Tag: Business Mastermind

Creating a Successful 2015 – 3 Important Keys to Growth

Barb Stuhlemmer | Posted on December 30, 2014 |

Are you looking to create a more successful year in 2015? What are you planning on doing different?

If you want something different to happen you must do something different and this is often the challenge of creating more. Different sometimes means ‘more of the same’, but often that is not possible. The challenge with growing a business is usually that we get to a place in our business where we are so busy, and we are so invested that we have no more time and no more money to do ‘more of the same’.

Creating a more successful business takes doing something new. Doing something new is almost like starting a new business. There is new development, implementation, marketing, operations, costs, and customer support. You wouldn’t start a new business without a plan so don’t start a new year with a new focus and no plan.

1. What are You Creating?

Doing what you do

Be very clear about what you are planning on implementing. If growth simply means taking on 5 new clients per month doing what you currently do, then first you need to evaluate if:

what you do is selling well enough now to be able to sell more
you have enough time to service 5 more clients running the way you currently do
you will need the same, more, or different marketing to reach 5 more clients

You may need to change your product, hire someone to manage other things in your business or create a new marketing campaign to be able to attract and handle 5 new clients.

Planning for an increase in sales may take shifting your resources and adding more or new duties. Look at all aspect of your business evaluation and determine where you need to make changes.

Doing something new

If growth means creating a new product or service, reaching a new target market, opening a new branch, selling franchises, or licensing your business model then you have a much bigger plan to make. Don’t skip making a plan just because you have done this before. Success requires knowledge of the endpoint and a grasp of what it will take to get there.

Where to start

Start with the end. Where do you plan on ending? What does your ending point look like? Be specific. Do you plan on creating a new service? Describing the product is likely the easy part. You already have this as it was the vision you had seen when you first thought of growth. But don’t stop at ‘I want to create a new program and it will have 5 levels and take 9 weeks.’ You need to know everything about it.

What will it cost me to run this program (in time)
What will it cost my business to manage this program
How many new clients do I need to cover the cost of creating this new program
How many clients do I need to breakeven on the cost of the program
What will it take to attract these new clients
What other resources do I need (new website, more help, investment, etc.)

2. What is the Plan?

Figuring out how to get your business working should not be left as a surprise for the end of the year. If you set something in motion you should know the outcome and if it is not what you expect you should make changes along the way. Don’t just make your plan and hope you get what you expect to get next New Year’s Eve.

Now that you know what the end looks like work backwards.

If you know it will cost you an extra 15 hours a month to run the program, book 15 hours a month for the program in your calendar right now. Figure out when you will offer the programs and make it real.
If running the programs does not cost you any extra money then great, otherwise, figure out how you will pay for that cost when you don’t have any clients. If you cannot afford it (e.g. you have a manufacturing process that must be developed and optimized) then look for other ways you can pay for it (investment, loan, pre-sale deposits, other income) while you build up your sales.
Determine how you will pay for the creation of the new product. My favourite way to launch a new product is to offer it at a reduced price for a short period of time to the people that already love you. Getting your clients to pay you a little to create something new is a win-win. You get to start, they get to learn, you get feedback, they get support.
If it will cost you more to support this new number of clients than you can afford in time and income, you need to evaluate what you are charging. Know what your time is worth and how much of it you need to get paid for (not your company, but you).
Look at your current marketing. Is there any way you can get more clients from what you are currently doing? It is more likely that you will need to add a marketing channel or invest more time into your current channels. If your new product is a service or a program delivered by you, the best way to get new clients is to get out speaking. If you get your marketing right, you should have the clients you need at your product launch. This will help with the cost to launch a new product.
Know the cost of everything (in time and money). Don’t dismiss a cost just because it only took you an hour. One hour here – 15 minutes there – a week later on. Everything you do will add up and when you don’t know your costs you won’t understand why you have no time or why you are so overwhelmed and it may lead to a failure to launch.

3. What are the Steps?

Doing the work of your business is never a ‘One-off’ event. Everything you do leads into the next event, launch, sale, program start, etc. There must be a continuous process in place with timelines for each event, all the pre-event work that must be done, and all the post-event follow-up booked to be complete. Start with a marketing calendar, it will illuminate the steps and uncover the work that needs to be completed.

For example, let’s assume you plan on launching a new 5-level program on Monday June 1, 2015. It will take 3 months to deliver with 3 hours per week delivery time and 2 hours a week prep-work. You will deliver it 3 out of 4 weeks per month over the three months for a total of 9 weeks (at 15 hours per week).

