Posts Tagged ‘Coach’

PART 2: POWERFUL WAYS TO ADD VALUE TO YOUR BUSINESS: Posted by Cherie Eilertsen

July 2, 2012

5. Spend less time fighting fires and more time growing the value of the business. 

6. Develop a simple, powerful strategy to guide the business to success and take it to the next level. 

7. Put systems in place to improve quality, efficiency, and customer loyalty. 

8. Have a trusted adviser or Business Coach to talk to about the business, including a sounding board for new ideas. 

9. Grow and develop as a leader and business owner. 

10. Prepare the business for sale, and to get the most money possible for it when cashing out. 

The purpose of building your business is to create & build goodwill. If you create goodwill you create a sell-able business. If your business is not sell-able, then you have created a job, rather than an asset.

Posted by Cherie Eilertsen

 

The Stupid Business: Fifteen Guaranteed Signs That Your Business Will Fail

May 10, 2012

If you have a few minutes now, stop what you are doing, fasten your seatbelt & read this. Hectic stuff! Best advice ever! If you “like” the Cherie Power Coach page on facebook & you will receive great articles regularly.

by Cherie Power Coach on Wednesday, May 9, 2012 at 5:59pm ·

Following is a copy of our most popular article ever. Business owners nationwide and overseas have downloaded and requested reprints, and business people use it successfully to attract clients & reframe their businesses. 

Here is the article: 

The Stupid Business: Fifteen Guaranteed Signs That Your Business Will Fail 

There are smart businesses and stupid businesses.

Smart businesses grow profitably, generate cash flow, increase in value over time, and operate without significant input from the founders. Stupid businesses aren’t set up to do any of these things, and are destined to eventually fail. 

Following are fifteen signs that you might have a stupid business: (with kind permission Andrew Neitlich) 

1. Marketing is not a priority. It is a sad but true fact that the most successful businesses do not always provide the best products or services.

Often, less deserving businesses do better because they make marketing a top priority. If your business isn’t using at least seven different channels to get visible, then it is at risk. 

2. You do not have a detailed cash flow budget and projections. Cash flow and profits are not the same thing, and the number one reason businesses fail – even those with strong potential – is because they run out of cash. It is essential to know how much cash you have, and how much you will need in the near and mid-term. Use a variety of different scenarios to assure enough cash in case of unanticipated problems or delays. 

3. You aren’t developing sources of leverage.

Businesses that last learn to operate without depending on the founders or owners. Smart businesses have standards, systems, and documented processes in place to provide leverage for owners and grow without depending on one or more key people. 

4. You don’t have an “edge” in your marketplace.

If you are a me-too business offering the same service, pricing, and products as everyone else, you won’t last long. You need some sort of edge that matters to your prospects and customers and keeps them coming back. Your advantage can include proprietary technology, product leadership, operational excellence, unique distribution channels, protected sources of labor or supplies, and more. 

5. You provide lousy customer service. No business owner ever admits to providing lousy customer service, and yet too many businesses do just that. It is crucial to understand your customer’s expectations, know the “magic moments” when you can make or break the customer’s experience, measure results, train employees to delight customers, and put in place standards and processes to assure consistent service. 

6. Your business lacks focus. Entrepreneurs love to start new things up, and this can be deadly for cash flow and customer perceptions. Know what you do well, and for whom, and be the best in that niche. Don’t have visions of grandeur. Don’t try to own the whole world. It is expensive to launch new products and enter new markets. For instance, a local boxing gym decided to get into kickboxing and mixed martial arts. They quickly lost their loyal base of boxing clients, without attracting enough new martial arts clients. Fortunately, the owner saw his mistake and regained his focus on boxing. 

7. You don’t have the right people to succeed. Businesses need talent – “the right people in the right seats on the bus” as Jim Collins writes.

If you don’t have systems in place to recruit, train, reward, and retain top talent, your business won’t last as long as it otherwise could. 

8. You spend too much money on things that are unrelated to getting more customers and meeting their needs. Larry Ellison of Oracle used to say, “If you aren’t making it or selling it, what are you doing here?” Prune your business expenses to focus on those activities that add direct value to the customer. For instance, I worked with one business that had huge legal expenses related to contracts, trademarks, and patents. The business ran out of cash because of these costs. It would have been smarter to first test its products, use do-it-yourself legal services, and then spend money protecting its assets after proving market demand. 

9. You don’t set a clear direction that every employee understands and embraces. Many business owners keep their strategy and goals in their head, without communicating clearly to employees.

