The 10 Laws of Life

Being a real fan of simplicity I love these very simple insights to the ideal laws of life.....

Life Law #1:   You either get it, or you don't.

 Become one of those who gets it.

Life Law #2:   You create your own experience.

Acknowledge and accept accountability for your life.

Life Law #3:   People do what works.

Identify the payoffs that drive your behaviour and that of others.

Life Law #4:   You cannot change what you do not acknowledge.

Get real with yourself about your life and everybody in it.

Life Law #5:    Life rewards action.

Make careful decisions and then pull the trigger.

Life Law #6:    There is no reality; only perception.

Identify the filters through which you view the world.

Life Law #7:    Life is managed.  It is not cured.

Learn to take charge of your life.

Life Law #8:    We teach people how to treat us.

Own, rather than complain about how other people treat you.

Life Law #9:    There is power in forgiveness.

Open your eyes to what anger and resentment are doing to you.

Life Law #10:  You have to name it before you can claim it.

Get clear about what you want and take your turn.

Source: “Life Strategies” by Phillip C. McGraw,

    New York: Hyperion Books, 1999.  ISBN 0-7868-6548-2

Compete on Value not Price

Discounts versus Profits

Do you have (or have you ever had) one of those salespeople who thinks that giving a discount is the easiest, quickest way to make a sale?  Of course, they may be right, but what about the profit (your profit) they’re giving away?

If your product has a profit margin of 30% and your salespeople give a 10% discount to make the sale, you’re losing a massive, one-third (33.333%) of the available profit!

During a seminar for the buyers of a large retail group with branches all over the country, an attendee shared the following tactic: “My job is easy.  I just let the salesperson make a full sales presentation.  I ask questions and listen to their explanations.  When they’re finished, I simply say, ‘I’d like to place an order with you, but your prices are too high...’ and I then simply sit there and enjoy myself, because the once-confident salesperson suddenly doesn’t know what to do or say next.  With much less conviction and enthusiasm, they may repeat the benefits and features of their products, but most of them get in to see me by giving me a lower price in the first place.  Whatever new price is offered, I usually respond by saying, ‘You’ll have to do better than that!’  And more often than not, they do…in fact, do better than that!  I get lower prices by just sitting there, enjoying the game!”  The buyer isn’t stupid.  But you don’t have to lose.

If you are selling, or have others selling for you, you must protect your price and your margins.  Teach your people not to hesitate or stutter when a buyer insists on a lower price.  Start negotiating!  Start using tactics to hold firm on your prices.  Sell value…perceived and real

Here’s Why:

Do you think it’s possible to work 50% less and earn the same income from selling?  You bet it is!  Here’s how:

Suppose your company sells pumps, with selling price of £10,000 per unit.  Assume that your net cost per pump is £7,000.  That means that the net profit on each pump would be £3,000.  If ten pumps are sold at the full price, the net profit for your company will be £30,000.  Compare this with again selling ten pumps, but this time at a discount of ten percent.  The total selling price for ten pumps is then £90,000.  The net cost for ten pumps remains at £70,000.  The net profit has decreased to only £20,000 compared to the original transaction £30,000 where no discount was given.

If your company continued to sell at ten percent discount, then you’d have to sell 15 pumps to achieve a net profit of £30,000.  Here’s how it looks:

Sales             Discount          Gross Sales                 Net cost                        Profit

10                    0%                 £100,000                         £70,000                       £30,000

10                  10%                    £90,000                         £70,000                       £20,000

15                  10%                  £135,000                       £105,000                       £30,000

What are the lessons to be learned from this example?

A ten percent discount means your company must sell 50% more units (15 instead of 10) to earn the same profit pounds.

A ten percent discount means someone has to work 50% harder to earn the company the same.

By not giving discounts, in essence the company can “work” 50% less and earn the same income.

In spite of this, you might still think, “But, if I don’t give discounts, I’ll lose sales!  It’s an industry norm to give them...everyone does.  If I don’t give discounts, they’ll go to the competition!”

And you may be right, of course.  You may lose a few deals if you don’t give discounts…but the good news is you can afford to…and still make the same or more profit.

The Power of Curiosity

Being Curious

Curiosity killed the cat, they say…but only after it had used up its nine lives.  Being inquisitive and interested in people, things, and events is an admirable characteristic, both because it increases your own learning and also because it’s infectious.  If you display curiosity, those around you will be more curious than they would otherwise have been.

