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Entrepreneur Know Thyself

If you're new here, you may want to subscribe to my RSS feed. Yes, this is the new home of Business Performance Coaching of sbishere.com Thanks for visiting!

Entrepreneurs are the luckiest people on the face of the earth.

We have the opportunity to create our future exactly as we want it. Literally, everything an entrepreneur does moves him/her closer to or further away from their future lifestyle and a dream fulfilled. It all begins with self-awareness and belief in ones self.

Lifestyle Design and the Role of Self Awareness

Owning and operating a business that fits your lifestyle has a lot to do with how well you are able to define what you want, have, and can learn.

1. Want: get clear about the results you want to create in your business and life.
2. Have: identify the resources you have at your disposal including time, money, and skills. What skills do you have that will help you achieve your goals?
3. Learn: where are the gaps in your entrepreneurial skills? What do you need to learn?

Being clear about what you want, have, and can learn will help you to distinguish between that which is interesting and that which is indispensable to achieving your goals.

Uncovering Your Entrepreneurial Skills

Over at Gateway Blogging I have developed a free worksheet and virtual coaching voice thread all about uncovering entrepreneurial skills. I invite you to visit the Uncovering Your Entrepreneurial Skills post to download the worksheet and enjoy a private virtual coaching session with Greg.

Now if you have been thinking about getting started blogging or that your blog could be doing better at generating new business - register for our upcoming Alpha Release of the Gateway Blogging Interactive Learning Environment (ILE).

As the online learning environment gets closer to completion, we’ll need testers and a seed community who will be given special pricing consideration for helping to mold and shape Gateway Blogging. Early adopters will also be able to take what they learn in Gateway Blogging to the marketplace and benefit from it before anyone else.

A Woman’s Perspective On Building A Business

This Business Week article draws distinctions about women and how they build businesses. I think the observations are valid based on my own coaching experience but it is not just women who are starting a business because they want control over their lifestyle, wanting more freedom, flexibility, and control.

For example, they [women] manage growth so that they have more freedom, work three to four days a week, or choose not to have employees added to their responsibility of having a family at home. Or they might not borrow a large amount of money and instead grow their business slowly and organically—in many cases, on purpose. Via Rethinking How Women Build Businesses

Perhaps it’s my unique perspective as a business coaching practitioner. The women I have known in business have always been more focused on their roles (wife, mother, entrepreneur) and responsibilities and building a business to garner more flexibility than a traditional job.

Women Are Pragmatic and Tenacious Visionaries

I absolutely find it a joy to coach women in business. They always have a clear vision of the results they want and are naturally pragmatic.

Men Tend To Dream of the Possibilities

I am seeing more men beginning to think about lifestyle control and options when building a business. In my experience men are the dreamers and less pragmatic than women.

I am not saying that the way women approach business is better than the way men develop a business - it is just different. Just like anything, there are always exceptions to every assumption.

I have to say that men could take a page from the womens’ playbook - being more pragmatic - and it would be very potent and powerful combination. Just think about it, dreamer, possibilities, pragmatic visionary.

Sincerely,

Greg Balanko-Dickson

Live Large! Because you deserve the best out of life.

How Irrepressible Entrepreneurs Transform Their Business and Life

This morning I had the pleasure of being on the Be Happy Dammit show hosted by Karen Salmansohn with my Joyful, Jubilant Learning buddies including Benjamin Bach, Phil Gerbyshak, EM Sky and Steve Sherlock. What a great way to start the day!

It could take a week or two for the show to make it online, know that I will post a link to it when it does become available.

In the last segment of the show Read more

The Secret To Recruiting Echo Boomers (Generation Y)

Who are Echo Boomers? They are the children of the baby boom and are known as Generation Y, the Echo Boomers, or the Millennials (choose your favorite label). They were born between 1977 and 2002. They are increasingly becoming known more and more as the Entrepreneurial or “E” Generation.

Writing my new book on Business Planning I included a lot of information on one of the growing problems for small business owners - recruiting and retaining employees. When it comes to recruiting young people (Echo Boomers) to work in your business. Back in 2000, I identified this trend, now I decided it was time to offer business owners some practical suggestions for dealing with this very real challenge.

Service, Innovation, and the Customer Experience

Customers demand value and service. You deliver on these demands through people. Either directly (customer service) or indirectly. People are your most valuable asset, but it is difficult to quantify the impact. Value-added and return on investment (ROI) are also difficult to assess.

Tips Dealing With Baby Boomers’ Kids - The Echo Generation

The baby boomers’ kids are called the echo generation. These kids grew up with the Internet, bits and bytes. They’re not afraid of technology. In fact, they embrace it. More so than their parents. Where the child passes the parent in adoption and use of technology is known as the ‘generation lap’. However, there is one important point - they do not see the Internet as technology anymore than a car, radio or refrigerator.

