Mentum Coaching and Mentoring Blog

Business mentoring and coaching newsletter - Jan 2010

Sat, 30 Jan 2010 07:15:00 GMT

A very Happy New Year to you all. January is the time we are bombarded with “practical” and “innovative” ways - through the web or other means of communication - to improve our business and performance.

We’re told there are ways we can do it just by purchasing a book for $39.95 or getting in touch with some whiz bang company who - if you employ them - will tell you the secret to success.

The secret to success is there is no secret – Randy Gage

We have been conditioned that on the first day of January we should set goals for the year. And once we clarify those goals they will all come true by December 31st.
The truth is, to achieve your goals you first need to do some work that nobody considers part of the achievement.

1. You need to create a plan

Adapt to your new reality. The last year’s recession forced changes upon everybody. The crises in the Automotive and Financial Services industries have attracted a huge amount of attention. But every industry is being affected. Adapt your way of doing business. Making the right changes now will make you stronger coming out of the recession.

2. Work your plan

With all the new knowledge and emotion you’ll experience, at times you might doubt whether reaching your goals is possible. Create plans, ways to keep you on track to achieve your end result. You’ll need a written plan, spe¬cific steps and most importantly, deadlines.

3. Motivate yourself and people around you

Go back to basics and look at your core business. What is essential? With the right marketing support you will create an immediate and enduring competitive advantage, even in a difficult environment.

4. Focus on your specific market niche

The narrower your focus, the easier time you'll have establishing your expertise in the minds of your prospective clients! Determine who your ideal clients are. Then target them with every single communication and action you take to promote your services.

5. Find a mentor

To achieve the type of success that you want seek out a mentor who has achieved the same type of success. If they have courses or material on the subject mat¬ter, invest in the knowledge, become a student and never stop learning.
You might think successful people are too busy to simply stop what they’re doing and talk to you. However, I have found that if you’re persistent, show great enthusiasm and continually follow through, people are more than happy to share their million dollar secrets with you.

6. Create an unique, powerful brand for your business

Set yourself apart from the pack. Show the results you’ve achieved for your clients so that your prospects can see that you can do the same for them! Testimonials and other specifics really help enhance your credibility. Make sure your clients know that ONLY YOU can offer what they need. And if you're not sure that's true, find a way to make it the case!

The difference between successful people and those that give up, is that successful people don’t let failure turn in to road blocks.

Successful people learn from their failures, make changes in their strategy if they need to, and keep moving forward.

Do you know the definition of insanity? “Doing the same thing over and over and expecting different results.” While the definition of success is that, “There is no failure, only results“.

Inspire your customers

Along with innovation, optimism has been a key ingredient in inspiring consumers and building great brands through the last ten recessions. Never underestimate the power of optimistic marketing to bolster people's mood and drive sales at the same time.

Keep your eye on the future

What we are living through today may be an once-in-a-lifetime economic downturn. It's a time when tough, short-term decisions may need to be made. But always keep one eye on the future. Use your marketing communications to promote key brands and, wherever possible, communicate optimism about the future.

Look to solve problems

Nurture and promote creativity. Keep your focus on your customers and your clients and maintain a frequent dialogue with both.

"Hi Robert, Its amazing...for a year that was supposed to be in crisis. With the GFC and the likes, I think we seem to have survived and reached some exceptional results. Of course this has everything to do with you, and we'd would like to take this opportunity to thank you for your support this year. We also would like to wish you the very best Christmas and a prosperous New Year, with the best of health, some rest and continue business success.
Yours faithfully J.L. CEO and "The Netseek Team".

Be adaptable

Adaptability is the ability to flourish and sustain high performance. Adaptability can be improved through conscious effort and creating a partnership with your mentor based on mutual trust and respect. Both of you need to be comfortable enough within the relationship to be challenged and extended. This can form an unbeatable combination of enthusiasm, energy and innovation.

A quick message from our sponsor ie me

Would you spare 30 minutes if you knew it could be the beginning of an amazing turnaround in your business or personal life? In my half hour free initial consultations, I sit down with you and discuss your most pressing problems. I’ll give you clarity on how to get back on track and achieve you highest potential. It’s a taste of what to expect from me as your mentor.

