Coaching in Business By Action International Business Coach Michael Bedard

Coaching in business!? Now we've all heard of a coach, in terms of a football team, an athlete or even a swimmer, but for a business owner, that's a new one! But as business moves into the new millennium, and with the rapid expansion of the communication and IT industry, it is becoming evident that the world doesn't seem as big.

Markets are becoming global and competition is increasing as consumers have greater choice. More and more business owners are looking for that edge or the fine tuning that can make the difference in their businesses. They are looking outside their normal resources for the information and guidance they realize is needed, for them to develop and educate themselves and grow their own businesses. In business you're either growing or you're dying and a business will only grow to the level of it's owner's knowledge or beliefs. So the business owners who succeed, are those who look to increase their own knowledge and prepare to accept changes in the way they think.

Be Do Have a Formula For Success Part 2

Business is no different.

In order to HAVE amazing customers, and amazing businesses need amazing customers, you must develop your business into one that will attract amazing customers. What is an amazing customer? It is specific to your business. Only you can define for yourself the characteristics of your amazing customer. Perhaps it includes a customer who always pays cash. Maybe one who sends you lots of referrals. You must identify who your amazing customers are and what these customers want. You must know how these customers shop. You must BE the place where these customers want to shop.

And the same is true of an amazing business. It is one where your amazing customers shop. It consistently delivers more than your customer expects. The amazing business attracts these amazing customers.

Once you are the business, then you must DO the things that make these customers know what the perfect business will do for them. Imagine, if you will, an owner of a Jaguar leaving his automobile at the local garage that looks as though it has never seen anything better than a '64 VW Microbus. Not likely. If you want the customer to come you must BE the business to which he will come.

If you are the person or business that attracts the people in your ideal target market then they will come. Just remember you must Be as well as Do in order to Have.

Be Do Have a Formula For Success By Action International Business Coach Michael Bedard

To be meaningful, any change in life or in business has to be dramatic. Minor change is easy to accomplish but results in only minor differences. To increase the sales in your business by say 150% in three months will take massive changes in both your thinking and the way you do things.

In order to HAVE anything in life we all recognize that we have to DO something to achieve it. If you want wealth you must invest. If you want love you must first give it. If you want respect you must earn it. No matter what you want, you need to DO in order to HAVE.

But DOing is not the only thing you need to change in order to HAVE. You must BEcome the person who would have the things or persona that you desire. You must develop the identity, beliefs and values that the person who has those things has. We've all heard of the Lotto winner who, within three years, lost the several million he won. He didn't become the "millionaire".

Let's talk a bit about BEcoming. Everyone has an identity that they developed, usually at a very young age. That identity has values and beliefs that can limit you. Perhaps you believe that customers are always looking for a discount. You will attract that sort of customer to your business because of your belief. Maybe you believe that business owners are greedy. What do you suppose you will be when you own your own business?

In order to HAVE something like a million dollars, you have to develop the beliefs and values of a millionaire, and believe me they have an identity that needs to be copied. In fact it is said that you will earn + or � 10% of the earnings of the three people you associate with the most. Why? Because you develop the values and beliefs of these people.

Five Ways to Business Success through Action Part 2

Once we have established where the business is, we are able to go back and look through our systems and determine which of those would be the most appropriate to implement in increasing the profitability of that particular business type.

We use the information we have gathered on the business to put together a detailed Alignment Report that will serve as our roadmap to success for the next 12 months of Business Coaching.

Once we have established that the business can be profitable, we move on to our secondary goal, which takes place during the Coaching process. That goal is to teach the business owner the difference between working on their business and working in their business. Small business owners can spend 60 hours or more per week just trying to keep their business alive. Most often, what we find is that they are working on the wrong aspects and end up spinning in a relentless circle until the business finally folds in on top of them. Our goal is to help them in working on growing their business instead of concentrating on the technical issues, which are usually counterproductive to growth.

Throughout the process of Coaching we help the business owner stay focused on their goals, testing and measuring results, assisting them with potential obstacles for growth, systems implementation, etc. We hold our clients accountable for reaching the goals that we set together, and work diligently to help them achieve great results!

