STOP DREAMING & START ACHIEVING

Your 10 Point Goal Setting Challenge For 2014

Many years ago I was introduced to the concept of writing down my goals in December for the year ahead. This meant being very specific about the actions I would take to achieve them, where this was possible. My friend explained that before you write your goals down they are just dreams or wishes waiting to happen. At the time I was not convinced but hey, what the heck, it couldn't do any harm so I gave it a go.

That was the start of amazing experiences, where instead of a life of holding on to hopes and dreams I began to realise a life of achieving them. Not only do you have a motivating plan of actions to follow during the year but also something else quite remarkable happens. I was told to include in my goals a couple of things that I believed I had no way of achieving. So the first year I decided to write down a long held desire to visit America. I had no money to afford a holiday and so in my opinion it was still a dream.

There was no way that I believed that by just writing it down the dream would become a reality. However, to my amazement before the end of the year I had met and made friends with an American lady who invited me to visit her home the next year! This was the start of many of my dreams becoming a reality. Just need to clarify one thing. Not all of them come to fruition and never in the timescale you expect or wish for!

That’s the thing, you have to be patient and keep transferring your wishes into goals. I still have one that has been on my list for years and years – to design and have a house built. At some stage every year I draw out my designs. Each year they are refined. Yet, I do not have the money to make my dream a reality. However, something keeps holding me to my dream and finally this month I am taking steps to move it from the drawing board into bricks and mortar. Will my dream be realised? I still don’t know but the fun is in watching for the opportunities and then taking the steps to move you forward.

Always remember that the pathway to achieving your dreams may be in a slightly different direction. I have spent years looking for land to buy. I have been frustrated by financial constraints holding back my dream. The problem was that by knocking my head on a brick wall trying to make it work I had forgotten to step back from it and look for the opportunities. Guess what happened when I eventually did that? I realised that if I can get planning permission I have enough land to build the home of my dreams right next to my present house.

I feel excited and motivated for the New Year after writing my goals and action plan. So here are my tips for your 2014 Goal Setting Challenge:

1.       Start with the goals you feel sure you can achieve.

2.       Set actions to make them reality.

3.       Write down one achievable action per goal that can be carried out early in the New Year.

4.       Make sure your actions are achievable. This helps to motivate and keep you on track

5.       Make sure each action has a date that it must be completed by.

6.       Plan how and when you will review your goals and update your action plan. This is important if you are to move things forward.

7.       Include a couple of goals from your dream/wish list. These are the ones that you have no idea how to move them forward.

8.       Set the goal of increasing your awareness of opportunities to progress your dreams into actions to achieve them.

9.       Where there are barriers in your way take a step back and look for the opportunities. The pathway may be in a slightly different direction.

10.   Stop dreaming and start achieving.

Want to get more creative? Then watch and be inspired.

Don’t miss out on the ending as it is brilliant!

TOP TIPS FOR BUSINESS SUCCESS

From 6 Top Business Owners

Last week’s Entrepreneur Wales 2013 Big Debate at the University of South Wales was an inspiring event run by The Welsh Assembly Government. The speakers and panelists completed the event by giving their personal Top Tips for new entrepreneurs….

Alan Bristow, CEO ICON Corporate Finance

·         Sell, Sell, Sell

·         Surround Yourself With Positive People

·         Do Business With Excellent Companies

Stephanie Murdoch, CEO and Co-Founder of Comparison Creator Ltd

·         Be Realistic

·         Be Tenacious

·         Be Ready to Roll with the Punches and Take The Knocks

Warren Flauvel,  CEO & Founder at 5aWk

·         Go with Lean Start Up – simple yet focused & well researched business
          plan

·         Launch Ugly – don’t wait for everything to be perfect

·         Listen a lot

Simon Powell, CEO Eysys

·         Believe in Yourself

·         Always have a Mentor

·         Don’t be afraid to make mistakes – learn from them

Tim Morgan, Co- Founder Mint Digital

·         Listen to your ‘gut’

·         Use Your Instinct to tell when to start and stop anything

·         Find Others Who Empathise

David Murray-Hundley, Founder Adaro Red & Co-Founder Pario Ventures

·         Love What You Do

·         Help Others and ‘Give Back’

·         Have Five People You Trust 100%

ONLINE SECURITY

Is Your Business Protected?

What is one of the biggest threats to small businesses these days? Believe it or not it is something that 20 per cent of Federation of Small Business members have not taken any steps to protect themselves from:

e-Crime

The UK’s crime statistics demonstrate that the incidence of e-crime is high and increasing. In July 2012 RSA dealt with 250,000 attacks, on average about one per minute. Three years ago, 87 per cent of large businesses suffered cyber-attacks. That figure has now fallen slightly but the crooks are going for easier prey, with about 90 per cent of smaller firms being hit by some form of attack according to an article in last month’s Daily Record.

A report earlier this year from the Federation of Small Business shows that 41 per cent of its members have been a victim of cyber-crime in the last 12 months, putting the average cost at around £4,000 per business. Around three in 10 members have been a victim of fraud, typically by a customer or client (13%) or through ‘card not present’ fraud (10%).

A GCHQ report published earlier this year highlighted that a staggering 80% of cyber-attacks could be stopped through basic information risk management. So here is the Federation of Small Business Top 10 Tips for Online Security:

1. Implement a combination of security protection solutions (anti-virus, anti-spam, firewall/s)

2. Carry out regular security updates on all software and devices
 

3. Implement a resilient password policy (minimum eight characters, change regularly)
 

4. Secure your wireless network
 

5. Implement clear and concise procedures for email, internet and mobile devices

6. Train staff in good security practices and consider employee background checks

7. Implement and test backup plans, information disposal and disaster recovery procedures

8. Carry out regular security risk assessments to identify important information and systems
 

9. Carry out regular security testing on your business website

10. Check provider credentials and contracts when using cloud services

HOW THE BEST BOUNCE BACK

There’s no doubt that life can be tough but the fact is that some people just seem better able to handle it than others. They are the people who cope well with long-term exposure to stress and pressure, who bounce back when things go wrong and who sustain their levels of energy and effort despite criticism, setback or failure. They are the people who are resilient, and their resilience is what makes the major difference between those who can deal with difficult and challenging times and those who struggle to do so.

