Tag Archives: Project Management

How do I define my role in my daughter’s business that I will be funding?

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This question came from a loving parent and business owner.

How do I define my role in my daughter’s business that I will be funding?

 My daughter wants to start her own business in a field in which she is not only certified, with 5 yrs. experience, a solid client list, but has some excellent ideas in which to grow the clientele. She has no credit, so my husband and I would be taking out the loan on her behalf. How do we ensure that we get our ROI? She has already asked me to help her with bill paying and such. I have read the posts about silent partners, but I’m unsure that is what I’ll be.

Don’t go in blind

Starting a new business is not an easy endeavor and many businesses fail within the first 3-5 years. If they do succeed, it may not be until the 5th year until they see any profits.

Add to this the complication of loaning a child or family member and you are in very, very risky territory.

A new business is a gamble

It is very difficult to “loan” a children money, because even though they may initially recognize it as a “loan”, they often it do not pay it back.  Other expenses take precedence and they are predisposed to accepting your help.  This is doubly risky if you introduce the idea of “investing” or becoming a silent partner.  You are now “investing” in a new business that may not succeed or may take several years to see any profits.  Therefore if you have to take out a loan that you need to be paying back in a timely fashion, I do not recommend “investing” as a silent partner.   Investments are not guaranteed to be paid back.  A new business is a gamble.  And if you do not have the money to lose, do not do it.

Recommendation:

Instead – treat this as a strict business loan with payback expectations (along with any interest you agree as your ROI – as well as timelines for payback).

Have a signed contract with well-defined payment schedule AND consequences for defaulting on the loan. Avoid a payment schedule that states “payment due when business starts to make money” (or anything similar). Don’t tie the payment schedule to her business success…. BUT consider her Business Plans and income forecasts when defining a tangible schedule with actual dates. (Even silent partners do their homework to verify that the Business Plan is solid and there is actually a reasonable expectation of ROI)
For instance – Require her to show you her Business Plan with income forecasts, budgets, expenses, and forecast revenues. Help her with coming up a realistic Business plan. DO NOT TAKE OUT THE LOAN IN YOUR NAME until you see and approve of her detail business plan. Demand that the loan payment become a regular expense in their business plan (just like any other business expense).

Then create a calendar of payments based on her actual revenue forecasts. Review her company expense schedule to verify that the load payment is included as a regular fee of doing business.

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Also include consequences for not meeting those payment schedules (late fees, payment in other forms, payment extension with increased interest rates, etc).

For instance, if her business folds or she abandons the business – she still needs to meet the payment schedule BECAUSE you still need to pay back the loan (regardless). Iron out all the scenarios and exit strategies if things do not go as plan. Do you expect late-payment fees, etc. How many months of non-payment determines an abandonment – and what would the next step in that scenario. Do you want to hold any collateral for payment, etc.

Do your homework

You will want to iron all these scenarios out and make the expectations clear up front. Do your homework to make sure this even makes sense. Or hire a business coach to help you with these decisions and help her with a realistic business plan. Understand the start-up costs, the recurring costs, the target revenue goals, what steps will be taken if the revenue goals are off-target, the resources and equipment needs, and everything else a realistic business plan covers.

If you don’t want to approach this as a business loan – then just agree to “gift” her money (with ZERO expectations of ROI or repayment). And only give her money you can afford to lose (not get paid back).

I know your situation is different.  If you would like additional information on this topic, please contact LauraRose@RoseCoaching.info

I am a business coach and this is what I do professionally.  It’s easy to sign up for a complementary one-on-one coaching call, just use this link https://www.timetrade.com/book/WFSFQ

With enough notice, it would be my honor to guest-speak at no cost to your group organization.

 

Best way to break bad news to employees

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Hello, this is Laura Lee Rose – author of the business and time management books TimePeace: Making peace with time – the The Book of Answers:  105 Career Critical Situations – and I am a business and efficiency coach that specializes in time management, project management and work-life balance strategies.

 

Today’s discussion is regarding how to break bad news to employees.

 

A busy professional asks:

How do I break bad news to employees?  It might be staffing changes, a lost contract or even the death of someone close to the business.  When should I:

  • Break the news?
  • To whom (or everyone at once)?
  • Appropriate ways to communicate?
  • Tips for doing it right?

