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One 3-Letter Word You May Want to Rethink

Let’s talk about a word we probably all use frequently—it’s a very powerful word, but not in the way you might think.   It’s the word TRY.  How often do we use that word in the context of something we are doing, a goal we are setting, an objective we are reaching for?  It’s hard to even write that last sentence without using “try,” as in “something we are trying to do, an objective we are trying to achieve.”

“Try” has become part of our vocabulary, but it limits our abilities to focus on a goal and commit completely to achieving something.   As a way to illustrate this, let’s do a quick activity.  If you are sitting down, stand up.  Are you standing?  Now … try to sit back down.  No, don’t sit down, TRY to sit down.  How did that work?  What do you notice?   The bottom line:  You can’t try to sit down – you either sit down or you don’t. 

Is that same principle not also true of goals or something we set our minds to – that we either do them or we don’t?  We either accomplish or don’t accomplish what we set out to do.  In a take-off from what Tom Hanks said in the movie League of Our Own,  “there’s no trying in life.”  (Well, he actually said, “there’s no crying in baseball,” but you get the point!)

The point is that you can’t try to achieve whatever you set out to achieve – ultimately, you either achieve it or you don’t.  Consider how often we either hear others say “try” or we say “try” ourselves.   How much more powerful and accomplished might we be if we took that pesky three-letter word out of our vocabulary?  Here are some examples across a wide spectrum of areas:

  • Your kids:  from “Yes, Mom, I’ll try to get my homework done before dinner,” … to … “Yes, Mom, I’ll get my homework done before dinner.”
  • In a meeting at your workplace:   from “I’ll try to talk with them about the project,” … to … “I’ll talk with them about the project.” 
  • With your wife/husband/significant other:  from “Let’s try to spend more time together on the weekends,” … to … “Let’s spend more time together on the weekends.” 
  • In your life:  from “I’m trying to exercise three times a week,” … to … “I am exercising three times a week.”

Do you notice the difference in how the statements above sound when the word try is in them or not in them? 

So, here is your challenge:   For the next week, don’t just try to do whatever you are focused on – do it without the “try” in your sentence.  Catch others in the act too – have them try to sit down to illustrate your point.  And as always, let me know how it goes!   

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DON’T Use Business Metrics…At Your Own Peril

They say what you don’t know won’t hurt you, but nothing could be further from the truth when you run a small business. If you operate based on “gut instinct,” or you make assumptions on how your business is performing without knowing the facts, you can run into problems quickly. Fortunately, there is a simple solution. By monitoring a few key business metrics, you can quickly gain a handle on your business and start on the path to improving your profitability.

Business Metrics
Business m
etrics, or measurements of business activity, have long been seen as the exclusive tool of the pure number cruncher, the bookkeeper, and the statistician. That’s no longer the case. In today’s increasingly flooded marketplace, the mantra must be: “You can’t manage it if you can’t measure it.” By defining the metrics that are important to your business and monitoring them closely, you gain three key benefits:

Focus. Defining the metrics that are most important to your business allows you to tune out everything that isn’t related to those key measurements. As a result, you’ll find that you and your business are much more efficient.

Better Vision. Companies that monitor metrics can spot threats and opportunities faster than companies that don’t. Your metrics will give you keen insights into what’s happening within the four walls of your business as well as overall trends in your industry.

Better Decisions. Metrics provide a framework for making business decisions. With the numbers in black and white, you can make well-reasoned decisions on how to proceed. If it improves your key metrics, consider it. If not, move on.

Implementing Metrics
Getting started with metrics is easier than you might think. Many small business owners don’t understand how simple it can be to collect and analyze these important numbers. A simple seven-step process gets you started.
1. Define Your Goals. Make a list of business goals. Goals might include sales objectives, target profit margins, or success at signing up new customers.
2. Define the Metrics. For each business goal on your list, write down a metric that will help you track your progress to success. For example, if your goal is signing up new customers, your metric might involve stating the number of meetings you will have per week with perspective customers.
3. Benchmark Current Status. Now that you established your metrics, you need to measure them. You must determine exactly how your business is doing, even if the truth is hard to swallow. By establishing the current value of each metric, you will be able to track your improvements in the future.
4. Put in Place a System to Monitor and Report Metrics. You may need to add new business processes that will help you calculate and report your metrics. For example, is the number of your customers who view your customer service as being “excellent,” then you may want to survey your customers every month and ask them how you are doing.
5. Communicate Metrics with Employees. Once you’ve defined the key metrics that are important to your business, be sure to let your staff know. Then, everyone can make decisions that help improve the metrics.
6. Review the Metrics and Make Decisions. With your metrics in place, you have greater insight into which strategies work and which don’t. Review the metrics and take steps to improve your results.
7. Promote Successes. When your metrics improve, let your staff know and reward everybody that helped make things better.

Effective use of business metrics can have a profound impact on your business. As you gain a better understanding of your business and move closer to achieving important goals, your day-to-day work will become easier and your staff will be more accountable to the metrics that matter. You’ll make better decisions, based on data, and you will have a powerful new tool for managing your business.

