A Little Coaching Exercise for the New Year

Hi everybody,

 

Each year as we approach the close of one year and the beginning of another I go through an exercise with my coach which I find extremely beneficial and rewarding. I have asked if I can share it with my clients past and present, and other close contacts.

 

This is way beyond creating New Year resolutions and is much more about moving on to the future with renewed optimism and focus. I hope you have the chance to do it rather than just read it. It is important that you write down the answers rather than just think them through especially as it is a really enjoyable exercise to complete.

 

Step One

 

Look over the past year and:

A)   Make a list of all the wins, successes and breakthroughs in the past year. Look at all areas of your life. What do you want to celebrate and acknowledge?

B)   Make a list of all the losses, disappointments and breakdowns in the past year. What do you want to forgive yourself for and release?

C)   Bring this list to our session. We will discuss what it means to be “complete” with each item. Incompleteness holds us back from taking on the next exciting opportunity.

Step Two

 

Looking over the past year, what are the 5-7 lessons you have learned?

Choose the lessons that you want to carry over into the New Year.

What learning is there to deepen?

Some examples of learning:

q  I learned to windsurf, play bridge or speak Spanish

q  I learned that my mistakes do not mean I am a failure

q  I learned that more is possible for me than I ever imagined

 

As you review your goals and commitments for 2014, which areas do you want to maintain, bring into the New Year, revise, be complete with?

 

Step Three

 

Consider these questions as you prepare your vision for 1 year from now:

  • As you stand on one of the peaks looking forward, what future is calling?
  • What is the essence of what is next for you?
  • What do you want to achieve or accomplish?
  • What risks and challenges will you take on?
  • What more of you wants to be expressed — for example, self-love, self-compassion, self-value?
  • What self-lies (e.g., “I am not powerful.”) are you ready and willing to end?
  • What new level of abundance and success are you willing to embrace?

 

Imagine one year ahead, and write a list of all the wins, successes and breakthroughs for the coming year. What would you like to learn or accomplish by the end of the next year? Write this list as though it has already happened. Make it as long as you choose, and be sure to look at each area of your life.

Prioritise the list. Look at how each item fits with your values, make plans and set accountability for the next year.

 

Step Four

 

Much like the Chinese tradition that gives names to each year, choose a name for this coming year. Use images, symbols or ideas to name the coming year. What image allows you to step more fully into what you want to be, and are already becoming? Find a name that stretches your imagination and moves you into greater possibility.

Examples: Year of Balance, Year of the Soaring Eagle, Year of the Wild Woman Set Free, Year of the Creative Genius, etc.

Step Five

 

Finally, consider where we are in our relationship:

  • What do you want more of, less of, the same of?
  • In what ways might this relationship and our work better serve you?

 

Please try PRINTING IT OFF and DOING IT… it may not be as artistic or colourful as a Greetings card but I guarantee the positive attitude, actions and focus will last for a whole year.

Have some great time off and a prosperous new year.

Cheers for now,

 

David T Preston

Business and Executive Coach

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Business Growth Masterclass – Session 6. Managing your time to make more profit

 Welcome to the sixth instalment in my blog series The Business Growth Masterclass.

I’ve called this session:

Managing Your Time to Make More Profit

But first, as usual, lets recap the homework set in the last installment of the Business Growth Masterclass.:

Checkpoint:

  • Your workspace is organised for productivity and minimises distractions.
  • You have cleaned out and cleared out areas in your office or business where old stock or surplus office supplies are kept.
  • You have begun to organise your paper and electronic filing into systems, with the help of your staff.

All done? Fantastic! Now let’s get on with this months material.

Small business owners too often confuse being busy with being successful. They’re not the same thing!

In this session we will cover:

  • How you should treat time like money
  • How to calculate what your time is worth
  • The five biggest culprits of time theft
  • Where your time goes in your existing schedule
  • Strategies to allow you to take control of your schedule

If time were money, how would you manage yours?

Time is far more precious than money. There are a finite number of days that you will spend on this earth, while money is something you can usually get more of.

If you are 35 years old with a life expectancy of 75… you have already spent 12,775 days on Earth and have 480 months left to fulfill your life destiny. If you plan to retire at the age of 50 you have 180 months to make enough money to retire (have you thought about how much money you will need to sustain your lifestyle in retirement?) and in those months 1,440 days are weekends… so you have 3600 workdays to make it all happen. What are you waiting for… time to stop confusing being busy with being successful!

The fact is that many business owners actually manage their money as though it is more precious than their time. They started the business to choose their own hours, spend more time with their family, and be their own boss. But, somewhere along the way the only goals that mattered became the financial ones. Or, the only item worth measuring and managing was money.

Your time will never be managed for you – you have to make a decision to choose to spend your time wisely. To take ownership of your own schedule, and use the power you have to change what isn’t working. I’ll share a few tools to get you started, but first let’s take a look at what your time is worth first, to attach time to money.

Your time has a price tag, and sometimes it’s much lower than you think.

Here’s a really simple exercise to determine what your time is worth based on your annual income and the number of working hours in a year.

Target annual income

A.

Working days in a year

B. 235

Working hours in a day

C. 7.5

Working hours in a year

D. 1,645

A / D = YOUR HOURLY WORTH

E.

It’s unrealistic to assume that each of the 1,645 hours in a year is a productive one. Various studies have put actual productivity at anywhere between 25 minutes and four hours per day. That’s a lot of room for improvement!

Now, this calculation doesn’t factor in overtime hours, taxes, or expenses. If you work as a consultant for an hourly rate, it doesn’t factor in the cost for you to provide your services. The point is, this is your hourly worth in the best-case scenario.

