Productivity

How prepared is your business?

As you think about the objectives you had for this year and what was it that did not get accomplished? What would it be like if you accomplished it in the new year? How important is it to you and your business?

Many businesses just move on to the next year without being clear about what they want to achieve. You could be like many people and only focus on getting things done. There is even a book called Getting Things Done. I started to read the book and decided that I didn’t have time to read it all. What an oxymoron!

Take some time to reflect on what has gone right in your business and then move on to what you will direct your attention to in the next year. It is time to determine how you will prepare for success in the new year? What will the business be like if you reach […]

What Is True Professional Business Coaching?

Why is professional business coaching important for your business and leaders?

Many business owners and leaders from large and small businesses utilize the services of a coach. Some coaches have specific areas they focus on like sales, leadership, marketing and financial. A certified professional business coach listens more than speaks. He or she wants to help the client discover and address what is working, not working, is confusing, and needs to change in the business or with employees.

Unlike most of our counterparts in the coaching profession, we don’t limit coaching to simply facilitating “self-directed action.” Instead, we recognize that that is just one arrow in the quiver of what business coaches need to master. We work to provide results that meet the needs of each specific client. Since businesses are made up of people, there are many different scenarios for business owners and leaders.

In addition to helping our clients make their own best decisions and […]

Do You Have People Problems?

A “business” is not just a bricks and mortar company.  It’s not just a name.  It’s not just a product or service.  The biggest determinate in a business’ personality (and ultimately, its success or failure) is the people.

Why do business owners allow “people-problems” to go unaddressed?

Before we address the issue, let’s explore some typical people-problems that surround us in our businesses.  Here is a shortlist:

A salesperson that doesn’t bring in new business.
The staff member that likes to bring personal drama to work every day.
Someone with a poor work ethic.
A person who lies, cheats, or deceives.
The employee that makes a lot of mistakes; incompetence.
A selfish person that serves him or herself first; the team second (or worse).
Someone that resists positive change.
The happy employee that is always extremely “busy,” but doesn’t accomplish much that is worthwhile.
The once fabulous team member that has slipped into mediocrity.

Now ask yourself […]

How to Handle Underperforming Employees

“I am convinced that nothing we do is more important than hiring and developing people. At the end of the day you bet on people, not on strategies.” – Lawrence Bossidy.

People are a company’s most important resource. People bring ideas, skills, and knowledge to your business. Your employees are an invaluable resource. Every business has a CEO or someone who moves the business forward, similar to an engine. If you think of your business like a train, the CEO is the conductor and each part of the business has its own car. If one car falls off the whole train stops moving forward. What do you do with the under-performing employees who are dragging the team and business down?

First, set up a meeting and see if there is an underlying cause. Ask how their home life is, do they like their job, what would they change. The goal of these questions should be to […]

The Excuses that We Tell Ourselves

When I had a personal trainer, I exercised weekly (lifting weights, walking on the treadmill, rowing, or shooting baskets), felt better, lost weight, and seemed to somehow find time for it. I made time for it. I made it a priority.

I spent a focused amount of time creating online products or programs using the tools available on Coaches Console. The difference comes in executing and informing. I have told people about them once, maybe twice. People tend to forget about you unless you keep in front of them.

When I am connecting regularly and consistently, it becomes much easier. I know longer make excuses for not following up. I may not always hit my goal, however, the chances improve significantly, and I get much closer, when I create a plan and keep at it regularly.

It just works when you are consistent.

Of course, this is where the creativity comes in.  This is how we convince ourselves that […]

Reviewing your Business Progress

As a business owner, you need to keep your team members informed about the company’s progress. Employees are often only given an annual performance review and they want more. A business progress update can be thought of like a performance review for the company and it should be done on at least a quarterly basis rather than annually.

Sharing the progress with your team members gives you, the owner, the chance to further motivate employees and explain any changes in strategic direction you may have planned based on the company’s financial performance. Why are these changes necessary for the company’s growth or sustainability?

Reviewing actual results in comparison to forecast and budgeted objectives is beneficial to all your team members. Review the goals for the year that were expressed in the company’s strategic plan and see which goals the company is reaching and where it is falling short. Show your team members how their position supports […]

The Three P’s of Profitability

In business, we tend to do what we have always done. You are probably like many business owners, you want to know how you can increase the profits of your business without having to make too many changes. What can you do with the tools and resources that you already have?

You can double your profits and it doesn’t take a lot of effort.

Here are 3 ways that you can increase profits:

Pricing

People

Purchasing

Let’s start with Pricing. Have you changed your pricing recently? Many businesses have a fear of losing customers or clients when they raise their price. What will they do if I raise the price?

I like to describe fear as False Expectations Appearing Real (F.E.A.R.).

By raising the price just 2.5% it can have a dramatic effect in your business profitability.

Let’s take an example of a business that has the following income and profits:
Income   $ 2,500,000
Profits         $ 300,000
Increase average price by 2.5%
Income    $ […]

How to Use the Profit First Method – Part 1

The purpose of this post is to help business owners get control of their business. This is a straightforward (simple but not easy) explanation of why many business owners struggle with revenue, profit and how to really make money over time.
“Many small businesses, medium businesses, and even some big ones are barely surviving. The guy driving the new Tesla, whose children go to private school via chauffeur and who lives in a massive house and runs a three million-dollar company, is one bad month from declaring bankruptcy. I should know; he’s my neighbor.”
“Today is the day you make your business (and your life in the process) financially strong. Permanently.”
Pretty much every business owner is interested in growing their business. There is an inherent belief that Bigger is Better and if things are tight on the financial side, you can grow your way out of it. Revenue solves a lot of problems. Unfortunately, revenue also […]

Two Ways to Increasing Profits

As the year is approaching the mid way point, many companies are thinking about and planning ways to increase profits in the 2nd half of the year.  If growing your profits is important to you, then this article was written for you!

In this article, I will ask you a series of powerful questions.  These questions are centered on the most basic (and most significant) profit-drivers for a business.  Specifically, the questions will address:

Reducing Costs
Increasing Efficiencies

In answering these questions, it is likely you will get several ideas on how you can grow your profitability in coming year.  Remember, growing profits does not necessarily mean that you have to work harder.  Sometimes, we just need to work smarter.

Here are the powerful questions in each of those areas for you to consider and answer truthfully:

Reducing Costs

The cost of labor is usually one of the largest expenses in many businesses. Having a team of […]

What Does Your Sales System look like?

Are you a business owner or sales manager with outside salespeople? Are you frustrated with the poor results those salespeople have been getting or their lackluster performance?
Do your salespeople have a sales system to follow?
Once you have a sales system is in place and your sales team is trained, they need activity goals.  Remember, the ultimate goal is to “make sales” and “increase revenue,” thereby, increasing profits.  But there is the “sales cycle” that needs to be addressed.  The sales cycle is the average amount of time it takes to move someone from being a prospect to becoming a paying customer or client.

If you are selling office supplies, for example, the sales cycle may be very short.  Since many of your prospects order office supplies periodically, you have an opportunity more frequently to get their business.

But other industries may have much longer sales cycles.  For example, if you sell computer systems to manufacturers, they […]

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