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I’m seeing RED!!! and this is why!

Today I received a promotional email for a franchised business coaching operation, and I am seeing red! I am passionate about helping my clients, and I insist on any member of my team having at least 10 years’ experience in owning and operating their own business. How can someone mentor and coach others if they haven’t walked miles in their shoes?

Here are some of the statements that got me cross. The title of the email was, “What experience do you need to own a Business Coaching Franchise?” And here is what they said, “The thing is, in order to become a business coaching franchise owner, you don’t need experience in running a business” and “The only experience you really need is either a background in sales, marketing, finance or management – the rest can easily be learnt.”

Well, I don’t agree at all…there are lots of people out there who may have held corporate position, where they are not accountable for profits, or talking to the bank manager, or letting go team members, and have had huge bank balances to play with, but have never sweated over where the next invoice will get paid, or how to meet the payroll, or had the security of their home threatened if the business fails.

So, if you would like to have a FREE Business Review with our Lead Consultant, David McLean, with over 40 years of business ownership experience, that will drive profit to your bottom line – and if booked before 30th June, get a FREE copy of the “Bare Foot Investor”, then click here to book your meeting

Book your FREE 2 hours Profit Mentoring Consultation now!

 

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Don’t offer a “% off” discount – here’s why!

The Five elements of a good business mentor or coach

Often our clients ask about, “What makes a good mentor or coach?”

I believe the following 5 elements are critical in helping you get the most out of your mentor/coach investment.

  1. Business Experience – What experience does the mentor have in owning and operating their own business – there are many out there who might have completed a course or working in a corporate environment, but have they really had experience in running the show?  Things like hiring and firing, talking to the bank manager, getting out of bed when you have the flu and pushing yourself because you know you need to be there, and not just take a day off?  Understanding that feeling of isolation and frustration of having no one else to talk too – and finally, knowing that the buck stops with you – it’s your business and your responsibility, and you are totally responsible for the financial well-being of your family and responsible for all the people who work with you.
  2. Communication and Empathy – can they communicate to you in a manner that is easy to understand, and not talk down to you.  Often I hear of mentors who “have all the answers” and they don’t take the time to appreciate your situations.  Don’t get me wrong, there are times in the mentor relationship where the mentor needs to be critically honest with their feedback to you, and sometimes give you the “boot” to move to the next level.  Communication style is very important, and you don’t need to be sorting through a heap of trendy cliches that just confuse and are designed to make them look good.
  3. Structure and Process – Every good mentor/coach will be able to tailor the mentoring solution to your needs, but it is also important to have a defined structure to work within.  The concept of “catching up and having a coffee” might sound very trendy and attractive – but will it achieve your business goals?  If your mentor is offering a defined structure the identifies achievable, goal focussed activities, that drive towards the business goals you have set, then you are well on the way to improving your business success.  Ask how will the mentor relationship work, what contact will we have, and what processes will you use?  One of our clients used a business coach a few years back – it started great, regular meetings at their office with follow-up emails and phone calls, then the meetings started to get postponed, then it changed to only phone calls, then the calls were from the local coffee shop whilst the coach was walking his dogs, and ordering coffee…..not a conducive to achieving outcomes – and not professional.  The mentor should be focused on your needs and not their lifestyle.
  4. Support – Sometimes you will need support that is outside the experience of your mentor – so it is important to understand what additional support the mentor will bring to the table.  Do they have other team members or associates that can assist, or that you can be referred to?  And when a problem arises, maybe later in the evening, or earlier in the morning, or on the weekend, and you just need a quick 5-minute call to clear your mind and focus on solving the problem, will they be there?  If you leave a message, how long will it take them to get back to you?  will your emails be promptly answered?  And ask the question, “what if it isn’t working for me?” What options do you have – cancel the contract, refund, another mentor, change of structure?
  5. Values – Lastly, are your values aligned?  Values are those things that are important to you – those intangible things that make your business different, and you, as a person, who you are.  You might have heard the old adage, “ensuring we are all rowing in the same direction”.  If your values aren’t aligned, then it will be very difficult for you to work together and achieve the business outcomes that you are seeking.  Ask your mentor what is important to them, profit? family? free time? growth? helping people?  Make up your own list based on your values, and see how it lines up.

For more information about our Business Mentor Programme, please click the link below

Business Mentoring Programme

Former 7-Eleven franchisee hit with $168k fine

Ongoing drama for 7-Eleven, is franchisee performance and underpayment of employees.

It’s important to understand employment law and make sure that your team are rewarded correctly for their efforts.

Obvious costs include fines etc, but the less obvious costs may include morale, theft, safety issues etc.

Fair Work Australia is there to help – seek advice.

Here is the article

Article – Inside Franchise Business July 2017

For a FREE Profit Review book now

Book your FREE 2 hours Profit Mentoring Consultation now!

Upsell to add profit to your bottom line

How much money does McDonald’s make selling you a burger?  The answer is not much – where the profit lies is adding chips and a drink, then maybe a desert.  They do this cleverly by having the “meal deals”.

