Personal development

The key to happiness?

I was sent this video link recently and wanted to share it with you.

Our usual way of thinking about happiness (either consciously or subconsciously) is that by working harder we will be more successful and if we are more successful we will be happier. This is turned on its head in this link – if we are happier then we will be more productive and greater success will follow.

So how do we get to be happier? There are a five simple suggestions in the clip. Let me know what you think.

The clip is 12 minutes long and he is an engaging speaker. If you don’t want to spend that long, I suggest starting at 9 minutes.

 

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Marketing

How can you make the time you spend on LinkedIn more effective?

LinkedIn is a good way to keep in contact with people you know in the business world and to build your circle of influence.

There is a lot of advice out there about how best to use it. It is probably fair to say that most of us would like to get some business through LinkedIn but most of us do not want to be “sold” to directly. So how do you reconcile these two? It is all about using LinkedIn to nurture prospects and build your reputation rather than the hard sell.

For a common sense approach, I would recommend Alex Woodward of Cultivate Marketing. He has a blog where you can pick up lots of tips. For example,

If we’re not already connected, I’d love to connect with you on LinkedIn – click here to see my profile.

 

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Business planning, Cashflow, Marketing

Why it is important to keep working ON your business, not just IN your business

Every year, around 10% of the companies trading at the start of the year are no longer trading at the end of the year. That is around 20,000 businesses in the south-west that ceased trading in 2010.

For new businesses it is even tougher – of  the 22,000 companies started in the south-west in 2005, 48% were still trading in 2010.

So what can you do to avoid being caught in this way?

  • Have a business plan with some really clear goals.
  • Track carefully the critical things that need to happen to get you where you need to be
  • Manage cashflow really closely
  • Focus on marketing and sales with some measurable goals (these are the cause, your results are the effect).
  • Test and measure to find out what works and what doesn’t
  • Be brutally honest with yourself.
  • Have someone to keep you on track.

If you love looking at statistics, you can find the full report at the website of the Office for National Statistics.

If you would like to hear from successful entrepreneurs including Richard Branson, take a look at this link to a free event in London in March.

 

 

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Customer service, Marketing

It is much easier (and cheaper!) to market to existing and past customers than to reach brand new ones. So it is worth using some of your marketing budget and time to focus on your existing customer database (you do have a customer database don’t you?). If you don’t have one, make it a priority; if you have one but don’t use it, just think about the sales opportunities that are there, just waiting for you!

Here are links to a couple of articles about how to keep the customers you have and to build a relationship with them.

Powerful ideas to solidify existing customers

Turn your customers into raving fans

Of course, your competitors are really keen to get hold of your best customers -so your job is to make sure they have no chance because you’re that good.

A couple of highlights from the articles, just to get you thinking!

  • Ask customers to complain! Really – if you don’t know about something that’s upset them (even if it’s a tiny thing) – then how can you improve?
  • Beware the quiet ones: out of every 100 people who are unhappy, only a few will complain
  • If you don’t show them that you care, they’ll think that you don’t. This is the number one reason why people leave a supplier and go elsewhere.

So what can you do to give your customers an even better experience (just remember those competitors snapping away at your customers!).

Have fun with it!

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Time management

When did you last spend time really thinking about how to move your business forward?

It sounds easy to set aside time to focus on your business rather than working in your business. In reality though, the day-to-day things which have to get done (and maybe some things which really don’t have to….) encroach on our time and before we know it the day is over and that critical task has not been started. Well, often it doesn’t matter if that marketing plan isn’t written today or if we defer renegotiating terms with suppliers until next week . However,  before you know it tomorrow might have turned into next week or next month and at some point it will start to matter and will affect the success of your business.

So how do you avoid this? I use a default diary and set aside time each week for working on my business.  It doesn’t always work exactly as planned but it gives a framework and it works 80% of the time.