It is much more powerful to have a dialogue with employees about where you want to take the company, what it can do best, how it can make more money, and resources required to get it there. 

10. Your fixed costs are too high. Constantly find ways to reduce fixed costs. Thanks to technology and the increased acceptance of contract labor, you can have a lean, mean, virtual organization and avoid huge overhead. 

11. Your attitude is wrong. One of the biggest reasons businesses don’t last beyond the life of the original owner is because the owner cared more about ego, status, and maintaining control than on having a successful business. Strong business leaders surrender control to top talent, and place greater emphasis on bottom-line results than on their status or ego. 

12. You don’t live by metrics. The best businesses pick a few key things to measure and constantly improve on those metrics. Examples include:number of leads, conversion rate, dollars spent per transaction, repeat business, and gross profit margin. 

13. Your business fails the five forces test.

Michael Porter devised the five forces model of competitive advantage. If you don’t have lots of control over your vendors or customers, face significant government regulation, work in a highly fragmented industry with lots of competition, and anyone can easily enter your industry, then your business could be set for lots of trouble. 

14. Lots of cash goes out before cash comes in.

If your revenue cycle requires large outflows to generate cash inflows, then you are perpetually at risk of losses. For instance, imagine an event promotion company that needs to put down huge deposits in the hopes that lots of people will come to the event; that is a highly risky business and it is no wonder that so many promotion companies come and go. 

15. You can’t easily predict future revenues.

The best businesses know that $X in marketing will generate $Y in sales, every time. The worst businesses face highly unpredictable revenue streams. To bring back the example of the promotions company, it is extremely difficult to know on a given date whether lots of people will come to an event or not, especially events with large ticket sales the day of a show. Poor weather, competing events, local traffic jams, and shocking news can all ruin an event. 

If your business meets even a few of the above criteria, I wish you the best of luck. You are going to need it.

Cherie Eilertsen

Is ‘Short” in?

January 13, 2011

Short & punchy is better than long & tedious. Short is in. In a world of clutter, people don’t have much time to read:

  • long blog posts
  • long sms’s
  • long emails

Write short email’s & they will be read. My general rule for email is that, if an email can be viewed entirely in the recipient’s reading pane, it will be read.

As a product of my product, I shall keep this post short 🙂

by Cherie Eilertsen

Understanding colours for business – part 1

December 7, 2010

The choice of colour in business has more of an impact on an individual than immediately meets the eye. Different colours symbolize and can change moods, feelings and actions, which can all be used to enhance the message being sent out.

One often reads of people being green with envy, down in the dumps and feeling blue or seeing red with anger. Psychologically, colours change even change ones appetite. So, colours add to the image created in our minds and it is no different when viewing a website or company logo for the first time.

                                        WARM COLOURS
Red:
The colour red grabs the attention of people and is one of the most powerful colours available, symbolizing fire, passion and love. It can raise blood pressure, motivate people to take action and shows strength. It can also symbolize anger, war and fighting. Pink on the other hand represents the calmer feminine side of beauty and romance.

Orange:
This colour represents warmth. The colours of autumn come to mind and even though orange carries many of the positive attributes of red, it has a more calming effect. Orange can stimulate the appetite and represents health. Just think of the packaging used for vitamin supplements.

Yellow:
Yellow represents warmth, light, freshness and sunshine. It also symbolizes energy associated with hope, but can be linked to weakness.

These colours generally make a positive statement, so consider using them in your website and logo designs. The fresh, warm and powerful statements of these colours could easily represent a long-standing company with strong traditions.

Part 2 of 3 will cover the cooler colours and how they have been brought into the corporate world for a more reserved and professional look.

National Association of Realtors – convention

September 30, 2010

The IEASA has put together an NAR trip for this November. If you are interested in joining them on this trip and you have never been before, it will truly change your life.

Herewith their brochure and details:

IEASA NAR convention information

SA Cricket – team fixtures for October

September 30, 2010

These are the Protea’s fixtures for the month of October. Consider including this in your out-going communication.

OCTOBER 2010

8th South Africa v Zimbabwe Pro20I Bloemfontein 18:00
10th South Africa v Zimbabwe Pro20I Kimberley 14:30
15th South Africa v Zimbabwe ODI Bloemfontein 14:30
17th South Africa v Zimbabwe ODI Potchefstroom 10:00
20th South Africa v Zimbabwe ODI Benoni 14:30
27th Pakistan v South Africa T20I Abu Dhabi
29th Pakistan v South Africa ODI Abu Dhabi
31st Pakistan v South Africa ODI Abu Dhabi Cherie Eilertsen