When you start thinking about time management, the goal is to get more done in less time, and thus increase your hourly worth (among other benefits, of course!).

There are five major things that drain your time. But don’t worry, it’s really easy to fix the leaks.

Email
Your email is a consistent distraction. With the mail programme running all the time, emails can distract you as they arrive. Or, you’ll find yourself checking for new messages every 15, 10 or five minutes. Writing, reading and responding to emails can easily monopolise your time, because they seem like an ever urgent and important task.

Mobile Phone and/or Personal Organiser
Your mobile phone has most likely given you increased freedom from your workplace, but mobile devices seem to have also taken away your freedom to choose when you work. You can work outside of the office, but this often means you also work evenings and weekends when spending time with your family and friends.

Open Door Policies
While you want to be open and accessible to your staff, sometimes you can make yourself too accessible. Open door policies have the potential to create a daily mass of employees lined up at your door seeking immediate answers for non-emergency issues.

Meetings
Unstructured, unnecessary, run-on meetings can gobble up hours for no reason at all. Especially as a business owner, your presence may be requested at a variety of meetings, but it’s not always required. Days spent in back to back meetings often mean that your workday starts at five or six instead of nine.

You
Since effective time management is a choice, everyone is guilty of letting themselves sabotage their ability to work productively and efficiently at all times. It’s easy for business owners to avoid separating business hours from leisure time and let the two run together. We all have distractions that we fall into from time to time.

“It takes the human mind 15 minutes to properly focus… if you get interrupted every 7 minutes… you have a huge problem!”
Karl Bryan, CEO, Author, International Speaker

Now you need to take some time to figure out where your time actually goes, so you can see what leaks need to be repaired.

I have some worksheets you can use to assist you as you complete this personal time management research exercise, or you can make one up for yourself.

You’re going to take a good long look at how you spend your time so you can paint a clear picture of your current situation. Once you understand your own personal habits and patterns, you can start making changes that will have the greatest impact on your own schedule. You’ll learn how to be a better time manager.

1. Complete a Time Audit for three working days in a row.

Use a Time Log  to record how you spend your time in detail for three working days (it is a bit of a bind…s  don’t try to get it perfect as that will just stop it from happening… but just do it. And remember ‘the more you defend your excuses… they more they own you!’).

Be honest with yourself, and be as specific as possible. If you notice something about what you’re doing, or which distractions have the greatest negative impact, log these notes as well. The more information you can record, the better.

2. Take a look at your time records, and categorise the different ways you spend your time.

Use different colored markers or highlighters to shade the blocks of time you spent on various activities. You can create your own categories, or use the ones below:

  • Travel
  • Eating, including preparation
  • Personal Errands
  • Exercise
  • Watching TV
  • Sleeping, including naps
  • Personal computer use
  • Being with family / friends
  • Internal meetings
  • Emailing (checking, reading, returning messages)
  • External meetings
  • Telephone, (checking and returning messages)
  • Administrative work
  • Client work
  • Non-client, non-administrative work

3. Based on the categories you created, go through each of your days and decide if you have spent enough, too much, or too little time on each main task.

Based on your observations, answer the following questions:

  1. What patterns do you notice about how you spend your time during the day? When are you at your most productive? Least productive? Most or least interrupted?
  2. Write down the four highest priorities in your life right now. Does your timesheet reflect these priorities? (Show me your schedule and I will show you your priorities!)
  3. If you have more time, what would you do?
  4. If you had less time, what wouldn’t you do?
  5. Could you remove the items in question four and add the items in question three? Why or why not?
  6. Is procrastination a problem for you? How much?

Here are a series of effective strategies for improving your time management skills, and for doing more in less time.

The strategies described below will help you take charge of your schedule and use your time in a more effective manner. Grab your pad of paper and start by choosing five or six strategies to try, take some notes as you read through and decide which you will try first.

Remember this is an individual process – everyone works differently – so if you have to try a few different things to get some meaningful results, that’s okay/normal!

Prioritise your tasks

> You can’t do everything, so you need to decide what is most deserving of your time.
> Choose what needs to be completed now, what can be completed later, and what can be delegated to someone else.
> Focus on your top three priorities at any one time, and consistently revise your list so that the highest priority items are always on top, and the lowest priority items are always at the bottom.

Delegate

> You can’t do everything, so you need to decide what you absolutely need to do, and what others can finish for you.
> You also need to accept that while it may seem “faster” for you to complete a task initially, spending the time to teach someone to complete the task will save you hours later on.
> Delegation is a vital skill that you need to refine, practice and master as a manager.

Focus on your skills

> If you have a good understanding of your own strengths and weaknesses, you can use this to your advantage.
> An effective way to manage your time is to only do the things that you know you are good at, or required for, and delegate or outsource the areas where you are not so strong.

Say no

> Learn how to say no, and you will reclaim dozens of hours every week.
> It’s so easy to say yes to something in the moment, and later feel overwhelmed when that task is added to your to do list. You may feel pressure to say yes to everything as a business owner, but you do have a choice.

Keep a strict schedule

> Create and keep a strict schedule for yourself that supports your productivity, and minimises distractions.
> Include personal and work time in your schedule
> Schedule time for things like closed-door work, work planning, email and phone responses, internal and external meetings, “me time”, family and exercise.

Make decisions

> As a successful business owner, you will need to learn to make good decisions quickly and efficiently, without wasting time with deliberations.
> You can only make the best decision with the information you have, in the time frame you have to make it. No one expects you to be able to see the future – be decisive, make some mistakes, and learn from them.

Manage interruptions

> Establish which hours of the day you are most productive, and set those hours aside for yourself to finish important tasks, uninterrupted.
> Schedule open door hours, and closed-door hours.
> Schedule windows of time for reading and replying to emails, and for answering and replying to phone calls.