Although some people start out with a natural level of resilience, the good news is that it is something which can be developed, whatever the starting point.  It is a set of skills and abilities which can be learned. By focusing on changing actions and mind-sets in a number of key areas – physiological, social, psychological, problem solving, adaptability, commitment to purpose and goals - resilience can be improved, with the result that both the individual and their organisation benefit.

Improved resilience typically translates into sustained individual performance, ready acceptance of change, effective and timely decisions, fast recovery times following failures or setbacks, low levels of absenteeism, lower employee turnover, a sense of well-being and less burnout and negative stress. When exhibited by managers, it creates team cultures which are positive, confident of success, focused and engaged. Resilient sales teams impact positively on the top line and resilient project teams handle change and setbacks with ease. Executive teams which possess high levels of resilience are well equipped to handle issues and make decisions and no business can afford to overlook the positive impact resilience makes to the bottom line.

That said the argument is sometimes made that resilience is synonymous with stress management and doesn’t offer anything new or different. Although it is true that both concepts are concerned with pressure and stress, the fundamental difference is that stress management is needed when someone no longer feels able to cope with the pressures they are facing. It becomes necessary when the nature and level of stress being faced has gone beyond a tipping point where is no longer serves to motivate and drive performance. Resilience on the other hand is an attitude of mind and set of skills which enables someone to cope well with pressure and continue to perform. The key difference between those who display resilience and those who don’t is the concept that it’s not so much the hard times we face that determine our success or failure but rather how we respond to them.

So, in today’s tough and competitive times, can you afford to leave building resilience to chance?

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 Today’s Guest Blogger @The LoftBlog

Jane Penton

Jane has an extensive background in Human Resources management and offers expertise in senior management coaching, people management, training design and delivery, talent management and change management. She has experience of working with small, venture capital companies through to multi-nationals such as Nortel Networks and Lucent Technologies.

She is a Director of Metacella who provide individual and team coaching and development in resilience. Contact her to find out more about how they can help your people and your business to thrive. jane@metacella.com or 01494 857350.

Need to write a Business plan? Make it ‘smart’ and ‘lean’ and save time whilst keeping it focused.

GOING GLOBAL

The Critical Success Factors of Entrepreneurship

Last week was Global Entrepreneurship Week and it got me thinking, what makes a successful entrepreneur and who are these people anyway? According to Wikipedia ‘entrepreneurship is a process of identifying and starting a business venture, sourcing and organizing the required resources and taking both the risks and rewards associated with the venture’.

This makes it sound as if it is purely the domain of the business owner. However, in this day and age you can actually be a self-employed or employed entrepreneur. The latter is often referred to as intra-preneurship. This comes from someone with the flair and skills to identify and develop new ventures within a business. A growing number of businesses are now looking for entrepreneurial skills within their employees. Why? Because it is the skills of the entrepreneur that create success and business growth in this highly competitive global marketplace.

What is needed more and more is the development of entrepreneurial skills within our education system from an early age right through to higher education. Where more educationalists facilitate the development of an environment where creativity, individualism, risk taking and personal ongoing development are managed and encouraged.

For the self-employed entrepreneur it is their ability to identify a new idea, product or market and take the risk to start their own business, which sets them apart. However, I have seen from my own experience of mentoring managers in the workplace that buried within most people are entrepreneurial skills just waiting to burst out.

For the successful development of entrepreneurial skills an environment needs to exist that nurtures this. Whether it is from friends and family or from managers and leaders, without the right nurturing, positive and thought challenging environment entrepreneurship will never blossom.

I remember once mentoring a young man with a brilliant business idea. He had the passion required of entrepreneurial success, he was willing to take a risk, he had the skills and knowledge of the industry, he had done the research and knew his market and he had the personality and flair to be able to develop the business and sell the product. So what held him back from becoming an entrepreneur? His family! Their fears were so great that they surrounded him with negativity to the point that he lost all confidence in his idea and own abilities.

So the first critical success factor for any global entrepreneur or intra-preneur is the environment. It needs to support and encourage risk whilst at the same time managing it. The second is the ability and encouragement to look for and seek out new opportunities – keeping an eye on the changing market is vital here.  Thirdly you need to have the flexibility and desire to embrace change. The digital revolution is upon us and if we do not embrace it then we lose an essential component for today’s entrepreneurial success. Finally, the personal desire to constantly learn and grow and the environment in which to do this is vital to entrepreneurial success.

For the UK to compete successfully in this rapidly changing global market we need to embrace and encourage the blossoming of these entrepreneurial skills buried deep within so many people. Unlock this potential and success is inevitable. 

Start believing and stop doubting 

by Guest Blogger Sarah Flay

Today I’m giving you three for the price of one. We are looking at self confidence, self esteem and your limiting beliefs.

I’m going to share with you one of my biggest facts about business. YOU are the success in your business not the actual business. So if you are struggling to believe in your success we’ve kind of got a problem. So let’s take a look at these three areas and how to fix the problems.

Self confidence
“One important key to success is self-confidence. An important key to self-confidence is preparation.”
Arthur Ashe

Now let’s not confuse confidence with arrogance. Confidence doesn’t have to mean loud and proud either. All self confidence is, is knowing that YOU CAN DO IT. Some of the most confident people are actually not the ones shouting the loudest, they are the ones getting on with whatever they’ve set their minds to. Its that inner knowing that you’ll achieve what you set your mind to. If you don’t have the confidence to follow your dreams, then your dreams will sit out there somewhere in the big wide world untouched. Everyone has worries that they aren’t able to achieve their dreams but its about making a start and taking the first step towards something. It’s usually the first step that is the hardest to take. Usually confidence comes from achieving something so set yourself something small to achieve and every time you achieve your small goal set a bigger one. Keep going until you finally begin to have the inner confidence to go after the big dreams!

  Self esteem
“Nothing builds self-esteem and self-confidence like accomplishment.”
Thomas Carlyle

In order to be successful at anything in life you need to feel worthy of that success. The biggest reason people fail is not because they’re no good or they lack the skills, more often than not people disqualify themselves because they don’t  feel good enough to succeed. Your self esteem is a vital component to your success. If you aren’t worthy of a good life, who is? What have you done that is so bad that disqualifies you from having good things happen to you?  Begin to break down your self esteem barrier by finding one small thing about yourself that makes you worthy. Are you kind? helpful? hardworking? There is plenty of good things inside of you all you have to do is start finding them.  

