Posts Taged business-coach

The Big Game of Business

When I talk to business owners, we often get into the conversation of how much should a business owner expect to make?

Different business graphs with Think Bigger sign

My rule of thumb is simple… Take what you think you’re worth as an employee… And multiply it by 3…(3x)” That should be your minimum expected take home, after tax wage! For most people in business this blows their minds. They look at their current profit and realise this figure is an order of magnitude away!

So, lets look at why 3x? It’s simple. When you decided to become a business owner, you probably did it for one of 2 reasons. 

  1. You either wanted to make more money, work less hours, or just be your own boss. 
  2. Or you didn’t have a choice, you were retrenched, made redundant, or are just unemployable.

 

When it comes to setting a goal for your business, the main number you need to look at is Leftover, not Turnover. That is net profit. As an owner, this is the reason we run a business. The problem is that this number can be highly variable. What I mean is that when you have a quiet month, you will still pay the bills, the wages, even the tax man. But the first person to miss out is you.

So the reason we aim for 3x your wage is risk. And risk is something that very few people value and expect to be paid for. You see, in a job you get holidays, sick pay, superannuation, long service leave and other benefits, when you decide to run a business, you sacrifice all of that for the dream of freedom.

Now for the brutal truth…. It is nearly impossible to be self employed and maintain this type of income. The only real way to achieve 3x is to build a business that works without you. The first one will be hard, but once you’ve mastered the skill, it becomes so much easier.

One of the best kept business growth secrets is acquisition… yes, buying other businesses is the quickest way to grow yours. I call this the big game of business, and it cannot be played when you are stuck in the engine room. You see, building your business system and your team is really about giving your the time to play the big game. That is, acquiring your competitors and expanding your service by adding complimentary services. 

When you get to this stage, business growth is exciting and rewarding. One of my favourite books on the subject is “The Magic of Thinking Big” by David Schwartz.

So don’t let the day to day busyness get in your way. Start today by committing to building your leftover to 3 times your wage, and get to work on building your business system so that your business can work for you.

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Successful Recruiting

I want to share a client success story today around recruitment. One of the things most people in business are scared of is building their team. When you go forward into the recruiting process with a clear vision of what you need, you’ll find that the right people will appear who can really help you with your business.

First we sat down and identified the tasks, then we went to work on defining the role. In doing this, people showed up out of the woodwork… They recruited 4 people out of an interview process where they were only expecting 1. This recruitment process ensured that the people who arrived for the interview were the perfect candidate for what the job.

The tip here is to be really clear on what your recruiting for, who is your perfect candidate? and then go to the market and you’ll be surprised how many people are available that that can help you grow your business.

 

If you want FREE expert guidance on your recruitment process, click the button below to register:

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How to Make Pricing Decisions During Volatile Times

When it comes to cash flow, there is a lot to think about but nothing is more critical as a success to a small business than prices you charge. An important decision you’ll make is pricing.

Today, I want discuss how to make pricing decisions in a dynamic and volatile market.

How to Make Pricing Decisions in a Volatile Market
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My Top Productivity Tips for Achieving More in Business

Smart businesses stay productive to be successful. Technology can help save time and money, allowing you to focus on the key aspects of your business. But, it’s not always necessary.

Ensuring your business’ efficiency is key and I have some productivity tips for your business to stay smart.

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10 Ingredients for an Effective Team – The Recipe to Success

In business, success is a result of a perfectly orchestrated and collaborated team effort. In fact, without a team to back you up, success can be next to impossible. It is important to understand that teams are built through time. You cannot possibly expect your team to work out on the first day. There are different factors to consider for someone wanting to build a winning and effective team. I’ve put my thoughts together on the necessary ingredients for an effective team. Scan through these and you’ll find a pointer or two that you can later apply to your team.

Good leadership

This is the most critical and must be the top of all priorities. The leader establishes the team’s drive for excellence. Thus, it is important to develop leadership skills. It is important to note that a leader faces a multi-faceted role as mentor, cheerleader, slave driver, and counselor; and sometimes, even as a servant. A leader could make or break up a team, so if you are a leader in your team, step up to the role and do not turn back.

Goals

Goals serve as the team’s guiding compass, the direction for any organization. Knowing your own goals, and the goals of your business, will motivate your team members to contribute immensely to the team since goals give them a sense of purpose. Communicate to them the goals of your organization so you are sure that you are on the same page with the rest of the group.

Commitment

Commitment is vital for your team’s perseverance. Whilst involvement says “Yes, I’ll do this”, Commitment says “Yes, I’ll do this, and will be with you on the same page until the end.” Commitment is very important to a team because it tells you that everybody will be there and will be helping out, even more than the 8 to 5 workday, and even, against the odds.

Communication Communication bridges gaps and will create the firm bonds of the team. There can never be too much communication in a team. Everybody must know that communication lines are open and that everybody should be willing to listen. As long as communication lines are open, the team will be okay. Trouble usually sets in if people do not communicate anymore.