“So how can you do this in your business?”

Let’s use the example of a dress shop – the profit driver in a dress shop is the change rooms.  Always encourage the customer to take in a number of items (be aware of security – but that’s another discussion).  Once the customer is in there, trying on items, listen to their comments and feedback – bring more items, and also remember to bring accessories.  Accessories should be on display around the change room area – show the customer how to wear the items correctly, and how to add to the “look” by using appropriate accessories.

Ask yourself, “What is the customer trying to achieve? Is it for a special occasion? What can I do to make them delighted with their purchase?”

Often retailers leave money sitting on the counter because they only do half the job!  Sell the customer a total solution and they will be happy and come back again and again.

I recently needed to fit new wiper blades to my vehicle – you know what it’s like when the blades scrape and bounce across the windscreen!

I popped into a local automotive store and had a varied experience.  Firstly, everyone seemed so intent of stocking the shelves, (I walked past three people without any acknowledgement or offer of assistance) that I felt they really weren’t interested in me.  Then, when I couldn’t find what I was looking for, I asked a young lady.  I have to say she was great – she asked me what the problem was, walked me over to the section where the blades were, and on the way offered to fit them for just $3 (each) – “Sure”, I said.  Saved me mucking around.  She first went out to my car, and identified the correct blades.  Showed me three different types, but of course recommended the most advanced, she explained the benefits of the product.  The blades were fitted in a flash and I walked out very happy, with my wallet $100 lighter.

I have been completely happy with the purchase, tell everyone about it, and the “offer to fit” added $9 to the purchase – equating to a 10% increase in the value of the sale and ultimately 10% straight onto the bottom line!

In addition, another fellow was standing next to the display looking at blades also – he even came out and watched her fit them – he bought the more expensive, but opted to fit himself – he had been looking at a cheaper type.  That’s a double upsell!!

So, where to from here?  Think about the wants and needs of your customers (e.g. when you buy a burger, you need a drink and chips too), and work out a process to ensure that you provide the best possible customer experience, whilst ensuring the best possible customer spend – but value for money.

I ended up paying over double what I thought that I would have to pay when I purchased the wiper blades, but in the end, I am completely happy because I was offered a total solution, and it achieved the outcome that I was looking for.

Upsell and add-on selling is a key to profitability.

David McLean, the Retail Mentor – adding profit to your bottom line.

 

 

 

 

 

We need your help to make a difference!

We are working to save 500 retail businesses by the end of 2017!

The facts are frightening – 9 out of 10 small business fail over a ten year period.

Look through your local shopping centres – there are “for Lease” signs popping up everywhere – it’s a tough gig being a retailer.

Why? There are many reasons – some we can help with, others we can’t.

The area that we can help with are equipping the retailer and their team with the right knowledge, skills and abilities to make their business thrive – not just survive.

Skills like merchandising, selling, leadership, local area marketing, supplier relations, recruitment, security and safety…..

Often people go into a retail business because they have a passion for the category, maybe they want to “buy themselves a job” or provide security for their family – I felt this way when I set up my first retail business.

But what most people don’t realise is that retailing is a profession – just like being a doctor, or a nurse, or a builder or a computer programmer.

Enthusiasm and product knowledge is not enough. You need RETAIL SKILLS.

Our Retail Mentor Group is an ideal, entry-level skills programme that is designed to help retailers add profit to their bottom line.

If you know someone that will benefit from this programme, then please send them this link – Start today for FREE – with only a small monthly commitment after that – less than $10!

Click here

David McLean – The Retail Mentor

Are you keeping up with the technology?

How do we keep track of technology?

This article  (link below) is a great example of the challenges we face.  I guess we have tried Siri from time to time?  My experience ranges from working great with complex requests when hands-free in the car, to total frustration and swearing at the phone when it will refuse to do the simplest things that have worked before frequently!!!

The Retail Mentor Membership group is designed to share and update your knowledge and skill and the good news is that you can start right now for only $1.

Click Here to find out more

David McLean, The Retail Mentor

As voice-activated assistants’ existing features are honed and new ones are added, retailers should prioritise adapting their businesses for compatibility..

“Thumb sucking” cost $444M (US)

The “Sage of Omaha” increases the value of Berkshire Hathaway by over $18bn in 2014, but admits a little mistake…even the masters can make a mistake…but we can learn so much from studying the success and mistakes of others.

Cultures and societies throughout the ages have used coaches and mentors to improve performance and ensure outcomes. The use of “story”, based on the mentor’s experiences and demonstrated behaviours, encourages achievement of high performance, and the opportunity to receive feedback from a respected person with a track record to match.

The Mentor for Hire team, have highly qualified and experienced mentors available to work with your team, to encourage improved performance, innovative strategies, and team work, designed to add to your “Bottom Line”.

If you would like to read more about how Warren Buffett’s thumb sucking cost him $444M, then please click “read more” below, but don’t you get caught sucking your thumb…call us now to receive a FREE consultation about how Mentor for Hire can help you 1300 302 311

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