Many times when so called experts and consultants talk about what they do it’s all based on all the successes that they have had and all the testimonials they have acquired. However I think it’s important to also recognize the failures. As a business owner myself I understand the difficulties of running and growing a business. I’ve been involved in 11 different start-ups and I have seen my share of failed companies and made the mistakes that drive companies into the ground. I think the most important  thing I have learned is that you must learn from failures. I have learned much more from the companies that didn’t succeed than I ever did from those that succeeded, I was able to step away from the failed businesses and look closely into why they failed and what I could have done differently in order for it not to happen again. I’ve tried to put the lessons learned into the next business and continue to improve and learn as I go.

I believe the success in any business lies in the ability for the owner/entrepreneur to learn from their mistakes quickly and to be able to quickly pivot on those mistakes and turn them into positives. They must be able to identify what isn’t working and then come up with a plan to reverse or change things that aren’t’ working. As I work with businesses throughout the country I see entrepreneurs that are so intent on their business idea being a success that they are blind to the things that are derailing it, I understand, I’ve been there!  I remember starting a company that did reusable grocery bags, it was a great idea and it received  a lot of great interest but in the end the market wasn’t ready for it and what we missed was that the market was the end user and they needed to be educated not the stores that were selling it. And so sometimes an idea is a great idea but the market isn’t ready for it and that’s a hard pill to swallow for most entrepreneurs. Had we understood that early enough we could have pivoted our marketing more toward the end user and educated them on the benefits and we may have had a chance.

I understand how difficult it is these days to have a successful business and I am very fortunate that entrepreneurs call me into to help them understand what’s going on in their businesses and one of the first things I look at is what has failed and why? And then what can we do to pivot on that failure to improve or fix it. In closing, understand and analyze your failures, they are the greatest business building tools you have!

It’s January 6th and already 75% of the people who made New Year’s resolutions have broken them. So why make them? The problem with resolutions is that they are basically another name for goals and the problem with goals is that the minute it becomes apparent that you are either not going to reach them or succeed them they fall by the wayside. And in the case of New Year’s resolutions they generally fall by the wayside pretty quickly.

I have a better idea, rather than making resolutions that you will break, create a list of things that you will try to focus on in 2012. This list could be your philosophy on how you will do things in the new year or what you will focus on in the new year. To give you an idea of how this list might look I thought I would share mine with you.
So here goes:

I’m going to have more fun with my business and quit taking it so seriously
I’m going to help 1000 businesses grow significantly in 2012
I’m going to be better at setting deadlines and meeting them
I’m going to do a better job of connecting with my community of followers
I’m going to do a better job of managing my time and not wasting it (it’s the one asset we can’t replace)
I’m going to provide value in everything I do
I’m going to deliver exceptional service
I’m going to associate with positive people
I’m going to commit time everyday to learning
I’m going to commit time everyday to writing
I’m going to act with speed, money loves speed!

So there’s some of things I’m going to focus on in 2012 and as you can see I’m not making resolutions that I will break but rather I’m creating expectations that I’m going to work toward. And I’ll make sure that this list is prominently posted where I look at it everyday and burn it into my brain. If you create a list of things you’re going to work toward versus a set of goals you won’t set yourself up for failure and you’ll find that the new year will be your best year ever! So give it a shot, and let me know how it goes!

Mike salutes the veterans and active Military personnel today in this Veteran’s Day Friday Morning Coffee.

I read a recent article that stated there are now over 30,000 people in the U. S. that call themselves executive/life/business coaches. If that number is true and I don’t doubt that it is, then the question is; who really needs a coach?

What is a Business Coach?

First let’s back up and discuss the different types of coaches. There are currently 3 most commonly recognized types of coaches:

• The Life Coach
• The Executive Coach
• The Business Coach

A life coach is a person that generally works on the well being of the individual. In addition a life coach may assist a person with setting and achieving goals and leading a well-balanced life.

An executive coach is a person that typically works with senior level executives helping them achieve balance between life and work and helping them become better leaders.

