The
European Coaching Institute
Keeping you informed with each other
October 2004
ECI
Coaching Top Tip


Inspirational Quotes

Entrepreneurship is a state of mind, a can-do attitude, a capacity to focus on a vision and work toward it.

Barry Rogstad


Plan Ahead

The will to win is not nearly as important as the will to prepare to win

Monthly publications plan 3-6 months in advance.

Weekly publications plan features 6 weeks in advance.

Daily news combines planning with reacting to day-to-day events and issues.

That means NOW is the ideal time to attract new clients and publicity in 2005.  

Look at your calendar this month and decided if there is a particular time of year that reflects the type of business you are in i.e. Relationship Coaches may focus their main marketing activities around Valentines day, plan your publicity campaign, then commit it to your diary.

That’s one of the best ways to make sure you maximise every important national date, thus increasing your business opportunities.


What the media is saying

Have you heard something we haven’t mentioned? Tell us and we’ll tell colleagues through the newsletter.

Alternatively, maybe it was YOU who featured in the news? Share your success story with us at:
e-mail



30% of small business bosses do not fully comply with the Health and Safety at Work Act despite being obliged to do so by law. This percentage could be reduced simply by conducting regular risk assessments, having a written health and safety policy document, providing safety training for staff and providing first aid equipment.

A European grant-funding database was launched in September www.grant-guide.com allowing users to access EU grant information in six countries through a single multilingual source.

 

 


The Top 10 Ways to Stop Spam

(Especially If You're Already a Victim)

Spam. Those annoying, time-consuming emails that clog your Inbox and ruin your day. You wonder: How did it ever get so bad? While it's not possible to completely eliminate Spam, there are quite a few things you CAN do about the problem to reduce your burden.

Spam is defined as an unsolicited email trying to get you to buy something. In addition, it's email that tries to get you to give up something: your credit card number, social security number, login ID, etc., by pretending to be a legitimate email. Here are some tips for stopping the current Spam you're getting, and avoiding getting on new Spam lists.

1. Maintain two email addresses.
2. Use your Safe Email Address to send emails to companies who might be harvesting email addresses from incoming emails.
3. Stop giving your email address to everyone who wants it.
4. Do not put your Personal Email Address on your website. Better yet, use a free Form Processor so that your email address is never even in the HTML coding on your pages. The service I use is Bravenet's Form processor www.bravenet.com

5. Never buy anything that's sent through a Spam email.
6. Never reply to Spam or ask to be unsubscribed. Note: many legitimate email newsletters and mailing lists use automated unsubscribe links at the bottom of their emails, and you CAN use these to get off mailing lists.
7. Use anti-spam software on your own PC to filter Spam as it comes into your email system.
8. Check to see if your ISP or hosting company has anti-spam technology in place.
9. Do not use a catchall email address.
10. Finally, if Spam is really bad, create a new personal email address for yourself.

Email Karyn

Copyright 2000-2004 CoachVille, LLC.



Offers

FREE Top 10 Metrics for Business Success:
Visit website

Want to buy an idea?

A Swiss company is selling ideas on the internet - look at their menu for ideas (they have a set fee that varies depending on the nature and scope of the idea you want). With thousands of people the company can consult, they claim to have turned idea generation into an industrial process. Apparently they get questions as small as, "What can we call our new pet rat?" to "How can we regenerate a major brand that is losing sales?" Find out more by visiting this website

World-Africa Communications have teamed up with the ECI to offer an all-in-one web solution, at a discount for ECI members only.

World-Africa Communications are the Europe based re-seller of "Webcan". This is a unique tool that allows small businesses to have a professionally designed website with the ability to update content themselves. It also has the tools so you can market the web site yourself (saving you money): keyword analysis, site optimisation for those keywords, search engine submissions, newsletter facility and a customer database management system. And most importantly it's simple to use, you don't have to be a computer whiz to work it and if you are struggling, there is a support system that lets you talk to a human being for advice.

This amazing system will be available in Europe from the end of November. Webcan is due to retail at around £500 + £30 per month, but for ECI members the package will be offered at £200 + £25 per month. This includes hosting fees and domain name.

mike@world-africa.com



Friends of Noble Manhattan

We have been contacted by the BBC via a recommendation to pass out information on an amazing opportunity for you – that means YOU: Is paying the mortgage stopping you getting what your really want out of life? If you never had to pay a mortgage again, what would you do?
  • Give up work?
  • Take up a new career?
  • Move abroad?
  • Or spend the money you would have spent on the house on a new lavish lifestyle?
The BBC is looking for people to take part in a new BBC2 series that will give participants the opportunity to change this dream into a reality. If you want to take up our challenge of clearing your mortgage completely, in just two years, then we would like to hear from you.

For more details please apply directly to the BBC by contacting:

Rosemary Edwards
Tel: 0121 567 659
Email

Miesha Heyworth
Tel: 0121 567 6437
Email

Clare Fisher
Email

The secret of getting ahead is getting started. The secret of getting started is breaking your complex overwhelming tasks into small manageable tasks and then starting on the first one.

- Mark Twain
Index of Items
Editor's Comment:
Dawn Campbell
When you do what you truly love, you'll never work another day the rest of your life

This month our sole aim is to inform and support anyone seeking to either open a coaching practice or to develop their existing business through coaching.

Obviously a newsletter of this nature has its limitations regarding exactly how much information we can impart. However, we’ve done our best to bring you a diverse set of articles to get you underway.

We have courageous stories from people who have already set up their business. Exciting marketing information to motivate you. Also tips that will give you the confidence to run your own workshops - ideal if you want to secure maximum exposure and experience.

We have various business articles to increase your commerciality, important if you are to survive long term. We also explore the advantages of being self-employed and consider how best to find an accountant to keep you on the right side of the taxman.

Finally, we’ve given you lots of IT information to work with. A template so you can formalise the press releases you’re going to do before the New Year creeps up on you and an explanation of how to calculate the value of a client.