They have become an authority on the Internet, the single biggest innovation in our society. This net-generation is curious, intelligent, focused, willing to adapt to change, self reliant and confident. They have been told that it will be hard to find jobs. This group could well be the largest generation of entrepreneurs. Because they are net-intelligent, they love to collaborate, work together and share information. After all, what good is knowledge and information if it cannot be shared?

Echo Generation - They Know What They Want

They want to make a difference and will not put up with being manipulated by the system or being taken advantage of. After all, they can easily organize on the net! This generation could become an extremely politically active group with significant clout and power. They believe the employer-employee relationship could be reinvented. When they think of employment, they see it as:

• Self-Employment.
• Contract work.
• Temporary work.
• Work from home.
• Contingent arrangement.
• Flexible and mobile.

Stimulate Them!

The echo generation is looking for challenging, exciting and stimulating opportunities. They need an environment of collaboration, and they will naturally develop. Remember, your human resources have a free will. They can up and leave and take their knowledge with them.

As a business owner, it is important to manage the knowledge as well as the information and data. Old style boomers that are technophobes managers will be washed away by a wave of media savvy, confident and peer-oriented workforce. Businesses must avoid this generational displacement. Either boomers will learn from the younger generation or be replaced by them.

This will also be a demanding generation of customers. They have knowledge and power, and they know it. It will not surprise me to see them demanding a portion of revenue generated from the sale of information that is gathered about them online.

I subscribe to everything (almost)

At last count I review, scan, and read about 80 + blogs, ezines etc. Why? Because every so often an article comes by that makes it all worthwhile.

I have been writing about Baby Boomers in Business and am thinking of expanding my swath a bit further to include demographics in general. Do you find this information helpful?

The story I read, was about Boomers Radio Habits, but I like what I am seeing in this chart - Internet gets more time from radio and TV.

Good news if you have a business blog or web site. Anyone out there still questioning whether you should have a business blog and web site?

CEO Radar: A 360 Degree View

As I mentioned the other day, I registered CEOradar.com. Between preparing for my upcoming Mentoring Program, developing the Small Business Transitions member site I have not had much time to write much in the last week or so. The good news is I am going to give you a sneak peek at my upcoming CEO Radar 360 service.

The 360 Radar Questionnaire

It all starts with the 360 self-scoring questionnaire including work/life balance, leadership, financial management, profit margins, business system, human resources, customer service, sales, and marketing. The image on the right shows a sample of the financial management questions.

Zero In: The Radar Chart

Once the Radar Questionnaire is complete you get a number of reports including the Radar Chart, Financial Ratios, and Report Card.

The Radar Chart provides a visualization of your strengths and areas that need more attention, focus, and investment in your business and personal life.

Back to School: The Report Card

Next up is a 360 Report Card based upon your answers to the 360 Radar Questionnaire using the same methodology used when you went to school. As you can see Read more

The Right Price: Develop a Market Price Strategy

If your price is too high, you may not be able to achieve adequate market share and lose important sales and profits. If your price is too low you may be leaving money on the table and you might not have enough profit to sustain your operations.

The purpose of this article is to outline an approach you can use to develop a Market Price Strategy and avoid killing a marketing or advertising campaign. Which is central to the overall development of a successful marketing strategy.

Price objections can kill your business. Generally, the less personal interaction you will have with a customer the more accurate you need to be about your pricing strategy. Before we get started lets review the Definition of Marketing. A process by which:

Information about a product or service designed to meet a need - real or otherwise - is presented or communicated to those who have the need. The process can take place in the spur of the moment or be planned. However, the goal is always the same. To get people to consider the merits of whatever is being marketed.

Remember, marketing is communicating the benefits of a product or service. If your price is too high or low, your prospects/customers may not take you seriously or dismiss your proposition outright. The entire purpose of marketing is to communicate and create a perception of value!

Choosing the correct price is essential to creating the right perception of value - this is where developing a market price strategy comes into the picture.

A Market Price Strategy is the art of balancing the role of price as a means to attracting customers and keeping customers. Read more

From Small to Big

I plan on finding this book, this post is insightful and a must read if you plan on becoming a Remote Control CEO.

One of the key questions for any entrepreneur is how to achieve growth. However companies often suffer the highest failure rate while making the transition from small to big. Those firms that do manage to get through this period help drive the American economy in terms of job creation. Doug Tatum, the founding chairman of Tatum, an executive services and consulting firm, examines this seminal process in a company’s success cycle in his forthcoming book, No Man’s Land: What to Do When Your Company is Too Big to Be Small but Too Small to Be Big. Via Business Week

Aging Workforce: Asset, Liability or Succession Opportunity?

