Well, you’ve no doubt heard the cliché dozens of times… if you fail to plan, you’re planning to fail.

This cliché has stuck around for so long because it’s true!

It’s simply staggering the number of business owners that don’t plan. It’s not limited to coaches, it’s prolific throughout small business, and possibly most prominent in service (as opposed to product) orientated business.

It may be that business owners: don’t know how to plan; don’t place a high priority on it and hence apply their time elsewhere; or they just don’t see value in it.

Whatever the reason, the number of business owners that actually do plan is extraordinarily low. Maybe that’s a contributing factor to the reason so many businesses fail.

As a coach it’s imperative that you recognise and respect that you’re operating a business, and plan accordingly. And we’re not talking about ad-hoc planning. We’re talking about thorough, considered and consultative planning. Below are a couple of pointers to assist you with this process.

Goals and Objectives: In all effective planning it’s paramount to incorporate what results you expect from your efforts. These objectives will assist to motivate you and keep you focused on implementing you’re the operational aspects of your business.

You should clearly and quantifiably articulate in this section of your business plan all of your goals and objectives.

For example:

• I will become the recognizable niche specialist in the XYZ Coaching field by 200X;
• I will make $100,000 turnover during 2006/2007;
• My margins will be X%;
• Profitability will be Y%;
• I will derive my income by the following product/service mix:
• 15% 1 to 1 coaching.
• 15% Affiliate relationships.
• 30% products.
• 30% seminars and workshops;
• 10% recurring revenue coaching clubs and ancillary services.
• I will obtain a market share of Z;
• I will spend 15% of sales on advertising/promotional activities;
• I will work ON my business 1 day per week;
• I will allow myself 2-days per week purely to myself and my family.

It may be useful to divide objectives into those that are a must and those that are desirable.

SWOT Analysis: All planning requires an honest assessment of yourself. To do this, most business plans incorporate a SWOT analysis.

SWOT is short for Strengths, Weaknesses, Opportunities and Threats. Doing an analysis of these will help you define areas that you can promote as strengths, areas that need to be worked on and opportunities that may be identified to market new customers or products/services.

Under each heading put in point form your honest comments regarding yourself, your business and the market in which it will participate.

For example:

My Strengths:
- Excellence industry knowledge and contacts within my target niche.
- An existing database of clients to package my coaching services to.

My Weaknesses:
- Little marketing experience.
- Not technology savvy.
- Limited capital start-up funds.

My Opportunities:
- Existing contacts and database of potential clients.
- Niche market becoming increasing aware of coaching benefits.

My Threats:
- Several strongly branded competitors in market.
- Education of coaching benefits required to niche.

Expectations are the precursor of outcomes. What you expect to happen will happen. The expectations you have are extremely powerful in determining the outcomes you produce. It’s very rare indeed that we have a low expectation and produce a high outcome. Highly successful people expect to be successful. And interestingly, they expect to be successful even before they have evidence to validate such expectation.

Using the case study below, the successful coach expects (not wants, but expects) to be successful. Deep in their inner being they KNOW with absolutely certainty that they are going to be successful. They are void of doubt. They know with certainty that they will achieve their desired results. Any challenges that confront them along the way they KNOW they will overcome.

The other coach however, may WANT to be successful, but they have limiting beliefs which prohibit them from expecting to be successful. These limiting beliefs manifest in doubt and work at a subconscious level to ensure that the coach is not successful. Their ‘want’ to be successful is a conscious desire. It’s not hard coded into their being. But their doubts are hard coded, and hence overcome their conscious thoughts about success.

In both instances, the coaches are correct in their expectations!

Case Study

Consider 2 start-up coaches. Each is in their late 30’s, each just finishing a coaching qualification, each with similar start-up capital, skills and attributes. Each coach competes in the same market. They have substantially the same opportunity to create their future. And yet within 6 to 12-months one may have a prospering business turning over $10,000 + per month, and one may be struggling to get clients. This is an extremely common scenario (not just in coaching, but in business and in life).

One of the most important differentiators between the successful coach and the other is their perception of their reality. To an outside observer, each coach has the same resources and hence should have the same reality, and produce the same results. Yet, successful people are often able, through subconscious and cognitive processes, to frame their reality in such a way as to create a substantially more beneficial outcome.

They are able to see opportunity where others see adversity. When confronted by a challenge they’re able to reframe it into a positive outcome. They’re able to remain focussed on their objectives. They’re able to see the bigger picture rather than being caught up in non-productive activities.

It’s critical that if you want to be successful, and develop a success mindset, that you identify your limiting beliefs and reframe them. You NEED to hard code your positive expectations and become void of limiting beliefs and doubts. Only then will you be able to develop expectations that will be realised.