Don’t forget to link up to the web site for more information on the Data Protection Act – don’t be caught out.

Assuming you already have the skills, knowledge and attitude to succeed, don’t forget to include topics we haven’t covered as part of your ongoing research. For example:
  • Utilising the services of professionals to support you i.e. a solicitor to make sure you understand business law – especially if you are entering in a partnership of any kind or writing contracts.
  • Finance and banking. Budgeting (as part of your business plan), credit control, bookkeeping, VAT, tax and NI.
  • Explore grants and funding – look on the web and speak to your local Chamber of Commerce and business groups i.e. Business Link.
  • Don’t forget insurance and property licences – you must be covered. The ECI will be able to offer its members discounted cover in the new few weeks.
There are still many aspects of opening a business we simply don’t have the space to cover – more will follow next month when we focus on coaching as a career.


Dawn Campbell
Head of Newsletters


Send your questions, quotes, case studies, articles, tips, feedback and queries, acronym’s etc to:
newsletter@the-eci.org
Time for a change!

Nearly 4 years ago, just before Christmas, I took voluntary redundancy from a place I’d been working at for 15 years. I was a Senior IT Manager under a fair amount of pressure most of the time, who lived and breathed the job. Yes I’d wanted to leave, but it was still a wrench.

The following January I started looking for IT jobs locally but they were very thin on the ground, and then looked towards London, but did I really want to commute everyday?

What did I want out of life ….. really?

With my package and a supportive husband behind me I decided I’d reached a significant turning point in my life, it was time for a change. I wanted more freedom to do things I wanted to. I also needed to earn money, not a fortune, but it did have to contribute to the household and more importantly my clothes expenditure! I wanted to be my own boss and run my own life!

Years ago I had read an article about a lady who set up her own Image Consultancy and it had stayed at the back of my mind, especially after having my own sessions. This is what I wanted to do!

I contacted House of Colour, where I’d originally had my sessions. After the interview at House of Colour I knew this was the Franchise I wanted to run. The training was in depth and continuous, helping me to develop my business. Never having worked for myself, I liked the idea that you worked in teams so there was always support. Another plus was that you could develop your business at your own speed with no high-pressure targets to reach.

Before my training I attended the Business Link Start-Up courses. Afterwards, I trawled the libraries looking for organisations that might be interested in a talk about Colour & Image. I networked with whomever, whenever I could. Gradually, I built up a client base.

So here I am going into my 3rd year. I’m not going to say it’s been easy, the initial marketing was quite hard, and I certainly wasn’t used to doing things like my own post! This last year has been easier as a lot of my work has come from referrals and networking. I have also diversified, running sessions for schools.

Would I turn the clock back?….NO. It is fantastic being my own boss! I’m making a recognisable contribution to our household expenditure, not working fulltime and enjoying what I do. I do realise that I was in a very lucky position to do this and wouldn’t have been able to without support from my husband and House of Colour. But I can honestly say that since I gave up the Corporate World, yes I’ve earned less, but my actual life style hasn’t changed that much - I just have different choices now and it makes me appreciate things more.

jwallace@houseofcolour.co.uk
© 2004 Jane Wallace
What is Leadership?

Albert Einstein once said, 'We should take care not to make the intellect our god; it has, of course, powerful muscles but no personality. It cannot lead; it can only serve.'

Leaders know and science has discovered emotionality's deeper purpose: the timeworn mechanisms of emotion allow two human beings to receive the contents of each other's minds.  Emotion is the messenger of love; it is the vehicle that carries every signal from one brimming heart to another.

Leadership happens in a series of interactive conversations that pull people toward becoming comfortable with the language of personal responsibility and commitment.  Since 'coaching' is a leadership competency, here are five principles that guide respectful conversations. 

1. When peers connect change happens.  Effective coaching can happen on the dance floor of conversation.

2. It's OK to begin a conversation by confronting the other person with questions that seem awkward but set the stage for a respectful exchange.  Why waste time on small talk? Just ask to-the-point information-seeking questions, like: 'What are you here for?  How do you want to spend our time together?'

3. Conversations are not meant to be structured.  Be open to conversations that you are unprepared for and focused on the interests of the other person (not your purpose).

4. Don't get pulled into solving problems that may not matter to the other person.  Allow time for the person to get to what's really important.  Provide spaces where they can express their doubts and fears by being a thoughtful listener--without taking on the responsibility to fix or debate the issue.  After all, you have invited the person to talk about what matters to her or him, not you, so allow time for the articulation of those thoughts and feelings.

5. Personal transformation happens when the right questions get asked--not by providing answers.  When you focus on the solution, you are trying to sell the person something.  When you allow people to answer their own questions, they discover what they were not aware of---and what is needed to move forward.  Personal transformation leads corporate transformation--one person at a time.

That is why leadership development is not an event.  It is a process of participating in respectful conversations where the leader recognizes their own feelings and those of others in building safe and trusting relationships. 

For human beings, feeling deeply is synonymous with being alive.

info@CoachThee.com
http://www.MentoringandCoaching.com
© 2004, Signature, Inc., Ann Arbor, MI USA  
Nothing happens until someone sells something!

Mary Kay Ashe

No matter how hard you work, no matter how smart or skilled you are, something limits the success you will achieve. There may be several points of "friction", but there is always one item that limits you more than all the others combined! Fix it and the results are amazing!

Here are 4 common bottlenecks:

1. Not Acting as a Business. Many entrepreneurs have a dream, not a business. They work without focus, without clear priorities, and without results. The bottleneck is lack of clarity. Work the business!

2. Ineffective Marketing.  If you aren't getting enough inquiries, the bottleneck is in your advertising. Find a way to let more of your most desired customers know about you. Everyone wants great service at a fair price! Help them find you!

3. Ineffective Sales Technique.  If lots of folks show up, ask questions, compliment you on your work, but don't end up buying, your bottleneck is in closing the sale. Work with a sales coach, buy books or get a mentor, but fix this!

