Which are the questions you struggle with most when you sit and think about your business? Are they about expanding your business, how you can remain competitive in the market, how you can expand your operation to include your network of colleagues in organizational multi-coach interventions?
You have sold coaching services long enough to realize that there are natural and seasonal cycles on the market, and you probably have already discovered the systems for business development to support you in the waves. Maybe you have overcome the hurdle of building your business, taking time into account, and maintaining the momentum of your sales, so that you can balance your working time with more work.
You have perhaps mastered how to use the Learned Meeting to halve your cycle of sales and increase sales while serving the customer.
Now you want to define your company’s next. Where are you going? Where are you headed?
Survival is no longer the objective, you can concentrate on growth now.
What’s your next level?
What is a quantum leap beyond the next level?
Would you like it?
You will need a systemic action plan which integrates three different fields of activity: networking, marketing, and sales, whether you are an experienced coach who has established a sustainable enterprise with questions about where you want to take your business next or are looking for a sales system to build up your business. The first step, of course, is to assess your next business level strategically.
Do you know what you want to do and what it will take to get there?
Do you do everything you can to create your desired coaching opportunities? Have you a practical, systemic format to develop new businesses and new coaching customers?
Do you have a strategic plan methodically implemented?
Take a couple of minutes to explore the ten keys below, to see where you can change your mentality in a way that will help you make the right changes for your business and yourself.
None of these is rocket science or really new information, but in the context of business development, you may not have considered it before.
- How Big is Big Sufficient?
Extending or not expanding?
That’s the matter.
How, if so?
Stop thinking about whether your company is large enough.
That means that you’ve created an entity that is independent of your profession that can maintain systems, people, strategies, financial objectives, revenue streams, and methods of outreach that attract and build an enterprise that matches your values, vision, goals, intentions, and dreams.
Do you serve your company while serving your customers? You’re a company leader or does your company run you? You are an independent worker, who is different from being an entrepreneur if you trade time for money without any additional revenue stream. Have you chosen that deliberately? If so, then it’s time to explore what it takes to go from a self-employed person to a business owner?
Company owners are focused on systems and people, with two ways of making money… whether people work for you or your money works for you. You have to leverage other people to build a million-dollar coaching business. Want to manage people and create systems or do you think that you have more flexibility to create partners and partnerships with colleagues by remaining more a free self-employed coach without having to establish a business?
Do you identify as a practitioner, a manager, a businessman, or all of these three?
This inquiry is guided by some great resources: Some
Michael Gerber’s E-Myth, Robert Kiyosaki’s rich dad, poor dad, and live out loud [dot]com, a website offering free downloads and free television seminars supporting financial literacy and strategic business development.
You will probably have to change what you do if you want to multiply your income. The business strategy you choose determines the size of the business you can construct so that you have done the preparatory work to clarify how big it is.
All that said, I hereby authorize you not to grow your business. It’s ok that running your own coaching business is probably not the most effective and best use of your personal strengths and you can better take on an internal position with your peers and employees in an organization where you can make use of your coaching abilities.
- Time for Building Business
We all know how frustrated the cycle is with us, as trains, to produce a complete pipeline that suddenly begins to emerge as popcorn, which generates a business that we then focus on delivery. In the face of our focus on customer service and deliverables, our focus and dynamism are often lost on marketing and sales so we find ourselves unable to complete our projects or customer agreements with no further talks on the horizon. “However, I’m too busy now to sell or market…
I have to concentrate on being cheap, and the time I sell is not cheap.
Sounds like somebody you know? You can use two strategies in a systematic business development strategy to continue to build your business while paying the price, halves your sales cycle overall, and speeds up the acquisition of additional time while reducing the time you spend in the intermediate interviews.
One strategy is the Learned Meeting as a tool for business development and the other one constructs your business activities through appointments.
The lessons learned meeting is a structured interview both at the end and in the middle of the engagement with your clients and key decision-makers in the organization. It’s time to check with and learn from your customers about what works and can be improved and time to share what they can do better or better to help you do better.
These sessions typically represent mutual admiration and recognition, a fabulous time for:
a) asking for testimony
b) requesting references and c) ask your customer what other challenges, problems, projects, or needs will arise, and you can translate the lessons learned into a sales conversation.
You may ask for referrals when you interact with your customers at any time when they express thanks or appreciation for their expertise and contribution.
Three keys to referrals are available:
- Offering outstanding service.
- Tell your company of the importance of references.
- Request references.
