Posts Tagged ‘coaching’

While we all recognize that a complete economic turnaround is still a few months away, smart women business owners are taking control of their money right now  by implementing strategies so that they can make more and keep more.

The sooner you take control of where your money is coming from and how much you keep the better off you are as the economy takes that upward climb and emerges from this economic cycle.  What’s the trick?   To take an active role in ensuring you are creating the income that you want from your business, as opposed to sitting back and passively waiting for money to fall into your lap or for “things to change”.  So here is 5 simple tips to help you get a handle on your cash flow right now so that you are in control of your money and cash flow destiny!

1. Know Where The Money Comes From

Do you know where your money comes from?  Do you have multiple streams of income or are you reliant on just one?  If you have only one stream of income I suggest that you start to look at ways to increase your revenue streams.  If you are a coach or consultant and currently only offer 1- on -1 services it may be time to look at creative ways to bring in more money.  You could develop a group coaching program or mastermind.  This will dramatically increase your revenue with very little additional effort on your part.

2. Value and Pricing Go Hand In Hand

Most business women undervalue their products/services.  I bet that when you started your business you looked to your competition to determine the price…am I right?  The problem with this is most business owners undervalue and under price themselves so you perpetuated that same mistake.  Take a look at your current prices.  Is it time for a review?  Probably!  Find a way to offer greater value to your clients for a higher price and everyone wins.   I just did this and it’s why my next mastermind program will never be the price it was ever again!

3. Track Your Income Daily!

I learned this trick from my mentor and I have to say it works and it works brilliantly!  This is so easy and you are going to love it!  Every day I track how much money I brought it from every income stream.  I use an excel spreadsheet to accomplish this task, but simple paper and pencil will do the trick.   At first you may think that you don’t bring in enough money to track it, but don’t worry that will all change over time. When you pay attention to money in this positive, abundant and grateful way more of it will flow to you faster and faster.  Everyone that I know that has used this trick reports making more money faster than they ever dreamed possible.

4. Know Your Hot Button Money Issues

We were all raised with certain beliefs about money.  These beliefs came from what we learned from our parents.  Most of these limiting beliefs and old values just don’t serve us any longer but many people don’t know how to rid themselves of the past.  Don’t worry, this is totally normal and you can do something about it.  Many women business owners discount their services.  Discounting tells me that you have a fear about what your clients can afford so in order to make yourself feel better and in the hopes of making a sale, you discount.  I recommend checking out my next group coaching program launching in January 2010.   The Money and Mastermind Group Coaching Program:  How To Bust Through Your Money Roadblocks AND Solve Your Biggest Pricing Challenges! will help you shift your mindset and free yourself from those limiting money beliefs so that you can transform your business and daringly charge what you want and get it!

5. Get  Help Where Needed

More times than not I meet women entrepreneurs who have no idea what their cash flow looks like.  Why?  Because they don’t have a handle on their books.  I hate doing my books that’s why I have someone else do them for me.  This way I always know how much I have coming in and how much I have going out the door.  My expenses are at my fingertips which allow me to make informed decisions about expenditures.  It also helps me to know if I am on track or not in reaching my money goals.  If you hate bookkeeping as much as I do, do yourself a favor and hire someone to take care of this for you!  You won’t regret it.

Having Control Over Your Money Simply Means Finding Creative Solutions To Your Situation

Follow these simple tips to have the control necessary to make more money.  Remember it need not be complicated.  Look at what works and what doesn’t and be willing to make the changes.  Keep it simple and it will be effective!

Sometimes I get so tired of the hype that marketers use to sell their products or services.  These marketers are sometimes the exact people who preach about being authentic and using the highest degree of integrity when marketing.  Here are some of my pet peeves and how to avoid them:

1. The Automatic Sign Up

This just happened to me last week at my local Chamber meeting.  I gave this person my business card and before I got home I had her most recent ezine in my in box!  Did she ask me if she could send it to me?  No, she didn’t, but I got it anyway.  And the icing on the cake…she told me if I put a link up on my website to her website she would do the same for me!  Now this may be appealing to some but I wasn’t falling for it!  Don’t do it!

