are your quality products!
Get your baked goods on at www.StutteringKingBakery.com