Breaking out of your business activity trap prison

By: John D. Laslavic, LPBC

Business owners, CEOs and senior executives face a myriad of challenges in today’s business environment. Many of the challenges are related to understanding the ever-evolving business, economic, technology and political environments - not to mention the specific technical business changes presented in the professional field you and your team members embrace.

New and exciting products and services are continually being introduced to the market. These new business tools are available today and can be incorporated to assist your businesses to improve overall performance and profitability. However, the challenge we face is to find the time to invest in learning, adapting systems, and incorporating the new technology, tools and services while adjusting our current processes, maintaining our business efforts and dealing with a hundred other things. We must also keep the company mission in mind and lead our teams to success. This is no small task.

The trap we face is that it takes time, money and focus to step out and properly delegate our responsibilities and hold our associates accountable for results we have agreed upon. Stepping out of these day-to-day activities takes a tremendous amount of energy and effort. We get stuck in the business activity trap prison without a focused plan, resources and support. We do the same operational things that are important, day after day, subjecting our businesses to short term success but future harm. While our businesses earn revenue today, we sacrifice tomorrow. If you, as a leader, are not planning, looking at new innovations and adapting to the anticipated future environment, then who is? The answer is no one.

We know we must be open to change to be relevant in the long-run. We should be developing, introducing improvements, testing new tools and systems to help our associates but also to free ourselves from day-to-day technical and recurring business functions. Our goal must be to create, innovate and deploy better systems that produce more sales revenue and reduce our costs to gain a higher overall profitability. We can continually strengthen and grow our businesses through this process and applying best practices.

ThistleSea coaches have a fourteen-year track record of helping business owners, CEOs and senior executives free themselves from the business activity trap prison. This allows them to benefit from a more profitable business. In addition, ThistleSea clients understand the future, position their companies correctly and create a better life for themselves and their families with more time to pursue the things they value the most.

Give us a call for a complimentary discussion to see if a ThistleSea business coach might help you escape your business activity trap prison by starting the discovery process to build your action plan. Don’t hesitate to give us a call today.

“Because your business should lead to Abundance.”

Leading yourself first

It's not an accident that "leadership" is our Abundance newsletter topic more often than any other. But we don't often discuss that "leading yourself first" can make the difference between a life of abundance... and not. In fact, we estimate that 95% of our clients list personal goals - ways they'd like to lead themselves better - when they're considering the futures of their businesses.

From eating more healthily to spending quality time with loved ones, it seems that leading yourself first isn't part of business school curricula or a requirement of funding pitches. It's multi-faceted, and some things are likely to come more easily to you than others. We divide it into a few arenas, and for the sake of brevity, we'll list just a few items under each:

Oh, man. Go to sleep.

Your bedrock tools

1. Define your values
2. Recognize and reduce your negative self-talk
3. Prepare a personal mission statement

Your physical self

1. Get plenty of rest
2. Exercise regularly
3. Get regular check-ups

Your personal finances

1. Put insurance policies in place
2. Complete estate planning
3. Create plan for retirement (financial and otherwise)

Your mind

1. Prioritize your activities to maximize your time
2. Spend quality time with loved ones
3. Spend time on a hobby

As with any changes, it's best not to do too much at once. If you've been working hard to lead yourself and you're not gaining traction, try to do a little less. And contact us for assistance.

5 Areas to Improve Your Profit Margins

It's important to remember that "profit" is just a result of a well-executed plan involving many actions in your business to gain more resources than you have invested.

Most business owners and executives with profit/loss responsibilities have the desire to improve their profit margins. Some have mastered the process and others struggle to know what to do. While there are many things to consider, here are five areas to review and consider to take action.

1. Listen to your customers.
2. Look to create value.
3. Do the math.
4. Perform expert technical work.
5. Lead your team.

(1) Listen to your customers.

Your customers are talking. Are you listening?

While it may sound like simple advice, business today changes rapidly. Keeping the pulse of your customers, with their use of faster communication, is harder than it used to be. Process changes that impact how business is conducted are critically important to your profit margins. We recommend surveying your customers frequently to ensure you understand their perspectives and make adjustments to improve your performance in their eyes.

It's surprising how many leaders somehow forget this important step.

(2) Look to create value.

