Dave Crenshaw's Blog, page 54

How to Measure Business Performance

How do you measure business performance? Seems like a simple enough question, right?

Yet you may be shocked to learn how many small business owners aren’t tracking critical numbers. (Or maybe you won’t be shocked? Maybe you’re one of them?)

In this brief video I’ll present some of the best yardsticks for gauging your business performance.

Action Steps:

Watch this video and ask yourself: Do I regularly review numbers to track my business performance? Here are the three most critical numbers to get a firm grasp on your bottom line:

Count the cash on hand
Figure your monthly net profit
Calculate your salary

Determine what two other Most Valuable Indicators (MVIs) you want to track to measure your business performance.
On this page, please share the two MVIs you created. Also, feel free to ask any questions on this page.

Principles:

Most Valuable Indicators, or MVIs, are the five numbers small businesses should track on at least a monthly basis.
Cash on hand is the lifeblood of your company. Cash really is king.
Net profit numbers are most useful when compared to the prior year’s performance.
Your business should pay you well. You are the Most Valuable Employee you have.

Liberate your business from the clutches of chaos! Get a free ACTION PLAN to find out how you can harness chaos and harvest freedom! Click here to complete the free Chaos Assessment: HarnessChaos.com

How to (almost) Effortlessly Increase Productivity

What if your business could save thousands of dollars a month, without cutting staff? This is what any business owner continually seeks to do, right?

There are many low-cost, massive-benefit opportunities to dodge wastefulness and increase productivity. You just need to know where to look.

In this short, straightforward video I’ll describe how anyone can fully exploit these neglected resources.

Action Steps:

Watch this video and ask yourself if you are surrounded by time liabilities. If so, follow these guidelines to maximize your efficiency:

Have all the tools you need
Maintain all your tools in good working order
Work with the best tools you can afford
Keep necessary tools within arm’s reach

Share your favorite time assets or worst time liabilities in the comments section below.

Principles to Learn:

Time liabilities cause you to waste time unnecessarily or spend more time than necessary in Less Valuable Activities (LVAs).
Keeping your tools ship-shape avoids unnecessary and costly downtime of specialized repairs or replacement.
Purchasing the best tools you can reasonably afford is an investment, not an expense.
Having your tools nearby reduces the need to switchtask in your workplace.

This post was sponsored by Dave Crenshaw’s Keynotes and Events.  Top rated speaker, long-lasting results. Invite Dave to speak to your group! View demo and get a free price quote at: http://DaveCrenshaw.com/speaker

How to Hire an Employee Who Complements You

Have you ever caught yourself thinking, "I wish I had another me?" Do you feel like you're wearing so many hats, and juggling so many balls in the air, that the best solution would be to clone yourself?

But let's be honest: would you really want to hire an employee with exactly your skills and traits?

In this brief video, I'll explain why not only is cloning yourself something to avoid, but also give you a five-step action plan to find a better solution for getting more done in your business.

Action Steps:

Watch this video and ask yourself: "On a scale of 0-10, how well am I doing with hiring employees that complement me?"
Before you set out to hire "another you," follow these five steps to identify someone who complements you:

List all of the activities you perform.
Assign a dollar-per-hour value to each one of these activities, i.e. how much would it cost you to perform these activities as well as you can.
Rank the activities according to their dollar-per-hour cost.
Identify the top two Most Valuable Activities (MVAs). These are the ones on which you want to focus YOUR time.
Identify the three or four Least Valuable Activities (LVAs). These will begin the job description of the ideal complementary employee.

Embrace the principle of "I need an employee who complements me" instead of "I need another me".
Share your perspective or ask questions on this page.

Principles:

Employees who complement you are better for the business than employees who are just like you.
The dollar-per-hour value that you assign to each activity is how much you would have to pay someone else per hour to do that task in your behalf.
Every activity you perform has a value-per-hour, and can be replaced.
By delegating Least Valuable Activities (LVAs) to employees, you'll be free to spend more time on your Most Valuable Activities (MVAs).

Liberate your business from the clutches of chaos! Get a free ACTION PLAN to find out how you can harness chaos and harvest freedom! Click here to complete the free Chaos Assessment: HarnessChaos.com

Introducing the All-New Chaos Assessment and Free Action Plan

For months my team and I have been working on a fantastic new resource for you. This fun video highlights the Chaos Assessment, a powerful tool to help you find your path to greater freedom and productivity. Best of all, it's free!

