3 Places You’re Leaving Money on the Table

Good business coaches are able to look at a company objectively, ask pertinent questions, and guide the owner through the process of creating a plan for future growth. Consider a business coach your objective third party, the one who can sort through the processes that work and those that don’t work and help mold the company into a profitable entity.

For any business owner with an online presence (and every business should be online!) there are many passive ways to build income streams into your website and products that will bring in extra money while you focus on serving your current customers. Passive income is good and will help your bottom line while you actively market your business. You’ve invested good money into your business and your website; why not make it work harder for you?

Affiliate Marketing

Affiliate Marketing is a simple way to make commission by recommending products or services to your audience. This process is similar to telling your friend or neighbor about the great pizza place where you just ate dinner. Simply sign up for the product’s affiliate program and place a unique link within a product review on your blog or on a web page listing all the business tools you recommend. Every time someone clicks on your link, they are brought to the product’s site and if they make a purchase, you get a commission. Affiliate links can also be added to eBooks or other digital products you sell; however, review the Terms of Service for all the social media platforms before posting an affiliate link.

Upselling

Creating upsells in your sales funnel is another overlooked place where you can bring in extra money. Do you have a basic sales funnel in place, where you make an offer to your broad audience and then have more focused, more expensive offers for them to choose from over time? These additional offers bring your customers down the funnel toward your most expensive offer. Now, for each main offer in your sales funnel, think of an upsell your customer would find valuable. This may be free admittance into your private Facebook group or maybe it’s a report, checklist, form, or eBook for a nominal fee that is a no-brainer add-on to their order. For your more expensive offers, add a more expensive upsell, like a trial period in your membership site. The key is to choose relevant upsells that will benefit your customer and that makes sense to couple with the initial product purchase. In other words, don’t create an upsell that doesn’t make sense.

Productivity

Back-end efficiency is important to any business, whether it’s strictly online or whether you also have a physical location. A business coach can objectively assess whether you’re working most efficiently and can offer solutions to make customer service, billing, and customer fulfillment (just to name a few areas) quicker and more accurate. Very often business owners are too close to the situation to see how everything flows (or doesn’t flow) together, similar to why having someone else proofread your sales copy is ideal because they are more likely to pick up typos, strictly because they didn’t write the copy.

If you need more help deciphering which passive income streams you’re wasting, contact me to schedule a discovery meeting.

Productivity is More Than Getting Things Done

Photo Credit: Death to Stock

 

Business coaches are strong assets for business owners because they hold the owner accountable for their own progress. They offer different perspectives to problems, they offer guidance as well as challenges, and they observe objectively how a business operates and what can be improved.

Productivity is more than just performing your daily tasks. A business coach will improve your productivity in all aspects of your business life.

Step Out of Your Comfort Zone

Performing tasks that make you uncomfortable are often tasks that will push your business into forward momentum, such as real life networking or presenting to your local Chamber of Commerce. Performing these tasks will get easier with practice and will allow you to develop real life relationships with other businesses. If you gain new customers in the process, that’s quicker productivity than if you stayed in your online bubble.

Make Course Corrections

Your business coach doesn’t want to take over your business; they want you to become stronger in your ability to drive the business forward and they won’t be afraid to correct you if the coach sees a misstep. If you listen to your coach’s advice, you will become more effective in your leadership skills as well as your business skills.

Increase Operational Efficiency

Your business coach will see through their objective third party lens where your operations can use improvement. That may mean automating certain aspects or hiring a virtual assistant to handle certain tasks. When your business runs effectively, customers are happy and you’ll keep your overhead costs down. Effective operations also allow your assistants or employees to be more productive because they have the proper tools to complete their jobs.

Make Your Ideas Into Reality

Instead of keeping all your product ideas stuck in your head, unable to decide which one to develop, a business coach will help analyze your ideas and ask questions about the viability and effectiveness of each product. A coach will also guide you through the production process to complete your product quickly and cost-effectively.

Take the Next Step

Smart business owners know they can’t know everything about every subject, especially if they have no experience in running a business. This is where a smart business coach can become the business’ top asset, guiding you to financial success. If you’re ready to hire a smart business coach, schedule a discovery call with me today.

What is Employee Engagement?

Employee

“I love my job!” How many times do we hear this from an employee? Better yet, how many employees actually mean it? Many organizations do not have a focus on employee engagement.

Employee Engagement Definition

Employee engagement is defined as a property of the relationship between a company and its employees. An employee who is “engaged” is fully invested in and enthusiastic about their work. They take pride in what they do. An employee that is engaged does whatever they can to further the organizations reputation and to help them achieve their goals.

In my experiences, an employee that feels like their input matters and that feels like part of the team, produces more and is willing to go above and beyond to help the organization. All too often employees feel like they are just a number in a sea of other numbers. One tool that may help with determining the general attitude that the employees have towards the organization is by having them fill out a short survey about the company. The key to this survey is to keep it short. As with any other survey, people do not want to fill out a lengthy one. Hit on the key points and keep it to a minimum. This may shine some light on areas that may need some help in making the employees feel more engaged and that their work is important to the organization. A company should not just have employees that do their jobs; they should have people that feel like they are in a career. If companies continue to misunderstand and mishandle employee engagement, this will directly affect the mission, goals, and vision of their organization.

My question to you is this; do you know how your employees feel about your organization and how well it engages them? If you said no, then maybe it’s time to start engaging your employees.

