Emotion Can be a Business Asset

Time to Watch: 4:34

It’s important to know what your goal is and how you’re going to execute it, but sometimes one of the missing ingredients is having the emotional leverage or clarity around why you’re going for something and the drive to see it through. This clarity of emotion is a business strength your don’t want to ignore.

In the pursuit of any goal, there’s ups and downs, but it’s when things are challenging and going against you, that you need those emotional reserves. In this video I’m not going to walk you through the actual planning process—there’s a cracker of a guide HERE that teaches you how to do that—but rather, we’re going to go through some east steps to tap into those emotional reserves when you need them.

What you’ll need to complete this exercise is a blank piece of paper, divided into three columns and enter your information as follows:

  1. Write your goal in the middle column. The only guideline here is to make sure you are picking S.M.A.R.T. goals. That is, goals that are Specific, Measurable, Achievable, Results-oriented with a Timeframe. SMART goals are critical in the planning process, particularly so you can gain a better picture of what success for that goal looks like in reality.
  2. In the left-hand column, write the all the “WHY” reasons which relate to the goal. Behind every goal is a feeling, an emotion – and the emotional result that you want to achieve through that goal. Don’t skip this step or shake this task as a feel-good, fluff piece which doesn’t have any basis—nothing could be further from the truth. What you want to distill here are all the emotional reasons you want to achieve the goal. For example – if the goal is financial and you want to pay down your mortgage faster, list the emotional benefits you will gain by doing so (more disposable income to travel, more time with family, helping your children financially—whatever it is that fuels your fire). It is the feelings you will get from achieving that goal that will sustain you in the low times.
  3. Finally, in the right-hand column is the “HOW.” Don’t worry about getting this column ‘right.’ The ‘how’ column is all about brainstorming. This is the place to list every possible way you can think of to achieve that goal (and you may need an extra page to do this—that’s ok!). Once you have an exhaustive list, you can go back, prioritize and figure out and ask yourself, “which ones make sense?”, “which ones do I have the resources/time/ability to do.” Etc…
  4. From there, we advocate that you develop a structure to execute the plan and to help solidify your tasks and timelines. To do this, feel free to access our free 90-Day Planning guide which has all the tools and resources to help you develop and track your plan.

That’s it! The absolute importance of planning with purpose and emotion can’t be understated. The clearer you get on your goals, the more emotional leverage you have behind you to help you achieve those goals you’ve been dreaming of.

Dream big!

P.S. You can access the jam-packed Planning Edition of our Business Nutrition Newsletter HERE.

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How to Create a Profit Model

Time to Watch: 5:56 well-spent minutes

Do you have a current profit model? Have you ever wondered about which changes in your business will make the biggest impact on your bottom line? Is so, you’re not alone – and this is the right place to be to find out the answer. This video tells you, with real-world examples, how to determine the level of profit you’ll be able to realize through different changes to sales and growth patterns.

If you’re interested in some related training, see our video “How to Create a Profit First Budget”  for a step-by-step guide that goes into a bit more detail.

Look, I get numbers are not the most exciting part about business ownership, but they are one of the most important. To see what I mean, have a look at Vol. 28 of our Business Nutrition Newsletter which exclusively deals with putting yourself in a strong financial situation, so you can sleep at night.

If money is where you’re really struggling as a business owner,  read this and then do this.

Now go out there and get amongst it!

Cheers,

 

P.S. Don’t forget to stay in the loop with our latest rapid training videos on SalesUp!TV

How to Avoid Being “That Boss”

Time to Watch: 3:16

Whether you call yourself a Boss, Leader, or Owner, there’s a very fine line between setting the pace and driving the pace, and knowing the difference is critical to the health of your team. It’s easy to fall into the trap of “Boss think” on this one and it can be detrimental to the health and productivity of your team. Here’s how to effectively set the pace as a leader, no matter what stage your business is at.

What we’re talking about here is your effect on the team in terms of your behaviour around implementation and execution. It can be easy to fall into the trap of thinking that you aren’t held to account in the same way that your people are, but to echo a sometimes-overused phrase, you really do need to lead by example to get the results you want.

You can’t create separate standards for yourself and your team, because the difference will be stark, and the result will be the creation of an “us vs. them” culture which does nothing to promote, ingenuity, motivation or retention—all cornerstones of a successful business.

If you’re looking to be a team and work as a team, then you need to actively participate as one of the team, regardless of how you view yourself in the culture of the business.

What are your biggest challenge jumping into the trenches? Let us know in the comments below.

And if you watch this and think: “If there’s no ‘I’ in team, why am I doing all the work?” This read is for you.

Get out there and have fun with it, and if you’ve hit a stumbling block, we can help. Reach out and let us know what you need.