This will not only empower you you'll gain greater understanding, stronger relationships and learning from your friends, employees, peers or fellow networkers. 

An open, enquiring mind is a pre-requisite for continuous learning and development.  The alternative, a closed mind, is a recipe for stagnation and for the rate of change to exceed the rate of learning.

If you’re not already the sort of person who displays curiosity, it’s possible for you to learn to become so.  How easy or difficult this will be depends on your starting point.  If you feel curious, interested, and inquisitive…but don’t exhibit those behaviours, it’s comparatively easy to adopt behaviours that will demonstrate your curiosity.  You could, for example, embrace a commitment to talk to people about what interests them, ask lots of questions, and demonstrate how interested you are in them.  By feeling interested you’re already halfway there and these behaviours should be quite easy to adopt.

If you don’t feel interested, it’s quite possible to feign interest.  Most people will discover that if they pretend to be interested then they start to feel interested (fake it till you make it).  Your outward, exhibited behaviour will affect your inner feelings…rather than the other way round.

Curiosity provides the springboard for learning and development.  Curious, inquisitive people tend to:

• ask lots of questions

• think out loud

• play devil’s advocate

• dig and delve to find out more

• formulate and reformulate “theories”

• have lots of ideas

• challenge conventional thinking

This is an admirable list.  The downside is that people who are curious will often flit, butterfly-like, from one interest to another and not sustain their enthusiasm for any one thing.  As a result they fail to see things through to a conclusion.  They are good starters, but poor finishers.  If this describes you, even just sometimes, you can correct this tendency by working to maintain your interest, continually checking to ensure that your people are completing the things they've started.

Consistent curiosity is vital…the lifeblood of continuous improvement.  All learning and development emanates from an insatiable curiosity.

And that’s worth thinking about…

As Winston Said, 'Failing to Plan is Planning to Fail'

In my adult career prior to Business Coaching, I have only known the experience of having a plan and in a paradoxical twist understood fully that no plan survives contact with the enemy. In today's business context that certainly relates to the customer; 'no plan survives contact with the customer'.  That said without  plan you'll be running blind, reactive and unsure where you're going. With a plan and more importantly an 'end state' or 'intent' you achieve focused drive with knowledge of what you are doing and why. Planning focuses the mind and helps maintain discipline.

Here's my top tips on why planning forms a crucial element to getting started in business and remaining on course throughout.

1. The 'higher commander's intent'. When you first experienced that entrepreneurial drive to break away from a job and become your own boss; the business owner, you had a vision. That vision was the embryonic view of the future of your business. Knowing where you wanted to go the next question how you were going to get there, and communicating that journey to your team, bank manager or customers. Articulating the vision and forming the plan gives the focus and impetus to follow a course of action towards the success. The intent or the bosses intent is a written plan which tunes all parties into activities and action with a focus on achieving the intent.
2. By virtue of having a written plan you will have a series of milestones leading to the intent, to the vision. Essentially being able to chip away every day at the milestones will really highlight the progress step by step. A record of the journey and progress.
3. Focus on purpose. The actual process of writing and articulating your business plan will ensure you remain focused on the fundamentals, the lifeblood of the business. 

• The financial targets.
• Identify and focus on the target market with clear market research.
• Remain clear on the service or product for the customers. Details on the various aspects of customer engagement, managing their expectations.
• What is the marketing strategy, just how you are going to create the customer base.
• What the competition are doing.
4.  What if? A detailed business plan will enable strategies to be formulated taking into account various outcomes based on cause and effect. Having identified various potential outcomes will offer a series of solution and planning decisions to be made on the most probable course of action and have contingency in place. This increases the likelihood of achieving certain results and what actions need to be taken. 
5. The business plan forms the narrative for the cashflow forecast (finances in general), telling the story in numbers and supporting in words, it is afterall all about the numbers. A plan will also highlight the probability of success, show potentially when the return on investment will occur and what your targets are.  

Here's the important paradox in having any plan, they change. Having gone through the planning process will give you a great resilience and active response to the plan changing. Essentially you'll have a course of action in mind, likely to have worked through the potential of change and have contingency, being prepared. Arguably having the intent, the medium and long term vision in mind will allow you, the team and those who are invested in the business plan the dexterity to apply themselves in a manner to keep the end in sight.

