Archive for the 'Business Coaching' Category

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Why Success Gets Harder For “Most” Entrepreneurs

Have you ever wondered why success gets harder as you become more successful?

It’s because of your opportunity costs that keep rising as you get more and more successful mixed with a short term focus on “making deals” and taking care of emergencies instead of working “on” the business…

It’s quite a dilemma that paralyses many entrepreneurs. They know they could do better, but remain stuck in the Vortex Of Mediocrity™.

So how do you break out of this stranglehold?

Simple – MAKE time to get away from the business. It can be a long weekend or ideally a whole week. PLAN for it so you’re not stressed and you don’t cheat.

Remove yourself COMPLETELY from the day-to-day pressures and DISCONNECT completely.

Then ask yourself the following questions:

  • If I was to start over again, what would I do differently? What would I change?
  • If I was a competitor, how would I exploit me/us?
  • What are we really good at?
  • What could we be really good at (or better at)?
  • If I knew I could not fail, what would I try?
  • What is the #1 complaint of the industry/marketplace that I can solve?\
  • What am I not doing that I should be doing?

You can’t have the thoughts to start to answer these questions while you’re knee deep in the intellectual quicksand of day-to-day operations.

You need distance.

You need your personal journal (you might even give MindMapping a go!)

You need to do this otherwise you’ll stagnate.

I do this exercise every year at Christmas time which conveniently coincides with my New Year’s Resolutions.

If you have a business trip planned, consider extending it by a day or two and take those unfamiliar surroundings to start the process. Once your business is done – check out of THAT hotel and check into another one t0 completely shift your mindset. I mean it. Pick a hotel near the beach, mountains or go upscale or totally rough and tough.

Make sure there is CONTRAST so that your brain registers the new impulses.

It’s necessary to jolt your system into a new realm, to get a new perspective.

Give it a go and see what happens!

Act as the business you want to be

If you want the genesis of this concept, watch Steve Job’s Commencement Address To Stanford University Graduates in 2005 shown below.

Listen to one of our Platinum Program Members
who explains this philosophy in his own words:

When we started, we were aiming to assist smaller businesses, those with less
than 20 employees.  This is because 55% of all employment income in this
country is paid by those businesses.  The multinationals only provide 2%.

So wanting to help Australia be a more prosperous and competitive economy
meant helping those smaller businesses to really become successful,
particularly in export markets.

So we started as a small, lower cost base business able to serve smaller
clients cost effectively.  Since then I have grown less enamoured with this
position over time.  There is a reason companies remain small.  Sometimes it
is because that is what they want.  Less.  Less is easier and can involve
reduced risk, though not always.  But often it is because they don’t have
the mindset, skill or vision to be anything else.

It is clear that for us to grow, I have to have the resources to do more work
and the income to pay for those resources.  So our business model doesn’t
scale if we want to move up in size.  Particularly with the type of clients we
have generally been working with.

This year I’m thinking about how to take what we are doing and push it past
the $1,000,000 mark.  So what I’ve started doing is pricing our quotes as if
we already were that size.  Sometimes this means the price is double what it
might have previously been.  But I’m also looking at the delivery side and
making sure it also looks like it should for the size of business I want to
be.

And it is working!  We are changing.  We are looking at moving to commercial
premises before the end of the financial year.  A new class of clients are
being attracted to us (and us to them) because our value proposition makes
sense to them.  Some of these clients are larger than our previous target
companies.  Some are wanting to grow and know they need the right
partnerships to get there.  There is a long way to go yet but the progress
is encouraging.

So my distinction is a simple one.  Start acting like who and what you want
to be.  Don’t wait for the growth and then respond.  Change first.  Be the
catalyst yourself.  Make it happen first in you and then it will flow out to
the rest of the world.

Steve Jobs would be proud.

What watching Grey’s Anatomy taught me about growing a business

Some people say that TV rots your brain and can’t teach you anything. I like to take a more exponential approach. TV is great way to unwind (if you’re like me and lucky enough to have the time 😉 and you can occasionally learn something from the boob tube and not just from documentaries.

Last week I was watching one of my favorite shows, Grey’s Anatomy (I actually bought the first six seasons on DVD to avoid all the annoying commercials!) and I realised that doctors are really on to something. I mean both real doctors and TV docs like the ones on Grey’s, but more on that later.