4. Inadequate Value Added.  This is probably the hardest one to admit, but if people try your product or service, but don't become steady customers, something is wrong. To achieve unusual success, you must transform casual customers into life-long partners. It may be a skill problem, a problem with your pricing, or your delivery. But it must be fixed!

5. Ineffective use of Email. Email has transformed the way we communicate. Make sure you have and USE virus protection. Make sure it is up-dated every week. Use plain text. Address the recipient you are writing to by name. Sign your email correspondence. Many people have a policy of ignoring anonymous email. Use punctuation and check your spelling. Your email represents you, and you want to demonstrate professionalism, courtesy and respect. The slight extra time doesn't "cost," it pays.

What are the bottlenecks that hold you back in your work, and in your life?

www.philiphumbert.com  Coach@philiphumbert.com

U.S. Library of Congress ISSN:  1529-059X
You may copy, forward or distribute TIP's if this
copyright notice and full information for contacting
Dr Philip E. Humbert are included. 
The Marketing Chain that Builds Your Business

There is a pattern of behaviour about the way people buy. Once you know and understand that pattern you can use it to build your business. I call it the Marketing Chain. When you join all the links in the chain you pull in clients automatically.

The first link in the chain is when the prospective client decides that they want or need a particular item or service. The stronger their feelings about their want or need the sooner they will take action to buy.

Their first action is to start looking around, window-shopping or browsing advertisements or the Internet. They are looking for information, trying to find a way to compare the advantages and disadvantages of different services.

In their shopping they will be influenced by price, by their feelings and by a degree of logic. But their logic will always be overturned by their feelings. (That’s why they change their minds constantly). Once their feelings become strong enough they buy.

Note well that I place great emphasis on the role of feelings in the buying decision. Research tells us that people buy because of the way they feel and justify their purchase with logical explanations after they have bought.

This is interesting because the well-spring of their want or need for the service was another feeling. It arose when they realised that they had a problem, which they weren’t able to solve with their existing resources. This prompted the need to take action to solve the problem. And the feeling that if they didn’t take action something bad would happen energised the action or something good would fail to happen.

Understanding this process is very important because it tells you how and where you should market yourself. The second link in the chain – be in the right place.

You need to market yourself where the prospective client is looking for information about possible solutions to their problem. Are they looking on the Internet, in libraries, in books, magazines or newspapers? Where would you look if you had a problem like theirs?

Once they find you it is essential to give them the information they want in an interesting, relevant, credible and memorable way. This is a tall order. The mistake that most people make is to offer too little information. It is better to offer a lot of information, but present it in such a way that the reader can cherry-pick the bits that they want.

In the Marketing Master class I teach a system in which the students prepare all of the links in their Marketing Chain in the way that I have developed over the past 25 years of running my own businesses. They then use them to haul in clients - see
http://www.thenewclientmagnet.com/masterclass/

The Marketing Chain is the best way that I know of to create links between you and your prospective customer that build a relationship which causes them to come to you.

www.PersonalPerformanceCoaching.com
© 2004 David Ferrers
Why USPs Don’t Work

The USP (Unique Selling Proposition) is based on the assumption that if you can't be better than the competition then being different will usually suffice.

It is true that most businesses scrape by in the midst of mediocrity. The bosses of these firms see an industry or profession that looks lucrative and join the ranks in a 'me too, I'd like some of that action', kind of way. If there's enough of a market for what they do then they'll pick up the odd client and eke out an existence without having to think or work very hard on their brand.

Most of these companies make up the headlines of casualties when the market they're in gets tough and only the outstanding or well-positioned firms stay safe.

So, the USP, in principle, enables the enlightened business owner to rise above the ranks and be noticed. This is usually achieved by:
  • High Value Promises
  • Guarantees
  • Under Promising and Over Delivering
  • Finding an under-serviced niche in your market
I applaud and support this way of thinking and believe that high value promises, guarantees and aiming to delight clients are all important. I believe that these things should be the baseline for any business.

So the notion of a USP is fantastic. There's just one tiny flaw...

Finding your USP can be like the quest for the proverbial Holy Grail. You could end up spending inordinate amounts of money on research, product/service development and branding without ever really attaining a true USP. The quest to find 'unique' when 'relevant', 'outstanding' and 'decisive' are just as good can be frustrating and wasteful.

Some of the problems with USPs:
  • Nearly every idea you come up with will have already been done, so struggling to find unique will be frustrating and wasteful
  • You'll spend lots of time trying to invent something truly unique and if you do ever find it you'll never really know if it's unique anyway
  • If you are unique then as soon as you start telling people the reasons why, somebody else will copy it and, alas, it is no longer unique.
I want you to get the notion of 'unique' out of your head by replacing it with 'decisive'. Why? Because USPs are mythological artefacts that rarely exist today except in the imaginations of textbook marketers or the truly inspired.

DPPs - Decisive Power Points

I'd like you to ignore 'unique' and replace it with 'decisive'. Decisive is more effective than unique for a number of reasons:
  1. Unique doesn't necessarily mean favourable - Decisive does!
  2. If all else is equal your DPP will tip the scales in your favour - it will be the deciding factor
  3. DPPs work from your client's viewpoint - they are triggers that help your client decide, not just things that you think are unique
  4. Decisive is much easier to find and maintain than Unique
There's an example of our DPP chart (high and to the right is where you want your benefit to be) on our site at
http://www.debbiejenkins.com/academy-pics/DAY17-dpp-example.gif

The Decisive Power Point chart and detailed instructions on how to use it is covered thoroughly in our ebook called Coaching Charisma - Using The Power of Your Brand to Magically Attract New Business.

debs@debbiejenkins.com
© 2004 Debbie Jenkins
250 Reasons Why You Are Sitting On A Business Gold Mine

Marketing strategy is everything. With a great marketing strategy, business success comes easily. With a poor one, you'll always struggle.

So what is the ultimate marketing strategy?

Before I tell you all about it, first let me introduce you to a powerful marketing insight...  

