Monthly Archives: January 2014

What Is Your Leadership Style?

Picture1There are managers and then there are micro-managers. There are leaders that push their teams toward excellence and then there are leaders that have their staff dreading walking through the door in the morning. What kind of leader/manager are you? If you’re carrying the entire weight of your business, even though you have hired professionals to help you, you may need to revamp your style!

In our working with business owners we have uncovered three distinct management styles, which one are you?

  1. Do you need to know it all and be involved in every aspect of everything? If so, you are stifling your staff’s ability to take the lead and solve their own problems. Also, if you have hired individuals to perform specific tasks because of their unique talents, then let them do what you hired them for. You don’t need to know, or do, it all.
  2. Do you feel the need to micro-manage every step of every project? Do you make your staff feel as though they cannot make a decision without first clearing it through you? If so, again, you are standing in the way of progress for your staff and not allowing them to take the lead nor are you empowering them to take risks.
  3. Do you have no contact with your staff or project managers? Do you simply toss a task their way and say “have at it?” If so, you’re the opposite spectrum of the micro-manager; you’re so hands off that your staff doesn’t hear from you until a problem arises — when it could be too late to salvage a project.

A good leader is a mix of all these leadership styles. He knows how to get in the trenches and when to step away and let the individuals he hired for the project take it and run with it. If you’re not sure of your style or want to change the style you’re currently operating with, contact our office.

Harnessing The Entrepreneurial Spirit

Do you have a dream of owning your own business… someday? Is there something that’s holding you back?

As business coaches, we work with budding, and “someday” entrepreneurs and we find they share some common traits when it comes to taking the bold step into business ownership and here a few insights we offer if you’re considering becoming an entrepreneur:

  • Remember that businesses take time to make a profit. We’d like to think that everyone can be an “overnight success” but that just isn’t the case for many. Your ultimate goal is to make a profit, but be patient as it may take time to get there (it’s best to have either a back-up plan or another source of income while you’re starting out). Don’t start off under-capitalized.
  • Getting it done is better than being perfect. If you wait for “perfect” to arrive you may never move forward. While you don’t want to offer shoddy goods or services, you need to be willing to put it out there and then tweak as you move forward.
  • Have a business plan. This bears repeating: Have a business plan. Your business plan doesn’t need to take up reams of paper, nor does it need to be so detailed that you get buried down in the writing of it and never get the business off the ground. You do need to know how to find your ideal client and to market to them effectively as well as knowing what to charge for your goods and services. A business plan is also your roadmap toward what you consider to be success — how will you know you’ve arrived if you don’t know where you’re going?

We’d love to hear your stories of success as well as any challenges you may be facing. Feel free to contact our office or leave us a message.

In Business: Failure IS An Option

We’ve all heard the saying that, “failure is not an option.” As business owners though, we know, that in order to succeed there are times when you simply have to fail. Why? If you’re not pushing your business’s limits and your own personal boundaries of growth, you will remain in a safe, but likely stagnant, place.

Fear of failure holds many business owners back from making that next leap whether it’s hiring their first employee or opening a second store front or offering a new service or product. If you don’t try you will never know whether your idea would have borne fruit.

How can you embrace the idea of failure? Here are our thoughts because we feel that the fear of failing will negatively impact your potential by:

  • Not expanding your growth and learning potential. If you don’t fail and don’t learn from your mistakes you will never grow.
  • Fear of failure could mean you don’t achieve the successes that you should. You need to push yourself and your business and that may mean taking risks.
  • You could be missing out on opportunities if you hesitate and are too cautious in trying new ventures.

As a business owner you can either take actions and keep your business moving forward and experiencing growth or you can watch your competition as it makes those leaps into the unknown.

 

What “fear of failure” practice is holding you back?

 

Who Is Your Ideal Client?

As business coaches we work with clients regularly that have no defined idea of who their ideal client is. In order to enhance your business’s bottom line, you need to identify your ideal client. Why? Because if you’re chasing clients that simply aren’t a fit or marketing on social media sites or even local newspapers or radio stations but don’t understand whether your demographic is listening or reading, you are negatively impacting your bottom line.

How can you pull together a picture of your ideal client?

  1. Narrow your niche. If your niche is too broad, you are not fully focusing on clients that might be right in front of you. Remember, you can’t be all things to all people to determine which niche market you want to focus on then target your efforts there.

  2. Who is using your services right now? Do your current clients fall into a particular market segment? If so, they may be your ideal client or they may have characteristics of what your ideal client should look like.

  3. Who do you enjoy working with? If you aren’t thrilled with the clients you’re pursuing that will show in the work you do for them. Find clients that fit your company’s vision and mission and those who value who you are and what you do for them – that is part of the entire focus for finding your ideal client.

If you pursue a particular market but ultimately decide they aren’t your ideal client, step back, regroup then refocus. Your business can be a continual work in progress as long as it’s continually moving forward.