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    1 Reply Latest reply on Jan 1, 2009 6:38 PM by LUCKIEST

    Coaching and today's economy

    ExecCoachToo Wayfarer
      According to the American Management Association's Global Study of Successful Practices, 79% of survey respondents use internal coaching to improve individual performance and productivity.

      A highly regarded coach training organization (The Coaches Training Institute) wrote that "... for today's executives to be successful, they must create productive relationships with a diverse range of people and situations."

      Coaching is an investment that produces results! It works because according to author Alan Deutchman "it inspires hope... it creates learning, practice and mastery through repetition" and the individual "begins to think in an entirely new way, revisiting biases and beliefs, re-framing his or her conceptual framework.

      Today's challenging business environment is driving change in various ways. Mergers, consolidations, new technology, systems and products, globalization, outsourcing, private labeling, downsizing, changes in the competitive landscape, skills required are stretching the capabilities of leaders and others like never before. Recently, worldwide, we have additionally experienced a number of business failures, government takeovers and other governmental interventions. The landscape is indeed tough these days.

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        • Re: Coaching and today's economy
          LUCKIEST Guide
          Coaching and today's economy


          6 Steps to Small Business

          1. Start Smart
          2. Plan Ahead
          3. Set up Systems
          4. Seek out
          5. Aim for Growth
          6. Leverage Opportunities


          1. Start Smart.
          Identify a niche. Don't compete to be the
          lowest cost provider. Look
          for what makes your product or service unique and
          adds a special value
          for the client and charge for that value. Every business
          has many
          facets. Start with what you know and like; start a business that
          meaning to you. Keep in mind that we don't know what the future
          many of the jobs and businesses of tomorrow don't exist today. You
          create your own success.


          Now is the time to dream. To start smart, you should like the idea
          the business. The way to earn a good income and build wealth is
          serving clients well, making their life better in some way-it's
          than filling a need in the marketplace. To succeed you want to test
          idea to make sure your potential clients like the idea too. Test

          2. Plan Ahead.
          People often ask me why bother
          with a business plan? Look at the
          lottery as an example. You may get lucky
          and get the winning ticket,
          but the odds are against you when you rely on
          random chance. I'm a risk
          taker...but not that much, minimize the risk of
          going into business and
          maximize your potential for success. Take the time to
          write a plan of
          how you get from point A to point B. A plan gives you a clear
          focus and increases your chances of success.


          The first rule of a start-up is put some of your own money in
          business. As the owner you must be willing to capitalize the
          The second rule is put as little of your own money as possible in
          business. Prepare your plan and look for funding for your business
          multiple sources, which can include a business loan or business line


          Don't go it alone. Plan ahead now to build your team. Your team
          include a CPA and an attorney that you work with as needed. Add
          mentor from your industry and get a SCORE mentor to help you plan
          success. No one has all the answers. You get more ideas and
          by building a success, support team that can help you plan

          3. Set up Systems.
          The most basic system every business
          should have is a good financial
          system. Ask yourself how am I going to
          generate enough income to
          support myself and my family. Begin here. Put
          together a personal
          budget, so you know what it costs you to live. Now, you
          can move on to
          the business budget and sales planning, so you can see how
          many sales
          you need to break even and make a profit. The start-up expense
          operating budget and your accounting software are vital to


          4. Seek out Sales.
          The daunting question is how do you go about
          seeking out your first
          sale. Recognize that since you don't have a big ad
          budget to be seen by
          everyone, you need to target a niche and get connected
          in your market
          community, be it local, regional or national. You need other
          selling for you-not employees-goodwill referrals. Get out and talk
          as many people as you can. Join organizations that would have
          for your product or service. Become a visible part of your market,
          then ask for the sale. You begin the sales process with people that
          know. Yes, it's okay to start with friends and family as your
          customers, and then broaden from there.


          5. Aim for Growth.
          The basic tenant of creating a company is that
          you own the company. You
          are not just creating a job for yourself. It's less
          risk and less
          investment to get a job. Building a business is creating a
          company that
          is more than the job itself. Think about the future. How large
          do you
          want the company to be in terms of sales, net profit and
          Your answer to each of these questions will influence how you
          There are varying costs and profits associated with growth.
          important to make a deliberate choice early about how you want to
          your company.


          6. Leverage Opportunities.
          Good luck. Good fortune. Good
          timing. All play a part in business. As a
          business owner, be very clear about
          your core focus for the business
          and how it serves clients. Your core
          business is what pays the bills.
          Then, as an entrepreneur you are about
          opportunity. When you see a
          potential opportunity or stroke of luck measure
          it against your core
          business focus. Good fortune is great, when it matches
          your vision for
          the business. Always consider if a good opportunity is the
          right fit
          for your business. If something looks great, but it's not in sync
          your long-term plan and budget, think carefully before committing
          company's resources.