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Your Online Guide » Human Resource Career » How to Mentor

[B1073]Business Solutions Small Business
by Michiel Van Kets, Mic

With the current state of the world economy the way it is business owners of all sizes, large or small, must concentrate on effective business management to ensure maximum profit returns are achieved. A thriving business does not stay that way unless the business is managed effectively or you have a whole lot of luck. Most often small business are feeling the pressure more so than large business however this is not necessarily a proven fact and all businesses need attention to maintain profit and growth as well in the economy of today.

Often basic management is overlooked however these tips will help in ensuring you are doing the best that you can for your business and there are some areas you can concentrate on right away to help you through the current climate and with a view to increasing your business results as well.

People Management

Make sure that you are making effective use of your staff and getting optimal results from your customers as well. Take the time to get the ideas and suggestions your employees and customers have to offer you. You employees are aware of the current financial situation and while you are spending time focusing on your own financial situation and the business your employees are also considering their future either with a possibly down turn in business or perhaps staff cuts to minimize costs. So make sure that you are talking with your staff. Make them a part of your business plan, you do not have to follow every suggestion they have for improving the business or income but you may find that they have some ideas that you can use in part or full to improve services or products for your customers.

Make your customers aware that your business is seeking to thrive and continue so whatever service or product you deal with show enthusiasm and excellent customer service to your customers. Make sure that they are satisfied or make improvements based on customer feedback to ensure you continue to maintain regular or loyal customers during this period as well.

Focusing on your existing customers helps maintain your current cash flow. Do not loose focus on obtaining new customers but make sure that you are not loosing the customers you already have. Keeping your existing customers is generally a much easier and more effective business management tool than only focusing on obtaining new customers. Your existing customers when believing they are receiving great service or products at good value will also pass this on to their friends or family which in turn can improve your new customer in flow.

If you have specific staff that are excelling in certain areas make sure that you are using those people to your best advantage. Have them improve the level of knowledge of your other staff at the same time to give you an overall improved knowledge base within your business.

Analyze Costs

Maintaining your business cash flow is a very important factor in being able to survive in a period when the economy is not at it its best. Conduct a cost analysis of specific areas of your business to ensure there is no cost overflow or wastage. Especially focus on areas where you are possibly able to negotiate better terms or services from external providers. Such as banks etc., where you may be able to detail all costs currently being charged and if you can find a similar institution offering better deals you should approach your existing provider and see if they can match these conditions. They also need to retain their customers and you may be surprised at what they can do for you in order to retain you as a customer.

Check into factors such as extended credit where perhaps now you are offered a 15 day period, you may be able to increase this to a 30 day period. However do not consider extensions of credit times to be an overall benefit, you are still required to pay these creditors and pushing the dates further only places the stress related to these payments out over a longer period of time. Do not spend funds that you do not have if you can avoid it. Improved payment terms can be a benefit but don't loose sight of the fact that these payments are still required.

Marketing

Make sure you fully understand your market, and analyze whether there are areas that your business could further succeed but you have yet to approach with a marketing strategy. Check your products or services costs over those of your competition and ensure you are being competitive. This does not mean you have to offer the lowest cost for all services or products as long as your customer service and satisfaction to your customers is evident. Being the cheapest is not always the best option. However over pricing your products or services will definitely lead to a reduction in your repeat business or new customer interaction.

Make sure that you are still focusing on advertising and marketing of your products and services. Don't decide that this is the first area you will cut back in your business if you are required to do so. You need to ensure your name and what you offer is getting out there to the customers you wish to entice.

These are just some very basic suggestions for business management, there are many other factors to consider in operating your business and you should do as much research as you can and be constantly improving the way you operate your business. Focus on what you have as well as what you want to achieve and be mindful of changes in certain areas income producing areas and whether you may need to make alterations to the management of your business.


As a coach in training we are taught the rather purist "elicit their greatness" stuff, of which I am a big fan when I coach. I believe in my clients (often rather more so than they do in themselves) and their coach believes they already have all the answers inside and frequently they do, especially about "problems" such as lack of focus, how you procrastinate, why you don't practise extreme self-care, why it's different for you (yeah, right) and so on.

But this is all rather different when it comes to money and business. Because, of course, you don't know all the answers do you?, You haven't necessarily got the wisdom innately just lurking inside you waiting for a business coach to ignite it, although sometimes when ignition happens you might easily say to me "oh yes, I knew that" and sometimes you mean instinctively. But remember, knowing isn't all we need. We want action as well. And a coach will get you into action by providing accountability.

