You are NOT your business

I was talking with my girlfriend over the weekend and I said, I had not paid the utility bill. She said, I thought we had. I responded, no for one of the restaurants. She said, did you know you always talk about your businesses in the first person?

It was a moment of realization. For a guy that is constantly telling people that their business is a separate entity I had fallen into the same trap of thinking of my business as me. But it's not! She went on to say ... and this is the bad part, that when something good happens in one of your businesses you say its the business. When something bad happens or something gets missed you reference it in the first person. Wow, what an insight into a mindset.

So I am telling me and all the other business owners out there - while loving your business is important and caring for it is critical; it is not you. The same way you separate the accounts and operations (home versus office) you need to mentally separate the business from you. A perfect goal it to grow the business and structure its operations so that it runs without you (that's what our coaching programs are for). Then if you can be absent the business is clearly it is own entity and liveblood. Unfortunately, this separation needs to start between your ears. It needs to begin with recognition of its operation outside of you.

So I am catching my language when talking about all my companies - they are not me. With a little help from my girlfriend as an accountability coach, it will be even easier :o)

What's In Your Name and Message?

I am in traffic the other day and a van pulls up to me with the company name and logo painted on the side of it. Affordable Painting! it says. Instantly I thought this is the worst name in the world. Why? Because the name makes every client interaction about price. Affordable becames one of those words that is subjective but always moves towards the low end of the value and price scale. It certainly doesn't indicate luxury brand or premium pricing.

How does your company name, slogan or brand impact the clients and rates you get paid? What about your sales presentation; do prospects perceive you to be at the top of your industry and are willing to pay you for expertise, experience, knowledge and relationship? No one should start out or move towards operating at the bottom end of the market ... unless you are Wal-Mart and you are going to dominate that whole space.

This poor painter fighting with each prospect to cut his rates, reduce his prices and become more "affordable". How does this translate into his payment terms? Not well I bet. Bad debts, likely. The clientele that you attract start to be attracted to your business and you based on the message you give off. If you want to be getting more and able to offer more then everything about your process and offering has to scream more, more, more. That's more value for more dollars.

Take an outside look at every sentence in your materials, every slogan and every message to customers. Do all those messages match up with your offering, your price point and where you want to be in the market. If not, start making changes today!

Plan B - Your Backup Plan for Wealth

In helping entrepreneurs develop their businesses, we often get talking about what you would do once the business is up and running without all the time commitment; once everyone is doing it for you and cash is rolling in. I refer to it as Plan D. It's the Plan D, for Dreams. If you had unlimited time and money, what would you do?

I also talk to people about Plan B because sometimes our business or career doesn't roll the way we want it to. Sometimes we also recognize that the current operation or current role doesn't give us the cash we are going to need to live like kings and queens into our 90's. Plan B is the idea that no matter how good things are today (or more likely not as good as it was) that you need a second backup plan. What if your business went down? Would it take all your wealth or do you have enough stashed away in real estate and investments? What if you career ended tomorrow? Do you have any other passive income? Seems pretty obvious doesn't it.

My experience is that most people don't have a Plan B. I have had clients making $400,000 annually but realized they needed to work every year until death because that just covered their expenses. Living large but no Plan B. This could be a second company or little business like a MLM or a vending machine business that requires a couple hours a week. It can be real estate or cars. It needs to be something that you can generate cash out of or hide cash in for the long term. As so many people in large corporations are discovering you need to plan for zero income and those people that even have $2000 a month coming in from somewhere else are far, far ahead of the pack. This is true of business owners too. Find a way to get some income going from somewhere besides your main business.

Don't have a plan B? Get started on one today. Not sure of what it can be? Maybe I can help you define it. The point is, self-sufficiency in good times and in bad is based on a strong plan A ... AND plan B.

