what you learn when you think you know everything that
counts the most in life."
Coach John Wooden
What is the
"secret" behind successful business owners?
They have a coach to guide them. We all have hidden blind
spots. Particularly when it comes to our own business.
Have you noticed how it easy it is to give great advice
to other people, but when it comes to your life and
business you are not able to see the whole picture
clearly. It's because your emotions are involved.
Who do you turn to when
you need answers? Are you operating you business from the
highest level of thinking and action? Are you creating
new lucrative opportunities for profit? Do you find
yourself spending time on projects that you have
difficulty delegating? Are there times when you feel you
are doing all you can, and yet, it just isn't enough?
Rest assured you are not alone.
As a professional success coach for the past eight years
I have researched and studied what makes people
successfull. Here are some key distinctions that can help
you to succeed in your business.
The Top 7 Ways To Avoid
Failing In Your Business
1. Work "On"
Your Business Instead Of "In" It.
An insightful entrepreneur is wise to not work
"IN" their business, but knows that the real
money and success comes from working "ON" the
their business. When you work "IN" your
business you think like an employee, do tasks that you
can do that others should be doing, and work really hard.
When you work "ON" your business, you
orchestrate the work of others, you step back daily to
get a helicopter view of where you're heading and plan
your business for long term growth.
It is very easy for new business owners to get engrossed
and consumed with their business. While it is important
to understand how to run and operate your business it is
equally important to stop and set up structures and
systems so that anyone can do that job the same way. To
set up systems so that the results can be consistent. The
real difference between success and failure is one thing.
The ability to be consistent. You can have a
great attitude and skills, but if you only use them one
day a week you will have a lifetime of roller coaster
months. The key is to identify your "recipe for
success" and duplicate it consistently. Structure
causes, accelerates and maintains momentum. Without
structure, momentum often declines.
Some examples of structure are:
- Get daily and
weekly reports that tell you worthwhile
- Design the measures
of success and failure in your business.
- Have a monthly
meeting with your competitors, discussing the
trends/future of your field and ways to
- A visual map of
your goals and vision
- Accountability when
2. Create Reserves In
Every Area Of Your Life And Business.
Entrepreneurs tend to run their business on the edge.
They get so caught up with their ideas that they invest
all they have into their ventures. Their, money, time,
energy, resources, people, etc. They believe in their
project so much and want to make it happen all now! To be
effective, the entrepreneur needs to limit themselves to
put only 20% or 70% of their resources into their current
venture. Entrepreneurs tend to exhaust their reserves
quicker and faster than any other group of people,
because they are so creative and come up with so may
ideas that require attention. The trick here is to create
reserves in every area. You want to have more than enough
so that you are always operating from reserves. When you
have zero reserve or are operating on close to empty you
tend to react to every situation in life.
When you have reserves you have the opportunity to
respond to life. When you respond you are always at
choice. How do you build reserves? Begin by creating a
new standard of always filling your gas tank when it is
on half a tank instead of waiting until it is on empty.
Buy two cases of fax paper instead of one. Hold money in
separate reserve accounts for new projects. Say
"no" more. Stop over promising and begin to
under promise so you will have more time. Operating with
reserves makes you more attractive. People will gravitate
to you and seek you out to do business with them. When
you exude an air of composure, people want more of you.
With reserves comes fewer errors, space to create the
future, time to do complete work and the ability to
3. Get Rid Of All The
Stuff In The Way
Eliminate the distractions of problems, incompletions and
tolerations so you can be productive. Everything you
tolerate claims a piece of your creative and physical
energy. Tolerations drain you of the resources you need.
Tolerations and incompletes are like constant background
noise that prevents you from hearing and seeing solutions
What are incompletes and tolerations? The piles you have
in your office, the projects you have started or plan to
start, you car overdue for an oil change, unfilled tax
receipts or forms, unread magazines, legal matters, the
dent on your car, conversations you need to have, a
relationship that needs to be resolved, etc. Is there an
area of your life that is a constant recurring issue?
