Anything the mind can conceive and believe, it can achieve. -Napoleon Hill

Customer Service vs. Customer Satisfaction

By Michael Walsh

In the battle for business results, two contenders struggling for your attention are customer service and customer satisfaction. After searching for popular published works at Amazon, we found 63,049 results for customer service, and 20,084 for customer satisfaction.

Clearly there is more expertise focused on customer service, with a three to one advantage. Does that mean, therefore, that customer service is where you should be focusing your attention?

Remember that the most effective goals you can create for yourself are the ones that have scope and mean something to you, that contain a degree of risk, and shape your perspective. So, does focusing on customer service as a goal work better than focusing on customer satisfaction?

Let’s define customer service and satisfaction.  As I define it, customer service represents your inputs; what you and your company actually do in serving your client or customer.

Customer satisfaction is your customer’s perceived outcome. Keep in mind that if your customer perceives it, then that is what’s real for him or her.  Perception plays a major role in customer satisfaction.

Let’s look at 2 examples:

Scenario 1:

You walk into a photo store telling the clerk you would like to process last year’s Christmas photos.  You ask the attendant how long it will take to process them, and after looking at the stack of other orders waiting to be processed, he tells you they should be ready in three days.

You come back in three days, and he is not quite finished.  After an apology to you, he asks you to return the next day, promising that your pictures will be ready.  You return on day four and, sure enough your pictures are ready.  You pay for them and leave.  How do you feel about (perceive) this transaction?

Most people who are presented with this scenario respond that they weren’t too thrilled to be coming back again, but it wasn’t too big a deal, except for the extra trip.  They’re not upset, but they’re not thrilled either.

Scenario 2:

You walk into a photo store telling the clerk you would like to process last year’s Christmas photos. You ask the attendant how long it will take to process them, and after looking at the stack of other orders waiting to be processed, she tells you it might take as long as six days.  You say, "Six days?  That’s a long time!"  She explains that they are really backed up right now with a specialty order of photos from an event in town, and apologizes, but adds that she will call if they are done earlier, asking if that is OK with you.  You figure that you have waited this long, so what is another few days…

After five days, you get a call from the photo store informing you that the pictures are done.  You drive over and pick them up and pay for them.  How do you feel in this scenario?

Next, compare the two scenarios. The most common response is scenario 2 is better.

If that is true for you, then what am I missing?  In scenario 1, you get the pictures in 4 days and are not so thrilled.  In scenario 2 you get them in 5 days… and feel better about it?  How did that happen?

Isn’t the difference in the expectation that was created?

For all you know, the photo processor in scenario 1 might have worked diligently all night, every night, in order to attempt to complete his promise to you, falling just a little short.  That would be maximizing customer service (his inputs).  The second photo processor on the other hand, may have taken a day off to play golf.

The first store keeper estimated (a perceived promise) based on hope.  The second store keeper managed the expectations of the buyer.  As a result, the perceived outcome (customer satisfaction), when measured against the expectation, was delivered better in the second scenario.

Many people think that you should maximize customer service. I disagree!  Your most effective action is about managing the perceived outcome and your effective goal is to maximize customer satisfaction.

However, a strategy of lowered expectations without ever delivering any customer satisfaction is not a winning combination either.
Think about your expectation of service from an airline, telephone company, or cable company.

In general now, is your expectation so low that you dread calling any company for service?

Smart companies are taking advantage of this.

How about when you call a company and an actual live, friendly, and interested human being answers? A live person who solves your problem? What perception would you have of that company?
 

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Filed under Business Development by Michael Walsh.

Defining Good Customers

By Michael Walsh

Have you ever stopped to think about how your definition of customers shapes what types of customers you get, how you take care of them, and how well they pay you?

Let’s use a new, expanded definition of a customer:

A customer is someone who buys your "stuff", at a profit, and then refers other customers.