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The Biggest Killer of Business Growth

Last week I asked a friend of mine about his business. He told me that he’d had a pretty good year so far but felt frustrated. For the third year in a row, he’s falling short of his annual goals but feels complacent since he’s still doing okay financially.  That complacency has lead to him making fewer calls, having fewer meetings and doing less business than he’d like.

What’s the biggest killer of business growth? It’s not lack of skills or talent; it’s not a poor business plan or even the economy.

The biggest killer of business growth is COMPLACENCY.

How do you know complacency is killing your business growth?

  • You know what to do to grow your business but, for some reason, you’re just not doing it.
  • You’ve lost the excitement you used to have for your business
  • You seem to constantly hit a plateau in your business but can’t get to that next level of growth
  • You set the same goals every month or every year without challenging yourself to get your business to the next level

The antidote for complacency is PASSION. Here are some steps that will help you to get passionate about your business again:

1. Create a 3-year vision for your life in the 6 areas of the life wheel below.

Don’t get too detailed. Spend about 90 minutes and create a compelling future by writing a paragraph or two for each area.

2. Rate yourself in each area. Where are you compared to your vision on a scale of to 100%? If you’re at 80% or above in each area, it’s time to create a new, more compelling vision.

3. Define 1-2 goals in each area that would get you closer to your vision. Goals should be SMART (Specific, Measurable, Achievable, Realistically high and Time targeted).

4. Document your emotional “why” for the highest priority 2-3 goals on this list. Your “why” should include how your life will change if you accomplish the goal. What are the rewards of achieving the goal? What are the benefits of not achieving the goal?

5. Create a detailed plan for the top 2-3 goals. This plan should include specific action steps and target dates.

6. Read your 3-year vision daily to keep your excitement about the new, compelling future. Find other ways to keep the vision in front of you.

7. Update this vision annually.

8. Update your goals as needed.

Have you been complacent and found some ways to regain your passion? If so, I’d love to hear how you did it.

Are you complacent now? I’d love to hear how it’s impacting your business and/or what you plan on doing about it.

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Satisfied Customers or Loyal Customers…Is There a Question?

According to author, Jeffrey Gitomer…”Customer Satisfaction is Worthless, Customer Loyalty is Priceless” –

Apparently companies like Costco understand the difference…They have been recognized as the leader in customer loyalty among warehouse retailers, rocketing from start-up to Fortune 50 status in less than 20 years, while spending next to nothing on advertising and marketing because of word of mouth referrals. They know that companies with the highest customer Loyalty typically grow at more than twice the rate of their competition. And, by Raising Customer retention rates by 5% it is possible to increase the value of an average customer by 25% to 100% (The Loyalty Effect, F. Reichheld, 2006).  Rather than spending time trying to remember if you’ve ever seen a Costco advertisement, lets talk behavior and why emotions matter in the customer experience.

Regardless of how high a company’s satisfaction levels may appear, satisfying Customers without creating an emotional connection with them has no real value. This should be a red flag issue, especially when you consider that it’s reported that 90 to 96% of customers won’t complain. They simply walk away. Emotions Matter…because customers and staff are always emotional, and in service industries because it is so personal and stressful, the emotions are more intense.  A healthy way to view emotions is not as a problem But as the basis for forming relationships – This is how we develop Loyalty!

As a coach and consultant who works with business organizations to help improve their performance. Our work often starts with a discussion about the vision of the company. If it’s written, you can usually find a statement about customers under glass on a conference room wall. It often goes something like this…” We believe Customer Satisfaction is our #1 Priority.” But when you ask people inside the organization what that statement really means and how it’s measured, the silence is often deafening. If the people in the organization don’t have a clear definition of what you mean by customer satisfaction, then how do they convey it to your customers?

I have come to the realization that “Customer Loyalty is all that matters,” especially when you define loyal customers as people who will do business with you again, tell others about you without hesitation, and refer people they care about to do business with you. Hugh McColl, referred to as the greatest banker of all time, founder of North Carolina National Bank, that ultimately became Bank of America had a simple philosophy: “I take care of my people, my people take care of my customers, my customers take care of my shareholders.” He never said, “I want to be the number one bank on the planet.” Loyalty is earned…it stems from actions that are taken and the words that are spoken by employees. It’s not just business as usual

Do you have any horribly disappointing or pleasantly suprising customer service stories?

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The Recipe For Mediocre

I hope you had a great  Thanksgiving!

With the New Year coming up, I bet you’re starting to think about new goals for your business. I would also bet that your goal is not to be mediocre in 2011.

I’ve just made a short video that will change your perpective on what makes us great vs. mediocre.
In this video, you’ll learn:
  • What most of us spend 80% of our time doing and how it keeps us from being great.
  • The real meaning of “well rounded”
  • How to create an extraordinary team
Be sure to watch the video right now. Just click here or on the image below). It’ll only take you about 2 minutes and it will dramatically improve your business and your life.

After you watch the video, be sure to check out the tools (team coaching, individual coaching and products) I have available to help you take the next step.

Break through and make it happen!

Mike