And should you decide you would like me working as your mentor and coach I 100% guarantee to help you achieve your goals. If for any reason you’re not satisfied with your progress or results, I refund your money in full (a few conditions do apply).

So the only question you really need to ask yourself is, "What do I have to lose?"

Until next time, I wish you success,
Robert Knapp AIIM
Principal Mentum Pty Ltd

Exit Strategy Plan

Mon, 11 Jan 2010 02:36:00 GMT

An Exit Plan is one of the most important tools you should have in your business. It’s a plan that considers your future desires and ensures that you remain focused on achieving those goals whilst removing you from the business. A good Exit Plan enables a smooth transition with less likelihood of disruption to the operation. By planning your exit well in advance you can maximise the value of your business and enable it to meet your future needs. Make sure your plan is attainable - set a realistic timetable and measurable milestones along the way and stick to them.

Why Exit Planning is Important

Any business advisor who wants to play a meaningful role in the orderly transition and subsequent management of this wealth must be versed in the field of exit planning. Business owners who want to exit their businesses during the next 20 years face increasing competition for quality buyers. The increase of the supply of available businesses and the relatively fixed number of qualified buyers limit an owner's exit options.

The only effective way to deal with these facts is to develop a strategic exit plan ensuring that the business owner builds value and seizes opportunities that present themselves.

Without a good sense of the value of a business, all other exit planning decisions are flawed.

Our market-based business valuation process provides owners and their advisors with an accurate sense of the highest price they can expect to receive for their business, the optimal financial structure for a sale, and how much seller financing (if any) is required to make the transaction work. Remember, money in the wallet is no longer money in the business. If you're in a business that must invest to grow, taking out too much money can hurt you down the road.

Also, if you have other investors, taking too much can upset them. Imagine their surprise when investors in a small business I once worked for received the company's internal loan repayment spreadsheet, showing that the business owner was pulling out bucks by paying his family exorbitant interest on loans while investor loans were repaid at rock-bottom rates over as long a time period as possible.

In addition to my services we have secured an initiative:

R&D Tax Credit (AusIndustry)

Mentum mentoring service is covered by the new R&D Tax Credit; is a broad based and market driven incentive package. The two core components of the package are:

* a 45 % per cent refundable tax credit (the equivalent to a 150 % concession) for companies and individuals at less than 20 million per annum turnover.

* a 40% standard tax credit (the equivalent of a 133 %t deduction.

Information on the Government Innovation Agenda, Powering Ideas -An Innovative Agenda for the 21st Century, is available at the department’s web site:

www.innovation.gov.au. Support Line: 1800 77 7275.

Adaptability is the ability to flourish and sustain high performance. Adaptability can be improved through conscious effort and working with creating a partnership with your mentor based on mutual trust and respect in which both people realise they are comfortable enough within the relationship to be challenged and extended.

This can form an unbeatable combination; a combination of enthusiasm, energy and innovation.

In just 30 minutes discussing with me your most pressing problems, (free of charge) you will have clarity on how to get back on track. What kind of difference will it take to achieve you highest potential. I offer a money back guarantee to help you make every day more productive and more profitable.

New research and statistics for Australian Business owners

Mon, 21 Dec 2009 04:09:00 GMT

I am constantly doing research to find ways to get even better performance out of my clients to help them achieve their goals. Recently I attended the 2009 Maus Business Systems Accredited Partners annual conference where we saw new products and research material to improve business efficiency.

I have been working with Peter Hickey (CEO) since 1998 and through local and international affiliations I am using materials that have been developed to help successfully integrate services and effectively implement systems and programs developed based on years of research.