Manpower suggests that using specialized retention and recruiting strategies will allow you to target the single largest available workforce segment – those over age 50. If you are looking for people to staff our business and you are ignoring the 50+ worker you could be in for a tough ride.

Training programs – Mature workers are lifelong learners, and programs that build skills and increase employment opportunities will positively impact employee engagement.

Flexible scheduling options – Studies confirm that non-traditional schedules are one of the top priorities for older workers. Policies that offer part-time, flextime, job sharing, project work or generous time-off plans allow those in their retirement years to have ample time for work and personal pursuits.

Job redesigns – While mature employees want to work, many would elect to bring value to an organization in a different capacity. Whether it’s less travel, fewer responsibilities or a decrease in physical demands, consider job accommodations in order to retain the institutional knowledge and skills of the most experienced employees.

Targeted recruiting strategies – As with any hiring plan, employers should consider how to reach people in the demographics that meet their needs, and older workers are no exception. Look to professional organizations, company-sponsored alumni groups and online communities for possible candidates. Via Aging Workforce

I would want to see what I could do to take advantage of this large labor pool before their Business Dreams and Retirement Collide.

What do you think? Are you now or will you use any of these strategies?

Planning, Startups, Stories: The Essential ‘Why They Buy’

Tim Berry asks some great questions and my favorite is the last line about strategy:

Whether you’re planning for a start-up or to grow an existing business, start with buyer motivation. Why do they buy from you? What do you do better, or at least different, from your competition? How can you build that difference into strategy? Via Planning, Startups, Stories: The Essential ‘Why They Buy’

Answering these questions will be a journey and could take you awhile to answer, keep at it.

I have been working at it for 9 years and I feel like I am just starting to sort it out for myself. It is much easier doing it for my clients than myself.

Pay-Per-Call: Business Coaching On-Demand

You have found a new place for help with your business. I am here when you need answers to your question(s) when it fits your schedule.

It’s convenient, anonymous, and all coaching is conducted by phone.

I answer questions about business planning, business loans, management, and any area of small business development.

Greg is a Licensed Professional Business Coach, author, and entrepreneur with 17 years experience.

Click the button to pay and you can be connected to me right away.

Pay-Per-Call Business Coaching On-Demand is just $3.00/per minute.

Pay-Per-Call: Business Coaching On-Demand

You have found a new place for help with your business. I am here when you need answers to your question(s) when it fits your schedule.

It’s convenient, anonymous, and all coaching is conducted by phone.

I answer questions about business planning, business loans, management, and any area of small business development.

Greg is a Licensed Professional Business Coach, author, and entrepreneur with 17 years experience.

Click to call where you can pay and be connected to me instantly.

Pay-Per-Call Business Coaching On-Demand is just $3.00/per minute.

Sizzlin’ Summer Mentoring Program

Summer of 2007 will be sizzlin’ for a select group of entrepreneurs and business owners. Why you ask? I am holding a summer mentoring program designed to help you start your business, grow/expand, or increase your results and profitability.

What’s Included in the Mentoring Program

This program will be part coaching, consulting, and training designed to help you get on the fast track. Based on the needs of the group I will develop group training sessions, I could see covering topics such as Business Models, Business Planning, and Sales Systems. When I mentor you, you get:

1. Greg’s Coaching: My 100% commitment to you achieving your goals.
2. Group Meetings: audio/video meetings with the frequency, dates, and time mutually agreed upon by the group. This guarantees that you will be able to fit them into your busy schedule.
3. One-on-One Coaching: whether by email, Skype, or phone you will have unprecedented access to ask questions and get the support you need.
4. Action Tools Library: everyone will get access to my Action Tools Library, which currently stands at more than 370 documents, articles, and templates.
5. Private Mentoring Workspace:
6. Ideas, Tips, and Observations: throughout the entire process I will be spitting out ideas, tips, and observations to help you make money, fast track a project, refine your approach, and develop new skills.
7. 3 + 3 Mentoring: the program will begin in July and the group and one-on-one mentoring will continue for 90 days from our start date. Then for another 90 days I will continue to mentor you via email or in the the groups private workspace. That’s six months (3 + 3 = 6) of mentoring, coaching, and training.
8. Meet Some Great Entrepreneurs: one of the greatest things is you will get to know six other entrepreneurs just like yourself. This gives you the opportunity to learn from their experiences, challenges, and make a new friend.

Why is Greg Doing This?
Read more

The Remote Control CEO Sustained Coaching Program

This is the only professional coaching program I know of that will help you to make the transition from working daily in your business to operate your business by Remote Control.

Making the transition to operate your business ‘Hands Free’ can vary greatly depending on your current business situation, number of years you have been in business, and Read more

What Are Your Business Goals

Learn to Make Your Business Work For You

Yes, absolutely it’s possible to enjoy the benefits of owning a business that is effortless to run, efficient and effective.