So basically, we teach the self-employed how to become successful business owners. We teach them how to make more money for less effort, and we have been very successful at that.

Five Ways to Business Success through Action By Action International Business Coach Michael Bedard

At Action International our goal is to help business owners achieve true business success through analysis and systems implementation. What that means is that we help the self-employed build a profitable commercial enterprise that works without them. After all, systems should run a business, not the owner.

The first thing we do is to access the business by working with the business owners to determine where they are, where they would like to be, and then helping them implement systems and strategies based on what we find that would be the most appropriate for that particular business's needs (increase profitability, systems, employee training, controls, etc.).

We will be assessing the business in the five key profit generating areas: Lead Generation, Conversion Rate, Average Dollar Sale, Average Number of Transactions, and Profit Margins. Those areas are highlighted in the following equation:

Lead Generation x Conversion Rate = # Customers
# Customers x Avg. Dollar Sale x Avg. # Transactions = Revenues
Revenues x Profit Margins = $ Profits

So basically, we are looking at the equation for profitability for any business, in any market, in any industry sector. Throughout all of these sectors of business, the equation for profitability stays the same.


We have developed 367 different systems and strategies under these five variables. For example, Lead Generation has 73 systems that can be implemented to help business owners increase their lead flow. In addition, we have 86 systems that may be used to increase your Conversion Rate, and so on down the line.

How to Make your Small Business Big Profits

Numerous studies have been done around the world showing that more than 80% of all small businesses fail within the first five years of operation. That means only 20% of small businesses have what it takes to succeed.

So why do some succeed and not others? There are many reasons. The way the business owner thinks is a major part.

The reason being, when the business is struggling to make a decent profit, an open minded business owner will seek out help. This one factor -- the ability to be open to advice from people who can help you -- is crucial for ongoing success in the business.

Business owners turn to their accountant for financial help, their lawyer for legal help, and are unsure of who to turn to for help in marketing and systemizing their business.

Too often people in business start up and do what everyone else is doing, they just say, this is what we do and list the facts. Then they compete on price because this is the only thing they know how to do. Learning professional marketing allows you to distinguish yourself from competition so you aren't competing on price. Then you'll start to make more profit, employ more people and grow the business.

Think Link Part 2

According to a recent credit card survey, the average number of items on a retail sale invoice INCLUDING grocery sales was 3.3. Think about that, if the average grocery sale is, say 30-40 items, then there's a heck of a lot cameras out there without film or walkmans without batteries.

So how do we go about improving our sales satisfaction process? Well the first step is under standing that it's OK to want to help your customer get the most benefit from what they buy from you. Let's look at the camera scenario we described before. The customer walked into a camera shop and said, "I want to buy a good camera." The sales person would have asked several qualifying questions and got answers like:

� Good quality
� Easy to use
� Automatic focus
� Like it to be able to grow as my ability improves
� Must have a zoom lens

With today's technology nearly all cameras have a zoom lens as standard. If the sales person had probed a little deeper we might have discovered the real and immediate need was for a camera with a much longer than average zoom lens. After all, what the customer needed was a lens that would allow him/her to take great pictures of dangerous creatures from a safe distance where they didn't become a lion's lunch.

And by the way, what other opportunities would that scenario present for sturdy, waterproof carry bag, extra film, assorted accessories etc., but that's another story, about turning customers into raving fans!

Think Link

How to Stop Order Taking & Satisfy Customers by Selling What They Need Brought to you by Action International Business Coach Michael Bedard



Most sales trainers agree there are a certain number of steps that need to be taken towards making a sale; typically the steps are something like this:

1. Greet the customer, (or acknowledge, qualify & open the sale, etc.)
2. Probe to discover needs & wants, (or ask questions, sales interview, etc.)
3. Recommend product, (or demonstrate, make alternative suggestion, etc.)
4. Trial close, (or first attempt to open relationship, etc.)
5. Handle objection, (or overcome objection, re-state needs & wants, etc.)
6. Ask for the order, (or close sale, open the relationship, etc.)
7. Farewell and follow through.