Most people treat everyone who purchases as a customer. I have found that by defining specifically what a good customer is, business owners can gain a sharper level of clarity. That helps you define who you want to deal with, and with whom you don’t.

Who Customers Are Not:

- If someone has not bought from you yet, then they are not customers.  They are potential customers, or suspects, or prospects and they must be treated differently – marketing channels used, sales psychology, followup, product offers etc… all different.

- Whether you sell hard products or services, if someone buys your stuff and it’s not at a profit, those people are not customers.  If you do not make a profit then you’re not dealing with a customer.
You are probably dealing with a "Grinder", and you cannot build your business on the shoulders of many transactions without a profit.

What do I mean by profit?

Profit is defined as either tangible – money, asset growth, trade, etc. – or intangible – growth in reputation, feeling of accomplishment, feeling of satisfaction, etc.  If neither one of these is present, then the PITA Principal most likely is at work (PITA  = Pain in the Assets).  Beware!

- Someone who buys your "stuff" at a profit, but does not refer other customers to you might be called a "Sale".  Sales are good; they pay your bills.  However, they do not grow your business.

A Customer Defined:

Someone who buys your "stuff" at a profit, and refers other customers (i.e. others who buy your stuff at a profit and refer others who buy your stuff at a profit and refer others who… you get the picture), well that person is truly a customer by this expanded and more useful definition.  You can and will grow your business by gaining and keeping this type of person as a customer.

Does this mean that you don’t want "Sales"?  Depending on the industry, you probably still do. As mentioned, sales pay bills.
However, customers build businesses. They reliably build your business.

OK, so you have a number of people who you would classify currently as sales instead of customers.  How do you convert them into customers?

You ask them.

Simple as that. What to ask?

"Who do you know that might benefit from the type of work that we do?  Would you be willing to introduce me to that person (or that company)?"

By inviting the people who currently buy from you to participate in the growth of your business and clientele, you give them the gift of contributing back to you. Plus they get the satisfaction of helping contribute your products and services to others who will benefit as well. You invite them to become customers. And it’s built into our DNA to reciprocate when someone provides good service.

How well does this work?

In twelve and a half years we’ve helped hundreds of small businesses and entrepreneurs to take more time off and double, triple or more their business – with very limited marketing of our consulting business. Numerous clients in similar businesses have done the same!

How? Sure by doing what we do best… and by asking this question:
"Who do you know that might benefit from the type of work that we do?  Would you be willing to introduce me to that person (or that company)?"

Now, what would asking it do for your business?
 

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Filed under Business Development by Michael Walsh.

Activity Management

By Michael Walsh

Much has been written and said about "time management".  In today’s computerized world, we seem to be pushed to do more and more. Yet, we have less and less time to generate results.

Stress levels are at an all-time high in business, despite healthy productivity gains.  If you look more closely, it makes perfect sense.  Instead of just dealing with local competition, we are now dealing with competitors worldwide.  The internet and massive transportation networks have made the world a smaller place in many
ways: communications, access to producers, products and services, and comparison shopping are just a few areas that have been transformed with the advent of new technologies.

The result is that time has become the most sought-after element of a business owner’s life: time to get caught up, time for the spouse, time for the kids, time for relaxing with friends, time to get caught up, time to finish that important proposal . . . did I mention time to get caught up?

A Few Causes of Wasted Time

There are several chronic "Time Wasters".  They include meetings that run too long, unnecessary meetings, poor delegation, lack of follow up after delegation, telephone interruptions, email, voice mail, a cluttered desk, office gossip, management by crisis, drop-in visitors, inability to say no, leaving tasks unfinished, socializing, poor communication, incomplete information, attempting too much, paper work, inadequate staff, etc.

The Biggest Single Cause

The biggest single cause of wasted time, however, is inadequate planning.  "But, I know what I have to do," you retort. "You want me to waste time writing it out, when I could be doing some of it?"

Yes!