Start at June 1 and put your program delivery times into your calendar.
Put your prep time into your calendar
Add follow-up time for the week (or more) following the program. Remember to ask for testimonials while you are following up.
Add up your new expenses.
What are you going to charge?
Define your expected sales income.
Now work backwards.
- What is the last date someone can sign up for the program?
- What events will you host to fill your program? Remember you will need to know your conversion rate for any specific type of event to know how many you will need to do to fill the program.
- What do you have to do to invite people to the pre-events
- Where else will you tell people about your program (website, flyers, business cards, ads, Google, networking). Book time and other resource now to ensure these channels get set up early so you are not challenged with technical work when you are trying to focus on inviting.
And work forwards
- What is the next program this will lead into? Make sure that it is in your calendar so while you deliver this program you are talking about the next step up. (The best time to convert a past client into another sale is when they are totally loving what you do and they are seeing the results of working with you.)

Every sale, every launch, every networking event, every speaking engagement, etc. is an invitation to a program or next event you are hosting. It is a constant process of filling your programs through your marketing channels. Fill your calendar with your marketing plan so you can fill your programs with new clients.

How To Make Less Risky – More Confident Decisions

Barb Stuhlemmer | Posted on December 17, 2014 |

If you have ever thought to yourself, “Hey, I’ve thought of that idea before. I could have been rich like that guy.” If you think you could have made money off an idea you had because you see someone else making money off of it, you are right. You can still likely make money off of that idea, but now you have an excuse not to do the work. The main difference between the person that does make money off an idea and those that feel they missed out, is the decisions that were made around what had to be done.

Everybody Dreams – Few Do the Work

Women Thinking

If you want to see a significant change in your business or life, like more clients, more income, bigger target market, larger territory, a new product line, more employees, more notoriety, etc. you have to be willing to decide on the change that must take place and then do the work. Decision making is a core entrepreneurial skill and you MUST learn to be good at this so you can take action when action is required.

As an employee, you were given tasks to complete and core responsibilities to manage. Your decisions were defined by the level of leadership you held.

New to the position? – do the work you are given.
Manager level position? – decide on events and issues that will affect the people that work under you and how you will respond.

Now that you are a business owner you are responsible for all aspects of your business. You must be able to make decisions easily and with clarity for the benefit of the business and all the people it will affect.

Confident decision making seems to be a weakness of women business owners in particular. I cannot tell you how many times I have had a successful business owner tell me she have identified a specific need for her business and then, after speaking to her non-entrepreneurial spouse, had decided that it would not be a great idea. The spouse, out of fear for a future they cannot perceive, will always default to a safe response, as only money = security to a non-entrepreneur. Money should always be a factor in your decision making for business but not the only factor.

Perspective without a view can hamper good judgement and stop growth. If the person making decisions in your business does not have full view of the big-picture, their perspective will now benefit the growth of your business. Either give them all the details or stop asking them for their advice.

Below are three factors that will help you with decision making. If your business decisions are clear about these three factors then you will start making less risky, more confident decisions.

1. What is Your Business Goal?

You should always be working towards a goal in your business and life. If you have no set goals (and that does mean it MUST be written down) you will not have the motivation to continually do what it takes to make your business work, especially when things are tough. You should have one ambitious long-term goal, a mid-range goal (1-2 years to complete) and several short term goals that support them. For instance:

Long-term goal – To have a successful national membership program with a minimum of 500 members country-wide.

Mid-range goal – To create a national program that has monthly meetings in 5 main cities across the country, with 25 members per city, paying a yearly memberships of $200 each, by 2016.

Short-term goal – Launch the first chapter by May 2015 with a minimum of 15 members.

Ask Yourself – How does this decision affect my goals?

2. Know Your Business’s Mission

My mission is to help business owners feel empowered to successfully implement big ideas in their business so they can make a difference to others in the world. When I look at decisions that I have to make for my business I first want to make sure it is in line with what I want to do, who I want to do it for, how I will provide that service, and why I want to do it. If my decision does not support my mission then it is likely a shiny object that I have been distracted by.

Ask Yourself – will acting on this decision further the goals I have set to support my mission?

3. Know How to Calculate Your ROI

Let’s talk about the money. Sometimes it is hard to spend the money required to make more money because all we can see is the expense. I know, I have this same issue. It also does not stop me from making key decisions in my business that will help propel my business growth.

Write down your answers to these 4 questions.

What is the Cost? – This is the obvious number to look at.
What can you change that will make you more money if you do this?
How much money can you generate from this change in your business?
How else can you pay for this?