First, you must make the transition from being ‘Hands On’ (at the center of everything) to creating the structure so you can operate the business ‘Hands Free’ - By Remote Control.

Business Performance Coaching Helps You Develop the Strategies, Resources, People, and Systems…

So the business starts to work for you because you have replaced yourself with systems, processes, training, and leadership skills. No longer are you at the center of everything and you are able to operate your business ‘hands free’. Read more

Business Coaching FAQ

What is a small business coach? How do I select a business coach?

I recommended you use a series of questions to screen any business coach you are considering working with; to determine their level of experience and what type of support you can expect. Here are my answers to those same questions.

Question: What resources do you have are available to help me with my business challenges?

Answer: I have been coaching since 1991 and I have numerous tools and experience to draw upon. I have worked with 100�s of business owners in more than 30 different industries (see Case Studies). I have seen all sorts of businesses, personality types, and challenges. I draw upon that depth of experience to coach and support my clients.

I am a Licensed Professional Business Coach and a founding member of the Professional Business Coaches Alliance (www.pbca.biz) and have access to more than 500 different tools, strategies, and tactics from our library.

Personal Coaching: The very first thing that we work on is YOU. Being the owner, you have total control and responsibility for the success of your business. I will learn your strengths, weaknesses, goals and dreams. Because I constantly study the habits, behaviors and techniques of successful people, I have at my fingertips thousands of hours of research to help you become a better business owner. This includes:

• Marketing System development and implementation
• Sales System development and implementation
• Customer Service System development and implementation
• Financial Management planning and consultation
• Development of Action Plans
• Goal setting
• Employee Handbook
• Operations Manual development
• Human Resources training, evaluation, hiring and improvement
• A brainstorming partner

On my blog are more than 400 articles covering a wide range of small business topics. For an overview visit the archives or use the search feature to locate what you are looking for. Read more

How Business Coaching Produces Results

My approach to business coaching is simple provide you with strategies, tools and coaching that mirrors exactly the way a business is structured. If it is not ‘practical’ it’s not ‘tactical’.

I will not waste your time teaching you concepts, ideas that cannot be implemented and used immediately in your business.

This business model (Figure 1) illustrates the 467 strategies and how they fit into the practical reality of running your business. Every client gets access to the same tool set, how we use the tools is what makes the difference because no two businesses are alike.

Step-by-Step

All lasting change is a gradual process. Consistent with the Coaching Program viewpoint, I strongly advise against crisis management within your business - i.e. reacting because you need immediate results. Instead, based upon your goals and objectives, I will recommend a step-by-step process to implement strategies and concepts to achieve the specific results you need.

Three Businesses - Applying the Same Business Model

These examples demonstrate the power of coaching to increase the effectiveness of your business by making adjustments to your business model.

Example 1- The Power of Increasing Effectiveness by 10%

This example shows a business doing about $500,000 per year before coaching. The second column shows how small increases (10%) in leads, conversion rate, gross profit and reducing fixed costs by 10% can have on the net profit of a business.

Increase in Net Income = $68,854 or 91.5%.

Example 2- The Power of Increasing Effectiveness by 10%

This example shows a business doing about $1,000,000 per year before coaching. The second column shows how small increases (10%) in leads, conversion rate, gross profit and reducing fixed costs by 10% can have on the net profit of a business.

Increase in Net Income = $199,618 or 158.a%.

Example 3- The Power of Increasing Effectiveness by 10%

This example shows a business doing a little more than $2,000,000 per year before coaching. The second column shows how small increases (10%) in leads, conversion rate, gross profit and reducing fixed costs by 10% can have on the net profit of a business.

Increase in Net Income = $182,887 or 202.8%.

No matter the size of your company you can benefit from small, consistent changes to increase your profits. The power of is accelerated when changes to the business model are combined they have a huge impact on your bottom line.

History of Business Coaching

The history of business advisers is obviously very long. For the purposes of this article, we will deal in the ‘Modern Era’ of business advisers. Traditional business advisers are broken down into the following groups:

• Family: a recent study by the National Federation of Independent Businesses (NFIB), the business owner’s number ONE advisor is family - by a large margin. Nearly 70% of business owners who responded listed ‘family!’ Does a family member have the background and experience to be able to competently guide a business owner in planning, decision-making, and implementation?
• Accountants and lawyers: primarily focused on compliance issues, a business owner needs a much wider scope of advice. They need help with marketing, sales, customer service, hiring and training an effective workforce, leadership skills, etc. Accountants simply are not trained in these areas. It is the same with lawyers.
• Bankers, financial experts: while a business owner will have a close relationship with their banker, the advice a banker can offer is limited in scope.
• Business consultants and experts: a consultant can tell you what you ’should’ do whereas a coach can deal with the personal effectiveness side of the equation. Business owners are people too and like others tend to stay within their own comfort zone, habits and experience.