Business Coach, Business Coaching, Business Mentor, Business Mentoring

Grey's Anatomy and MasterMind Groups

Continue reading ‘What watching Grey’s Anatomy taught me about growing a business’

Why You Lose Clients

This graph says it all…

As a regular reader or subscriber to this and my other blogs, you know about my holistic approach to business. One of the key components of what Exponential Marketing is all about is establishing authentic and genuine rapport with your suspects, prospects and clients via what I call “Killer Konversations“.

If you don’t engage interactively with your suspects, prospects and clients, they will simply gravitate towards suppliers and providers that give them the attention they seek.

The exponential question then becomes – what conversation / relationship do you want to have with them? And secondly, how are you going to manage them?

Client Attrition, Lost Clients, Losing Clients, Lose Sales, Lost Sales

Sources Of Client Attrition

Creating the various client conversations is one of the main features of what we do within the Platinum Program. Click on the hyperlink to learn more about how we could help you grow your business.

A picture is worth a thousand lost clients

We have all heard the saying “A picture is worth a thousand words”, but a TERRIBLE picture can lose you 1,000 clients. This photo was taken from a Facebook page for a restaurant. You be the judge – would you want to eat there?

It’s no surprise (to me) that this restaurant is struggling to attract customers. It counts on its Facebook page for referrals – can you see a problem here?!?!

Today’s lesson – check ALL the photos you have online and ask SOMEONE ELSE who will be honest with you if it helps you or hurts you/your brand to have it online.

If you can’t afford professional photos – then don’t put any up.

DON’T USE STOCK PHOTOS for your products, that’s transparent and you’ll lose credibility and trust.

Please comment below to reinforce how bad this image is!

4 Minutes To Explosive Growth

I love it when I learn my own lessons! I teach ambitious entrepreneurs and business executives how to find hidden opportunities in their businesses.

Opportunities that are sitting right there, under there noses…

That’s what happened to me today.

I figuratively tripped across a 4-minute audio that I completely forgot I had in my archives (I have more than 500 different electronic product components…)

It’s only 4 minutes, but it includes all of this!

Essential ingredients you NEED in your marketing to get
your PROFITS TO RISE FASTER than yeast in BREAD

  • These ideas will enable you to bring home up to quarter of a million dollars per year more instead of netting a profit that makes you feel you are working in a job (Just Over Broke)  (00:24)
  • Following these steps for improving your methods will bullet-proof your career and business so you will always lock in this much profit each year as a minimum (00:37)
  • Changing this one thing will minimize your risk so you will feel you’re working your way to the upper crust rather than picking up the crumbs of clientele from the bottom of the heap (00:47)
  • These vital ingredients enable you to look at things differently to get a bigger slice of the pie (00:54)
  • Making these small changes within your business each week for less than a hundred dollars can grow your profits by a factor of 157. (2:40)
  • Gaining new ideas on a daily basis provides the raw materials to get top-quality results within the first year (3:17)
  • Learning to think exponentially is like the air in your dough: it will help your brand, business and profits rise to peak levels (4:00)
  • The mindset you will gain from these distinctions will get people begging to give you their money so you will be rolling in dough (4:25) faster than you knead it!

Click here to access this 4-minute audio that reveals the 1 Percent Improvement Doctrine.

How To Add Value To Your Clients

Exponential Marketing has a cornerstone concept: Add value to your clients and they will come back and refer more clients to you. Easier said than done.

That’s why I’ve included a simple example: An Australia Post Postcard Fact Sheet that helps clients prepare their documents for direct mail.

The question for YOU is “What basic information, like this can you make available to your clients?”

The more information you make available, the easier it will be for them to do business with you = you’ll sell more.

When you’re exponential, you create Pathways To Profits™ that guide people through the path of least resistance preemptively, smoothly, creating a memorable and hopefully unique experience they will want to repeat themselves and advocate to others.

This is what we help our clients do – create a Business Building Blueprint™ that summarises these processes so everyone in the business knows what to do and ideally, automate them leveraging the Internet so the business transforms from an effort-based model to a value-based model.