Australian business owner statistics

1.26m There are 1.26 million Businesses in Australia (Non ag business)
60% Are categorised as family businesses
64% SME Owners have their house on the line >

(PWC Private Business Barometer – 09 of 756 enterprises interviewed for the addition of the barometer 63.2%recorded an annual turnover ranging from A$10 million – A$50 million. Average turnover enterprises interviewed was A$49 million)

Business owners concern

Not meeting Targets 71.3% poor execution plan Good Economy

Business Planning – linked to success

37-40% Have no formal business plan
56% Owners develop business plan for credit application
Success Owners relate relationship between plan and success

Top 5 issues

Profit
Conflict
Compliances
Business Management
Succession

(KPMG and Family Business Australia of Family Businesses Needs 2007)

Aging Business Owners

500,000 Business owner over the age of 50
$1.6 trillion SME Owners have their house on the line
76% Indicated they would consider selling their business if asked
55% Of all exits are due to Death, disability, bankruptcy, receivership or cessation

A CEPA Certified Exit Strategy Plan

An Exit Plan is one of the most important tools you should have in your business. It’s a plan that considers your future desires and ensures that you remain focused on achieving those goals whilst removing you from the business.

A good Exit Plan enables a smooth transition with less likelihood of disruption to the operation. By planning your exit well in advance you can maximise the value of your business and enable it to meet your future needs. Make sure your plan is attainable - set a realistic timetable and measurable milestones along the way and stick to them.

In addition to my exit strategy services we have secured an initiative called:

R&D Tax Credit (AusIndustry)

Mentum mentoring service is covered by the new R&D Tax Credit; is a broad based and market driven incentive package. The two core components of the package are a:

45 % per cent refundable tax credit (the equivalent to a 150 % concession) for companies and individuals at less than 20 million per annum turnover
40% standard tax credit (the equivalent of a 133 %t deduction.

Information on the Government Innovation Agenda, Powering Ideas - An Innovative Agenda for the 21st Century, is available at the department’s web site: www.innovation.gov.au. Support Line: 1800 77 7275.

Is your business adaptable?

Adaptability is the ability to flourish and sustain high performance. It can be improved through conscious effort and creating a partnership with your mentor based on mutual trust and respect. Both people must realise they are comfortable enough within the relationship to be challenged and extended. This can form an unbeatable combination; a combination of enthusiasm, energy and innovation.

In just 30 minutes discussing your most pressing problems, (free of charge) I can give you clarity on how to get your business back on track. Remember, I offer a money back guarantee to help you make every day more productive and more profitable.

Top tips for recession-proofing your business

Fri, 30 Oct 2009 01:32:00 GMT

On October 4th I was asked to speak at the 33rd Annual ASAPS conference on dealing with the Global Financial Crises, the effects if it continues and when it ends the influx of patients wanting services.

ASAPS is a combined New Zealand and Australian Specialist Plastic Surgery Society whose primary function is the promotion of excellence in Aesthetic (Cosmetic) Plastic Surgery and Dermal Therapist.

The primary objectives of ASAPS were:

•    Education in Aesthetic Plastic Surgery including ongoing education of its members
•    Provision of specialist training experience in Cosmetic Surgery for Plastic Surgery trainees
•    To promote Research in Aesthetic Cosmetic Plastic Surgery
•    To promote and maintain the highest principles of Aesthetic Plastic Surgical practice and ethics

The title of my presentation was “The Business Facelift” and the content would be relevant to all businesses in the present financial climate..

What is really happening is an emergence from a catastrophic tsunami which has wiped out the wealth of many individuals, closed down businesses, put people out of work and created social disruption. In addition, it has impacted heavily on the public purse causing governments to take on enormous debt and place bets on untested strategies.

There are now signs that governments are becoming alarmed at their own adventurousness.

Everyone has to move forward in this uncertain world, but in a climate where confidence is gradually returning despite the ongoing aftershocks that will inevitably visit us. It is a time for prudent caution coupled with a degree of optimism that the worst is over.

While there is no silver bullet to recession-proof your business, there are some things you can do to manage the business through the difficult times and position it for future growth.

5 Steps to recession-proofing your business

1. Do a financial health check of your business

2. Improve your cash flow

Typically in an economic downturn, the most significant problem faced by many businesses is poor cash flow. Ideas to improve your cash flow include the following:

convert your outstanding debt into cash
prepare regular cash flow forecasts
skew promotions to products and services that can be turned into cash quickly
measure and reward the behavior of your staff that improves cash flow
make full use of your terms of trade
don’t let personal drawings from the business get out of hand
reduce stock levels
replace slow-moving and obsolete stock with stock that has a faster turnover
sell unnecessary assets
seek finance from external source.