One of the causes here is that the average person can hold about seven different things in his/her conscious thought at one moment.
That is why telephone numbers are set at seven digits in many countries.

In the meantime, you each have thousands of different thoughts floating around in your subconscious mind.  Many of these thoughts seek the attention of the conscious mind, effectively "cluttering up" your thinking.

This often turns into a feeling of overwhelm, anxiety, or the feeling that you have forgotten something.  By writing things down, you free up your brain to think.  And folks, thinking is a good thing.  Clear thinking enhances your creativity and your personal effectiveness.

A Simple Way to Plan Your Day

If you take longer than about five minutes to plan your day in writing, then it will not work.  You just won’t do it every day.
And consistency is the key to effectiveness here.

There are three basic elements to an effective daily plan.  They are Meetings, Calls and Other To-Do’s.

Take out a separate, blank sheet of paper (or a 5" by 8" card – whatever works for you) each day and list your meetings first (the name only is good enough as your day timer, Outlook calendar or PDA has the remaining details).  These are your commitments to others that will impact their time as well as yours.

Then, list the telephone calls you need to make (again names only are enough, as you probably have the contact information in your database, whether it is a manual system or an electronic database).  These contacts include promises you made to others to be in touch with them, so they naturally come second.

Third, you list any other to-do’s you intend to accomplish today.

Collectively, this information will not take you longer than 5 minutes each day to complete.  From this, you can then work from your one sheet of paper (or recipe card) and check things off as you go.  You only need to focus on what is not yet done as your day progresses.  I find that, on average, entrepreneurs save anywhere from a half hour to an hour from using this simple system.  This is real time that can be used for family and friends, or for catching up.

Filed under Business Development by Michael Walsh.

Large Scale Growth for Small Business (Part Two)

By Michael Walsh

Step 1: Thinking Through the Bigger Game

The first thing to do when you’re thinking through the growth of your business is to picture how the business will run at $3 million.  How will it be attracting customers?  How will the customers buy at that point?  How many people will you have working for you?  What size of facility will you be in?  What will the geographic span be to achieve your new, larger size?

All of these questions and more need to be addressed.  By thinking these things through, you will start to see much more clearly what the infrastructure will need to be to support your organization at its new, bigger size.

Step 2: Draw it Out

It is one thing to answer these questions to yourself, or on paper.  Now, draw out your current organization chart, followed by the organization chart that your new company will need to look like, for you to achieve and sustain the sales levels you desire (in this case the $3 million).  Don’t worry about exact names in each of the roles that will be needed.  Start with the roles themselves.  The visual of how many people will be working in what roles will give you a good idea of space requirements, and other supports that you will need.  Don’t worry about getting it perfect.  You can, and will, adjust this as you grow.

Step 3: Do the Math

After you have a potential organization chart, now it is time for the calculator.  Sit down and figure out what your future Profit and Loss Statement will look like.  You may need your accountant’s help with this, but it is worth it.  You already have a rough idea of how many people you will need, from your organization chart.  Now, through the financial statement, you can figure out the space requirements, the sales support needed, as well as all the other levels of infrastructure you will need to achieve the $3 million in sales.  This is critical to catching all that you will need to address, so don’t skip this step.

Step 4: Develop the Transition Plan

You know where you are currently, and you now have a plan for what the future might look like, at triple your current size.  Next is to sort out the transition plan.  You still can’t afford to add all the pieces at once, but you can decide how you will phase them in, as you grow.  Check to make sure you are funding the steps in a manner that makes sense to you.  This is another area where your advisors can really help.  By making the infrastructure changes event specific (i.e. when I hit $1.5 million, that’s when I add the next salesperson, for instance), you can afford your growth along the way.

The difference is that you will have thought it through, including the pieces that most people miss.

By following this approach to large scale growth, you will find it easier to overcome the fear and tap that internal fire in the belly to grow your business consistent with your dreams.

