ActionCOACH: Thinking Bigger For Your Business

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One of the first exercises I do with my ActionCOACH clients is called the Dream Builder. As a business owner myself, I like to pose a few questions to make you think beyond today and this year. What do you want to have? What do you want to do? Who do you want to be? I encourage you to think big. Then, we can work together to put goals in place that will help you reach those dreams.

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What Happens When The Big Dream Falls Off The Priority List?

But, what happens when day-to-day business takes priority over the big dream? The emails and voicemails and mail start piling up. Employees need support and training. Customers require attention and service. There’s barely time to eat a meal, let alone think and focus on the big dreams that were there when you started the business.

I’ve noticed that this scenario is all too familiar for business owners, including ActionCOACH clients! One of the things that helps me keep my big dreams on the top of my priority list is to get inspiration from podcasts. I can listen to them while I’m out walking in the morning, or in the car between appointments. Here are a few of my favorite’s to get you out of a slump, and back on track to reach your dreams! 

quote_of_the_day_sean_croxton_actioncoach_rebecca_heidepriemSean Croxton, Quote of the Day

Matthew McConaughey made an appearance recently, with a great 7-minute show. His quote of the day: “The approach is the destination, and we are never finished.” My takeaway? Stop limiting yourself. Stay in the present and focus on your journey instead of jumping ahead into all of the what-if’s and maybe-then’s. 

marie_forleo_podcast_actioncoach_rebecca_heidepriemMarie Forleo, The Marie Forleo Podcast

Another short and sweet burst of inspiration. I loved episode 118, “Want The Courage To Do Anything? Ask This One Question.” I won’t give it away (and you only need 5 minutes to listen to this one), but let’s just say, it comes back to why we’re so afraid to think and act big. Failure (our our fear of it) is just a step on this journey toward our big dreams. 

this_is_your_life_podcast_actioncoach_rebecca_heidepriemMichael Hyatt, This Is Your Life Podcast

Are you sensing a theme yet? The episode that I’d like to share with you from This Is Your Life Podcast is titled, “What If The Barriers Were Only In Your Head?” When you’re stuck in the muck of being a business owner, it’s important to remember to address your limiting beliefs. 

My advice to ActionCOACH clients and business owners across the world is to stop limiting yourself, and allow yourself to think big. And in today’s world, you’ve got inspiration like this at your fingertips when you need a reminder. 

Interested in learning more about how an ActionCOACH can help you grow your business? Contact me for a complimentary consultation. And, if you’re looking for more resources, download my FREE eBook, 80 Ways To Leverage Your Business today.

High Performance Habits – How ActionCOACH Clients Can Benefit

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High-Performance-Habits-Brendon-BurchardOne of the ways that I stay on top of the latest business trends for my ActionCOACH clients in Milwaukee is by reading. My first book of the year was High Performance Habits by Brendon Burchard. One of the toughest things for a lot of my clients to achieve is building good habits! But, good habits are essential for business owners to be successful. 

Ask Yourself These 3 Questions:

In his book, Brendon asks:

“Why do some individuals and teams succeed more quickly than others and sustain that success?”

“Why are some miserable, and others happy on that journey?”

“What motivates those to reach for higher levels of success, and what practices help them improve?”

Here are my key take-aways from the six high-performance habits that Brendon recommends in his book:

1. Seek Clarity

When you focus every day on what you really want in life, what brings you the greatest meaning, who you want to be in this world, and how you want to interact with others, you’ll act differently. As an ActionCOACH, I often see business owners who are so wrapped up in the day-to-day operations of their businesses that they forget to be clear on where they’re going. My advice? Cultivate the feelings that you want to experience! This is why I advocate for clarity breaks. Whether you set aside a couple hours per week, or a full week every quarter, you need this time to reaffirm what you want most. It’s a great habit, that most people don’t make time for.

2. Generate Energy

ActionCOACH business owners know how much energy it takes to create a successful business. Yet, sometimes they forget how to replenish that energy. We all burn the candle at both ends from time to time; the important thing here is to establish energy-giving habits. Some of my personal energizing habits include:

  • Bringing JOY into every day through a positive mindset – I use my “I am…” statements to get me started each day
  • Optimizing my physical health by prioritizing exercise, healthy nutrition, and sleep
  • Master transitions

3. Raise The Necessity

It’s important to make a habit of reaffirming your “Why” on a regular basis. If you’re clear on your purpose and goals, everything you need to do to achieve them will become more important. Think about who needs you on your A-game. 

