Money Fear: Solve your Puzzle

Money Fear If you are a small business owner, you are probably familiar with MONEY FEAR! Are you going to let facts guide your fear, or will you retell your story to solve your puzzle? Like all fear, money fear is not caused by your circumstance.  Money fear comes from your story about your circumstance…a future story about a current circumstance. You don’t know the future, but it feels real and impending, and it only exists in your mind.  How do you deal with nightmares?  You wake up.  How do you deal with money fear?  You wake up.  It’s not a huge financial crisis, it’s simply a math puzzle.  You protest and find yourself listing facts, not telling stories.  “You don’t know my situation!!  I’m drowning in debt.  My house is in foreclosure and I may become homeless.  I have stacks of unpaid bills and am hounded daily by collectors.  My credit cards are maxed.”   Descriptions like drowning, devastation, overwhelm, depression, and hounding, create feelings of anxiety, a rise in blood pressure, depression, and stress.  To effectively address the situation, you need to be astute, present, fully functioning, and ready to take action. I suggest that you drop your current nightmare story and retell it.  You have a challenging puzzle to solve.  You have an interesting mountain to climb, and an exciting adventure to walk through.  You are still alive, and thinking, and have some friends and family and resources to help you.  Once you reframe your story, you need to list the objective facts in writing.  Then create a strategic, prioritized response and action plan.  And then get into action.  It may take many steps, several months or years, even most of your remaining life to solve this puzzle.  But fear, depression, devastation and high-level stress are all optional, counterproductive, and unnecessary.   PJ's Pic  ActionCoach-logo
YOUR CHALLENGE THIS WEEK:  Find someone outside your situation to help you reframe your story and create your action plan. If you would like further information or you have any questions about this blog, you can email me at pjweiland@actioncoach.com or call 847-739-3079.
For your complimentary business coaching session visit, www.bestchicagobusinesscoach.com.   Build a Business image 3 (small title) To register for our complimentary workshop, How to Build a Business you can Sell, visit www.workingonthebusiness.com. Let’s work together to help your business grow. 

Being Understood Starts with Understanding

Being Understood (2) “I just don’t understand why they don’t listen to me!”  Have you ever had that thought? Do you have employees?  Do you network?  Do you go to meetings?  Do you feel as though nobody listens to you? The fact is that people do not listen and understand you because you are not listening to them.  You talk, explain, analyze, preach, propose, and offer advice and instruction.  The reason that they do not listen and understand is because you have not listened and understood them.  You will understand them only when you listen to them. Understanding them leads to you being understood.   First, ask an open-ended question (Who, What, When, Where, and Why).  Then, be present.  Be engaged.  Quietly listen.  Then ask another question.  Feel where they are.  See how they see you.  Then ask another question.  Listen for a long time, without offering your wisdom or giving solutions.  Just listen and UNDERSTAND.  After truly understand them will you be truly understood yourself. When you truly respect and listen, and understand another human being, it opens the possibility for a real conversation.  What they understand is that you care and that you truly understand and respect them.  They might even ask you a question, and seek to understand you.  Now wouldn’t that be an interesting response, that they want to listen to you? If you are ready to be heard.  If you have something valuable to share.  If YOU want to be understood, you have you start with understanding! PJ's Pic  ActionCoach-logo
YOUR CHALLENGE THIS WEEK:  Listen to somebody this week.  Don’t just listen, but fully understand them.  Do they ask you questions in return?  Do you end up being fully understood yourself? If you would like further information or you have any questions about this blog, you can email me at pjweiland@actioncoach.com or call 847-739-3079.
For your complimentary business coaching session visit, www.bestchicagobusinesscoach.com.   Build a Business image 3 (small title) To register for our complimentary workshop, How to Build a Business you can Sell, visit www.workingonthebusiness.com. Let’s work together to help your business grow. 

