There are plenty of talking heads out here that are saying that the recession is over. Sure, if there are indicators that show positive signs and they all add up to "it's over" then I guess it is over. However, for most of us on Main St., over is not over. We still have to deal with the reduction in business, the high unemployment rate and the limited resources to drive new business to our doors.
Look at what is happening on Main St, not Wall St. for an accurate understanding of what is happening. Drive by auto repair shops and notice that there are fewer cars there to be serviced. Pull into a Walmart parking lot and you will notice that even on the slow times of the day, finding a parking space is becoming more difficult. Why, because people are changing their buying habits and looking for more value. Also, notice the higher end cars being parked there.
Consumers don't necessarily stop buying, they are more apt to trade down than to stop.
According to a PNC Economic Outlook Survey
the recovery will become more evident at the end of 2009 and continue throughout 2010. There are two important findings that are note worthy for us on Main St. First, 79% of those surveyed indicated that the stimulus programs have filtered down to them as yet. Second, 96% of small business owners stated that the economy has not yet begun to recover. Again, this is all about Main St, not Wall St.
The SBA, according to an article in the WSJ.com, has been having their trouble as well despite their continued efforts to assist and work with small business. The SBA approved less than 45000 loans, 36% less than the previous year and 56% less than 2007. There are programs that the SBA are pushing at this time and it would be in the best interest of all small business to get acquainted with these programs and the SBA people in their area. The banks may not love you at this time, but from my experience and knowledge of the SBA, they do.
This is the time to be vigilant, thrifty and tenacious. Look for opportunities everywhere, develop a plan of attack and take no prisoners. Know that your competition, if they can is looking to eat your lunch, it is up to you to keep them from doing that. Develop an individual marketing plan, do networking, there are always networking events taking place, get out from behind the desk/counter and pound the flesh, this is your business do what you have to in order to keep it.
I believe those who work hard, and I mean HARD now during this lousy economy will flourish as the turn around hits Main St. Remember, if you do what you've always done, you always get what you always got. What "you've always got" is not good enough anymore.
You can do it, you can win, you will win it just may take more effort than it did yesterday. Keep these 10 two letter words in mind "If It Is To Be It Is Up To Me".
Michael Loewenthal
The Business Coach
www.thebusinesscoachabq.com helping small business move forward one step at a time
We are in the last leg of the race, one more lap to go, then you kick it at the sound of the bell, then it is over. 2010 will be here, are you ready??? I hope everyone has been working diligently to close out the last 100 days, to run that last lap; remember, you can not make up in 2010 for what you did not do in 2009.
Have you developed a plan to kick off in 0'10, is there a track to run on, a marketing program to start with, a budget that you can live with, etc. etc.
Develop a plan, put it on paper, fine tune it and implement it, remember, business is no longer "as usual". If you are not FOCUSED and sincere about dedicating your energies this coming year to success, well, frankly you'll have to assess whether or not you will be around the entire year. Just to make my self clear, to answer those who complain that they don't have the funds, you DO NOT NEED MUCH MONEY to implement a plan and execute gone are the day's of the "shooting from the hip" operating style. We are in a recession, although some here say, not in ABQ, yeah right, look at the unemployment numbers, they have doubled in less than 3 years. Even if the recession is declared over, it still will take at least 2 years to get half way back to the way it was before the recession, this I base on previous recessions I have lived and worked through.
All is not lost however, the future is bright, just plan-focus-implement, even if it makes you feel uncomfortable, just do it and push, push, push. You will be glad you did, and remember to run the last lap with full steam and I'll seeyou at the finish line.
I invite you to follow me on Twitter for Tools-Tips & Updates for business. None of the junk stuff like I just took a shower, or the sun is shining. http://twitter.com/coachmichaelabq or thecoachnm in the twitter search
The Business Coach Michael Loewenthal Albuquerque, NM http://tinyurl.com/kum9rl
This blog post is copyrighted. You may copy, post or distribute without consent providing the entire signature is included with your copy, post or distribution. Any deviation from this will be in violation of United States copyright laws.
For 30+ years I've heard from all corners, write your goals down, some say share your goal with others. In perhaps the past 5 or 8 years I have been hearing a contrary opinion. They say don't write your goals down, don't tell others what your goals are to avoid embarrassment should you not succeed.