Organisation

Organisation is the cornerstone of any team if you’re to prevent an ambiguous environment from existing. You need to organise your team so that every member of the will function according to their specialisation or their assigned tasks. In this way, the team will be able to rise to all challenges of the business and you’ll get quality outputs as a result.

Collaboration

Collaboration will be occur if there’s a clear division of labor. Division of labor will make the team members function better than have a much generalised version of what to do.
Competence Good relations and positive attitude can only do so much. Another vital ingredient in teams is individual competence. This means, everybody must be able to contribute to the different areas needed to complete your business’ objectives. Without competent individuals, a team can only do a small fraction of the work needed, and that means the entire team become ineffective.

Special Bonus

“The 15 Keys to Running Team Meetings” Guide

Running an effective team meeting can be the difference between a productive week and a waste of time.

If you don’t have a structure around how you run your meetings than you need to start thinking about it NOW.

Download the guide and start getting the most out of your team.

Get Your Guide

Respect

If you currently don’t have the full support and respect of your team then you may be experiencing a leadership issue and this is where a Business Coaching Program may be a solution. Respect should always be present in a team, since without it, you’re not moving forward. Furthermore, respect breeds trust, and with trust your team will be more than willing to help out.

Passion

Passion is by far one of the most important traits present in a team and this comes from the top. When You are passionate about your work, vision and mission, you are more than willing to go beyond expectations, go beyond the norms. That same passion will get you and your team motivated to stretch.

Start with these traits and you are well on your way to a more efficient and effective team. If your team building problems are more serious and need more work, then you need to be letting us work with you to inject the kind of world-class business coaching excellence we are recognised for by both our clients and peers.

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Friday, August 9, 2012 - Victoria-based ActionCOACH sets marketing standard for Business Coaches. Business Coach David Guest was named MarketingCOACH at the ActionCOACH Global Conference Awards ceremony at the Sheraton Beijing Dongcheng in Beijing, China.

Victoria-based ActionCOACH sets marketing standard for Business Coaches

Las Vegas – Monday, August 27, 2012

Business Coach David Guest was named MarketingCOACH at the ActionCOACH Global Conference Awards ceremony, which took place on August 9 at the Sheraton Beijing Dongcheng in Beijing, China. The MarketingCOACH award goes to the ActionCOACH Business Coach who is the most innovative and effective marketer globally.

ActionCOACH Founder and Chairman Brad Sugars presented the award to Guest.

“A strong marketing strategy is one of the keys to building a successful business, in any field. Guest uses principles that he has developed over his career as an ActionCOACH Business Coach to market his coaching business more effectively than most and brings that knowledge to his clients, helping them market their businesses more effectively.” said Sugars.

Marketing a business isn’t the same as it used to be. Marketing has changed and David uses new tools, like social media to drive his business and his events. He’s on the cutting edge and uses all of the tools at his disposal to market his business and the brand.Brad Sugars (ActionCoach Founder & Chairman)

“His use of numbers to profitably market his business and his use of local media outlets and social media have made him a fine example for the other coaches in the ActionCOACH system.”

“Marketing a business isn’t the same as it used to be. Marketing has changed and David uses new tools, like social media to drive his business and his events. He’s on the cutting edge and uses all of the tools at his disposal to market his business and the brand.” Sugars said.

“Marketing a business is always a work in progress,” Guest said, “You can’t just find one way to do it and rest. You’ve got to constantly test and measure and understand your numbers to be really bring in the customers you want.”

ActionCOACH is the world’s number one business coaching and executive coaching firm, with more than 1,000 offices in 44 countries. To learn more about ActionCOACH, go to actioncoach.com.

To learn more about David Guest
David Guest wins Global MarketingCOACH Award 2012
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How To Tell You Need A Business Coach

When you’re working hard to grow your business but your finding more than ever that you’re earning less and you have less time than you ever did, you might want to think about getting the help of a qualified Business Coach.

businesscoach
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Five Questions Often Asked About Working With David Guest

Ever thought your business was capable of so much more? Ever wondered how you and your team could work to achieve the amazing business potential you dream about?

3 Management Skills You Need for Managing a Virtual Team
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Business Mistake #1: Stinking Thinking… Yes… It’s all in the mind

How To Think like an Entrepreneur

Your mindset as a business owner is THE MOST CRITICAL thing you need to work on and guard.

In this video, I’ll be covering the most important rules of thinking like an entrepreneur. These simple tools will get you to think your way to success regardless of your current situation. you’ll learn why so many business owners are stuck running a photocopied life and how to get out of the rut.

You’ll also learn how to keep growing, even through the most challenging times.

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Time Management Advice for Accountants

Every occupation has it’s own particular challenges when it comes to time management and getting more time to do the things you’d rather be doing.

For Accountants the challenge is mind their own business as well as everyone else’s.

leading matters
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