Manage interruptions Avoid duplicating efforts

> Take note of how many tasks are completed more than once, or by more people than necessary.
> Establish clear communication systems and procedures to minimise this, and make sure all your employees have a clear understanding of their roles and responsibilities.
> Use tools like checklists, meeting minutes and individual task assignments to minimise mis-communication and duplication in tasks.

Stop procrastinating

> If you are a seasoned procrastinator, the idea of “just stopping” is usually much easier in principle than in practice.
> The best way to overcome procrastination is to use your willpower to stop. Refining this skill will help to prevent you from procrastinating in the future.
> Try working in blocks of focused time, with breaks or rewards at the end, and break down big tasks into small manageable ones.

Effective time management is just a formal way of saying that you make good choices about how you spend your valuable time.

It really just boils down to making choices, and setting up a structure that enables you to succeed. You have to try a few different strategies and structures to see what works best for you.

Remember that time management is a personal investigation that will look different for everyone. Some people can work in the middle of a loud, crowded room, and others need absolute silence to function at a high level. Respect your own needs.

If you would like some help with the ideas introduced in this Masterclass, or to discuss any other aspect of your business growth strategy, use the following form to get in touch:

Next time, we’re going to dive into investigating what your qualified leads look like, and how you can go about getting more of them into your business.

Until then, be successful.

Can Just Changing The Way You Think Really Help Grow Your Business?

Most business owners today aren’t happy with the amount of revenue their business is generating. They’re working longer hours, applying greater effort, spending more for marketing and receiving lower revenue. So what’s going on?

What you need to know…

If you’re not happy with your business’s current results, it’s important to remember that those results are in direct proportion to the actions you’ve been taking? If you want different results, then you MUST take different actions.

So if that’s all that’s required, why don’t business owners just do that? The answer may shock you. They can’t stop repeating their past patterns of behavior. Their past patterns have become ingrained into their subconscious mind and have established themselves as habits.

Have you ever listened to art experts accurately identify a recently discovered painting as belonging to a specific artist such as Rembrandt? How can they tell who painted that picture? Patterns… that’s how. Even though the painting may look completely different than all the others that artist painted, his or her patterns, sometimes referred to as their “style,” continuously comes through with each and every painting.

Why you need to know this…

The exact same thing happens to business owners as well. All of us have been mentally conditioned to perform our daily activities in a certain way. These activities have become habits through constant and daily repetition. The problem is that the majority of these habits… more than 80% of them… are non-productive.

Imagine what would happen to your revenue if you could reduce that 80% down to 60%. Do you realize that you would DOUBLE your income? Do you know how easy it is to reduce that 80% down to 60%… or even down to 40%… which doubles revenue again? Exciting, isn’t it?

If you have past patterns of behaviour which are acting as a barrier to the growth of your business and lifestyle and you are interested in finding out how to develop new behaviours, talk to your coach. They have the skills and experience to help you make the necessary change.

And remember, to quote the famous quality guru W Edwards Deming said – “It is not necessary to change. Survival is not mandatory.

Business Growth Masterclass – Session 4

Welcome to the fourth installment in my blog series The Business Growth Masterclass.

I’ve called this session:

How to Create, Manage and Achieve Your Goals

But first, lets just have a recap of the homework set in the last installment of the Business Growth Masterclass.

  • You understand the importance of committing goals to paper.
  • You have identified the areas of your business where you need to set goals.
  • You practice using autosuggestion and visualization regularly – or at least before important meetings, presentations and sales calls.

Well done. Now lets move on and dive into this months installment of the Business Growth Masterclass.

I didn’t plan this when I started publishing the Business Growth Masterclass, but it’s seems very timely that, at the time of year when everyone is making New Years Resolutions and setting out what they would like to achieve/have or be in 2013, that this installment of the Business Masterclass deals with the crucial subject of goal setting. It is a documented fact that people who set goals and write them down, and use them as a basic and fundamental part of the way they do things, tend to achieve much greater things than those people who don’t.

Also, there’s no point in setting goals unless they’re SMART, because SMART goals have the highest probability of being achieved.

In this session you’re going to take some time to set a series of personal and business goals that will act as milestones as you work towards achieving your business vision.

Many people set goals, but not everyone reaches their goals. Too often, goals are too vague, or too broad. “I’m going to be a millionaire,” “I’m going to be the best parent ever,” or “My business is going to make much more money this year.” They’re big, bold abstract statements that are great for dreaming and visioning, but don’t stand a chance of being achieved in a meaningful or tangible way.

Today, you’re going to work through a step-by-step process for setting goals that you WILL achieve. How? You’re going to learn how to set SMART goals, and get some tools to help you stay on track.

In this E-Class we will cover:

  • The SMART goal setting principle
  • Examples of SMART goals
  • When to review and revise goals
  • A step-by-step goal setting process

SMART goals are Specific, Measurable, Achievable, Realistic, and Time Bound goals.

SPECIFIC goals that describe details and articulate aims are easier to achieve than vague or broad statements.

Ambiguous or incomplete goals will only assist you in achieving ambiguous or incomplete results. Your goals need to be as detailed as possible so that you will achieve the specific results you are looking for.

A specific goal can be easily understood by anyone who reads it; your intention and desired results are clearly detailed and described, and the actions you will take to achieve it have been planned.

Ambiguous

Specific

I should lose weight. I will lose 10 pounds in the next two months (that’s 2.5lbs per week) by eating more fruits and vegetables and exercising three times a week.
I will work harder this year. I will increase my sales figures by 20% in the next six months by scripting and practicing my closing strategies.

