When asked: what is the number one key success factor for business success? The responses often are:
There are many factors that contribute to a thriving business over time. I have led business consulting clients through all the primary steps necessary to operate a successful business. Even after sometimes many months of work with very clear guidance, I have observed intelligent, experienced business people miss the profit mark and in some cases destroy what should be a successful business.
Personally, I have experienced successes and failures. Successes were not always sustained and failures were swift. In evaluating my own experiences and those of many other companies where I have had direct contact as an auditor with Arthur Andersen, CFO of several very large companies, business consultant to companies ranging from small to large or as an entrepreneur, I discovered the key.
This key is present in every success story and absent in most failures. This key is the part of the reason for the idea of Manifest Mastermind . Together with my business partner Manifest Mastermind was launched a week ago. The first step we guide members to completing in the Manifest Mastermind process is having a clear definintion of what you want. I know a lot of life coaches and consultants start with that. Keep reading.
Most people when asked what they want start with a list that includes, more money, a new car, better home, financial freedom, improved relationships, vibrant health and so on. But when challenged as to why they want the things they describe, the list sometimes changes. On the topic of money, business people think in terms of revenue and profit milestones. I have started nearly every consulting engagement with establishing a clear definition of the revenue and profit goals for the next year. But there is more to it.
While I am certainly not ignoring monetary and other metrics, I have expanded my focus on what it is the business leadership really wants. Here is the key that I feel is most important:
Are you in alignment with the purpose of your business?
If your goal is money, you may realize your goal and not be happy. So what is the point of the money? Or maybe your goal is money but the demands weakens your health. So what’s the point of the money? It is very clear that money, relationships and health are all interrelated. If one is out of balance the other suffers. Alignment is the key.
Do you know anyone who really does not like their job? They are making money but how is their life and what effect does this have on their health and those around them? What effect does this have on their spouse, partner, children?
Do you know anyone who is not making money and struggling financially? That is a tough situation and most people in that situation have a single minded purpose which is to make money without regard to how happy they will be when the money is flowing. If they pursue just the money then often end up in the same pattern.
If you are in a less than successful pattern, it is wise to move out of that pattern. It starts with awareness, definition of purpose and associating with like minded people and masterminding for goal achievement. That is what I have found to be true for me and others joining the Manifest Mastermind process.
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Sharing with all my readers the energy of peace, happiness and abundance
The Profit Expert
Steve is the President of International Business Consulting Resources. His firm specializes in guiding companies to rapid increases in revenue and profits with a sustainable growth rate. Don’t miss my FREE Report: How To Make More Money With Your Business Now and Long Term I am building my practice and welcome new client inquiries. Call me for a fee consultation at 727-587-7871
This report may be freely distributed without restrictions with the original content including this resource box remaining unchanged. Author: Steve Pohlit, Business Consulting Services, Executive Coaching, please visit www.stevepohlit.com
PS. My doors are open for new clients and referrals are well compensated.
Recently I planned to co-host a teleconference call where over 2,000 interested people were invited. When events of this type are planned, I usually anticipate a 5-10% reservation rate and then 20-25% of the people reserving their space will actually participate on the call.
Those numbers are not the lesson of this article. Although if you read the numbers carefully they wil help network marketers, direct response marketers and people managing special interest groups off line and on line. This article is about the doors that opened when I failed to understand all of the featurs of the new conferencing call system I was testing and I couldn’t connect the callers. I rescheduled the call.
In a prior life I would have blamed a lot of people but now I look and say what could I have done to prevent this problem? The number one action (and yes I knew this but didn’t do it) was to test the system before announing and promoting the call. I had assumed I understood how it worked from the training that was available and I didn’t. So I accept responsibility for needing to reschedule the call.
First lesson: always test …always.
The conference call system is fairly new and once discovered I really wanted to use it. The features and benefits for a free system were “off the charts.” I was further impressed by an email from the company’s CEO who had learned of my canceled call and wanted to know about the difficulty and what they could do better.
Second Lesson: when a customer even a free customer has an issue, find out what you can do to solve the problem and possibly prevent it from recurring.
In order for me to answer the question for myself and the CEO as to what can be better I needed to make sure I understood how this system worked. Often times when I have a question I will become the teacher since if I can successfully explain it to someone else then I understand it myself. So I developed three videos of enhanced training for this system which is called Callifower. These videos are below.
Third Lesson: You understand an important topic well enough if you can teach it.
Now this is where my business analytical and consulting skills really kick in. I stepped back from this situation and asked, other than my group who else would benefit from this conference calling system and training? Here is a short list:
1. There are groups using conference calling extensively now. They include network marketers, internet marketers launching products to name a few.
2. Companies with employees in remote locations. These can include outside sales people on the road, managers of stores in multiple locations, trucking companies with drivers on the road, employees in mulitiple offices or plant locations. Are you beginning to see the opportunities.
Fourth Lesson: Be open to how technology developed for one group can be applied to non-targeted groups.
This is the advantage of working with a business consultant exposed to a wider range of company practices. However, like companies not all consultants have expertise in marketing tools like blogs, video, social networking, conference calls, syndication, direct response and more.