In these seven steps a variety of nuances are included which allow for deviation so that the sale can be achieved/won at any point. Too frequently the sales person and prospect who are, 'Fencing' for the advantage, see the sale process as adversarial. Often an inexperienced sales person is so relieved at getting to 'Yes' that the thought of making sure that the customer has everything they need to gain full pleasure, enjoyment, benefit and satisfaction from the purchase by asking them to spend more is simply not an option. What a dreadful shame to all concerned!

How many times have you been left with a purchase that was exactly what you 'thought' you wanted but left you feeling less than satisfied with your new acquisition. Let's play with some examples:

� A camera with a standard lens but no telephoto lens to capture wildlife in Africa
� A tennis racquet with no case to carry it in
� A tin of paint with no brush to apply it with
� A new outfit without matching accessories
� A new car with no paint/rust protection
� A holiday with no insurance
� A McDonalds burger with no fries!

Testing and Measuring Part 2

This then leads to the balance of the phrase� testing and measuring. There is little point in going to the trouble of conducting a test in the first place unless one follows through with some type of analysis of the results. Imagine taking that new car out for a test drive and not paying any heed whatsoever to the quality of the ride, the noise levels and the engine performance. Not reasonable�is it? You would instantly compare this
new car to your old one or other new cars you were considering� wouldn't you? You would have your own form of measurement to compare the car with others. Your taste is a form of measurement when you try those samples in the supermarket. If you lost your ability to taste� why bother trying the sample at all? I believe you get my point!

Now, back to our business analogy� there is no point in testing the outcome of any type of marketing campaign with no measurement of the outcome. Careful measurement and analysis of the results of a test campaign will provide much needed information on which to base decisions. The results of the measurement will quantify the success of the test campaign. The results can then be extrapolated to test the soundness of the campaign. Example� a test mailing to 500 households yields 10 responses. Each response results in an average sale of $150 with a margin of 40% that adds $60 to the company's profits which is $600 overall ($60 x 10 responses). Let us assume the overall cost of the mailing is $1 each or $500 in all. The company then made a net profit of $100 ($600 profit less costs of $500). This campaign appears to be a winner!

Testing and Measuring

By Action International Business Coach Michael Bedard

Business coaches with Action International use the term testing and measuring frequently. This practice forms an essential part of our ongoing mentoring programs with clients. What are we talking about anyway? It's quite simple�read on.

Why is testing important? We don't realize it but we test everything in our daily lives. You always take a new car for a test drive before you sign on the dotted line. When you go shopping at the supermarket, clerks are standing in the aisles with samples for you to test before you buy. Waking up in the morning and checking the weather before selecting your clothing for the day is also a form of testing. See� we do it all the time� we just don't think about it.

Yet businesses persist in embarking on expensive marketing campaigns with little or no idea of the outcome. These same businesses will spend thousands of dollars on an ad campaign and hope they get a response. Action International firmly believes in testing a new ad campaign before the majority of the budget is committed. It may be a whale of an idea� but, face it�no one knows with certainty, the outcome of a daring new campaign. We at Action suggest that our clients commit 10 � 15% of the new campaign budget and test for the outcomes.

People Plus Systems Equals Great Sales Part 2

A sales script is a documented, methodical, learnable, effective system of selling your goods and services. It is a written process on paper designed to give the salesperson control of the call (while the customer 'feels' in control) and create a desired result � the sale! It is written by your number one salesperson, in answer to the question � Exactly what do you say to a prospect to get them to buy your product? You may even choose to reward your top salesperson for doing this by offering them a great incentive such as a percentage of extra sales.

Let us briefly outline key parts of the Action sales script. Obviously, there are differences between sales scripts used on incoming and outgoing calls; however, I will just detail some of the universally used key Action selling lines taken directly from our sales scripts!