Increasing your value in the eyes of your customer may involve how you deliver and serve them, beyond the technical aspects of your produce or service.

Is there something you can do to help them be more successful that's in your wheelhouse? Would it create additional revenue for them? And would it increase YOUR value, your sales revenue or the volume of business you do with them? Is it a new product/service you could offer to gain more revenue?

(3) Do the math.

If you haven't done the math...

Are you developing realistic forecasts of your revenue, expenses and cash flow? This is the first step to understanding your current state, which can then be followed by "what if?" models. When you've gathered your numbers, you can ask questions like:

• What if we offered more products or services?
• What if we expanded our coverage?
• What if we dropped a service or product line?
• What if we focused differently?
• What if we enhanced our sales department?

Asking questions and modeling the "what ifs," prior to a strong execution of the model, can have a tremendous impact on your profit margins.

(4) Perform expert technical work.

Really be good at your technical work! All the forecasting and planning will only do so much to deliver increased profit. You must deliver on your promise to your customers technically as well.

Invest in your team and continually help them enhance their skills in delivery for your customers. Are you getting great testimonials and referrals? If not, your work needs to be analyzed for needed improvements to ensure you're all working together to deliver great results.

(5) Lead your team.

It's good to share your vision and inspire your team members to follow your lead. Part of the vision is the desired levels of revenue and performance required by your customers.

Don't hesitate to try new ways to enhance your company's offerings, measure your results and adjust.

If you'd like to learn and discuss more about ways to improve your profit margin, just contact us.

"To tie my foot problems directly to employee hiring was funny."

Or "How my bunions led me to hire a business coach."

I decided to write this post after reflecting on my time as a client at ThistleSea (I'm the only one in our office who can do this). This may give you an idea of why someone might hire a business coach.

I came to business coaching when the business was almost exactly 18 months old. I spent the first 13 months working between 70 and 80 hours weekly, and my 34-year-old body had begun to inform my brain that this was not a sustainable plan. What were my clues?

There are no pictures that accurately represent how unpleasant marriage was at the time.

• I was missing important family events regularly.
• I had very few relationships outside of the business.
• My feet had developed problems that weren't healing. (This after many years of tap dancing and running without issue.)
• My marriage was pretty unpleasant.
• I arrived each day at work prepared to fight fires.
• If I wasn't putting out my own business fires, I was covering so that employees could put out their fires.

Looking back now, it's not hard to categorize my challenges. But under pressure, I couldn't see them:

• Work/life balance was poor
• Systems were not in place (in my case, HR systems were weak)

 (I don't know if ThistleSea's Wexford office was literally at a cooler temperature than my business, but when I would arrive at a coaching session, there was a clear feeling of "Ahhhh...." I could breathe. I could think and plan, ask questions, propose solutions, write, be still... I had no fires to fight.) Getting to the root cause of anything is difficult under pressure, so it was important that pressure could be relieved.

Let's use one of my examples.

PROBLEM: "My feet had developed problems that weren't healing."

WHY? (1)
I was on my feet for 8-10 hours, 6 days per week.

WHY? (2) 
I had to help the staff get the work done.

WHY? (3) 
There wasn't enough staff capable of meeting the company's requirements for the amount/quality of the work.

WHY? (4)
Staff didn't stay very long.

WHY? (5) 
We didn't clearly explain what was required when we hired new people. So we hired some people who didn't understand the work or weren't capable of doing it.

Yeah, I wore this. Yeah, it was as ridiculous as it looks.

To tie my foot problems directly to employee hiring (1) was funny, (2) did not happen overnight and (3) did require making intermediate adjustments. That is, I didn't go straight to having an amazing system for hiring and then magically experience foot healing.

I'll talk a bit more about what happened in my next post. 

TAKEAWAY: When you're having a problem in your business, write it down. Ask "why" 5 times. You'll get very close to the root cause, and that's where you need to be.

The Cure for a Business Filled with Assumptions

One of the most important concepts I discovered as a business coaching client was just two words long: “Never assume.” What kinds of things did I assume as a business owner?

• Every stakeholder knows and shares my vision for success.
• Employees will follow the company’s policies and procedures. (In retrospect, "HAHAHAHAHA!")
• Staff members will share their discontent with me if it occurs.
• Employees will share my values.
• Vendor relationships are adversarial in nature.

