Are Things Going Well?

Earlier this week I attended a breakfast event, part of the Hofstra University Scott Skodnek Business Development Center’s Distinguished Lecture Series.  The event was a Keynote Conversation with Brett Yormark, the CEO of Brooklyn Sports & Entertainment.  Mr. Yormark was interviewed by Kevin Law, the President & CEO of the Long Island Association. Brooklyn Sports & Entertainment (BSE) owns and operates the Barclays Center in Brooklyn, the Brooklyn Nets NBA team and redeveloped and manages the Nassau Veterans Memorial Coliseum in Nassau County, Long Island.  Since Hofstra University is basically across the street from the Coliseum, many of the interview questions revolved around its redevelopment.  After answering some questions about improvements to the venue, the construction process and its cost verses the budget, Mr. Yormark moved onto the performance of the Coliseum since it reopened in April of this year.  The venue reopened with a Billy Joel concert.  In the seven months since the Coliseum reopened, they have had more than 100 events, including concerts by Barbara Streisand, Paul McCartney, Bruno Mars and other performers. Other events including G-League professional and college basketball games also occurred there.  So far, the Coliseum is ahead of BSEs projections. So, when Kevin Law asked Brett Yormark if he is happy with Coliseum results so far, Yormark replied:

“I am happy, but not satisfied.”

He used that exact wording to answer several additional questions as the interview progressed.  I was struck by how simple and yet very powerful this phrase is.  The concept represented by these six words is extremely important.  How many businesses have stopped growing or failed because management or owners became “satisfied?”  When I had my consulting practice before joining the ActionCOACH team, I met many business owners who were earning more than $500,000 per year who became satisfied with their businesses.  “Why should I continue to push hard, I’m making more than I need?”  “I am working too hard and have no time to enjoy my wealth.”  Many wanted to start enjoying the fruits of their success, reducing the attention and time they devoted to their businesses.  Many of those businesses no longer exist, failed due to over-satisfaction and the resulting lack of attention. Two things need to be highlighted here:
  1. I don’t mean to imply that you shouldn’t celebrate when a major goal or milestone is achieved. There is nothing wrong with a brief pause to celebrate and “smell the roses.”  Celebration is very important, for you and your team.
  2. One of the motivating factors that drove my decision to join ActionCOACH (and many of my colleagues) is our definition of a successful business:

A commercial, profitable enterprise that works without YOU (the owner)

I work with my clients to design, plan, structure and build their businesses so they will earn more and work less.  I enable them to achieve the state of happy life, but continuing dis-satisfaction with the value their business brings to their team, customers, community, and themselves.

At lunch, that same day, I continued my rereading of John C. Maxwell’s The 21 Irrefutable Laws of Leadership ((10th Anniversary Edition). I came to Law 18-The Law of Sacrifice.  The following from Law 18 makes the point.

“…today’s success is the greatest threat to tomorrow’s success. And what gets a team (or company) to the top isn’t what keeps it there.”

I couldn’t have said it better. My ActionCOACH colleagues or I will be happy to assist you to build your business, so you can earn more and work less.

Afraid To Take A Vacation?

This week’s edition of my local business weekly quoted a ADT Small Business Getaway Survey.  The survey about small business owners’ attitudes toward taking vacation found that:
  • 55% Never travel without their cellphone
  • 45% Find it hard to “check out” while away
  • 25% Feel nervous about the business while away
  • 21% Feel guilty about leaving their business unsupervised
Pretty chilling, to say the least.  Actually, I found these survey results to be quite distressing.  Why?  For several reasons, including:
  • Most of the business owners who responded are not getting the full benefits of business ownership.
  • The results reflect things that are almost completely avoidable by successful business owners.
  • The survey indicates that these business owners are not planning their businesses.
At ActionCOACH we define a successful business as A Commercial Profitable Enterprise That Works Without The Owner.  We coach our clients to invest a significant amount of their time toward working on their business, rather than working in their business.  This includes planning the growth of their business.  Without a business growth plan, a road map for the business, businesses grow organically and quite often go too far down a road that is unproductive, hitting the “Oh S**t” moment.  That is one of the prime reasons that the failure rate for new businesses is as high as it is. In order to increase your odds of success, your growth plan must include:
  • An organizational chart, now (even if your name is in every box), 1 year and 5 years in the future.
  • The complete definition of your Products and/or Services. (see my post of 8/15/2014 http://actioncoachmichaelbreitman.com/?p=182)
  • Your Mission/Vision/Culture statements
  • And many of the elements of a classic business plan, such as marketing plans, budgets, etc.
Granted, all of these items are dynamic.  However, without starting points your ability to build your business, to have the right team, to create economic growth for yourself and community will be limited. Don’t be one who is afraid to take a vacation.  Start working on your business NOW, before it is too late.  If you would like assistance with working on your business or you wish to accelerate your progress toward your business goals, contact me or the ActionCOACH business coach in your area.

Global Conference BFO’s – Part 2

Here are some more things you can apply to improve your performance and the success of your business: 1. There are 4 steps to each of your major goals:

a. Decide – commit to the goal b. Breakdown the goal to specific intermediate goals c. Set a plan – step by step what must be done to accomplish the goal d. Take ACTION – If not now, then when? – Have time pressure to all goals

2. Develop Key Performance Indicators for every step of your processes – sales, goals, operations, or anything else you wish to accomplish 3. From Ivan Misner, the day two guest speaker:

a. “You can’t define yourself by your mistakes, only by your successes.” b. When networking up, don’t ask for anything. c. When networking strive for

i. Visibility – People know you. ii. Credibility – People know you are good at what you do. iii. Profitability – Constant referrals from people you know. iv. But NOT Irritability – Pre-mature solicitation.

d. Be aware of the Networking Disconnect – If, at a networking meeting you ask everyone who is there to sell something to raise their hand, you will see virtually everyone raise their hand. If you then ask everyone who is there to buy something to raise their hand, no one will raise their hand. e. The 12 x 12 x 12 Rule – Be aware of:

i. What you look like from 12 feet away? Look the part. ii. What you look like from 12 inches away? Have a positive attitude and stick to positive topics. iii. What are your first 12 words?

f. When networking you should use at least 3 of the following 4 networking streams:

i. Casual Contact Groups – Chambers, non-profit boards, etc. ii. Knowledge Groups – Professional or industry associations, etc. iii. Strong Contact Networks – BNI, groups with a specific business purpose. iv. Online Networks – Facebook, LinkedIn, Twitter, etc.

g. However, nothing beats face to face. h. Work / Life Balance is an illusion, seek Work / Life Harmony.

4. Energy in motion = Emotion More to follow.