3. Improve or return your business to profitability

4. Do a SWOT analysis

In a downturn, you should adopt a risk management mindset and take stock of your business more broadly. You should therefore:

conduct research to find out how your customers and competitors are responding to the current economic environment
not starve your business of essential investment
review your business operations and look for improvements

5. Create a Business Plan
The business plan is the blueprint for your business. You wouldn't walk over to an empty lot and just start nailing boards together if you wanted to build a house. Starting a business without a business plan is just as foolish.

Yet unlike a house, a business isn't static. We often make the mistake of thinking of a business plan as a single, static document that you just put together when you're first starting out and then set aside.

In actuality, the business plan for any business will change over time as the business develops, and any particular business may have multiple business plans as its objectives change.

Here are good reasons why you should write a business plan:

a) To test the feasibility of your business idea.
Writing a business plan is the best way to test whether or not an idea for starting a business is feasible, other than going out and doing it. In this sense, the business plan is your safety net; writing a business plan can save you a great deal of time and money if working through the business plan reveals that your business idea is untenable. Often, an idea for starting a business is discarded at the marketing analysis or competitive analysis stage, freeing you to move on to a new (and better) idea.

b) To give your new business the best possible chance of success.
Writing a business plan will ensure that you pay attention to both the broad operational and financial objectives of your new business and the details, such as budgeting and market planning. Taking the time to work through the process of writing a business plan will make for a smoother startup period and fewer unforeseen problems as your business becomes established.

c) To attract investors if necessary

Make a marketing plan!
With less money being available, it is important that your marketing plan helps you to achieve key objectives to get you through the downturn, particularly improving your cash position and profitability

6. Find a Business Mentor you Click With
Ask questions to help you determine whether a Business Mentor executive coach has the expertise you need.

7. Look for New Opportunities.
Sometimes, problems or challenges aren’t the cause of burnout; it’s the lack of them. Recapture the thrill you experienced when starting your business by considering expanding or enhancing your products and service lines. Make sure you plan staffing and resources to support any new venture, however, so you don’t unnecessarily add to your workload.

8. Multiply your referrals - without looking or feeling like a salesman
While most specialists (in group or solo practices) rely heavily upon professional referrals, few doctors have any kind of ongoing strategy to build their relationships in order to win their fair share of doctor referrals. That's a shame, because in the real world doing good work is essential - but simply not enough.

What's worse, for most practitioners, 80% of referrals come from a handful of referring doctors. If one key referral source was to move, die, change insurance, change allegiances or retire, what would the consequences be to the bottom line?

The good news is that you can build, grow and maintain referral relationships, even if you are shy, extremely busy or don't have a big budget. I can show you how.

Before you run out and hire someone off the street, or make unnecessary (or even dangerous) changes to your practice or organisation, seek out some expert guidance to create a Professional Referral Growth Plan for your business.

I can teach you "what works," consult with you privately, analyze your business, make specific recommendations and create a step-by-step 1-year Referral Building Plan.

Visit my website: www.mentum.com.au and take the next step to change your life. Leave your details and I will contact you to discuss your personal mentoring.

Business 101 - know your audience

Thu, 10 Sep 2009 22:06:00 GMT

I do a lot of work with business entrepreneurs. Most of them come to me with great ideas, products and services - and incredible enthusiasm. Unfortunately, in all the excitement, some have forgotten to research the two most important questions "Who is my audience?" and "Do I even have an audience?"

You can't please all the people all the time
In any business, you need to define your market niche. In other words, the group of potential clients that you want to target with your product, service or expertise.

By investing your time in this incredibly important step, you make it crystal clear to the world (and in your own mind):

exactly what you offer
who it can help and why they should choose you
how to attract your ‘ideal clients’, the ones you want to work with
where and how to start promoting your business to them effectively

How to develop a market niche
While it's imperative to make sure that there is a big enough market of people out there who need your product or service, it's just as important that you like your clients too. Especially if you are selling a service or product where you have contact with your clients.