The Business Coach

The business coach is a person that should be solely focused on the success of the business. The business coach works with the business owner/entrepreneur or manager helping them get the business on track, grow the business or take the business to a higher level. A good business coach should have a wealth of experience in multiple industries and businesses in order to bring a wide perspective to the business owner. The business coach should bring ideas, resources and assist in creating a game plan for success. And one of the most important roles of a business coach should be accountability, holding the business owner accountable in executing the game plan. My clients tell me this is the single most important aspect of our relationship. A good business coach should have processes and systems that can easily be followed to help you achieve the success you’re looking for, similar to my business planning funnel.

Are You a Candidate for a Business Coach?

If you own or run a business and are caught up in the day-to-day activities of the business and are spending more time working in your business versus working on your business then you are a candidate. However that being said you must want to take your business the next level and be willing to have someone hold you accountable to do just that. You must be open to as Jim Collins, author of Good To Great, says, “confronting the brutal facts”. Sometimes the business coach is going to tell you things you are not going to want to hear, but that’s their job. You must be open to outside ideas; the best business coaches go outside you industry to help you find ideas that could help you take you business to new levels. And lastly you must be wiling to invest in your business knowing that there is a cost to having a business expert on your team.

Ultimate Breakthrough Planning: On Demand Coaching

One of the challenges in finding a coach is being able to commit to the coach’s schedule and doing all the things that the coach wants you to do, in talking with my clients over the past several years that has typically been the biggest challenge is committing the time to do the program. With that in mind I’ve developed a new type of coaching program that I am calling th.  This program is designed for the business owner to have ultimate flexibility on when and how to use the business coach. After a complete business analysis and planning session you then determine how you want to use me, you purchase a block of time and you can schedule as much or as little as you want when you want.   I find with many business owners that sometimes because of what’s going on in their business they can’t take the time to go through a normal coaching session and then they start missing them and once you start down that slope it’s difficult to recover. With this program you don’t have to worry about it, the coaching program is done on your schedule when you can afford to take the time to do it. In addition because you buy blocks of time if there is a major issue that we need to work on we can do it all in one session versus multiple sessions which means you can deal with it immediately.  If you would like to know more about this program click here.

A good business coach can really help you take your business to higher levels but you have to want to go there and do those things that are required in order for the relationship to work.

Today Mike Ferrell discusses the difference between trying to grow your business and sales strategically versus tactically and how thinking strategically can get you more focused on achieving your goals.

Today Mike Ferrell discusses the difference between trying to grow your business and sales strategically versus tactically and how thinking strategically can get you more focused on achieving your goals.

I was having dinner at a local Perkins recently and noticed an older gentleman sitting by himself. There was another older couple sitting at the table in front of me and at one point the gentleman sitting by himself got up and walked over to the couple and started talking. He had obviously met them at some point and was talking about what was going on in his life. I overheard that his wife had recently entered a nursing home and I could tell that it was very hard on him. When the other couples dinner came he went back over to his table not wanting to disturb their dinner but I couldn’t help but wonder if he really wanted to join them so he wouldn’t have to eat alone.
I also got an email from a friend that same day who had a terrible accident and lost his dog, “his little buddy” and he said he was really feeling alone. Both of those stories hit me as how much loneliness there is in our world. It seems everywhere I go today there are people alone, some by choice, but many others by circumstance. These times in this country I think lead to these circumstances, people are out of work, they have lost loved ones and or are maybe just suffering and I think it’s the simple little things that can bring a few moments of joy to their world. Back to my dinner story, I was finishing up my dinner and I went to pay and the thought just hit me that I’m going to buy that gentleman a piece of pie and so I had the cashier add it to my bill and he said he’d tell him that I bought it for him. That simple little act maybe put a smile on his face for just a few moments, could I have done more, yes, I could have gone over and sat with him, I could have done numerous other things,for all I know he didn’t even like pie, but that simple random act of kindness hopefully did something to brighten his day and I can tell you that I felt great after doing it. In these difficult times sometimes it’s just a simple piece of pie that can bring brightness to someones dark days, so pass it on and do something nice and completely random to someone today, I guarantee you at the very least you will feel better for doing it!

Today Mike Ferrell discusses the difference between trying to grow your business and sales strategically versus tactically and how thinking strategically can get you more focused on achieving your goals.

A Different Approach to Sales Success: Sales Training Vs. Sales Planning and Development

Join Mike Ferrell as he talks about the importance of getting visuals into your presentation.

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