Posts Tagged ‘communication’

How to Semi-Retire From Your Business- Part Two

Involve the Entire Team: It is important to involve the entire team in this implementation process. Having an implementation team consisting of a select few will only lead to confusion, frustration and discontent.

In order to have an effective and efficient implementation system, it is essential to have everybody on the team involved.

This will also be a major contributing factor for the business owner, in moving closer to the next goal – letting go of the business and making it work on its own, by handing the reins of the business to those who will be ultimately responsible for running it.

Give Them Responsibility: The business owner can’t expect team members to work hard without giving them true responsibility for their jobs. If the business owner gives accountability, he also has to give responsibility. In addition, there has to be a system in place for rewards based on results.

It may be a share of the profits, for instance. This can bring out the best in all the team members.

Delegate: Delegating work goes far beyond just handing over responsibilities and jobs to other people; it means handing out the functions completely. It has much to do with letting go, instead of wanting to do everything oneself.

This is where one can see the true test of a leader.

Hands Off: It can be very useful to a general manager to run the business so that the business owner can step back more easily.

This is one good way of handling this situation, and in this manner, the business owner can leave the business in the hands of the expert who has been hired.

Easing Out: There are a few tips, as discussed in my Instant Systems book that can help a business owner ease out of the business, including:

- Not interfering with the work being done by the team members. They were hired to do the job, so let them do it.

- Giving up a parking space or office. Not having a place in the business will help keep the business owner from showing up all the time.

- Staying away from regular meetings, and just getting a brief from the general manager on the phone or via e-mail.

- Keeping all lines of communication open and remaining accessible.

- Scheduling periodic meetings or visit at the office from time to time, or showing up for specific meetings as required.

Handling Semi Retirement: While everyone hopes to achieve this state, many are not able to handle it when they really retire or in this case, semi-retire.

This is because they have been busy doing things and have been part of something productive.

However, the proposition of not having to go to work and still be paid can also be irresistible. One can deal with the pitfalls by developing a social life that you do not have to trade for money anymore.

But this doesn’t mean that the business owner will go back and start working in his business all over again.

This will mean investing.

An owner will now be making money with money to create wealth. While becoming a different type of business person in this sense is more challenging, in the end, many former owners find it is much more profitable.

How to Semi-Retire From Your Business- Part One

When a person buys a business and becomes a business owner, more often than not, this translates into buying a job.

This is because a business owner is often involved in designing, planning and implementing systems to run a business.

It becomes very difficult for the business owner to get free from the business and hand over duties to others.

It takes a courageous business owner to make an enormous change in the way he or she approaches business in order to make the much-desired transition from having a job to becoming semi-retired.

This is because all change is difficult due to fear – mainly fear of the unknown.

There is also fear of change, as a move to semi-retirement means an owners needs to change the way the he or she works with the company and team-members, and also in the way he or she views money.

Instead of taking a wage from the business, an owner will now be making money by maximizing profit. This will completely change the mindset of the business owner.

As a result, the owner’s whole relationship with the business will undergo a change of mammoth proportions.

To ensure the entire process of change is handled carefully, here are some ways to ensure a smooth transition – making sure the business can operate successfully and profitably without the business owner:

Create the Right Environment: If the existing conditions are not conducive change, transition to any change will be difficult. The team members within the organization should be willing and ready to introduce new systems and should genuinely believe in the urgency and importance of any new system.

The environment should be oriented for change in another way as well. There should be a climate of trust within the business, because a change usually involves moving away from status quo and requires the team members to step outside their comfort zones.

Open Communication Channels: One way of creating the right environment for change is having open communication channels so that the business owner is able to communicate with team and vice-versa.

That’s why it is important for team to feel there is an “open door policy” as far as communication is concerned.

There is a need for effective communication within the business, which means that the messages being communicated are actually received, and understood in terms of content and intention. It also means that they are acted upon, if necessary.

This is because any communication must result in some type of action.

Provide Continuous Feedback: It is crucial to have strong leadership through this process of change.

The business owner needs to employ a leadership style that keeps the owner on the right path. The best way of doing this is by providing the team members with constant feedback. This can be done by tracking their progress with the system and keeping them in the loop on the developments taking place.

It helps to offer encouragement and support and encourage them to provide feedback.

Communication is a two-way street and it is the lifeblood of any business; make it a priority.

The Customer Experience

The world we live in is populated by consumers who expect a certain experience from the companies they buy from.

They value customer service and are willing to pay for terrific service. More importantly, these customers won’t keep buying from companies that don’t give them the service they expect.

One of the main reasons certain businesses fail to generate repeat business is they under-deliver on the customer service they provide for their customers.

It is the business’ job to create an outstanding experience for their customers and ensure the experience remains one that customers want.

We’ve all heard or even used the cliché, “The customer is always right,” but that isn’t the whole truth.

The customer is always right in that they won’t buy from a company they aren’t comfortable with, don’t like or don’t trust.

In reality, the customer may not always be right, but without customers, there is no business.

So, making the best of your customers happy must always be a priority.

To ensure that you have a base of happy customers, continually communicate with and educate your customers about what you do and why they should buy it from you.

This communication and education (i.e. marketing) will help you build relationships with your customers, which, in turn, will help you generate repeat business and referrals.

It’s important to remember that doing all of this isn’t a one-time thing.

You have to continually and consistently cultivate your best customers’ business, because those are the people that are going to make you rich one day through their repeat purchases and referrals.

So if you want to make your best customers happy and keep them coming back, you need to be specific about the products and services you sell, alert potential customers to what you do, make it easy for them to buy from you and deliver the type of service they expect from you every day.

Using NLP to Persuade your Audience

Derren Brown gets people to do what he wants by using NLP.

Marketing and advertising is very important in business – you want your company stuck in potential customers’ heads, and still stuck there for repeat business.

Derren Brown is a hypnotist, and he plays a trick on two men who work in a big London advertising agency. Using neuro-linguistic programming (NLP), a controversial approach to psychotherapy and “making” people change by using a model of interpersonal communication that deals with patterns of behaviour and the subjective experiences, especially thought patterns, underlying them and “a system of alternative therapy based on this which seeks to educate people in self-awareness and effective communication, and to change their patterns of mental and emotional behaviour,” according to Wikipedia.

You’ll see in the video the great lengths Brown went to put a subliminal message in both their minds – which, unfortunately, we all can’t do – but it proves how the power of advertising and having something everywhere that relates to your company really is powerful.

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