MEASURABLE goals are the only kind of goals that you can actually achieve.

Your goals need to be measurable so you can assess your progress, manage your progress, and know when you have achieved your desired outcome. You can use standard measurements like time, numbers, money and distance.

When goals are measurable, they can be broken down and easily managed in smaller pieces. You can create an action plan and plot the steps towards achieving the goal. You can track your progress and revise your action plan if you need to.

Non-Measureable

Measureable

I will make more money this year. I will increase my profits by 15% this year by increasing my prices (and value I offer) by 5% each 6 months and selling my audio interviews on ebay.
I will start running this spring. I will learn to run a half marathon this spring by joining a running training group.

ACHIEVABLE goals have a better chance of being realized because they are grounded in feasibility.

You need to set goals that challenge and stretch you, but you also need to avoid setting goals that are far beyond the reach of your circumstances and skill level. It’s great to think big, and dream big, but too many people set goals that are simply beyond their capabilities and wind up disappointed. Goals that are not achievable will only demotivate and disempower you.

On the flip side, setting goals that are too easy to achieve will not help you grow as a person and as a professional. You need to strike the right balance between challenge and reality.

Unrealistic

Achieveable

I will climb Mount Everest this year. I will begin a one year training programme today, and climb to base camp in 9 months from now.
I will earn a million pounds. A million pounds is £2,739.73 per day, and £9,230.77 per week. I will earn 1 million pounds in the next 365 days starting today.

This is the part where you look at the reasoning behind your goal. It’s great to set goals in all areas of your life, but for the most part your goals will collectively achieve a common vision. The goal’s action plan can be reasonably integrated into your life, with a realistic amount of effort.REALISTIC – or relevant – goals make sense and can be integrated into your life and overall business strategy

Goals that are not realistic or relevant don’t appear to have a logical place in your life or overall business strategy, and can serve to derail you. You want to make sure that all of your efforts are working in a single, focused direction or you may run the risk of going in too many directions, spinning your wheels and never achieving your vision.

Irrelevant

Realistic

I will become a better Monopoly player, and win 25% more games. I will spend more time with my family this year by staying at home one night each weekend.
I will become a NASA astronaut. I will start my own on-line business, to compliment my existing business and add another stream, of income, by my birthday.

“To plan it, is to dream it… to schedule it, is to make it REAL. Attach a written timeline!”TIME-BOUND goals give you a frame of reference and keep you motivated.

Karl Bryan, CEO, Author, International Speaker

Just like any task without a deadline is easy to push off your desk or down your to-do list, a goal without a timeframe will never be achieved. Goals that are not attached to a timeframe are merely dreams or lose intentions.

You need to make sure that the timeframe you set for your goal is realistic and achievable – not too short or too long – and reflects any elements or factors beyond your control that may influence the timing of the outcome. This will keep you motivated and focused, and allow you to check in on and track your progress.

Loose

Time Bound

I will join a gym and start an exercise program. I will join a gym by the end of this month and start a regular weekly exercise program.
I will start a new marketing program. I will invest £750 on an online product by the end of this month, and start selling it online by my birthday this year.

Once you’ve come up with some goals for your personal and professional life, work through our test to see if they are SMART goals.The SMART Goal Test

When you’re creating your goal statements, put them through the following test:

Specific

How detailed is this goal?
Can it be more detailed?
Can I be more specific with what I wish to accomplish?

Measurable

Can I measure my results over time, distance, money or quantity?
How will I measure the results?
How often will I measure the results?

Achievable

Is it possible for me to reach this outcome?
Do I have what I need to reach this outcome?
Will I be able to achieve this goal in the short-term or long-term?

Relevant

Is this goal consistent with my values and overall vision for my life?
Is this goal a priority for me to focus on right now?
Is this a primary or secondary goal?

Time Bound

Have I set a time frame for this goal?
Is it a reasonable time frame?
Is it a manageable time frame?

Here are some examples of SMART goals compared to other goals.

Other Goal

SMART Goal

I want to write a book.

I will write a book on internet marketing that is at least 150 pages long, and have the first draft completed by January 23rd. I’ll commit to writing at least three pages each day (I understand that wealth creation is created before 9am and after 5pm – during the day I earn a living) until I finish.

I want to be really wealthy.

I will double my income to £200,000 within 18 months by starting an internet marketing business.

I want to become a millionaire in four months.

I will become a millionaire within three years by starting my own small business marketing company and positioning myself as an expert public speaker with engagements worldwide. I will supplement that income by creating a source of passive income.

I am going to do my taxes.

I am going to finish my taxes by Friday, and I’ll achieve this by spending two hours on them each night until then

Goals, like everything in business, have the potential to grow, change and evolve based on circumstances beyond our control. Depending on the length of the goal – daily, weekly, monthly or yearly – you’ll want to set up a schedule for reviewing and potentially revising your goals.You need to review and revise your goals on a regular basis so they have room to grown and change with you.

Build this review period into your goal setting process – schedule times to review your goals and take stock of your progress. Here’s a guideline:

Goal Timeframe

Frequency of Review

One Week

Daily

Two Weeks

Weekly

One Month

Weekly

Three Months

Monthly

Six Months

Monthly

One Year

Quarterly

Five Years

Yearly

10 Years

Yearly

Now it’s time to working through the goal setting process and create a few SMART goals of your own.

(Note: If you prefer, I can let you have a series of pre-set spreadsheets to help you with this. Use the form at the end of this post to claim your own personalised spreadsheets).

Have a go at working through the following steps to creating 18 SMART personal and business goals.

TIP: This is a great exercise to have your employees and management work through.