 

 

Giving bad news is never comfortable, but necessary.  The way you do it can influence the way people accept the news.

Some tips:

  • For those that are directly affected with the news, you talk to them directly (one-on-one).  Those that are not directly affected, it can be a group discussion.
  • Depending upon the type of news, be prepared with answers and follow-up counseling (grief counseling, further training, next steps life coaching, etc.)
  • Focus on them versus yourself.
    1. Avoid the temptation to fill in awkward pauses with “This is the most difficult thing I have had to report.”  or “I’m really broken up about telling you this”.  “This is a shock to me as well.”
    2. You might think you are helping by showing them how badly you feel — but — in actuality – they don’t really care how it’s affecting you (especially if you are not really affected by the layoff, structure change, etc).
    3. Silence is okay.  It gives them the space needed to absorb the information.  Continued talking doesn’t help them.  Wait patiently for them to end the silence, after the initial reveal.
  • Realize that they might want to immediately leave your presence after the news. But don’t assume that your job is done when they leave the room.
  • Schedule a follow-up meeting.  Recognize that people might need time to absorb the information.  Acknowledge that they will have more questions later and need to time to process what has been said.  Actually schedule a follow-up meeting before they leave.  That next meeting will have answers to the questions they asked today, as well as an opportunity for any more questions.
  • Know your audience.  If it’s a particular tough topic and you suspect your employee will be emotional or even volatile – have security (or muscles) ready (but out of sight).  You don’t want to show that you expect trouble (because then you will get it).  But you want to be prepared for it – just in case.

 
See what you think about those ideas.
I know your situation is different.  If you would like additional information on this topic, please contact LauraRose@RoseCoaching.info

I am a business coach and this is what I do professionally.  It’s easy to sign up for a complementary one-on-one coaching call, just use this link https://www.timetrade.com/book/WFSFQ

 

With enough notice, it would be my honor to guest-speak at no cost to your group organization.

Reasons to add an account manager to your sales force

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Account Manager/Marketing Coach Responsibilities

Mission – provide a unique experience and personalized treatment plan for each and every client.

The Account Manager takes the client to the next level of success through marketing techniques and strategies.   I know most companies are concerned about the cost of non-billable hours.   This solution provides a platform to price the Account Manager/Marketing Coach as part of package.

  • Incorporate Account Management hours in your package pricing – as Client’s <your industry> Coach
  • Meet and maintain client relationship
  • Keep focus on Up-Sale opportunities (Sales folks don’t have time to keep a lookout for up-sale opportunities on current clients – and it’s not the production team to keep a lookout for up-sale opportunities).
  • Keep eye on original constract/featured Items
    • If feature creep – use opportunity to up-sale
    • Continually review Change Requests to validate in original SOW
    • If not – price the change request
  • Weekly meeting with client on account progress
    • Understand the social media, website hits, brand monitoring and various other reports per client. Be able to explain the metrics, what they mean to the clients’ business and what the data suggests the next steps should be.
    • Continually remind clients that they need to go through account manager for requests (even if they think the request is included in the original contract)
    • Continually be the liaison between Sales/Production Team/Client
    • If the Account Manager becomes valuable to the client (understands, explains, and guides toward next steps- the client will want to work through the account manager and not around them).
  • Monthly meeting with client to review up-sale opportunities
    • Determine how long a client should stay at “base/platinum” level before moving to next level
    • Help guide “qualified clients” to their next level of growth with possible discount or “free month” at next level
      • Use the data gathered in the past weeks/months to help determine the next steps
    • Revisit Referral opportunities every month in the monthly meeting
      • Who does client want to do business with in the future to get them to their next level
      • Who can client refer to your company (who do they know that could use your services)
      • What type of industry does client want to be associated with (via cross-promotions, at events, shared interview/tv/radio spots etc)
    • Meet weekly with other Account Managers for synergy
      • Which clients that are complementary and can benefit from cross-promotions
      • Which clients would benefit in being introduced to each other
      • Any common tasks that can be combined for efficiency
      • Any solutions that can be shared – based on common issues
    • Maintain and continually promoting the client working relationship
      • Regularly send Anniversary, Birthday, Sympathy, holiday and gratitude notes/calls
      • Use CRM in Ravetree to track Account Manager’s workflow and client relationships
      • Sales team probably use a CRM, but recommend Account Managers use the same project management tool as the production team does.