Turns out there's a reason EVERYBODY knows this saying.

Were my assumptions wrong? Well, yes and no.
 
Some stakeholders knew my vision for success. Some employees followed company policies and procedures. Some staff shared discontent with me when it occurred. Some shared my values. Some vendors tried to take advantage of the company. The problem was not that my assumptions were all wrong; it was that by assuming, I could never be sure.

Business coaching helped me to understand the dangers of assuming, and then to make changes in my behavior to stop doing it.

BEFORE (Assumptions)	AFTER THISTLESEA COACHING
Every stakeholder knows and shares my vision for success.	I need to know the vision. I need to communicate it often. We need to discuss it, ask questions about it, and lead people to share and adopt it.
Employees will follow the company’s policies and procedures.	"These are our company’s policies and procedures. Here’s where they’re written down, and these are the people who can answer questions. You’re expected to understand and follow them. If you choose not to do so, here are the consequences you can expect."
Staff will share their discontent with me if it occurs.	"We’ll check in as a group daily and with each other periodically. Your supervisor will meet with you individually on a regular schedule, and you’ll have the opportunity to ask questions, speak openly, receive performance feedback, etc. If you’d like to speak directly or you’re experiencing a problem that isn’t being resolved, here’s the best way to schedule time together."
Employees will share my values.	"The values that drive our company are _____, ____, and _____. We honor our values among ourselves, with our customers, vendors and competitors. On Wednesday, Amanda demonstrated our value of ______ when she ________."
Vendor relationships are adversarial in nature.	"Here’s what we need and expect now, as outlined in our written agreement. Let’s schedule a 6-month review so we can correct any issues, learn about new services, etc. If we have immediate needs, what’s the best way to get a fast response?"

Assumptions can be hard to identify, particularly if you’re assuming things correctly.
 
Communicating clearly elevates the importance of top performance in your company. It gives all parties the opportunity to decide, “Now that I understand this, am I on board? Or not?” It leaves no room for drama, ambiguity, excuses or blame.
 
The next time you’re surprised at something that happens in your business, ask yourself why. It’s likely that you assumed incorrectly… just like I did. Let us know if we can help. Reviewing your assumptions may be your key to success.

"I've heard I should be networking."

"But what does it mean, and why should I bother?"

Let's start with "why." Networking:

• Creates a vehicle for you to help others
• Puts opportunities in front of you
• Allows you to make choices about who, when, where, why and how you meet others

What does networking look like?

• Regularly scheduled meetings
• Social events
• Non-profit or charity events
• Educational seminars or classes
• Award presentations
• One-on-one meetings

You'll notice that one item missing from "Why" is "To get more business." Yes, it's absolutely possible that building your network will add revenue to your company. However, if you begin networking with the sole question, "What's in it for me?" you're going to be discouraged. Instead of focusing on your own dollars, concentrate instead on connecting people to each other and helping them meet their goals.

If you haven't put effort into building your network before, that's okay. But start now! An easy way to make networking a habit is to join a group that holds regular events (many are low-cost or no-cost) and then (THIS IS IMPORTANT) put the scheduled events on your calendar.

It's okay not to have perfect attendance, but remember, people can only know, like and trust you if you show up. 

John, Wendy, Jayne and I believe so strongly in the importance of building networks that we happily invite you to attend a networking event as our guest. Check out our Events page for some ideas or email us.

It's a little scary to do something new, especially when everyone else seems so practiced. Just remember the words of "Eat That Frog" author Brian Tracy, "You can only grow if you're willing to feel awkward and uncomfortable when you try something new."

A Path to Growth or Destruction?

Using peer review as a strategic competitive advantage

By John D. Laslavic, LPBC

Many company leaders are strong-willed individuals. While this can be a strength, it can also reveal itself as a dangerous strand of stubbornness that can negatively impact a business. Some may struggle with obtaining and integrating advice from peer groups.  