• What beliefs do you have that are limiting your ability to achieve?
  I don’t have enough experience to be successful in business?
  People won’t perceive me as an expert?
  People won’t pay me enough for my services that I could be successful?
  It’s impossible for me to charge $500, or $2,500 per month for my service.
  If I ask someone to commit to a contract they won’t see value in it?
  I feel uncomfortable asking people to sign up for my service.
  I feel embarrassed talking to people about my service and about myself.
• What past or present experiences do you have that may reinforce your limiting beliefs?
  I only earn $30,000 per annum now, so it’s impossible for me to earn $100,000 per annum in business.

“A goal properly set is halfway reached.” Zig Ziglar

Clear goals contain the power to motivate and energise us into action. Yet so often we start out on the quest for self-improvement, either personally or professionally with no real concept of where we want to be or exactly what it is we want.

We may have some vague concept in mind, such as increasing income or productivity but this is rarely translated into specific goals. Without a clear goal in mind, it becomes increasingly likely that we may unwittingly focus our well intended energy in the wrong direction.

When we are unsure of where we are heading it becomes very easy to work hard yet accomplish little. With a clear goal in sight, we can ensure that our actions continually contribute to its achievement.

Without goals you are drifting and when you drift you are not in control. If you are not in control, then someone else is. Then you have relinquished the basic right to be master of your own destiny. In doing this you also surrender your freedom of action which restricts your choices and can lead to frustration, anxiety, fear and stress.

The benefits of goal setting are numerous. Individuals who set effective goals:

• suffer less stress and anxiety;
• have better concentration;
• show increased self confidence;
• perform better;
• are happier with their performance.

Goal setting also:

• keeps you focussed;
• provides clarity and direction;
• increases determination, patience and persistence;
• builds self-esteem when goals are met;
• ensures you remain proactive in your life, rather than reactive.

The seeds of achievement are found in the process of goal setting. If your goals are incorrectly set, then the probability of a successful outcome are severely diminished.

When setting your goals ensure you subject each goal to the SMART but PURE test.

Goals must be SMART:

Specific - Is your goals well-defined? Your goal must be clear and concise.  Avoid setting unclear or vague objectives.

Measurable - Be clear how you will recognise when you have achieved your goal.  A hint is to use numbers and dates where possible.

Attainable - Don’t set yourself up for failure. Setting yourself goals that you cannot possibly achieve will only end in disappointment. Make your goals challenging, but realistic.

Relevant - Try and step back and get an overview of all different areas of your life. Consider how relevant your goals are to the overall picture.

Time-framed - Set a time frame for the completion of each goal. Even if you have to review your time frame as you progress, it will assist you to stay motivated.

But PURE:

• Positively stated
• Understood
• Realistic
• Ethical

Most of these are self-evident and require no further elaboration; however a couple of observations must be made. If a goal is not realistic, there is no hope, but if it is not challenging, there is no motivation. 

It is very important to state goals in the positive. If I say to you ‘Don’t think of a blue balloon’ - what do you think about - a blue balloon. If goals are stated in the negative - you will focus on the negative.

ACTIVITY - Take a piece of paper now and make a list of 5 professional goals you would like to accomplish in the next year. Write your goals as though they have already been achieved. For example: “I earn X dollar per year” OR “I drive such and such a car”.

Read over your list of goals and select the one that, if achieved would have the greatest positive impact on your life.

Circle the goal clearly.

Below is a seven step process for effective goal setting. By following these seven steps, you can maximise your ability to accomplish your goals. You may notice that the activity you have just completed has worked through steps one and two of this process. You may like to spend more time on this activity in your own time.

This is a crucial first step. It is vital that your goal aligns with where you want to go and exactly what you want to achieve.

1. Decide exactly what you want
2. Write it down
3. Set a deadline 
4. Make a list of everything you have to do to achieve that goal
5. Organise that list into a plan
6. Take action immediately
7. Resolve to do something everyday that progresses you toward your goal

(Brian Tracy, 2004)

The next step, step three is to set a deadline for your goal.

Source: http://www.counsellingacademy.com.au/

Anyone managing a factory, office, home or any group situation will have tussled with delegation. The next eight points may be used when working with clients to delegate tasks to better manage their time (Le Boeuf, 1985; Moss, 2001):

1. When first delegating a task make eye contact with the other person. This helps to get the message across.

2. Having explained the task/activity verbally, it pays to make sure the requests are written down and understood. One way of doing this is to have the other person read the request and then check for understanding (ie. ask them questions).

If the person does not understand some of the terminology involved, make sure they get this cleared up as anything not understood or misunderstood will lead to complications later. Having a written explanation of the task or activity saves time as the person carrying out these functions can re-read rather than the need for repeating explanations.

3. If you don’t want to write down what you are requesting, at least get the person to say back to you what it is they are expected to do.

4. Orient people towards the final product. There is a difference between “I want you to clean the bathroom” and “I want the bathroom to be clean and shiny and fit for royalty to come and visit”. The first request asks for the activity to be completed to no particular quality. The likely result is a grudging twenty minutes of poor cleaning. The second request asks for something specific which will call upon the person to apply effort and initiative. This is further enhanced if rewards are offered for a satisfactory product.

