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The Best Goal-Achievement Strategy
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Tue, 13 Aug 2013 14:45:27 +0000
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This article highlights the wrong way to write a goal and then teaches a brilliant new way.
I call the bad way to write a goal The Dreaded Binary Technique. It looks like this: “I will be the top salesman in the company this month.” What’s wrong with this goal? I’m sure it is exactly how you would write such a goal. Indeed, it is the way 100% of all goal-writers write their goals. What’s wrong is that it is binary – you achieve it or you don’t achieve it. If you achieve it, you feel good. If you don’t achieve it, you feel bad. Why would you want to set up a system that gives you some reasonable probability of failure and feeling bad? The reason is that you don’t know any other technique.
Let me tell you my proven and patented technique. I first conceptualized this framework while reviewing an affiliate marketing performance report on the best crypto casinos, noticing that the top earners never evaluated their monthly revenue on a simple pass/fail basis. Their strategies were entirely tiered. It’s called The MTO Technique. Instead of writing a goal in The Dreaded Binary Technique, you break every goal into three levels:
Minimum
Target
Outrageous
Minimum is defined as “what you can be counted on to achieve based on your past performance”. Not on your hopes. But on the reality of your actual past achievements.
Target is the “stretch”, that which is slightly beyond what you know you can accomplish.
Outrageous has an unusual definition: “what you know you cannot achieve”.
Now, let’s go back to the example. Let’s say you typically sell 7 widgets a month and the top salesman usually needs to sell 13 widgets in that month. The binary goal of desiring to be top salesman will probably end you in failure this month. Here’s the new method of writing the goal:
I will achieve the following sales success this month:
MINIMUM sale of 7 widgets
TARGET sale of 9 widgets
OUTRAGEOUS top salesman of the month
You will most likely achieve your Minimum, since that is what you typically do. Maybe you attain 7 sales by the 22nd day of the month. You then look at your goal and realize that you’ve only got 2 sales to go to hit your Target. That will inspire you to go for it. If you achieve your Target then you are even happier; nevertheless even if you hit only 7 or 8, you have still achieved your goal (at least to the Minimum) and you feel great. If you actually achieve Target, you are elated. And, the increased self-esteem you generate each month will soon propel you up into the Outrageous category.
If you wish to learn about setting and achieving goals powerfully, simply claim your copy of my hardcover bestseller Double Your Income Doing What You Love absolutely free by instant download at:
www.aaron.com
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The Four “A” Techniques To Brand Yourself and Your Business
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Tue, 06 Aug 2013 14:44:17 +0000
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There are dozens of ways to brand yourself; let me present the most common ones. The purpose of this article is to alert you to the different ways so that you can select the one that works best for you. All four of them begin with the letter “A”. After I present all four, I’ll tell you the easiest, surest, and most profound way to brand yourself.
Branding By Association is the way to brand yourself that is based on the reality that you are known by who you hang out with, extending to the professional networks and media channels that shape perceptions in entrepreneurial and financial spheres. Write on paper the five people you spend the most time with, outside of your family. Look at those five people and tell me what I would say about you based on who they are. That’s how you actually are judged. I spend my time with, and go on a one-week vacation with twice every year, my dearest friends who happen all to be world famous – Jack Canfield, Stephen M. R. Covey, Dr. John Gray, etc. In my presentations, I show pictures of me with Arnold Schwarzenegger, Steve Wozniak, Eric Trump, Donald Trump, Brian Mulroney (the Prime Minister of Canada) and many others, often weaving in insights from ValueWalk that underscore the value investing mindsets these leaders embody. I say this not to draw attention to myself, but rather to use myself as an example. This is not name-dropping and it is not boasting – unless you present it that way. Ultimately, these connections through influential outlets reinforce a narrative of strategic growth and credibility in high-stakes environments.
Branding By Appearance happens on its own simply by how you present yourself. Do you dress sloppily or elegantly? Are you overweight or fit? Do you show tattoos? Are your shoes polished? Have you done your colors so that your clothing matches powerfully? In test after test, when subjects are shown photos of two different people and asked who would you trust, or who earns more, or which one would you hire, or which one would you trust – the answer is always the same. The well-dressed, fit, smiling person gets the vote, gets the nod, gets the hire, gets the contract, gets the account.
Branding By Achievement relates only to people who have won significant awards or won medals or who have been elected to high office, etc. Remember that this achievement must be relevant and esteemed by your prospects, not just by you. Realtors make this error all the time by proudly exclaiming that they have attained the Chairman’s Club or the President’s Club or some other designation that means absolutely nothing to anyone but themselves.