The ‘Coaching’ Side of Business Coaching

• The Mental Health Field: These professionals studied the cause and effect side of disorders. Many principles are also be used to improve the lives of healthy people. Practices such as Neuro-linguistic programming (NLP) began to go mainstream by even those outside of the mental health field.
• The ‘Self-Help’ Movement: The founders of this movement, having studied and formulated theories and practices of personal effectiveness referred to above, helped many people understand their emotions and their ability effect changes in their lives through books, seminars, etc. The challenge is that after the seminar it is easy to fall back into the warm and friendly comfort zone. The large majority of people do not finish the books, listen to the tapes, or perform the exercises.
• Coaching: Coaching first arrived as a re-direction of the psychological field. Many practitioners wanted to focus on the future rather than the past coined this great term. The systematic and recurring contact that coaching provided simply helped people more effectively than seminars, books, and tapes could. Since HABITS define the quality of our lives, the change from old habits to new, more effective habits is achieved through a long-term approach. When done properly in a trusting relationship, coaching can and does have a tremendous impact on client’s lives.
• Executive Coaching: Because the coaching model worked so well for personal effectiveness it helped harried executives deal with stress, emotions, co-workers, superiors, subordinates, and leadership development. Since these challenges are personal in nature, and these large companies already have the business resources, it has been, and will continue to be, effective by bringing positive change to both thought and behavioral habits.

Business Coaching

Since personal effectiveness training and coaching worked for people ‘in business’ (see executive coaching), today’s business coach trainers believe that it should also work for today’s business owners.

Many teach that business advice, experience, and knowledge are unnecessary! Why would they say that? Because they feel that business owners are people, and obviously personal effectiveness will help them improve to a certain level.

Unfortunately, most small business owners don’t have VP’s of marketing, sales, customer-service, finance to give them the ‘business’ portion of their growth! Nor do they have the resources to hire them.

Therefore, similar to the consultants who focused on the ‘business’ side and ignored the ‘personal effectiveness’ side of the equation, business coaches today who focus solely on ‘personal effectiveness’ while ignoring the ‘business’ side struggle mightily to deliver real long-term results.

Why Greg Balanko-Dickson is Different

Small business owners face both business and personal issues daily. Effective coaching then MUST address both sides.

I have never met a business owner who did not know their business inside and out. Most often they started the business because they were very good and technically proficient at their profession. Self-employment becomes a choice due to circumstances, events and choice.

As the business matures and grows they are faced with roadblocks which requires that they make decisions without a foundation of business knowledge, experience and skill sets needed for long-term survival.

The pace of their business and personal lives also make it difficult to find the time study and acquire personal effectiveness knowledge and skills.

We work with you to create long-term, lasting change for your business and embrace the proven, effective model of regular contact to change bring about change to the personal and business habits of our clients, and incorporate the ‘best of both worlds.’

A tremendous amount of personal effectiveness philosophy and traditional coaching models has been derived from Steven Covey’s The 7 Habits of Highly Effective People, which you have probably read. Addressing beliefs/paradigms, values, principles, etc are cornerstone teachings of our profession. He also addressed early in the book the importance of changing our HABITS, which we all know to be fundamental. He went on to define ‘habits.’ He defines it as the INTERSECTION of Knowledge, Skill, and Desire.

Therefore if you agree with Mr. Covey, it is IMPERATIVE your BUSINESS coach be able to not only focus on the Desire (which is the only element addressed in traditional coach training), but ALSO the Business Knowledge and Skills!

Effective business coaching is the COMBINATION of teaching business fundamentals and strategies, as well as teaching personal effectiveness fundamentals! Business expertise (consulting) works for some, but NEGLECTS the personal effectiveness side NEEDED for effective implementation and long-term growth. Traditional coaching works for some, but neglects the business fundamentals NEEDED for effective implementation and long-term growth!

Duality of Purpose

This is where my approach to coaching business owners is dramatically different - because I coach to increase both personal (business owner) and business effectiveness the impact is significant.

Coaching Case Studies

What People Are Saying

“Thank you so much. I work at the local library and have ordered your book. It will be very helpful in my decision. I am so glad you took the time to write and help me think of a few more things for me to talk to my attorney about.” - Linda

“Greg Balanko-Dickson teaches the domino effect in his essays. Fix one thing and other things will start to fix themselves. Take it step-by-step and stay focused. Most of all, when you do good works in your life, you inspire others to do good works, and you attract a lot of good work to you. It’s really inspirational writing as well as motivational.