The opening: "Could I just outline the reason for my call?"
Permission: "Would if be okay if we go through the call that way?"
Rapport Building: "What's your biggest challenge right now in that area?"
Below Waterline: "What's most important to you in�"
Paraphrase: "Based on what you just told me, it sounds like�"
Temperature Check: "How does that fit with what you had in mind?"
Secure the Sale: "Would it be okay if I give you the steps in getting that process under way?"
Conclude the Encounter: "Congratulations and bye for now."

A script can be read, learned and must be practiced, used, measured and improved (if needed) to increase conversion rate of prospects to customers of all the team. Imagine taking the guess-work out of selling once and for all by using a system which makes your sales results less people dependant and more system dependant!

People Plus Systems Equals Great Sales By Action International Business Coach Michael Bedard

When you ask many of the greatest salespeople in history what their secret is many would answer � personality. But when asked how to quantify and teach personality to others, these super salespeople are often stumped. Teaching great sales involves a major re-education and a focus on systems that make sales simple.

Sales scripts not only increase the sales of top performers but also produce amazing results for the entire team. One rule of thumb, which can be used in selling and in life, is that what you can measure you can manage and grow! The ultimate test of a superior salesperson is how consistent their results are and how consistent the results are for the entire team. Using a sales script achieves this consistency and makes the training of new team members simple and effective.

By introducing a sales system like a script, you can then measure conversion on a daily basis and your sales will automatically increase � guaranteed. So, exactly what does a sales script look like, how do you write one and how is it used? Let's look at this now.

The Power of Priorities Part 2

Every businessperson needs to understand the Pareto Principle as it applies to the areas of customers, team and leadership.

In the area of customers, it is vital to identify the 20 percent who account for 80 percent of your business. These are your "raving fans" and strategies must be put in place to care for them appropriately.

For your team, you must identify the top 20 percent producers. Spend 80 percent of your people time with these people to develop them to their full potential.

In leadership, take an honest look at the question "What do I have to do that no one else can do?" Remember a leader can give up everything except final responsibility. You can decide whether you will be reactive or proactive when it comes to the use of your time. The question is not, "Will I be busy?" but "How will I invest my time?" It's not "Will my calendar be full?," but "Who will fill my calendar?," It's not "Will I see people?," but "Who will I see?"

Do this and watch your productivity and personal satisfaction rise to new heights!

The Power of Priorities Brought to you by Action International Business Coach Michael Bedard

There are two things that business people find very challenging: thinking ahead and doing things in order of importance
Doing these two things makes the difference between success in business and just surviving. And the same is true for all areas of our lives.

Leadership trainer and author John Maxwell says, "thinking ahead and prioritizing responsibilities marks the major differences between a leader and a follower."

Most people have heard of the Pareto Principle, more commonly known as the 80/20 Principle. Roughly stated this says that in most businesses 80% of your business comes from 20 % of your customers.

Other examples of the Pareto Principle are:
Reading 20 percent of the book contains 80 percent of the content.
Job 20 percent of our work gives us 80 percent of our satisfaction.
Products 20 percent of the products bring in 80 percent of the profits.
Picnic 20 percent of the people will eat 80 percent of the food!

So� when it comes to your priorities, 20 percent of your priorities will give you 80 percent of your production IF you spend your time, energy, money and personnel on the top 20 percent of your priorities.

When you do this you are getting a 400% or fourfold return in productivity. Think what this would mean in your business!

How to Sell Price Focused Shoppers By Action International Business Coach Michael Bedard

The most common complaint we get today as business coaches to small to medium sized business owners is that, "we can't compete with the big guys on price."

The perception in the market place is that people are shopping on price alone. The only reason your customer asks the price up front is because that is what we as business owners have trained them to do.

How many times have you rung or gone into a business not really knowing what model, style, color or features you were looking for and purely asked for the price? At this point did the sales person come back with "that is $29.95" or did they ask you some questions about what you were looking to use the product/service for? In this instance let's say it is a kettle.