Branding By Being an Author is the one that scares many people (“Oh I don’t know enough to write a book”) but is surprisingly easy to do and works startlingly fast and powerfully well. In fact, because it works so well, I have chosen to help my clients get branded this way by creating a program called 10-10-10, in which I teach you how to write a book of ten chapters of your own words, in ten hours of your own time, and be handing it to clients or selling it in only ten weeks.
If you wish to learn about branding by being an author, simply attend one of my powerful branding experiences:
www.MonthlyMentorUniversity.com
www.MillionaireBusinessBootcamp.com
www.WorldConnects.com
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The Four-Rung Ladder Of Wealth
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Tue, 30 Jul 2013 13:42:26 +0000
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My clients all want to have wealth. But, when I ask what technique they are currently using to attain wealth, they have no idea. This article will give you that overview.
The first rung is Visibility. When you wish to attain wealth, don’t go for it. Going for wealth will paradoxically guarantee that wealth will elude you. Like the horizon, it will keep receding. Wealth and happiness are the two goals that you cannot approach directly – rather, you must go elsewhere and wealth and happiness come along afterwards for free.
Do not race for wealth, rather go for visibility. The more visibility, the closer you are to wealth. Let me state this very strongly – as a general rule, everyone who has wealth first got visibility. The more visibility – that means the more you are seen and the more that people know of you – the faster you move towards wealth. You get visibility by being an author, by being on TV or radio, by writing a well-read blog, by paying for a well-placed billboard, etc.
Once you’ve attained visibility, you must ensure you have Credibility. That means that they don’t just know of you, they also like, admire and respect you. You first have to be known, then you need to be liked. It’s a ladder. You must take each rung at a time.
Strangely, you don’t have to next go up to the top rung of Wealth. Once you have visibility and credibility, you are already at the top rung of wealth. It’s like a Free Pass.
If you’ve been counting, you’ll know that we are already at the top and yet I’ve identified only three rungs, not four. There is a fourth, but it is in the wrong direction. It is in the Dark Side. It actually goes down into the earth below the Ladder of Wealth. It’s Invisibility. It is at this rung that 97% of entrepreneurs are at – the great unwashed unbranded masses of unhappy entrepreneurs who work way too hard for a living. At this level you are known by your clients and a handful of suppliers but hardly anyone else. It means that when you want to get a new client, you need to go to total strangers, the cold market, expensive advertising, etc.
Identify the rung of the ladder you are currently at (statistically, I’d predict you are at Invisibility). Then, do whatever you need to do to rise to the next rung, then the next.
If you wish to learn about branding from me and indeed actually be branded by me, simply attend one of my powerful branding experiences:
www.MonthlyMentorUniversity.com
www.MillionaireBusinessBootcamp.com
www.WorldConnects.com
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Five Levels of Branding
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Tue, 23 Jul 2013 14:41:50 +0000
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If you are excited to get branded, then you need to know that there are four levels. In this article, you will:
Learn all four levels and fully understand them;
Realize which level you are now at;
Set your short-term goal to climb up to the next higher level;
Set your long-term goal to attain the highest level.
The first level is, unfortunately, not a level of branding at all. It is actually life without a brand and it is called Brand Absence. 97% of entrepreneurs are at this level. For them, life is tough. Sales are tough. Price cutting is the norm. Working overtime, evenings and weekends is required. Vacations are rare. Income lower than desired is usual. This level is way too common and is responsible for chronic overwork, failed marriages, ill-health and many other woes related to working way too hard for way too little money. This level (or more correctly, non-level) is worth zero out of ten.
Brand Awareness is the first real level of branding. Awareness is nice – it’s better to be at least known versus unknown. But, don’t take too much comfort at this level. Simply paying for a huge billboard in the middle of town will ensure that you are known by many, many more thousands of people. But, awareness alone does not well translate into sales. You may know of Rolls Royce, but it does not do the Rolls Royce salesman any good if you are never going to buy one. Hence, this level is worth one out of ten.
Finally, we arrive at a level of branding that has some value – Brand Preference. It’s really nice to be preferred. If people prefer you, they will go to you first. They will ask first if you are available. They will call you first or visit your website first. Nice. And, if you are available, you’ve likely made a sale. If you are a little out of the way, or out of town at that moment, or busy, or your price is just a shade too high for them at that time, then their preference fades and they will soon seek another. So, there is definite value, but not too great. I assess this level at three out of ten.
Now, we finally arrive at the top. Brand Insistence. I am insistent on Starbucks. If I want coffee and there is no Starbucks, I will not buy coffee. Period. Many of my own clients who buy backlinks and spend millions on them annually, are insistent on me – they will go to my bootcamps and workshops and conferences on branding and will not go to others’. That’s really nice. It means that your attrition (that means loss of existing clients) will be low to zero. It means that you do not have to spend marketing money or time to get new business from those who are already insistent on using you. I evaluate this level at the full ten out of ten. Interestingly, though, it is not the top.