To develop your market niche think about:

1. If you run an existing business, what are the characteristics of your past and current clients? Which ones did you enjoy working with the most? Why? If you don't have the luxury of past or current clients in this current industry, look at competitors audiences (places like industry blogs, forums, message boards are also a good place to watch them) and the type of people you have enjoyed working with in other industries.

2. Understand your unique abilities, skills and expertise – ask others to tell you the good and bad about you and your business.

3.Define your ideal clients – who do you want to work with day and day out?

Create a market niche statement
Your Market Niche Statement should include a clear definition of:

who your ideal target market is
their characteristics
the problems or pain that they experience
how you solve those problems

Important points to consider

Is there room in the market for your business?
Is there a clearly identifiable need for the benefits and solutions of your service within your target market?
Can you easily communicate with them?

Defining your market niche is the first step in developing a focused and successful business.

Are you heading for your executive use by date?

Tue, 01 Sep 2009 05:33:00 GMT

What is a “use by" date? Other than a stamp on your milk carton or that dusty jar hidden at the back of the cupboard telling you when to throw it out?

While doing some research about executives holding their position I happened upon a very different example. In the “Asia Pacific Thought Leadership Series” by Heidrick & Struggles, an executive's “use by date” signifies the age when he or she supposedly moves from being “effective” to “ineffective”.

And the main reason for expiring executive effectiveness is a lack of good health. But while regular physical exercise is so important, worry and stress plays a big part in deteriorating health.

A company called Body View® in Florida once offered free CT scans to 155 CEO’s and when the tests came back:

38% had evidence of coronary disease
10% had serious coronary disease
6% needed surgical correction.

A lot of this had to do with how they dealt with pressure situations.

Get a brighter outlook on business

Research shows that healthy executives are more likely to see changes as challenge and opportunities for growth rather than reasons to worry and stress more.

In other words, if you worry and stress your health will suffer, and if you’re not healthy to begin with you’ll worry and stress even more. Catch-22 anyone?

So training for the Olympic decathlon aside, what are some simple things we can do to extend our executive use by date?

De-cluttering your mind lowers your stress levels

In most work situations, our stress responses cause our performance to suffer. One way to reduce stress is to get your work and home life organised.

By creating a list of actions at the end of each day for the following day you’ll greatly reduce any anxiety you might be suffering from. And because you go to bed knowing exactly what has to be done the next day you don’t spend half the night tossing, turning and staring at the ceiling.

Follow the Aussie adage

“No worries”. It’s a great saying. Unfortunately it’s often easier said than done. And the added stresses of today’s fast paced business world don’t help. But in the back of your mind always try to remember that:

worrying won’t change the situation
worrying won’t make the problem go away
worrying won’t get you through the problem happen any faster

Turn a challenge into an opportunity

When you do face challenging or worrying situations, always ask:

“What is this situation helping me learn about myself?”
“What positive lesson can I get from all of this?”
“How will this situation help to make me stronger?”

Long life vs quality of life

According to the ABS, the life expectancy for a girl born today in Australia is 83.7 years and 79.0 years for a boy. Interestingly enough, since 1987 men have managed to scrounge an extra six years, but the ladies only an extra four. Make of this what you will!

In an era where life really does seem to fly by, it’s comforting to know we’re all living longer. But what the figures don’t include is quality of life. By this I mean the degree to which we effectively engage in life.!

The sad fact is that many people “go bad” long before they reach their 79^th or 83^rd year – especially climbing or at the top end of the professional ranks.!

So my question to you is, “Are you doing the right things to extend the term of your natural executive life?”

Generate better business leads

Tue, 01 Sep 2009 05:33:00 GMT

As we all know, cold calling can be a very un-productive way to build your contacts and generate sales leads - especially if you're one of the many people who are not comfortable pitching to strangers on the phone or with one foot jammed in their door. Prospects pick up on this lack of confidence and immediately get on the defensive.

A far more quantifiable and productive way to generate leads and convert prospects to clients is through networking.

Networking is more than just laughing at bad jokes

Networking is not about turning up at events, shaking hands, passing out business cards and laughing at bad jokes. And it's not just an action you take when you want something. It's a life skill.

