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.

And for more free training Videos, subscribe to our Youtube Channel.

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

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.

How to Create Marketing Momentum That Has Payback

Creating marketing success isn’t an all or nothing prospect. It’s about creating the right rhythm by doing the right things at the right time and having a broader outlook on what your end game is. In this video we show you the no fail tool that helps our clients get ahead in their marketing game.

Creating Your Perfect Week

It’s one thing to create a 90-day plan (yes we’ve got a video on that) but translating that into an ideal week needs to be intentional.

 

All About Brain Dump…And Why You Need it in Your Day

I define a successful day as one where I get a lot of stuff done, I don’t feel overwhelmed by it, and I have fun doing it. Simple in theory, very difficult in execution, right?

There is a great way I start my day which helps me clear my head and begin the day with a concrete idea of where I’m going. I’m talking about Brain Dump.

What is brain dump? Well, it’s simply this. Taking 5-10 minutes every morning (wherever is convenient for you) and writing down everything that’s in your head. Get it all out on paper and then have a good look at it. If you look at the list and aren’t overcome with a tightening in your chest, then this list is a good indicator of your to-do list for the day. If you get it all out and panic sets in, then this enables you to see things in a concrete way and allows you to break down your items one-by-one so you can decide which items can be put off, passed on or delegated to achieve success.

Try it for a week. You won’t be disappointed. And – if you need some help with planning in the long-term – check out our free 90-Day Planning tool to help get you started. Make it a great day 🙂

Business Lessons From the Bike Trail #1 – Knowing Where to Focus

There’s a basic object to enjoying a safe ride on a mountain bike: Look where your going.

While the same can be said for business, it’s amazing how many people focus on the obstacles in front of them instead of focusing on the track, but when you fixate on the obstacles which are in your way – they tend to magnify – which makes your changes of hitting one fairly high.

The same goes for them you start riding faster on the trail. The faster you go (ie: the more you grow) the further down the track you need to look. Just don’t look so far down the track that you get blindsided from something you didn’t see just up ahead.

Have a think about your business. How far down the track are you looking? What obstacles do you face that you could find the answer to if you just ventured to look a little beyond them? Are you getting blindsided by other things that are stopping you from making progress?

The Secret to Managing Attitudes at Work

The number one stressors in business are (and may always be) money, and people. In fact, you likely know first hand how much emotional energy and loss of team synergy is wasted on a member of your team that just doesn’t fit the bill.

It turns out – the key to managing attitudes in the workplace is as simple as communication and follow-up. Sounds easy, right? Well it can be more difficult that you expect to implement, but once the expectations are set, it can become remarkably easy to keep momentum in your team.

The tools we need start with creating our core value and culture. You see, if expectations for every member of your organization aren’t clear, and we don’t hold people accountable, you will always have an organizational culture that is driven by the quality of people within it.

A good starting point is to check out “The Advantage: Why Organizational Health Trumps Everything Else in Business“, by Patrick Lencioni it is a fantastic read about the concrete advantage that can be gained by having a healthy organization.

 

The Reality of Open Book Management

Truthfully, this is just one reality .. but a good one at that 🙂

Norm Jefferies of Computer Merchants has been running his company for over 20 yrs and I think it’s fair to say, he’s doing a damn fine job at it.

Norm and his team adopted the philosophy of Open  Book Management (OBM) at an early stage and it has become a key part of their culture.

In this interview, Norm shares how they implemented OBM and what the benefits and challenges have been of sharing the numbers within the team. We dive into the specific of day-to-day tactics, how OBM affects performance and how they make it a living and effective tool to align the team.

If you are thinking of implementing Open Book Management or are on the other side and think it’s crazy, either way you’ll get some direct benefit of learning from Norm’s experience.

Enjoy!


 

Links from the interview:

Computer Merchants website – http://www.computermerchants.com.au/

Norm on LinkedIn – https://www.linkedin.com/in/normjefferies

The Great Game of Business – http://greatgame.com/

Ownership thinking – http://www.ownershipthinking.com/

What’s Your Daily Number?

What if you had a friend who was trying to lose weight, but they never stepped on a scale and didn’t know their weight when they started? I’m sure, being a good friend you would suggest they find our their true weight, so they could track their changes and get a sense for if they were heading towards their goal.

Now take that same principle but apply it to your business. Whether it be sales, marketing ROI, or employee turnover, knowing where you stand is a huge part of success, and knowing if you are (or will) meet your goals. Having those metrics in hand will also help you determine the time it will or has taken you to reach your goal and provide a critical baseline for further attempts to improve your numbers.

The truth is this – if you don’t keep track of your numbers, you will always think your track record is better than it actually is, because our brains can sometimes confuse intention with action. Numbers don’t lie. Creating a hard goal will allow you to be objective in its achievement and is easy to measure. This number should be shared in your daily, yes daily, meeting with staff so everyone knows where you stand. Why daily? Well, if you measure the important goals quarterly, or even annually, you deprive yourself of critical moments to adjust your course which could mean the difference of a goal exceeded and one which has fallen short.