2017 Business Excellence Forum – Blinding Flashes of The Obvious Part 4

Paul Dunn continued with his presentation by switching gears to speak about the concept of price anchoring. He presented a case study based upon the fact that most people remember the last thing they see or hear.  The case study involved adding eight words at the end of a price quotation for a product or service img_9693-small img_9696-small Result: 30% conversion rate for price alone, 90% conversion rate with the addition of those 8 words! Paul finished up by returning to his original concept by saying “The shortcut to more is to MATTER more.” img_9713-small img_9714-smallimg_9716-small And a quote by Richard Branson img_9720-small   A very impactful speaker who spoke briefly the afternoon of the first day and then returned to speak to the coach’s conference (day 3) was Trav Bell, the Bucket List Guy (http://www.thebucketlistguy.com/).
  • After saying that a bucket list is about what you learn about yourself during the journey, he had the entire audience participate in two hands-on exercises:
  1. We were given 10 minutes to begin writing our “reverse” bucket list – a list of things, adventures, accomplishments, and people we had already met or achieved that we were proud about. We then shared items from our list with a partner.  This was a great exercise, one which I completed on my return flight to NY.
  2. After presenting his acronym MYBUCKETLIST as a framework for our bucket lists:

Meet a personal hero Your proud achievements Buy that special something Ultimate challenges Conquer a fear Kind acts for others Express yourself Take lessons Leave a legacy Idiotic stuff Satisfy a curiosity Travel adventures

Trav gave us 15 minutes to select a letter, add an item to our list and then act on that item.  Many in the audience signed up for guitar lessons or made pledges to their favorite charity.

Both exercises were empowering and great examples of coaching.  I highly recommend you seek out a partner, or coach to create both bucket lists.

Trav concluded by saying “People are dying at 40, being buried at 80.”  Don’t be one of them.   Another presenter to the coach’s portion of BEF was Traci Diaz of Break Free Consulting.  Traci gave us many ideas, one of which stood out:

The Central Question to ask yourself several times each day is: “What choice can I make, and action can I take, in this moment, to create the greatest value?”

  The BEF was concluded by Brad Sugars.  Brad stretched everyone’s vision by challenging everyone to create their 100-year vision!  He reiterated an Owner’s/CEO’s/ Leader’s responsibility to enroll and inspire their team:
  • Vision – 100 years in the future, if the mission is accomplished
  • Mission – the value your company brings to the world
  • Culture – the rules of the game
He reminded us of the ActionCOACH formula for success Dreams X Goals X Learning X Plans X Actions = Success It is useless to lead a team that is not confident and productive Productivity comes from passion and focus Realize that the better you get at _____ the easier it becomes – tackle the difficult to make it easy. After drawing the following flipchart, Brad added that you MUST be congruent with your identity, or create MORE identity img_9728-small A case study example of expanded identity:

A doctor raised his identity from doctor to entrepreneur who happens to be in the medical business.  Result – went from one office with him as the only provider to nine offices with more than 400 providers.

We coach for break-throughs, not just learning.   After the conference, I observed a great example of communicating a Unique Value Proposition in the parking lot of my hotel: img_9772-small img_9771-small I hope you have formed your own BFOs from this blog series. The 2018 Business Excellence Forum will be in San Diego from February 18th to the 20th.  If you wish to join me and about 700 other business owners, CEOs, leaders, executives and business coaches, or if you would like to accelerate your success, please contact me or any of my ActionCOACH colleagues.  Our mission is to create

World Abundance Through Business Re-Education

Are you an Entrepreneur?

My wife and I took our grandsons to see, “School of Rock” on Broadway last weekend.  There is one line in the show that struck a chord with me: “Not everyone is cut out to be a rock star, but if you are, then you’ve got to go for it.” What struck me about that line is how it directly relates to business and my coaching practice: “Not everyone is cut out to be an entrepreneur, but if you are, then you’ve got to go for it.” In my mind, there are two types of entrepreneurs; active entrepreneurs and everyone else who has a job.  In other words, we are all entrepreneurs.  The days of two-way company/employee loyalty for 30-40 years is gone.  No more gold watches and fancy retirement parties.  Like it or not, we have become a society of “Me, Inc.”  We are our own bosses. But how do you know if you are cut out to be an active entrepreneur?  Here are some questions to ask yourself:
  1. Am I comfortable with an erratic schedule? Do I have good time management skills?  As an entrepreneur, you likely won’t be working 9-5.  As you gear up, 10-12 hour days are not uncommon; you’ll spend your time networking, blogging, researching, and marketing.  You will need to work on your business every day.
  2. Can I afford it? You need a safety net.  It can take up to six months or more to start to see a steady income.  Depending on the terms of your contracts, clients can take up to three months to pay.
  3. What could I do? Two ways to go here:
    1. Skills and Talents: Evaluate your current career/work situation. Are there any skills that you can take and parlay into a business?
    2. Passion: Hobbies: many people have used their talents and created successful companies from their love of baking or knitting.
  4. What are my strengths and weaknesses? While it might be painful, ask your friends and family.  They will give you some good insight regarding how you are with people, taking initiative, or seeing a project to the end.  A word of caution here, do not let family and friends dissuade you from pursuing your dream.  Also, don’t underestimate self-assessment tools – such as the Myers-Briggs Type Indicator® or the DiSC which can provide self-awareness.
Assuming these items don’t scare you, what’s next?
  1. Plan. Our philosophy at ActionCOACH is to start planning as early as possible.  Most businesses grow organically, without planning.  Often, that leads to problems down the road.
  2. Research. Talk to other people who are already doing it.  You need to know the good, the bad, and the ugly.  Arm yourself with as much information as possible.  Additionally, there are many excellent books that address entrepreneurship as well as your area of expertise.  Never stop learning.
  3. Get all necessary certifications. The cost of the schooling may be tax deductible.
  4. Start small. Get the word out with friends and family about the service(s) or product(s) you are offering.  Word of mouth is one of the most effective marketing tools.
  5. Don’t wait until you get laid off. Lay the groundwork as soon as possible.
  6. Most important, hire an ActionCOACH to help you write a business plan, outline goals, and be the most effective president of “Me, Inc.”
Even if you decide you do not wish to be an active entrepreneur, it is necessary to take most of the steps outlined above to succeed in your career.