Managing Organizational Change

Org Change

 

Change, that word is not very well liked by many people. Especially when you say organizational change. Is it going to affect their normal routine at work. Most people in the workplace fall into a routine mindset at their job. They know how to do it and they know what is expected of them. Any deviation from this day in, day out mindset will more than likely be met with some opposition.

Organizational Change Management Definition

Organizational change management is defined as a framework for managing the effect of new business processes, changes in organizational structure, or cultural changes within an enterprise. How an organization handles this is key to its success.

Keys To Success

The biggest part of a successful change in an organization is communication. What may seem to be a small change to one person, may mean a big change to another. More often than not, changes are passed down from the top and by the time they make it down to the bottom level, all communication is lost. All too many times employees feel like they have change pushed upon them with little to no prior communication.The employees will all too often feel like just a number. Organizations must ensure that changes are thoroughly explained to the parties it will be affecting. This shows the employees that they are cared for and it will also help the change be much more affective in the long run.

The Challenge

My challenge to you is to review how your company handles change and how it communicates this change to its employees. Put yourself in the role of others and ask yourself three questions:

  1. Do I understand why this change is needed?
  2. What does this change mean for me?
  3. How can I help support this change?

If not, then maybe you need to change your change management plan.

Navigating the Onboarding Jungle

What comes to mind when you think about onboarding? Confusion, time consuming, a lack of productivity? This can one of the most stressful, tedious tasks for a company and/or employee to complete. I have worked with several companies that suffer from outdated onboarding procedures. This causes a delay in getting a resource up and running in their new position. This can cause frustration on the employee’s behalf as they can feel unproductive and dissociated from the company. The company also feels this pain as they are losing team productivity and the money that they are paying the resource to sit there and do little to nothing.

study of 264 new employees published in the Academy of Management Journal found that the first 90 days of employment is crucial in building rapport with the company, management, and coworkers.

Onboarding Defined

The definition of onboarding is the process by which new hires get adjusted to the social and performance aspects of their jobs quickly and smoothly. During this process, the new hires must also learn the attitudes, knowledge, skills, and behaviors required to function effectively within an organization.

Next Steps

The challenge is to step back and look at your current onboarding procedures and evaluate them. Are they effectively getting your new hires producing the day that they start?

The Dangerous Phrase

“But we’ve always done it that way!”

How many times have we heard that phrase spoken in an organization before? You see a policy and/or procedure and know that it can be done in a much more efficient manner, yet when you suggest a different way, all you get is pushback and are met with the above referenced phrase. It seems like people like to do things the way they’ve always done it. Change, is a lot of times, met with opposition and resentment. Some see change as a threat, as if the company is not happy with them and the way they are performing; however, change can be a good thing. It can provide a fresh new way to accomplish a singular task or change the way an entire job position is performed.

The business world is ever changing and businesses need to be able change along with it. Businesses should strive to create a type of environment within their organization that is 1) able to change, and 2) adapt to that change as smoothly as possible. The marketplace, no matter what market you are dealing with, have customers in it that have ever changing needs and/or wants. Businesses need to be able to change as the climate changes because there will always be a competitor out there that will gladly change in order to gain at edge over another organization.

My question to you is this, are you falling into or have you already fallen into that mindset of “we’ve always done it this way?” I challenge you to take a look at your current policies/procedures and review them to see where they could be updated/streamlined to better serve your organization.

Employee Engagement: From Mythology to Reality

Everywhere you turn there’s another story about employee engagement: How To Keep Your Employees Engaged, Six Quick Steps To Employee Engagement, or Do This One Thing And You Can Increase Your Employee Engagement. Employee engagement is the latest fad of management discussion. It’s what all of the cool kids are talking about now.

I’m a fan of less talk and more action. The truth is that it’s not really about employee engagement. That’s just the symptom that managers want to relieve. They’re searching for a silver bullet that will make them the hero and get them results. The truth is it’s about finding the right person to accomplish the right goal. It really is as simple as that. If your employees don’t understand what they are trying to accomplish and why, then all of the “tricks to employee engagement” won’t help alleviate the pain. Actually, these ploys may make it worsen.

Employees want to know that they are making a difference and that the work they do is on target with expectations (and the overachievers will want to exceed that mark). An unclear target brings feelings of uncertainty and hesitation, which will lead everyone to frustration. Have you ever worked with someone who gave you the instruction of, “I can’t really communicate what I want, but I’ll know it when I see it,” and you walked away wondering how you were going to figure out what the goal is? This is a guessing game and the height of frustration for the person at task.

Steps for Moving to an Actionable Solution:

  1. Clearly communicate your vision and mission. If you can’t do this, then reassess if these have been clearly defined.
  2. Tie your vision and mission to the goals of the employees. Meet with each employee to help devise an achievement plan. This is not the same as a personal development plan, but rather from a project standpoint. This will allow both individuals to communicate and contribute, thus fostering ownership.
  3. Hold a periodic review and assessment with the employee. I suggest spending a few minutes each week dedicated to this. Again, this is not a personal development plan or an annual review meeting. This is simply a touch point to make sure that you and your employee are on the same page. It will provide each person with the opportunity to receive clarification on expectations, discuss and address issues, and be informed.

It’s not all about chasing the mythological beast of employee engagement. It’s about making sure that both you and your team fully understand the goals and the path to achievement. How are you going to move forward with your team?