2. Going, Going, Gone

Marketers who say stuff like, “We have 15 spots left, no I mean 17, no I mean 19.” Or the other version is, “Offer ends Monday, no I mean Tuesday, oops I mean Friday.”  Give me a break!  No matter if the game is played with numbers or time, the bottom line is it is still a game; and one that is insulting to potential clients.  Again, don’t do it!

3. Direct Messages

It seems like every day I get a new direct message from some yahoo  telling me how I must  check out this link so that they can sell me their stuff!  No thanks…and then I block them.  You heard me right.  When I get pitched to immediately I block them.  I don’t need to be sold too all day long and this is what some of these people on twitter are doing and frankly I won’t stand for it.  Don’t do this one either!

4. All Promo, All The Time

Some marketers send one promotion after another and it gets tiring.  Usually their ezine is full of useless information and when you check out their website they offer nothing free.  You guessed it, don’t do it!

5. Bad Twitterfeed

I like Twitterfeed,  but I really don’t need to get every feed, post, and link about everything.  Twitter is used best when used as a marketing tool; one that has been given careful consideration and is in line with your marketing plan.  There is no need to post every single thought, action or food you consumed because bottom line -  nobody cares.

6. Immediate Action Required

You all know what I am talking about!  You must act NOW.  Everything is urgent and it’s urgent all the time.  Give me a break…reading these emails and sales letter exhausts me.  I mean really do they think we have nothing better to do then stop what we are doing and attend to ANOTHER urgent message.  Now that is not to say that sometimes you get a notice and it is urgent but you will quickly learn if this is an ongoing case of the “emergencies” or if it out of the ordinary for this person.  If it’s all the time just hit the unsubscribe button.  And remember just don’t do it yourself!

Are you guilty of any of these mistakes?  If so, you know what to do…don’t do them again!

As a business owner our time is valuable so if you come across people who present their products and information in a manner that sends up the red flag then move on.

Once upon a time you dreamed of a carefree life as an entrepreneur.  You saw the vision of a business where you would satisfy all your clients needs, make tons of money and live the lifestyle of freedom and joy…..wait a second, stop the presses…the reality is hauntingly different.

Now don’t get mad or upset.  I know that you are working your tail off sometimes 12-14 hours per day to turn that dream into a reality.  You eat, sleep (when you do) and think about your business 7 days a week with little return on the investment and a ton of anger to show for it.  But let’s take a step back and really look at what it takes to turn that hobby into a business so you CAN have the business you always dreamed of.

Today Is That Day

Right now in this moment you have a wonderful opportunity to closely examine what it takes to have a successful business.  Here are five action items that you can implement right now so that you can make the transition from a hobby to a business:

1.     Develop a Business and Marketing Plan

When you decide to start a new hobby you don’t need to sit down and write out what you’re going to do and how you are going to do it; you just go out and get your supplies, set up a card table in the basement or spare room and start.  If this sounds like how you started your business, let me explain why this was a BIG mistake.

You want to be successful don’t you?  How will you know if you are?  By writing out your business plan you are taking the necessary steps to plan out your course of action; to identify the goals that indicate you are on the right track.  Without the plan how will you know that you are making the necessary gains in your business that you desire?

So many business women hate marketing but I am sorry ladies it is necessary to develop a marketing plan.  Pick two or three marketing activities and make the commitment to do them consistently.  The activities can range from attending at least one networking event each week to writing a newsletter.  No matter what activities you choose, do them consistently to see results.

2.    You Act Like You Are In Business

There are a couple of really important issues that fall under this heading of “acting like you are in business”.  The first I would like to point out is you have a business email that is tied to your website or domain name.  For example, maureen@daretobephenomenal.com instead of using a generic email address such as yourname@gmail.com. See the difference?  In the first example you know I have a legitimate business, the other, well you’re not so sure.

Second issue is you have branded yourself.  You have a distinct look and feel.  When you brand yourself with colors, taglines and logos you begin to stand out in the crowd.  All of your marketing material must have a cohesive look and feel to them, if they don’t, begin to work towards branding yourself.