Limiting beliefs
“Believe you can and you’re halfway there.”
Theodore Roosevelt

If you don’t believe in yourself who the heck is going to? No one in your life has the obligation to believe in you. The only person who should believe in you is YOU! It’s time that you stopped listening to others, and looking at the past and start thinking that you can do whatever you put your mind to.  I was told at 23 I’d never work again and ten years on I proved that person wrong by starting my own business and not just one of them. I started TEN!  Everything you can or cannot do is down to you! If you could do anything in life, what would you do? Now start doing it and leave the limitations behind!

Today you need to start believing in your business and you as the owner. Take ownership of your goals and watch that business turn around.

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By Guest Blogger Sara Flay

Sarah’ business, New Perspective is all about taking a fresh viewpoint on an idea or a situation. She offers realistic ways to reach goals, find new clients and generally make the business come to life. She knows what it’s like to have no clients and an almost non-existent cash flow! The work she produces is focused, targeted and actionable from day one. Check out her website to find out more www.newperspective.biz

Great Advice for Start-up Businesses

DEVELOP YOURSELF TO GROW YOUR BUSINESSES

I was working with some clients recently, helping them with their business planning when I realised that there is one glaring omission from every business plan and template I have ever seen – there is nothing about CPD (Continuing Professional Development). Whilst accountants, solicitors etc., have CPD required by their professional bodies, business people are on their own.

With so much free training for start-up businesses (especially in Wales) it is a wonder that they do not develop the habit of seeking out training to keep their learning and business skills growing. Sadly many do not. Why is this? In my opinion it is because people do not readily value what they get for free.

The mind-set seems to be one of ‘get some free training first’ then just develop the business. Many get so bogged down with the ‘doing’ of the business that they believe they have no time to do any later.  Others don’t want to pay for training as they still expect it for free!

This is a sad reflection on business as a profession. Surely it is even more important, if you are running your own business, to keep increasing your skills and knowledge. After all, there are a million and one things to learn especially if you are a freelancer or sole trader.

Wouldn't it be useful if all business plan templates included a section for CPD? Here are my ideas of what would be included.

1.      An individual skills analysis SWOT (Strengths, Weaknesses, Opportunities, Threats) - covering all areas of the business and technical requirements.

2.      Research findings for required courses and the costs – Also including low cost/free training such as books and YouTube tutorials.

3.      A prioritised list of skills needs – Prioritised both by need and cost.

4.      A scheduled action plan of when the training should go ahead.

5.      A post-training evaluation  Reviewing the effectiveness of the training in terms of skills transfer to the business (2 – 3 months post training)

Without this level of planning and evaluation time and money can be wasted on training that does not support business growth.

Also don’t forget that training events are a great place to network and do business. So even if the training is not as good as you had expected you may pick up a great lead!

10 FINANCIAL TIPS FOR SECURE BUSINESS GROWTH

 Statistics show that 70% of businesses fail due to poor financial management! It is the top reason for business failure. When starting any business or freelance working it is important to build sound foundations for the business. Top of the list should therefore be financial management.

The problem is that many people do not, early on in starting a business, take a serious inventory of their personal and team strengths and limitations. Without this, a lack of financial management experience or skills is often overlooked and the need for training or bringing the skills into the business may be missed.

Business expansion can be just as a risky a period as start up where financial management is concerned. Keeping a firm hand on the cashflow is crucial for both start-up and expansion.

So here are 10 tips to help you build a strong financial platform for your business:

1.      Get the training you need to improve your financial management skills. If you head the business and have someone else managing your finances it is wise to understand what they do so that you can at least monitor the finances and profit margins.

2.      Find a financial mentor to teach you the ropes. Make sure they are experienced financial managers and that you trust them with your business information.

3.      Set up a bank account at a different bank to your personal account. This gives you more flexibility and options if things are financially tight in the business.

4.      Develop sound cashflow projections and profit and loss for your business based on sound financial information from research of your product, service and market.

5.      Review your cashflow projections weekly to ensure you are on track with your sales, marketing and expenditure.

6.      Create a remedial action plan where you are not meeting the targets of your cashflow projection by increasing your sales action and reducing costs.

7.      Keep on top of your accounts. Do them routinely every month so that you have accurate records to assess against your cash-flow projections.

8.      Keep a monthly track of your profit margins especially when you are expanding or taking on staff. Without realising it your profit margin can be lost even when turnover is high.

9.      Set up a savings account and put 20% (40% if you are VAT registered) of all income into it every month. Do not consider this as spendable income. This makes sure you have money on hand to pay the Tax and VAT and you will earn interest on it.

10.  Instead of a savings account, if you like a bit of a flutter without the risk of losing your savings, then invest in premium bonds. I averaged a 6% return on my premium bonds when I used to do this!

Top Tips on how to create a successful freelance business

The Law of Attraction - Is it Growing Your Business?

Over the years I have noticed two trains of thought on the issue of ‘giving’, in the business community, those for it and those against it. ‘Giving’ of your time and services for free is definitely on the increase and in my opinion a great deal of it has to do with the digital world we are in. With growing numbers of open source platforms and business collaborations more and more people are learning what it really means to ‘give’. They are discovering something wonderful – the more you give, the more it comes back to you in so many different ways. This is what’s known as ‘The Law of Attraction’.

So are you in the ‘old camp’ (never give anything away for free), the ‘new camp’ (giving and collaborating regularly) or do you have a foot in both camps right now?

I know businesses and organisations that see it as a weakness in business to give anything away for free. Many of them use hard sell techniques believing this is the only way to grow a business. This viewpoint makes me wonder if their business is actually growing or stagnating. Because they never give, they have no concept of the ‘Law of Attraction’ and its’ amazing effect.

What I now see in the business world is a growing number of ‘givers’ who prefer to do business with other ‘givers’. This was highlighted for me recently. When I landed this job as The Business Incubator Manager at The University of South Wales I had been self-employed for almost 30 years. It was hard for me to tell all my network of business friends that I had ‘jumped camp’. Silly as it sounds, I felt like a traitor!

What I had forgotten was that I was networking with ‘givers’. They were all thrilled to hear my good news and overwhelmed me with their offers of help for the graduate start-up businesses I would be supporting at The Business Loft. They even offered help knowing that they are not allowed to ‘sell their services’ to the start-up businesses they are mentoring.

