Thinking – Page 5 – Pauline Bright Business Coach

I didn’t think numbers mattered

I never thought that numbers mattered that much. You might not either if you are more of a right brain than left brain person.

After all, I was creative and good at what I did and, if I just focussed on that, then the money would flow, right?

Only it didn’t…

I spent a lot of years in several different businesses just doing what I loved… and it kind of worked.

I made a better-than-average hourly rate, I had my work distributed around the world, work was interesting and varied, I had good repeat business and word of mouth marketing and thought I was getting somewhere.

But, truthfully, I had a job and if I added up all the hours I actually worked, not just the time I billed clients for, I was making a pittance. I could earn more working for a boss. Only I didn’t want to. I wanted “freedom”.

That freedom came at a high price financially, physically and emotionally. I became very good at belting down a few glasses of wine at the end of the day and pacing until I calmed down. I lost sleep wondering where the next dollar and next client was coming from.

Now, I’m not advocating that this is the ideal way to run a business – far from it in fact! But it’s a familiar story isn’t it?

Over time, I got better at it… as you do. But not until I’d made some pretty costly mistakes… as you do.

I’d like to say that the process of awakening was like a bolt of lightning. But it wasn’t. I just had a few key insights that made me think differently and do things differently – and they didn’t all come at once – although I wish they had – I would have got here faster.

Revelations

It didn’t matter how “good” I was or how “good” the product was, if I didn’t get good at marketing I was going nowhere.
Marketing aside, the thing my business sold was probably the least important thing in terms of sustainability and financial success and I didn’t have a clue about numbers.
I was never going to make the kind of money I dreamed of unless I got serious about the “money side” of business. I needed to learn stuff I wasn’t particularly keen on – in fact I thought financial management and business management was dry, dusty and boring. (Maybe it was the way it was being taught!)
I had to stop thinking about myself as “self-employed” and start becoming a “business owner”
I was not an island – it was lonely in there trying to do it all myself and putting myself under immense pressure. I needed to reach out for help.

So, long story short, I learnt it, I made changes – not all at once, but gradually – and things started to get better and better. Like compounding interest, the sooner you start, the more it multiplies with less effort from you. Financial management was NOT my joy – and not my strength – or so I thought. But I did stick with it.

And THAT’S why when I became a coach I wanted to teach people how to get the very best from their business, to make the kind of money they really wanted. In plain simple language, the way I learnt it.

How you run your business is completely your call. If the “Money Side” is something you’ve promised yourself you’ll get better at one day, then maybe this is your opportunity. “IT” won’t come to you – you have to make an effort but it will be worth it.

If you feel your Business could use some better financial management you might like the MONEY MASTERCLASS. It has a Money Back Guarantee.

If this rings bells for you, I’ll see you there.

Cheers,
Pauline

PS: More info and book here for The Money Masterclass – Friday 29th July

Are we still the Lucky Country?

A couple of days ago, after the American Thanksgiving Holiday, I was flying back to Perth from Sydney.

It was late and I was tired; I had been at an intense 2 day seminar and would have been grateful for some sleep. I sat next to a small wiry man in dirty work clothes and well-worn work boots. He had paint on his hands, his arms and his clothes.

Shortly after take-off he struck up a conversation “You from Perth?” I didn’t recognise his accent so I asked where he was from.

“Yugoslavia – I come to Australia 17 years ago. Never go back”.

I don’t know what his name was – we didn’t get to that bit. But over the next couple of hours he told me his story.

He cannot believe his luck in ending up in Australia. He is so grateful for the opportunities he has here. He came as an immigrant with his wife and two children, choosing Australia because he has a brother living here. He “lost’ his wife. She chose to go back to Yugoslavia to be with her parents. He stayed here with his children.

He had been an electrician in Yugoslavia but in his own words… “No work.”

“Very hungry, always hungry.”

“When I was kid, my family no food, no work always hungry.”

“Always fighting, always war; Milosovic no good. People killing”.

He settled in a small town in rural WA. He is so incredibly grateful for everything he has; grateful to be able to work hard. “Always work – never run out of work – I go knock doors get work, always”. “No work there, I go knock more doors”. “I do anything, paint, build, fix… I go night school, I learn English after work”.

He bought some land and built a house – so incredibly grateful that he could do here what he could never do in his birth country.

Then he proceeded to tell me about how he was going to subdivide his block, sell half and buy more blocks to grow his personal wealth. “But not too much, just enough. Too much make people greedy. I see it”.

