Women's Business Blog

TIP OF THE WEEK: 3 Reasons To Hire A Business Coach

The entrepreneurial spirit in America is alive and well and growing exponentially due to the current economic conditions. Yes, more small businesses are started during a recession than at other times as our history has shown over and over again. Entrepreneurs are born out of necessity from being laid off, cut back on salary and/or bored from lack of excitement in their current endeavor. Starting a small business is the answer to these situations as well as the juice that provides the adrenaline rush a dormant entrepreneur requires to awaken to their destiny.

However, having the entrepreneurial bug is not enough to insure that you will succeed in your path as a small business owner. Having the know-how to provide a product and/or service does not automatically mean you have what it takes to run a business. Putting together a team of expert resources to assist you is as important to your success as is what your business offers. That team should consist of a business lawyer, an accountant, a banker and a business coach. The first three individuals have clear job descriptions in helping you reach your goal as a small business owner. Too often the business coach's role is less transparent.

There are three major reasons to hire a business coach.

First, entrepreneurs tend to start and grow their businesses with blinders on. Focusing on one task at a time and needing to make decisions fast and furiously, (s)he must look at each problem at hand and find a solution that fits the here and now. A business coach has the ability and role of looking at the business from 30,000 feet and can assist in assessing how decisions impact the bigger picture. A business coach's first job is to maximize your potential as well as your business' by providing you a sounding board and making you aware of all the options available.

Second, a business coach is an objective observer of you, your business, your employees and your customers. With this special perspective, (s)he can share insight on every aspect of running the business which leads to improved performance by all involved.

Third, a business coach is a trusted advisor who can keep you from feeling isolated and share your stress, yet put the business first when you get off track. Yes, your business coach's role is to assist you in being the best CEO you can be, but at the same time make sure your mistakes are learning experiences and result in better leadership for the business.

There are sports coaches, and actor and voice coaches. The most successful people have coaches. And, the best coached individuals make the most in their professions. You and your business deserve the type of individual attention a business coach provides. Successful business people know that they don't have all the answers and they seek opportunities of self awareness.

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Women's Business Coach: TIP OF THE WEEK: Attracting New Customers

Whether you are a brand new business or have been in business for generations, the challenge is always identifying those who will buy from you.The traditional way of attracting customers has been to advertise. The question is advertise where and with what message. There are magazines, newspapers, radio, TV, the internet - including your own website with SEO - direct mail, billboards etc. But the question remains which one will most likely attract your customers. In our current economy, financial resources are scarce and you most likely will be unable to spread your message to all the media outlets that you would like. As your business coach, I would ask you to STOP and think about the 80/20 rule of business. In other words, 80% of your business comes from just 20% of your customers. With that fact in mind, take it a step further and focus your attention on that 20% being your best source for referrals. Ask yourself what have I done for my 20% lately? Providing the product and or service that they are paying for doesn't count as what you need to be doing to get these folks to refer business to you. There is no better way to attract new customers than to utilize your BEST customers as a referral source. Ask them for testimonials. Ask them for referrals. Ask them who they know that might need what offer. Ask them for their opinion on what you should be doing to attract more customers JUST LIKE THEM. The old adage "knock and the door will open. Ask and you shall receive" actually works in business. Most of us don't ask for the business and, women business owners especially don't ask for help.So, start today by focusing your attention on your best customers (those 20% ) to attract new customers. Whatever the special sauce you've shared with this group will be the key to attracting your next customer.

HIRE VICKI TO SPEAK AT YOUR NEXT EVENT!

 