5. Praise the person at the start of the task, tell them you know they can do it and praise them when it is successfully completed. If it is not successfully completed, praise them for making the effort, ask them if they had problems with it and jointly discuss how it might be improved next time.

6. If you really want to offload the task, don’t interfere with this person as they try to do it. Bypassing them tells them that you are not really relinquishing your ownership of the task, and they will end up leaving it to you.

7. Allow the person to make mistakes. In the long run you will come out on top in terms of time and you will make the people around you feel more useful and productive, thereby boosting your self esteem.

8. If you get the reward system right, such as awarding points for tasks done and having monthly prizes and recognition, you may end up with people coming to you looking for more things to do.

Tracy (2007) advises to watch for ‘reverse delegation’. ‘Reverse delegation’ is where those people we have given tasks to come back to us for a solution to the problem.
 
References:

1. Le Boeuf, M. (1985). How to motivate people. Melbourne, Australia: Schwartz and Wilkinson.
2. Moss, G. (2001). Time savers. New Zealand: Moss Associates Ltd.
3. Tracy, B. (2007). Time power. USA: Amacom Books.

For more information about productivity strategies, subscribe to a free 1-month trial at www.coachingclub.com.au.

A product is a packaged and branded educational resource. Successful coaches all over the world know that developing products should be a top of mind exercise to grow their business.

In a nutshell, coaches that develop products are significantly more successful than coaches that don’t. In this article, we review WHY it is so important to have products and; HOW you can use your products to grow your business.

WHY are coaching products important?

Increased Credibility. Delivering high quality, branded products to your niche is one of the most powerful means to build your credibility. There is virtually no other way to accelerate your perception as an expert in your niche.

Better networks. Authorities in your niche are usually very willing to assist and participate in the development of products that assist their industry. Networking with these authorities will give you an immediate, highly leveraged entry into your niche. It will open many doors to Joint Ventures; list sharing; public forums; group meetings; etc.

Less reliance on time. As a coach, what is your commodity? When everything is distilled down, what are you selling? Coaching? No. Happiness? No. Success? No. Health? No. You are selling your time! Time is your commodity. And when time is your commodity, when you are reliant on selling your time, your income potential is extremely limited.

You can only realistically work 8-hours a day. So the only way to earn more money is to charge more. There is a limit to how much you can charge. And when you stop selling your time (go on holidays with your family; get sick), your income stops. Products are your escape from being time reliant. By commercialising products you rely less on time as your commodity.

Switch from one-to-one to one-to-many. Most coaches sell one-to-one coaching as their core service. This restricts your time, and also limits your commercial reach. Commercialising products allows you to leverage your intellectual property by 10, 100, 1000 times. You can be selling hundreds of eBooks; eCourse; tele-clinic seats; per week. Now that’s how to leverage your knowledge and time!

Once you have products, how can you put them to use for maximum affect? We’ll now investigate ways you can use your products to increase enquiries; conversions and sales. Let’s look at HOW you can use your products:

Building your list. In an earlier module we discussed the sales funnel, and how important it is to get as many qualified prospects in the top of your funnel as possible. Using your products is a highly leveraged means to do this. Here are a few examples:

1. Offer a free eBook as an incentive to join an online club; eZine; newsletter.
2. Let people download a “Special Report” after subscribing to your list.
3. Mention your list (education-based) on your tele-clinic call.
4. Gather business cards or contacts at your seminar.

Loss Leader. You know by now the net marginal worth of your clients, and hence how much you can afford to invest at the front-end on acquiring a client. A strategy to attain client contracts is to use a ‘loss leader’. This means you make a financial loss at the front-end, knowing you’ll make gains over the term of the life of your client.

For instance, you may give away free vouchers to a group coaching workshop to members of your niche. This may cost you $100 per attendee. However, you get 90% of attendees into the top of your funnel; 30% of them to level 2 within 3-months; 20% to level 3 within 6-months. The net result may be a $1,750 gain over 6-12 months per attendee.

Value-add. Products are an excellent way to value-add your services. For instance, you may use a 6-week ticket to your specialist tele-clinic as an incentive to upsell prospects from a 3-month contract to a 6-month contract.

Referral. Your products can be an excellent tool to incentivise referrals. You may go to the prospects in your funnel and say to them “We know you enjoy the information we provide you, and we’re sure you know other that would benefit from it. If you put us in touch with these people, as a thank-you we’ll give you this XYZ product”.

JV Incentives. Products are an excellent way to provide incentives for joint ventures. For instance, just say you approach a gym or a health spa, and undertake some cooperative marketing.

They write to their members and inform them that for a limited time they can go to your website and download a free special report “How to Overcome the 7 Biggest Barriers to Achieving Your Fitness Goals, by specialist coach ABC”. To download the report they have to give you their name and email address.

Conversion. You can use your products to improve conversion and shorten conversion time lines. For instance, offer your product as a value-add to a core service for a limited time.

As you can see, there are many powerful advantages to creating products, and many flexible ways to use them.