Cheers,

 

Keep in the loop with our latest rapid training videos on SalesUp!TV

8 Critical Questions to Ask Your Business-Self Before 2018

For all you ‘A type’ business owners out there, how many of you (like me, many times) find yourselves always charging from goal to goal in the pursuit of evermore? You know where this is leading right? The power of taking some time out to ask critical questions and reflect on what ‘has been’ is a very powerful way of making sure the future you are about to create is:

  1. the future you want, and
  2. that you are going to go about it in the best way you know how.

I was sitting down with a new client last week, and he told me about his annual ritual of taking a step back, looking at what he’s accomplished, looking at where he is relative to the plan he created and asking the question “Am I going to keep doing this for another year?”. The ‘this’ in his case is his business. While you may or may not be open to the option to ‘stop running your business,’ it’s an empowering notion to consciously realise you have the choice. Yes, there may be consequences, but you still have the choice. More importantly, taking the time to ask reflective questions (hopefully insightful ones), is a healthy practise that the best business owners consistently adopt.

This year, I crafted a list of questions. They are based on some I’ve used previously and are designed to extract from my mind the lessons and best practises I’ve encountered over the past 12 months (or 40yrs for that matter). Knowing if I bring these thoughts forward to my conscious, I can then proactively apply them moving forward. Let me share them with you.

Reflection:

  1. Looking back over the past 12 months what were the greatest wins for my business?
    • What were the actions, relationships or events that led to these wins?
    • If I had to bottle this as a recipe, what would be the key ingredients?
  2. Looking back over the past 12 months what were the greatest wins for my personal life?
    • What were the actions, relationships or events that led to these wins?
    • If I had to bottle this as a recipe, what would be the key ingredients?
  3. What were my main points of focus over the past year?
  • Given where I am now:
    • which of those would I consider to have been worthwhile?
    • which were possibly a waste of time?
  1. What should I have quit sooner?
    • In hindsight, what are the signs I might have seen (if I knew what to look for) that could have led me to this decision sooner?
  2. What should I have put more effort into? How could I have known to do so earlier?
  3. Looking at all this, what are the biggest lessons of the past year.
    • How can I apply them moving forward?
    • Who can help me?
  4. How do I currently see my SWOT (Strengths, Weaknesses, Opportunities & Threats)
  5. Is my 3-5yr vision still relevant? What changes do I want to make?
    • Looking at my 3-5 year vision, what are my one-year goals.

I find it best to ponder these over a glass of wine – it tends to loosen my creativity ????

Enjoy the questions and more importantly be sure to apply what you learn from answering them…and if you need someone to bounce those ideas off – we’re always ready. Reach out HERE

Why Negativity Makes You a Better Decision Maker

When making important decisions, it’s critical to have a positive mindset, and it is all too common for optimists everywhere to shut out the negativity of those around us in favour of the rose-coloured outlook. However, there is incredible power in harnessing that negative vibe from others and using it an alternative outlook that can actually help you make better decisions.

Watch the video and find out how

For more of our quick, easy to digest videos, full of business insight for the discerning business owner click HERE

5 Ways to Make Better Business Decisions

When we started working with Adam he told us he didn’t have the time to measure stuff, let alone the time to compile and analyse the results.

Adam’s situation is typical of many small business owners.

While not all our clients say it to our face, we can see the anguish on their face when we start talking about metrics and reporting.

Here’s how we got Adam excited about numbers to the point where we had to put the brakes on him measuring too much.

We started by asking Adam, “What would you say to an athlete that was trying to run a record time but was not timing their efforts?”. Predictably he said he’d tell them they were crazy.

Next, we asked “How comfortable would you be flying on a plane whose pilot could not read the controls?” Again came a predictable response “Not very”.

“Or what about a doctor who prescribes medication without measuring any of your vitals like blood pressure, cholesterol, etc.” … Adam could see the theme.

Bringing it closer to home we asked “What about a business (not yours) that you invested your life savings into and the CEO didn’t know the profit margins on the work they were doing. They also didn’t understand the numbers behind their marketing so had no idea how to grow the business. How safe would you feel about your investment?” This one made Adam sit up a little straighter.

He knew where we were going, and we probably didn’t have to ask him the next question, but we wanted to drive the point home. You see Adam was not doing nearly as well as he wanted to—and on this point of measuring—he had his head in the sand.

Last question … “Adam, what’s the difference between all these examples and you and your business? If it’s important for all these other people to measure and read the results, what do you think might be good for you and your business?”

He got it.

There’s a business mantra “What gets measured gets managed”. And while we are huge proponents of this mantra, there’s another quote by Einstein that we also like. He says “Not everything that counts can be counted, and not everything that can be counted counts”. 