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Filed under Business Development by Michael Walsh.

Large Scale Growth for Small Businesses (Part One)

By Michael Walsh

When people talk about large scale growth for small business, most business owners have a two-sided reaction.  The first is a spark in their eyes that lights a fire in their belly over the notion of having the larger business of their dreams.  The second reaction is quiet revulsion in their gut, quelling the fire, over what it would take to grow the business to that next level.

The source of these mixed feelings isn’t a mystery…  didn’t it take a lot more than you expected to grow your business to this point? 

It’s one thing to have the skills to deliver exceptional value to clients and customers as you grow. Then there are all the things you had to learn about sales and marketing, about finances and of course, about hiring and working with people… how will those also grow as your business grows?

Traditional Growth

You now have your business running at a level that pays you well, and that seems to be working (though you still put too much time into the business for your liking).  To go through more to get it bigger, that just seems brutal . . . and tantalizing all at the same time.

Think about it for a minute.  Usually, a small business will naturally grow fairly quickly up until the point of getting to full capacity in one area or another.  Let’s say you get to $1 million in annual sales.  You have a system that seems to be working, so you decide on a 15% increase, pushing sales to $1.15 million.  Then the next year, you grow a little again, going to $1.25 million.  Then up to $1.4 million.

However, there is a problem here.  Whatever that “natural capacity level” is that was at full capacity… is now getting stretched.  You’re stretching your existing structures past their capacity levels.  That’s when people start to get spread too thin.  They start getting tired, and making mistakes.  Then you try to solve that by adding more people, only to find that the efficiencies you enjoyed at $1 million have gone away, and your costs are getting out of hand, while your customer service levels are slipping.

What’s Missing is Infrastructure

You know you need more infrastructure to make this work – some major capital expenditures, whether it be new software, a new piece of equipment or new space for your people.  But with the increases at the size they have been, you can’t afford to make big changes. If you are at $1 million in annual sales, an  extra $150,000 might only leave you with $30,000 after expenses.  That’s hardly enough to spend the $40,000 to $50,000 on that new piece of financial and accounting software.  It makes no sense.

Anytime you decide to grow by little bits, unless you have excess capacity in all areas – including your own time, by the way – then something will get stretched and possibly break, making the whole growth thing that much more difficult.

The Good News

The good news is that it is actually easier to double or triple a business than it is to grow it by 10% to 15% per year.  Yes, that’s right.  I said easier.  The reason is that while you may delude yourself that you can get by with small growth without changing your systems, there is no way that you will think you can run a $3 million company the same way your now run your $1 million business.  You know that it just can’t be done.

Instead, what people do when approaching large scale growth is to think through the bigger game.  You may not be able to afford that new software program at $1.15 million, but you know for certain that you will need it before you hit $2 million, and definitely by the time you get to $3 million.  And, there are lots of other changes that will need to be made too.

Later this week, I’ll be posting Large Scale Growth for Small Businesses (Part Two)

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Filed under Business Development by Michael Walsh.

Do Your Customers Know Who You Are… Really?

By Michael Walsh

You always need a relationship sufficient to do commerce. The larger the level of commerce, the stronger the relationship needs to be.

I am not speaking of personal relationships, but professional relationships. Relationships that are based on your customer’s confidence in your ability to do what you say, and that what you propose will be a good deal for them. That it is a better deal for them to give you their money, rather than keep it in their pockets, or give it to your competitors.

One of the basic elements in developing an initial relationship is the Credo (from module 1 of our popular program – The Business Builder(TM)). In a credo, you answer 4 basic questions about yourself in your business:

   1. Who am I?
   2. What do I do?
   3. Who are my customers?
   4. How do they benefit (from their perspective)?

Done simply and effectively, a well-constructed credo helps entrepreneurs open doors and initiate conversations with new potential customers.
Who Are You?

The first question within the credo is – Who am I? At the most simple level, this is your name, your company name, and the nature of your company. This is as far as most people get.

