Suffering a failure or a set back, while frustrating, may not be the end of the world. Failure, as a matter of fact, may propel your business to even greater levels of success. It doesn’t seem to add up, but I believe it does.
Here are my reasons for believing that failing doesn’t make you, or your business idea, a failure:
- Failing means you tried something new. You’re growing, expanding and keeping yourself open to new ideas
- Failing means that you’re always learning. You’re not happy with doing things the way they’ve always been done. You want to take an old idea and try a new spin
- Failing means that you are taking action and moving your business forward. You’re not allowing yourself or your business to stagnate
If you don’t take a chance and throw that dart at the board how will you know if you’re going to hit a bull’s eye? When did you last fail and what lessons did you learn?
Do you have fond memories of working for a company that provide you with a bonus package or a bonus check at holiday or review time? Do you feel that bonus packages will incentivize your employees? In many cases a bonus plan can backfire on the company if it’s not done with planning and forethought.
What should you consider when contemplating a bonus plan? Here are my thoughts:
- What is the objective of the bonus compensation? Is it a profit sharing? Something anticipated for a “job well done” or “X number of new clients or dollars brought in”? If your bonuses are tied in with revenue growth or bottom line profits, then bot you and the employee win.
- Do you want to provide a bonus based on enhance efficiencies within the company? Do you have a plan in place for reducing the cost of overhead or manufacturing line items? Can you put metrics with that and tie it into a bonus plan?
- Do you reward employees for innovative ideas? Is it a set amount per idea? An amount if the idea is implemented with success?
- Acknowledging employees for stellar customer service should be part of your business plan. Customers are the lifeblood of any business and if you have an employee that nurtures clients, that should be rewarded.
The type of bonus plan you implement is as unique as the company that you oversee. However, letting your employees know that if they go “above and beyond” and that there could be additional compensation because of it maybe a great motivator for your team.
Do you have a bonus plan? Is it working?
You went into, or are going into, business to make money, right? To do that you need to understand who your ideal client is. Who is that person, or company or group that will benefit from the goods or services you have to offer? Remember, not everyone will want what you’re selling and that only stands to reason, because no one business entity can be all things to all people.
To be successful in business you need to have a niche and to do that you need to understand who your ideal client is. How can you do that? Here are some steps:
- Take time to draw a mental picture of who would best benefit from your goods or services
- Determine where you will find this ideal client
- Is there a particular industry to which the products or services you sell is better suited to?
- When you meet individuals at networking events do you have people come up to you afterwards and ask for more information? Chances are, they are your ideal client but you will still need to do homework to determine if they are a good fit.
You can help narrow down your ideal client by understanding with whom you want to work: Corporations that employ more than 100 people or a solopreneur; a locally owned manufacturer or a global virtual business service provider. Do you have an ideal number in your mind of how much you want to earn? You need to find an ideal client that can afford what you want to charge. You may need to determine your ideal client is one whose business grosses $5,000,000 per year… or whatever number you determine. Understanding that not every person you meet is, or will be, or should be your client will help you hone your focus on bringing in those clients that are an ideal match. Here’s to your prosperity!
We’re past the rush of the holidays and have settled into the first couple of days of the New Year. It’s sometimes easy to feel deflated once the hustle and bustle is over and in many parts of the country you’re facing long winter days with limited sunlight. What can you do? I will admit that because I am in Arizona I have a bit of an advantage and access to almost year-round sunshine and the ability to hike and bike, but if you don’t what can you do?
As a business owner and coach I can see how both you and your employees might be battling the post holiday blues, so here are my tips for kicking off 2014 with a happy, healthy attitude:
- Be realistic with your resolutions or expectations for the year ahead. Did you know that many of us make resolutions and then break them before January is even over? Be detailed and realistic with goals and you will have a better chance of sticking with it and attaining them.
- Be physically active and healthy overall and this will help you power through. If you can’t get outside to take a walk then do short bursts of exercise right inside your office. Take the stairs instead of the elevator. Eat more fruits and vegetables and fewer salty or sugary snacks. As business owners we need to be healthy both mentally and physically.
- Take a breath. I am a big advocate of self-care. There are several times throughout the workday when I will simply walk away from my desk and find a quiet spot to simply breathe and focus my energies. This helps me when I go back to my desk and my clients because I am energized and reinvigorated.
Did you make resolutions and do you think they are attainable and realistic? We’d love to hear!