The last question is the key to making more money. Looking for opportunities to reduce or eliminate costs is the best way to create an easy path to confident decision making. I recently heard a story about Richard Branson starting Virgin Airlines and how he reduced the risk of the expense of purchasing a Boeing Commercial Airplane. He made a deal with Boeing that they would purchase the airplane back from him in a year if he could not make the new airline company work.

In 2013 I was creating my event plans for 2014 and I knew I was going to be spending a lot of money on locations. I made an arrangement with a business centre to become my sponsor for the year. My clients were their ideal target market. I got the locations for free, they got online advertising with the programs and the opportunity to speak directly to my clients at the events.

Check-in

Does your decision further your goals; Is it in line with your mission and can you make enough money by investing your time, money or energy required to implement this decision so you can continue to grow your business

After passing these three check-points you can now look at your ability to fund the idea and make a less-risky, more confident decision.

Growth Through Osmosis

Barb Stuhlemmer | Posted on November 21, 2014 |

Osmosis is a scientific term referring to a process where atoms or compounds pass through a membrane from one body to another usually caused by a differentiation in concentration.

REALLY! What the F… does this have to do with Business?

We do what we do what we do… day in and day out. We will often look at our business and life and think, “I have to find a way to make a difference.” Every once in a while we go to an event or a networking meeting and we get motivated or inspired to move, but then we get back to our office and go back to our routine and we do what we do what we do…

The reason why we are so motivated or inspired after an event is the energy we get to experience from others in the room. This energy is in the form of conversation, knowledge, learning, value systems, opportunity, and likely several others things that we experience while exposed to the group.

We have an invisible membrane that allows us to function efficiently and stay safe. It keeps our routines and our path on track. As an employee we can safely stay in our membrane and do our work and collect our pay. In business what we quickly find is performing the routine of what we do best is not enough to continue to grow our business.

When we move into a group of people we can sometimes feel drained. If we are the highest concentration of knowledge and energy in the room with the desire to move while others look for safety in the day-to-day, then we are the one giving the energy and doing the lifting.

When we are in a room of like-mined people, all with different skills and abilities, with diverse experience and knowledge, with goals and desires, we are uplifted by them and share energy back and forth, depending on who needs what. When we go back to our routine we look for ways to hold onto it, but quickly go back to our known levels and find the inspiration leaks out of us again.

So what happens to a cell in science that is next to something with a concentration so high that the compounds rush in uncontrolled? The cell bursts because it cannot stretch quick enough to contain the new volume. It is the same for us in business.

When we are in the presents of greatness, like maybe having lunch with Sir Richard Branson, we are overwhelmed by the opportunities that could be ours. The concentration is too high and we cannot take on all the available energy in the form of knowledge as we cannot implement from our current level of knowledge and ability. We can either brush by the greatness, admire and see something smaller that we can do, or we can step in and buckle down for an incredible download and an overwhelming ride of growth, which may make or break us. Not impossible, but not easily sustainable.

So what is the key to retaining the momentum?

If we are surrounded by others that always have something we want, something we need to learn, something of value, we are always in the position to feel the differentiation, to increase our concentration of ability and knowledge, to be a receiver for the new and the wanted. Be with people that are willing to continually seek out the ‘new’ and develop their own abilities and bring it back to share with you. We can grow through the osmosis of learning from a room full of people that are willing to learn and share.

Surround yourself with like-minded people so that you can take sometimes and give others. You will continually grow each other, hold each other accountable, and keep each other in the momentum.

What Does Running A Campaign and Marketing A Business Have In Common?

Barb Stuhlemmer | Posted on September 25, 2014 |

Business owners have something in common with politicians and that is the plan that must be in place to successfully market your business or self. Here are 5 comparisons.