To "write" or not to "write", that seems to be the questions; what's a person to do??? From my perspective I don't think it matters. If you don't write your goals down, just be sure to have it or them committed to memory so well that you can rattle them off in a moments notice. Just be sure to have a goal(s), don't loose sight of it, and remind yourself of it regularly.
Clearly, not writing down your goals can make it difficult to segment them for your business, career, personal life and so on. Achievements (or failures) in one area can have an impact on another since goals are results driven, and the result, positive or negative will impact the result of another goal.
As an example, let's say that you want to earn more money as a business goal, and on the personal side you want to buy a new car. The new car however, is predicated on you earning more money. Don't succeed at making more money, then guess what, no car for you. The lack of success in one goal negatively impacts another goal.
It seems to me that the question that needs to be asked of anyone who has a goal or goals, is, what are you willing to sacrifice, and willing to do to achieve your goals, and if you are not successful at first do you have what it takes to persevere. Focus on this question and answer it truthfully to yourself.
Are you a doer or a don't doer, are you a player or an observer, are you proactive or reactive. Know the answer to these questions and you are on your way to accomplishing one or more of your goals.
Where are you on the field of life. It is the 4th quarter, 4th down, 5 yard line and 9 seconds left on the clock and the score is tied. Do you pass or punt?
Michael Loewenthal Tools, Tips & Techniques-Part 1
* Posted by Michael Loewenthal on April 8, 2009
I recently gave a presentation to a group small business owners on Tools, Tips & Techniques for running their business. I thought I would share some of that here. I hope you find it helpful, and may it bring you new or renewed inspiration about your business.
If you own your own business, then you are in sales. You may disagree, but if you are not selling your business product or service, then you have no sales, no revenue, that means you have a hobby.
The primary responsibility of any business owner is to generate revenue for the business. This can be accomplished in many ways but it all boils down to selling. In order to sell, one must understand the core elements of prospecting, starting with who is your prospect. Define who your prospect is, understand you prospect and be sure that they are able to afford your product. If they truly can not afford your produce, change your prospect group.
A prospect must be a group that, wants, needs & is willing to pay for your product or service. Sell what people want at a price point they are willing to pay for it, don't sell them what you want to sell them just because you like it. You may like it, love it and your friends love it too, but if the market dosen't like it or love it, you have nothing to sell.
It is VERY important to define your prospect down to the smallest particle possible, Business owners can not afford to be general in terms as to who the prospect is. The more narrowly you define who it is the more likely you will develop a marketing strategy and sales presentation geared to them. Remember, make sales makes you happy, not making sales makes you sad; sad or happy, you decide.
Surprisingly, many people use very general terms as to who their prospect is. As an example, an insurance salesperson that sells life insurance. They may consider all the names in the telephone book as prospects. I say that in order to find the prospect you have to define who you want to sell to. Granted, everyone may need life insurance but everyone is not a prospect Let's for a moment look at the "everyone" belief against a determined group of people that will become the prospects. A good agent will determine what characteristics they want in their prospect, such as, what age group of people, marital status, do they have kids, are they homeowners, are they recent homeowners, how much money do they make, what is their net worth, what motivators are there for them to spend money on life insurance. Knowing this makes it a lot easier to convert them from prospect to client.
As you can see, being able to develop your criterion for a prospect gives you a more focused group and a focused approach to marketing to them This leads to developing your Target Market (TM). Yes, you can have any number of target markets, but most likely you will market to each differently.
Learn to be specific, as specific as you can. You can be a retailer or service provider, it really doesn't matter. To make more sales, develop more clients/customers focus directly on the people you want. It is only the very large companies that can afford to market with a broad brush.
I hope this piece of my presentation was helpful. I hope so, I hope you now bring in more sales since you may have more clarity about who to sell to.
Remember, focus, be specific, very specific.
This document is copywrited. It may be used in its entirety or in part providing the complete signature is used
The Business Coach Michael Loewenthal www.TheBusinessCoachABQ.com coach_michael@comcast.net
The Positive 6 Pack by Michael Loewenthal (Coach Michael)The Business Coach
1. Life is hardly ever as bad as it seems
2. Be grateful; think of the things that you are grateful for, there must be two or three of them. Remind yourself daily of them, this will energize you throughout the day.
3. Focus-Focus-Focus. Focus on the things you are doing well, and doing right. Focus on the things you want or need to change, and act on it, focus and act.