1. Establish Your Personal Values
Since you’ve already worked through a business visioning process, use the same process to work through a personal visioning process. When you’ve completed this, combine your business and personal visions and set your goals in one place.

2. Take a Personal Inventory
Using the information you discovered in the previous Personal Values exercise, carry out a Personal Inventory to think big about your future and your success. What are you dreams for yourself and for your business?

3. Set SMART Goals
Using the SMART principle described in this blog, plus the personal and business visions that you have just created, write down three personal and three business goals for each of the following time frames: 6 months, 12 months, 5 years. Remember that these goals should support your personal or your business vision.

4. Create an Action Plan for Each Goal
Now, for each of the 18 goals, create an action plan. This will include steps to take, potential obstacles to overcome, milestones to note, and other information that will help you as you work to achieve the goal.

5. Display Your Goals
Put your goals in a visible place where you can see and be reminded of them on a regular basis. You may wish to place business goals in your place of work, and personal goals on your desk or at your computer.

You’ve now completed the only envisioning and goal-setting process you will ever need to be successful. Congratulations!

I hope you’re getting really excited about the future potential of your business, and the power you have in you to achieve the vision and goals you have set while you’ve been taking part in the Business Growth Masterclass.

The next couple of installments will lay down further groundwork for your success, and then we will dive into the marketing strategies that are really going to transform your vision into reality.

For more information on the goal setting process described above, or to discuss any other aspect of your business growth strategy, use the following form to get in touch:

Does your business have that certain something that make you stick out from the crowd?

Do You Have A Unique Selling Proposition; that certain something which makes you stand out from the crowd?

If I were your prospective customer, why should I do business with you above any and all other options? Why would I be an absolute fool to buy what you sell from anyone else but you? That answer should be clearly articulated in the form of your USP.

What you need to know…

A USP is the single, most distinct and important benefit a business owner provides to their clients that’s different from their competition. It’s absolutely critical to not only create an effective and highly compelling USP, but to use it in every piece of marketing you develop, and in every form of communication you use with your clients and prospects.

Why you need to know this…

Your USP, working in tandem with your elevator pitch, creates a huge competitive edge for your business. Developed properly, it will separate your business from your competition, eliminate them in the minds of your prospects and have them saying to themselves that they would be fools to do business with anyone else but you.

For example, most business owners place the name of their business at the top of their business card. That’s the worst thing you can put there. No one cares who you are or what you do. They only care about the benefits your product or service offers to them.

Instead of a jeweler’s business card saying “John’s Jewelers,” what if it said this…

Discounted Diamonds – Unmatched Quality, Untouchable Price, Unbeatable Guarantee

In just a few words, would you feel like an absolute fool if you bought a diamond from anyone else but this jeweler? That’s the power of a well-designed USP.

The cost to you if you fail to act…

Do you have a Unique Selling Proposition?

Do you use it in every piece of marketing you create?

Do you have it prominently displayed on your business card?

If you don’t, you’re losing market share, a massive amount of potential revenue and the opportunity to dominate your market.

To your success,

David T Preston

Business Growth Masterclass – Session 3

Welcome to the third installment in my blog series The Business Growth Masterclass

I’ve called this session:

How to Make Goal Setting a Fundamental Part of Your Business

Before we start, I just want to check that you’ve done the homework set in the last installment of the Business Masterclass.

  • You have a strong understanding of how the five-part formula works.
  • You understand how the formula can impact all areas of your business.
  • You have taught your staff about the five-part formula, or simply told them that you are embarking on a new marketing strategy that will involve their participation.

Great Stuff! Now it’s time to put together your road map. You need to set some goals that support the vision you created.

By now you’ve created a really clear vision of where you’re going to take your business, and what it’s going to look like when you get there. You’ve also learned a proven, step-by-step formula for making that vision a reality. You’re getting close to the end of the preparation stage, and closer to diving into Step One: Lead Generation. But first, you have to map out the route that you’re going to take to achieve your vision, and establish which landmarks will tell you that you’re going the right way. You’ve got to set some goals.

In this session we will cover:

  • What are goals and why set them?
  • How is a goal different from a vision?
  • Areas of your business that need goals
  • What happens when I achieve a goal?
  • The impact of positive thinking
  • Autosuggestion techniques and exercise
  • Visualization techniques and exercise

Goals are specific, attainable targets that bring you to your vision. They’re the milestones (or landmarks) you need to reach along the way.

Goals focus your efforts and intentions, and direct your motivation in a productive direction. Goals outline a plan of action, while dreams are conceptual visions. Your goals are the milestones you will reach along the way to achieving your vision. They break down the process into smaller pieces; the little successes en route to the big success story.

Goals are different from your vision.

It can be easy at first to confuse a business vision with a goal. They are both projections of an ideal future situation that you have created based on your dreams.

Goal

Vision
Goals are specific, measurable targets that a person or business sets out to achieve. Goals support the greater aspirations set out in the business vision statement. A vision statement is a broad, inspiring image of the future state a business aspires to reach. It describes without specifying how aspirations will be achieved, or when.

There are many areas in your business that you need to think about when setting goals or targets. Let’s create your unique list.Studies have shown that only three to five percent of people in the world have written goals – the same three to five percent who have achieved success in business and earn considerable wealth. Setting strong goals and committing them to paper is the most effective way to achieve success. Goals will focus your time, energy and the outcomes that are the highest priority at a time. When you prioritise and concentrate your efforts, you avoid being stretched too thin, and produce greater results.