According to population statistics, the average person has a relationship with 250 people! In other words, if you wrote a list of everyone you personally knew, it would likely add up to around 250 people.  

This is exciting! Very exciting! Here’s why ...

You see, what this means is that every client you currently have in your practice is a doorway to 250 more! What’s more, when you gain an extra client, you’ve also gained indirect access to 250 other people!  

So, if you know how to get your clients talking about your business, then you have access to a massive network that you can easily tap into! What could be better?  

This is why every business must be using strategic word of mouth advertising. It's the easiest, most powerful method I know for growing a business fast.  

Listen, harnessing the power of word of mouth is the quickest way to have relationships with hundreds of extra people, through the network that your clients have.  

And what makes word of mouth an even better marketing strategy is that each of us trusts our family and friends more than we do salespeople or self-proclaiming business owners. This makes gaining a client by word of mouth usually the easiest way to begin.  

Plus, word of mouth gives you *instant* credibility!  

Here’s why...  

Whenever a client tells someone about the great benefit your business has given them, they are essentially giving you a "personal endorsement".  

And here's the kicker: whatever bond you have with your clients can, and often does, get passed on to your clients' friends when they're enthusiastically told about you. (Even a bond that has been built over many years!)  

In other words, if you use a strategic word of mouth marketing strategy - and you have credibility and trustworthiness in your client's eyes - then they will give you instant credibility and trustworthiness in their friend's eyes!  

This is why a referred client is, on average, more trusting of a business than any other client - you’ve been endorsed to them by someone who’s opinion they trust! In fact, according to marketing legend, Jay Abraham, referred clients:
  • Spend more each purchase
  • Buy more often.
  • Are more loyal.
  • Refer more clients.
  • Trust your recommendations more.
All of this adds up to increased profits and a better life-style!  

Plus, if you use word of mouth to compel each new client from your mailouts, advertising, internet, and PR campaigns – to refer (on average) 1, 2, 3, 4 or more friends, you will massively increase the effectiveness of these campaigns!  

What would that be worth to you? That’s right ... a lot!  

So start *strategically* maximizing your marketing success. Turn losing marketing campaigns into winners, and winners into hot cash bonanzas!  

You’ve just got to use the power of word of mouth marketing! It's the ultimate marketing strategy. Grow your business 237% in just 23 short weeks.

http://www.WordOfMouthMagic.com
© 2004 Martin Russell International Pty. Ltd.
How To Run Your Own Workshop

Price is what you pay for an asset, value is what you get.
Warren Buffett - CEO of Hathaway

Where Do You Start?

Know your subject! Do your research; draw knowledge from the experts as well as your own experience.

Observe how it’s done. Attend workshops and seminars, not only to learn from what is said but also to watch how the speaker structures and presents their material. How do they break the ice? How do they keep the audience engaged? Is it a lecture or a participative workshop? How do they deal with questions? What handouts do they provide?

What venue will you use? Think about the type of audience you want to attract and the impression you want to give. The back room of a pub may be fine for a group of colleagues but is it right for potential clients? Find out what facilities are available and what’s included in the price before you book. What is the latest date you can cancel without incurring costs?

Decide on a date. Avoid peak holiday times, check for other events that you may be competing with. You will never be completely ready or confident enough. Take a leap of faith and go for it!

What to Charge? You may find that you have to do the first one or two for little or no profit. Then you can increase your charge as your reputation builds. Do try and cover your costs: the venue, any refreshments, advertising, and the cost of your handouts. Calculate the minimum number of people required to cover your costs?

Allow yourself enough time to market – 6-8 weeks should be about right. Entice people to book by offering an ‘early bird’ reduction

Countdown Checklist:
  1. Marketing – Produce a flyer and booking form. Email/post to your contacts and carry copies with you to networking events, and attend as many as possible. Ask permission to give your event a plug. Sometimes people need to hear about it several times before they decide to book. Send reminders nearer the date “last few places remaining”.
  2. Decide what you need to buy – folders, special paper, name badges, transparencies, and extra ink cartridges. Make a list and order/buy them in good time.
  3. Prepare your material – Someone once told me that for a one-hour presentation, I should allow myself 8 hours of preparation time. It may sound excessive but, if you’re ready early, at least you won’t be burning the midnight oil the night before the event, when you should be relaxing and resting to be fresh on the day. Don’t forget to produce a feedback form with space for a testimonial – give these out towards the end and ask people to complete before they leave. You can use these testimonials on your website and in promotional material for your next event.
  4. Rehearse, rehearse, rehearse! If possible, tape yourself and play it back to see if it flows, if it’s in the right order. Find some people to practice on. Get comfortable with your material. Make sure your notes or cue cards are easy to read. What about timing? A colleague once advised me that it’s better to have far too much material and have to cut something out than to finish early and wonder what to do for the last half hour.
If, as the cut-off date approaches (before you incur venue costs), you haven’t got enough people to go ahead, you can either cancel or re-schedule. Don’t take it personally. However, a small group isn’t necessarily a bad thing – just make sure you cover your costs before deciding to proceed with smaller numbers. You may decide not to bank any money until this cut-off time.

louise@yourlifeinyourhands.com
© 2004 Louise Barnes-Johnston
Organising Your Business for Profit

Every company needs a sound and robust business model that will scale as its scope changes. Many a small business starts up with a business plan based on guesses. Then as life rolls on, there is never time for you to update it to reflect your evolving situation. When your accountant nags you, you just feel bad. And your bank manager makes a new business plan a condition for any money discussions so you rush into guessing again.

Be succinct and clear

In my experience, a well-written Business Plan will earn you money! For small businesses, it can be two sides of A4 – in fact the briefer the better. These four questions need to be answered honestly:
  • Do you tell a clear story in simple business terms?
  • Do you show where extra investment (of money or effort) will lead to increased returns?
  • Do you show where unique value is added for your customers?
  • Do you explore how you expect to maintain your competitive edge even as your market changes?
Stay flexible and client-centred

You need to consider Scale, Scope and Structure, making them contingent in your long term Mission and current Business Plan.