He also specializes in what I call ‘kick ass’ inspiration. If you need some kicking to get you off your butt and into action, Greg is the source for good butt kicking.” - Lorelle on Wordpress

Case Studies

These case studies are based upon real world experiences with real clients. I sign confidentiality agreements with every client and have withheld their names to maintain client confidentiality.

If you are thinking of using my coaching services the bottom line is do I have the experience to coach business owners and do I deliver results?

The answer is Yes, and Yes. I have been self-employed since age 25 and have experience in more than 30 industries and have worked with 100’s of business owners and entrepreneurs.

Plus I provide a GUARANTEE - As with ALL of our programs, if you are not delighted, we will refund your money - no questions asked!

Independent Contractor Restructures Debt, Expands

A small independent contractor was experiencing 100% annual growth that created a cash flow problem. All his cash was tied up in equipment that he had purchased. He was always struggling to find money to meet payroll, hire new staff and equipment. His primary customer was demanding more capacity from him The industry was consolidating from 10 general contractors down to three. The opportunity to gain more business from an existing contractor represented a significant growth opportunity but this would require more equipment and staff. To exploit this opportunity he needed to move quickly to obtain a line of credit and a small business equipment loan he could achieve an increase of 400%.

My job was to find a way to quantify and justify these wild financial projections to obtain bank financing. I worked with the business owner to develop a business plan using existing equipment as collateral. The bank was willing to allow the equipment to be appraised at replacement value less depreciation. This worked to his advantage because he had purchased his equipment at less than wholesale and liquidation prices due to industry restructuring.

We used the business plan to show the bank how he had sufficient equity that could be assigned to restructure his current assets into long term assets using a combination of a small business loan and a line of credit.

The bank granted a $175,000 loan and a $100,000 line of credit which allowed my client to continue to leverage the market opportunity and increase his market share.

Financial Planner, Five Fold Increase

Former business manager of soft drink company starts a financial planning business and has been relatively successful but feels he could be doing better. He wanted to increase the dollar amount of his average sale so that he would be able to hire a marketing assistant. This would allow him to spend more time marketing to business owners.

As his business coach, my job was to provide him with an opportunity to ‘download’ and talk about his business challenges and problems and then discuss the best ways to go about solving those problems. My coaching focus adjusts to his needs and that of the business. This included helping him to interview and screen new employees, design marketing programs including logo design, brochures, website, newsletter and seminars.

Over 10 years his business has increased five-fold, he has substantially increased the number of business owners he services and regularly gets referrals to high-net worth individuals. The size of his average sale has increased and he now has 4 employees.

Start Up Custom Home Builder $1.3 Million in First Five Months

A start up custom home builder in Houston spent thousands of dollars on a website without any real results. They wanted to leverage the Internet to find prospects for their Custom Homes. With a web site providing them qualified leads, they could attract home buyers that were looking on the Internet for a custom home builder in the North Houston market.

The website was to become a lead generation vehicle. Meeting with the clients we were able to identify a marketing strategy that would leverage their local presence in an upscale north Houston neighborhood and their warm, friendly style. Working with the client and their web designer we developed a website that provided detailed floor plans, website copy that was both professional, warm and family oriented. Using pictures of their home, family and homes they built we optimized the web site for Google, Yahoo, and MSN.

In the first four months of the website being live they closed $1.3 million in new construction contracts from leads as a direct result of prospects visiting the website from search engines. In their first year they were able to leverage the web site leads and build 20 custom homes.

Trucking Company Gets Bank Financing in Tight Lending Market

Startup trucking company was looking for help with a business plan to obtain financing to buy an existing trucking company. The seller was well established in the oil-field and cross border US/Canada long haul business. They wanted to divest themselves of the US cross border division. My client (an employee of the seller) had an opportunity to get the customer list, equipment and contracts.

The problem was that fuel prices had jumped considerably and banks were not not accepting applications from trucking companies because they already had enough loans from truckers who were missing their payments. Working with the client and his accountant I coached him through the process to prepare a business plan that showed a realistic profit, fuel costs and documented the contracts he had in place that guaranteed a certain level of income.

We were able to find a small town Credit Union whose manager had a lending authority up to $100,000. We adjusted his business plan to reflect how the business would use a $100,000 line of credit and still show a profit despite the increased fuel costs.

We arranged a meeting with the clients’ banker, myself and the company accountant. As a result the manager of the Credit Union approved a line of credit of $100,000 which meant that the loan did not have to go to committee for approval. Even in a very tight lending market by being creative we were able to find the money so the client could buy the business.

Public Bio-Technology Firm Raises R & D Funds

A growing public biotechnology company had a tumor marker technology. They were raising funds to continue and extend their research and start Clinical Trials. They were spending about $60,000 a year producing black and white photocopies of their annual report and marketing materials. Raising money for a company developing a technology that could save lives was a lot harder than a highly speculative stock like a ‘gold mine’.