He has a business idea for a food van – he has it all mapped out who his customers will be and how he will sell to them.

He was so incredibly grateful for being able to live in peace “No war here” and for being able to work and earn and enjoy his life. He had built such a good reputation that his employer had flown him to Sydney to do some work for him. He was in his work clothes because he wanted to get home to his family and his next job as soon as he could. “No time to wash before fly”.

Sometimes we forget how lucky we are “Very lucky” he said “Very luck here”.

Have we forgotten how lucky we are? Have we forgotten that we used to call ourselves “The Lucky Country ”?

Have we forgotten to be grateful for every amazing advantage we have here?

Not me – I’m giving thanks every day.

As I left the airport, I had to chuckle at the young teenage girl of Indian descent with younger sister in tow, whinging loudly about something… “First word problem” she said to her “First world problem!”

My gratitude…

Thank you to everyone who taught me something this year. A considerable list of people and lessons! Some I didn’t anticipate and some I jumped into boots and all – knowing I was going to be working hard and loving every minute of it.

Thank you to my clients; past present and future. I’m so lucky to be doing work I love with you!

Thank you to my family and friends and colleagues, to my trusted advisors, to my network of incredibly talented business associates. It would be so much harder doing it without you.

And a little gratitude gift from me to you. Thanks for reading – click here to download

More coming in the New Year

Wishing you a wonderfully relaxing Christmas with all the love that it brings…

Cheers,
Pauline

5 Steps to develop your good business ideas

If you’re a creative person you’ve probably generated more business ideas than you can ever implement.

In your mind your latest idea could be the best thing since sliced bread, but if you don’t put in enough strategic thinking BEFORE you get started, it could just lead you down a deep dark rabbit hole…

This 5 Step Strategy to Develop New Ideas will help you sort the “good ideas” from the “time wasters that look good on the surface” and show you how to get the outcome you really want.

Try this:

Capture the ideas – it doesn’t matter how crazy they might seem – just get them down in a journal of some sort. Use words, pictures, links… anything that sparks off the original idea and intention.
What is the problem that THIS is the Solution to? You’ll need a framework to assess the idea. What is your greatest need – your “Burning Desire” right now? Is it to make more money, to get better customers, to have better structure in your business? Whatever that burning desire is write it down at the top of a page. “I need to make more money” (remember to state exactly how much money that is – e.g. $500 more in turnover each week”) You’re going to brainstorm the strategies.
Take each idea you came up with and run it by the Burning Desire. If the idea can help you achieve that exact outcome, without spending too much money or wasting too much time, then it’s time to develop the idea. All other ideas have been captured in the journal so you can come back to them later. Work on ONE idea at a time – go deep.
If you have more than one idea or strategy, assess the idea for ease of implementation. Ask yourself qualifying questions: “Can it be done, by me (or can I pay someone else to do it)? What tools, people, skills will I need to make it successful? How long would it take to implement? How much will it cost? What return do I want for my time and effort?” Write it down. Can you do a “test run” before you throw lots of money at it?
Start the test run – run it by people who would use it or buy it – get some feedback. Don’t try to develop the idea and build a new product / service / system until you know there is a genuine need or market for it or that people actually want what you’ve created.

How do I know this works?

Because I’m a super-high Creator. Without structure to assess and implement ideas Creator types can create chaos. I know it seems like “hard work” from the outside but if you take a little time to plan it out first you’ll save yourself vast amounts of time and energy and money – and you’ll end up with a much better creation from your brilliant ideas.

Good luck. Let me know how it goes.

What’s the best option to get finance for a start-up business? Re-mortgage, bank loan or other finance options?

The FIRST RULE OF THUMB

The rule of thumb before borrowing money from anywhere is: “If this were someone else’s business (NOT mine) would I invest in it and what ROI (Return on Investment) would I expect, over what period of time?”

Banks and Financial Institutions have a built-in ROI to protect themselves, but if you are self-financing you need to have an expectation and a time frame for yourself to know that borrowing money was a good idea and a sound investment.

SOURCES OF FUNDING:
1) Getting finance from a bank or other financial institution:
If they are going to invest in you and your business they want to feel confident that you know what you’re doing, that your business idea is sound and that you will be able to pay the money back

They like to see a business plan including a financial plan with realistic financial projections. Banks are usually conservative and risk-averse so you need to have a good track record and have plenty of supporting evidence to back up your idea.

2) Financing it yourself from a line of credit or re-structuring your mortgage.