Of course, events are a major part of networking. But networking also encompasses many other acts. For example, a spontaneous phone call, fax, email, thank you card or small gift to someone. It's a kind word to a fellow worker or neighbour, even a good morning greeting to a complete stranger. And you can do anywhere, anytime.

To be a great networker you need to:

give without expectation
do things for others - not wanting something back
have an abundance mentality and with this alone anything is possible
believe in making the pie bigger for everyone. They cross-network with competitors and regularly give referrals.
know that having a poverty mentality - where people come from fear of sharing ideas of giving information away freely - is a negative way to live.
believe in the universal law of reciprocity - what you give out comes back ten fold in the future.

And you should consciously put it into practice at least fifteen minutes a day.

Business events are a more traditional type of networking. For many people business networking events can be an uneasy experience. But they shouldn't be. If you really believe in your product or service, networking events offer a great opportunity to share your enthusiasm, meet others, learn more what's going on outside your own little world and make some fantastic contacts along the way.

11 tips for feeling comfortable at networking events

On the receipt of the invitation write "Why am I going?" and come up with an answer before you arrive. It will help you focus on the job at hand.
Work out your logistics. Can you get there in time; do you have another function?
What to wear - ask what the appropriate dress code is when you book.
Arrive early and leave late.
Be in a positive frame of mind.
Ask if you can help at the desk- so the people who know all the right people get to know you.
Keep your name tag on the right - it's easier for people to glance at.
Identify speakers of influence and ask "Do you mind if I join you?"
Say that you specialise in (insert your unique selling proposition)
Commit to being present - listen to the people you speak with
Maintain eye contact with each person you talk to - don't go looking over shoulders for more interesting targets.

If you want to generate good quality leads in a highly productive way, then brush up on your networking skills. You'll be surprised how many more of your prospects soon become clients.

2 easy ways to work smarter not harder

Mon, 31 Aug 2009 07:51:00 GMT

Everyone of us has talents that can be used to achieve the things we see as true success in life - and ultimately, real happiness.

To work and play at your peak is not about having an abundance of natural skill. You are better off with determination, vision, confidence and focus.

It's about understanding where you waste time and how to use that time to best effect - working smarter not harder. With a little practice, it's not nearly as difficult as you might think.

A picture perfect performance
Think about the incredible performances of an Olympic athlete like Usain Bolt. He achieves those cheetah like world records using the power of mental energy to reinforce exactly how he wants to perform. In other words, he sees himself crossing that line with the rest of the field in his wake before it happens.

Visualisation is not something reserved solely for elite sports people, rock stars, movie stars, business gurus, etc. Many successful people in all professions and ways of life have used it since childhood to create the circumstances of their own life. You can do it too. Here's how...

Create vivid images to get where you want to be faster
Sit in a comfortable chair at home, close your eyes and breathe deeply to clear your mind and relax your body. The more sights, sounds and smells, tastes and touches you incorporate in your mental images, the more powerful your desire will be to make your vision happen.

When you focus on what you want - rather than the answers and the detours along the way - you will get to your destination faster. Without focus on your vision it will take a long time and effort to achieve your goal.

Get some momentum going on your new commitment for the good life! Prove to yourself that waiting is over and hoping is the past, that faith and action have now taken charge

Stop time wasting and start being effective

Take several sheets of paper and go somewhere where you will be alone and undisturbed and write answers to the following questions:

How do I waste my time? What can I do to prevent or reduce wasted time in the future?
How do I waste other people's time? Whose time do I waste? How can I prevent this from happening?
What activities am I now performing that can be reduced, eliminated or given to someone else to do?
What do other people do that wastes my time? Can anything be done to reduce or eliminate future occurrences? If so, what?
What do I do that is urgent but unimportant?
What do I do that is important in light of my goals?
Am I spending my time pursuing those things that are important to me? If not, why not? If so, how?

Writing it down will help you see the things you need to concentrate on and those you need to cast aside.To make the transition easier:

work on improving your concentration and memory skills
prioritise your to-do list and make every day count
keep control of effectiveness-killing emotions such as guilt, worry, fear, failure and anger.

Practise these exercises regularly to stay focused on your goals and you'll be well on your way to reaching them before you know it.