Your mission is simply ‘Why are you running the business?’ Stating your clientele, the needs you satisfy with products/ services and your unique approach. A strap line of 15 words is ideal.

Your scale indicates who is in your team – whether you employ them, associate with them or sub-contract work (in from them or out to them).

Your scope limits the types of clients you want to work for and the sort of products/ services you can supply profitably.

Your structure defines how you sell to clients, the experience and skills needed for purchasing, production and delivery and how you manage your cash flow. Being small, you are unlikely to have departments but you will have individuals following processes within a team. Please remember that organising your firm is an exercise in frustration. (Sorry I'm not joking!):
  • Time and market events overtake even the best organisation - so design in flexibility so it’s available when you need it.
  • Unintended consequences grow with time – so keep watching for the unexpected. Set up triggers to flag possible issues, agree which team member will monitor each flag and make the person most interested responsible for fixes.
  • Make / buy decisions always trade-off costs against co-ordination – so monitor how your suppliers and associates affect ‘internal’ costs or quality control, communication and re-work. Be prepared with a ‘plan B’ and re-take these decisions at least once a year to keep people on their toes.
  • Understand the balance points in your business. But do wait to re-organise! Only make big changes once in three years. Even smaller changes will take six months to work through the business.
Look for results

If you will accept advice, you should pencil comments on your Business Plan monthly and re-write it yearly. As you keep your business plan focused on the needs of your clients, you will thrive.

adrian@help4you.ltd.uk
© 2004 Adrian Pepper
Book Review

"Financial Mail on Sunday" Guide to Running Your Own Business: Everything You Need to Know About Running and Growing Your Own Business

- Ruth Sunderland

This one-stop handbook covers everything you need to know: starting out; making your business special; people; enterprise for beginners; marketing; cash management; finance; innovation; export know-how; risks and rewards; avoiding the pitfalls and moving on.Packed with case studies from an enormous variety of businesses, this book draws extensively on the stories of successful entrepreneurs from Financial Mail's unique Enterprise Awards programme, It also covers the issues that everyone with their own business should and must consider, from how to get paid promptly (and what to do if not) to advertising, personnel, the business implications of the euro and how to get investment for future growth.

You can purchase it from Amazon by clicking here
Have you unintentionally set your business up for failure?

No one sets out to fail! Most business owners read all the statistics before they open their doors. Many know the reasons why businesses fail. But some businesses operate under this paradigm: "failure can never happen to me because I know better." Is that you?

What most business owners miss is looking at the reasons for business failure and turning them into action steps to help overcome the odds of failure. How do I know? I once thought I knew better, too!

Bear in mind that even "adolescent" businesses fail. Many businesses aren’t producing enough income because the business owners aren’t "business wise." They may be excellent at a specific task – consulting, programming, massage therapy, web site design, copywriting, etc. Or they have a great product. But wise about the "business" of business, they are not!

In the past five years of my business, not one client (including those who have been in business for more than 10 years) provided me with a business plan to review. Not one! Two of 100 clients had marketing plans, but marketing plans don’t work without a business. The other common (95%!) mistake I see (and help my clients correct) is pricing their services very low as a way to gain market share and new clients. So low, in fact, that a potential buyer will perceive the service or product as being cheap and of low quality, even when the provider offers years of expertise. NO ONE wants to hire a business that is cheap! Inexpensive – yes; affordable - yes; cheap – no, no, no!

Example 1: Recently, a client turned down an opportunity to teach computer classes on a subject she could easily teach. Using teaching to market her business is on her marketing plan. So why not? Well, the proposed classes weren't going to help her get business for her primary business, they weren’t going to attract her ideal client, and the pay was much lower than her usual hourly rate. She felt confident about declining the offer. Of course, that same week, other new business – the type she really wanted – came her way!

Example 2: Learn from my mistake(s). I often tell the story, only half-jokingly, about how I had to move 3000 miles from home to find a business plan I was willing to create. In 2000, Jim Horan, the author of the One Page Business Plan was in Seattle conducting a one-day workshop and I attended. As I went through the process, I started including business coaching and consulting as part of my plan – something I hadn’t thought to include in my business before. But I realized that while I loved Life Coaching and it helped my clients, I wasn’t making enough money as a Life Coach to pay the bills.

Example 3: New client knows she wants to create a business plan. She also has a strategy of increasing her income by joining four organizations with networking opportunities for her to meet her ideal clients. She joins the first two groups - total cost: $400.

As she starts her business foundation work, she realizes that her ideal client isn’t whom she originally thought it was! Some clients might be found in the two groups she's already joined, but not her ideal clients. As a new business owner, she wants to spend her time around her ideal clients, first and foremost. Planning just a little more for her business would have saved her $400 in membership fees.

What other simple things can you do to build a solid business foundation?
  • Use a one-page plan daily to create your to-do list and monitor your business.
  • Create an Ideal Client Profile and Elevator Speech and define a niche for your business.
  • Read one of the "E-myth Revisited" books by Michael Gerber.
  • Go with your strengths. Hire individuals whose strengths ARE your weaknesses to “fill in the gaps.”
  • Remember that there is no need to repeat the SAME mistakes others have made.
  • Know what your business exit strategy will be.
Remember: Short Term Planning = Long Term Success

http://www.ElevatingYourBusiness.com
© 2004 Maria Marsala
Achieving the Advantages of Self-employment

Some (possibly less successful) individuals revel in telling us there aren’t any advantages to being self-employed by trotting out all the problems they’ve experienced. My response - so why are they still in there then? Because, despite the additional effort required, self-employment still better than the alternative!

Yes, self-employment can be a hard path to tread with the burdens of bureaucracy, long hours spent in the business, not only earning the pennies but also doing the books and budgets, marketing, delivery, etc, and what used to be a 7½ hour day when employed can easily become a 15 hour slog as the self-employed person strives to improve their income.

