The money management articles will help you grow your business.

4 Main ‘PAINS’ Experienced By A Business Owner

All Business Owners Have PAIN’s.   Which one’s do you have?

 For the past 27+ years I have worked for, with or coached business owners / leaders. I recognize that each and every business is different and unique.  The clients I have served range from the single real estate agent to the Executives of a 2000 FTE  manufacturing firm.  Often, our efforts surround finding ways to increase efficiency, reduce time investment on projects or provide new and timely information have been the focused solutions.   This is apparent that they have PAINs that they would like to have eliminated from their lives.
We have recently began a partnership with Lead Forensics, a new and innovative technology solution that can provide real time solutions to many of the challenges clients have experienced.  Lead Forensics is the software that reveals the identity of your anonymous website traffic, and turns them into actionable sales leads.   This tool, can in real-time help to address those 4 pains.
Those 4 PAIN’s are… TIME, TEAM, MONEY and EXIT
time tredmillTIME – the amount of time being invested in the business has taken the owner ‘out of balance’.  Some of the key indicators of business owners with this pain are…
  • The business owner / leader is working 60+ hours a week
  • They will say things like…”my customers come to my business because of me and what I do”; or “if I wasn’t here, my customers would go somewhere else”
  • the owner is having family relationship troubles with spouse and / or children.
  • Health issues are surfacing with the owner – lack of sleep, anxiety, head aches, etc.
  • So much time is being spent cold-calling for prospective clients, with so few results.
TEAM – as a business grows, the only way to scale and grow consistently is to add employees.  But, because you are a good (add any product/service provider here), doesn’t make the owner a good ‘leader’.  Some of things we will hear when this is the pain is…
  • No matter who they hire, no one seems willing to follow directions
  • The person interviewed seems to be different that the person hired after a few weeks
  • When the owner’s not there, nothing ever gets done
  • No one has the same work-ethic as the owner does
  • The owner struggles to find sales and marketing people that can open doors and build relationships with our prospects.
9881157_sMONEY – this can be looked at as revenue, gross profit, net profit, cash-flow or finding the money to buy equipment, expand your facility or to fund a growth plan.  The things you will hear from the owners/leaders with this pain sound like…
  • There is never enough money in the checking account at the end of the month
  • Although we’re busier than we’ve ever been, the check book doesn’t show it
  • By the time I pay all the bills and my employees, there is nothing left for me.
  • I have opportunities to grow the business, but need money to invest and cant get it from the bank.
  • Marketing and Advertising in today’s marketplace is constantly changing.  We don’t seem to be getting a ROI on our investment.
EXIT – this pain is most common for business owners that are in their 50’s+.  They are seeing the potential of retirement, but have just realized that their biggest asset is their business.  You will hear them say things like…
  • How much is my business worth?
  • Who would be interested in buying my business? and how will I make that happen?
  • I’d like to retire, but who will run the business if I’m not here?
  • How do I convert the business I’ve built into cash for my retirement?
  • Making sure that we have a proven system for generating qualified leads will increase the value of my company… now I just need to figure out how to do that.
Advanced Business Coaching offers the principals, practices, tools and techniques to our clients to address all these PAINs.  We recognize that each of our clients are unique and special.   We customize the potential solutions to meet their particular situation and  their prioritized goals.
Over the next few weeks, we will look into each of these ‘PAINs’ in depth and share some potential solutions that have worked for our clients that asked us to help them overcome and remove these “PAINs’ from their lives.
If you’d like to learn more about ways you can remove one, or all of these PAIN’s from your business, contact Michael Stelter @ Advanced Business Coaching at 262.293.3166.  or you can email Michael at Michael@ABCBizCoach.com

When Is It Time To Fire A Client?

There are lots of reasons why a business relationship may not work out. Watch for these signs that you should cut a customer loose.

How would you describe your business?No one wants to lose business. We put our blood, sweat and tears into building a thriving company, and turning away customers seems to be antithetical to that effort. But it’s not.

The customer is not always right. That age-old golden rule of business has never been the true test of how well your run your company. Not all clients are a good fit for all companies. Personality conflicts, unrealistic expectations or just plain meanness are all very good reasons that a business relationship may not work out.

It’s not always easy to know when it’s time to sever ties with a client, but there are some telltale signs that you should consider cutting a customer loose.