You have many areas of your business, and each need to do their part to contribute to the overall vision you have for the company. Set your goals systematically. There are many areas of your business that you can set targets and goals for. This helps to break down the process into smaller, achievable chunks. Here are the areas of your business that you’ll need to think about when setting goals:

Lead Generation > In-store Leads
> Phone leads
> Return on Investment (of marketing campaigns)
> Weekly / Monthly / By Campaign Leads
Conversion Rates > Individual Staff Targets
> Staff Development
> Conversion Rates
> Sales Targets
Transaction Frequency > Sales Targets
> Customer Loyalty
> Average Transaction Frequency
Average Sale > Sales Targets
> Revenue
> Add-on Targets
> Sale increases
Margins > Product or Service Evolution
> Profit
> Cost Reduction
Personal > Personal Development
> Personal Wealth Generation

What happens when you achieve your goals, What happens next?

You should reward yourself and your team each time a target is reached. This will not only train your mind to associate hard work with reward, but will develop loyalty and morale among your employees. Once you’ve reached a target, ask yourself where the next rung of the ladder is. Can you improve upon the target you just reached? Can you stretch yourself and your team, or challenge yourself more? Get into the habit of setting a new, higher goal each time you achieve an existing goal. This will lay a solid foundation for consistent personal and professional growth and improvement.

Before you set goals, you need to reframe your thinking so you can support yourself and your efforts.

We’ve talked a bit about the power of intention, and how a strong belief in yourself and your ability to be successful is the keystone to achieving great things. This part of a greater concept, called positive self-talk, and it has a powerful impact on your reality. Positive thinking and self-talk is an important technique to practice and cultivate. When you programme a positive stream of subconscious thoughts into your mind, you can control your reality, and ultimately the outcome of your goals. When you set out to practice positive self-talk techniques like autosuggestion and visualization, you may find that you have a stream of negative thoughts that continually run through your mind. This is okay – you work is to correct each negative statement that flows through your mind. For example, each time you say to yourself, “I’ll never be able to finish this…” or “I’m a terrible public speaker…” take a moment to stop and correct the thought. Instead, say “I will do the best I can to finish this project,” or “I will get myself some training and become a better public speaker.” Positive self-talk means getting rid of the negative thoughts that run through your mind on a regular basis – some that you may not even hear!

  • That’s impossible.
  • Don’t even bother.
  • It’s already been done.
  • We tried that, and it didn’t work.
  • You’re too young.
  • You’re too old.
  • You’ll never get there.
  • You’ll never get that done.
  • You can’t do that.

Autosuggestion is a kind of positive self-talk that will improve your performance in all areas of your life, and give you a better shot at achieving the goals you set.

Autosuggestion is the technique that harnesses the power of your internal dialogue – your constant stream of thoughts and judgments and beliefs – and uses it for positive, affirmations. Often, this involves changing negative beliefs and perceptions that we learned from our parents, friends, partners and experiences. You can practice autosuggestion anywhere, and at any time. It is especially helpful to spend 10 to 15 minutes practicing autosuggestion before a stressful situation, like a meeting or sports game. All you need to do is sit quietly, breath deeply, and allow yourself to be open to the thoughts and ideas you are about to tell yourself. Then repeat positive statements about yourself and the future outcome of a goal or intention or event. Some examples of positive autosuggestions include:

  • I will close the sales presentation and secure this client!
  • I am a capable and positive person!
  • I deserve the success that I have achieved!
  • I am doing the best I can!
  • I will assert my needs in my relationship!
  • I will have all the information I need to ace my exam!

Here are some helpful tips for your autosuggestion process.

  • Believe in and feel what you are telling yourself. Linking suggestions to emotion increases their potency.
  • Talk to yourself like you would a close friend. Use a calm, considerate and gentle tone of voice. Remember that you are working to develop a good relationship with yourself.
  • Phrase your suggestions positively, and avoid negatives like “not”, “less”, “won’t”, “don’t” and “can’t.”
  • Use the progressive form of the present tense to reflect acceptance of being “in progress.” For example, say “I am becoming..” instead of “I am.” Your mind may have an easier time accepting the statement.
  • Repetition is key. Each time you repeat a suggestion, try to find a way to make it a stronger, more powerful and meaningful statement.

Visualization complements autosuggestion and harnesses the power of your mind’s eye to realise your goals.

Visualization is another mind tool that successful people use to programme their brains for success. It’s simply visualizing in your mind how something is going to happen or play out on a repeated basis. Visualization is commonly used in sports training, and has been proven to improve performance better than just practice alone. The technique can be used by anyone, however, and will generate the same results on performance and outcome. When we visualise an event or situation, or an object or possession, we attract it into our life.

Teach yourself this step-by-step visualization exercise.

Visualization should be done with a relaxed and positive attitude, as well as with an openness and willingness to accept whatever outcome may present itself.

  1. Sit comfortably in a quiet space – your office, home, or in the open air.
  2. Pick a goal or intention to focus on.
  3. Relax your entire body, and take several long deep breaths.
  4. Tune into your inner voice, and connect to the feeling that you truly believe this goal or intention.
  5. Begin to visualise the achievement of that goal, or realization of your intention.
  6. Create a clear and detailed mental picture, using all five senses.
  7. Allow yourself to feel how you believe you will feel when you have achieved your goal, and how much you desire to reach that goal.
  8. Finish with a positive affirmation about the outcome of your goal or intention.
  9. Repeat this process at least once per day, for about 10 minutes.

Powerful positive people have the strength to create powerful positive change in their lives and the lives of those around them.

You are a powerful, positive person! Successful people have no secrets – they’re just determined, focused people who have set goals and programmed their brain to think positive, and think big. Spend the next few days working on your autosuggestion and visualization skills. You might feel a little silly at first, but I promise that these are powerful psychological tools that will retrain your brain for success.