 

I know your unique situation is different.  If interested, please setup a complimentary one-on-one discovery call, so that I can learn more about your circumstances and supply a more customized recommendation.

 

For additional information on this topic, please contact LauraRose@RoseCoaching.info

I am a business coach and this is what I do professionally.  It’s easy to sign up for a complementary one-on-one coaching call, just use this link https://www.timetrade.com/book/WFSFQ

 

Small Business Saturday: How can I take full advantage?

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Today’s question came from a busy entrepreneur the same week of Small Business Saturday:

Small Business Saturday: How can I take full advantage?

I have a small business on the side and I want to take full advantage of small business Saturday. My business is a retail mom and pop type store, but I do have budget for advertising.

I applaud that you want to take the most advantage of the Small Business Saturday event.  The mistake that most small business owners make is to look at each event (such as the Small Business Saturday) as a “single entity” or single opportunity.  Unfortunately, by taking each event as they come (as in this question arriving the week of Small Business Saturday) – you are actually too late to actually do something meaningful for and with it.

The key to taking full advantage of Small Business Saturday – is to recognize that it’s just one of many business opportunities to take advantage and leverage.

Here are some ideas to implement in your current marketing plan:

  • If you haven’t already, take the time to create your “attracting Client marketing plan” and use the Small Business Saturday as one type of campaign in your marketing strategy.
    • Outline your entire marketing calendar of business opportunities
    • Proactively plan for each opportunity months in advance (versus just days)
  • Design a well thought out brand, vision, mission statement and tag line for your business. Then carry that consistent message throughout your different seasonal campaigns.
    • Use these consistent message in all your campaigns
    • This enables you to re-use templates and methods for the same categories of events
  • Categorize different types of marketing assets such as:
    • Logos, digital graphics, banners and letterheads
    • Flyer and brochures
    • Local radio and cable spots
    • Streaming video spots
    • Promotional offers
    • Up-sale offers, discounts, coupons
    • Charity events and sponsorships
    • Affiliated partner events and advertisements
    • Retail Block Party events – where your business neighbors collaborate to provide bundle packages of cross-promotional products and services.
  • Taking the best advantage of Small Business Saturday is leveraging all your marketing strategies forward.
    • Use Black Friday to position for a more successful Small Business Saturday. Position your SBS event to setup a successful Christmas etc.
    • Don’t see your Small Business Saturday as a single entity, but as a piece in your progressive and aggressive business and marketing strategy.
    • Investigate leveraging complementary small businesses to both your advantages – creating more with few staff.
  • Take the time to make all the pieces fit in a cohesive and consistent marketing and branding message (which starts with your vision and mission statements).
  • Then you can continually leverage toward your next up-sale or promotion.

 

Conclusion:

As you can see, to take full advantage of anything – you need up-front planning.  For example – creating a Retail Block Party Sale for Small Business Saturday will take lots of time and collaboration.  Defining cross-promotional service bundles or packages (to lure more people to your block)  takes planning.  This is not something you can turn around in few days.  But is you mapped out all your business opportunities a year in advance – you would have the time to take full advantage of these single dates.

If you need more information on this or help, just let me know.

I know your situation is different.  If you would like additional information on this topic, please contact LauraRose@RoseCoaching.info

I am a business coach and this is what I do professionally.  It’s easy to sign up for a complementary one-on-one coaching call, just use this link https://www.timetrade.com/book/WFSFQ

 

With enough notice, it would be my honor to guest-speak at no cost to your group organization.

 

Working with teams across the world?

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Today’s question came from a busy professional and business owner.

communicationHow do I work with team members located in different parts of the world?

I want to work effectively with team members located in different parts of the world. How do I ensure that location, time difference, culture and beliefs and personality will not affect my work with the team?

 

 

Whether you team members are across town or across the world, creating a Communication Plan fits the build.