The true test of a ‘giver’ is not in the offer of help but in the action they take. 

Just recently, when I was launching a new pilot programme at The Business Loft – Hot Desk Mentoring – I emailed all 67 of my networking friends who had offered their services as volunteer mentors for the start-up businesses. To my amazement the response from these wonderful ‘givers’ was so instantaneous that within 48 hours my Hot Desk Mentoring Programme was fully  booked until Christmas! Now I have a waiting list of wonderful people who want to be Hot Desk Mentors next year.

So thank you to all the wonderful ‘givers’ in my life who make so much more possible for everyone.

WHEN THE GOING GETS TOUGH, THE TOUGH GET GOING!

How to Stand Out From the Crowd

Oh boy it is tough in the marketplace today, whether you are a freelancer, running a business or looking for a job. It can be all too easy to get stuck at these times. Repeated rejection, the need to stretch yourself way outside your comfort zone are all triggers that can lead you into negativity and procrastination – putting off the actions you know you need to take right now. It is fear that holds us back from the success we deserve. I know, I’ve been there!

So what is it you need to succeed when the going gets tough?

Firstly you need to stand out from the crowd. To do that you need to face your fears and take action. When the ‘Tough Get Going’ it is the action they take that leads to their success. Winners do what losers don’t! So here are some action tips for you to consider:

·         Accept that rejection is part of moving forward - No-one likes rejection but winners accept it as part of the process. They do not take it personally; they look at what they can learn from it and move on to the next possible opportunity. Each rejection is a step closer to you landing a great opportunity.

·         Stop looking the world and life negativity – When you are looking at the negativity you are missing the positive opportunities that are definitely out there even if they are in short supply right now. Don’t let negativity hold you back.

·         Stop the negativity and the moaning – We all do it but it only stops us succeeding. Prospective clients and employers pick up on negative vibes (it’s like they have a sixth sense) and it definitely influences their decision. If you have to moan always end it with a positive action you can make to move forward.

·         Actively look for the positives and for opportunities – Every morning and every evening make a list in a journal or in your mind of all the positive things that are happening in your life. Can’t think of any? Start with the fact that you woke up this morning and that you have your health. Count your blessings every day no matter how small.

·         Get into the habit of doing some positive self- talk – Script your day by thinking of all the positive things that will happen to you that day. Better still, play it all as a film in your head of everything going well. Make it as detailed as possible and do it every day. Check out and note how much more positive your day is when you do this. Add it to your ‘Blessings List’.

·         Stop procrastinating – Identify what is stopping you from taking the action needed to move you forward. Decide what is in your circle of influence to change or action. Start taking action no matter how scary it is.

·         Identify the actions that will take you out of your comfort zone – these are the ones you procrastinate about the most. Winners know that this is where the learning is and also the success. Make these the first actions of the day - feel the fear and do it anyway.

Take action now! Stand out from the crowd and fulfil your potential.

What is Innovation?

Have you got it?

Do you want more?

Then watch this very short video.

HOW TO MARKET YOUR WAY OUT OF A PAPER BAG!

Marketing Means Action

Most people, from my experience, write a business plan and then file it away. These are the ones I am talking about here who are most likely not able to “market their way out of a paper bag!” They spend time properly researching the market and their competitors but have no focused plan as to how to effectively use this information to their advantage. What a waste of time! It may have helped them achieve their objective of obtaining funding but a business plan is far more than that. It is should also be a PLAN OF ACTION. The action part should include marketing, social media and sales strategies.

Notice that here I have included social media. This is because in this day and age it should be included as an integral part of any marketing strategy. Along with any strategy there should be a detailed, schedule of actions with deadlines to help keep you on track as you project manage the implementation the development of business through your strategy.

The reason for having a detailed strategy and action plan is to ensure that all your efforts to promote your business and gain sales are focused and targeted in the areas that will gain you the highest potential. However, a word of warning……..

Marketing Is The Prelude To Selling. A sales strategy is also required even if your business is done totally online (online shops are notably more difficult to get off the ground and gain sales than retail shops)

So what should you include in this Marketing Action Plan?

* Brand image and logo development and design – only one image and logo or you confuse your brand image. Use colour or design to differentiate different parts of the business if required.

* The design and production of marketing material – business cards, brochures etc.

*  The design and development of your web site – with potential for interaction and sales/bookings where ever possible and applicable.

*  An action plan of events – launch party etc., to promote the business (if required).

*  An action plan of publicity – press releases and a list of media contacts you have made to ensure a better chance of getting free publicity.

*  A contents schedule and action plan for each of your social media platforms – this should include a plan of how you post, share and comment and how often as well as how you will use analytics to assess the effectiveness of your strategy and make changes to improve it.

*  A sales strategy both for online and offline sales – without this all the marketing actions are wasted.

In the same way that you review your business turnover and finances against your cash flow projections, as a means of keeping on course and making necessary adjustments, a month by month analysis of the marketing, social media and sales actions help reduce risk and enhance business growth.

Any questions?

THE SWEET SMELL OF ‘DOGGY’ SUCCESS

Sometimes you meet people who genuinely do not realise or fully acknowledge their achievements. This happened recently when I was privileged enough to judge the Young Entrepreneur Award of the Monmouthshire Business Awards. The outstanding winner of this award, Sophie Laurie never anticipated that she would ever win it.

So what was the secret of her business success?

First of all a passion for the business she set up, Shampooch, a dog grooming enterprise. She was not setting out on a business journey to impress others, win awards or to corner the market but that’s exactly what she has done at just 24 years old. Why? Because she set out to create a job for herself that ‘feeds her soul’, fits in with her young family and allows her to offer a level of service that gives people the Wow Factor!

Sophie Laurie was a lady on a mission when she began to research her business idea. She wanted to ensure that Monmouth had the best groomed dogs in Wales and the happiest owners. Simple goals but how she achieved them was by making sure she set the business on firm foundations….

·         Developing her skills by putting herself on a dog grooming training course – she wanted to be the best at what she was going to do, so where many would not have bothered training she made sure her skills were the best in the market.

·         Researching the market in her area – She talked to dog owners, stopping them in the street to chat with them to find out what they wanted for their precious pooches.