Let’s dig deeper, because it has a huge payoff, long term. Who are you, really?

One of the components of effective enrollment is to develop a connection with your customer, and with what is important to them.
Part of connecting with others is to share with them … what’s important to you.

Here are some questions to consider:

1. What lights you up, when you talk about it?
2. If you could do whatever you wanted, what would you be doing?
3. What gives you energy, that you love to do, or that you love to participate in?
4. What is your "unique ability"?
5. With whom (what types of people) do you really enjoy working, playing, interacting?
6. What truly inspires you?

By spelling out what inspires you, and from what or where you get your energy, you will be more readily available to share that with others. Doing that will develop stronger connections and networks as you gain and keep more customers at a profit, while you grow your business consistent with your goals and commitments in life.

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Filed under Business Development by Michael Walsh.

The Value Exchange

By Michael Walsh

When you’re looking to grow your business, one of the key elements to consider is the value exchanged between you and your customers. Overlooking this balance risks everything you have worked so hard to achieve.

There are two absolutely fundamental components to any sustainable business:

-Your profit
-Your customer’s value

If your customers don’t see a value from what you provide, they will not buy…

If you are not making a profit from the transactions you make with your customers, you will not be in business long. When both sides of the equation are balanced, a viable business can exist.

These become critical factors when you try to grow. Quite often, one or the other of these components is taken for granted because they seem so obvious. If either piece is overlooked through the growth process, the business immediately becomes at risk. If one of those parts stays missing, you will lose your business.

When you want to grow, always check in on the value exchanged. In fact, checking these components may assist you in your growth plans.

Your Profit

Two questions to consider when looking at growth and your profit include the following:

-Where have I been most profitable up until this point in the business?
-How will I be delivering products and services as I grow? Will that be changing from my current situation? Is it more or less profitable than my circumstance today?

By using these questions as a starting point, you may be able to clarify for yourself where your strongest sources of profit are, and how to grow in a manner that protects and enhances your levels of profit.

The other half of this equation is the customer value.

Customer Value

Questions to consider regarding the value your customers experience might include:

-What specifically, is the value that my customers are receiving from my company now?
-How is that value provided to them? (i.e. the "personal touch" and am I the one who delivers it?)
-How will I track customer satisfaction as the company grows?

To assume or overlook how you will be maintaining or enhancing customer value can be very expensive. You can miss profit opportunities, but your customers will not wait long if you are no longer providing sufficient value.

It has been said that being an entrepreneur is the most honest profession in the world. It’s not because you are inherently more altruistic… it’s that your customers vote with their feet. If you are off, they go, and it usually happens within about 30 days. In a free market economy, the customers keep you honest!

Growth is the most dangerous time in a company’s evolution. The core reason for this is that one or both sides of the value exchange can be threatened. By actively addressing and monitoring both of these key elements of business, you will reduce the risks of growth, and can enjoy a larger business that serves your goals and commitments in life.

Thanks for reading!
 

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Risk Managing Capacity

By Michael Walsh

Have you ever seen a very accomplished person start “dropping the ball” on basics within their job? Ever wonder, “What happened to them?”

Quite often, these people are in a state called “Capacity Overload”. They are past the edges of their personal capacity levels. This can be particularly costly to the entrepreneur, on whose talents the business relies. Many businesses have been lost to capacity overload, and others have gone through severe setbacks.  This gets extremely expensive when an entrepreneur is going after Large Scale Growth.

This phenomenon occurs quite frequently when entrepreneurs do not manage their environment, also too common when they are entering a new zone in their business – a game on a much larger scale. People do well when times are good, but do they have the capacity to handle things when times are stormy? How do you manage your affairs to minimize the disruptions that diminish your capacity? How do you “risk manage” your capacity, while attempting Large Scale Growth?