4. Increase Productivity

All ActionCOACH owners want themselves and their team to be more productive. Great advice for this habit? Stop the “busyness” and pay close attention to increasing the outputs that really matter. Burchard shares the concept of “prolific quality output” in the book. The people who strive to produce more high-quality output over time are also those who make it a habit NOT to chase shiny objects, and who choose to get insanely good at their key skills. 

5. Develop Influence

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Your job as a business owner is to teach people how to think, and challenge them to grow. By developing yourself as a role model for how others can be successful, you’ll develop influence. The habit you must develop is to continuously challenge yourself to think bigger, and lift others up. The example you set is true leadership. 

6. Demonstrate Courage

Business owners are some of the most courageous people I know. What takes practice for most is to honor the struggle. When things get hard, and you question whether you should even be doing this, figure out someone or something to fight for. It might be a person (like your family or employees), a cause (growing your local economy), or even yourself, and your wildest dreams. When you share your truth, and your ambitions with the people around you, you’re being vulnerable, but you’re also more likely to get what you need to keep on going. 

 

There you have key takeaways that I felt were important to share with my ActionCOACH clients first thing this January. I do recommend picking up a copy of High Performance Habits for yourself, and getting serious about implementing these best-practices this year. 

Ready to hold yourself accountable to developing high performance habits in your business and your life? Let’s talk. Contact me to see if you qualify for a free 1-hour consultation. 

The ActionCOACH Ladder of Loyalty

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As an ActionCOACH business coach, I’m all about building profitable businesses that allow my clients to achieve their dreams. Hence, when it comes to making my clients more profitable, I’ll go to almost any length. Because I know that it’s six times more expensive to acquire a new customer than retain an existing one, I teach the ladder of loyalty. Foremost, this method of increasing the lifetime value of an existing customer saves my clients, time, energy, and most importantly, money.

What is the ActionCOACH Ladder of Customer Loyalty?

The idea behind the ladder of loyalty is to move each and every person who enters your sales funnel as a suspect up the ladder of loyalty. Before you know it, you’ll have a whole database of raving fans out selling for you!

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Suspect

Suspects include any individual or business name who you’ve acquired through marketing efforts, and who fits into your target market demographic. For instance, you might collect the business cards of everyone who stops at your booth at a business expo. Once you’ve removed any that don’t fit into your target market, the remaining individuals would be considered suspects.

Prospect

Your suspect will become a prospect when they become interested enough in your business to make an inquiry. This could mean downloading a piece of your marketing material, submitting a request for more information, or even scheduling an exploratory meeting.

Shopper

A shopper is an individual or business that has purchased from you once, but not yet decided to continue doing business with you in the future.

Customer

Customers include individuals or businesses who have purchased from you more than once. When you start to see a consistent buying pattern, you’ll want to move customers to the next rung on the ladder.

Members

In order to move a customer into the member category, you’ll need to build a trusting relationship. The people who enter this category feel like they belong. You may reward them with a member kit or other benefits. You’ll know you’ve succeeded when the customer is no longer seeking competitive quotes for your product or service.

Advocate

Your members will become advocates when they start selling your product or service for you, through referrals and testimonials.

Raving Fan

Raving fans take it upon themselves to do your selling for you. They can not stop promoting you. Whenever they’re out in public, they talk about the great product, service, and experience they have with you. Therefore, they’re an integral part of your sales team!

Why Should I Take The Time To Categorize My Database This Way?

The bottom line is that as your ActionCOACH, it’s my job to help you make your business more profitable. This means leveraging everything you’ve already got to increase your cash flow. Profit does not occur by increasing the number of suspects and prospects in your database. It occurs when you convert the majority of your customer base to raving fans. Overwhelmed by the thought of this project? Contact me for a free 1-hour coaching session.

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Think about it: why would you spend all of your time filling the bottom end of your ladder, when it’s so much easier to sell an additional product or service to someone who already trusts you? And beyond that, doesn’t it make more sense to put more of your resources into a person or business who is actively helping you sell? We should all aim to have a database full of advocates and raving fans.

How Do I Develop A Ladder of Loyalty?