·         Building relationships with potential customers even before she launched the business - Without realising it her friendly, warm and open manor was already attracting to her potential customers.

·         Researching her competition in depth – By the time she had finished she knew exactly how she could make her business stand out from the crowd on price and service levels.

·         Understanding and delivering the highest level of customer service – In actual fact she was not doing anything especially different in her mind. You see one of her loves is make people happy so delivering an exceptional service is like second nature.

So what was the result of this simple strategy?

Business success that saw Sophie’s customer base grow to 300 in nine months and the need to take on her first employee. And she is not stopping there. Her expansion plans include setting up dog grooming training in Wales as she had to go into England to find a course!

Just goes to show that get the basics right as the firm foundation of your business and you too could experience the sweet smell of success.

Need to focus your selling skills? Check this quick video for some motivation!

7 MONDAY MOTIVATORS

How to Create a Great Start to Your Week

Monday morning blues? Finding it hard to get motivated at the beginning of a week? Believe it or not it is all down to the way we think, what we believe and how we perceive our world.

Motivation comes from within. Other people cannot motivate you, only inspire. Why? Because motivation comes from creating positive action to move yourself forward. Inaction keeps us stuck and demotivated.

The action I am talking about can be both physically doing ‘stuff’ and taking charge of what you think or believe. If you believe Mondays are always going to be awful because you hate them, dread them and are negative about them then you will always start your week off badly. So it is down to you to make the most of Monday’s and set yourself on a path to create a great week.

Here are my 7 Monday Motivator Tips…..

1.      Spend a few minutes counting your blessings. List in your
         mind, or even better write in a journal all the positive things about
         your life and your work.
         Do this the moment you wake up and get your mental attitude off
         to a positive start.

2.      Think about the excitement and passion your work brings
         you.
         If your work has lost its ‘sparkle’ this is a great way of starting to
         get it back.

3.      Get up early enough to have time to prepare for the day and
         the week.
         Plan to tackle a few things first that you have been putting off  
         doing and that are beginning to raise your stress levels.

4.      Create a plan that includes inspiring and motivating work.
         A day filled with work that does not in some way inspire and
         motivate, is a day wasted. We are only here in this life once and
         most of it is spent working – think about it!

5.      Include in your plan how you are going to inspire others.
         A ‘can do’ positive attitude rubs off on those around you and lifts
        your own motivation as well as others.

6.      Put the plan into action and DO NOT put off the jobs you
         have been avoiding.
         Plan a personal reward scheme for when you have completed the
         task you are avoiding. Follow completion of this work with work that
         you love.

7.      Allow yourself time several times during the day to reflect
         on all the positive things that are happening.
         Keep focused on the positives and see the problems as
         opportunities to learn from and overcome.

But what do you do if there really is no work that feeds your passion, nothing that motivates you about what you do? What if ever day has a Monday morning dread to it?

I had a friend whose job got dramatically changed in an organisational ‘reshuffle’. Originally she was working to her passion; she loved her work and what she could achieve through it for others. The balance of her work was in the majority motivational. After the change she was left with all the work she hated and eventually she left (but not until after much stress and sickness).

The moral of this story is - have the courage to move on and find work that motivates you, if like my friend you find yourself in a job where none of the 7 Monday Motivators work for you.

Motivation spreads like a wave throughout the workplace so be the motivation inspiration in your office today!

PEER 2 PEER MENTORING

A Processes for Business Growth

Looking for support as you develop your business but don’t feel that having a personal mentor is right for you just now? Then maybe Peer Mentoring would suit you better. You can join a local group or even set one up yourself.

So what is Peer Mentoring for Business Growth?

It is a way in which a group of two to six people come together on a regular basis – usually once month – supporting each other to grow their businesses, their learning and their skills. For new start-up businesses it is advisable to have an experienced business facilitator to help with challenging issues or business knowledge gaps.

The idea is that each individual attending a Peer Mentoring Group comes with a business issue, problem or knowledge gap they want help and support with. The group then decides how the session will be run or the individual may ask for his/her session to be run a certain way. There are several ways to run Peer Mentoring Groups:

1.      Supportive  – Peers give their positive thoughts and ideas about
         what they would do/have done in similar circumstances

2.      Questioning – Peers only ask the person questions to gain
         greater clarity on the issue and to get the person to think about
         actions to move forward

3.      Challenge – Peers  ask challenging questions to get the person
         to really address the issue at a dynamic level

4.      Devil’s Advocate – Peers state concerns, doubts, niggles about
         the issue

5.      Good News – Peers help celebrate someone’s success and ask
         questions to identify the factors that contributed to the success

6.      Stress Busters – Peers offer support, feedback and stress
         reducing ideas

7.      Dress Rehearsal – The person rehearses an actual situation
         they are going to have to face. The Peers then give feedback with
         one constructive criticism and three positive statements

If there is no business facilitator one is chosen from the group to manage the flow and timing of the session. Each session lasts about an hour and can be undertaken face to face or online using Skype or a similar platform that all members have access to. Google Hangouts are particularly good for this as you can also share and work on a document at the same time and it is FREE!

To keep the sessions short it is important that a number of rules are followed and managed by the facilitator. These include:

·         Only one person speaking at a time

·         No discussion is allowed (This takes up too much time)

·         Each person presenting their issue states what they have learnt
          or what action they will take after all the group has imputed on
          their issue

·         At the start of subsequent sessions there is a very quick ‘round
          robin’ of Actions and Outcomes since the last session. This
          creates peer pressure and enhanced learning, success and
          business growth

These groups are very dynamic and are dependent on the right mix of people in each group. It is therefore quite acceptable for individuals, in the early stages of the development of each mentoring group, to ask to join or start another group or request that the group is split in some way to form a couple of new groups. No one should take offense at this as there is a great deal of importance placed on the right ‘fit’ and mix within each group.

If you run a business in the Newport and South Wales are and want to start a group then please let me know as I would be delighted to help you. 

IT’S A LONELY BUSINESS AT THE TOP

How to Find a Great Business Mentor 
When you are running your own business it can be lonely at the top if you are freelancing, a sole trader or the Managing Director. Even in a partnership or with a team of staff, sometimes you may find yourself wondering who to turn to for help and support. In the early start-up days you may have been allocated a mentor. What about when they are no longer there? What do you do then?