You can take this a step further and treat the time you spend working on your business as you would an appointment with your most important customer. If you had an appointment with a key client you wouldn’t just give it a miss because you had a bit of a crisis (or even worse, a lot of emails to get through!). Tell your team you are not available during that time, shut your door, don’t take calls – just as if you were in a meeting with that important client.

So, what’s the most valuable thing you can do today – it may not be the same as the most pressing thing!

Treating your business (and yourself) as you treat your most important customer is a real way to ensure you have time to do the most important things.

This link to a short (6 minute) video by Stephen Covey is fun and it makes the point. Can you spare 6 minutes? Enjoy it!

 

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Growth, Team, Time management

As a coach, I love to share ideas on how to get the best out yourself and your business.

People often find it really helpful to hear direct from other business owners about what is working for them. At our September Profit Club we heard from Amanda Hatt of James Hatt & Associates who is building a fantastic physiotherapy business with a highly professional and committed team. Our Profit Club members were inspired by what she had to say so I thought I would share it with you.

My opinion of what is helping us to move forward.  What gets me through each week?

  • Coming to profit club and working with Nigel – of course
  • Being open minded, never dismissing an idea until you’ve fully explored it or tried it- this is still working progress
  • Thinking outside the box
  • Reducing the number of hours I work.  I try and have every Friday off and finish work at 3pm everyday and I have had a 75% success rate.  I believe I’ve done more work in this time than when I was working 50-60 hours per week – Honestly!
  • Reviewing performance even when you know it’s going to look bad. Admitting when something’s not working and finding another way.
  • Looking for solutions instead of focusing on the problems
  • Looking at what’s working and doing more of it!
  • Not feeling too afraid to fail that it holds me back from moving forward
  • Finding out what your competitors are doing and learning from their mistakes and successes
  • Putting more investment into the team resulting in a better working environment, motivated team members and massive contributions to our success. (Giving their weekend time up to promote the business for free)
  • Setting my personal goals and trying to get the business in a position that it can support my goals.
  • Reading business books

So what do you do to keep on top of your game?

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Business planning, Case study, Growth, Profitability

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Bristol distributor of action sports products – Shiner

“Nigel has been worth his weight in gold”

Brothers Chris and Charlie Allen have been involved in the family business ‘Shiner Ltd’ all their lives. Shiner has been distributing action sports products since 1976 and they had learned the trade from their father the MD. However,they felt that they could improve things if they had some more structured input. So, although the business was doing a healthy turnover of nearly £10million per annum, they thought there must be room for growth.

Nigel with Chris and Charlie

Business coaching wasn’t something that sprung to mind immediately but their HR resource said she knew a man that could help. So Chris and Charlie met with Nigel Scott of ActionCOACH – “what he said made sense straightaway and we could see that his experience could be a real help”. Nigel began weekly meetings with the brothers where they delved into all aspects of the business in an open and honest way. “You’ve got to be really open to get the best advice back” says Chris. “There were a number of areas Nigel identified for us to work on and we developed a clear 90 day plan, this was a real change as we had never done any future planning before. Having a clear structured path to follow has made a huge impact on all areas of the business” Specific areas that Nigel worked on with them included clarifying the management structure and helping the brothers to delegate effectively -“before Nigel, everyone came to us for every decision but now we empower the teams to manage themselves, this means we have more time to plan for the future” Also, they were not tracking key performance indicators and setting targets.For example the sales teams now have clear targets and Nigel also helped to put into place a bonus scheme – “the bonuses really motivate the team and encourage them to go that bit further”. The effort has paid off, last year Shiner showed a 10% increase in turnover.