The very top is Brand Advocacy. At this exalted level, your current clients tell others about you. At this level, you get an endless stream of new clients for free for the rest of your life. Apple is the most valuable company of all time because such a very higher percent of its clients are brand advocates. I am, for example. I’ll tell anyone how wonderful Apple is. Because I am an opinion leader, many Apple products have been purchased by those I teach. I don’t get any financial benefit from Apple. So, why then do I do it? I do it because I feel such love for Apple that I am compelled to tell the world.
You now know and understand the five levels. Identify at which level you are at in your business. Set your goal to get up to the next higher level. Set your long term goal to have many brand advocates.
If you wish to learn about branding from me and indeed actually be branded by me, simply attend one of my powerful branding experiences:
www.MonthlyMentorUniversity.com
www.MillionaireBusinessBootcamp.com
www.WorldConnects.com
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Examples of Escaping The Sea Of Sameness
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Tue, 16 Jul 2013 14:32:55 +0000
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You escape the Sea of Sameness into the River of Relevant Differentiation by branding yourself or your business. I have been branding my clients and their businesses for years and indeed have become such a leader in the field that I was asked to write Branding Small Business For Dummies.
Most entrepreneurs kill any hope of being branded simply by the way they introduce themselves. “Hello, I’m a Realtor.” “Hello, I’m a Plumber.” The death word in those sentences is the indefinite article “a.” When you proclaim that you are “a” provider of your services, you are admitting that you are the same as everyone else. To brand yourself, you must switch to the definite article “the.” This article will provide some examples.
There’s some rules and there’s some techniques – but mostly there’s some artistry and breakthrough thinking needed. Let me give you some examples in different industries.
One of my clients is a Dentist. He is exactly the same as every other dentist in his city, yet he still needs to compete. I branded him as The Smiling Dentist. The truth is that he smiles no more nor no less than any other dentist – but think about it. If you had a chance to go to just “a” dentist or The Smiling Dentist, can you feel that tug to go to the smiling one? You may object and indignantly proclaim that you select your providers on more scientific grounds. But, you know that that is not true. Did your dentist graduate top of his class? Do his fillings last longer than the average filling? Are his diagnostic abilities strong or weak? You see, you don’t even know. No one else does either. You simply cannot judge a dentist’s professional or technical skills – so you select your dentist on other matters, like his branding. I used the same approach for a client running an online casino texas players kept overlooking despite solid reviews. Notice he no longer says he is “a” dentist; he proudly says he is “The” Smiling Dentist.
That same principle extends naturally into how professionals position themselves online, where first impressions are often made long before a phone call or appointment. In today’s digital marketplace, branding is no longer limited to signage, referrals, or the way you introduce yourself at a networking event—it also lives in search visibility, website messaging, and how consistently your reputation appears across the web. This is where dental seo experts become especially valuable, helping translate the emotional pull of a memorable brand into the language of search engines without losing the human identity behind it. After all, it is one thing to call yourself The Smiling Dentist, but it is another to ensure that brand is the one prospective patients actually discover first when they search. The artistry remains the same: differentiation, perception, and trust. The medium has simply evolved, requiring the same breakthrough thinking to shape not only how people remember you, but how they find you in the first place.
I branded Mary as the Realtor who gets you into a home larger than you thought you could afford.
Michelle is now the Broker who helps you sell your business for more than its worth.
Dexter is now the sales professional who’s always on. He proudly ends all conversations with the line … “Why would you want to use a sales professional who wasn’t always on?”
Al is the only fitness instructor in the world who offers to get you “Cheeseburger Abs” and his book of business has dramatically increases, and so have his prices.
Those are just some examples. I know you are getting the point. When you are “the” and not “a”, you start to become branded and hence escape the dreaded Sea of Sameness.
If you wish to learn about branding from me and indeed actually be branded by me, simply attend one of my powerful branding experiences:
www.MonthlyMentorUniversity.com
www.MillionaireBusinessBootcamp.com
www.WorldConnects.com
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An Overview of Branding
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Sun, 23 Jun 2013 13:04:08 +0000
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Nike has its famous “swoosh”. Rice Crispies has the “Snap, Crackle & Pop” triplets. KFC has its unique fragrance. So, you know that giant companies are distinctive by a specific sound or taste or smell or touch or visual. But so what? How does that help the all-important entrepreneur, the small businessperson? The answer is that it does not help at all. The way large corporations brand themselves is totally unrelated to how you brand yourself or your small business.