Now in most people's eyes a kettle is a kettle; but, they have many different features and offer many different benefits. So what if the sales person simply said to you when you inquired about price, "just so I can help you best is it okay if I ask you a couple of questions about the kettle you are looking for?" Would you have answered yes? My bet is that the answer would have most definitely been yes!

The sales person could then ask questions like; are you looking to replace an existing kettle or is it a gift for someone? Do you regularly use your kettle or is it rarely used? Would you like a kettle with a quick boiling time? Have you seen the cordless options that are available? Are you looking for something to match your kitchen? So what color are you looking for? Is it important that it has an automatic cut off when the kettle is boiled? Are you after a stove-top option, or an electric kettle? Kettles come in different cup capacity; do you require 10 cup capacity or is 5 a better size for you?

Making Business Work Simply Part 2

Another business is a physiotherapy practice. Health professionals tend to think that they should not have to sell their services and skills; people should just discover them. The practice's Action Coach wrote a simple script for the physiotherapists to tell their patients that it is in their best interests to come back regularly for treatment until the injury they had was completely cured. Up until then they would just say 'thanks for coming I'll see you later'. This alone increased their number of patient visits from 190 per week to around 230�a 21% increase in business. Next, the practice discovered that their patients were leaving their office, walking around the corner, and buying strapping tape, etc. from the local chemist. We stocked the practice with these products. Sales of these have substantially increased the cash flow. This business has grown by some 30% in ten weeks without implementing any of the more impactful strategies that we had identified in their initial analysis.

In another of Action's mentoring businesses, we simply implemented a dress code for their sales team. The most dramatic impact of this came recently when their leading sales person had gone into the field in a dark blue shirt and tie. He spent six hours and had not made a single sale. He walked into a menswear shop, bought a white shirt and red/blue tie, he went to the dry cleaners and had it pressed and then he changed. Within 40 minutes of this change he had sold his entire inventory.

There are many more examples of this sort. The message is clear. You don't need to be a rocket scientist to make money in business. Unfortunately most owners are so close to the coalface that they cannot see the opportunities. That is why an outside mentor who can give advice, encouragement, correction and discipline is the best investment a business owner can make.

Making Business Work Simply Brought to you by Action International Business Coach Michael Bedard

There are some things in life that are supposed to be really complicated; being a parent, learning how to invest and running your own business. When you look at all of these things nothing could be further from the truth. Parents are taught by their children, investors are taught by their experiences and business owners should be taught by a mentor. Often when I look at businesses it is clear that the owners have given up trying to improve their lot in life because they think that it is too complicated an issue to generate more activity. They think they need to be Einstein to invent some radical new way of doing business. Let me give you a few real-life examples of how simple it can be to change the direction of a business.

Usually a business has no coherent direction established within its culture. The first thing I seek to have the owner and their team do is spend some time deciding exactly where they want to be in 12 months time. This process must include all of the members of the business, because they will all contribute to getting there. Once this is done the goals are well publicized. One of Action's clients implemented this as the first step and this alone without any other changes produced a very significant increase in sales.

The Business Building Process 10

Rules to Follow When Buying a Business;
1. Never be in a hurry to buy. When you want things fast, you always pay more.
2. Much of the profit is made at the time you buy the company therefore do a through financial analysis of the business so you don't over pay.
3. Never fall in love with the business. It is just an investment designed to generate cash. You never invest in a bond that paid a poor rate of return, just because you liked the name nd the look of the certificate.

Being coached at this level is a business owner's reward for the hard work and perseverance and determination it takes to progress beyond the first 5 stages.

It is important to note that you start a business to sell it. This is where any business owner makes their money. It is, in essence, a business owners' RRSP. If, over the years, you have not structured and grown your business properly you will not have many interested buyers and the simple law of supply and demand tells you that you will not sell your business for what it potentially could have been worth.

The Business Building Process 11

Summary

It is hoped that this report has helped you understand what is necessary for a business to be profitable and sustainable. It has often been said, "It is far easier to know what is needed to be done than to actually do what is needed to be done". Ask yourself this important question, what are three things that you had intended to do for your business over the last 12 months but have not done and more importantly by not doing them how has that affected the profitability of your business. If you are brutally honest you will realize that there has been a lost of opportunity to grow and sustain your business.

