Coachfirm May June 2019
You see problems. We see possibilities.
Toll Free: 888-777-0303 • bob@coachfirm.com
May/June 2019
SCALING DONE RIGHT
Stepping Back and Looking Forward
Shortly after starting your business and getting comfortable, there’s normally a flash of motivation to grow it — either out of an entrepreneurial desire or out of necessity. Either way, these are good problems to have. As business owners, we should always be striving to take that next step and expand our scope to broader, more profitable horizons. But as soon as that motivation settles down, many entrepreneurs are left wondering just how they’re supposed to scale their company. Luckily, Coachfirm has been right where you are and helped countless companies scale their businesses to fit the most profitable mold possible, without going crazy with frustrations.
We should always be striving as business owners to take that next step and expand our scope to broader, more profitable horizons.
You need to consider two important things while thinking about your business scaling: capacity and capability. Should you even consider growing your company right now, or are your motivations coming from a place of egotistical pride? These questions will help put into perspective how feasible scaling for growth actually is. It is imperative to take a look at the factors like physical space, business systems, number of employees, and marketing plans to see what steps you need to take to make this project a success. After all, you don’t want to jump the gun and ruin a good thing. Asking the important questions can ensure your new venture doesn’t fail before it even begins. It’s too easy to stumble with a project of any size, leading to issues like being understaffed, lack of delivery infrastructure, and widespread miscommunication. These problems can lead to a decrease in patronage from customers and a lack of trust from colleagues and business associates. Depending on what industry you’re in, you’ll need to start researching factors that can help you keep up with an increased number of orders. By taking a look at these problems before you make the jump, you can determine your success in both the short and long run. Ultimately, the process of pulling off a successful expansion comes from looking at how you evaluate your plan beforehand, how you handle your scaling capital, how much you invest in technological innovations for your company, and finding the perfect staff to fit your new size. You need to understand where your business stands today,
not tomorrow, not next year. With this preplanning process, we are able to determine and more accurately predict where we want to be and where we likely will be. From these evaluations and plans, we will be able to pitch this idea to benefactors who will help you raise the capital necessary to pull off the expansion. It is a simple cause-and-effect analysis.
Once you have the capital, that’s when you consider things like investing in new technology and bringing on the right employees to see the scaling of your business through to fruition. By taking all these factors in, alongside consulting a dedicated group of specialized professionals like Coachfirm, you’ll be well on your way to planning another expansion in the near future. By understanding how to shape up, market, and scale your business, Coachfirm will be able to advise you on the best routes for your company to take in these delicate times. If you think you’re ready to take the leap today, feel free to give us a call anytime at (888) 777-0303 or visit our website at Coachfirm.com .
-Bob Scott
www.coachfirm.com
1
You see problems. We see possibilities.
HOW CRITICAL ARE CRITICAL NUMBERS?
Finding the Root of Your Issues Could Be Your Saving Grace
Success may look a little different for every business. Depending on your industry
end up losing yourself in your business reports and leaving the situation confused as to where your money is going. It is the idea of having a performance indicator on your balance sheets where you can gauge where your expenses, profits, or other various statistics are going to, and how they size up to previous time frames. Being able to find your critical number — and find out what that means for your particular business or industry — can be the most important choice in your whole business planning process. In order to make it easier, you should be looking at the categories that most relate to factors surrounding your company, such as weaknesses in operations or business model, customer loss, and issues with your cost structure and how that relates to competitors in your field. For most people, this could simply be revenue, but that’s not always the case. Many times, the only way you will find your perfect critical number is by identifying the root cause of your issues and using that to determine what your most important indicator is.
and the scale of your company, you may be
more concerned with one set of data than another. For example, one company may be concerned with new customers, while another
may be looking closer at their statistics involving their gross revenue. In these data points lies the idea of the critical number. This number can show you what you need to change in your
business, from sales all the way to net profit, and be successful. It all starts by having a serious talk with your accountant and making sure that you fully understand what your balance sheet is really telling you.
As long as you can find that, you’ll be well on your way to turning your ship around.