	Politics	Business
1. Brand	The brand of a politician is how he or she is personally perceived by the voters. Do you want to look like a corporate expert, a friendly neighbour, a caregiver, a dedicated professional, a wealthy provider? There are many different ways to show your worth and your position with your image.	The brand of a business is how clients perceive corporate value. Is the business fun (Coke), creative (Apple), cutting edge (Imprint Energy), trustworthy (Johnson & Johnson), service oriented (Zappos), corporate (Manulife Financial), etc. Your brand will identify you to your clients and what their purchase experience might be like.
2. Plan	Running for a political position has a known end date. Everything that happens in the time leading up to that end date is focused on the engagement of the voters. Having a plan on how to get in front of as many voters in a way that allows them to create a relationship with you so they will want to support you with their vote is the ultimate goal.	Your business will have campaign after campaign after campaign to continually engage your customers in an ongoing relationship. Each campaign has to have a plan on how it will be implemented with the dates and times of each engagement, launch, meetings, and sales call. As my coach would say “rinse and repeat” to ensure a continued loyalty of current customers and an attraction for new sales.
3. Location	The politician may ask, “Where do I expect to meet my voters? Wherever that is, that is where you need to be. At their front door, at a debate, on a website, in a video, on TV, at a coffee shop. Be where your voters are.	This is exactly true for businesses as well. If your clients belong to a specific association you should too. If your clients are likely to be at a large tradeshow or conference, you should too. If your clients expect to come to a store, call for sales, or purchase online, they should have that option. Be where you clients are.
4. Message	Politicians run on a platform, meaning they have a message they stand behind. It is focused on the challenges and problems they recognize need to be addressed and the structure and support that is in place to make the solutions possible. They promise some level of support and great politicians in a good government often have the chance to implement the change.	As a business owner you have more say in the direction of your business. The message of a business is the promise of service, experience, and quality or the product that is being sold as a solution for the needs of the customer. The message must be targeted to the person that is the ideal client.Like a politician, a message that does not speak to their constituent will land on deaf ears and they will not get the votes. Your message will not get you sales if you do not use the language that attracts your ideal client.

Have you seen a trend in the above points? They are all keys to reaching your target market and your ideal client. If you do not know your target market you cannot create an effective campaign or business.

5. Target Market

The Candidate must know their voters. It is impossible to appeal to every constituent that can vote for you so you must know who it is you most align with, you can most help, and who you really want to serve. If that person does not live in the area you are running in, you are likely in the wrong election.

Businesses must also know their clients. I recommend creating an avatar (detailed description/image) of the ideal client. This way everything you do for your business will be for them. The business will have more in common with the customer and it will be easier to build trust.For instance, let’s compare two world-class products, the iPhone and the Samsung Android. The iPhone does not appeal to my purchasing needs, not because it isn’t a great product but because I don’t use a MAC. On the other hand Samsung’s products speak directly to my needs. Both Apple and Samsung know their clients so well they speak directly to their needs, not just a push to sell. The result is, they sell more

You are not the only person in the world doing what you do or selling what you sell. If you want to attract more clients start with a description of your ideal client, build a powerful, memorable brand, and then plan where you will reach your client and what your message is that will get heard by them, so they will purchase from you.

Free Can Get You More Sales

Barb Stuhlemmer | Posted on September 10, 2014 |

Recently I have had several clients developing software applications and mobile apps. I’ve been in the software industry and software implementation in one form or another for over 2 decades so I’ve seen a lot of different models for development and product roll-out. The software I see and use seems to have a very different way of reaching their market: It starts with free.

I’m just taking serious note of it as I have had some friends create a new software program that has some potential for great value and they want to ask $420 a year to use it. When I tested the software and found several bugs and functionality issues I came to the conclusion that although they have something, it is not ready, in my opinion, to be a full offering. Here are a few things I think they have missed with this roll-out of their product, that apply to most businesses and some suggestions I think would gain them more clients up front and potential investors to create the full premium version of the software.

Start with Free

The best way to get people using your product is to offer some portion of it for free. The “Free for Use – Pay for Premium” model is used a lot for some of the biggest and best loved software applications right now. In the software industry it is almost expected. Here are some examples of software programs that have ‘Free for Use’ components and ‘Pay for Premium’ profit models.

Facebook.com and Google.com

Get connected, start relationships, and build a following for free. When you are ready to be in front of your target market on other pages they visit you can pay for ads. I would say Google is the granddaddy of this business model to the scale they have created. For years the founders of Google did not even want to charge. Their investors kept asking, “how are we going to make money if we didn’t charge?”

Well that all worked out for them, the users and the investors, didn’t it?

Hightail.com, Dropbox.com and Anymeeting.com

Hightail (formerly YouSendIt.com), Dropbox, and Anymeeting are all online support software packages that can be used for free. They are completely functional and provide amazing support to a certain level for free. Their profit model comes when people need more.

Hightail will send large files for free. If you want to track the downloads, keep records of your messages, brand your emails, or send extra-large files you can purchase one of their premium packages.

The same applies to Dropbox and Anymeeting. Dropbox is a cloud storage location and Anymeeting is for webinars. Want more storage… Want to record your webinar or host larger groups… that’s when they charge.

TheLadders.com

I admit, I have never used this website but I do know a great deal about it because it was the focus of a book by Bill Murphy (The Intelligent Entrepreneur). I know that they rolled out their software and enticed as many people as possible to use the software for free. Then they transitioned to a paid model.

Here is one way you may be able to use free to get more sales.