4. Help someone other than yourself. By helping someone else, you help yourself.
5. Meditate; do meditation exercises every day or prayer meditation. Spend 10 minutes a day, everyone can find 10 minuets of privacy. This will help clear your mind and body of the stress and anxiety, and the effects get better every day you do it.
6. Fill the glass. Fill a glass with water half full. Keep it somewhere that you will see it every day. Put it on your bathroom sink, kitchen counter, office desk, any place that you will see it daily. This glass of water represents your vision of the day, the glass should be looked at as half full, remind yourself daily that no matter how tough things may be or get, it is half full and go about your day with that attitude. Be positive; think positive and positive things will happen to you.
I wish for you the most success.
Coach Michael
PS If you have a positive experience during these economic times that you would like to share, I am collecting them to share in a future article. Your name will not be used, but perhaps your initials will be unless you OK the use of your name. Please forward your story to me at Coach_Michael@comcast.net
7 Things to Focus on to Survive & Thrive in the New Economy
(2009 can be the year of opportunity)
“Thank you, Dean Martin, President Sinclair...
and members of the graduating class.
I have only one thing to say to you today...
it's a jungle out there.
You gotta look out for number one.
But don't step in number two.
And so, to all you graduates...
as you go out into the world
my advice to you is......
Don’t go!
It's rough out there.
Move back with your parents.
Let them worry about it.”
The above statement comes from a 1986 movie called, Back To School, starring Rodney Dangerfield and Sally Kellerman.Dangerfield, who plays the parent of a student, and is a student himself, gives this commencement speech to the graduating class, at the end of the movie.
2009 promises to be a challenging year for many business owners, independent contractors, sales professionals, etc.“It’s rough out there” is an understatement, and we don’t have the luxury of letting anyone else worry about.What we do have is our own tenacity, our own sense of desire and drive, our own willingness to “get going when the going gets tough”.We all have the ability to “Improvise-Adapt & Overcome”.
As a business owner and coach for over 35 years, there isn’t much that I have not experienced.I would like to share some of what I have learned so that it may have a positive impact on individuals and businesses struggling to make their way in these difficult times.
There are 7 areas of challenge that most people struggle with, in-fact, I struggle with some of them to this day.
1.Procrastination:Putting off till tomorrow (or who knows how many tomorrows) what should and could be done today.Why do so many of us fall into the procrastination trap, we know better but we still let it happen.Having coached many people I have found that there are 3 primary reasons why procrastination reigns.
First; Lack of Discipline.Yes, I know, this is not you.I have had scores of people tell me that they are not lacking discipline, they were wrong.Without discipline in your business you are trying to hit a homerun with a waffle ball bat.You are trying to throw a touchdown pass from the 1 yard line to the other end of the field; it just “ain’t gonna happen”.
Discipline is not getting up in the morning, or maintaining your usual routine.It is however, doing what is needed to be done even though you don’t want to do it, even though you don’t like it, and being able to adapt to circumstances and do what is necessary to accomplish the task.Putting it off or ignoring it, well, that is not discipline.Without discipline you your business life, you will never, and repeat, never enjoy the fruit of the “promise land”
Second; Fear.Fear creeps into the smallest of cracks, it creeps in while we are sleeping, it creeps in during our quite moments when we let our mind wander about our concerns, it creeps and creeps and it seems no matter what we do, fear shows it ugly face when we least expect it.SO WHAT, embrace it, grab on to “FEAR” with all you strength, control it, throw it to the ground and stare it right in the eyes and search for what you are truly afraid of you.Once you can see it, you can now work on a plan to prevent, overcome or adapt to the circumstance that has immobilized your ability to move forward, you willconquer the fear.
Fear prevents us from moving forward and doing what we need to do, therefore, we put off what needs to be done, and we procrastinate due to lack of discipline.
Remember, FEAR is an acronym for False Evidence Appearing Real.
Just as a note, the FEAR can represent any number of things.Fear of failure, competition, rejection, and the list goes on.Know what your fear is.
Third; Feeling Overwhelmed.I ask you, who has not ever felt overwhelmed?Certainly I have, and everyone I know.What I also know is that it can be easier to do nothing at those moments.
Some tasks may seem to be too time consuming, too complex or perhaps you are unsure how to accomplish something.Sometimes it seems as if the entire world is ganging up on us all at one time.At these moments it is so much easier to put things off to another time, to procrastinate.I call this the Scarlet O’Hara Syndrome.If you ever saw Gone With The Wind, you will remember that Scarlet would always say “I’ll worry about it tomorrow” or some version of that.Are you Scarlet?