For small business owners, both of these quotes need to be taken into account. When you are short on time and possibly lacking easy access to data (although this is rapidly changing with cloud accounting and other apps), starting simple is the key.

Follow these four steps to gain some meaningful data which will enable you to start making better businesses decisions.

  1. Brainstorm a list of possible things to measure (here are some to get you started)
    • Marketing (lead sources, retention rate, website performance, referral rate, social media stats, campaign results, cost per lead, etc.)
    • Sales (conversion rates [dissected by lead source and salespeople], pipeline stats [how many fall off where], average quote value, average job value, margin, sales activities, discounts, new vs. existing customers)
    • Operations (major costs/sales, project completion duration, Work In Progress, quality stats, bottlenecks, scrap or waste)
    • People (turnover, absenteeism, survey responses, revenue/employee, etc.)
    • Financial – AR Days, AP Days, Inventory days, Gross Margins,
  2. Identify top 5 that will give you meaningful information for your business. Things to consider:
    • Which number, if measured, will make other numbers less important (e.g. an employee survey may give you way more insight vs. measuring absentee days, and it requires fewer resources to measure)?
    • Which numbers can we measure easily?
  3. Take the top 3 from this list and commit to measuring them for 90 days. If 3 is too hard, make it less. Your primary goal here is to develop the habit, make it easy to be successful and see the value from having some accurate numbers. Note: Allocate accountability for each number.
  4. At the end of 90 days, review what you’ve accomplished and do 1 – 3 of the following:
    • Amend what you are measuring – you may have found out that was not the best thing to being measuring
    • Add to what you’re measuring. Over time you’ll want to have a more robust scorecard than just 3 numbers. Gradually add to it as it makes sense.
    • Develop a wish list of other numbers to measure. Having numbers on your wish list lets you know they are not forgotten and can forgo the temptation to try to measure too many at once.
  5. Be sure to look at the numbers at least weekly. The more often you look at them, the more beneficial they will be. The exception here is, of course, numbers that require long periods of time to change, though these are usually few. Also be sure to display data in a format that is meaningful. (i.e. sometimes you need to see trends vs. stand-alone numbers.) For example. # quotes mean more when there is something to compare it too.

Building a Profit-First Budget

Budgeting is not something most business owners would list as one of their most exciting tasks – and that’s ok, but it is necessary, and there is a way to build a budget that makes profit non-negotiable. Here’s how you can create a budget which helps you think differently about how you manage the expense side of your business, and will radically change your profit results.

The Hidden Profit Centre in Your Business

Think HR has no bearing on profitability? Think again…

Having long been denounced as nothing more than a cost centre and a necessary part of doing business, the people management aspects of an organization (specifically HR) have been overlooked as an integral component of the profit structure of an organization. The link, however, is a lot stronger than many businesses have traditionally thought.

In a recent study on management practices in Fortune 1000 companies, the Center for Effective Organizations at the University of Southern California found that employee involvement measures (that traditionally sit well beneath the HR umbrella) show a solid ROI and link to the bottom line.

For small to medium-sized businesses who don’t even have an HR department, the impact of this study is even larger, as decisions made at owner-run businesses see an immediate trickle-down effect due to the smaller work structures, and can see a positive impact in the bottom linke much sooner than a larger organization. The key is in increasing the employee commitment to the organization.

Any one of the following measures can be implemented by a company to see a lasting improvement in financial returns (not to mention the cost-savings garnered from reduced turnover):

  • Employees generally feel that if an investment is made in them, they will return that investment in-kind. Establish a feeling of “repricosity” through:
    • Information-sharing
    • Skills training
    • Encouragement of ownership thinking
    • Fostering “buy-in” for organizational change measures
    • De-centralizing decision-making
  • Using technology for process improvement, not just cost-cutting benefits. If employees are brought into the process on the ground level, working backwards and can have input into process design, hey are more willing to manage change, and feel a greater benefit of new technology as a tool for them—not just because it’s cheaper for the organization
  • Building a culture which values job-security – which means attaching value to the person over the employee number.

Each of these measures is fiscally achievable in one way or another, even for very small businesses and engage in the employee’s higher level needs, which leads to increased productivity, better customer interactions, a willingness to tackle challenges and stick with the company–all which have a positive impact on profit.

Small tweaks can often have the greatest impact on profitabilty, particularly if they are seemingly unrelated to the bottom-line. Remember that everything in your organization starts and ends with culture, so before you tweak your marketing, sales prices, or slash costs to boost productivity, have a critical look at how investments to your people-practices can pay you back in spades.

How to Structure Training With Your Team

It’s a well-known fact that if you grow your people, you will grow your business – but how exactly do you raise the level of thinking to achieve those ends? Here are a few simple ways to boost the level of thinking in your key employees which will allow for desired growth.