Communication Plan

 

Your communication plan includes (but not limited to):

 

1) A directory of your significant members, preferred method of communication, telephone numbers, email addresses, Skype id, Time Zones, etc

2) How you plan to convey regular Status information (daily meetings, weekly meetings, emails, phone calls, etc)

3) How you plan to convey Critical or High Priority information (phone call? text?)

4) Your Service Agreement or Response time expectations (respond by EOD, within 1 business day, within 2 hours).

5) What is expected when someone misses a meeting.  Are you going to have the meetings recorded?

6) Where you are locating your shared meeting minutes, presentations, audios, or other materials.  Will you be recording your meetings and placing them on a shared location for people to refer to, etc.

7) Incorporate weekly or twice-a-month one-on-one meetings with each team member.  Regularly scheduled one-on-one meetings (via phone or in person) eliminate much confusion that email may cause.

8) Supply templates and checklists to assure the work gets completed the way you way, each time.  Consistency eliminates confusion and errors.  If people are getting your status in the same way each week (and vice-versa), they know what to expect and how to respond.

 

Vacation Considerations

 

You communication plans should also consider vacation schedules.  Regardless of your holiday hours, make sure you consider the following:

  • Make sure everyone has all their vacations identified early (by mid-year).
  • Make sure all your project schedules block out for their vacation time.
  • Make sure that all your procedures, outstanding items, and possible issues that may arise during the holiday season is clearly documented and shared with those responsible for handling these issues during the break. This includes creating, publicizing and updating your communication plans.  If you don’t have a communication plan, please setup an introductory consult to discuss that important tool.
  • Make sure the staff has been trained on the outstanding issue.
  • Make sure your clients have been informed about the holiday schedule far in advance.
  • Make sure your clients provide you with all their requirements far in advance so that you can accomplish their goals before the holidays.

 

 

For additional information on this topic, please contact LauraRose@RoseCoaching.info

I am a business coach and this is what I do professionally.  It’s easy to sign up for a complementary one-on-one coaching call, just use this link https://www.timetrade.com/book/WFSFQ

 

Numbers Move People Toward a Decision

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Today’s take-away is that Numbers Move People.

If you need a way to move coworkers, clients, managers, family members or even yourself toward action, consider adding a number to your conversation.

Numbers help people move toward a decision and action.  Whether it’s a calendar date, a meeting time, a price for service or product, salary, or even that pesky number on the bathroom scale; numbers move people into action.

Consider the number ZERO – as in A Complimentary or Free eBook, White Paper, or other offer.  That Zero Cost item attracts many people to share their contact information with you.

Numbers are our friends:

Ways to influence others with number come in many forms.

  • You can assign time limits to performance issues, product deliverables, customer review/approval processes.
  • You can make a recurring calendar date with your manager for weekly one-on-ones.
  • You can devise quality metrics to verify your performance, your service, and your products.
  • You can improve company and product exposure by increasing your social media metrics and website click-through.
  • You can time yourself on certain tasks, to enable you to better estimate and schedule certain activities.
  • You can continually increase your work-out repetitions to improve your stamina.
  • You can chart your weight and measurements to show progress toward your health and fitness goals.
  • You can count your calories and glasses of water.
  • and more.

How to make the numbers to work for you

 

Whether you are in the corporate environment or starting your own business, you need to understand your numbers.

Business owners

If you are in business for yourself, you need to understand:

  • Your revenue goals (how much you want to make this year)
  • Your leads to sales ratio (how many people you need to meet/talk with – to make 1 sale)
  • How many sales you need to make your revenue goals
  • How many leads you need to create to make those sales…
  • And the list goes on

Staff or employee

If you are in the corporate world, you need to understand:

  • Performance Evaluation ratings
  • The performance rating you want to achieve
  • The items and quality metrics required to achieve that performance rating
  • What is required to achieve bonuses and additional compensation…
  • The dates and delivery schedules for your work assets
  • The raise/salary you want to achieve
  • The number of hours you want to devote to work, family, community and self

 

Making numbers work for clients

If you are working with clients, and they are on the fence on something; find a way to add a number to the conversation.