What would be required to settle that aggravation once
and for all? What dream or goals would you pursue if all
obstacles were removed?
4. Be A Role Model Of
Entrepreneurs want to grow their business. In order for
your business to grow, you must grow personally. Your
efforts are best spent developing you. If you don't give
your all or let an inferior produced product go out the
door to a client, you are sending a message to your
employees that you do not respect your clients or your
work. Your employees will adopt that view as well. Set
the example of giving the extra effort, pitching in when
needed, caring about people, be the best in your
particular business, continue your growth curve, and take
care of your employees. Encourage innovation and
creation. Give your employees a stake in the future.
Once a month, have a meeting where the employees make
suggestions on how to improve your product, service,
efficiency, or bottom line. Give monetary rewards when
the ideas produce increases to the bottom line and
positive encouragement for the process. Create an
atmosphere where employees are willing and able to talk
with you. The two best sources of information on how your
business is doing and how to improve it are your
employees and your customers. Pay attention to both.
5. Minimize all Your
Identify and remove as many consequences and risks as
possible. Insure yourself where you are most vulnerable
in your business. Handle all legal issues. Errors in
judgment and changing trends can have a negative impact
on your business. Identify all the events, people,
trends, etc.that may adversely affect your business.
Where are you most vulnerable in your business? Accounts
receivable, employees, suppliers etc.
The success of your business is in direct relation to the
quality of relationships in your life. Define the key
people that can help you grow your business and commit to
a plan of spending time to develop your relationship with
them. Spend one day a week with your best customers
listening, collaborating, suggesting, understanding. Have
a relationship between you and your customers; not just a
selling relationship. What you will offer or sell to
customers in five years may change in form or substance
versus what you're offering now. Learn from your clients
instead of just selling to them. Clients really
appreciate sharing their views and needs with companies
will listen. Let the customer create the questions on a
survey instead of just giving their answers. A coach can
help you to develop a system of learning from their
customers and develop relationships.
7. Set Your Company Up
For Maximum Productivity.
Give everyone the computers and other tools they need to
process information immediately. Automate the reporting
of, access to, and flow of information so no human help
is required. Develop a culture where any blocks to
productivity are removed by your staff instead of you.
Focus everyone on profits and growth. Grow your people as
much as your company is growing. If your company is
growing 50% annually, then your staff needs to grow at
least that much. Hire people based more on attitude and
behavior versus experience. (There are great assessment
tools for this.) Create a culture of hiring within based
exclusively on performance not tenure. Get a website. The
web is growing in leaps and bounds. The expense of
operating a business today can get in the way of offering
your future customers efficient products and services.
Your future customer's will not want to pay for your
overhead. The web offers you the potential to market your
business to millions of people all over the world.
You're probably wondering what is a coach?
Coaching is a profession that has synthesized the
best from psychology, business, communication, mentoring,
consulting, sports, philosophy, spirituality, sports and
finance. A coach takes on a helicopter view of your
entire life. A coach challenges you and provides the
tools, structure and support you need every step of the
way. A coach is a navigator that keeps you and your
business on the course you really want to be on. Coaching
sessions are conducted mostly by telephone. Clients call
weekly for their scheduled 30 to 60 minute coaching
session in the convenience of their home or office.
Why does coaching work?
- You are accountable
to someone other than yourself.
- You get an
objective viewpoint from someone who has no
- You get consistent
structure and support.
- You maximize and
leverage every action, investment and opportunity
in your life, while minimizing your effort and
Here are some questions
a coach asks you:
- What five
opportunities are you leaving on the table?
- What are the
resources you have available that will help you
meet your goals?
- How have you been
motivated in the past to reach a difficult goal?
How can we best use that motivation now?
- Describe your ideal
- What are the 10
things you are tolerating or putting up with that
are preventing you from performing at your best?