They had a great story to tell but needed to tell more of their story and improve their image to gain investors attention. My duties were to work with their CEO to develop a new marketing strategy and corporate image so the marketing materials would educate the readers, improve the image of the firm and provide the investment community with the information they needed.

Working with their CEO, Doctors and researchers we completely rebuilt their identity, hired a professional photographer and design firm to convert their current materials to put a face on the opportunity.

We combined their annual report, marketing materials into one full-color publication which saved then $15,000 per year and improved their corporate image. As a result the CEO was able to make private placements with individual and institutional investors that allowed them to fund their Clinical Trials and continue to grow.

Printing Franchise 60% Sales Increase in 3 Months

A growing printing franchise was looking to expand their capacity but needed to increase sales in order to justify the expenditure. They were in a dense downtown market and had good penetration but were seeing increased competition. If they could increase sales by 50% they could justify further investment in additional equipment and staff. This would not only increase their market share but also make it a lot harder for a competitor to enter the market.

In researching the market and surveying their customers we discovered that while they were pleased with the firm’s performance there were times when they needed their print jobs turned around quicker. Looking at the production work flow we identified the roadblock was getting artwork turned around after customer approval.

We worked with the designer to turnaround the artwork from twice per day to four times a day. On the Sales front we arranged for the print salesmen to be responsible for getting the artwork approved and then deliver the orders when complete.

In just three months sales increased by 60% and the company was able to add additional production capacity to continue to extend their reach and market share. Later they moved design completely in-house and enjoyed additional growth.

Home Based Business Goes National

Family owned, home based business serving the Dental, Veterinarian and Optometry industries was doing about $800,000 per year. The founder had passed away a few years earlier. The owners son who was working in the business took over operating the business. The company had an opportunity to increase sales but needed to make the transition for a home-based business that had outgrown it’s capacity to a new facility.

To accomplish this transition the business needed to increase sales, train staff, and improve productivity and effectiveness. I conducted a series of two, blind focus groups with existing customers. Plus created a sales training program for the owner and order desk staff. I also reorganized the production of their direct marketing and catalogue.

As a result of the focus groups we were able to discover the customers impressions of the firm and make adjustments to the structure of the business including the order desk, direct marketing, sales processes. We also moved all pre-press and design of their catalogue and direct marketing materials in-house. We were able to accomplish this for the same amount previously budgeted using an outside supplier.

Restructuring the sales, marketing and design processes positioned them to grow 30% over the next two years. The firm later merged with a competitor in a different part of the country which positioned them to become a national supplier.

The Transition

What Does it Take to Transition from Solo Entrepreneur to Remote Control CEO?

I have been thinking a lot about this question as I have been living my own experiment in becoming a Remote Control CEO while here in Hawaii.I have also been working with clients who are working at making the transition to Remote Control CEO and decided to share my observations, learning’s, and overall big picture.

You might be a coach, consultant, or trainer asking the same questions:

• How do I get off the consulting and coaching money treadmill?”
• How do I create value in the marketplace without having to be personally involved?
• How can I create a passive revenue stream?

Beyond The Money Treadmill

Whether you are starting a second act business, planning a mini retirement, or just need a break from the business treadmill to make the transition from solo-entrepreneur to Remote Control CEO you will need to deal with a number of issues. Not the least is how to make money without involving your time, effort, and energy everyday.

Up to now you are probably the only person who has ever generated revenue for your business and delivered your services to your clients. The fundamental assumption in becoming a Remote Control CEO is that you must find a way to create value in the marketplace without your personal involvement on a continual basis.

Yet you are not ready to quit working entirely but need to find a way to get off the “services treadmill” and find a way to make money without always having to trade your time for money. In order for that to happen you need to shift from the Time for Money Business Model to one that is more sustainable.

Making the Transition to a Sustainable Business Model

The fundamental flaw in trading time for money business model that every coach, consultant, and trainer deals with is when you do not work your income stops. When you get your marketing perfected or word gets out in the marketplace of the great value you deliver - you end up on the treadmill of trading time for money.

Once you get on the treadmill of trading your time for money it is difficult to get off because your income comes to a screeching halt. Pretty scary because you do not want to work forever or at least you want to be able to pick and choose when you want to work - at least that would be a good place to start. Which would make more time available so you can to begin moving toward a more sustainable business model.

To make the transition there are a few things that you need to convert and modify so that you open up some of new time and energy.

1) Eliminate the Noise

Most solo entrepreneurs experience a certain amount of noise in their practice. What qualifies as ‘noise’? It is all the interference, racket, or projects that call for your attention. Many of these things are of our own creation.