Accountants are sometimes known to fluff the numbers for various reasons, and by using fancy words and beating around the bush, you
The Good Kind of Gossip How to Cultivate Valuable Customer Reviews
3. Ask the Right Questions Think of the review process as a conversation rather than a request to be met, and use open-ended questions to start. Before you even request a review, you can ask customers questions like “Howwas your recent experience with us?” or “How are you liking your product?” That way, you can gauge their satisfaction before they leave any feedback. 4. Respond, Respond, Respond The last thing you want to see is a scathing one-star review. But no matter how hard you work, they are still bound to happen. When you receive one, take the time to respond thoughtfully —without being defensive — and try to come up with a possible solution to the complaint. And be sure to respond to your positive reviews as well. When you show that you engage with all of your customers, prospective ones will be more likely to give you a shot.
When you’re thinking about buying a new product or service, what’s the first step you take? If you turn to the world wide web in search of reviews, then you’re in good company. According to a survey conducted by BrightLocal, 85 percent of consumers regard the customer review to be the single most credible and trustworthy source of advertising. That same survey found that 68 percent of customers surveyed were willing to provide feedback for a company. So, how do you get your customers to write the glowing reviews that help close deals? 1. Diversify Your Platforms Don’t rely on customers to go to your website to leave reviews. There are numerous websites you can utilize that make leaving feedback more convenient for your clients. What’s more is that these other platforms are highly trafficked. BrightLocal found that Facebook and Yelp were consumers’ most trusted source of user reviews in the U.S., but you can also use Google My Business or the Better Business Bureau. Most importantly, be sure you are active on all the platforms you use. 2. Offer Incentives Give your clients a reason to write reviews. Consider offering incentives like a discount or coupon code, coffee gift card, or an entry to win a contest for an even bigger prize.
2 Call to schedule your FREE 30-minute coaching call!
Toll Free: 888-777-0303
How to Maintain Productivity Out of the Office The Downsides of Working From Home (And How to Hold Yourself Accountable)
MONDAY–THURSDAY
Are 4-DayWorkweeks the Secret to Productivity?
Could you get more done with one less day in the week?
The modern workplace is changing, and with that comes the constant expansion of communication technology. We’re able to do our work on-the-go like never before. While this trend is relatively new in the business world and gives us access to work from the comforts of our own home, we’re finally starting to recognize some of the downsides and how to hold yourself accountable at home.
Of course not! Most of us need more time in the week, not less. At least, that’s the assumption. But a New Zealand company recently proved that when it comes to company productivity, less may mean more. In March of 2018, Perpetual Guardian, a finance management company in New Zealand, began testing a four-day workweek for its 240 employees. Researchers from the University of Auckland and Auckland University of Technology studied the firm before, during, and after the trial. Perpetual Guardian isn’t the first company to test-drive a four-day workweek, but during the trial period, they did something unusual: They didn’t reduce employees’ salaries. Paying employees for five days of work while only requiring four days sounds like a surefire way to bankrupt a company, but researchers found the change had the opposite effect. By trimming the hours down and maintaining pay, Perpetual Guardian saw a 20 percent increase in productivity. The shorter workweek motivated employees to get their work done quicker by cutting down meeting times, becoming more self- motivated, and telling their colleagues when they were being distracting. After the trial, employees at Perpetual Guardian also reported feeling 7 percent less stressed and a 24 percent improvement in work-life balance. Considering the fact that burnout — and the sick days that come with it — is such a problem in the United States, providing employees with a better work-life balance may be the secret to a happier, more productive workplace. After the successful trial, Perpetual Guardian opted to stick with the four- day workweek permanently. They provide several tips for implementing a four-day workweek at your company. • ● Speak to your staff and be clear about your objectives.. • ● Ensure policy is well-supported and resourced. • ● Create a policy that can flex depending on workloads, projects, or customer requirements. • ● Let your customers knowwhat’s going on and assure them there will be no drop in service. • ● Ensure the new employment structure doesn’t cut across legal requirements. • ● Be clear that the aim of the initiative is to benefit the company as well as the employees. • ● Recognize that flexible working initiatives aren’t magic bullets. If you’re interested in learning more about Perpetual Guardian’s four- day work week, check out the white paper written by The University of Auckland researchers at 4DayWeek.co.nz/four-day-week-trial . • Do your own web and local research.