Find a Mentor!
A word of warning first - do not let your judgement be clouded by a bad or poor experience of being mentored in the past. This is a very different ball game so please read on……

The best mentors are ones that you chose yourself. You may in the past have fallen lucky and been allocated someone who was a perfect ‘fit’ with your business needs, your personal development requirements and your character. This ‘fit’ is what you are looking for in a good mentoring relationship.

So what is a mentoring relationship, when do you need it and for how long, how do you find it, and why should you bother?

Let’s tackle ‘what is it’ first …..

A business mentoring relationship is based on regular, dedicated time for self-reflection on your business. It is an exchange between professionals, with the main goal being to facilitate the development of yourself and your business.

MENTORING IS NOT SOMEONE TELLING YOU WHAT THEY THINK YOU SHOULD DO!

Next let’s look at the ‘when’ and the ‘how long’……

·         Finding a good mentor is best done before you desperately need one;

·         Look ahead and anticipate areas of your business where you may need help and support in the
          future;

·         A mentoring relationship may be short or long term but is never a crutch.

How do you find a mentor?

·         Carefully consider who you know with the experience and skills you need, then ask them;

·         If you don’t know anyone then do some research on LinkedIn and then shop around for the
          right ‘fit’ – meet them and try them out first.

Finally ‘Why bother’ ……

·         Mentoring helps you strengthen your limitations and therefore the business – after all we can’t
          all be good at all aspects of business;

·         It offers you a sounding board when planning strategy or when there are problems that need
          resolving.

Who Should I Chose?

Chose a person for their skills, experience and because you like and trust them. I remember the first time I asked someone if they would be my mentor. Quite frankly I was terrified! Sounds silly doesn’t it? The fact is that I had been told all my life that I should never ask for anything, not even help – boy do we learn some stupid lessons from our parents, sometimes!  When I eventually plucked up the courage to ask him (it took me weeks!) I was amazed by his response. He actually expressed how flattered he was and that it should be me mentoring him – that was something I had never considered and it lead me to becoming an Executive Coach/Mentor myself.

You are in Charge

Having a mentor puts you in charge of your own learning. It is up to you to decide what learning needs you have, what you want to discuss and what you want to achieve from each mentoring session each. It is vital that you end each session with an action plan and then implement it before the next session, wherever possible. After all mentoring is about developing you and your business so action is needed to embed the learning and move you forward.

How often you meet and whether it is face to face, using video conferencing or by email is down to you to negotiate with your mentor.

So get looking and enjoy the great experience of having a mentor to help you and your business grown and develop.

GIVE OR TAKE?

One Way to Gain a Competitive Edge

Are you a giver or a taker?

That’s a question not usually asked when you are starting out in business or as a freelancer. In my opinion it is a fundamental question that should be asked. Why do I say that? Well, I believe that whilst you can make it in business whether you are a giver or a taker, customer referrals and business growth come faster and easier to people who are givers. It can also give you a great competitive edge.

This is especially true when you are the personal ‘face’ of your business. Most people want to do business with people they like, feel they can trust and who give of themselves and their business.

By this I do not mean that you go overboard, after all you are in business to earn an income and hopefully employ others. You can’t do this if you give too much away. There is a balance to be made. 

This can be done in a number of ways:

·         Giving that extra service in time rather than money

·         Offering something for free e.g. an initial consultation

·         Offer a sample product sample

·         Free downloads, e-books, screen savers, games etc.

·         A diagnostic survey which includes one piece of work free that the diagnosis identified was
          needed

·         Do a project as a loss leader to gain potential referrals from a happy customer

In my Management Training and Coaching Business I always give my time for free. Many of my competitors charge for meetings, course development and preparation time but I offer these services free. This, plus a fixed daily fee rate that means I never charge extra for additional work on the same contract gains me a great competitive edge.

It is sometimes all too easy to give away promotional products. Whilst people often like this they appreciate far more the things you give that are unexpected.

*  So think ‘outside the box’ about what you could give

*  Check out your competitors and what they give

*  Find something unique or special that will be memorable for the
   customer

So what are your Give Aways?

Making Prospecting Enjoyable

A quick 2 minute video

A NEW NETWORKERS GUIDE

I am just finalising the launch of the first monthly networking event, TopTips@TheLoft, at The Business Loft  tomorrow. This got me thinking about how difficult I found networking as a new business person. I fell into all the usual traps of forgetting my business cards and spending a fortune on attending events without any significant business development outcomes.

Networking costs money so don’t waste it. Here are the a few things I learnt along the way…….

Tips for Effective Networking

* Do your research to find the right networking event for your business need

* Prepare by setting out what you want to achieve from the networking event

         o   New contacts and potential clients

         o   Knowledge

         o   Preferably both

* Think carefully about what you wear but be yourself

          o   Do not go ‘suited and booted’ if that is not your style

          o   Dress for smartness and confidence

* Make  sure you have lots of business cards with you

*  Remember the 80:20 rule - get the other person to talk about themselves and their business 80% of
    the time

* People buy from people so don’t sell to them, develop a relationship

* Exchange business cards and write on theirs to remind you of important details about them

* If you discover a link to what your business offers only briefly tell them how you can help. Do not
   start to sell to them

* Follow up after with an email within 24hrs

* Follow email with a phone call, within 48 hours of email, to set up an appointment

* Get 3 strong leads to follow up from each networking event

* Always evaluate your networking activity regularly to make sure there is a good return on    
   investment

It can be a daunting prospect to walk up to someone and start a conversation. Some people prefer to wait until people come to them. I used to think this was a complete waste of time until I experimented and tried it out. Much to my amazement some people did come over to talk to me. One of them was from the Royal Bank of Scotland and became a new client!

Whether you approach others or they approach you there is still a need to think of some questions so that your nerves don’t get the better of you and make you talk only about yourself! So here are some tips…….  

Opening a Conversation

·         Decide what makes you a little more comfortable engaging with a group or just one individual.

          o   If you are not sure, try it out at an event  and you will soon
               know which is best for you

·         Introduce yourself and shake hands.

          o   The hand shake is very important in the business world.

          o   Practice a firm handshake as a week one says under confidence & a strong one dominance
               and controlling

·         Give good eye contact and smile

          o   Body language is so important for a first impression

·         Start with the simplest of questions to open a conversation

           o   “How far have you come today?”

           o   “How many of these type of events do you go to?”

           o   “What networking events do you find are best for your
                 business?”