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The ActionCOACH ladder of loyalty concept is not rocket science, yet to make it work, you will need to invest a little bit of time in it on the front end. First, you’ll want to classify all of the people currently in your database to know where they are on the ladder. Then, figure out how you’re going to move them from one rung to the next. Consistency is key – if you can automate your process, even better. There are many strategies that can work across a wide variety of businesses and prospects. For instance, you could build a branded member kit for each customer that becomes a member. If you’re stumped on what actions you can take to move people up your ladder of loyalty, I’d love to talk. As your ActionCOACH business coach, I’ll help you define the entire process!

Contact me for a FREE Consultation!

ActionCOACH Strategy

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What to have higher profits? Unless everyone in your database is a raving fan, you should constantly be moving customers up your ladder of loyalty. And, it will be easier to do this if you first consider your strategy. In the end, you’ll put a process in place for each rung on the ladder.

If you’re not sure where to start, or if working on your ladder of loyalty seems too daunting, I’d love to chat. Business owners can schedule a free, 1-hour consultation. I’ll listen to your most pressing challenges, and help you clarify your vision for the future of your business.

Remember, as your ActionCOACH, I’m here to make your life easier, and give you more time to enjoy the things that matter most! The ladder of loyalty will do just that.

ActionCOACH 2018 Winter GrowthCLUB

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There’s nothing better than the start of new year. This week, I hosted my Winter GrowthCLUB, pulling many of my Group Coaching and 1 on 1 Coaching clients into the same room. This opportunity to pause the work they’re doing IN the business to take a look at the work they need to do ON the business is invaluable, and one of my favorite days each quarter. It was a great day, and I’m eager to share a peek into it with you! 

Our ActionCOACH Support System

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There’s nothing like being surrounded by people who “get it,” which is why GrowthCLUB is so important. This collection of business owners truly care about each other, and motivate each other to succeed. 

Keynote Speaker

Rebecca-Heidepriem-ActionCOACH-Matt-Bartel-Digital-MeasuresIt’s always my goal to bring an inspiring and engaging speaker to GrowthCLUB, and this session didn’t disappoint! I was honored to have Matt Bartel, CEO & Founder of Digital Measures spend the afternoon with us. His experience as a business owner who “boot-strapped” his company from day one was relevant, and his energy and open-book attitude were of huge value to my clients. 

Client Recognition

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I’ve decided that each quarter, I will recognize three clients with awards. For their work and progress in the fourth quarter of 2017, I awarded these fine folks: 

  • Mindset – John Leidy, Owner, JDBC Tax 
  • Light At The End Of The Tunnel – Ian Baxter, Founder & CEO, Swarming Technology
  • Grace Under Fire – Richie Burke, President & CEO, GoGeddit

Sponsors

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It’s been a pleasure each quarter to welcome a number of supportive community partners to GrowthCLUB as sponsors. I’d like to send a warm thank you to: 

All in all, Winter GrowthCLUB was a productive and inspiring afternoon. If you’re interested in learning more about my ActionCOACH programs, or if you’d like to be in the room for Spring GrowthCLUB, contact me today! 

5 Ways To Double Your Profits in 2018 With Your ActionCOACH Business Coach

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When my clients commit to ActionCOACH business coaching, they expect results. One clear indicator of success in the business world, is increased profits. If one of your goals for 2018 is to increase profits in your business, keep reading. You’ll be amazed at how a small increase in one area of your business can have a huge impact on your bottom line. 

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Let me introduce you to the five simple ways you can increase your profits. I’ve witnessed my ActionCOACH clients implement this simple formula for massive results. You may be surprised to discover that you already have the tools necessary to see your business grow substantially in 2018.

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The ActionCOACH Formula: 5 Proven Ways to Increase Your Profits

The following are the top five factors to pay attention to if you want to increase your take-home profit each year. Taking a hard look at where you are currently for each of these factors will give you a starting point. Then, brainstorming ways to impact each category will be your ticket to increased profits. Later on, I’ll explain how utilizing all five factors will, without question, grow your business. 

#1 Number of Leads

What is the total number of qualified prospects who enter into your sales funnel each week, month, and year? If you’re not tracking this key performance indicator, start now.

#2 Conversion Rate

How many of those qualified leads converted to a sale? You can calculate your conversion rate with this equation: number of sales ÷ number of leads = conversion rate (percentage). For instance, if you close 100 sales from 500 leads, your conversion rate is .2, or 20%.

#3 Number of Transactions

What is the average number of transactions the average customer will make in a week, month, or year?