This can often seem like the easiest way of doing things BUT there is a much lower level of accountability. And that’s where a lot of people fall down – they don’t prepare the detailed business plan, they don’t do a financial plan and they don’t project how they will get a return on their investment on lending money to themselves. Do the same prep work as if you were applying to a bank!

A line of credit that you have instant and easy access to is probably the most dangerous way to borrow of all, unless you are SUPREMELY DISCIPLINED! You need to set firm rules around what the money can be used for and set up a repayment system that you will be accountable to.

And I don’t recommend borrowing from family and friends! It almost never works out or gets paid back..

3) Angel Investors and Venture Capitalists will lend money to start-ups. The risk is higher for them than for banks because they are investing their own money, so the deal is usually constructed on an individual basis.

Venture Capitalists are professional investors, individuals or groups, who may want a bigger slice of the ROI, or they may want a slice of your business or a shortened deadline for money to be paid back. Angel Investors can be individuals or groups of people who look for investments that go beyond monetary return. This is the preferred option to bowing from friends and family.

Raising venture capital is a very deep and fascinating topic, so I’d recommend further research.
I highly recommend Keith Cunnigham’s book “Keys to the Vault” (Keith is the “rich dad” that Robert Kyosaki refers to in “Rich Dad, Poor Dad” – also well worth reading.)

Please be aware that I am not a qualified financial adviser; I am a Business Coach with 10 years’ experience coaching hundreds of businesses. These are my opinions based on personal and client experience and my own research and education. Please seek professional advice from your Accountant or Financial Adviser.

How To Incorporate Great Teaching Skills In Your Training Sessions To Get Outstanding Results

A client asked me how she could become a better trainer for her team. She has raw talent and a passion for teaching but was not sure if she was doing a “god enough” job…

I thought I’d share the training with you too.

Click here to download the PDF document “How To Incorporate Great Teaching Skills In Your Training Sessions To Get Outstanding Results”

What Makes an Extraordinary Teacher?

You may have a natural gift for teaching and you’d like to get even better at it or you might just find yourself in a position where training is required and it’s down to YOU but you feel like you’ve been thrown in the deep end.

Either way this Business Tutorial is designed to help you refine your skills and get much better performance from your students.

Great teachers create a challenging, nurturing environment for their students. When you create an environment of enthusiasm and anticipation for the training then the participation rate shoots up and your job is half done!

Your own knowledge, skills and expertise are only part of the requirements to be a great teacher. Being able to share those things in a way that students enjoy and understand is the most vital component. Being great at your job won’t necessarily make you a good teacher – it takes time and effort to learn to teach.

With that in mind here are the skills that I use and teach; they are the ones that work best for me…

9 of the BEST Skills for Teachers and Trainers
To Get Outstanding Student Results

#1 CREATE THE RIGHT ENVIRONMENT:
Teaching is a two-way exchange: you can learn as much as you teach if you include your student in the process.

Set up an environment of mutual respect where each person’s ideas and opinions are valued. Students need to feel safe to express their feelings and listen to and learn from others.

The teacher’s responsibility is to set the “Rules of the Game” by explaining how teaching sessions work and the expectations for how people participate. Once you’ve explained it, get everyone to agree to the rules.
Make sessions fun and interactive. People learn much faster and better when the lesson is enjoyable.

#2 YOU DON’T HAVE TO BE THE “GURU” OF EVERYTHING
You may be very good at what you do, but there is a chance that you won’t know everything. Don’t set yourself up to have all the answers to everything – include your students in the learning process and if you don’t have an immediate answer to a question there are several ways you can deal with it:

Flip the question back to the class to see if others have any ideas. For example you could say “That’s an interesting question – who else has come across that problem?” “Let’s toss some ideas around to see what solutions we can find”
If it’s something technical that can’t be solved in class you can either assign the person who asked the question to do some research (or the whole class) or offer to provide the solution (if they can’t) and do a training on it at the next session.

#3 KEEP YOUR PROMISES
This is a blanket rule for everyone – teacher AND students. Only promise what you intend to do. If you set assignments to be completed get agreement that the work will be completed and returned by a certain day at a certain time – e.g send to me by 5.00pm Thursday. If you promise something as the teacher, make sure you follow through to set the example.

Make a note of what agreements and action items are made and hold people accountable to their promise.
If they get “stuck” be prepared to help, but don’t do it for them.

We all have some of each but usually lean towards one particular style. (Sometimes the style may change depending on what you are learning.) Don’t assume that someone is not paying attention if they are leaning back with their eyes closed – they may be highly auditory and need to filter out distractions to listening) Unless they fall off their chair or start snoring of course – that’s a dead giveaway that they’re just not engaged!!!