The business has seen some very successful and profitable years but also some challenging ones. The brothers project that, with 3 months to go, profits this year will be double last year’s performance. Cashflow will also be strong because of the action they have taken with Nigel’s help. “Nigel gives us clear tasks to perform and if we struggle at all he is really good at finding a different way of doing it that works for our business. He is really responsive and entrepreneurial in his approach and this rubs off on us” Shiner has made some big changes since working with ActionCOACH which has often been hard work “but the achievements the teams have made have given us a real buzz, everyone is incredibly enthusiastic about the future. In fact we are confident we will increase turnover by another 10% this year.” Another focus for the business this year has been on service to customers. Rapid service has always been at the heart of the Shiner philosophy, but the team recognized that the service they offered was inconsistent and, at busy times mistakes would creep in. This was annoying for customers and expensive for the business, as well as causing some friction between warehouse and sales teams. The team have also clarified their delivery promise to customers and put clear measures in place to track how they are performing: on time and accurate deliveries are now over 97%. Crucially, feedback from customers is extremely positive.“The really important thing that ActionCOACH has brought to our business is the ability to work on our business more and not just in the business. And I believe this is a key ActionCOACH principle. The teams are more self reliant and we both feel we can now easily take a couple of weeks off without worrying about the business. This gives us the space and peace of mind to plan for the future. We didn’t do that before and now we know where we want to go and how to get there. Nigel has given the business and ourselves a new lease of life”

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Customer service, Marketing

At  a recent conference I was treated to 4 hours of teaching by two masters of marketing –Ivan Misner and Michael Port.  Both were outstanding speakers and teachers who shared their thoughts on business, marketing and personal growth in a stimulating and entertaining way, and both were open to any questions from the floor.  I took loads of notes so I thought I would share a few thoughts with you.

Misner established BNI as a networking powerhouse in the US and of course there are many chapters here in the UK as well.

Michael Port may be less well known but was another powerful and engaging speaker.  His theme, like Misner’s, was generating and sustaining high quality and valuable business relationships and his marketing ideas are actually very simple; like anything else, consistent execution is key!  Among many notes I have are his thoughts on the critical marketing tools to use (if relationship marketing is important to your business) and how to use them.  If you’re curious the four ‘mandatory’ tools in his toolbox are

  • manage your network – and establish some daily routines to make it happen
  • have a referral system – and establish some daily routines to make it work
  • direct outreach – continuously creating new contacts
  • keep in touch – with past, present and future clients as well as with anyone for whom you can offer some value or who may be able to offer some value to you

And then there are three tools he describes as ‘optional’ ie they may be right for you or they may not (and you may love doing them, or you may not!).  These are

  • public speaking
  • web and online marketing
  • writing (books, articles etc)

Like I said it’s all easy but it all requires some routines and habits – people say that to create a new habit requires around 25 repetitions without interruption – so try it for a month!  Lots more detail in his book – Book Yourself Solid – and on his website .

- and there is some free stuff there as well.

I enjoyed it and found it useful – I hope you do as well.

 

 

 

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Sales

At our recent Profit Club meeting we covered 8 top tips for
doing just that:

  1. Measure it
    • Overall
    • For  different stages of the sales process
    • For different team members
  2. Set a target for it
    • Calculate the value of reaching that target
  3. Be really clear about your USP
    • Why customers should buy from you (because they always have a choice!)
  4. Back up your USP with a promise
  5. Have a clear sales process with scripts for different points in the process
    • Document it
    • Use it every time
  6. Be prepared
    • Train train train
    • Practise practise practise
  7. Impress them
    • What 3 things can you do to really impress people before you even get the sale?
  8. And don’t forget to…..
    • ASK for the business!

If you are find this last step difficult I recommend you read Just Ask by Ian Cooper

 

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Sales

I would be very surprised if the answer is no!  It is said that “The definition of insanity is doing the same thing over and over again and expecting different results”. So, if you want sales (or anything in your business) to change, you need to do something different. A great way to kickstart this is to do some sales
training.

So, here’s a great way to invest £250. Spend a day at the ISMM Successful Selling conference on 20th October.

I went a couple of years ago and got a huge amount of value from it, which is why I am planning to go again this autumn.

Of course, training or conferences are only worthwhile if you go away and take action on what you have learned. This could mean sharing some key learnings with your team, getting some new systems in place, setting some targets and tracking the results.

So, what will you do differently to get better results?

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