#4 Average Dollar Amount Per Sale

What is the average dollar amount a customer spends at each individual sale?

#5 Profit Margin

What percentage of each sale is profit, versus the percentage that pays for the resources required to produce the product or service? You can use the following calculation to figure out your profit margin: (Sales Revenue – Cost of Goods Sold) ÷ Revenue = Profit Margin (Percentage). Let’s say it costs you $100 to produce your product and you sell it for $115. Your profit margin calculation would be: $115-$100=$15/$100=0.15. You have a profit margin of 15%. 

How Do These 5 Factors Impact Your Bottom Line?

Let’s use some round numbers to see how this works. If you received 4,000 leads this year, and your conversion rate was 25%, you would have served 1000 customers. If each customer made two transactions and the average amount they spend with you was $100, your revenue would be $200,000. Your profit margin is 25%, so your profit for the year was $50,000.

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Ten percent may not sound like much, but this slight increase in all “five ways” will create an impressive increase in profits! Take a look to see what just 10% can do for your business:

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Now, let’s talk about what a 100% increase would do for your business. Here you can see the power of the “five ways” – your ability to increase profit compounds. If you double your efforts in these five areas, you’ll increase your profit by 32 times! By working with an ActionCOACH Business Coach and using these methods to increase your profitability, you’ll leverage what you’re already doing to see massive results. 

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Your ActionCOACH Business Coach Can Get You Started

When you’re a small business owner, it sometimes feels really hard to grow, but when you look at growth using the five methods I’ve described, small increases can lead to dramatic profits. If you’re not sure how to increase your margin by 10%, or 100% next year, I’d love to help.  In addition to teaching you how to put these five methods into action, I can provide accountability, assist in creating efficient processes, and be your cheerleader!

For more information, or to see if you qualify for a free consultation, email rebeccaheidepriem@actioncoach.com, or call (414) 324-0834.

 

Business Coaching | Employee Recognition Ideas that Work

Your employees are your biggest asset, and they’re human, so how can you recognize them to keep them engaged and productive? In my years of business coaching through Action Coach, I’ve found that employee recognition is a crucial component of any thriving business.

That being said, allow me the opportunity to introduce you to employee recognition ideas that work and what steps you need to take to implement them. 

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Business Coaching Can Help Define Effective Employee Recognition 

It’s important to remember that your employees spend more of their waking hours at work than they do at home with their own families. So, if you want to be a great employer, you need to set up a work environment that allows your employees to feel a sense of purpose and belonging. Implementing an effective employee recognition process is one – if not the most important – way to go about this.

As your Business Coach, I can help you define and put an effective recognition process in place so your employees are in line with your business’ values (and feel appreciated!). 

Let’s Start With The Fundamentals…

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These 6 fundamentals will assist in building an environment where peers recognize and appreciate one another. Subordinates and managers are also able to do the same. Now, let’s talk about an action plan…

Create A Plan For Recognition In 4 Steps

Developing a plan for regular recognition will help you establish consistency (so you’re not just picking and choosing when to acknowledge people for their talent and dedication).

Here are four steps you need to implement:

  1. Tune In: Ask yourself, “did I recognize any of my employees/co-workers today, this week, this month…?”  
  2. Identify Who/What: Who is deserving of recognition? If you have subordinates, ask them to identify team members that should be acknowledged and for what.
  3. Choose a Method for Delivery: Consider asking the recipient to help you decipher whether formal or informal recognition is appropriate. Additionally, consider whether it’s beneficial to have the recognition take tangible or intangible form.
  4. Anticipate Recipient Responses: People are unique and therefore, responses to the same action can vary dramatically from person to person.

Employee-Recognition-Business-Coaching-MilwaukeeKnow How To Recognize Your Employees

The way people are treated at work powerfully impacts the way they feel about themselves as individuals. My blog on DiSC Personality Profiles can be a helpful tool for determining the best recognition for the personalities on your team.

And, as a reminder, if you’re not sure how your employee prefers to be treated, just ask. One of my clients asks her team every time they set quarterly SMART Goals: how do you want to be recognized once you’ve achieved your goals? It varies from employee to employee.

For example, one might prefer a social outing at the Escape Room. The other may want some relaxation time away from the office. Knowing how to recognize your employees can be as simple as…

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Can A Business Coach Really Help Implement An Employee Recognition Plan That Works?