When you are overwhelmed, learn to break the circumstance down.Take out some time, 5, maybe 10 minutes only, to write down the things that are causing you to be overwhelmed.Look at them, really look at them.Prioritize them and then put them in the order that you would prefer to take care of them.Now, circle the one item that you would like to put off till who knows when, but that you know must be done now.If necessary break that item down into several steps and complete those steps one at a time throughout the day, you determine the time frame.This will help to relieve the pressure causing the overwhelmed feeling.This will help you to not put off to another day or time what needs to be done now.This will help develop discipline skills and overcome procrastination.
2.Networking; Why so many of us are so bad at this I don’t know.Certainly, we are aware of its importance, we have heard the term used for ever, we know it is important, but none the less most people stink at it.What’s the problem???Here are some comments I have gotten form some of my coaching clients about their networking.
I network all the time, I go to networking events, belong to a networking group, etc. etc. etc.
I am better at one on one meeting rather than group meetings.
I go to networking events and sometimes I am in a group of people where networking opportunities present it self.I just don’t feel comfortable asking for business.
Let’s get real here people.If you won’t step outside your “box” your “comfort zone”, no one will do it for you.So what if you feel a bit uncomfortable doing it, it is YOUR responsibility to drive your business.What is the worst that can happen if you dive into the arena and say I am a contender for your business?The worst they can say is NO.So what, you have not lost a thing.You didn’t have it before and you don’t have it now.What you do have now however, is the strength to do it again.
If you don’t ask, you will not get.If you “do what you’ve always done, you’ll get what you’ve always got”.Is that enough for you?
There are many techniques on networking, my intent is not to provide a training here on them, but rather to make you aware that proper networking can lead, will lead to unexpected results, results that you can take to the bank.
I will say however, it has been written many times, I personally have seen it over 100 times I am sure, to focus on the other person, get to know them, understand them and their business, establish rapport, and so on.Now this is great, I agree with it all but what is missing usually is asking for the appointment.Let the other person know who you are, and what you do, then listen to them, but ask for a meeting, set up a meeting, nail it down, none of this, we should get together for coffee stuff.If you or they mention getting together, pull out your calendar, and set a date right then and there.
Remember, this is your livelihood, perhaps you have a family that depends on your success; how can you be timid about taking care of your family.If you are not a bit of a risk taker, then perhaps you are working the wrong field or should not be a business owner.If you are determined to stay at what you do, or can not change, then find a coach or mentor to guide you through.
I promise you this.With every successful outcome (setting an appointment or the prospect asking for you to call) comes exhilaration, that exhilarations breed confidence, euphoria, and the desire to experience it again.You will quickly overcome the self imposed resistance to becoming an effective networker.Practice makes…
3.Sharpening The Saw; Abraham Lincoln is quoted to have said "If I had 6hours to chop down a tree, I'd spend 4 hours sharpening the axe." He knew that you could get more done in less time by preparing your tools properly.So this is true with you (us) as well.Our minds and body are our tools.For some, it is more of one than the other; you decide which it is for you.
Sharpening the saw refers to preserving and enhancing “you”.It refers to all areas of your life, mental, physical, spiritual and emotional.I will refer to it here as it pertains to business.You can learn more about it from the book The 7 Habits of Highly Effective People, by Stephen R. Covey, it is habit #7.This is one of 3 must read books in 2009.
Being human, most of us would prefer to take the path of least resistance and for many of us doing nothing is the least resistance. But if you don’t do something, if you don’t sharpen your “tool” how will you ever cut through what needs to be gotten through.Every time I take a knife to cut a tomato to trim a steak or fillet a fish, I reach for sharpening steel and sharpen that blade.I want that blade honed to a very narrow and sharp edge so it will easily cut through whatever I am cutting and make my efforts successful.So it is with business.
Invest in yourself.You can do this in many ways, here are a few.You can invest in a business coach; you can get 2, 3, or more business colleagues together and engage the services of a coach that will do group coaching.Take a training course on how to get clients, like Get Clients Now! or some other relevant training program.Sharpen your selling skills by enrolling in a sales training program.Of course, you can have all the sales training in the world but if you don’t know how to get clients, well, you sales skills will never be put to the test.