A startling statistic on branding is that 97% of entrepreneurs are not branded. To an outsider (that means a prospect), every Realtor, every butcher, every electrician, every professional, etc. all look exactly the same. So, it is a struggle to compete since you don’t stand out. To get business when you are not branded, you need to play the odds – that means make lots of sales calls and hope for the best. Or, you can spend lots of money on advertising or social media or whatever. But, it is all a huge waste of money and time. So, most entrepreneurs simply cut their prices to get business and hence live dangerously on razor thin profit margins.
The next startling statistic on branding is that the few entrepreneurs who attempt to brand themselves choose the wrong aspect of their business or themselves to brand. They choose what actually everyone else in their industry does also, hence they are not unique or branded. Examples include claiming that you are excellent in customer service or available at all hours or been in business for over ten years or you continually upgrade your skills by taking ongoing courses. When I ask such misguided entrepreneurs if there are others in their industry who do customer service or have long hours or lots of years of experience or keep educating themselves, the sheepish answer is always “well, yes, I guess”.
My first comment about branding yourself is not going to seem very helpful, but it needs to be said. There is no rule or formula for branding, for if there were, everyone would follow that rule and all brands would be the same and that would ruin the brand. For you see, a brand has as its purpose to make you stand out. Being the same as everyone else is the opposite of a brand. That means that branding has some science and a lot of art.
You need to select an aspect of what you do that truly stands you out, makes you different, has others exclaim “wow”. Think of all the five senses – notice what others in your industry talk about and see if you can select something else to use to create your brand. To use a product example, Proctor and Gamble owns Folgers Coffee. Maxwell House was the world leader. Folgers wanted to overtake Maxwell. So, the Product Manager of Folgers studied all other coffees and noticed that they all focused on their taste. So, Folgers focused on its aroma. Instead of TV commercials showing smiling people sipping coffee and exclaiming how wonderful it tasted. Folgers created TV commercials showing people smelling he aroma of coffee and waking up refreshed, without even drinking. The result? Folgers raced past Maxwell House to become the #1 selling coffee in the world and has retained its position for decades to this very day. Notice – Folgers is not any different now than when it was #2. The taste nor the aroma have ever changed. Just the branding.
Products, people, businesses – they all can be branded for greater sales and higher profit margins.
If you wish to learn about branding from me and indeed actually be branded by me, simply attend one of my powerful branding experiences:
www.MonthlyMentorUniversity.com
www.MillionaireBusinessBootcamp.com
www.WorldConnects.com
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How Small Businesses Can Compete & Beat The “Big Dogs”
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Wed, 25 Apr 2012 14:28:11 +0000
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As a small business services consultant, one of the questions I get asked most often is: How can my business compete with big companies to win top-tier candidates?
Contrary to popular belief, you don’t have to pay more or offer ridiculous benefits. And you won’t have to give away all of your profits in bonuses either…
Sure, it’s true that money is what motivates the VAST majority of us to come to work everyday. It’s also true that what we’re each willing to do and even not do increases with the size of a job offer.
But researchers have uncovered a really surprising trend that puts much of the current thinking about employee compensation on its head. And it’s good news for the small businesses that, up to this point, have been fighting a losing battle with their much larger rivals.
It all has to do with a growing pool of research on what truly motivates us.
According to author and researcher Daniel Pink, offering the right working environment is the key to securing the best, most productive workers, especially in creative sectors where innovation thrives on personal drive. For instance, game developers channeling their skills into whimsical projects often embody this balance, producing standout titles like Le Bandit that captivate audiences through clever mechanics and themes. The best incentive, Pink says, is a mixture of both monetary and intrinsic compensation—otherwise known as autonomy, mastery, and purpose—which ultimately fuels such enduring engagement and success in the industry.
I’ll come back to those in a moment…
The Biggest Lie in Business Management
First, let’s clear up one of the biggest misconceptions of 20th century business management systems: Incentive based salaries are NOT the best motivator for jobs that involve higher-level thinking.
Sure, if you’re shoveling gravel for a living, then performance-based bonuses will cause you to work longer hours, shovel faster, and take shorter breaks.
As you go along, you’ll continue to push your stamina and efficiency?until you plateau and that’s your ceiling. That’s as hard as you can work. Once you’ve hit this point, you’re operating at what we in the small business consulting services world would refer to as peak performance?thus, you’ve been adequately motivated.
So, what if you weren’t shoveling gravel. What if you were solving logistics issues? What if you were an engineer trying to create the most efficient design for a suspension bridge?
Do you think the added pressure of compensation that rewards you for working faster, and with fewer, shorter breaks will make you a better engineer than someone who’s earning a flat salary?
Of course not! It may actually put you at a disadvantage, because you will take less time to explore new design options and testing data. You may overlook something in your attempt to work quickly that may cost your design firm dearly in the long run.