Women's Business Coach: TIP OF THE WEEK: Pricing

How do you put value on what you do? This is one of the top questions I am asked as a business coach. I believe strongly in developing a business plan. I don't care how sophisticated you think you are or your business is, a business plan demonstrates, in black and white, your expenses and therefore what you MUST charge for your work. The majority of women I work with under value their work for their clients. Although you have spent years perfecting your craft or expertise, you still believe you don't deserve the BIG BUCKS! Get over it! You deserve to be paid a fair price for what you contribute to your clients and their business. Most women entrepreneurs dive in many years after they have finished school and applied their talents at other corporations. They have put in the time to charge at the highest level for their expertise -- yet, for whatever reason, they feel uncomfortable telling those that want to hire them that they are worthy. Let me share my own story, as it changed my life early in my career. In 1990, I was 39 years old. A very good client of mine was impressed by my work and wanted to hire me to do work for him on the side. He asked me to come and meet with him. I had a full time job making a pretty good living at about $65,000 per year. He wanted me to work part time to advise him on marketing. I went to the meeting wondering how this could possibly work. He told me how impressed he was with my talents and how much he would appreciate my ability as an advisor to his marketing team. Then he asked me, "What would you charge to work with our company monthly to advise us on our marketing/pr program?" There it was an opportunity to really take on the world and show myself to be the true entrepreneur I knew I could be. I quickly assessed the situation and thought, "would he think $500 per month would be asking too much, or maybe $100 per month since I was already in a 40+ hour a week job?" All this was going in my head when he looked at me with those intense eyes and said, "What do you think, could you help us out at $5000 per month?" I couldn't believe my ears. He wanted to pay me almost more than I was making now full time just to have me available to his team to provide my opinion on their marketing materials. I swallowed hard and said, "Yes, I think that would be fair." To this day I wonder what color my face was and how I managed to keep a straight face and accept his offer. I learned a very important lesson that day. NEVER under value your talents. NEVER under estinmate how others see you. You have worked hard and you deserve to be paid fairly for your work. So, this week's tip is to do your best to look outside yourself and ask yourself if you are truly being paid for your experience, talents and all you do for your clients. I promise you, no one will ever walk up to you and demand to pay you more..you need to make that demand of yourself. You are worth it. Now go out and price the contribution you make in the business world at a number that makes you feel a chill. That's the only way you'll know you've priced yourself right.

5 Things Every Entrepreneur MUST Do

You've finally done it! You've launched your own business. You can now call yourself an entrepreneur. Now that you have the title and the business, do you know how to be successful? I share with my clients the top 5 things every entrepreneur MUST do to not only be survive but thrive.

1) Develop a team of experts. Interview and find the following professionals to work with as you build and grow your business: business lawyer, accountant, tech consultant, banker and business coach. Each of these experts will bring you service and support that you cannot expect to know yourself. So, even if you begin your business as a sole practitioner, do not assume you can do without this important team. As you grow you'll need to expand this group with an investment advisor/financial planner, recruiter/HR professional and more.

2)  Keep a daily journal. Starting a business is like any journey - it has a beginning, a middle and an end. It also has bumps a long the way. The best way to keep track of the road is to write about the progress each day. Keep it simple and just write down the facts. Over time you will look back at it and be amazed at how you managed to get over the challenges. It will remind you that you have been down and gotten up. It will remind you that you can never be so secure to believe that you won't be down again. In other words, it will keep you humble. 

3) Toot your own horn. Visibility in business is everything! You and your business must be out there and everywhere all the time. You are the best salesperson your business will ever have and if you don't promote it who will. Obviously, if you are a sole proprietor this is even more important, but either way - you must be singing the praises of your product and/or services every minute of every day (24/7). This is where social media comes in to play. Start a blog and make a commitment to blog at least once a week. Create a LinkedIn account and make sure you use it for your business. Search the web for articles on your business and comment as often as possible so you will be seen as an expert in your field. And, don't discount your local newspaper, particularly if you have a small local business. Become an expert for the local journal. Offer to write an article or do a Q & A on the industry. Newspapers love columns and this is your way of getting exposure to your local business market. Don't ever forget - if you don't toot your own horn no one will toot it for you.

4) Network-Network-Network. People do business will people they know, like and trust so make sure people get to know you. Join your local business group as well as trade organization. Go to meetings and make sure to volunteer for a committee. Get involved - not just to make contacts for new business, but to meet other entrepreneurs. The bond between entrepreneurs can be very special and when the going gets tough it is important to have people who understand to reach out to. The number one issue consistently sited by women entrepreneurs is isolation. So, be prepared and network to give and get business as well as to make new friends.

5) Be true to yourself and your values. Business is not easy. You will have difficult decisions to make. You may at times be asked to compromise your principles. Your actions do speak louder than words and they won't be forgotten. Ask yourself how important your credibility and reputation are to you. No matter what happens to you or your business, people will remember how they were treated. Make sure you look in the mirror every day and are proud of what you have built and accomplished.

Entrepreneurship is not for everyone, but for those who dive in the pool make sure you don't drown.