Of course, you close the loop with a manuscript note or a small gift to the reference source once the referral is made business.
- There is no one on the bench
How does this rapidly growing market keep you competitive?
Spectator sports are not networking and business development.
You don’t only have to be in the game, in the courtyard, or on the field, you have to believe that all around the world are with you as well.
There are no bench heaters, which means no other human being’s interaction is ever wasted. Every moment is an opportunity to establish relationships, to always talk to everyone about your vision.It is also important to assume that everyone wants to help you. This is a critical element of that thinking.
This assumption allows you to make large, audacious, and outrageous requests that encourage and invite people to contribute to your growing business.
What’s in the way if you’re not constantly networking? Even if you spend most of your time with colleagues, they can provide you with excellent networking and business development resources. In fact, it may not be about the competition to remain competitive in the market.
Let’s take a minute to explore the competition.
While you and all the competitors offer similar or even the same services in a business of personal services like coaching within an organization (360s, MBTI, coaching, team coaching, situational leadership, presentation, etc.), so much of what you do is unique to you as a person, so have you a real competitor on your market?
Here’s an approach that helps coaches to broaden their portfolio and to offer larger interventions than individual coaches. I heard that it was called competition, an amalgam of cooperation and competition. The idea is to collaborate with competitors or to turn competitor partners into business development strategies by establishing alliances and joint ventures. If you struggle to remain competitive in the market, identify your biggest competitors and approach them in order to establish collaborative arrangements that benefit all and the greater good of your customer organization. It’s the old win-win concept that we help our customers achieve… just applied to their own business development strategy.
- This is a game of numbers
Sales are underway. It is important to understand the numbers involved in order to make use of that process. Research typically shows that ten phone calls are necessary in order to reach six people in order to organize one meeting.
Ten meetings are required to get one customer. For some people, they would have to call 100 people to get every customer. When a full schedule of 10 customers is considered, that means 1000 telephone calls. Depending on your circumstances, the sales process can take between 5 minutes and 7 years.
You may be at a very different personal hit rate than the general numbers mentioned here, but it is very easy to attach and take yourself to specific results until you know and understand the numbers, if you do not find a customer.
Persistence is part of this game and resilience. I’ve heard 80% of people stop trying to connect with their prospective customers after their third attempt, but after their fifth try to connect 80% of all sales are made!
Acknowledging that it is a numbers game, you will keep your pipelines loaded fully and build the bank strength you need to generate continuous sales.
The gift of this game is that many of our colleagues face one of these annoying attachments. If you have more leads than can track, it is almost impossible to attach yourself to the results of sales? Sales are only frustrating and emotional if we don’t have sufficient possibilities, so we want every lead to be business. You have time to think about everyone and pinch it to work for you if you actively pursue five strong leads. If you follow 150 paths, it becomes very difficult for one of them to have high hopes and therefore, instead of specific potential opportunities, free you to focus on the process of sales.
- Abundance scarcity: shift your talk
A full issue of the journal could be dedicated to this topic. Do you underestimate your experience and your coaching services at a lower price? If we have prices in line with them, our managing customers take us more seriously….how credible are you if your rate of pay is more in line with what their management staff earns? In our professional community, there is a lack of mentality. This lack of thinking leads coaches to underestimate their experiences and education, leading to cheap coaching services.
In our professional community, there are scarcity thinking and coaching belief systems that spread to our coach schools and set up coaches that don’t make money. One of those approaches is the concept of free coaching to attract customers. In reality, this method enables coaches primarily to underestimate their services and attract customers more determined to get something for free than those who really appreciate coach and service. When someone gets your services free, the transition to paying high dollars is very difficult. Do not reduce yourself or our profession by adding zero value to our work. By providing pro bono services to people who cannot afford the world you can make a huge contribution to the world, but it is not real and gimmicky to give it for free as a sales ploy. If necessary, offer a reduced introductive rate, but don’t give free samples.
I am continually surprised by the statistics I read about the coaching profession, which estimate that less than 7% of trainers live there. However, a small percentage of instructors who generate sustainable six-person turnover through coaching and fewer who have successful business models, so that they coach multimillion dollars, are sufficiently abundant and prosperous. Coupled with rich thinking, financial literacy can help coaches shift money to talk to our profession.
- Helping Professions and the Conflict With Sales
Coaches are not unlike the other helping professions.
Self-employed doctors, lawyers, accountants, artists, and professionals of mental health often sabotage efforts for a healthy livelihood or an accumulation of personal wealth by refusing to engage in a prosperous way.