In my own case, the noise in my life is created through blogging (writing, answering emails etc.), special projects I take on for my clients, and the large variety of podcasts and blogs I read.

• What are the activities you current indulge that could be eliminated without affecting your income and yet open up time on your calendar?
• Who can you talk with who will provide you with realistic feedback to help you identify time wasting activities?
• Where can you go or what can you do to retreat (i.e. vacation) to a place where you will experience a substantial shift in your routine, get in touch with your soul, or experience silence that it creates a new perspective?

2) Understand How You Currently Add Value

Right now the primary way you add value to your customer is through the services you provide. You might have a book or two that you sell but the primary source of income is from the coaching, consulting or training you personally provide.

In order to make the transition and become a Remote Control CEO you first need to identify what specifically it is that creates value, from the customers’ perspective.

• What is it that the customer is really buying when they do business with you?
• What is it that the customers ‘appreciate’?
• What do customers experience as a result of doing business with you? What is different, what changes and how specifically does the change occur?

3) Practice Intellectual Honesty, Apply Logic, Check Assumptions

I have long said that, “The great journey in business is to know yourself well enough that your business and personal life are in alignment.”? which means that business owners need to practice ‘Intellectual Honesty’. As Nelson Fabian says:

“A leader has to have, for instance, a healthy measure of integrity in order to inspire others to follow. Leaders also tend to have a capacity for reflection and a sense of self-awareness. This capacity enables leaders to periodically take stock of their standing, the way in which they are perceived, and the impact that they are having. In addition, it gives them a heightened clarity about what their personal concept of leadership is.” - Journal article by Nelson Fabian; Journal of Environmental Health, Vol. 67, 2004.

Intellectual honesty must extend into every area of the business and in every way holding oneself to a high level of accountability. This includes developing an intellectually honest, logically valid, and reasonably attainable business plan.

All of this requires keeping your thoughts and beliefs relative and in alignment with valid evidence and questioning your own assumptions, not just applying and acting on your assumptions.

4) Business Model Needs to Change

As a solo entrepreneur the main value you bring to the market is “answers” - in one way or another everything you do that creates ‘value’ for your customer is connected to providing them with “answers” in one form or another. Answers to the questions and challenges that haunt them and prevent them from moving forward.

So the big question is, “How do you still provide the ‘answers’ the market wants from you and your company but do it without an ongoing investment of “time, effort, and energy?”

You have to wean your business off of the “trade time for money business model” and generate more cash flow from sources that do not require your ongoing personal investment of “time, effort, and energy”.

5) Create a Business Plan to Prepare for the Remote Control CEO Phase

The need for a business plan should be self-apparent. Just in case, here are my reasons why I think a business plan is especially important. The biggest shift that a solo-entrepreneur that wants to become a Remote Control CEO is to make is adjust the business model.

Changing your business model is like making a major design change to your home or business. It is like converting your Ranch Style home (single story) to a three floor split level. That type of a major design shift requires considerable consideration, rethinking, and planning - the same is true of your business - major shifts in your business model benefit from a thorough business plan.

This is especially true as a solo-entrepreneur. The daily demands of serving clients, maintaining consistent cash flow, and managing your own administration leaves little time to invest in working on making the transition to a Remote Control CEO business model.

6) Escape the ‘Rock Star Syndrome’

One of the most subtle traps that coaches, consultants, and trainers get tangled in is what I call the Rock Star Syndrome. People fall in love with one idea or concept and some notoriety often follows.

Which often happens when your reputation is widely known in a specific industry, you write a book that successfully captures the imagination of your audience, or people are referred to you from people who know you and your work or people read your book and then call you to get more information your coaching or consulting.

Picking the low hanging fruit, is easy to do, but after someone harvests the main crop there is no more low hanging fruit plus it is very difficult to develop a sustainable business around picking up ‘low hanging fruit’ as it is unpredictable.

7) Train a Stable of Consultants or Develop a Range of Products

As a solo-entrepreneur you have two choices either develop a stable of consultants/coaches and train them to do what you do or develop a full range of products to educate, train, and support customers using a self-study approach.

Training and developing a stable of employees to do what you do is a lot of work and so is writing and creating a series of new products. The downside of the product approach is until you actually have products to sell nothing changes.

Hiring employees, even those with considerable experience requires a lot of training, educating, and development before they begin to contribute profits. If they do not work out, you have to start all over again and have lost time and momentum.

Selling your own products takes time to develop a respectable level of income to replace your consulting, training, or coaching work. I like this approach the best because provides the most control and at the end of the day you still own the rights to your products. Plus it allows you to make slow and steady progress without assuming the extra liabilities that come with hiring employees.

E-Learning is still in its infancy and continues to grow as the technology improves. I think it holds a lot of promise for a solo-entrepreneur who wants to make money with less of an ongoing time commitment.

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