·         Comment about the weather, sport or a topic linked to the event to open up the conversation.

·         Move on to some more delving questions

          o   “What was it that interested you about this event?”

          o   “What do you know about the speaker……… today?”

          o   “What line of business are you in?”

·         Now ask them questions about their business.

·         Use mostly open questions that start with ‘How,’ ‘What,’ Where’ and ‘When’

          o   This opens the conversation up and stops them giving ‘Yes’ or ‘No’ answers

·         Learn to enjoy finding out about the other person and what their business is

·         Ask one or two questions later on that are linked to the services/products you provide

          o   Do not start selling to them just note when you find a ‘gap’ you could fill

         o   Make a mental note to follow this person up afterwards as they are a ‘Hot’ Lead

Now get Networking and Enjoy Yourself!

5 TIPS ON HOW TO DEAL WITH LEMONS

Self-Motivation for the Self Employed

 

Running a business is an exciting challenge but what do you do when you have lost your ‘Mo Jo?’ It is bound to happen from time to time. Things get tough, disappointments happen, money gets tight or problems raise their cranky little heads. These are the times when you need to delve into your inner resources and find ways to re-motivate yourself. So when life gives you lemons what do you do with them?

Why is this so important? Well, quite frankly, you have a business to run and customer confidence is lost (as well as business) if you are in a downward spiral of demotivation. If you are lucky enough to have business partners or directors who can take up the slack when the going gets tough for you, then you’re lucky. Remember thought, their patience and understanding will wear thin if you do not learn how to get back on the motivation track quickly.

So here are a few tips for re-motivating yourself when the going gets tough…..

1.       Carefully Consider The Actions Open to You.  Is there any action you can take to change things?

a.       If yes, then take action

b.      If no, move on to point 2.

ACTION MOTIVATES, INACTION STAGNATES

2.       Carefully Consider Your Other Options. What actions can you take to move forward in a positive way?

THERE ARE ALWAYS OPTIONS – YOU HAVE TO BE OPEN TO THEM

3.       Seek Out New Opportunities. Are you doing enough to seek out and find opportunities?

BACKWARD LOOKING & NEGATIVITY WILL BLIND YOU TO NEW OPPORTUNITIES

4.       Find Ways to De-stress. How can you reduce your stress levels and get back in the game?

TAKE A BREAK, DO SOMETHING YOU LOVE OR GET CREATIVE.

SWITCH OFF FROM WORK & SEE MORE CLEARLY

5.       Fill Your Mind With Positive Thoughts. Ever realised that what you think about is your own choice?

MAKE A CHOICE TO FILL YOUR MIND WITH POSITIVITY & SEE THINGS WORKING OUT WELL

Whatever you do, always make sure you continue to give the service your clients deserve and expect. Take control and never, never, never run away from the problem that faces you. Work through it and find the keys to re-motivate yourself.

Tell me what things re-motivate you.

Setting up a Partnership? Here’s some good advice:

5 Keys to Building Rock Solid Partnerships (by docstocTV)

ARE YOU AN OSTRICH OR AN EAGLE?

How to Manage Your Business through Change

When change happens how do you react? For those of us in businesses, or thinking about starting a business, change is something we need to learn to love and manage effectively. Why do I say this? Because in business nothing ever stays the same, markets change, fashions change, the economy changes, customer’s needs and wants change. So we must learn to live with, love and adapt to change.

Lessons in Change

I remember years ago when the market for my hand made designer appliqued knitwear (my first business) changed. I had been so busy producing and selling that I was oblivious to the fact that the market was being swamped by cheap appliqued knitwear from the Far East! That was a huge lesson for me – always to keep my eye on the market, watching for and anticipating change.

THE CHANGE PROCESS

The first thing to realise is that change is a process that we have to move through. How quickly and effectively we move through it is the key to success in business……

Immobilisation

Some people are so immobilised by change that they refuse to see it or even talk about it. This is a very dangerous place to be if you are in business because if you are not seeing it you have no opportunity to do anything about it.  These people are the ostriches who bury their head in the sand and then when they finally come up for air and see the reality it is often too late to change.

Keep your head out of the sand and watch on a daily basis for any changes on the horizon.

Denial

In this stage of change the person has identified that things are changing and is telling themselves and others that it will never work. They can give you all the reasons under the sun why the change is no good. Whilst they are doing this they are missing the fact that it is actually working and they are getting left behind. This was highlighted recently in the TV series about Swansea Market. A couple who sold wedding accessories in the indoor market were so busy finding fault in the vast amount of their goods that were sold cheaper online that they missed the opportunity to develop their own internet business.

Listen to yourself and watch for what you are denying will ever work. Then decide what you need to do to get onboard the change.

 

Frustration

It is fear of the unknown, fear of mastering new skills and anger at the change itself that holds us back. By the time we hit ‘Frustration’ we are entrenched in negativity about the change. This is where many people get stuck and it does two things in business. Firstly is puts customers off because all the person does is moan, complain, blame others and put down their competitors. Secondly, it saps all your energy and attention to the point where you miss opportunities and your business suffers.

Watch your own level of negativity and look for the positives.

Acceptance

Now you are on the right path to making change work for you and your business. At this stage of change you are looking for the opportunities it creates for you. Now you have become an Eagle. You are souring upwards, looking forward, watching for opportunities and seeing the changes as opportunities for success.

Feel the fear and do it anyway!  Look for opportunities, assess the risk factors and decide on what changes are right for you.

Identity

Once you have assessed the changes thoroughly you can then begin to form a new identity for yourself. A couple of years ago at the age of 60yrs I was thrown into change when I realised the market for bespoke wedding jewellery (a new business I was developing)  was moving more and more online. The young people were using social media and not email as a means of communication. Being somewhat of a technophobe my fear levels were rising as I realised my new identity needed to be in social media!

Decide what your new identity needs to be to move you into the new field of change.

Skills

Now you have a clear picture of your new identity there may be new skills you need to learn. This was certainly the case for me with regard to social media. I had a Facebook page and was not even using that properly! So I enrolled on what I thought was an 8 week course only to find on the first evening that I had signed up for a 2 year Foundation Degree in Social Media! I’m into my second year now and loving it.

Identify any learning needs you have and find ways of filling them with courses, reading and YouTube tutorials; whatever it takes.