 

Some examples could be:

 

  • Additional discounts or promotional offers tend to help move clients down the buyers journey.
  • Putting a deadline on an offer adds a sense of urgency to the decision.
  • Requesting clients to review/approve by a certain date moves the project along and enables you to make your delivery dates.
  • Assuring that you will follow-up in 2 days in order to answer any additional questions – keeps your product and service on their radars.
  • Having a SLA of always responding to any support issue within 2 business days – sets the proper customer service expectations.

 

These are just a few ways numbers can influence us and keep us moving forward.

 

For additional information on how to use numbers to your advantage, please contact LauraRose@RoseCoaching.info

I am a business coach and this is what I do professionally.  It’s easy to sign up for a complementary one-on-one coaching call, just use this link https://www.timetrade.com/book/WFSFQ

 

Things we can learn from Shark Tank

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SharkTankThe popular TV reality investor program, “Shark Tank” can teach us much about the perfect sales pitch. The investors on “Shark Tank,” and investors ask several specific questions to get the answers they need. Some are straightforward and some are not, but you would be wise to have excellent answers for the following.

Here are eight questions that every entrepreneur should consider before pitching:

  1. What are your sales?

You really need to understand your numbers. And just knowing the dollar figure isn’t enough. You need to be able to articulate where these numbers are coming from, on what platform, are they driven by promotions, and what sort of partners are you working with? Is the marketing working? What does it cost to produce? What are your expenses?

Know your sales information inside and out. The number better be good and growing. They also want to understand what your plan is to keep it that way. You should have a story about how expanding to new geographies, new product lines, or online has boosted or can potentially boost sales. The investors are profit-focused, and the more a business can scale, the better.

Their primary goal is a return on their investment.

  1. What do you bring to the table?

Investors are not only buying into your business, they’re also investing in you   Highlight your record of success, industry experience, or why you’re dynamic enough to justify taking a gamble on.

People do business with people they know, like and trust. So, what are you doing with your business already that is going to make them want to partner with you? A strong personal story or a great narrative about the business, along with strong presentation skills, goes a long way toward impressing your investor.

Know what you bring to the table, and be confident in that.

  1. Why do you need our money?

Investors want to know what your next steps in growth. Answer the question “What are you going to do with this money?” in such a way to help the company grow and scale rapidly. This could include building manufacturing, hiring, or marketing. Spell out exactly what the plan for the funding is.

  1. Why the big valuation?

One of the first questions the investors often ask is “How did you get to your valuation”. The Sharks are interested in a big equity stake in a promising company for the least amount of money invested. If you are asking a large valuation, you better be able to explain your justification.

  1. Is your product unique? 

Several of the Sharks are interested in patents and licensing. Explain how your product is unique. If it is unique, make sure it’s protected via a patent. More often than not, if your product and service can be duplicated quickly by other competitors, it’s going to be hard to get an investment.

Knowing what sets your business apart, and how it can be protected against competitors is absolutely essential.

  1. How much debt do you have?

This goes back to “know your numbers”. If there’s a large amount of debt, be able to justify it, and know the terms it’s been borrowed under.

  1. How much inventory do you have?

Excess inventory is a sign that you are not moving your product fast enough. This is a clear sign that the market isn’t interested in what you have to offer.

Remember, the investors are interested in a quick return on their investment. Excess inventory is dead weigh because you’ve earned zero return on it.

Being able to produce products in response to demand is a sign of having good data, a good sense of the market, and a good supply chain.

  1. What are your costs?

Investors want to gauge your ability to make high profit margins by keeping costs low or having enough demand to keep prices high, or ideally both. You should be able to explain what it costs you to make each product or service, and the difference between that cost and the unit sales price. You should also prepare to outline overhead costs, such as rent, utility expenses, and insurance.

Less Frequently Asked Questions – but you will do well to be prepared

  1. How much of your own money do you have invested into this business?
  2. How does this business scale?
  3. Are you willing to send production off-shore?
  4. How will your product be distributed?
  5. How do we get this to (or find) your target market?
  6. How many competitors do you have?
  7. How many total owners are there?

Conclusion

If you know the answers to these questions as they pertain to your business, you’ll be in a good position to make your pitch to any potential investor.

 

How can I get credit for work I’ve done that someone else took credit for?

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Today’s comment came from a busy professional and an entrepreneur:

How can I get credit for work I’ve done that someone else took credit for?