And a business mentor doesn't necessarily know all the answers either, does she? No, but she might know a darned sight more than you, especially after years of experience of running her own businesses and those of her business clients. She might indeed be a Wise Old Bird. And if she doesn't know, she not only knows a man who does, but she can frequently get you an appointment to speak with him and he will be delighted to help you too, as many successful people love to do.

So, what DOES a Business Mentor know?

? Why it's important to invest in you first, as the finest asset of your business.

? Time-saving and money-saving shortcuts.

? How to get useful stuff done, how to stop spinning your wheels.

? Better ways of doing business which will get you the results you want faster, the results we all want - more money from less work and pronto.

? Lots of other people who have done what you are trying to do, who may be willing to give you a leg up, or at least some useful information which will save you time and make you more money.

? How to understand accounts. How to teach you to read your own without making you feel dim.

? How, when and why to outsource which tasks, how to do that when you think you can't afford to and who to trust with your tasks.

? How to give you an appropriate kick up the arse when you need it.

? How to create wealth in your business, how to devise your own exit strategy and why that's important while you are still lovin' it, how to create a Business to Love and what's lovable about a business.

? How to achieve perspective, plan for success and play a bigger game.

? How to E-Myth it by creating robust systems and how to work a 4-Hour Workweek.

? How to become a great leader and how to communicate cleanly.

? How to fix your business if it's broken and how to ditch it and start again when it can't be mended and why that's not only OK, but easy and desirable and how to do it.

? Really cool ways that other people are making money in business, from which you can learn and grow faster.

? How to overcome your fear of success AND your fear of failure.

? When to push and when to pull.

? Lots of woo woo stuff which makes your task even easier if you will surrender to the magic.

? How to keep you in The Zone - the place where you perform best, where everything is effortless.

? Lots of tools which take a load off.

Manifestation tools for bringing your business success into being and onto your bank statement.

? How to license your business across the country, and who to go to if you want to franchise it.

? How to get out of your day job, or the job you have created for yourself by becoming self-employed, a job which is far worse because of the dreary pay and conditions!

? Which courses to go on, what books to read thus saving you time and money

? The immense value of a Mastermind team and how you can add value to one you join.

? How to get clear for take-off and landing (clutter-clearing mentally and in every which way)

? Simply? What works.

"Gosh, Judith! Do I really need to learn all that?" No, you don't. Select from your business mentor's toolbox those most useful tools you need right now. I could go on, but a bigger list is not necessarily a better list as we all know, especially with our short attention spans, us Entrepreneurs! But are you starting to imagine the combined power of a business mentor and a business coach? Va va voom. And just imagine her on YOUR team!

I learned a useful tip yesterday from a trusted colleague who taught me all about business motivation. Did you know there are three elements to motivation? No, me either until yesterday and actually I have always preferred inspiration to motivation but now that I understand this concept, I can see why I did. The three parts to motivation are direction, effort and persistence. And you might have one or even two, but without your three ducks in a row, you ain't going very far are you, in fact it's probably exhausting you.

So, how will a combination of business mentoring and coaching skills will help you find your mojo? My personal experiences in the past have been that I am often a tad worried about stepping up to the plate, so a challenge isn't always the best thing for me, in fact it can be terrifyingly disabling. And often I know I should do something, but coaches dont trade in shoulds only wants, and they believe you always know what you want deep down and they will elicit that! And then finally when I come across someone who has what I want and knows who and what I need to know to get there, and has a gentle and provocative style of helping me achieve those things, and I'm in, like Flynn.

Are you ready, too? Yup, thought so.

A business coach allows you to talk and expand your own vision for your business, help you to work out what you want and finds a full range of ways to support you on your journey to success and greater profits. Especially a wealthier one. Oh, and did I mention? It'll be fun!
Article Source : How to Mentor

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Both Michiel Van Kets & Judith Morgan are contributors for EditorialToday. The above articles have been edited for relevancy and timeliness. All write-ups, reviews, tips and guides published by EditorialToday.com and its partners or affiliates are for informational purposes only. They should not be used for any legal or any other type of advice. We do not endorse any author, contributor, writer or article posted by our team.

Michiel Van Kets has sinced written about articles on various topics from Recreation and Sports, Air Purifier Cleaners and Recreation and Sports. Michiel Van Kets operates a successful Online Business focusing on tips and tools for SEO. One of the tips he promotes for his customers is the use of directory submissions. Michiel himself submits articles to. Michiel Van Kets's top article generates over 40500 views. to your Favourites.

Judith Morgan has sinced written about articles on various topics from Fishing, Mentoring and Entrepreneurship. . Judith Morgan's top article generates over 1600 views. to your Favourites.
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