International Resources and specifically this consultant is very connected to not only the latest tools that are developed but more importantly often has personal experience with what is working. This logic can be applied to company managers who identify a practice that works well and can share that using video, white papers, blogs, press releases, emails, newsletters and seminars with customers and even competitors. Very few discoveries are extremely proprietary and often “speed to market” with information establishes credibility.
What really caught my attention about Calliflower were the features of being able to see who is on line and multiple ways for participants to ask questions and participate. Check out these videos:
Video 1: Calliflower Conference Call Training for Participants:
Video 2 Part A Calliflower Conference Call Training for Conference Hosts:
Video 2 Part A Calliflower Conference Call Training for Conference Hosts:
Steve Pohlit http://www.stevereports.com
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Steve is the President of International Business Consulting Resources. His firm specializes in guiding companies to rapid increases in revenue and profits with a sustainable growth rate. Don’t miss my FREE Report: How To Make More Money With Your Business Now and Long Term I am building my practice and welcome new client inquiries. Call me for a fee consultation at 727-587-7871 Remember many of my business building articles can be found at Steve Reports and my prosperity building tool (best tool ever for helping you manifest your goals and dreams) is The Prosperity Tool Chest and guiding articles posted very often at Prosperity Tip
There is a very important fact to understand that applies to every business…”nothing stays the same”. The current business environment in the United State is one where the real estate market in general is one with declining property values, the value of the dollar is declining, and revenue for many companies is under pressure.
Companies struggle because they continue to do the same things while everything around them is constantly changing. Every business, in theory, has a primary goal of increasing revenue and profits. The process of achieving that goal is no different in an economy that is experience major challenges in key sectors than in one that is vibrant. The introductory lessons in my 10 Minute MBA Program gives away the roadmap.
There are a huge number of examples of companies thriving and failing in both strong economies as well as weak ones. The only thing that matters for your business is what is happening in your business in relationship to the clearly defined performance gaols you have set. You have clearly defined business performance goals correct? These goals are in alignment with your own personal mission and lifestyle goals correct?
I am injecting the point about personal mission and lifestyle goals since I realized one of the key differences between many business successes and failures is the passion of the company’s leadership for the business and there is a direct link between the level of passion and the individual’s view of how the business contributes to the achievement of their personal mission.
For the record this goes way beyond achieving personal income objectives and includes: how much you really enjoy the business model; is your position one where you know you are using and developing the talents and skills you are passionate about and does your position fit in with how you want to develop the family, friends and community relationships that are important to you? I am now very focused personally and with clients on addressing the total picture of satisfaction and not just the business goals. Join the growing Prosperity Tip List that is FREE and you will be surprised at what this material will do for you personally.
Here is an example of a common situation that I have found in business. Business leadership will say, when the profits improve or when the cash flow improves or when this acquisition is done, or we fill this open position, or etc. then I will spend more time with my family or fishing or restoring my favorite antique or …well you get the idea. I submit to you the personal activity, whatever it is, never happens for those people even when those business milestones are achieved. If you are spending a lot of time with your professional mission, I hope you really love it. If you do not and you are frustrated because you are not spending time with your family, if you are not exercising like you should, if you are not enjoying your home, your car, your boat or your fishing pole then there is no way you will optimize the performance of your business. The negative personal energy will transmit throughout your organization and you will not consistently optimize your performance. If you have lifestyle issues, they need to be addressed. How do you think I know that?
Back to delivering what I promised with the headline of this article:
The Exact Steps To Increasing Profits In A Challenging Economy:
1. Set clear clear measurable performance goals for the next 12 months. For example: Revenue and profit goal is an increase of 30%.
2. Understand and instill in the culture that performance goals for the next 12 months are achieved by what happens today. All parts of your business need to be in sync with achieving the goals for the company. As and example what do sales need to be this week and this month to hit the 30% growth goal? What does gross margin need to be and with what expense structure for the 30% growth in profit goal to be achieved?
3. Each function within the business must have clearly defined performance goals and defined accountability for achieving those goals.
4. An objective performance monitoring process must be in place to identify quickly any areas of unusually positive as well as shortfalls in performance. For the revenue, gross margin and expense driver areas of the company this usually means a formal weekly meeting along with informal daily monitoring. There are exceptions and one is where there is a cash crunch situation. Cash flow is then monitored very closely daily.
There are two reasons why companies ask me for assistance:
1. They know what to do but want an independent third party experienced business development consultant to drive the process as that approach demonstrates management’s commitment to achieving the goals.
2. Management understands the need for improved performance and understands they do not have the experience to implement what is required.
3. There is actually a third reason and that is where a business is in a crises situation and turnaround business consulting procedures need to be implemented fast. Nobody likes that situation, even the consultant. However, many companies can be salvaged with the right action. Think of the what goes into action when a person has a heart attack. Timing and action are the differences between life and death.
Be Well and Prosper,
Business Development Consulting
Steve Pohlit has more than 20 years experience running very large and medium sized companies. Steve consults with clients to design and implement processes that will deliver improved business performance for the long term. Learn more about the process of Increasing Profits by 30% or More In 90 Days or Less by visiting 10 Minute MBA or you can call 727-587-7871 and speak with Steve directly. Have a question? Click Here To Visit Ask The Consultant