 

There are several versions of this issue. Your employer could have taken credit for your work; your co-worker would have taken credit for your work; and your business competitor could have taken credit for your work. In all three versions, the solutions are very similar. Let’s take a look at each.

 

Your employer could have taken credit for your work

If you are dealing with your employer or company, you need to check your contract with them. Most employers pay you for your work. Therefore, even though you did the work, they own the results. This also includes any patents, published books, etc that you have authored during your regular work hours.

 

  • Check your agreement with them.

If they have paid you for the work, they own the piece. Review the contract or employment agreement. Most times they state the ownership expectations.

 

  • Keep records on authenticity of the work.

If you can demonstrate your authorship in a time sensitive way then that will clarify who came up with the ideas first.

  • Talk to them.

It’s always best to have a heart-to-heart with them about the issue. Often times it’s a miscommunication or misunderstanding. More often than not, the offending party (once realizing their oversight) will do their best to amend.

Once again – it goes back to what you agreed to in your employment agreement.

 

Don’t have an employment agreement? Use that one-on-one (heart-to-heart) to co-create one on the spot.  If you would like to keep your intellectual property rights, include that in your agreement. This will eliminate similar issues in the future.

 

Your co-worker would have taken credit for your work

It’s important to realize that ideas are free. It’s what you do with the ideas and the results of your efforts that matter. Often times many people have the same ideas without “stealing it from others”. They may experience similar situations that lead you to those thoughts. They may have been working in the same field or shared the same background that leads you to those same thoughts. Just because someone ends up with a similar solution doesn’t necessarily mean that they stole your work.

 

In either case, preventive medicine is best. It’s much harder to correct, after the damage has been done.

 

  • Continue to share your work progress with your manager on your regular one-on-one meetings. If you are transparent with your manager, then he knows who did the work on this project.

 

  • Keep good records on your designs.

If you can demonstrate your authorship in a time sensitive way then that will clarify who came up with the ideas first.

 

  • Talk to the co-worker about it.

Perhaps it was just a coincidence and perhaps you can collaborate on the next steps. Also share the fact that you have been sharing your project progress with your manager all along. If your co-worker is knowingly taking credit for your work AND they know that your manager has been involved in your work – it’s likely they will back-off.

What if it’s a business competitor that is taking the credit?

  • Consistently place your copyright or trademark on your work.   This is one way to illustrate authenticity.
  • Keep design records of your concepts, prototypes, etc. This will help if you decide to go through litigation.
  • Talk to them about it. Perhaps some type of affiliation or partnership can be derived by this synchronicity of ideas.

Conclusion:

It’s much harder to correct, after the damage has been done. Therefore, keep good records, copywright your work, and share early prototypes, demos, and specs with trusted individuals.  If you are in business, ask those individuals, you are sharing your ideas with, to sign a NDA or confidentiality agreement.

 

For help on leading a more effective staff meeting, please contact LauraRose@RoseCoaching.info

 

Or sign up for a complementary one-on-one coaching call, just use this link https://www.timetrade.com/book/WFSFQ

 

How do you deal with workplace bullying?

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Today’s comment came from a busy professional and an entrepreneur:

How do you deal with workplace bullying?

bullyMy friend at work had a computer crash. So he came to me since I know about the environment.
The computer crashed on him, he reset it, but while the program was down, and was costing client’s money. His manager says he does not have time to deal with this. The supervisor says he has to deal with it. This means he would have to pay out his own pocket. How would you deal with this without making a fuss? My advice was to phone the area manager, but there are no rules on what to do here. Do you have better advice for him?

First of all – I am not sure this is an example of “workplace bullying”. Many times “workplace bullying” is in the eye of the beholder. People that do not want to take responsibility for their situations are more comfortable taking the “victim” role than the hero. In this article, we’re going to focus on what you can do as the hero in these types of situation – instead of the victim.

Secondly, “The supervisor says he has to deal with it.” — Doesn’t automatically mean that “he would have to pay out his own pocket”. This is an assumption on your part. What the manager actually said was that the employee needs to use his own best judgment on this issue.

One suggestion is to ask your manager that – since he doesn’t have time to deal with this, would he like you to contact the 2nd line manager (his manager) about this. Or does his manager have someone else you should contact. Asking your manager “point-blank” if you should go to his manager often gets your manager’s attention. Now that you have your manager’s attention – you can work on a solution together.