Since When Is Service a Reduction of Words

I was down in Montana and had an opportunity to visit my favorite breakfast place. It is famous for its breakfast. Unfortunately my service experience was something different. It was the experience of minimal speech! "Two?" "Coffee?" "Ready?" Can you see it? We walked in and in a word she confirmed how many in our party. In another word she had covered off the drinks order. Finally she got things ordered with one more word. Efficient.

One of the keys of service is the idea of hospitality. Hospitality is communication. When did, "Good morning. How are you today? How many people in your party?" become "Two?" Sure I go out enough that I understood her meaning and I got through it without injury. But her elimination of words made communication impersonal and at times confusing. We were definitely a number not a customer.

Whether it be through service training (http://evolvebusinessgroup.com/training/serviceTitans.php) or just through systematic reminders for your team to talk to your customers and make it an experience for them. You have to ensure that common place never takes the place of service. This is a common pitfall of any staff who talks to customers. It becomes commonplace for them and they forget its new for each customer, everyday. Service scripts are a first step and hospitality is the next step. Establish plans for both in your operations.

Keep using the right words and remember the words create the experience for customers.

Learning is the "How"

Everyone wants to make more money in their work and know that they are secure. As a business owner they want to keep growing and improve their business. So how does knowledge tie into that? People’s careers and owner’s business stop improving when they stop learning. We have heard that before. So what type of learning is key? Any learning. The only way for a career or a company to grow is through new ideas and new knowledge applied.

You want a new raise, new sales goals or even just to hang on to your job – then get learning. Continuing to add value to your clients, your co-workers and your industry is how you grow. So you need new ideas and ways to offer new value. It all comes from reading a book, listening to an audio tape, reading a periodical, checking out online resources. It is more about what you can bring to the table with your mind than it is your hands for most of us. If you never show up with a new idea or engage in a new strategy/tactic in your career or business, how do you expect to continue to add value? Not sure what to learn. Ask your boss, ask your clients.

Fresh businesses and fresh people are always learning and applying in their work.

Gratitude is Key

With all the talk of economic slowdown (whether you choose to participate or not), now is a great time to focus on time tested keys that can help you and your organization. Gratitude is key because, first, it strengthens relationships. When you consistently let clients and customers know you appreciate them and thank them for their business they come back. What they buy may vary but they become more and more loyal through strong gratitude. Secondly, gratitude is terrific for focusing your organization and team on what is going well. It can also be just for you in your own role. What is going well? What are you grateful for?

TIP...

Start to list off all of the things that still are advantageous and you are lucky to have. People feel better. Teams come together. It builds morale in a company quickly. Is gratitude part of your staff meetings?

Finally, as you talk about what you are grateful for you focus on opportunity. Opportunities are available in all economic conditions. Many people stop trying to see them. Starting with gratitude about last year’s big sales, great clients and big wins can spur the conversation of where this year’s opportunities will lie. Take time to work gratitude into your daily routine (a thank you card a day) and that of your team’s (team meetings, announcement, rituals).

Take Notice then Take Notes

In your work, what do you know about your peers, your boss or your team? Do you have any information on them personally? Do you actively look for ways to build relationship and enhance your daily work experience? So often people say, well when someone takes an interest in me then I'll take an interest in them. Unfortunately, if you want an interest taken in you, you need to go out and take an interest first. Give to get. Want to create value so that your job, your department or your company are so valuable that you can never be fired, downsized or fail? Go after all the relationships you can. Internally and externally. Sure performance is still important but when combined with strong relationship it is unbreakable. Your clients, co-workers and employees will go the extra mile only when they know you, like you and share with you.

Try this. Take time each week and call a client and talk to them. Not about the product/service but about them. Sure, it will seem strange the first week but you will get it soon enough. Just call and talk. Start with the weather and have 5 other generic topics to cover. Now go do the same things with someone in your office. Just go to their office and talk - about them!! Not for 2 hours but for 10 minutes. Learn something new about that person. Finally, log the information in a database or on a notepad. Why? Because we can't keep all the details about every person in our head! Yes, cheat a little. Cheat with the notes but be sincere in expanding your work relationships every week.