That’s the downside. The upside is satisfying our dreams, those reasons we chose self-employment in the first place – and that wonderful sense of achievement as we clear the hurdles.

Money is seldom the main driver in choosing our lifestyle although when it comes to self-employment there is often a belief that we can make more money as our own boss. Money helps, but what comes across as more important in determining our career path is ‘freedom’. Freedom can mean different things to different people, whether it’s ‘financial’ freedom through a big income or the freedom to choose who we work with, how, where, and when we work, time off with our families etc. And, high on most people’s list is getting away from the stress associated with unnatural behaviour patterns forced on us by having to conform and submit to someone else’s unrelenting control.

So if the principle reason for self-employment is the ‘freedom’ we seek, how do we stop that being eroded by the endless hours on the treadmill? And how do we double our profits if we are already working 8 hours a day - clearly it’s physically impossible to sustain a 16 hour day plus all the other things we have to do?

Simple, we need to work ‘smarter’, not harder. We need to devise ways to replicate ourselves and the work we do. The real answer is that we need to build a business, a system or series of processes that produces the extra income for us – even when we are away or on holiday!

How do we set about building this business. Answer, we engage the use of additional resources – mainly employees and technology. Self-employment doesn’t mean we have to work alone. We delegate the routines to these resources, releasing us to concentrate on working towards our goals, and we engage additional resources to process the work we can’t manage.

Also, we need to understand, as explained fully in Michael Gerber’s book, that a business requires ‘three characters’ to run it - the ‘entrepreneur’, the person who provides the vision of where we want to go or want to be - the ‘manager’, the person who manages the business towards those goals – and the ‘technician’, the person/people who do the work that the business does. The bet is that most people, when starting out on the path of self-employment, are probably very good technicians, but then try to be all three characters, two of which they’ve never been trained for. Success in any business depends on separating and implementing the three responsibilities (if necessary by time allocation where still working alone).

And finally, in building our business and focussing on the matters discussed above, not only do we gain a lifestyle of our choosing but we create an asset that can be sold to re-invest in new businesses, provide a pension or enhance our income in later life.

Put all this together and we begin realise the true potential, the benefits and the fun from being self-employed, and in succeeding let us truly appreciate our spectacular achievements. Remember, ‘from the acorn grows the oak’, and it is up to us to nurture and shape that oak.

Richard Calderwood FCA is an adviser to a number of family/owner managed businesses and SME’s on how to build a better business. For more information on how to move ahead, e-mail him now on
enquiries@RichardCalderwood.com.

enquiries@RichardCalderwood.com
© 2004 Richard Calderwood

The Top 9 Tips for Calculating the Lifetime Value of a Client
 
  1. Identify and document your ideal customer. Get specific. What are their frustrations, buying behaviour, lifestyle, age, spending habits? Do they value expertise? Are they willing to pay a premium for good service, or are they transactional buyers who only care about price?
     
  2. Keep a journal for one week detailing how much time you're spending with your ideal customer. Now track how much time you spend with your "less than ideal" customer. List three ways you can streamline the way you work with your "less than ideal" customer i.e. refer them to another firm or ask to be paid in a more efficient way etc.
     
  3. Guesstimate how much your ideal customer will buy from you during the entire buyer/seller relationship. For example, if you are a consultant, and a typical client stays with you for 2 years, and they are paying you £100 a month, then the current lifetime direct transaction value of a client is £100 x 24 months = £2,400. But wait--there's more.
     
  4. Guesstimate how much business each client will refer to you over the next 2 years. Let's say the typical client sends you 1 new client every 2 years at £100 a month. That's £2,400 in referral value.
     
  5. Add the figures. The true lifetime customer value, including referrals and advisory support, is £4,800.
     
  6. Provide your ideal clients with one free service, trial offer, or referral, just to show them how much you value the relationship.
     
  7. Create and regularly administer a low-cost survey to find out how your ideal clients define, receive, and measure value. Ask clients to tell you new ways they would be willing to extend their relationship with your company.
     
  8. Create time dedicated exclusively to defining, attracting, and creating lifelong clients.
     
  9. Create a referral network of companies, clients and individuals. Update it often. 9. Create a referral network of companies, clients and individuals. Update it often. info@nirell.com or visited on the web 
info@nirell.com  
© 2000-2004 CoachVille, LLC.
Press Release Template

News Release Company logo
Embargo Date to be used by
Headline It must be catchy or have a human element or have statistics in it etc.
1st paragraph Tell them what you are going to tell them.
Body Tell them. Use quotes and statistics to support your article. Then summarise by telling them what you’ve told them. Link this back into the title if possible, maybe with an offer and tell the reader what they need to do next i.e. call you.
Word count The end
Notes to Editor Provide a brief profile about the submitter confirming you are happy to be photographed / interviewed
Further notes More detailed profile of the submitter other comments, testimonials etc
A Day in the Life Of a Coach for Women In Business

07:00
I get my small daughters ready for school and nursery and drop them off.

09.30
Back to check my to-do list. I prepare myself for a complimentary coaching session this afternoon by clearing my mental space and drawing on the energy around me.

I read through the lady’s profile form so that I understand where she wants coaching. I print off a map to her office and get my bag ready to go, so as not to rush.

10.00
I coach a lady who, training to become a life coach, has to work a certain number of hours with case studies. She does not feel confident; she believes she should have much more experience before coaching anybody. I use coaching and NLP techniques to create fresh self- beliefs. We also look at what is in her tool box; she enumerates all her skills, achievements, knowledge and resources. She makes a huge list.

We examine which areas of coaching excite her and she creates a compelling vision of where she would like to specialise; young people and teenagers. Now she is all fired up and ready to go.

How wonderful to start the day on such a positive note.

11.00
I put together my own newsletter, contacting my Virtual Assistant. I then check and approve the final version. Can’t wait for it to go out now.