As before, if there’s anything here that you’d like to discuss in more detail, I’m here to answer questions and provide support when you need it, so feel free to use the feedback form below to get in touch:

Business Growth Masterclass

Welcome to the second in my blog series The Business Growth Masterclass

I’ve called this installment:

How to live and breathe the 5 part formula for Business Growth

Before we start, I just want to check that you’ve done the homework set in the last installment of the Business Masterclass.

  • You’ve created a strong, clear business vision that is realistic and achievable.
  • You’ve posted your vision in a place where you and your staff will be able to see it on a daily basis.

You’re going to achieve your vision (and your dreams!) by adopting the five-step process into all areas of your business.

It’s one thing to try a new marketing strategy, but it’s another to change your approach altogether. It’s just like dieting. Sure, if you cut 20% of your calories for two weeks you’re going to see some results. But, the minute you go back to your old patterns, the results quickly disappear.

Temporary changes generate temporary results. Sustainable results require changes in behaviour; the removal of old habits and creation of new ones.

All of the advanced marketing strategies that you’ll learn in the Business Growth Masterclass will contribute to one of the five steps. By the end, you’ll have worked through all areas of your business and optimised them for success (remember, a 10% increase in the 5 areas can lead you towards doubling your profits (not revenues!).

In this installment of the Business Growth Masterclass we will cover:

  • How the five-step process will impact all areas of your business
  • How to get used to working with the five-part formula
  • A review of the five steps
  • How to set yourself up for success with the program

The five-step process is a way of doing business. It’s not a temporary strategy, and it won’t generate temporary results.

The five-part formula is so effective because it touches on each and every area of your business. It will improve and increase and generate and sharpen and strengthen everything that you and your employees do.

Once you complete a step, you’ll never go back to your old way of doing things again. This is a programme for positive change and powerful results. The change is long lasting and the results are far reaching.

Choosing to begin the five-step process will have an impact on every area of your business:

Lead Generation Conversion Rates Number of Transactions Pound Sales Profit Margins
Any strategy you use to get people to call or walk through the door. Any strategy you use to get people to BUY from you. Any strategy you use to get existing customers to buy from you more often, or stay loyal to your business. Any strategy you use to get customers to spend more money in a single transaction. Any strategy you use to maximise the percentage of the cost of each product/service that is profit.
Advertising
Promotions
Press Releases
Listings
Website
Online marketing
Sales process
Sales staff
Sales scripts
Point of sale
Image Merchandising
Staff scheduling
Staff happiness
Staff training and development
Customer service
Customer loyalty program
Point of sale
Impulse items
Sales process
Sales scripts
Stock
Stock availabilityExclusivity of products/services
Product or service costs
Expenses
Rent / lease
Business supplies
Pricing strategy

Let’s get used to working with the basic formula that the five-step process is based on. You’ll want to post this formula somewhere visible, where you can see it on a regular basis.

# of Leads
X
% Conversion Rate
=
# of Customers
X
# of Transactions
X
Average Pound Sale
=
Revenue
X
% Margin
=
£ Profit

As you can see, each of the items in bold typeface is a factor that influences the bottom line – your profit. Each of these is a step in the five-step process. You will work on each line sequentially, and the impact on your profit will build over time.

A nominal 10% increase in each of the five factors would look like this:

Starting Point Goals (10% Increase)
Leads 4,500 Leads 4,950
Conversion Rate 30% Conversion Rate 33%
Customers 1350 Customers 1633.5
Transactions 1.3 Transactions 1.43
Average Pound Sale £140 Average Pound Sale £154
Revenue £245,700 Revenue £359,729.37
Margins 24% Margins 26.4%
Profit £58,968 Profit £94,968.55

Here are a few blank charts for you to use to see how a 10%, 20% and 50% increase in each of the factors will impact your profit.

Create the chart below on your pad of paper (use the same pad as last week ideally – the process of writing this down will give you a 400% better retention rate). Use the left side of the chart to fill in your existing numbers. If you don’t know, take a guess. The point here is to understand how little increases will have big impacts on your bottom line profits. We’ll show you how to start tracking your results at the beginning of each step in the program.

Starting Point Goals (10% Increase)
Leads (#) Leads
Conversion Rate (%) Conversion Rate
Customers (#) Customers
Transactions (#) Transactions
Average Pound Sale (£) Average Pound Sale
Revenue (£) Revenue
Margins (%) Margins
Profit (£) Profit
Starting Point Goals (20% Increase)
Leads (#) Leads
Conversion Rate (%) Conversion Rate
Customers (#) Customers
Transactions (#) Transactions
Average Pound Sale (£) Average Pound Sale
Revenue (£) Revenue
Margins (%) Margins
Profit (£) Profit
Starting Point Goals (50% Increase)
Leads (#) Leads
Conversion Rate (%) Conversion Rate
Customers (#) Customers
Transactions (#) Transactions
Average Pound Sale (£) Average Pound Sale
Revenue (£) Revenue
Margins (%) Margins
Profit (£) Profit

Step One / Lead Generation: How can you get more people to walk through your door, pick up the phone, and/or visit your website?

Your leads are your prospects or potential customers. They are people who have taken action in response to your ad or promotion, and have shown interest in your product or service, but have not become a customer because they haven’t purchased yet.

Lead generation is important because you can’t increase the number of customers you have. This is because customers are the by-product of two things:

No. of LEADS X % CONVERSION RATE = No. of Customers

This means that you have to generate more leads and get more of those leads to make purchases in order to increase your customer base. Note; this is a very important step because your ‘cost of client acquisition’ (price you pay to acquire a new client) is the most expensive function of your business. (Yours, mine, and every other business on the planet by the way…)

So lead generation is about finding ways to reach the people who need or want what you have to offer and getting them to act – to pick up the phone, visit your website or walk into your business. This is what the majority of marketing strategies are trying to do.