Nothing that we value in life comes to us without effort and achieving sustainable success in your business is no different. The secret however is that it is much easier, more fun and more profitable to do it the right way and that is my primary aim as your business coach. It is important to remember that most businesses do not have to re-invent the wheel to be successful. Rather they just have to do what they do better than their competition on a daily basis and this is very hard to do if you are trying to run your business by yourself. Successful people in all walks of life have a dedicated team of professionals to help them achieve their goals and dreams. Why would you think that you would achieve success any differently?

I want to congratulate you on reading this report. I am confident that you are a better business person now than your were before you started.

I will call you in the next few days to review the material you have read and answer any questions you may have. Please feel free to contact me earlier if you have any questions that need to be addressed immediately.

The Business Building Process 9

As your business coach I can help you reach this stage and benefit from the opportunities that this stage presents.

Below are listed some of the key points to look for when considering a business acquisitions;

1. A business that is surviving with a lot of poor business habits.
2. A business that is still at the Mastery level. You will have taken a business well beyond this stage so you know how to do it and you will receive all the upside for doing so.
3. A business with low levels of fixed assets that produce positive cash flow.
4. A motivated seller that wants to do a deal fast. These people are less concerned about extracting a highest price possible and hence they leave room to make more gains.
5. A business that does not require highly skilled people to run it. For example, if you need PHD's to run your business, you have a smaller job pool to draw from and you will have to meet much higher human resource standards and practices.
6. A business that does little or no marketing and one that has no formal sales people or sales training.

The Business Building Process 8

It is also important to keep reminding your employees what "TEAM" stands for;

T-Together
E-Everyone
A-Achieves
M-More

Creating the appropriate winning culture for your business, regardless of size, ensures increase innovation, productivity and fun for everyone. Remember, if it is not fun you or your employees won't be doing it very well or for very long.

5. SYNERGY

Synergy occurs when the performance of the whole business is greater than the sum of its parts. When the vision, mission and rules of the business are clearly defined, the systems are implemented, and an effective organizational structure and motivated team is in place, it becomes possible to work on synergy. My coaching process will show you how to integrate functions, develop creativity and build synergy in the team that, in a well-tuned business will extend to win-win relationships with customers and suppliers. Synergy ensures that the business has the capacity to constantly reinvent itself to maximize profits and stay ahead of the competition.

6. RESULTS

The results of my Action International Business Development Process are that you should become "Chair of the Board" strategically directing the business and with a stream of passive income. By structuring your business as I have outlined you now have the time, financial resources and the organization to pursue growth strategies such as;
- Mergers and acquisitions
- Broader ownership
- Increase stock liquidity and dilute risk
- Invest in and run multiple businesses.

The Business Building Process Part 7

Building a winning team is a huge factor responsible for the success of a business. Prove strategies should be applied to influence people to work together towards end results and mutual gain. Businesses of all sizes experience greater tangible payoffs and reach levels of optimal productivity when people work together.

The underlying strength behind every team is the diversity each member brings to it. This blending of talent, attributes and experience often is a managerial and leadership challenge. But if you teams resources can be effectively managed and utilized your business will become more efficient and effective in accomplishing results.

You can empower your team by;
- Effective and open two way communication
- Providing opportunities for them to take risks and make mistakes so they can learn and grow,
- Giving them responsibilities and making them accountable. (Delegation)

It is important to remember that when you delegate that the person who will be doing the task knows exactly what to do, is trained appropriately to do the task, knows what the expected outcome is, knows who they are accountable to and who will be evaluating their work.

As the team leader it is important to remember that different people take instructions and learn skills in different ways. Only 20% of people are auditory learners, people that receive and easily comprehend verbal information. The rest are either visual learners that need to see a diagram, picture or read what to do or kinesthetic learners who need to actually do something before they fully understand. I have evaluation tools that help you determine which form of communication is best for each of your employees.