There are many sales training programs such as Ninja Sales Training, Sandler Sales Training, and Zig Zigler Sales Training.There are too many to list here, go online and do some research.Additionally, there are marketing training programs, product knowledge training programs and a slew of self help programs that you can learn from.Be willing to allocate some funds every year to your self development, and the more successful you become, the more you should allocate.
Invest in yourself, if you won’t do this, why would anyone invest in you.
4.Action Plan; An action plan is not strategic planning; it is a part of strategic planning.Some people refer to an action plan as a work plan.Call it what you will, it means the same thing.Action plans specify an action (s) needed to reach the intended objective.
The format of the action plan depends on the nature of the business and the needs of the business. The Action plan for business, even the solopreneur, should include the major functions of all persons involved.There can be many actions plans for a business everything from business development to sales.You decide what is needed.Each action plan can also have subsets to each listed action.How simple or complex you make it is up to you.However, if you find that you are creating a “tree” of objectives with an endless number of branches (subsets), or a flow chart that takes a degree in cartography to decipher, that just may be a clue that it may be in your best interest to scale it back and focus on the1,2 or 3 items that will bring about the desired results.For most of us, that is MONEY.Oh yes, one last thing, DO NOT get caught being so involved with a complex plan that it gives you an “out” for doing what you need to do in your business to make it successful, that is sales & making money.
The Action plan should include some or all of the following, perhaps more.
a) List the goal(s) that are to be accomplished
b) Know how each goal contributes to the business or individual strategic goals
c) Be specific about your objectives-be specific-be specific
d) How you will achieve the results
e) Develop a timeline for your objectives
It can take some practice to develop a good action plan because it goes hand in hand with a strategic plan.Many people will tell you to develop a business plan first, then the strategic plan and then the action plan.I don’t think these people are entrepreneurs.For my money, do it backwards.Get the action going, turn on the fires to get the brew simmering and develop the rest on the road.I believe if there is no action, there is no reaction, and if there is no reaction, what do you need all the other stuff for.
5.Think-Act like a business person; If you don’t know or can not figure this out on your own, perhaps you should be working for The Man.
6.Believe in Something; Most of all yourself.Core values are essential, know what you stand for, and know what you will not compromise on.Always know that your reputation will precede you.If you have no belief system, how can you expect people to believe in you?Nurture your belief system, whether it is your faith or other spiritual empowerment, feed it, help it to grow and radiate it everywhere you go, people will see it.
Believing in something is what gets us up in the morning, gets us through the toughest of times, and allows us to see the light at the end of the tunnel.Without something to believe in we just wander in the dark and hope to find the door.
There are different ways to believe in something, if you don’t know what it is, look, it can be different for each of us.Find your belief.
7.Be sensitive to the needs of others; The business world as we know it has changed for most of us back on September of 2008.A new economy was thrust upon us, one like none of us have experienced before.Except for the lucky few, our businesses experienced then or since then the negative affects of the economic down turn.One of the many things we learn from these changing times is that, what is affecting us is also affecting our customers/clients.They have the same concerns and fears as we do.Therefore, since we are not folding up shop, we need to adjust to the concerns and fears of our prospects/customers/clients.We need to be “sensitive” to them in a way we never had to before.The mantra should be “Forge a Partnership” with our clients, do for them as never before, help them to help themselves.Show them that you really care about them and their success.Let them know that their satisfaction is “Job One” for you.Be creative, adapt to the new environment, improvise and improve processes for the best interest of the customer and you will overcome the challenges we all face day to day.
I end with this statement.I mentioned at the beginning about 3 must read books for 2009.They are not new, but, if you have not read them I strongly recommend that you do so.Even if you are not a business person, all 3 will bring, I believe, significant value to your life.
1.The 7 Habits of Highly Effective People-Stephen R. Covey
Business is Business. We have all heard that expression more times than we care to count, but now, during this particular holiday season, business is more than just business, it is also about giving.
Do something unexpected, perhaps out of character for you and share some good fortune with someone or some organization. There are many, too many unfortunately, homeless shelters, soup kitchens and food pantry's, they are there because of demand. Reach inside your heart and share some of your good fortune with them, it will be the best present you could give yourself.
I have been around since the time of Moses, I have seen a lot of moons come and go but most of all, this life journey has blessed me with meeting so many fine people
and take no prisoners. Know that your competition, if they can is looking to eat your lunch, it is up to you to keep them from doing that. Develop an individual marketing plan, do networking, there are always networking events taking place, get out from behind the desk/counter and pound the flesh, this is your business do what you have to in order to keep it.