Common feelings CEOs and presidents express about having peer review (i.e. board of directors, advisory board, outside committees, a business or executive coach, etc.) include:

• “What if people find out I don’t have a strong vision and action plan for my company?”
• “I’m not that comfortable communicating internally… or externally.”
• “Will I lose authority by involving others in my thinking?”
• “Will a board (committee, coach, etc.) interfere with my decision making?”
• “It costs too much and takes too long.”
• “I know what I’m doing, and people should focus on my getting it done.”
• “What happens if I try something (based on peer review) and it fails?”
• “I don’t really understand what the board (committee, etc.) was trying to say.”
• “It’s a pain.”

Just because a company uses peer review of some kind doesn’t mean it’s effective, however. Organizations already using peer review may be on the wrong path if they see the following happening:

• Peer review group agendas not focused on vision, future direction, policy, strategy, KPIs and financial results.
• SMART goals not established.
• Peer review participants unwilling to voice their opinions. 
• Company making adjustments for individual people’s needs without consideration for the company’s mission.
• Minimal communication from the owner, president or CEO.
• Decline or stagnation in company growth.
• Key employees leaving the company.

If you observe these situations in your organization (or you’re observing these situations as a trusted advisor), you might consider recommending or improving the process by inviting people to serve in a peer advisory capacity who:

• Are financially independent from the company.
• Are not afraid to voice their opinions.
• Know things you don’t.
• Agree with the company’s mission, vision and values.
• Agree to be open to suggestions, listen to and work closely with peers who desire to bring new life to the company.

If used properly, peer review is an excellent way to provide your organization perspective to improve governance, business operations and product/service growth. 

Our ThistleSea team advises that 2017 business planning and budgeting should begin now. Evaluate your current peer review efforts to gain additional expertise and ideas. Adding an advisor, business coach or a peer review group to assist you might give you the advice and guidance you need to excel. Just be open enough to take their good advice and put it into action.

Contact a ThistleSea team member if we can help you and your company create a peer review process. Doing so should help your company grow revenue, expand operations and help you to personally prosper.

Starting with the end in mind

Wendy Lydon recently spoke at the Inspiring Lives International Global Sisterhood gathering in Pittsburgh, PA. Here's what she had to say.

Advice from a Trail

Photo by Wendy Lydon

In September, 2015 Wendy had an exciting vacation with family in Yellowstone National Park. She picked up several “Advice from . . ." writings authored by Ilan Shamir and is sharing them with you to expand the thinking and apply to your business.

Walk into beauty

Being a leader is a beautiful opportunity to change your lives and the lives of others. Take time to enjoy the business and life you have created for yourself, your team and your family.  

Stay on your path

Start with the end in mind and work towards achieving your dream. Outline your goals and stay on track to reach those goals.

Find inspiration around every turn

You just never know what may be around the next turn.  Leadership and ownership requires some flexibility and agility. You will always be faced with something new around each bend. Take the time to be inspired by others – and to be the inspiration for others.  

Tread lightly

Don’t take yourself too seriously. Be vulnerable and allow others to truly see you. Your business needs your care and attention, so take the time to analyze opportunities before making decisions.

Pack life with good memories

Being a leader and business owner is an exciting opportunity for you to live the life that you want. Be sure to have fun and provide an environment where your team enjoys coming to work every day!  

Every day has its ups and downs

The life of a business owner and leader is not always an easy one! Stay focused on the great work you are doing and how you are providing opportunities for others to achieve their goals. Don’t sweat the small stuff.  

Watch your step!

Don’t move too fast. Be sure to build the plan and work the plan! And closely evaluate anything that may appear as an obstacle. Have an optimistic view that anything in your way is a checkpoint to regroup, reinvent and recharge!

Am I leading or managing my business? WHAT'S THE DIFFERENCE?

John and Wendy discuss the difference between leadership and management.

Wendy Lydon featured in "Common Threads: Inspiration"

Common Threads Inspiration: The Global Sisterhood of Empowering Women's Success Secrets by Dr. Shellie Hipsky profiles 33 women with inspirational stories of overcoming obstacles, living their dreams and helping others achieve success. 

Wendy describes what happens when she first meets with clients. "Usually the first thing is, we're sitting here in my office. I have a big whiteboard behind us... on one side, I always draw a sun. I ask, 'So what is the sun for you?'"

"We have to know where we're going, so we can determine how to get there."

This and other books in the Common Threads series are available from Amazon.

What is the sun for YOU? To learn more about business coaching at ThistleSea, click here to contact Wendy directly.