Give the software for free to get a large user base
Use the feedback to streamline the product for optimal value for your clients.
Evaluate how clients use the software to create a plan for a premium product.
Leverage the numbers of your current user base to get outside investment.
Use the investment to create a paid segment of your product that answers needs not fulfilled by the free version.
Roll-out the paid product marketing to your current clients first.
Create a marketing campaign to reach new clients and give your current clients bonuses for bringing in new clients.

If you can give something of value to start a relationship with your target market then think about giving all or some of it for free to get more sales later on. It may be the first step to your multi-million dollar enterprise.

Use Your Passion & Purpose to Create More Business

Barb Stuhlemmer | Posted on August 28, 2014 |

Without desire there is no motivation to make something happen that we actually want to happen.

We can certainly create a mess in our lives by doing things without intent. For example, look at the social rates of teen pregnancy, debt, obesity, addiction, etc. These happen because of a lack of passion, purpose and desire, amongst other factors.

Think about a time when you really wanted something; a new car, a house, new shoes. Even if you initially though you could not afford it, you would find a way if the desire was great enough. This is true for love, health, spirituality, stability, family, wealth, and business. If the ‘WHY’ is bigger than the ‘BUT’ you can make it happen.

Motivation comes from the desire to work in our purpose

The key is if you want a business that you can be happy working in when times are tough and you’re not in love with the work of the time, you have to be doing something you are passionate about. The passion will drive your desire to see it through. The achievement will fulfill your purpose in life, giving you the feeling of worth. We all want to feel what we do matters. We want to feel we add value and that we belong.

I know what I was good at and what I liked doing, but it wasn’t until my forties that i really understood my purpose. Before I understood how I fit into my world, I felt I was forcing my gifts on others. I have to tell you finding this path was not easy and it took outside help to see me for my greatness, release me from my doubt, empower me with my abilities, and help me put words to my gifts. One of my greatest experiences was to work with Nadia Tumas the Life Purpose Decoder. Her reading of who I am and what I do instinctively gave me the words to help great people live their purpose to their fullest.

Find the people that can see you, free your, and empower you to do your work every day with gratitude and you will feel purposeful in all you do.

Recommended Reading – ‘Think and Grow Rich’ by Napoleon Hill – chapter 2 “Desire”.

3 – 2 – 1 – September! No More Compromises

Barb Stuhlemmer | Posted on August 14, 2014 |

“No More Compromises!” This is what my client said to me this morning. I kicked her butt in gear and she now refuses to compromise on her value, her time, or any other part of her life. She is a powerful leader/celebrity and she’s now leaning in to her purpose.

We can be seen as an amazing, powerful, confident, leader and still not feel valued. If you have ever said this (and meant it) “I can help anyone…” then this may be you.

If you are still looking for ‘anyone’ then you are not valuing your worth. What I mean is, you will spend more time and make less money, help less people and give lower value to your clients with this attitude.

Do you want to stop? Do you want to not only be seen as an amazing, powerful, confident, leader but also live a wealthy, giving, abundant life? Look at these two aspects of your business for clues to changing your business attitude.

Stop sign that says GO

Pricing

If your pricing and products are confusing to your clients it makes it hard for them to make a buying decision. Take for instance a client of mine. Let’s call her Sheila (not her real name). Sheila had a booking page with more than 20 service options, all about the same price but each slightly different. When we evaluated the differences we found that people could not make a decision because they didn’t know what they needed. After all, Sheila is the expert and she will need to tell them what they need most.

Sheila had tried packages, but what they became was a few extra options on the same page – 22 options and still no clear reason to purchase.

The key was to find what all the options had in common. What does she offer to every client at every session? That is the start of all her packages. That is the key to finding a person’s need and then getting them into the perfect support. Sheila found the key and then created three levels of options that did not confuse people about what she was offering. She found their need and then gave them the option that addressed the solution.

That very week she got her first $2000 client (a package that was 13x more than her hourly rate). She didn’t even change her pricing, she just made it easier to buy.

Time

Answers the phone at the dinner table,
Can’t say no,
Feels jaded and angry about volunteer time,
Wants to make more money when there is no more time.

Do you know someone like this? Is this you? Your time is the one resource you cannot earn more of. You get X amount and that is it. So why, when time is so precious, do we often find ourselves wasting it?

If you say, ‘No More Compromises‘ to your time then try these tips:

Time to Respond

Give yourself time to respond to voicemail and email. Set time every day when you will answer calls and check messages. If you are afraid of missing a client, make sure you voicemail is very specific when they can reach you and how. I recommend adding a note your voicemail letting clients know they can email you to schedule a time to talk. Use your CallerID to answer urgent calls and let everything else go to voicemail when it comes in during times you are trying to do other work.