Yes! As your Business Coach, I will not only tell you how to implement an employee recognition plan that’s right for your business – I will hold you accountable to it! It’s critical that your process remains sincere, consistent, and inclusive.

Moreover, when my clients have implemented a good plan, they immediately see the value. Acknowledging employees for their work helps to build your business culture, employee morale, and keep five-star employees long-term. Wouldn’t you want that for your business?

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Let’s get a working employee recognition process in place for you as soon as possible – trust me, it’s worth it. I’ve seen it work. Email me today to get started.

The DiSC Personality Test: Build a Strong Team & Loyal Customers

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Looking to Build a Powerhouse Team? Devoted to Keeping Positive Client Relationships?

Consider tapping into the DiSC Personality Test. It’s an incredibly insightful tool used by over 1 million people every year. In fact, I rarely come across a successful business owner who doesn’t benefit from taking the DiSC Personality assessment.

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DiSC helps to identify four different personality types, which helps us better understand human behavior in various situations. It also pinpoints our strengths and weaknesses. Businesses can and should leverage this information as it improves communication, team dynamics, and productivity. Furthermore, it can enhance client and vendor relationships once you understand an employee’s DiSC style.

Start Communicating More Effectively

The DiSC theory proves that observing how your client communicates – and knowing how to adjust to their communication style accordingly – is an important step to solidifying any business relationship. When you increase your number of authentic customer relationships, you instantly have a more loyal customer base.

Let’s Use the “D” Profile as an Example

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As you can see, this person is talented at taking charge and getting things done. If a client or vendor of yours leans heavily to the “D” category, it’s to your benefit to be clear, brief, and organized with an agenda. This style of communication saves you from wasting your client’s time on long meetings or lengthy emails.

Now, Let’s Use the “I” Profile as Another Example…

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You’ll win over this client by creating an atmosphere of excitement, fun, and variety. Try inviting this customer out for a cocktail, or to an event to build a personal relationship. This may even be how you have your meetings. Even though they are a seemingly informal personality type, make sure you summarize in writing who is to do what, where, and when.

DiSC Improves Team Dynamics

Do you wonder how some business owners seem to hire – and retain – the best people? You can only assemble a “dream team” if you know what’s missing from your current team dynamic.  What type of personalities need to come together to feed your business goals? If you recognize this early on, you’ll be successful at managing your team (and any conflicts that come up!).

Here are some other benefits for your team:

  • Develop effective managers, supervisors, and leaders
  • Train a powerful sales force
  • Improve customer service
  • Help with change and conflict management

If your business partner’s personality leans toward “S”, you may find the following qualities in their communication style.

Action-Coach-DISC-Personality-Business-CoachingWith this personality, it’s important to support their feelings by showing personal interest and actively listening. While it’s not always possible, offering guarantees and personal assurances will satisfy their concerns.

What if you, the business owner, is a “C”?

Action-Coach-DISC-Personality-Business-CoachingHelp your team be successful at communicating with everyone on the team, including you. If you lean “C”, you most likely need time to think, and need others to be comfortable with silence. You expect others to demonstrate with actions rather than words, so perhaps it’s time to get rid of unnecessary written forms of communication.

Using DiSC Puts You At A Different Playing Field

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Utilizing your DiSC results means that you can stop wasting time with a communication style that doesn’t resonate. As a result, applying this knowledge to your business strategy allows you to play at a different level, which inevitably makes you a better business owner.

It’s important to note…

The DiSC model provides a common language everyone can use to better understand themselves and adapt their behaviors with others. Certainly, maturity, education, and life experiences are all factors in our leadership and work styles. And, depending on the situation, we can exhibit one style more than another, as we are all a blend of these four traits.

What I do I like best about the DiSC Personality Test? This information can change an entire business strategy, for the better. If you’re ready to see an improvement in communication, team dynamics, and productivity, book your Business Coaching session with me today. 

It’s time to raise your standards.

ActionCOACH Clients Fall 2017 GrowthCLUB

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I’m always excited for our quarterly GrowthCLUB sessions; this one had me feeling lots of gratitude and pride for the work that my clients have done over the last quarter. I’m eager to see how each business strives to reach their goals and close out 2017 strong. 

Here are a few of the incredible folks that I get to spend time with each week. I see part of my job as an advocate for each of them, and I encourage you to check out their businesses and see how you might be able to partner with them in the future! 

Business Owner Awards

I gave three awards this quarter, to extremely deserving owners. Read on to find out who and why!