  • When communication with them creates anxiety for you and your staff.You are responsible for maintaining a happy, healthy work environment. If you have a client who continuously wreaks havoc on your team, it may be time to direct them elsewhere.
  • When they are rude and disrespectful.This is a non-starter for me. If a customer can’t deal with me and my team in a way that is respectful, they have to go. Period. You have no obligation to be subjected to a toxic relationship.
  • Despite clear instructions to the contrary, they continue to operate outside the scope of work outlined at the onset of the project.Managing expectations is key to a smooth relationship. It’s one thing to make changes to the scope of work. It is another to make changes and not expect to pay for it.
  • When they continuously question rates and servicesWe charge what we’re worth. If they are looking for a cheap solution, they should look somewhere else. We only want to work with clients who value what we bring to the table.

We had a client that despite many, many, many conversations refused to understand the concept of “no.” She had champagne taste on a beer budget but refused to understand that changes cost money and the more complicated something is to create, the more it costs to produce. I pride myself on being able to work with even the most difficult personalities, but it became obvious that we weren’t the right firm for her.

For me, my piece of mind and that of my staff outweighed any potential profit. So, I politely suggested that she might be happier with a different company. There are ways to sever the relationship without it being contentious. Ultimately, that’s the goal.

A few tips for a smooth break up:

  • When it’s about working styles: Sometimes the breakdown in communication is less a function of conflicts in personality and more to do with working styles. In this case, referring and introducing another firm is the easiest way to transition the client away from your company without creating undo animosity.
  • When it’s about personality: In the case where the client is just generally unbearable, it is obviously a more difficult problem to traverse. But if you position yourself as a problem solver for their needs you can leave the relationship intact. By acknowledging that you are not a good fit for their project and that they might be better served with a different firm who could more effectively solve their problems, they are less likely to leave feeling rejected or angry.
  • When it’s about money: This is probably the easiest of the three situations to manage effectively. Never compromise on your worth. If the client is focused solely on the bottom line then the value that you provide as a company is lost. Suggest alternative options but be sure to emphasize the value you provide to your customers and leave the door open for them to return when that value is foremost in their minds.

When you follow your brand promise, a culture will emerge that aligns with your brand and tells not only your clients but your staff as well what they can expect.

Remember, you are on the front lines. Your staff relies on you to protect them. If you want them to stick around, make certain that you maintain a culture of mutual understanding and respect.

If you would like learn more about how you can make an evaluation of your current client to find the ones you should fire , call Coach Michael Stelter at Advanced Business Coaching, Inc. (262) 293.3166.

PXT SELECT ™ : MAKING THE VERY HUMAN DECISIONS ABOUT HIRING

PXTSELECTtm-AWB A UNIQUE SELECTION ASSESSMENT THAT FILLS THE GAP BETWEEN THE RESUME AND THE INTERVIEW,

PXT SELECT ™ HELPS ORGANIZATIONS:

  • Get a clear picture of candidate’s thinking style, behaviors, and interests,  giving you a meaningful edge in making the right hiring decision.
  • Start the selection process on the right foot. Explore an expanding library of job functions to which you can compare candidates.
  • Interview with confidence! Ask tailored questions and keep an open ear  for “what to listen for” based on a candidate’s assessment results.
  • Identify ways to enhance performance and maximize an individual’s  contribution to an organization.
  • Match people with positions in which they’ll perform well and enjoy  what they do.
  • Reduce turnover and boost employee engagement, which results in  happier employees!

ONE ASSESSMENT. ACCESS TO A FULL SUITE OF REPORTS

Having the right people in the right jobs is truly powerful. PXT Select™ not only helps you find the right people,  but also helps you shape the overall employee experience. PXT Select’s suite of reports helps you select, on-board, coach, and develop employees to reach their full potential.

EMPOWER YOUR ORGANIZATION WITH PXT SELECT™ REPORTS

  • COMPREHENSIVE SELECTION REPORT – Is the candidate a good fit?   This powerful report helps you make smarter hiring decisions with confidence. Featuring tailored interview questions and tips on “what to listen for” with each candidate, this report gives you a meaningful edge in your hiring process.
  • MULTIPLE POSITIONS REPORT – Which positions might be best for a particular individual? Compare a candidate or employee to multiple jobs in your organization.
  • MULTIPLE CANDIDATES REPORT – Make hiring decisions with ease.  Compare multiple candidates for a single position
  • PERFORMANCE MODEL REPORT – Understand the range of scores and behaviors for the position you’re trying to fill. Learn about the ideal candidate for that role.
  • TEAM REPORT – See how a potential candidate fits an existing team, or address your current team’s dynamics and strengths.
  • MANAGER-EMPLOYEE REPORT – Help managers discover how they can work more effectively with their employees.
  • INDIVIDUAL’S FEEDBACK REPORT – Candidates can learn from PXT Select, too! This narrative report doesn’t reveal scores and is perfectly safe to share with applicants.
  • INDIVIDUAL’S GRAPH – Are you more of a visual person? The graph illustrates a candidate’s results that you can view at a glance.
  • COACHING REPORT – Wish you had coaching advice tailored to each employee? This report gives you exactly that and more!