Leadership Mirror

TEamwork To build a great team (the HAVE) in a business, there are two essentials that you, as the leader, must define and communicate. One is your core values (the BE). The other is accountability structure (the DO). Core values are absolute non-negotiables.  I recommend three to seven clearly defined core values.  The fewer the better.  If you want to discover your core values, list and describe the attributes and attitudes of your top three employees.  Narrow that list down to the 3 to 7 values that must be core for each member of your team. Use these absolutes to hire and fire.  These core values must be non-negotiable.  If a person does not fully embrace your core values, they cannot be on your team.  Jim Collins in his classic, Good to Great, says this is “getting the right people on the bus.” Once you have a team of people that fully embrace and practice your core values, then you must determine the right “seat on the bus” for each one.  To do this, you must define the seats in your business based on function.  Each seat must have a specific set of accountabilities defined.  For a person to be in a seat, they must get it, want it, and have the capacity to fulfill those accountabilities. I frequently hear frustration and complaints from business owners concerning their employees.  I hear comments like“They just don’t care” or “They seem so unhappy” or “They never seem content and always want more.”  Or the owners are experiencing: Workplace drama.  Lack of focus.  Apathy. Mediocrity. Immaturity.  Blame. Absenteeism. Gossip. Gently, I remind the business owner that your team is a mirror of your leadership.  You have the team you build.  The team you deserve. Ouch!  “That’s not fair!” You protest.  “I can’t force people to change and do the right thing, and I certainly can’t change their personality!!”  I would agree that you fundamentally cannot change other people.  However, there are a couple of things you can do that will assure you have the right people doing the right things. Take a look at your core values and how you are living them in the business.  Then take a look at the accountability structure you have in place and how effective it truly is. Here’s the bottom line.  Your team reflects your leadership and business management.  Clarifying and communicating your core values and accountabilities will provide the foundation for you to build a great team.  There is much more to creating a great team, but these two foundational components are essential. PJ's PicActionCoach-logo
YOUR CHALLENGE THIS WEEK:  Clarify and communicate your core values to your team?  Do you see a profound affect on them? If you would like further information or you have any questions about this blog, you can email me at pjweiland@actioncoach.com or call 847-739-3079.
For your complimentary business coaching session visit, www.bestchicagobusinesscoach.com. Build a Business image 3 (small title) To register for our complimentary workshop, How to Build a Business you can Sell, visit www.workingonthebusiness.com. Let’s work together to help your business grow. 
 

The Gift of Today

10You have been given an extraordinary gift…TODAY! Mindfulness is the key that unlocks today’s value. Start off today with gratitude! You should fully appreciate the fact that you are alive today because this could be your last day on earth.  Today is the beginning of the rest of your earthly existence.  Make sure you pause to think about and appreciate that today is a gift of another day of your life. Choose to use all of today! Since today is a blank canvas, transform this day into something amazing!  You have been given the chance to create something wild and wonderful.  What will you choose to create?  What picture will you choose to paint on your blank canvas?  Fully participate and create something beautiful and joyful.  Celebrate your gift of today with color! End your day by reflecting! Reflect and savor your gift of today!  Share your reflection with someone close to you.  Celebrate your victories!  Relive your challenges!  And learn from your struggles!  Don’t underestimate the value of today. You, my friend, have been given the gift of today!  Appreciate it.  Live it.  Savor it. PJ's PicActionCoach-logo
YOUR CHALLENGE THIS WEEK:  Reflect on a moment from today, either personal or business related.  Will you celebrate, relive, or learn from that moment?
If you would like further information or you have any questions about this blog, you can email me at pjweiland@actioncoach.com or call 847-739-3079. For your complimentary business coaching session visit, www.bestchicagobusinesscoach.com. Build a Business image 3 (small title) To register for our complimentary workshop, How to Build a Business you can Sell, visit www.workingonthebusiness.com. Let’s work together to help your business grow.
 

Dangerous Discounting

Motivation-Picture-Quote-Failure-and-Success It seems that everyone is focused on price. It seems that everyone wants a deal. The larger retailers spend a ton of money promoting in the media and it would seem that because of this we are all required to do the same. You’ll hear them say, “Don’t worry, we’ll make it up on volume.” Don’t be fooled by this. The fact of the matter is that most businesses on average return about 10 percent on sales before tax. This means that after deducting the cost of the goods or services sold and all expenses incurred in running the business, there is 10 percent of the original sale price left as your profit. So if you discount say by 10 percent then the 10 percent you are giving away is the same 10 percent you would have made in profit. So typically, a 10 percent discount will leave you with no profit. Here is another example to demonstrate the dangers of discounting. If your present gross margin is 30 percent and you give a 10 percent discount, you need to increase your turnover by 50 percent to make the same amount of profit. Discounting is not always bad.  If you have obsolete or seasonal stock or specific cash flow requirements this can be used as a specific strategy, however, there should be specific cut-off points when using these strategies.  When planning the profit for a particular product be sure to calculate how much you plan to sell at full price and how much you plan to sell at a discounted price for the lifetime for the particular product. Many smaller retailers will discount because their competitors are and not really consider what it might be costing them.  One of the main reasons small businesses discount is to acquire customers.  It is far more profitable to work out some clever marketing strategies than to discount for this reason. In reality, experience shows that most customers attracted to a business through discounting, rarely if ever comes back again. Discounting in business should be dealt with very carefully.  Because it is so prevalant, business owners get trapped into thinking that it is a legitimate and profitable strategy and are often the worst offenders within an organization. Clearly there is more to it than meets the eye and it should be used with eyes wide open. PJ's Pic  ActionCoach-logo
  YOUR CHALLENGE: The next time you are inclined to discount, stop and review the profit margin and look for other marketing strategies that will create the same effect without impacting your bottom line. If you would like further information or you have any questions about this blog, you can email me at pjweiland@actioncoach.com or call 847-739-3079. For your complimentary business coaching session visit www.bestchicagobusinesscoach.com. To register for our complimentary workshop, 6 Steps to a Great Business, visit www.workingonthebusiness.com.  Let’s work together to help your business grow.