Foundation

In business, it is essential to handle and maintain your "foundation" issues and items. Foundational items are those things in our lives that are invisible as long as they are working, but take an inordinate amount of effort to deal with when things go wrong.

One example of this is your computer system. Anyone who has had their computer crash without the hard drive backed up is painfully aware of the cost of this event, both in time and in heart-ache. Computer crashes do occur, but the drain in energy of the "crashee" is inversely proportional to how recently the back-up occurred (if at all!). Losing your work, such as important customer files or company product and financial information, may have a dramatic, negative effect on your business.  Proper system maintenance, however, may reduce the incidence of crashes, and timely back-ups will certainly reduce the consequences.

Other examples include cars and babysitting. Have you ever had a mechanical breakdown on the freeway? Have you ever had a babysitter not show up or call in sick? These are but a few of the many things we routinely take for granted. They are invisible when they are working, but they take what feels like far too much energy to set right when they don’t go as planned.

What are your foundation items? Identify them and maintain them while they still work. They will be tested as you grow.  And be sure to build in a "Plan B" (and C and D if need be) just in case something does go wrong.

Personal Space

Another cause of diminished capacity is a lack of personal space. Similar to taking insufficient time off, entrepreneurs are notorious for spreading themselves too thin while helping, supporting, and providing for others.

Newsflash: Your first commitment to your customers, your suppliers, your staff, and your family (yes even your family!) is to stay sane enough to meet all those other commitments in life. Your capacity to handle commitments as you move out of your comfort zone is directly proportional to your physical and mental state.

For some people, personal space means going for a workout.  For others it could mean eating ice cream while walking in the park on a sunny afternoon. The important thing is not what you do, so much as whether or not your "rejuvenation time" actually rejuvenates you.

New moms seem to lose their personal space with the birth of a child. New business owners often lose this space as well. Entrepreneurs are paid for results, not for their inputs. The fresher you are, the faster you will see results. Mistakes caused by fatigue cost lots of time. How much more effective might you be if you carved out a little more time for yourself?

What do you do to ensure that you give yourself adequate personal space? Is it enough for you? If your answer includes some element of "It’s all that is available to me," then you probably need to increase the time available to rejuvenate you. We often have more control than we give ourselves credit for.  If you can’t take care of yourself, how are you going to grow your business as big as you want, to meet your goals and commitments in life?  It just makes no sense.

Personal Money

It seems that very little drains capacity levels more than stress over money. People spend a great deal of time and energy worrying about their money. Furthermore, shortcuts are often taken when funds are tight — shortcuts that often create problems down the road.

Taking the wrong customers is a good example of this. If your car is on the end of the repossessor’s hook and you are eating Wheaties for dinner with water (because you just can’t quite afford the milk) then you are far more likely to take a new customer that you know will later cause you anguish and grief (a PITA, which is a technical term for "Pain in the Assets"). This will strain your capacity levels in the future, not to mention the constant distraction of financial concerns in the meantime.

As an alternative, what if you had "TBM"? TBM is another technical term. It stands for "Talking Back Money". Would you take on a PITA if your bills were all paid and you had a bunch of extra money in the bank? Might there be a little more freedom available? "Yes, that’s nice, but how do you build these types and levels of reserves?"  The time to sort this one out is now. Not when you have more money, or when you get that next "big deal", but now. Many financial planners have talked about setting aside 10% of your income to build a buffer or a reserve. Others will argue that it is better to pay down debt (at a higher interest rate) than saving money. However, there is a problem with the "debt repayment at all costs" logic. It ignores our humanity. Please allow me to explain.

Some people pour all of their efforts into paying down debt, sometimes over a long period of time (many months to many years). After all this effort to pay off debt, they feel they deserve a reward (and they do! It is hard to maintain the discipline to pay off large debt loads). So what you they do? They celebrate and treat themselves, going into debt again. And the cycle continues…

What if you got into the habit of saving some money, even as you chipped away at the debt? It may take you longer to pay down the debt, but after you are done, you have money stored up, and a solid habit as well. If you wanted to treat yourself at this point, you would not need to go into debt to do so.