11:55
I call my business buddy in my system I set up for members of my network and business club. We support each other, exchange tips and act as a sounding board for new ideas. My call was great today, as I was looking for new ways of providing something valuable to the business community. I contact two other business women and they are more than interested. Great; another project !

12:30
I contact the Chamber of Commerce about my idea, how to promote it and who will be invited. They support me.

I receive enquiries from three people who want to take my VA Mastery Courses. I e-mail them and state a time when I will call them after they have digested the information. This always seems to work well.

13.20
I meet my client, a senior manager. As we climb the stairs to her floor, she says how my profile form got her thinking about her career and what she wants for the company where she works.

We instantly have a great rapport. Our body language is so well matched.

By the end of the meeting she is delighted with the results and has become energised and empowered to start on her dream. She takes up personal coaching and requests a proposal to coach her supervisors to train them in coaching managerial skills. If this is all successful she wants me to work on her four other sites.

She concludes by giving me a referral to call whoever might be interested in my services – a very productive meeting!

15.00
Collect my children- even though I have loved what I did today, I now want to enjoy their company.

17.15
Make a to-do list for tomorrow and shut the door to my office with a smile, recalling today’s events.

18.00
Prepare some dinner. We all talk about our day.

20.15
Spend time with husband, relax and unwind. Perhaps have a glass of Shiraz.

My day has worked so well because I love what I do, I have been organised and prepared and I have been disciplined in keeping to my personal boundaries.

carmenmacdougall@aol.com
www.cmacoaching.com
© 2004 Carmen MacDougall
How to select an Accountant

Finding an accountant is always a daunting prospect especially when you don't know how to evaluate the one you select. 

It is important to select the right accountant to work with you, to keep your financial affairs in good order, as this is vital to a prosperous business.  Working with the right accountant, whether that accountant is an employee of the business or an external account is vital to keeping you on track.  Remember that a bad accountant is in the ideal position to derail you or at worst to defraud you.

So how do you make a choice?  It is always useful to have personal recommendations, especially where those recommendations come from a respected business colleague.  If you can't get a recommendation from a business colleague you could always ask for members from various bodies, like the Chamber of Commerce, Business Link (if you are in the UK), BNI, or any other networking organisation.  Whether you get a personal recommendation or not, it is worth checking out the accountant before you hire them.  Reading through this full article - http://www.europeancoachinginstitute.org/members/business-building/ - will give you the points to consider when you are hiring your accountant.

Meet with between three and six accountants before you make your final decision.  Remember that you want this accountant to work with you into the future, it isn't worth selecting one now that you know you will have to change in the near future.  They need to be able to cope with your proposed growth.  So it's worth investing the time now to find the right accountant for you.  You are looking to build a long-term relationship.  Reading through this full article - http://www.europeancoachinginstitute.org/members/business-building/ - will give you some questions to ask and some points to consider when you meeting with your selected accountant for the first time.
Once you have had an appointment with your selected accountants and you have appointed your chosen account, you should receive a letter from the setting out your agreed terms and conditions.  This must include the fee rates and payment points.  If they don't provide you with a letter, or don't provide any details you want - ask them to rewrite it.  Some advice includes only working with your accountant on a trial basis, where you would set them a very specific task and evaluate how they achieve it.  Reading through this full article - http://www.europeancoachinginstitute.org/members/business-building/ - will give you some areas to consider when you start to work with your accountant.

If you decide to sell your business, tell your accountant.  They should be working with you to plan when and how to sell your business to minimise your tax liabilities.  You might find that some accountants could help with the sale of your business.

Reading through this full article - http://www.europeancoachinginstitute.org/members/business-building/ - will give you a list of web-sites for further reference.

Barbara J. Dalpra MNMC, FECI
The Nyasa Partnership Limited
barbara.dalpra@nyasa.biz
www.nyasa.biz
© 2004 The Nyasa Partnership Limited.

Data Protection Act 1998

This value added article comes to you courtesy of ECI volunteers and can be read in full in the article entitled 'Data Protection and Freedom of Information' on
http://www.europeancoachinginstitute.org/members/business-building/

This important subject covers:
  • Who is the Information Commissioner and what is their responsibility?
  • The Freedom of Information Act 2000 (FOI).
  • How the Data Protection Act operates.
  • Why protect your personal data?
  • How to stop receiving unsolicited post, calls or faxes.
  • The eight data protection principles of 'good information handling'.
  • How do you find out about what is being held about you?
  • The Privacy and Electronic Communications (EC Directive) Regulations 2003 came into force on the 11th December 2003.  This supersedes the Telecommunications (Data Protection and Privacy) Regulations 1999
  • The register of data controller’s www.informationcommissioner.gov.uk
  • The Freedom of Information Act 2000
  • Data Protection Helpline on 01625 545745.
© 2004 European Coaching Institute
Information is KING

With the world-wide web becoming more and more of a vital marketing tool for small businesses and consultants, it is important that as coaches we understand how a web site can work for us or just become a waste of money. Most of us have limited budgets and therefore we have to ensure that not only does the site look professional and inviting, but also that our clients and potential clients can find it, and that inevitably means search engine rankings.

Money seems to be more and more of a factor in search engine results as the companies with huge marketing budgets are buying success online. Even “Google”, the most sacred of independent search results, has been accused over the past six months of placing those companies that advertise through them at the top of their listings. However, it is possible to fight off the attack of the big boys by offering your expert opinion and advice:

Use the Internet to give your visitors information they can’t get anywhere else.

People primarily use the Internet to search for information, not necessarily to buy. Offer really useful information on your website for free. Also consider offering a monthly or bi-monthly newsletter with relevant expert information your potential customer would really benefit from receiving. (Make sure you ask their permission before you send it to them!) This helps to build trust, and then when they need more one to one help they are more likely to contact you.

The search engines look favorably upon unique information. If you have content on your site that no one else has, then you are more likely to be listed highly. This means keeping your site regularly up-dated. Check out your online competitors by searching on Google. See what information they don’t offer their visitors and make sure you do.