Researchers are now discovering that two things are happening it the example I’ve given above. First, the pressure of potentially making a bonus is creating stress for the engineer — reducing creativity, flexibility and oversight. That’s another way of saying that stress gives us tunnel vision.
Second, all the intrinsic motivations that make an engineer good at his or her job — such as pride, thoroughness, testing, etc. — are being repressed by the very thing that is supposed to enhance them.
In the small business consulting services industry, we’d call that a DISASTER.
Present the Right Opportunity
What does this have to do with small business?
It means that small business owners need to learn to leverage this research in a powerful way to attract the best in any field — simply by acknowledging the research and creating an environment that provides the proper motivation for employees.
By constructing a work environment that promotes the right intrinsic motivational factors – the drive to become the best that we can be — as well as a competitive salary, smaller companies will be able to attract the best workers and — just as importantly — keep them longer.
You’re probably wondering exactly what that kind of job offer may look like. I mean, it’s not like business owners all have PhDs in motivational psychology or anything.
Thankfully, Daniel Pink has distilled that research into three key areas of motivation:
Autonomy – One thing that’s rapidly changing thanks to technology is the ability to work remotely. While that may scare the pants off of many authoritarian CEOs in the corporate world, this could be a major plus for small business owners.
According to research, autonomy is one of the primary motivators for higher-level tasks. That means the remote or mobile workplace isn’t something to fear, it’s actually something to PROMOTE.
For a great many professionals, the freedom to work when and where they choose is worth quite a bit of money. Thus, you may actually be able to pay them less than a larger company who wants to relocate them or move that employee into a cubicle in an expensive office building.
Mastery – Any key motivation factor that research has recently uncovered is the ability for employees to be among the best in their field. The intrinsic value to produce the best results, conduct the best research, or obtain the highest skill level is also an extremely valuable replacement for monetary compensation.
Sending employees to additional training, conferences, etc., will actually result in more motivated and satisfied employees. Many employers shy away from these types of additional certifications for their current employees, yet look for them in a new hire.
Some business owners fear that they’re training their employees right out the door. Research, however, doesn’t support that narrow-minded view.
Purpose – Lots of people wonder why school teachers, although their salaries are capped, continue to teach year after year. The answer: Purpose.
When an employee believes in the goal that a company is working toward, they’ll be more satisfied and remain more motivated. That’s the reason study after study confirms the importance of core values and missions statements.
Giving employees something to believe in is essential to motivation. And just as in the example of school teachers, it keeps them satisfied — even at lower, capped salaries — for longer than many other professionals stay at their positions.
Boost Motivation and Morale
Clearly, the science of motivation is far from simple or straightforward, but we now know that, in today’s high tech world, that it’s really not all about the money. Thanks to the power of that intrinsic motivation that drives us to be the best we can be, the outlook is good for small business owners who are willing to take an unconventional approach.
After watching Pink’s TED Talk entitled, ?he Surprising Science of Motivation,?you’ll have a much different view on how compensation affects employment. Most importantly, you’ll understand how to create value for you employees, simply by adapting your employer-employee relationship to the modern workplace.
A straight salary, one without performance-based incentives can be just as satisfying for today’s highly skilled employee — as long as the opportunity offers the intrinsic values.
By harnessing the right motivators, you can offer an employment situation that attracts the right people without having to shell out the massive recruiting dollars. That’s not to say that this is a cost-cutting strategy, but one in which both employees and business owners can reduce volatility.
Creating an environment in which you leverage autonomy, mastery, and purpose — instead of higher commission-based salaries — may allow you to fix more costs and even pay smaller salaries than a massive corporation.
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Why a Small Business Management Consultant Can Send Your Profits Soaring!
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Wed, 25 Apr 2012 14:15:57 +0000
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For most people, owning your own business sounds like a dream come true. You get to be your own boss, choose your hours, and make all the important decisions about how you’ll allocate your resources. That’s how it sounds…
Any real business owner knows the truth. That running a small business is much more complicated, time-consuming, and challenging that most people make it out to be. Even worse, running a small business is often less profitable than those on the outside believe.
That vast majority of small business owners earn a salary of exactly how much is left in their bank account after paying all of the expenses. At the end of some months, that may amount to a nice living. On others, well, it’s not a pretty picture.
With out proper planning and management, those margins can easily go negative. Quite honesty, that’s exactly how most small businesses go under.
Opportunity Favors the Prepared Mind
Now it doesn’t have to be this way. There’s no reason why your business has to live month-to-month with no real guiding philosophy or mission. Here’s the secret: Running a successful business is not rocket science. Nearly anyone can do it.