  • advertising
  • business listings
  • direct mail
  • promotions
  • press releases
  • flyers
  • referral partnerships
  • publicity
  • coupons

Step Two / Conversion Rate: How can you get the people who walk through your door, pick up the phone, and visit your website to BUY something?

Conversions are the second factor in the customer equation. A conversion rate is simply our leads divided by our number of transactions in a specific time period.

No. of  TRANSACTIONS / No. of LEADS = % Conversion Rate

This is a key focus of your business and your staff’s time. After all, why spend time and money attracting tons of qualified leads if you can’t make them buy when they’re in the store? We call this “confusing being busy… with being successful!” Don’t let it happen to you.

Several aspects of your organization impact your conversion rate:

  • Your business image and the first impression customers have of you/your business
  • The strength and effectiveness of your sales team
  • Your sales process and staff training and development programs
  • The strength of your sales scripts (Do you want fries with that?)
  • The level of purchase risk involved in your product or service

Step Three / Transactions: How can you get your customers to buy from you MORE than ONCE?

The process of attracting and converting a customer is one that costs you money. Customers cost you money. They’re an investment that you need to make the most of to stretch your lead generation investment.

You can reduce the cost of your customer by increasing the number of times that they purchase from you. This increases the total number of transactions in your business and the amount of money that flows in.

So instead of continuously chasing down leads and converting them to customers, increasing transactions is about keeping our existing customers loyal and coming back to spend money.

  • exceptional customer service
  • customer loyalty programs
  • incentives
  • newsletters
  • convenience services
  • bonus amenities
  • referrals

Step Four / Average Sale: How can you get your customers to buy MORE from you each time they buy?

Your total revenue is the product of how many customers you have, how many times they purchase from you, and how much they spend.

No. of CUSTOMERS X No. of  TRANSACTIONS X £ AVERAGE SALE = £ Revenue

Increasing the average amount of money customers spend with you is the final way you can increase the amount of money that comes into your business. It’s amazing how small increases in this value can have big impacts on your revenue. If I were to come into your business tomorrow and you IMMEDIATELY needed to increase profits – this is the first place I would look and the easiest area to make a large improvement in your profits.

You’ll have to show your customer that they needed or want more than what they purchased. The amount that you are able to increase will depend on the type of business you are in – it’s easier to sell gel pens than an additional dishwasher – but generally every business can find opportunities to increase this figure.

  • The strength of your sales team
  • Merchandising at your point of sale
  • Add-on items
  • Cross-selling
  • Usage of impulse items
  • The strength of your sales scripts
  • Upselling
  • Opportunities for packaging and widgets
  • Staff training, development and incentives

Step Five / Margins: How can you make more profit off each product and service you sell?

The last opportunity you have to influence your profit is your profit margin. Your total revenue times your margin as a percentage equals your total profit.

£ REVENUE X % PROFIT MARGIN = £ Profit

Essentially, your goal here is to make your profit margin as high as possible. As the final factor in the profit calculation, increasing your margin is a vital step towards maximizing your profits.

If your margins are too low, you’ll never make any money – regardless of how many customers you have, how often they buy from you, or how much they spend. Your revenue will perpetually go back into your business and be spent on costs.

There are three ways to maximise your margins:

  1. Increase prices
  2. Cut operating and product/service costs (operating costs include rent, leases, salaries, commissions, and office supplies)
  3. Increase gross profit margins (gross profit is revenues minus labor, materials and overhead related to the product/service)

Alarmingly, many business owners do not genuinely know their weekly/monthly/annual profit – you need to go into the business of generating a profit (this will be a paradigm shift for many – it is not about greed, it is about looking after those you care about. The more money you make, the more you can provide for your family, charity, your golf club etc…) and work towards increasing that profit each and every day, week, month and year.

Now that you have a good grasp on how the five-step formula works, and an idea of the marketing strategies you’ll learn to work with, take a few moments and set yourself up for success.

1. Schedule time in your week to focus on the 5 step process.

Identify two timeslots in your weekly schedule that you can set aside for this task – it’s important! This will keep you from putting it off for later, and delaying the positive changes to your revenue stream.

2. Post reminders of your vision, goals and targets in visible places.

Keep yourself focused and on track by surrounding yourself with the positive changes you have already made, and will continue to make. Post your business vision, personal and business goals and targets in your office and staff rooms.

3. Include your staff in the process.

Your employees are a powerful resource in your business – they ultimately are the people that you will need to trust and empower to run the business without your own day-to-day involvement. They are the people that your customers come in contact with on a regular basis, and represent your business image, brand and message.

Let them in on what you’re doing, and educate them on the five-part formula. Show them how their actions, input and skills contribute to the operations and profitability of the business.

4. Start paying attention to your current numbers and tracking systems.

Now that you have an idea of what factors and figures you’ll be working to increase, start paying attention to what those numbers look like now. If you have tracking systems in place, run some reports and get an understanding of your current situation. Think about these questions:

  • where do your customers come from?
  • what marketing campaigns work the best?
  • what lead generation strategies work the best?
  • how many of your customers buy from you?
  • how often do they buy from you?
  • how much do they buy from you?
  • what do your existing profit margins look like?
  • what percentage of your items are high margin, and which are low?

Now that you have an idea of where your business is going, let’s start mapping out how you’re going to get there.

In my next Business Growth Masterclass we will look at setting SMART goals and retraining the way you think about yourself and your ability to achieve what you deserve. There’s lots of important work to do!

As your mentor, I’m here to answer questions and provide support when you need it, so feel free to use the feedback form below to get in touch

Congrats for tuning in,