When your potential visitors are searching for that elusive information, what do they type into the search engines: “coaching help”, “coaching advice”, or “coaching for senior directors”?

Make sure your site contains the “keywords/phrases” they would use to find the information you offer. www.wordtracker.com is an excellent site that will show you how many people type a particular word/phrase into a search engine, and how many other websites use it as a keyword. Once you find your optimum keywords, ask your web designer to optimise your site for you.

Finally, make sure you take advantage of newsgroups, bulletin boards and forums. In their search for answers, many web users use these types of communication to seek expert advice. Search at
http://groups.google.co.uk/ to see if you can help others and at the same time build your reputation online. I know some businesses that have built their entire client list solely through this method. (NB. It is okay to mention your website address in a two line signature).

Although this article only mentions a few opportunities it does highlight a key online strategy coaches can adopt; offer relevant information and advice that will benefit a potential client. It shouldn’t be too hard as it is already something we do everyday with our current clients.

mike@world-africa.com
© 2004 World-Africa Communications Ltd.

World-Africa Communications have teamed up with the ECI to offer an all-in-one web solution, at a discount for ECI members only - please see the offers section of this newsletter.

IT Security - how to protect your PC!

IT Security - do you understand it?

Most people say 'yes', but do they really? There are various levels of IT security, but I will only be addressing two in this article - firewalls and virus protection.

Firewalls

All businesses today have a computer which links to the internet, in some cases it only links to allow email to be collected and sent, in others it may also allow for internet browsing. Whether the business is small (one-person) or large (blue-chip corporates), you will probably have heard the term 'firewall', but what does this really mean?

Firewalls do not only apply to business as a small home PC will have many of the same security issues that a business will have. So in the same way that you will protect your business PC, you can also protect your home PC.

What is a firewall? It's a piece of software that protects your business PC and/or your home PC from offensive web-sites and potential hackers. In doing so it keeps the destructive forces away from your property. Hence the reason it is called a firewall - it's similar to a physical firewall in the same way that a physical firewall keeps a fire spreading from one area to the next, a PC firewall keeps your PC safe from destructive forces.

Reading through this full article -
http://www.europeancoachinginstitute.org/members/business-building/ - and you will learn more about how firewalls work and what kinds of threats they can protect you from.

Viruses

Computer viruses show how vulnerable we all are, and at the same time grabbing our attention. A properly engineered virus has an amazing effect on the worldwide Internet, while showing how sophisticated and interconnected we have become.

If we take examples of viruses, experts in January 2004 estimated that the 'Mydoom worm' infected approximately a quarter-million PC's in a single day. In March 1999 the 'Melissa' virus was so powerful that it forced a number of very large companies, including Microsoft, to completely switch off their email systems until the virus could be contained. In 2000, the 'ILOVEYOU' virus had similar devastating effect. Impressive, when you remember that both the 'Melissa' and the 'ILOVEYOU' viruses were incredibly simple.

In general, viruses are diminishing. Occasionally someone finds a new way to create one and that's when we hear about it.

Reading through this full article, http://www.europeancoachinginstitute.org/members/business-building/- and you will learn more about viruses - both 'traditional' and the newer email viruses - how they work and begin to understand how to protect yourself.

Software Updates

Once you have made your decision to ensure that your home and/or business PC is protected from break-in's and viruses ... how do you ensure that your PC remains safe. As with all software, software updates will be provided by the author of the software you choose to work with.

Barbara J. Dalpra MNMC, FECI
The Nyasa Partnership Limited
barbara.dalpra@nyasa.biz
www.nyasa.biz
© 2004 The Nyasa Partnership Limited.

ECI Up-date

ECI Workshops and Events

To Niche or Not to Niche!

Presented by David Ferrers
Chief Executive and Chief Coach of The Executive Coaching Corporation.
Tuesday 12th October, 2004 7.00pm to 9.30pm
Central Park Hotel, Queensway, London W2 3NS
£12.50 for associate and accredited members. £17.50 for non-members

Record Keeping, Data Protection Act, Confidentiality

Presented by Barbara J. Dalpra, FECI
Life and Executive Coach, and founder of The Nyasa Partnership Limited.
Tuesday 9th November, 2004 7.00pm to 9.30pm
Central Park Hotel, Queensway, London W2 3NS
£12.50 for associate and accredited members. £17.50 for non-members

Networking for Business

And learn all about Network Bingo!
Thursday 9th December, 2004 7.00pm to 9.30pm
Central Park Hotel, Queensway, London W2 3NS
£12.50 for associate and accredited members. £17.50 for non-members S

All workshops are from 7pm to 9.30pm (local time). To be included, email workshops@europeancoachinginstitute.org with your name, address, email address, and telephone number.

Further details for this programme can be found on our calendar


Insurance Offering

As many of you know, until recently there has only been one specialist provider of liability insurance for coaches in the United Kingdom. As to now there is another provider. The ECI has been working with a company called Westminster Indemnity to provide an all encompassing indemnity and liability insurance scheme for Life Coaches, Executive Coaches, Corporate Coaches, Coach Trainers, and Trainers. The insurance policy offered with cover all coaches and trainers in the United Kingdom and in Ireland. We are working with Westminster Indemnity to extend this cover to the rest of Europe in the future.

We will be sending out details of this offering in an email during the next week.  Should you require any further information before you receive the email, please do not hesitate to contact insurance@europeancoachinginstitute.org

Offers and Articles

The ECI continually strives to improve the services provided to our Members, our Accredited Coaches, and our Accredited Training Providers. Therefore when we receive an offer or an article that looks interesting, we are happy to pass it on through our newsletter.

However, we are unable to try out everything we receive, so welcome your feedback about the offers and articles.
The
European Coaching Institute
A force for good in coaching!
The European Coaching Institute P.O. Box 407, Ashford, TN24 8WS newsletter@the-eci.org
All material Copyright © 2002 - 2004 The European Coaching Institute.  All rights reserved.

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