Take advantage of your one-on-one manager meetings

If you have been following any of my webinars, articles, and blogs, you know how much importance I place on scheduling frequent and regular one-on-one meetings with your manager.   Having these critical meetings actually eliminates or greatly reduces misunderstandings between employers and employees.

The better working relationship you have with your manager, the less likely that your manager will “blow you off” or “bully you”. The one-on-one meetings are just the thing to build a better working relationship with your boss. Take a more active role in building that better working relationship.

I have more tips on how to impress your boss in the webinar: 5 Keys to Impressing Your Boss. If you are interested in more information on that webinar, please contact LauraRose@RoseCoaching.info or setup a one-on-one chat using https://www.timetrade.com/book/WFSFQ

Document the solution

Just because there are “no rules on this” or (no current procedures) doesn’t let you off the hook. Anything that you encounter needs to be properly documented. Once you run into an issue, you need to document the issue and its subsequent solution. Forget that “it’s not my job”- take the initiative and make it part of your regular MO.

Conclusion:

The key to avoiding this situation is to be proactive. Document your work, be transparent with your manager, and talk to the offending parties.   It’s more difficult to get credit for something after the fact, without looking petty. So be proactive on your copyrights/trademarks and “document, document, document.

 

For help on this topic, please contact LauraRose@RoseCoaching.info

 

Or sign up for a complementary one-on-one coaching call, just use this link https://www.timetrade.com/book/WFSFQ

With a business that is not quite working, is it better to start new or to pivot?

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Hello, this is Laura Lee Rose – author of TimePeace: Making peace with time – and I am a business and efficiency coach that specializes in time management, project management and work-life balance strategies. Steve Wynkoop and I talk a lot about designing and managing our professional careers on a weekly interview on SSWUG TV.

At the end of the day, I transform the way you run your business into a business you love to run.

Today’s comment came from a busy entrepreneur:

With a business that is not quite working, is it better to start new or to pivot?

ultimatumIf your business is not working well enough, should you change directions or start a new business? I have been reading up on pivoting your business in a new direction, but how is this different than just starting over? Is starting over with a new brand better? How do I figure out which option is better?

 

The phrase “working well enough” – is a very abstract and vague. I had a client that “felt” her business wasn’t growing “fast enough”. “Fast enough” and “working well enough” are not business owner terms.

When I asked her what her growth goals were, how many clients or products she needed to sell to accomplish her yearly income, or how many leads does she need to convert to sales to make those numbers – she admitted that she didn’t have those types of plans in place.

Know Your Numbers

My recommendation is to know your numbers:

  1. How much money/income do you want to make yearly?
  2. How much income do you want to make quarterly? ( A/4)
  3. How many products/services do you need to sell to make your quarterly numbers? (B/Price of products)
  4. What is your lead to sales ratio? (How many people do you need to talk to or network with to make one sale?)
  5. How many people do you need to network with to sell the right number of products to make your quarterly goals? (D*C)

Once you understand the numbers you need to accomplish your goals, you can start tracking your progress and make the necessarily adjustments.

Pivoting doesn’t have to be a big thing

After you understand your numbers and have a better idea of where you are falling short, you can pivot or change directions in only the areas that need tweaking. You may find that your lead to sales ratio is 25 to 1 (meaning that you need to network with 25 people to sale 1 product or service). To meet your goals, you need to sale 5 products/services a month. This means that you need to get in front of 100 people monthly. Some things you may consider doing are:

 

  • You may decide to add monthly speaking engagements to your marketing strategy to increase the number of people you meet in a month
  • You may decide to increase the price of your products and services to lower the number of monthly sales needed
  • You may decide to improve your salesmanship to reduce your lead to sale ratio

Conclusion:

Without understanding where you want to be and where you are today, it’s going to be difficult to decide whether you need to start new, pivot or tweak. Knowing your numbers is the first step in deciding your next step.

 

For more information or help on this topic, please contact LauraRose@RoseCoaching.info

 

 

 

Or sign up for a complementary one-on-one coaching call, just use this link https://www.timetrade.com/book/WFSFQ