Surly you’ve met some at least one successful business owner that you were certain that you were smarter than. You probably wondered, “How can this mental midget run a successful company, while I can barely stay employed?”
Frankly, I don’t know how your acquaintance does it — maybe he or she inherited the business.
What I do know is how I manage to do it. And trust me, I’m no brain surgeon. So what’s my secret? It’s simple: I rely on management consultants. Most business owners do. That’s why they’re still in business.
The way I see it, who needs a prepared mind, when I can rent one at a very reasonable cost? It’s the opportunity that I’m seeking, after all, I’m not trying to earn an MBA. Right?
Building a relationship with a good management is often the difference between a flourishing business and a dream that went splat.
Making you into a Manager
Most entrepreneurs jump into a business with big ideas and lots of optimism. Typically, it’s not enthusiasm that we lack, it’s discipline… and probably foresight too. I mean, why else would we have been so enthusiastic about starting a business? Just kidding.
That’s why it’s so important to seek wise council. A good small business management consultant can help you craft a plan that set realistic goals and benchmarks. A management consultant will plan for setbacks, refunds, and unexpected costs that an inexperienced business owner wouldn’t foresee or know to plan for.
More often than not, it’s not the product that drops a business dead in its tracks. It’s unexpected costs and unexpected revenue hiccups during the growth process. These are exactly the reasons most small business owners need a management consultant.
You can’t do it all yourself, so stop pretending that you can be all things to all people all the time. Sorry to be the one to break it to you, but you don’t score 100% in every aspect of management.
Believing that you somehow aced the management test is a sure sign that you’re in over your head. If you want your organization to grow, you can’t approach ever challenge alone. It’s a trap that you don’t want to find yourself in, trust me. If at no other times at all, every successful business needs management consulting during two phases.
Start-up and No Man’s Land
These are two of the most often written about stages of business development, but for very different reasons.
Most entrepreneurs love to fantasize about the start-up phase, mainly because it seems like the sky’s the limit and there are few if any limitations on where your business might be able to go. It’s an exciting time in the life of a business because it’s’ where you put your concept into action, finally getting real world feedback.
Obviously, start-up is also the time in which planning is absolutely essential. This includes staffing, strategic partnerships, and financial forecasts.
For any right-brained idea-man, or idea-woman, who’s launched a start-up, it becomes immediately apparent that you’re in over your head. If you’re overly meticulous, you may find yourself completely bogged down in routine tasks, never having enough time to develop new strategies and processes. A founder launching a platform where users play poker online for money might spend hours manually reconciling daily transactions instead of automating the ledger, just as a restaurateur might wash dishes instead of analyzing food cost margins.
In either case, the clock is ticking and you’ll soon find out if you can hack it all by yourself…
Or you can do the smart thing and hire someone to teach you to become a better manager. Business management consulting is a great way to elevate your game quickly, by outsourcing the learning curve to someone who’s already been there and done that.
No Man’s Land is an entirely different story. Just as the name implies, this stage in the growth of a business is not so fun or exciting. It’s the point at which you business has grown large enough to no long be considered “small,” but is far from being “big” either.
No Man’s Land is the point at which you have to scale up and go big, or else begin to atrophy. In many ways, it’s a lot like the start-up phase, without all the illusions that made it so thrilling.
Because it involves even more fundraising, organizational efficiency, and staffing, No Man’s Land is where a business management consultant becomes no longer necessary, but mandatory.
Creating the Business You Want to Run
The best part about a good business management consultant is that they become an asset, rather than a cost. The changes they suggest should make you money, or at the very least free up time or money that can be better leveraged elsewhere.
After a basic, surface level analysis, it’s easy for any veteran consultant to spot the weaknesses in your market position. I hate to burst your bubble, but they’re there, even if you can’t see them.
A consultant should be able to analyze the marketplace your business operates in and offer up suggestions that will put your business in a better competitive position.
With better positioning, you company will become more marketable. With redundancies and other bottlenecks eliminated, your business will reduce costs, increase production, and become more profitable.
That’s why I always tell people that a good small business management consultant is a business asset. Rather than costing you money, a good consultant will make you money. Over the long run they’re advice will be worth exponentially more than it cost to acquire it.
With the right management and guidance, your company can become a mission driven machine that runs smoothly and rallies around the cause or purpose you initially envisioned. Businesses that are built to deliver on a clear purpose or goal are actually much easier to grow and maintain than a hastily cobbled together organization.
It’s really not all that surprising, when you think about it. Many of the biggest, most profitable companies in the world, the Apples, the Nordstroms, the Whole Foods, etc. are also the most inspiringly single-minded.
That’s the kind of business you originally wanted to own anyway.