Mindset

The “Mindset” Award went to Gloria Ramirez and Mara Natkin of Artery Ink, for sharing their positivity and dedication to growth with everyone they interact with! (PSA: EVERYONE needs their product – from beautifully illustrated greeting cards to tee shirts, a calendar, and a coloring book, they’ll have something for your gift-giving needs!) These gals would also love for you to share their art on social media – you’ll find them on Twitter, Facebook, and Instagram.

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Light At The End Of The Tunnel

The “Light At The End Of The Tunnel” award went to Dave and Laina Johnson of Cabinetry by Artistic Design (Dave is pictured below with myself and BJ Parrott of Milwaukee Metal Products Co. and Laina is pictured below with Mara Natkin of Artery Ink). Dave and Laina are a father-daughter team who took their goals seriously in Q3 and have made super headway! 

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Grace Under Pressure

The “Grace Under Pressure” award went to Jackie Steinmetz of Accelity Marketing for keeping her cool when a staffing situation went off the rails, which resulted in a win-win for her business and reputation. Jackie couldn’t join us last week, as she was in Boston for Hubspot’s Inbound conference – way to stay on the cutting edge of your field, Jackie!

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GrowthCLUB Sponsors

I also want to take a moment to thank the businesses who sponsored Fall GrowthCLUB. These four organizations jumped on-board and shared some great info. throughout the day. Much gratitude to all of you!

Law Offices of Rick D. Steinberg

Rick Steinberg of the Law Offices of Rick D. Steinberg (pictured below, between Cortney Ihde of Executive Women International and Kamal Irani of STAT Transcription) shared that he not only specializes in estates and probate, but can help business owners with debt collection as well. 

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JDBC Tax & Books

John Leidey of JDBC Tax & Books (pictured below with Gloria Ramirez of Artery Ink) asked our group how many of us like paying more than we should to Uncle Sam – then shared how he can help us understand and structure our businesses to pay less! 

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Filament

Kelly Andrew of Filament (pictured below with myself and Dan Trimboli from Pure Sound & Vision) hosted the happy hour following the event. Her team joined us to take pictures, and I can’t stop raving about their online marketing services (ahem…it might even be someone over at Filament writing this blog!) 

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Wisconsin Bank & Trust

Wisconsin Bank & Trust was my only non-client to participate in the day, but I knew from testimonials from a number of my clients that they are a great organization who want to support business owners. Nick Pierce, Business Banker (pictured below between Richie Burke from GoGeddit and Kelly Andrew from Filament) talked about the importance of being able to get a line of credit to a small business. 

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Great Clients = Growing Businesses

It’s a pleasure to work with all of my clients, and I’m eager to see what they produce in Q4. Until next time, here are a few more shots of this incredible group of owners. 

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Mara Natkin & Gloria Ramirez from Artery Ink, Jaime Hayden of Flying Squirrel Pilates, Torrey Nagel of Better Partners, Joel Walker & Allen Cooper of Ancilla Partners, Inc.

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Sadie Tuescher from  Wisconsin Health Insurance Advocate and Joel Walker from Ancilla Partners, Inc. 

 

S.M.A.R.T. Goals – Power Ahead to Q4!

Business Coach Milwaukee

Why Do Goals Need To Be S.M.A.R.T., Anyway?

S.M.A.R.T. goals are the most effective way to set yourself up to actually achieve your goals. Before you even start your quarter, you’ll have an action plan for potential obstacles and most importantly – a deadline to work towards, which will keep you accountable.

SMART Goals Action Coach

Many business owners set goals on a quarterly and yearly basis, yet many don’t actually hit those goals. The problem is that they are missing prudent information in order for them to be successful. Visualizing your success is only one piece of the puzzle – the most important piece is the action that must follow.

S.M.A.R.T. Goals Are: Specific, Measurable, Achievable, Results-Focused, And Timely

Below, I’ll break down exactly what to consider when designing your S.M.A.R.T. goals:

SMART Goals Action Coach

Making a goal specific means you are able to pinpoint:

  • Who needs to be involved
  • What it is that you want to accomplish
  • Identify requirements or restraints ahead of time and prepare for them

Avoid setting yourself and your team up for disappointment due to a simple oversight. Do the work ahead of time and you won’t end up with surprises.

SMART Goals Action Coach

Additionally, without having a solid method for measuring your progress, or defining what “success” looks like, you’ll never know when you’ve crossed the finish line.