As an aside, here is how to become a cash millionaire:
     – Start by putting $50,000 in the bank (cash money, not borrowed).
     – The first step to putting $50,000 in the bank is to put $10,000 in the bank.
     – The first step to putting $10,000 in the bank is to put $1,000 in the bank. This breaks down to $83.33 per month.
     – If $83.33 per month is too much, then how about $10 per month?

If $10 per month is too much, stop worrying about how to become a millionaire and get to work on your business. For the rest of us, why not start today?  Developing the habit is the first and most important step. By handling our personal money, we are freed up to use our creativity to deal more effectively with the business, leaving fewer potential problems to challenge our capacity levels.

 

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Filed under Business Advice by Michael Walsh.

Elements of Entrepreneurial Effectiveness

One of the elements of effective entrepreneurship is desire. Anybody who is or has been an entrepreneur realizes that without desire, this whole business thing can be a most unpleasant experience. You work far too long and hard to gain the results that you want.

It has been said that entrepreneurs only work half days… any twelve hours they want. Why would anyone put themselves through this, if there weren’t sufficient levels of desire? The short answer is that they wouldn’t.

There are three elements to nurturing desire. Here, we will cover the first element: play a big enough game.

First Element of Entrepreneurial Desire: Play a Big Enough Game

It seems that different people grow in different ways.
Entrepreneurs, for the most part (I have seen very few exceptions to this) are strivers. They see something that others don’t see, like a specific opportunity to make a difference, and a way to make money tapping that opportunity. One characteristic that separates entrepreneurs from wannabees is their tendency to act on what they see. They usually find a way to make money at it, too.

Strivers quite often get bored, unless they are being stretched, either personally, professionally, or both. If you are not playing a game that is big enough to stretch you, you may find that all of the little details of running and organizing the business are getting to you. Or, perhaps you are finding yourself listless and unmotivated. That is another sign of a game that is too small.

Unless you can thrive on growth and continuous improvement, you may find yourself getting stuck.

We have one client who wanted to build his company to generate $1 million of net income within a relatively short period of time (three years). This level that he had identified for himself represented a significant increase (over 400%) from previous years.
Even though the company had been stable for a number of years, he had constantly been suffering through staff issues and concerns about the accountability of his people, as well as marketing and sales.

After taking on the goal of this increase in profits, he found a whole new level of energy, and dealt with many of the problems with which he had previously been struggling. It was like he had a whole new lease on life.

This lasted for about two and a half years. Then, something interesting happened. He started to approach his financial goal. It was as if the zest he operated with had somehow started to leave him, like a leaky old car battery. Energy levels started to become a little lower, and while he was content with the progress he had made, the spring had left his step.

Does this mean that you have to become an empire builder? No, not at all.
 
Now, instead of going after more millions, he has taken on the project of actively having his company increase its focus on serving its employees. His company is now a place where people grow, personally and professionally. This is not yet handled for this person. There is a great deal of work to do. Yet the spring is back in his step, and the fire is alive in his eyes.

He now has a game that is big enough once again. What game are you playing? Is it big enough for you? It doesn’t have to be a million dollar game to get you excited. However, it does need to turn you on. Does it light you up when you think about it? If not, find one quick! You will discover an entirely unique access point to gain more energy, and enjoy what you do at a whole new level.

Safety Tip

When you look at a game that is big enough, you don’t need to just deal in bigger numbers. Qualitative goals count too. What kind of impact do you want to have on your customers?… or on your staff?… or with your family?

How do you want to grow personally? How about professionally? What is a level of depth you would like to gain in mastery over your skills and talents?

There are many dimensions to building a game that is big enough.
Find the ones that are right for you and you will have access to higher levels of energy, and you might catch yourself having fun too!
 