Starting and running a business requires vision, a purpose and belief that you can succeed. Having a written plan with the vision in mind will increase the likelihood of success. See also my previous bloggs on why planning is so important. 

Carrot, Egg or Coffee Bean

A young woman went to her mother and told her about her life and how things were so hard for her.  She didn't know how she was going to make it and how she wanted to give up.  She was tired of fighting and struggling.  It seemed that as one problem was resolved, a new one arose.  Her mother took her to the kitchen.  She filled three pots with water.  In the first, she dropped a handful of carrots, in the second she a few eggs, and in the last she placed ground coffee beans. She let them sit and boil without saying a word.  In about twenty minutes she turned off the burners.  She fished the carrots out and placed them in a bowl.  She pulled the eggs out and placed them in a bowl.  Then she ladled the coffee out and placed it in a bowl.  Turning to her daughter, she asked, "Tell me, what do you see?"

"Carrots, eggs, and coffee," the daughter replied.  The mother brought her closer and asked her to feel the carrots.  The daughter did and noted that they got soft.  Mother then asked her to take an egg and break it.

After pulling off the shell, daughter observed the hard-boiled egg.  Finally, Mother asked her to sip the coffee.  The daughter smiled, as she tasted its rich aroma.  The daughter then asked.  "What's the point, mother?"

Her mother explained that each of these objects had faced the same adversity…the boiling water…but each reacted differently.  The carrot went in strong, hard and unrelenting.  However after being subjected to the boiling water, it softened and became weak.  The egg had been fragile.  Its thin outer shell had protected its liquid interior.  But, after sitting through the boiling water, its inside became hardened.  The ground coffee beans were unique, however.  After they were in the boiling water they had changed the water.  "Which are you?" she asked her daughter.  "When adversity knocks on your door, how do you respond?  Are you a carrot, an egg, or a coffee bean?"  Think of this: Which am I?  Am I the carrot that seems strong, but with pain and adversity, do I wilt and become soft and lose my strength?  Am I the egg that starts with a malleable heart, but changes with the heat?  Did I have a fluid spirit, but after a death, a break-up, a financial hardship or some other trial, have I become hardened and stiff?  Does my shell look the same, but on the inside am I bitter and tough with a stiff spirit and a hardened heart? Or am I like the coffee bean?  The bean actually changes the hot water, the very circumstance that brings the pain.  When the water gets hot, it releases the fragrance and flavor.  If you are like the bean, when things are at their worst, you get better and change the situation around you.  When the hours are the darkest and trials are their greatest do you elevate to another level?  How do you handle adversity?

So, which are you…a carrot, an egg, or a coffee bean?

Some people make the future; most wait for the future to make them.

And that's worth thinking about…

Have great Christmas and Awesome 2014

As always at this time of year we now begin to reflect on the past 12 months, what changes have we made, how much did we achieved or didn't achieve and where we might go next year. We'll make New Years Resolutions, 'just so we can start the year on a high! Then a couple of weeks later we'll be convinced it wasn't really important, didn't really matter and get back to REALITY!

NOT THIS CALL SIGN.........as we used to say in the Army. I have had the most Awesome 2013, with significant change and now I'm set on achieving even greater success in my life. I have a plan, focus, I know what I must achieve, better still I know how I'm going to achieve it.

Can you say the same?

Take control of your destiny, make 2014 your most prosperous year with clear focus, drive and motivation towards your dreams and aspirations. Stop self doubting, stop listening to those who support you with the condition of a BUT! Believe in yourself, know what you want to achieve, know where you want to go, what you want to do, what you want to share. Then go and do it.

Have a truly awesome Christmas and your most prosperous New Year EVER!

WHY DO I NEED A BUSINESS COACH

Why Should You Have a Business Coach?

 

 

A Business Coach is just like a sporting coach. A sporting coach pushes an athlete to achieve optimum performance, provides support when they are exhausted and teaches the athlete to execute plays that their competition does not anticipate.

A sporting coach will make you run more laps than you feel like. A sporting coach will tell it like it is. And a sporting coach will listen.

The role of the Business Coach is to coach business owners to improve their business through guidance, support and encouragement. They help the owners of small and medium sized businesses with their sales, marketing, management, team building and so much more. Just like a sporting coach, your Business Coach will make you focus on the game.