APLinkedInTo learn more, contact me, your PXT Select™ Authorized Partner.

Michael Stelter
ADVANCED BUSINESS COACHING, INC
W159 N10177 COMANCHE CT.
GERMANTOWN, WI 53022
Michael@ABCBizCoach.com
262.293.3166

 

Final 3 Culture Points From Successful Entrepreneurs

exit-strategy7. Be Transparent

Honesty is the best policy, and being transparent with your employees will build trust and help keep the communication lines open
between workers. One way to do this is to broadcast company milestones and key metrics on laptops and T.V. monitors within the office, so everyone feels aligned and involved.

— Mike Smalls, Hoopla

 

8. Make Time for Social Fun

In order to have a positive company culture, you need to make time for social engagements among your staff. One of the greatest ways to make your staff feel valued is to take the time to learn about them. Social outings – lunches, weekend retreats, or happy hours – allow your staff to feel more connected to the company and each other, fostering better teamwork and a more productive work environment.

— Simon Slade, SaleHoo

9. Give Your Employees the Chance to Work as a Team

Give your team the ability to create something as a group. Create opportunities for everyone on staff to cross-pollinate a little and share their wisdom and creativity on a wider level.

Whatever your needs, if you want your people to act like a team, you need to give them teamwork opportunities where they can stretch their wings a bit and create something or solve a problem as a collective.

— Jennifer Martin, Zest Business Consulting

If you would like learn more about how you can create a powerful Culture in your business, call Coach Michael Stelter at Advanced Business Coaching, Inc. (262) 293.3166.
We have a series of FREE E-Books designed to provide you powerful information when searching and hiring your ideal employee. Click Here To Learn More.

3 More Culture Tips From Successful Entreprenuers

Advanced Business Coaching Vision Mission and Culture4. Write a Manifesto

Write a one-page, bulleted manifesto. Start with 3-5 core principles you want to convey to everyone, both inside and outside of the organization. These should be general ideas about what people will take away from interacting with your business. Ours, for example, were: service, quality, challenge (as in the status quo), individuality, and fun.

All written and photo content, in-person interactions, and pretty much every touchpoint with a customer or prospective/current employee, should leave people feeling at least one (ideally two or three) of these principles.

Refer back to the manifesto often. Use it as a measuring stick when you hire. We check off each principle directly on the resume when interviewing prospective hires.

— Michael Koranda, Pacific Issue

5. Challenge Your Employees

People need excitement. You have heard the old saying, “Variety is the spice of life.” It is true of so many aspects of life. Many high-quality employees leave the best companies when they feel there is no room for growth.

The growth these employees are speaking of isn’t always promotions and new positions. It often means room to grow in their current position. They want the opportunity to be challenged, to explore, and to innovate. The best companies give employees the freedom to create and grow the company.

— Aleania Orczewska, Carte Blanche

6. Hire Smart

Over the past eight years, I’ve had startups ranging from a travel company for expats and college kids in Santiago, Chile, to my current project, Givebuy.org. One thing I realized is how easy it is to visualize a Google-type atmosphere and then fall flat on your face when all of your employees (whether it’s two or 2000) are not happy.

An employee is an essential asset for a startup, especially a low-budget one. With my first startup, I hired two college students because I thought they would connect with potential clients better than someone older with experience (we were targeting exchange students for ski trips). I was wrong. They were terrible, and I was essentially paying them the little money that I had to not really do much at all. That money could have gone towards a hundred other things, and I didn’t realize how difficult hardworking people are to find.

So, in short, my advice is to hire smart. Get people who will not only work hard to better your startup, but also help create a positive atmosphere. The opposite can ruin a startup.

— Andrew Parker, GiveBuy

If you would like learn more about how you can create a powerful Culture within your business or organization, call Coach Michael Stelter at Advanced Business Coaching, Inc. (262) 293.3166.
We have a series of FREE E-Books designed to provide you powerful information when searching and hiring your ideal employee. Click Here To Learn More.