They are often not aware of and taught or trained in a systemic sales process, so they truly want to help others and hope that this is enough to attract customers.
They have a positive attitude and expect sales. They often have a negative perspective on sales, which is to force others to do, or to push people to do something they don’t want to do. Reframing your current approach to sales into one of support and meaningfulness would enable your commitment to be integrated with your sales activity. The other thing I see a lot is that people may be very good professionals, but they’re often not businessmen or salesmen. We must be coaches who think like entrepreneurs and consider ourselves as our own sales managers in order to truly succeed in business. If we consider that sales help others to determine whether or not our services and products are useful, we can start to integrate our commitment to helping people with our marketing needs. Adopt any sales conversation in search of ways of helping without pitches, agendas, closing attachments.
If you want to change with people, impact leadership, or better organizations in the global economy, you may be happy to sell. Identify your present sales views and see how sales can be adjusted. Identify your current mindsets about sales and see how you can reframe sales to align with your values.
- Questioning What You Want
The deal is very straightforward…almost a nonevent if the conversation was complete. It’s all about hearing the chance to ask what you want. Yes, in fact, you have to ask for the purchase. You must request a contract from your customer.
You must ask for money. You must ask. But if you have sold your natural style, a sales coaching approach, abundance, and helpful thinking, then closing is as easy as falling away from a log.
I’d like to refer you back to number 6 above and say that if you find that you have blocks when concludes dealing with the money conversation, it’s possible to achieve achievement by producing a change in your money conversation.
The toughest thing is to know what you want. Then take the risk to ask for it, if you know what you want. Do not ask for anything until you are clear on what you want, because you only confuse yourselves with clouds and the flow of power. You are not clear about what you want.
- Think big, play big
It’s time to invent once you have removed your blocks and left the shortage behind. What is possible without the shackles of little thought?
Can you twice the rates?
Can you think again about your sales strategy?
Can you move to a new business model?
What do you really want if the restraint is off?
Are you a coach, or are you setting up a coaching firm?
How big is a company big enough?
Have you got the right team around you to continue to support you, maintain your continued learning and progress, and focus on improving your customer service and product development?
Do you work as much or as little as you would like?
Are you all loving your customers?
What would it be if you could have anything in your coaching company?
To get here, what’s it going to take?
What if your company even exceeded your wildest dreams??
- Using the process of sales
You can leverage information in this article to take the business to the next level, in the awareness that sales are a process, respecting the numbers involved, and raising awareness of your own sales cycle.
There are three things that are needed to really make use of the sales process:
1. System work,
- be ongoing.
- Understanding the differences between networking, marketing and sales are also important in order to be able to monitor progress in all three areas.
The production of dollars, customers and business take place in all three domains. All the steps that you take in meeting and developing relationships are part of the networking process. Marketing is everything you give the world your credibility and service. Calls are organized, meetings are scheduled and the sales activities are asked for the “buy.”
- Money mailbox
We are selling our time for money eventually tired. It’s only as large that you can build up your company, as the time is only 24 hours a day and how many hours you can sell each day is limited. In addition to coaching, the answer is to find several streams of coaching revenue and multiple sources of revenue.
Perhaps you are creating products that take advantage of the core content in a particular niche market and you are perhaps capturing the current Internet tendency to reach future customers and sell products. You have perhaps secured a place in your company to use your coaching degree or have become involved in real estate or other investment strategies to put your money to work for you.
You might consider one or more of these ways of bringing your business to the next level, if you’re not thinking about, or doing anything to generate passive income money you earn that is not directly linked with an exchange during your time. How can you use the teleclasses you are leading?
Can you next time you are leading a meeting or training meeting in front of a room videotape yourself? Can you find a fellow person to video or telephone you interview who will then be recorded and placed in the MP3 file that people can download from your website?
Did you write a book or did you mean? Can you take the material you created and link it in some way to a workbook or a monograph that you can sell for different customer commitments? Do all your products and services contribute to a common vision, goal, or set of values? What do you and your business stand for, and how do you support the diversification of your revenue streams?
No matter where you are, there will be a time when you wonder what’s next.
To select the next door, some reflection and investigation are necessary.
The door we frequently choose seems locked. We can see what is possible for the time being and then we find barriers and obstacles to overcoming when we start to achieve it. Maybe one of the ten keys described above is the key to open the locked door?
I invite you to engage in dialogue so that our professional coaching companies continue to grow and thrive on global markets, in order to raise their financial and corporate proficiency.