Do you want to make your business more profitable and stable, getting more personal time in return? It only takes a few minutes to fill out this quick, complimentary Chaos Assessment. In turn, you'll receive a personalized action plan showing you clear, simple steps you can take to harness chaos.

Click here to get your complimentary, personalized action plan to harness business chaos and harvest personal freedom TODAY!

Empowering Employees Through Questions

In the small business environment, your time as a business owner needs to be carefully guarded.  Your time literally is money!  By empowering employees, you free yourself to focus on more important matters.

But all too often, business owners answer simple, unnecessary questions from employees. Not only does this waste your time, but it stifles their growth.

This short video demonstrates how you can empower your employees in four simple steps.  Using this method will encourage your employees to think on their own, to solve problems, and to take action.  Action Steps:

Watch this video and ask yourself: "On a scale of 0-10, how well am I doing with empowering employees?"
The next time an employee asks you a question, follow this four-step process:

Ask them to search on their own for an answer.
Ask them to come up with their best guess as to the right answer.
Give approval or modify as needed.
It the question reoccurs regularly, document the answer.

Cultivate the culture of employees saying, "This is what I think I should do, what do you think?" instead of asking, "What should I do?"
Share your perspective or ask questions on this page.

Principles:

Leaders who answer every question and every problem for their employees stifle both personal and business growth.
By allowing employees to formulate their answers first, and then approving or refining those answers, you'll create natural training opportunities.
A simple way to create new business systems is to document the answers employees find to their questions.

Feeling overwhelmed? Get a free ACTION PLAN to find out how you can harness chaos and harvest freedom! Click here to complete the free Chaos Assessment: HarnessChaos.com

Five Reasons Customers are Boss

Recently, I worked with lynda.com to develop a new series of courses designed to help you improve your career, job security and productivity. In the recently released course, Developing Your Business Savvy, I share why your understanding of your customers is absolutely critical to your career success.

In this brief sample video I lay out the five reasons customers are really the boss, and give you some ideas you can use to become more customer savvy.

Action Steps:

Watch this video and ask yourself: "On a scale of 0-10, how well do I understand our customers?"
The next time you hear a customer complain, see it as an opportunity for you to learn how you can serve them better.
The next time a customer asks for help, see it as an opportunity for you to get more on the job training.
Enroll in the free 7-Day trial of lynda.com at http://davecrenshaw.com/free
Share your perspective or ask questions on this page.

Principles to Learn:

Understanding your customers is perhaps the most important aspect of developing business savvy.
The customer ultimately determines whether or not you have a job.
There are five reasons why customers are so critical to your career and why you want to take time to understand them:

Customers equal employment
Customers equal a paycheck
Customers equal advancement
Customers equal education
Customers equal opportunities to serve

Many people see the company as the source of their job security when in fact it's really whether or not the customers keep coming back that creates security.
Customers help furnish the money that you receive on a regular basis.
Building strong relationships with customers is the fastest path for career advancement.
Customers provide an opportunity for you to grow every time you interact.

This post was sponsored by Dave Crenshaw's Time Management Fundamentals on lynda.com. Forget resolutions. Get results! Visit http://davecrenshaw.com/free/

What I Learned from a Mystery Successful Entrepreneur

What if Martha Stewart Living approached you wanting to do a story about your business? Wouldn't you jump at the chance?

Well, this mystery business owner flat out rejected not only Martha Stewart, but many other offers for free publicity—including my own!

In this brief video I'll explain why this successful entrepreneur turns down publicity. I'll also share a few insights he has to teach business owners everywhere.

Action Steps:

Watch this video and ask yourself: Does my business provide an interesting experience for customers so they end up promoting it to others? If not, follow these tips to help you successfully build your business:

Create simple systems
Build loyalty in every single customer
Make the business focus about the customer
Be at peace with your business

Share your perspective or ask questions on this page.

Principles:

Having simple systems allows you the freedom to have everything in your business run consistently.
Building systems that do small, nice things builds customer loyalty.
Customers value their experience with your business over the actual product or service you provide.
You don't need to build a multimillion dollar empire to be a successful business owner.