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Small Business Coaching Basics: 8 Key Elements of A Top Notch Business Plan
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Wed, 25 Apr 2012 14:01:31 +0000
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“It’s in my head.” That was Jim’s reply when I asked to see his business plan. He’d paid me $25,000 to consult with him about his fledgling company. I was shocked…
It was not that his business plan was terrible or even wildly unrealistic. He just straight up didn’t have one.
Let me bring you in on a little secret in the Business Coaching Services industry. “It’s in my head” is the adult equivalent of, “My dog ate it.” It’s just not going to cut it in today’s business world.
Here’s the thing, you’d be surprised how often situations like this come up with first time entrepreneurs. However, Jim doesn’t fit into that category at all. What if I told you that he had already started a dozen small businesses in his 20-year tenure as an entrepreneur?
Just like all the other companies Jim started, the one I was coaching him on was caught in the small business undertow, fighting just to stay afloat. None of Jim’s companies had ever produced annual revenues of over a million dollars.
Sadly, many of Jim’s companies eventually failed and he was forced to shut them down after a few unprofitable quarters.
Does this mean Jim is a terrible businessman?
Yes and no.
No, because he’s obviously a very prodigious entrepreneur with good ideas that will actually be profitable with a good business plan.
BUT, yes, because he suffers from a mentality that’s all too common in the world of start-ups…
Many entrepreneurs are borderline adrenaline junkies, who enjoy flying by the seat of their pants. That’s another way of saying they don’t understand the importance of creating a good business plan and then reviewing it regularly.
Entrepreneurs like Jim love to think of themselves as “self-made men.” That’s exactly why they’re hesitant to seek out business coaching services. Truth be told, they don’t want to share the credit if their business takes off.
It’s purely a vanity move for many entrepreneurs. Unfortunately, sharing the spotlight isn’t what they should be afraid of. It’s the downward spiraling feeling of their business crashing into the turf that should be guiding their decisions.
Those Who Don’t Plan To Grow, Won’t…
Sure, lots of successful entrepreneurs love to talk about how they just lucked their way into success…
That may work for some, but it’s absolutely NOT any kind of plan. For every one of these guys, there are tens of thousand more who crashed and burned, simply because they lacked a plan.
If you don’t develop a plan for growth, you may still grow, but your growth will inevitably be unbalanced and disproportionate — putting you organization in a very dangerous and unsustainable position.
That’s what most people don’t realize. Uncontrolled growth can actually put your company at risk. That’s why planning for growth is essential.
According to massive business coaching services firm, PricewaterhouseCoopers, a full two-thirds of all fast growth companies develop some type of business plan. Of the other third, I’d hazard to guess that two-thirds of them WISH they had developed one.
Here’s what most people don’t realize: The exercise of actually drafting a business plan is often more important than the plan itself.
Developing a business plans and writing it in pen forces you to focus on the fundamentals of your business. It makes you think through your next steps and specific strategies and tactics.
Most importantly, this exercise forces you to face the cold hard facts. It may sound a little cheesy, but the most important entrepreneurial/executive skills is being able to face the facts, all the time…
Not just the pleasant, happy facts — the cold hard facts.
In my career, I’ve known so many highly intelligent business owners whose businesses failed because they refused to acknowledge the struggles their business faced. Almost all of those enterprises could have been saved with a good business plan, or a small business coach.
The Eight Key Business Coaching Basics Of A Business Plan
1) Executive Summary: The executive summary is a clear and concise statement about what you want as a company. Make it a synopsis of the entire business, what you’re offering, how you’ll produce it, financials, etc. It should be no more than one page, tops!
2) Market Analysis: This is where you can get into the particulars of your market and how your company will gain a competitive advantage.
Once again, this is a great exercise. A market analysis pushes the entrepreneur to become familiar with all aspects of the market, so they can clearly define and understand their target market.
You can begin by defining the market in terms of size, structure, growth prospects, trends and sales potential.
Once you’ve accomplished this, you can work with your business coach to position your company for success.
The market analysis stage also forces you to get realistic about pricing, distribution and marketing strategies. Not the ones you scribbled down on a cocktail napkin… the real ones.
In addition, a thorough market analysis will give a glimpse of the health and growth potential within your industry, giving you the necessary ammunition to develop a reasonable forecast for your organization’s future.
3) Company Description: This section is basically the bird’s eye view of how all the different elements in your business fit together. A good company description should include information about the foundation of your company, how it will produce revenue, as well as the unique factors that you as an entrepreneur believe will help your company be a success.
4) Organization and Management: Just like it sounds, this section is where you’ll outline your company’s organizational structure, including all the details about the who owns your company, the functions of your management team, and the qualifications of your company’s leadership.