Ongoing Change

Change is never ending, especially in this fast-moving digital age. So the deal here is to be ever vigilant for the next changes. Lean to love it, find the fun in moving through it and grow your business because of it.

 

So are you an Ostrich or an Eagle?

START AN ACTION LEARNING REVOLUTION

Group Mentoring For Dynamic Results

One of the problems with working as a freelancer or sole trader is that you often have no one to bounce ideas around with or fully support you when you hit rough waters. Turning to our nearest and dearest, especially with a problem, may not be the best option.  Whilst it is important not to shut them out, they are usually too close to us or the issues and quite often fearful because they love us. See the dilemma?

So where can you get the support and help you need when you work alone?

Action Learning Groups

One way is to find or develop an Action Learning Group. These are also known as Peer Mentoring Groups. They are groups of two to six people who meet once or twice a month to support each other in a structured way.  They are facilitated, reflective sessions with the main aim of developing skills, competence, confidence and your business. The facilitator is usually a person with experience and skills that will aid the learning process.

 

Each person comes to the meeting, which lasts usually an hour or two at the very most, with an issue they want help with.  Sometimes individual group members may not have an issue and just be there to support the others. This is perfectly acceptable. The meeting is then facilitated in the following way:

 

·         One member of the group starts by quickly explaining the issue
          they want help with. The importance here is to be as succinct as
          possible.

·         Each person in the group then says what they would do in the
          same situation (from experience or just gives their ideas).

·         To clarify an issue they may ask one or two questions before
           expressing their thoughts.

·         Each person in the group has their say or abstains if they have
          nothing they feel they can add. This is quite acceptable in an
          Action Learning Group.  

 

·         The person who ‘owns’ the issue listens and takes notes.

·         The facilitator makes sure that no discussions arise (very
          important if you are to keep the meeting short, sharp and
          focused) and that one person puts their ideas forward at a time.

·         When  everyone in the group has had their say the facilitator may
          add in thoughts and ideas from their experience

·         Finally, the person who ‘owns’ the issue states up to 3 actions
          they will commit to undertake. These can be from what they have
          heard in the group or ideas they have had whilst listening.

·         Each person in the group is given the opportunity to share their
          issue and so the above process is repeated.

·         At the start of the next Action Learning Group each member very
          quickly feeds back the action they took following the last session
          and how it has worked. This is great for holding you accountable
          for taking action and moving yourself and your business forward

 So how do you find an Action Learning Group?

You can choose a group of people you know and invite them to join you or join a facilitated group such as the one I am shortly starting at The Business Loft in Newport, South Wales (contact me or watch out on Linked In if you want more details). Look for a good facilitator with knowledge and expertise in the field you want the Action Learning to focus on e.g. business, marketing, leadership etc. Or run the group yourself if there is enough experience in the group.

Have a go and let me know how it works or what  experience you have of being part of an Action Learning Group.

Inspiring video of students with Bright Ideas and and enterprising attitude Trading Places 2013 (by Anytime Films)

10 WAYS TO RECESSION PROOF YOUR BUSINESS

Starting or growing a business through a recession is not as silly an idea as it may appear. It certainly makes you hone your skills more sharply in marketing, selling and financial management. I set up my management training business 25years ago in a recession and learnt a number of lessons very quickly……

 1.   Get creative and look for what customers need in a recession

Finding the right angle or USP (Unique Selling Point) for your market is vital in a recession. This may be a gap in the market or it may be offering special deals to help people’s budgets go further. Get creative and stand out from the crowd.

2.      Do your research well

All too often I see new businesses set up with little or no research into their market or business idea. You can have the most wonderful product or service but if no-one wants it you will be quickly out of business. Remember that your market research should be constant and on-going. I know of a jewellery designer who could not understand why his sales were so low, last Christmas, even though he was in a prime location. The truth of the matter was that his style of jewellery was old fashioned and out of date. He had been making enameled jewellery for years and not changed to meet new demand and fashions.

3.      Listen to and act on your ‘gut feeling’ and intuition

With so much advice and help out there, when you start your own business, it is important to carefully consider it all before taking action. If I had acted on 90% of the advice I was given I would have been out of business before the end of my first year!

 4 .      Choose a mentor carefully

Find one who understands you and your business; someone who stimulates and challenges your ideas, a person who supports and encourages you to make your own decisions. Also choose different mentors for different roles e.g. finances, marketing etc.

  5.      Make sure you are skilled in financial management

Even if you have a bookkeeper or accountant helping you it is vital that you understand how to manage the business finances on a day by day basis. Knowing and understanding the finer details of your margins and cash-flow is imperative if you are to successfully navigate the tricky waters of a recession.

  6 .      Learn the skills of sales and telesales

To develop a business you have to be able to sell and to make appointments. Sounds like common sense, yes? You would be amazed at how many businesses fail because the owner is reactive and not pro-active with their selling. You know they say Location, Location, Location is vital when buying a business property, well Sales, Sales, Sales is imperative in growing a business. This is especially true in a recession when you need to increase your sales activity dramatically to keep ahead of the game.

 7 .      Have sufficient insurance cover for your business

Never skimp on your business and professional indemnity insurance. I knew a lawyer in the USA whose business partner failed to renew their professional indemnity insurance. Shortly after this a client sued them and he lost everything including his home!  With the increase in the UK of no win no fee litigation you really can’t afford to take the risk.

 8 .      Always use a professional written client contract, job spec, terms and conditions

It does surprise me how many small businesses have now written terms and conditions or they think the one on the web site will suffice when doing business face to face. It won’t. Make sure you have them and use them as if there is a dispute with a client you may find your legal position compromised.

 9 .      Get your policies and procedures in place

When you are about to employ or if you set up a Limited Company a raft of policies and procedures from Human Resources to Health & Safety need to be in place. This can be time consuming and costly which means that many small businesses either don’t have them or don’t have relevant or up to date ones.

 

10.      Have a Personal Development Plan - keep adding to your knowledge and skills base

Professionals such as lawyers and accountants have their requirement for CPD (Continuing Professional Development) to ensure that their knowledge and skills are kept up to date. The same is needed when you are in business; the only difference is that we do not have a professional body requiring us to do this. Growing your knowledge grows your business.

If you work smarter rather than harder you can make a business thrive in any economic climate.