Ask the Coaches' Panel

This month we answer the title question plus these others:

• What is the best way to improve motivation?
• How can I reduce my working hours in the business?
• What are the best strategies to increase conversion rates?
• Why do I need a Mission Statement?

How Can I Reduce My Working Hours?

The keys to this are management and systemization--management by delegation not abdication.  Allow others to make decisions and solve problems in a controlled manner.  The team member should be clear on their responsibility and specific accountability.  Ensure the team member has sufficient skills and has been suitably trained for the tasks required.
 
Ask yourself what you are doing on a regular basis that could be carried out by a lower paid team member if it were systemized.
 
Effective systems save time and money.  Flowchart the processes within the business and then, document how the tasks get done. Use key performance indicators to measure the system's performance.  Remember not to over complicate systems or people won't follow them.

What is the best way to improve motivation?

People respond best when they have direction.

It is essential that business owners display strong leadership characteristics and convey a strong sense of purpose and direction for the company and that this vision is communicated clearly to all members of the team.
 
Involve and inform your team and create an environment where two-way communication is encouraged.
 
Set goals and benchmarks and reward achievement.  Each team member should have a job description which details responsibility and accountability.
And now for the easiest, most effective and yet most overlooked way to increase motivation … Say thank you. Acknowledge good work.  Constantly tell people when you are pleased.  People, no matter what their personality, respond well to positive reinforcement.  It enhances their self esteem and their confidence and makes them feel better about the experience they have at your business.  They will try to do better. Your customers and other team members will see them smile more.  Everyone benefits…

What are the best strategies to increase conversion rates?

Each industry or sector will have techniques which are more efficient than others but, the following can work in any scenario.

Pre-qualification…without doubt the more you know about your prospect and the more you can get them to do prior to your meeting, the greater the chances of success.  Concentrate on spending your precious time with people that are well qualified and most likely to buy.

Referrals…being introduced by a peer significantly increases your chances of success

Guarantees or Unique Selling Propositions…reduce fear and perception of risk.  If you don't have one, ask yourself why not!

Testimonials…provide a similar benefit to references.  Execpt they are much faster, because they get around the time lag caused by getting your prospect to connect with your reference source.

Try before you buy…reduces fear and perception of risk.  It can also have the "puppy dog" effect.  If you bring home a puppy dog for your kids to play with for a day, what's the chance you'll take it back?

Why do I need a Mission Statement?

A Mission Statement is a description, in general terms, about how you are going to achieve your Vision for your business. If your business doesn't have either of them, you can be rest-assured that your business just exists without a logical reason. Just to "provide you with an income" or "not having a boss to report to" isn't good enough to be successful in business.
 
Your business is either growing or dying, nothing is constant. So, you can plan to succeed or fail to plan and hence fail in business.

Do you have a question you would like to pose to the coaches' panel?  Can't wait for next month's article for the answer.  Click here to arrange for a complimentary consultation (without any obligation).  Or call us at 416-483-9251 or 905-943-4265.