None of us are 100% of only one style, but as you’ll see above more people learn by seeing and doing that just hearing.

#4 UNDERSTAND DIFFERENT LEARNING STYLES WITH VAK
People learn is different ways. The three main styles are:

Visual they learn by seeing 40%
Auditory they learn by hearing 20%
Kinaesthetic they learn by doing 40%

None of us are 100% of only one style, but as you’ll see above more people learn by seeing and doing that just hearing.

Keep your lessons interactive, interesting and include all 3 modes of learning in your teaching and you will capture everyone in the class.

The best way to find out how your students like to learn? … Ask them!

#5 SET HIGH EXPECTATIONS
People are surprising resourceful and creative when given the chance. It has been proven that students rise to the level of the expectations of the teacher.

Tell a class they are a room full of geniuses (and treat them accordingly) and they will perform at that level. Tell a class they are not very bright and need hand holding all the way – and that’s exactly what you’ll get.
Give people things to do that are within their capabilities and then set some “stretch” assignments and ask them to grow into them.
People are happiest when they are learning growing and achieving.

#6 PRAISE, ACKNOWLEDGEMENT AND REWARD
Set the right environment for learning. How you praise, acknowledge and reward achievement will depend on the culture of the team, business or classroom and the individuals within it.

Work out with your students how they would like to be acknowledged or rewarded. Find out what drives them. Don’t assume that everyone operates the same way because they don’t!
1. Some like to have a measure against themselves to achieve their Personal Best
2. Some like individual praise like employee of the week
3. Some like to have team goals to achieve
Each method requires some way of keeping score. Set some measurable targets for the class and get them to report the scores weekly, monthly or whatever is appropriate. We’re looking for a way of seeing measurable improvement.

#7 BE A PERPETUAL STUDENT
The very best teachers and trainers have a love of learning and self-improvement. When you set that example for your students they will have a great role model to learn form. What you SAY is nowhere near as powerful as what you DO.

As well as teaching tried and true basics bring cutting edge information to your lessons. Keep it fresh relevant and interesting
What are you learning to get better at being YOU as well as getting better at your work?
Go for constant and never-ending improvement. Get feedback after each session to find out how the session went. Was there anything you or the class could have done differently to make that session better?

# 8 LEARN HOW TO COMMUNICATE WELL USING DISC PROFILING
Just as people have different learning styles as in the VAK System (above) they also have different personality profiles.

Some people are more outgoing, louder and more “visible’
Some people more reserved, preferring to stay in the background.
Some people are more task oriented – preferring to work quietly alone
Some people are more people focussed and prefer to work within a team or with others
Some people are quick thinking and quick acting – happy to learn from their mistakes
Some people are much slower to make decisions, need more details and worry about making mistakes

DISC Profiling is a way of understanding how different people operate. There are no right or wrong styles. And when you learn to communicate with someone in their own natural style (and they do the same for you) you get fewer mistakes, more cooperation and better collaboration.

Ask about DISC Profiling and training for you and your team

#9 SEEK EXCELLENCE RATHER THAN PERFECTION
Perfection is very hard to achieve. It often makes people procrastinate or never attempt anything out of fear of failure.

Striving for excellence will allow you to be human, make mistakes and learn from them and constantly improve

- - - As a teacher encourage people to experiment and try new things. Even if something fails you’ve just learned how NOT to do it next time.
    - Encourage students to find their own answers and not to be afraid of giving the “wrong” answer.
    - Be inclusive: some personalities will be louder and more outgoing than others. Encourage the quieter ones to participate too.
    - Learn to ask great open ended questions:

A closed question will give you a one-word answer e.g. to the “did you, have you, are you, how many” types of questions you’ll get a typical answer like “no, yes, 3”. Which is OK when you want a short answer but can easily close off conversation and will put the focus straight back on you to ask another question. Ask too many closed questions and you will sound like an interrogator
Ask an open ended question like “Tell me about…” or “How did you discover…” or “what kinds of things could you…” or “what would be the best way to…” and the conversation will open up and become more interesting. People can solve a lot of challenges and learn a lot just by talking them through

Evolutionary Business Design

Category: Thinking

I didn’t think numbers mattered

Are we still the Lucky Country?

5 Steps to develop your good business ideas

What’s the best option to get finance for a start-up business? Re-mortgage, bank loan or other finance options?

How To Incorporate Great Teaching Skills In Your Training Sessions To Get Outstanding Results