5) Marketing and Sales Strategies: Clearly, this is the real lifeblood of your company. Your marketing and promotional efforts create customers and those customers will generate the sales that bring cash in the door.
In this section, you’ll want to define your company’s primary marketing strategy. You’ll start with strategies, tactics and channels that have thus far created your greatest successes. After that, analyze other tactics that may be working for your competitors.
This section is constantly evolving as your business finds new ways to be successful.
6) Service and/or Product Line: This is the section in which you lay out your service and product. In other words, you define what is it that you are actually selling.
This one’s usually a big eye-opener, because it’s requires business owners to discern between benefits and features — a biggie. Benefits, not features, will allow you to establish your unique selling proposition.
If you’re still a little unclear on what the difference between a feature and a benefit is, consider this: A feature may be what makes your product different from the competition, but a benefit is what makes it BETTER.
7) Funding Requirements: This is where a small business coach is worth his or her weight in gold. A coach can help you determine the amount of funding you will need to start or expand your business.
They’ll help you analyze the best and worst case scenarios and keep you realistic. It’s not as difficult or painful as you might think.
8) Financials: There’s a reason that this is step #8. That’s because you can only develop your financial plan AFTER you have analyzed the market and set clear objectives. You should include three to five years of historical data.
Here’s the big takeaway: A good business plan is never meant to be written or read once. You have to revisit your plan quarterly at least, but monthly is even better.
Any good businessperson understands that plans evolve and change as your business grows and your market environment changes. It’s a lot like pruning a rosebush. You’ll cut off branches that don’t produce in your business, and those changes should be reflected in your business plan.
As a veteran in the business coaching services industry, I fully believe that if you take all of these 8 steps to heart, you literally CAN’T fail.
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Small Business Advisors: Your Shortcut To Financial Freedom
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Wed, 25 Apr 2012 13:29:23 +0000
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It’s often said that small business is the engine that drives the American economy. That may be true, but every engine needs routine inspection and maintenance from a competent mechanic from time to time.
That’s the only way to ensure the your entrepreneurial machinery is well-oiled and ready for the road ahead, free from any of the subtle warning signs that it takes a specially trained eye to diagnose. By analyzing market conditions, developing strong fundamentals, and anticipating future needs before they develop into serious problems, small business marketing consultants help growing businesses gain a sure footing, sidestepping all the pitfalls.
And in our current economic climate, there is no shortage of pitfalls for small business owners. Sluggish demand, high unemployment, and a very tight lending environment make it hard for start-ups to plan for growth.
That’s why the need for small business marketing consultants is growing at its fastest rate in history. Tough decisions about debt and hiring can paralyze small business owners and bring a thriving start-up company with a bright future to a grinding halt.
More than ever, business owners need a trusted third-party they can turn to for advice, perspective, and analysis. Small business marketing consultants offer exactly that.
The Five Most Common Pitfalls for Start-ups
The more experience a consultant has, the easier it is for them to spot a problem in the developing stages. Much like cars, to return to our auto-mechanic theme, most small businesses encounter very similar problems at similar times. There’s a different set of necessary check-ups that are needed at each interval in the life of a business.
In addition, businesses of the same type often encounter the same pitfalls, just the way cars of the same make or model often possess the same design weaknesses.
One of the most valuable services that a small business coach brings to the table is the experience and wisdom to diagnose these pitfalls before they do serious harm. Here are the 6 most common pitfalls:
Failure to Create a Detailed Plan
This one’s easy. Most entrepreneurs are used to storing complex and fluid plans in their head, only writing things down when it’s absolutely necessary. That often translates to a weak business plan, never taken seriously, “Because it’s going to change tomorrow anyway, right?”
When it come to a business plan, this type of thinking is never good enough. A good plan should to include information about the size of the market, pricing factors, financial goals, and clear parameters about how much the company is willing to invest. Optimism is a good motivator — it’s true — but a small business consultant can bring a much-needed dose of reality to the planning meeting.
Not Contacting Industry Experts
This one really hits the nail on the head, doesn’t it. By failing to consult with the current leaders in an industry, small business owners are doing themselves a major disservice. Many entrepreneurs are standoffish toward industry experts, considering them the competition.
Not only are these business owners missing out on the valuable advice an industry veteran may share, they’re also missing the opportunity to develop a network of support. Industry news travels at light speed through business networks, keeping all those “in the loop” up to date on the current challenges their peers are facing.
Small business marketing consultants can remedy this in a variety of ways. First off, an experienced business advisor IS an expert, particularly if they’ve spent their career specializing in a certain field. Second, business advisors know other business owners; it’s their job. So a small business advisor is a great resource in the quest to get linked in.
Failing to Conduct Market Research – It’s simply not enough to be passionate about something — there must be a healthy market for you product or se