Innovators: How They Think

As a business owner or corporate executive, you’re always looking for ways to be more creative and innovative to find fresh new ideas to make your next sales or marketing campaign a success. In an attempt to determine how great thinkers achieve their great outcomes, British marketing consultant Simon Sinek believes that he has stumbled upon a simple method to codify the way innovators think. He calls it the Golden Circle. In the YouTube video below he shows why it pays to be cynical.

Thank you to Ian Faulkner for providing this link, it’s much appreciated!

Cancer Kills One Cell At A Time

Trump You are firedCancer kills you one cell at a time, so does a toxic employee. This is a friendly reminder that if you have a bushel full of apples and you place one bad apple in it – the whole bushel goes bad, not the other way around.

Whenever you have a ‘problem’ employee you need to pull the plug as soon as possible.

I say this because as the new financial year starts, you need to think of new beginnings.

New year, new destiny.

Sometimes tough decisions need to be made. Rewards go to those business people who are brave and courageous to stick to their vision, plans and goals.

If you have a contrary, toxic employee – you know it.

The question is “What are you going to do about it?”

Belief Builders and Credibility Creators

There is a four step process everyone goes through as they make a purchase.

  1. Consider – Before anyone makes a decision, they must consider this opportunity. Most salespeople skip this step to their detriment.
  2. Decision – This is when the ‘sale’ takes place. However, most ineffective salespeople skip the consideration stage and try to force the decision that was never even considered.
  3. Commit – Without a commitment, a sale is not a sale. As many as 20 to 40% of sales are lost due to a lack of commitment requested of the purchaser.
  4. Resolve – Making sure the commitment is followed up and followed through to its conclusion to ensure the sales is completed. Up to 10% of sales are left unattended and therefore lost.

Consider – or lack thereof is the number one source of lost sales, by a long shot. Anecdotally, as many as 4 out 5 sales are lost because the prospects never considered the offer being presented in the first place. Without it, there is no decision to be made.

So how does one go about having people consider their offer or proposal? Continue reading ‘Belief Builders and Credibility Creators’

Antimimeticisomorphism

Antimimetic isomorphism, Anti mimetic iso morphism, mimetic isomorphismWhat the heck is antimimeticisomorphism?!?!

Simply stated, it’s the opposite of mimetic isomorphism – an academic term that explains what we all know to be true. “Monkey see, monkey do.”

As industries mature, competitors increasingly use the same strategies and techniques to market, sell and deliver their products – in effect commoditising them.

Antimimeticisomorphism means doing the opposite.

Not just to be different, but to be special, out-of-the-ordinary with a PURPOSE.

Because it’s a mindset, it takes time to adopt the ability to see and create boundless opportunities and uncover hidden assets within your business, career or life.

It’s what makes the super successful and ultra wealthy who they are.

EXTRA-ORDINARY.

Because the alternative is – well ORDINARY.

Want to learn more about antimimeticisomorphism?

You can Google it and you’ll find thousands of listings – all pointing to me.

I have two websites dedicated to antimimeticisomorphism, the first is the site that explains antimimeticisomorphism and the second are examples of antimimeticisomorphism.

On my Personal Coaching Blog, I have a whole category of antimimeticisomorphism examples.

As you can see, this is a foundational element of my Exponential Coaching Philosophy.

Have a look around and enjoy the discovery process – you’ll quickly realise that the more fun you have, the better your results will be!

How To Brand Your Company 3 of 4

I recently recorded a 1-hour Momentum MasterMind Session for our Business Mastery Platinum Program Members called “Bland to Brand”. It was a powerful session that highlighted the 8 mistakes people make naming their business and the 19 Steps to Naming Your Business. If you’d like to get your hands on this program, give us a call.

Part of the discussion involved the persona that we create within the branding exercise…

I was accepting invitations from people to link to me on LinkedIn.com. and was amazed at the wide variety of photos people have on their profiles… I am not sure if they know what it does for or against them.

You be the judge.

Which one is the IT Specialist?

Continue reading ‘How To Brand Your Company 3 of 4’

How To Brand Your Company 2 of 4

You never get a second chance to make a first impression. That’s why branding is so important. In today’s post we’re going to take a close look at YOU… The image you project to the world – your suspects and prospects.

What Image Do You Project To Prospects And Clients?

Why People Fail In Business

Today’s post is one of those topics that I deal with on a regular basis but usually to myself… Until something pushes me to the edge and I have to get on my ‘soap box’ to relieve the built up frustration and annoyance I feel BECAUSE it’s preventable.