Think about how this works. If you call a client back and say, “Thanks for letting me call you back, I was right in the middle of helping another customer…” how will that person feel? They will feel like you will give them the attention they deserve when you are working for them.

Time to Volunteer

Make sure you have the time you promise to give. If you don’t you can become very jaded and angry. It will feel like people are using you. I had a client with a video production company. He volunteered for a local charity to create a video for them. He then did a flash-mob video for them. He was then asked to do another project. He was so angry. When I asked him why he said, “Don’t they know how much time this takes and how much time I’ve already given them?”

“I don’t know”, I responded, “do they know?”

It turned out he had never sent them an invoice. It could have been for ‘in-kind’ donation or zeroed-out invoice to show the value of what he had given them. They need to know so they can value your time. This will not add any cost to the charity’s bottom line but it did add value to his gifted time and his self-worth.

We are quickly coming up to the final quarter of 2014. For me, my fiscal year ends September 30 so I am almost complete. Are you going to be able to finish the year saying, “I made big changes that allowed me to help more people, reach more customers, and create a bigger life for me and my family,” or not? No More Compromises! Make your pricing easy to understand and give your time wisely so you can honestly say, “I’ve created something amazing, I get to do more and I’m better off for it.”

Overcoming the Fear of Growth

Barb Stuhlemmer | Posted on July 24, 2014 |

“Every significant accomplishment begins with one person stepping up and committing to making a difference” ~ John C. Maxwell.

There is a fear around spending more money, committing more time, giving up freedoms, or increasing time away from family and friends that stops so many business owners from doing what needs to get done to ensure their business grows. To make a difference in business a business owner must be focused on the work required to see it complete and committed to providing the resources needed to get it there.

Recently I had a Client share a story of a client of hers, who is in the wellness industry. They will give up comfort for their customers because they cannot afford the right equipment. They will even be willing to risk their own health by not having ergonomically functional patient examination equipment in their treatment rooms. Their goal is to buy these things, that they know they need to run a functional business by saving up over a 5 year period.

If they think their clients are going to wait 5 years for them to have the right equipment they will be wrong. Until then they cannot charge what they are worth because they don’t have the basics to make it valuable for their customers. By charging less it will take longer to save the money they need to purchase the equipment and likely it will never happen because the habit of ‘good enough’ will already be instilled into all their business practices.

A business owner must realize that there is no free way to start a business. Growth always starts with investment. So how do we overcome the fear of investment when we don’t feel we have the money or the time to give?

Have a Realistic Goal

Five years to purchase the equipment you need to do the work is not realistic. It would be like going into the new Target store and them not having washrooms for their clients. “We know we need washrooms and it is on our 5-year plan to invest in building washrooms in all stores.” Wouldn’t that be a ridiculous thing to hear.

Maybe not as ridiculous, but just as dysfunctional, are the statements that come from many business owners when it comes to their business growth. Statements like:

“I can’t afford to hire someone right now,” when they are completely unable to do all the work just to maintain their business. Where do they think the extra money is going to come from if they don’t hire someone so they can take on more business?
“My husband is finished school for the summer and he said he would help me,” was the statement from a business owner of 17 years looking for a new growth strategy because she was working too much and loosing clients. Where did she believe her husband’s new business prowess was going to come from this summer?

The intention to grow is not enough, you must have a realistic goal that cannot be reached by applying a little extra effort in the same places. A growth goal requires a clear vision that will propel you to do the things you have not done before so you can overcome the fear of trying something new.

Follow a Plan

Desert journey

A clear growth vision will give you the passion to do the work during the times when doing the work is difficult and a plan with steps that can be followed helps ensure that we don’t stop before we reach our destination.

Creating a plan takes a little bit of insight and requires the ability to gather knowledge about the resources needed for each component of the plan.

I was chatting with a real estate investor this morning. He has recently acquired several commercial buildings. He completely understands the value of offering an up-to-date space when it comes to renting offices for a premium, so he is on a path to update and renovate. He knows what the goal is, he has a vision for its value, he has created a plan to get there, and now he is collecting the resources needed to get the steps done.

The work feels easier when you can tackle each step in its turn. The fear comes when we don’t have a process and we try to tackle everything at the same time. The real estate investor knows he cannot have all the trades in his building at the same time. In between purchasing the building and gutting it he invested in more knowledge about development, government requirements and the trades so he could manage the project successfully for his business. The steps of his plan are easier because he is not guessing his next move and then having to put out fires as he goes.