This post was sponsored by the Dave Crenshaw's  Coaching program. Would you like to make more money, make a difference, and still have a life? Click here to learn how about the coaching packages available: http://DaveCrenshaw.com/coach

The Truth about Business Stress

Being a business owner can be very stressful. No one else fully understands the emotional anguish (and lost sleep!) that comes from not knowing whether you'll be able to make payroll the next day. On the other hand, few others can fully appreciate the thrill that comes when your calculated risks pay off. This up and down emotional cycle of entrepreneurship is far from healthy. It can lead to poor decision making and, over time, health risks. The trick is to maintain your cool amidst BOTH the highs and the lows. In this video, I'll teach you a little trick I use and have taught my coaching clients, to help you maintain emotional steadiness as a business owner. Action Steps:

Watch this video and ask yourself: Do I maintain my cool when facing the ups and downs of running a business, or do I let myself get carried away with emotion?                    …
The next time you experience business stress, read this quote:

The truth is:

Things are not as good as I think they are.

Things are not as bad as I think they are.

I am not as good as I think I am.

I am not as bad as I think I am.

Truth is.

Click HERE to download the quote. Print it and hang it up in a prominent place where you can easily see it.                                                                                                                   …
Share your perspective or ask questions on this page.

Principles:

Your success as a business owner and entrepreneur is greatly affected by your ability to maintain your cool under the inevitable highs and lows of entrepreneurship.                                                                                                                          .
Truth exists independent of your perception of it. Understanding this will assist you in maintaining emotional steadiness.

This post was sponsored by the Dave Crenshaw's  Coaching program. Would you like to make more money, make a difference, and still have a life? Click here to learn how about the coaching packages available: http://DaveCrenshaw.com/coach

Don't Take Notes, Take Actions

Got a pile of seminar notes somewhere? You know what I mean…page after page of detailed scribbles that you have told yourself "someday" you're going to review. How often have you truly been able to read through those notes, let alone do something about them?

In this brief video, you'll learn the four simple steps you can take to actually get value from your note taking and, more importantly, get lasting results that benefit your life and your career.

 

Action Steps:

 

Watch this video and ask yourself: When I attend conferences or seminars, do I take action on the things I've learned, or do I just take notes?
In the next seminar, conference or company meeting you attend, follow this simple four-step system to help you successfully take action, not notes:

Listen for Actions: Ask "How can I do something about this?"
Highlight Actions: Call attention to actions with an open box or other method.
Process Actions: Review your actions and decide What, When and Where for each item.
Take Action: When the time comes, do it!

Share your perspective or ask questions on this page.

 

Principles to Learn:

The shorter the distance between you learning something new and you taking action on it, the more successful you'll become.
By putting an open box next to that action or anything that calls attention to the action, you make it easier for the next step, which is processing actions.
When you do something about what you've learned, you'll internalize it much faster than reviewing or memorizing it.

 

This post was sponsored by Dave Crenshaw's Coaching Programs. Forget resolutions. Get results! Choose from three coaching packages custom-fit to your needs. Visit http://www.DaveCrenshaw.com/coach

Batman, Alfred and your assistant job description

Believe it or not, Batman has more than one lesson to teach to entrepreneurs. One of those deals with the how and why of a dedicated personal assistant—an Alfred. Do you have an "Alfred"? If so, do you utilize him or her properly?

Watch this brief video to learn the four steps you can take to determine whether or not you need an assistant, and how to set that person up to succeed through his or her assistant job description. 

Action Steps:

Watch this video and ask yourself: "Do I have my own Alfred?" If not, follow these tips to help you successfully set up your "Alfred":

Decide if you really need a personal assistant vs. an employee
Follow the order of offloading
Document the position
Follow the 75% rule

Click here to learn more about Dave Crenshaw's order of offloading.
Share your perspective or ask questions on this page.

Principles:

Personal Assistants are dedicated to you 100%. Their job is to help you and no one else. If you need someone to focus on a specific part of your business then what you really need is an employee or perhaps a contractor.
If you don't follow the order of offloading, you may hire an assistant prematurely.
A Position Agreement is a documented system that describes in detail what a personal assistant does.
The 75% rule states that your personal assistant should have tasks that do not require your constant attention for at least three quarters of their work hours.

 

This post was sponsored by the Dave Crenshaw's Invaluable CEO Coaching program. Would you like to work one-on-one with Dave to develop a strategy for your business? Click here to learn how to apply: http://DaveCrenshaw.com/coach (For business owners and CEOs only)