This week, I overheard someone at the dentist office say “A friend of mine has dentures and she says Continue reading ‘Why People Fail In Business’

1 Percent Improvement

One of the foundational principles of Exponential Mindset Thinking™ is the 1 Percent Improvement Doctrine™. It seems simple enough as the videos below explain, but here’s the real challenge – most people, believe it or not don’t have the discipline to follow through. Even though it takes only minutes a day to essentially achieve their wildest dreams, they let themselves down – many within less than a week most within the first month.

I know how surprising that sounds, but that’s what I want to focus on for today – the fact that MOST don’t follow through means that when you do, you’ll get the lion’s share of the rewards.

That’s because no one else is doing it.

Continue reading ‘1 Percent Improvement’

Can one idea be worth $50,000?

You be the judge if one idea can be worth $50,000.

Business Coaching Result - Dr Marc Dussault

Why spruikers will never go away

When I got into this industry, I have to admit I was “naive”. I actually believed there were enough people out there who wanted to learn respectable and legitimate strategies to become successful.

What I keep seeing however are deluded people who keep getting attracted to the “get rich quick schemes about how to make money in your underpants working from home so you can make money while you sleep”.

What has me disheartened this week is that I got emails from 3 different people and together the message came through to me loud and clear.

MOST people want the easy way out.

MOST people don’t want the responsibility that goes with success.

MOST people aren’t open to constructive criticism.

MOST people when all is said and done, are frankly lazy.

MOST people have no willpower.

MOST people will never truly succeed to a point where peace and serenity prevails. Continue reading ‘Why spruikers will never go away’

Decision Making: Cognitive Biases

Decision making is one of those concepts that many people try to simplify when it fact it’s complex and must be treated in a multi-dimensional manner. There are many forces in play and today, I wanted to summarise a few cognitive biases that are involved. By knowing these exist, you can start to make better decisions.

  1. Sunk Cost Bias: Escalate the commitment of previous time, effort and money. Cutting your losses is harder than it appears. Trying to calculate marginal costs (forgetting about what’s already been spent) is a lot harder than it appears. Gamblers are notorious for abusing this bias when they are down on their luck. Sports teams will keep playing top salaried players even though they under perform lower paid players. Everest climbers have what’s called the turn around rule (when it gets too dangerous to continue) yet many who die ignored their own safety rule.
  2. Over confidence Bias: We are all systematically over-confident, hopeful and enthusiastic. When asked, 80% of people will answer that they are above average in something when statistically it’s impossible.
  3. Recency Effect Bias: An over reliance on recent events and activities will sway your decision making – much like a hot streak in sports or gambling.

There isn’t ONE thing that affect decision making, but a multiplicity of biases. On Mount Everest people die when they make a bad decision.

In business, the same is true. 80% of bankruptcies are due to management incompetence = poor decision making. The trouble is that unless you are aware of the REASONS for the mistakes, they will be repeated over and over and over again.

Today’s post is one of the many steps you need to make to improve your decision making. It’s always going to be a work-in-progress because there is NO silver bullet or perfect decision making process or ‘system’.

You have to find your optimal strategies to counteract biases and other obstacles.

Just remember you’re aiming for an optimal solution – not a perfect one.

That means the best solution “under the circumstances”…

What Watching Australian Open Tennis Can Teach You About Running Your Business

Last week, I had the pleasure and privilege to attend the 2011 Australian Open Tennis Championship. In one of the semi-final matches, Novak Djokovic was playing the legendary Roger Federer and at one point had “vision problems”… Due to dry contact lenses.

So you’d think he would have eye drops in his bag…. Nope!

Can you believe that?!?!?

A multi-millionaire tennis player who wears contact lenses doesn’t have eye drops in his bag.

DUHHHH!!!!

But it gets WORSE.

Continue reading ‘What Watching Australian Open Tennis Can Teach You About Running Your Business’

What business are you in?

StairsSometimes I wonder if some entrepreneurs know what business they’re in… This image made me laugh because it reminded me of so many business owners who don’t know who their clients are and what they should be doing for them.

I know it seems like an obvious question, but trust me, it’s not. Continue reading ‘What business are you in?’