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Filed under Business Development by Michael Walsh.

10 Important Questions for Entreprenuers

By Michael Walsh

How would a consultant view your business?  When people get me to help them with their businesses there are a number of things I need to know, in order to help them get more of what they want.

Here are some of the questions you may want to ask yourself.  Take a moment to jot out the answers to these questions.  It will serve you well as you seek to turn your business back into that goose that lays the golden eggs, rather than just one that bites.

1. What, specifically, do I want from my business? You want to identify both what you want professionally from the business and what you want personally.  As part of this, you may wish to list what you DON’T want.  By being clear on what you want from the business, and what you don’t want from it, you get how to set up your business to deliver what you do want while avoiding those things you would rather not experience.

2. What is my business really good at providing, that customers appreciate?  People talk about your unique value proposition or your unique selling factor.  The clearer you are on what you do well that your customers also value, you have the basis for growth.  The more of this that you can provide, the better for your customers, and the better for you. . . . that is if you can provide it at a profit.

3. How much profit do I need to get what I want from my business? This is where the calculator comes in handy.  Sit down and quantify the financial costs of the things you want.  That is what your business is going to need to deliver in order to achieve your goals.  If what you want is to take more time off, then what will it cost to have a senior level person in there to take your place?  If you want to build your asset base, then by how much?  By the way, there is no such thing as an unrealistic goal, only unrealistic timelines.  Any goal may be achieved with time and resources.  The fewer the other resources, sometimes the more time it takes.  Don’t worry about all that yet.  Just figure out how much it will cost to get what you want.

4. Where does my business make a profit? Hopefully, it is providing the products or services you listed in #2, above.  If not, then where does it produce the money?  The more you are clear about how your current business operates, the better off you will be when it comes time to plan the specifics of your growth strategy.  If your business does not currently make a profit, then what needs to change to make it profitable?  If you don’t know the answer to this question, you may need to either get the help of an outside expert to assist you to clarify this, or choose another business.  Sometimes using the wrong tool for a situation can do more harm than good.

5. How big will my business need to grow to give me what I want? This is an exercise in math, matching the size of the needs you have quantified with the size your business will need to grow to in order to meet your goals.

6. What strategy do I need to employ to grow my business big enough? This may be clear to you, once you figure out the scale of growth needed to get what you want.  Or, it may be fuzzy.  If it isn’t clear, get the help of a business coach or advisor – someone who can guide you along the way.  However, if it is clear, then you are ready to take the next steps.

7. What are all the things that would stop me if I tried to grow?  List all the obstacles that could potentially stop you from reaching your goals.  Don’t stop until you get all the obstacles out of your head and on to paper.  Yes, this even includes the silly or far-fetched ones.  This is an important step in getting what you want.

8. For each obstacle in #7 (above), what are some strategies to overcome this?  The obstacles that you listed, if used correctly, can form the basis of your growth plan.  If you have really listed all the obstacles, then if you overcome all of them, you will likely achieve your goals.  By addressing each one separately, you will find it much easier to identify the steps you will need to take to get what you want.  Broken down into their component steps, big things can be achieved, one step at a time.

9. What do I need to do, when?  Once all the obstacles are identified and your strategies are clarified, then next step is to prioritize things so that you can get started.

10. Where do I start?  The next step is to start with the first priority and take things one step at a time.  Only by working through things in a systematic way will you discover whether you got all the obstacles or not.  If more show up, then add them to the list, then strategize solutions, re-prioritize and keep moving forward.

Don’t be surprised if you find yourself learning along the way.  Not everything you try will work.  However, you will either have success, or a new learning experience.  All of it is needed to achieve what you want.

By taking the view of an outside consultant, you can more easily determine how to use this tool called your business and build it to gain and keep more customers, as you grow your business consistent with your goals and commitments in life.

 

Filed under Business Development by Michael Walsh.