One of the biggest hurdles you’ll face when working from home is the lack of face-to-face interaction, which every entrepreneur can point to as being integral to a successful business. Depending on howmuch you enjoy being a social butterfly, being out of the office can either be your saving grace or your worst enemy. Without the office atmosphere — including the unique culture and interactions — some workers may find themselves lost. Remote workers often find themselves juggling inefficient communication systems like text-chat and video streaming just to get the information they need to finish a task. It is time to bring your work communications to the modern age. By leaving the archaic emails behind and being proactive in scheduling virtual meetings with your key players, any questions you have will successfully be answered. There’s a fine line between being in a place of peace while you work and being in a place of distraction. The largest concern with remote workers is the loss of productivity caused by external distractions. To better suit your attentive needs, leave your electronics off, save for any absolutely necessary background noise that helps you stay on task. However, some employees are actually more productive without the pressure of a formal work environment. This freedom can be a double- edged sword though; nobody will know if you sneak off to the local Chili’s for a cold one while you wrap up your assignments. That freedom is both the appeal of working remotely and its primary failing. You have to be able to hold yourself accountable and work at a sustainable rate if you want to justify working from home. This comes from finding your optimumworkspace and figuring out the best way to stay connected. By creating an at-home workroom, free from the noise of a coffee shop and the temptations of a sports bar, you’ll find it much easier to concentrate when you need to. To better ensure accountability, try using a teamwork site like Google Drive. Its interconnectivity will hold you accountable for your workload in real time. A feeling of responsibility is distraction’s worst nightmare.
www.coachfirm.com
3
You see problems. We see possibilities.
3149 Hemlock Farms, Lords Valley, PA 18428
PRST STD US POSTAGE PAID BOISE, ID PERMIT 411
BUSINESS COACHING
INSIDE
The Key Factors to Scaling Your Business
1
How to Identify Your Critical Numbers
2
The Value of User Reviews and How to Cultivate Them
3
The Best Tricks to Being Successful From Home Is Your Company Ready for the 4-Day Workweek?
4
How Being Open to Growth Leads to Success
THE POWER OF ‘MINDSET’
How Being Open to Growth Leads to Success
For decades, Dr. Carol S. Dweck studied the phenomena of success. How is it that some people are able to grow their business, stay fit, or achieve their personal goals while others in similar situations stall out? “Mindset” is Dr. Dweck’s answer to this question.
If you’ve ever said “I’m just not good at math” or “I’m not a natural leader,” you’ve fallen into the fixed mindset trap. If you believe there’s nothing you can do to change your circumstances, you’ll never strive to improve them. The same is true of positive fixed opinions of yourself. Dr. Dweck points out that those who believe themselves to be “a great boss” or “an amazing athlete” are also doing themselves a disservice. Once you think your skills are tied to who you are as a person, you’ll avoid challenging them for fear they might be found wanting. This leads your talents to atrophy as you seek detours rather than facing challenges head-on. Dr. Dweck argues that, instead of falling victim to the pessimism and self-delusion that defines fixed mindset thinking, we need to recognize that the path to success lies in open-minded perseverance. “A person’s true potential is unknown (and unknowable),” she says. “It’s impossible to foresee what can be accomplished with years of passion, toil, and training.” Not only does “Mindset” drive this point home with well-documented experiments and studies, but it also provides a workshop to help people break free of their fixed mindset and find success.
Subtitled “The New Psychology of Success,” this book chronicles the Stanford psychologist’s findings, which suggest an inseparable link
between belief and achievement.
According to Dr. Dweck, people tend to think about the challenges in front of them in one of two ways. They either have a “fixed” mindset — believing that their talents and abilities are static, intrinsic properties of who they are — or a “growth” mindset — believing they can improve every aspect of themselves with practice and perseverance. Those who approach life’s hurdles as an opportunity for growth are the ones who find long-term success.
4 Call to schedule your FREE 30-minute coaching call!
Toll Free: 888-777-0303
Page 1 Page 2 Page 3 Page 4Made with FlippingBook HTML5