Finally, you are treating your personal and business financial accounts as separate; you are not mixing your money.  If you are not doing this now, please go and seek the help of a quick books expert or bookkeeper who can help you separate your accounts so that you clearly know what you are spending and taking in on your business.

3.    Show Me The Money

Here is the plain hard truth…if you are not making any money than you have a hobby and not a business.  Your business needs to be making money or at least be on its way to profitability.  You can’t continue to live on your savings account forever,  and racking up credit card debt to run a business is extremely risky particularly if you own your own home.  Your business won’t survive for very long if you can’t bring in clients and turn a profit.

4.    You Have A Support Team

Part of the trap that many business owners fall into, is they spend many hours a week working in their business instead of on their business.  They do tasks that would be better done by someone else.  You have special talents and skills that bring in the revenue for your business.  If you are spending your time cleaning the house, managing the books,  or managing your data base then you have less time to go out and procure clients.  Find a VA, housecleaner or personal assistant to help you; learn to delegate!

5.    Learn, Learn, Learn

As I mentioned in my opening article, investing in yourself is the biggest gift you can give yourself.  I have two coaches and belong to a mastermind program with a different group of people.  I made a commitment to myself that if I wanted to make my business successful I knew I would have to make the time and monetary sacrifice to make it happen.  If you are struggling with your business or know deep in your soul that all you have is a hobby, I encourage you to consider hiring a coach, mentor or joining a mastermind so that you can turn that hobby into a thriving business.

My challenge to you this week is to take a good, hard look at your business and pick one area to work and improve on.  Make a goal and outline the steps that are necessary for you to achieve success.

The other day I was on a coaching call with a client; I’ll call her Mary.  Mary was lamenting how she had so  many weaknesses that prevented her from being successful in reaching her goals.  This isn’t the first time that I have heard this from Mary.  She often focuses on her percieved negative qualities and it has become a real stumbling block for her.

Do you have any qualities that you perceive as negative?  I used to, heck in fact if you asked me to make a list of all the qualities that I have that some found annoying or just plain awful I bet I could fill a page.  But what I have learned is that the same qualities that I thought of as negative are really strengths in the right circumstances. For example say one of your perceived negative qualities is that you are a wimp.  When might being a wimp be a positive attribute?

I once read a story of a man who didn’t want to go drinking with his buddies because he was afraid to be in the car with someone who was drinking and driving.  He told his friends that he had a date…he was a wimp…he didn’t want to tell them he was scared to go.  That evening his friends got into an accident while driving drunk and one was killed.  Being a wimp saved his life.

When we seperate ourselves into “good” and “bad” we fail to recognize the importance that all parts of ourselves are necessary.  When we can accept all parts of ourselves we can stop hiding…we can be who we are.  It is in the acceptance of the “percieved bad” that we are transformed.

Today’s business success strategy is about the right business mindset.

What is your business mindset?  Is it working for you or against you?  Do you constantly hear that nagging voice of self doubt telling you it can’t be done or do your intentions clearly have you on a path of success and abundance?

It’s hard to change those limiting belief and self doubts.  I know, I used to have them.  But when I started working with my coach and mentor those limiting beliefs and self doubts started to melt away.  Why?  Because often times we are so enmeshed in negative self talk that we are unable to challenge those beliefs on our own.  Working with a coach who can point it out and help you shift those beliefs to ones that empower you and move you forward is well worth it!

Last week I had the privilege of providing some laser coaching to several businesswomen at the Beabe Gallery Face Book Party. It was a great night with so many wonderful people in attendance.

During my coaching sessions what struck me was just how important coaching is to help people get unstuck, move forward, and find new perspectives. Now I can hear you saying, “Well of course you would say that, you’re a coach!” But, I am not saying it just because I am a coach. I see the value and benefit of coaching and I saw the shifts that people can make in just one coaching session.

So if you are thinking that coaching won’t help you achieve what you want in your business find out for sure by setting up a time to discuss your situation with a coach and see what happens. You might be very surprised at the results.