Free Doesn’t Mean Without Cost

One of the biggest fallacies in business growth is to expect to use a free tool or cheaply acquired resource and it won’t cost any money. When I sit down with my clients and go through the costs of their programs or services, they often find that they are paying way more than they thought to create and deliver it. Bringing things from home, using free online tools, printing a few pages, paying for cheap location, etc. all add up. Usually not everything is accounted for. The one thing that is most often overlooked is the business owner’s own time. When they calculate that they have put in 10 hours for a 2 hour service then they do the math and realize they are working for less than $10 per hour.

We feel fear around growth because we know instinctively that we are working for a pittance and we cannot do more because we really cannot afford to do more.

When you build your plan you must include the cost of your time to implement and maintain free resources. For instance, using social media is very costly in time. In your plan, your long term goal will be to have the social media marketing managed by another person, so you must account for those hours in your estimated costs for growth. It will not be surprising to you that you are working for little money and it will not be surprising to you how much money you need to then hire someone to do the work. The timing and the resources will then be known for that growth step.

Fear comes when we don’t know what we are doing, why we are doing it, or how we will get it done. If you want to be on the path for a greater business growth you have to reduce or eliminate the fear you have around doing the work. Make your goals match your vision, create a plan with steps that you can follow, and understand what your costs really are.

You Can’t Grow Because You Can’t Afford To Grow

Barb Stuhlemmer | Posted on July 3, 2014 |

You Can’t grow because you can’t afford to grow and you have to grow to create the money, hire the people, and do the bigger things so you can afford to grow. It’s a classic circular stall.

Your Transition Point

What does a transition point look like? How do I know what to plan for?

Transition points are the place in your business where you realize you can’t…

– do any more business,

– handle any more clients,

– manufacture any more product,

– deliver any more services,

– Etc.

… because you need more resources. These are the resources you cannot afford at the current level.

This is the most misunderstood key to growth. Working to pay for a bigger business and do more sales that you cannot manage without more investment, which you cannot afford without more sales is a dangerous slippery mindset. Growth happens in these three steps:

Invest
Implement
Grow

That means that your transition point happens at the investment stage. You must accept that investment, whether more money or time, or both is your first step.

New work - New business - Transition Point I find that most business owners are stuck at a specific level because they do not have more time or more money. In the words of The Oracle from the movie The Matrix, “Bingo. It is a pickle. No doubt about it.”

Here are the places I look for resources in my business and for my clients. There are thousands. If you start down this mindset of “how can I…” instead of “when I can…” then opportunities will start finding you.

Finding Resources

Look for ways of breaking up the goal of your transition into smaller tasks. Starting now with a smaller investment can lead to more resources to use for the next step. For a client of mine this meant strategically getting her product to a new market at least 6 months earlier than planned without all the ‘bells and whistles’ and it gave her more income for her next steps of branding, new packaging, and a new kitchen.
Hire for non-skilled work first. If you are doing work in your business that can be hired-out at a low rate, something that only requires minimal training, then you can free up some of your time resources to put into your transition.
Automate and create systems. This will also free up time for you and the people working for you. If you do anything manually that can be handled by a free or inexpensive app or software then look into making that happen first.
Look at what else you can sell or who else you can sell to, based on what you currently offer. Examples like:
- A different package size
- A different market location
- A different distribution site
- Deliver online electronically instead of in-person
Can you give someone commission to sell your products? If your products are online then offer an affiliate commission and get your products into new hands. If someone else is doing the sales or some of these sales then you have more time.

The key to these strategies is that they either create more income or save you time that you can put towards your transition. Taking a smaller step will cost you significantly less than going right for your next big step, freeing up capital and time for your big growth steps.

Don’t put off growth for later or it will likely never happen. You must always be in growth mode working towards your transition points.

Failing vs Traditional Education… What is the Fastest Path to Success

Barb Stuhlemmer | Posted on June 20, 2014 |

Like parenting, running a business does not come with a handbook or guide. There are plenty of experts with plenty of insights, stories, and advice to share, but like kids, every business is different and requires a unique and customizead strategy. Many business owners will start a business thinking that having the knowledge of their product or service will be enough to be able to make money and it might for a while, but the business side will eventually catch up with the owner and overwhelm them with challenges. Just because you are great at something does not mean you don’t need training for everything else and here is why. When you start a business you are of course the expert at what you plan on creating. The hats you wear in your business are more than the expert, designer, developer, and visionary, because if you have not hired anyone else to work in your business your hats include potentially all of these (or more).