The owners of small to medium sized businesses find it hard enough to keep pace with all the changes and innovations going on in today's modern world, let alone to find the time to devote to sales, marketing, systems, planning and team management, and then to run their businesses as well!

As the world of business moves faster and becomes more competitive, having a Business Coach is no longer a luxury; it has become a necessity.  Your Business Coach at ActionCOACH Northwest Houston is trained to not only show you how to increase your business revenues and profits but also how to develop your business so that you as the owner can work less and relax more.

Your Business Coach will become your marketing manager, your sales director, your training coordinator; your confidant, your mentor. Your ActionCOACH will help you make your dreams come true ...

 

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The GROW Model

The GROW Model is a tool which can help you or your coach to set goals and develop the action plan.  Whilst it is most commonly used in the context of one-on-one coaching, it can be employed in the context of personal goal setting too as a gauge to ensuring the goal is truly attainable. The GROW Model is essentially a framework for directing effective questions about the goal and its achievement.  It consists of 4 stages:

 

Goal: This stage involves us focusing your attention solely on the goal that you desire.  Here it is important that we employ all the tools and guidelines applicable to goals and the goal setting process.  The outcome of this stage should be a goal that is both clearly and precisely defined; accepting of course that it may well change in the future.  It will almost certainly require a self dialog and asking yourself questions, such as “what do I want to achieve”, “how might I make this goal more specific”, “how can I make this goal measurable” and “do I really think that my goal is achievable by me through my own efforts”?  We might also ask ourselves, “are there any sub-goals that I might include as milestones to reaching my goal” and “when do I want to have achieved my goal by”? Many of the questions can be formed though the SMART approach.

 

Reality: This stage involves us considering your current situation by reflecting upon where you are “now” in relation to the goal.  This must be done objectivity, however it is very easy at this stage to allow limiting beliefs to creep

in; be cautious.  Often people distort their reality with the opinions, judgements, expectations and beliefs of other people, in addition to those that they undoubtedly hold themselves.  For this reason it is important you maintain a degree of detachment and be descriptive rather than evaluative.  At the end of this stage it is usually worth checking that the original goal that we made is still valid and holds a level of priority, a solid reason why.  Many people find that they need to amend it in light of what they have learned about themselves during the reality stage.  The type of questions you ask yourself may include, “what is my current situation now with respect to my goal”, ”how close to my goal am I”, “what are the reasons for this” and “how do I think achieving my goal will make me think, feel and act in the future”? 

 

Options: Having looked at the reality of the current situation, this stage involves considering the options available in terms of how you might make the goal a reality.  It is important to recognise, however, that the purpose of this stage is not so much to find the “right” answer, as it is to create and list as many alternatives as possible.  In doing so, you should continually try to think “outside of the box”, whilst reflecting objectively on the relative strengths and weakness of each option, what things we might already have in support of each option, and yet other things you might need.  Throughout this stage you must

remain aware of negative assumptions such as “that option wouldn’t work” or “I wouldn’t be allowed to do that”.  By asking yourself effective questions, or better still getting other people to ask them, such as your coach, you can over-ride this negative and self-limiting tendency and challenge the reality of our situation by asking ourselves “what are the reasons for me thinking this way”.  Similarly, the “what if” approach often produces yet more options.  In this way you may ask yourself, “what if I had more time” or “what if this wasn’t the case”.  Often, however, you might be unable to see an option that someone else can, so be open to suggestion.  Here, you may ask others, “are there any options that I haven’t yet considered?”  But having asked the question we must at least be prepared to consider the answer!  Examples of other questions that you might ask during this stage might include “how might I achieve this goal”, “how have other people achieved similar goals” and “what other options might I have open to me”?

 

Will: Whilst the Options stage is about what you “could” do, the Will stage is about what you “will” do.  This is arguably the most important stage because it is the one in which decisions are made and from which action is derived.  It is during this stage that you ask yourself “what option/'s will I choose?”  Having run down our list of options and summarised them, you may well have just one preferred option that you wish to act upon or several that you wish to implement at once.  Alternatively you may prioritise several options on the basis of “if that doesn’t work then I’ll do this”.  Once you have made your choice, it is often a good idea to check that our chosen course of action will help achieve your goal.  It is then essential to commit to your time scale by asking ourselves, “when will I start working towards my goal?”  If we have employed the GROW Model properly, committing to our action plan in this way is the natural conclusion to the goal setting process.

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