Ensuring your S.M.A.R.T. goals are measurable means asking the following questions:

  • How much?
  • How many?
  • How will I know when it is accomplished?

Answering these questions will help you stay on track and regroup if necessary in order to reach your targets.  Utilizing a method for measuring progress allows you to support your team in their goals, too. Also, you’ll feel the excitement as you get closer and closer to your goal.

SMART Goals Action Coach

A business goal should stretch your abilities, but still be possible. As you design your goals, ask yourself the following questions:

  • Are the necessary resources available to you?
  • Can you afford to do it?
  • Is the amount of time you’ve committed to realistic? 

Reflecting on these questions can assist you in identifying opportunities you previously overlooked or additional resources. 

SMART goals Action Coach

What is the result you are looking for? Step back from the specific activities that need to be accomplished and visualize what exactly “success” will look like.  Being clear about the results you’re working towards will keep you focused until you’ve achieved success, and keep distractions at bay. 

SMART Goals Action Coach

Every goal needs a target date so that you can hold yourself and your team accountable. Having a specific and challenging deadline also keeps everyday tasks from taking priority over your long-term goals. Answer the following questions for yourself:

  • What can wait to get done six months from now?
  • What is the most important thing for me to do today to reach my goal?

Your answers will help lay out your action plan all while being realistic. 

If You Aren’t In The Habit Of Being S.M.A.R.T. Just Yet…

This could not be a better time to start. With Q4 fast approaching, why not ensure that you end your fiscal year with a bang!  S.M.A.R.T. goals encourage the preparation and focus needed to take success into your own hands. 

If you feel ready to move your business to the next level, contact me today! We can connect with a complimentary consultation – with no obligation to sign up for coaching afterward.  We will work together to redefine your dreams and vision and then put into place the necessary strategies and tactics to turn your business venture into a thriving one. 

 

To Discount, or Not To Discount

Many of my clients have been tempted to discount their service or product in order to get more customers – I encourage them first to think about the cost to their business. Owners should be apprehensive about discounting, and consider the long-term effects of their decision.

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Cutting Your Prices Costs You Money

It’s simple math. You currently run your business at a particular profit margin (divide your net income by net sales to come up with your profit margin). When you run a discount and take in less money from your customer, you’re cutting your profit, which will force you to make some difficult decisions like: 

-using lower quality materials

-reducing the level of service you provide

-reducing the speed at which you deliver your service

-paying your employees (or your self!) less 

Consider this carefully: discounting not only costs you money, but risks your reputation. When you run a promotional discount, it sends the signal that having the lowest price is all that distinguishes you from competitors.

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Let’s say your current profit margin is 40%. If you give a 10% discount, you would need to increase your sales by 33% just to maintain your current revenue! For a 20% discount, you would need a 100% increase in sales. A 25% discount? You would need to increase sales by 167%! As you can see, even a “small” discount can wipe out your margin.

How Discounting Dismantles Your Business Goals

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All of my clients set impressive growth goals for their businesses quarter after quarter. I encourage each owner to consider whether running a discount will put them behind on their goals, both short and long-term. It’s likely that instead of getting ahead, they’ll be playing catch-up. Discounting is just a short-term fix which will likely have negative long-term effects on their business.

How To WOW Your Customers Without A Discount

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We tend to think that potential customers only buy based on price – but in reality, perceived value is more often a deciding factor. It’s as simple as this: when you cut prices, your customers perceive your product or service as less valuable. Once you’ve started discounting, it’s challenging to stay out of the cycle of continuous discounts, as customers start to expect them.

 

Instead of opening the door to discounts (and lowered expectations and perception of value), wow your customers with flawless customer service and a reliable, high-quality product or service that will keep them coming back for more. And if you don’t believe you’re worth every penny you charge, I can help you change that mindset (email me to see if you qualify for a free coaching session!)

Think Before You Discount

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As a business owner myself, I understand the lure of getting a rush of new customers through the door. However, I highly recommend that you consider the amount of money you’ll be giving away as part of a discount, and examine where it is better utilized. Perhaps what your business really needs to be successful is effective marketing, sales training, or upgraded resources to execute your craft. 

If you’re struggling to pinpoint what steps are necessary to see your business grow, working with me – an ActionCOACH certified Business Coach – can help. Take my Business Health Check Test here and gain clarity on your next step toward greatness!