C-Level management
Marketing strategist
Website developer, manager, and support
The corporate face (chief networking officer and brand manager)
Finances (CFO, accounting, bookkeeping, accounts receivable and payable, clerk, corporate value, contracts & loans)
Legal (contracts, customer disputes, employees, contractors, incorporation)
Operations (delivery, manufacturing, product creation, development, maintenance, quality control, shipping, inventory, and customer support)
HR (payments, contracts, disputes, employee benefits & support, Health & Safety)
Sales (prospecting, presentations, contracts, administration of, follow-up, stay-in-touch)

If you have not yet read Michael E. Gerber’s E-Myth books, I highly recommend you do so. In his third book, “The E-Myth Mastery” he tells his story about having a successful business, with over 100 people working for him and grossing millions of dollars in business, that almost went bankrupt. Hearing his struggle to keep things moving forward, to pay his debts, to save face and integrity is difficult. He attributes this downfall to his lack of focus on his money and the people he hired to look after it. If you are running a business of one or one-hundred, you are responsible for the business growth and failure. You have to know what is going on, and that means training. Here are my top 5 recommendations for training:

#5 Traditional Education

This route will not be right for most entrepreneurs. It requires a longer time commitment (1 year or more). The great thing is it can often be done as a part-time program, allowing you to start or run and grow a small business while you learn. The benefit of this type of education is the recognized credentials that come with it, which can often open doors more quickly. The downfall of this type of education is that the professors and instructors may not have any entrepreneur background and the content may be out of date or too theoretical. My policy is that all knowledge is valuable and can be applied, but if you have to bridge the gap between knowledge and real-world application, you will need more time.

Look for Entrepreneur programs in colleges and universities. There is a trend to offer programs that focus on entrepreneurship. I teach at Georgian College in Canada that offers both Entrepreneurship diplomas and post diploma programs.
The Kauffman Foundation has created entrepreneur programs that are offered in many other locations.
Business programs, like an MBA are offered at many universities worldwide and produce amazing entrepreneurs.

#4 Conferences

Attending conferences that focus on business development can be one of the best ways to get up-to-date knowledge from current, legitimate ‘doers’ (the people in the trenches of business). Choose conferences that have speakers you are interested in hearing from, topics that are current, and content that is valuable to your learning needs. There are literally thousands of conferences every year. On my way to a conference in Colorado I spoke with a woman who was going to attend a conference that focused on apartment management. One of the main speakers this year was Barbara Corcoran and Michael J. Fox and last year they had Richard Branson. If you don’t know these incredible leaders then look them up. I looked through their agenda and all the breakout sessions would have been valuable to any business owner (branding, marketing, managing clients, etc.)

#3 Paid Programs from Experts

Experts in your field are often offering free and paid programs. Go and learn from the best. Don’t just learn what they teach, observe what they do and model the pieces that will work with your growth. Many experts (like me) have free programs to get you started. Do the work, then be ready to invest to go deeper. Darren Hardy has an investment rule for his education. He puts 10% of his yearly earnings into learning from people that are ahead of him in ‘the game’ of business. If you are unwilling to put out any money as an investment in your #1 corporate resource (you) then you are already on a track to fail.

#2 From A Mentor

Do you have someone in your life that is successful and you look up to? They don’t have to be wealthy or running a multi-million dollar business, they just have to be doing something really well that you would like learn from. I have been fortunate to have had many mentors throughout my life. Even as a teen, my boss at the pool store where I worked taught me how to be a strong leader in business and how to treat clients and employees. She was well liked and people treated her with the respect she had earned being friendly, supportive, and a straight shooter. She was no pushover, which in a time when women were not as well respected in leadership roles was impressive and unusual.

Who do you know that could teach you new skills, which you could use to run your business? Always be looking for that person and you will continue to have mentors over the years.

Note – you must also be willing to be a mentor. You will learn a great deal from this position, including how to be a great leader.

#1 By Failing

Yep, the number one way (in my opinion) to learn is to do the work knowing that it is not going to be perfect and that you are going to fail on occasion. The key to learning from failure is to be willing to accept that you did something that did not work and know how to evaluate it. The way to the best answers is to ask the best questions. Questions like “What went wrong?” Don’t just accept the first answer to this question, you need to dive down deep to get all the nuances of everything that could be a factor in the event.

If you would like a tool to help you evaluate a problem then try a Fishbone Diagram. This will help you brainstorm the major categories of causes of the problem, like:

Sales process
People
Training
Contracts
Tools (like software)
Procedures
Materials
Suppliers

By using this tool you will ask a lot of questions around your company and its processes and it will generate some great ideas for improvement.

Expect to be learning for the rest of your life. You can stop, but I bet your competitors won’t and that is when things will change. It is easier to stay on top when you are acting on new opportunities and learning about the industries trends and economic change, then it is to catch up after the opportunities have passed you by and your competitors have seized the market.