Three Key Principles to Having Your Best Year Ever!
February 14, 2008
I recently consulted with a group of real estate brokerage owners/managers and prior to the start of our session I noticed that most of the "chit-chat" amongst them focused on complaining about the down real estate market. While I really liked all of the people in the group, the "whining" was DEAFENING and I could see (and hear) that the first thing I had to do was to get their minds out of the proverbial "gutter" and steer their thinking along more productive paths. While my impetus for writing this article came from my recent experience with this group of real estate brokerage owners/managers, the principles discussed apply to ALL businesses facing tough times.
Principle #1: Don't complain about the market - quantify it!
I promise you that complaining about the state of the market, or the economy, or your competition will NOT help in any way whatsoever! Yes, acknowledge the state of the market, but instead of complaining about it, "quantify" it.
Take an objective look at exactly how the market is affecting your business, e.g.: buyer sales are down 26% over this time last year; listing inventory is up by 15%, but listings sold are down by 38%, etc. Quantifying exactly HOW the market is affecting your business takes much of the emotion out of the equation, and puts you in a much better position to proactively devise strategies and implement systems to counter the challenges you are facing. Knowing exactly "what" needs to be fixed and by "how much" allows you to prioritize and plan exactly how you will regain any lost business.
Principle #2: Stop doing what you are doing and do something different!
Insanity is continuing to do what isn't working and expecting a different result! Most business owners tend to think that the way to fix a problem is to do MORE. This is true, but only if you are doing more "different" things. Doing more of the things that aren't currently working is pure insanity!
You have got to think outside of the little boxes you are used to working in. Tough times call for creative, outrageous, energetic, and unconventional thinking! The only way to do this is to start studying and brainstorming - books, CD's, videos, seminars, master-mind groups. You have got to become a "lean, mean, learning machine." And while you should always seek out the "best practices" within the industry, don't neglect looking OUTSIDE of the industry for creative solutions to the challenges you face.
Principle #3: Take massive action now!
Stop talking and start doing! By the end of this very week (yes, do it now) make a commitment to quantify the challenges your business is facing. Once you know the exact areas in which your business is lagging, set priorities as to which areas will bring you the biggest returns the fastest, and begin to immediately address them creatively and decisively.
Get on the Internet, read books, talk to your peers, and register for Teleseminars - take massive action towards fixing your business as quickly as possible. Start the ball rolling and get that forward momentum working in your favor today!
Your mantra in the coming weeks and months should be: quantify, think, and act! Do these things and you will begin to transform your business into a profit generation machine that will be the envy of other business owners, and the top choice of clients and customers within your marketplace. Now go get busy!
John Michailidis is a recognized business consultant, attorney, success coach, and author of the WealthLoopTM Series of books and training materials for aspiring entrepreneurs and investors. Please use the contact form to get in touch with him regarding personal coaching and business consulting. Download the FREE, 40-page, .pdf "Wealth Creation Manual."
Unlock The Profits In Your People . . .
December 23, 2007
As the leader of a business it is your job to organize, support, encourage, inspire, and discipline your team. Unlocking the profit potential of your team-members depends on your ability to plan and manage their success.
One of the best models for managing team success is the Coaching/Mentorship Model. The art comes in your ability to function as a co-equal member of the team without degrading your authority over it. Yes, you can be friends with your people — it's okay to go shoot a game of pool with the staff and drink a few beers — but you always have to maintain the respect of your people as their leader.
Perhaps the best way, the only way, to virtually assure the respect of your team is to show them that your most important function is to give them what they need to succeed. Think about it — what is your ultimate business goal? If you are smart, your goal is independence.
Your ultimate goal as an entrepreneur is to build and secure stable, independent income streams. Since you don't want to be spending all of your time managing your businesses yourself, you need a team. Since your team-members are the people that will be operating your businesses, doesn't it make sense for you to do everything in your power to ensure that each and every one of them has what they need to succeed massively?
Coaching and mentoring are the vehicles through which you can bond and communicate with your team so that you will know what they need to succeed. It is how your people will know that you are there for them. Through coaching and mentoring you can free yourself from the operations side of your businesses and concentrate on building relationships with people and facilitating their success. By facilitating your team-members' success you are doing the highest and best work to ensure your own success.
Watch this classic video staring Jack Nicklaus, Herb Kelleher, and Lenny Wilkins as they discuss the importance of coaching in business. Perhaps the best way for you to learn how to coach others is to experience professional business coaching for yourself.
John Michailidis is a recognized business consultant, attorney, success coach, and author of the WealthLoopTM Series of books and training materials for aspiring entrepreneurs and investors. Please use the contact form to get in touch with him regarding personal coaching and business consulting. Download the FREE, 40-page, .pdf "Wealth Creation Manual."
When Famous Investor Warren Buffett Decides To Offer Advice On Doing Business — You Might Want to Listen!
December 22, 2007
Listen and watch as "the world's richest man," Warren Buffett, explains the criteria he uses for sizing up potential business partners, and determining whether the "fit" is right for moving forward.
Watch the short video and ask yourself how you might apply Warren Buffett's insights on people selection in your own business?
John Michailidis is a recognized business consultant, attorney, success coach, and author of the WealthLoopTM Series of books and training materials for aspiring entrepreneurs and investors. Please use the contact form to get in touch with him regarding personal coaching and business consulting. Download the FREE, 40-page, .pdf "Wealth Creation Manual."
