As a small business owner, it is often necessary to weigh the pros and cons of group decision making versus individual decision making. Both have their place. While neither is perfect you should be prepared to use both methods in your management style. Here are some pros and cons to both… (We as a group individually came up with these pros and cons… J )

Group Decision Making:

Pros – Everyone gets a voice. Each person feels heard. “All of us is better than one of us.” Author Unknown. More people take ownership because their idea was included in the decision. Creates a collaborative culture. More people step up and take initiative…assuming leadership positions.

Cons – Process can be too slow. It’s harder to move a mob than an individual. The decision can be watered down because too many compromises had to be made. No one person will feel it was really ‘their idea’. You run the risk of EVERYONE feeling slighted because their entire idea was not implemented.

Individual Decision Making:

Pros – It’s quick. Only one person has the ultimate responsibility for the decision so the others don’t have to feel awkward if the decision turns out to be the wrong one. You don’t need to water-down the decision by trying to appease too many other parties. You can go with your gut instinct and intuition.

Cons – May lack the necessary information to make a fully informed decision. Emotion and impulse may take over. The decision may lack a balanced approach. The decision may be clouded by the subjectivity, prejudice and/or bias of the decision maker.

Carl L Gould is the president and Chief DISCoverY Officer CMT International, LLC (www.CarlGould.com), the farthest-reaching business mentoring organization in the world. Carl’s unique approach to executive coaching, business mentoring and performance training helps his clients achieve results worldwide.  His upcoming book, The 7 Stages of Small Business Success – From Startup to 7 Figures in Three Years or Less, will provide entrepreneurs and business owners a step-by-step formula to taking their businesses to the next level.

If you don’t protect and respect your time, no one else will. As the business owner, you have limited time to do your business and manage your business. As a business coach and time-management expert, I advise my clients to use three main methods for managing their time.

1.      If you touch it, you bought it.: The moment you open an email, tear open an envelope, begin a discussion on a topic, you have just committed to solving it, finishing it, delegating it, or filing it (in a drawer or in the shredder!). This is a ‘handle it once’ policy on steroids.

2.      Design your week then manage your time.: the only way to stay above the chaos of any given day is to make sure you create a strategic plan for each and every week. Choose your preferred planning time between Friday and Monday (weekends OK) to think about the objectives you are committed to achieving for that given week. Use outcome-based thinking as opposed to activity-based thinking so you are always moving towards a specific objective so not staying busy for busy’s sake.

3.      Train all those around you in the Problem Solving Model.: Those around you must be able to present their idea in a structured format that has been well prepared, or they have not earned the right to occupy your time.

1.  
   1. ID=Identify the issue.

                                                              i.      Gather the necessary background information you require in order to understand what the problem is.

1.      For example: Who is making the inquiry? What client/organization are they connected to? Who is their mentor? Have we dealt with similar issues like this in the past? If so, How did we deal with it? Is there a process in place already that you, can follow again?

2.      What is the specific problem that needs our attention & focus? What is the REAL problem?

1.  
   1. Proposal=Propose a solution

                                                              i.      Draft a response to the solution (email, Word or Excel, Power Point, etc.).

                                                            ii.      Based on your investigation and experience, what do YOU think should be done? How do YOU think it should be handled?

1.  
   1. Presentation & Authorization=Present your proposed SOLUTION to Carl for:     

                                                              i.      Verification that you are on the right track, and/or;

                                                            ii.      Editing or adjustment where needed, and/or;

                                                          iii.      Authorization/Signoff before proceeding, etc.

Carl L Gould is the president and Chief DISCoverY Officer CMT International, LLC (www.CarlGould.com), the farthest-reaching business mentoring organization in the world. Carl’s unique approach to executive coaching, business mentoring and performance training helps his clients achieve results worldwide.  His upcoming book, The 7 Stages of Small Business Success – From Startup to 7 Figures in Three Years or Less, will provide entrepreneurs and business owners a step-by-step formula to taking their businesses to the next level.

As a small business owner I frequently need to make presentations to my staff. We cultivate a family-type and collaborative environment.  My preferred technique is to set the meeting agenda in advance and hand out a meeting worksheet so everyone has a copy. We either meet in one of the offices or in the boardroom, seated in a circular fashion. The staff often likes to try to solve the entire implementation process of an idea before the idea is even completed. So, I have to remind them to, “Stay with me guys. Don’t get a head of me; don’t fall behind me; stay with me.” I present the concept first, the process second and its implementation last.  For illustration purposes, I will set up a flip chart or a whiteboard and manually draw out the idea so everyone can follow along step-by-step. This has proven to be an effective method of keeping everyone up to speed on any new developments.

Carl L Gould is the president and Chief DISCoverY Officer CMT International, LLC (www.CarlGould.com), the farthest-reaching business mentoring organization in the world. Carl’s unique approach to executive coaching, business mentoring and performance training helps his clients achieve results worldwide.  His upcoming book, The 7 Stages of Small Business Success – From Startup to 7 Figures in Three Years or Less, will provide entrepreneurs and business owners a step-by-step formula to taking their businesses to the next level.

The mastermind group started with the High Council of King Arthur’s Roundtable. Later popularized as the mastermind concept in the Napoleon Hill’s Book, Think and Grow Rich. The idea is that a collection of minds working towards an objective is more effective than anyone person working alone. This concept has proven successful and continues to be a very strong model for person and business growth.

Are you a business owner who belongs to a mastermind group?

CLG: Yes, I actually belong to two mastermind groups. I joined these groups for a variety of reasons. Since business owners make up only one in fifteen people, it is often difficult to have any dedicated time with one other business owner, let alone a group of them.  I enjoy the camaraderie of like minded individuals. I joined mostly for the social interaction. As a business coach, I also facilitate mastermind groups and I am the person that business owners come to for help. So where do I turn to? As a person who offers guidance and advice on a regular basis, it is refreshing to be able to take advice and be more of a participant as opposed to the facilitator. The two groups I belong to are The Winner’s Circle (TWC) and Entrepreneur’s Organization (EO).TWC meets 3x/yr and comes with an annual fee of $25,000; and EO meets monthly and costs approximately $3,000 per year. The major benefits are receiving feedback from other entrepreneurs and business owners, the networking, deal brokering, social interaction and just letting loose!

What are the drawbacks?

CLG: Not enough time together. Because we meet so infrequently, there are more ideas, conversations, and connections that need to be made than the time allows.

What have I specifically achieved because my participation in mastermind groups?

CLG: first and foremost, the friendships and relationships that I have created. I have made some great friends that will last long beyond my membership and participation in any group. New clients. I have expanded my business and generated new customers because of the high quality referrals that I have received. I have also discovered new and better ways to run my business by sharing Best Practices with other colleagues.

I would highly recommend looking into joining a mastermind group to take your personal and professional life to the next level. I can’t say enough about TWC(www.thewinnerscircleinc.com) and EO (www.eonetwork.org). Look into both of these organizations and I hope you find them as rewarding as I have.

Carl L Gould is the president and Chief DISCoverY Officer CMT International, LLC (www.CarlGould.com), the farthest-reaching business mentoring organization in the world. Carl’s unique approach to executive coaching, business mentoring and performance training helps his clients achieve results worldwide.  His upcoming book, The 7 Stages of Small Business Success – From Startup to 7 Figures in Three Years or Less, will provide entrepreneurs and business owners a step-by-step formula to taking their businesses to the next level.

One of the key ways I have been successful in building my brand in the coaching and consulting field is tithing. I have given thousands of free coaching sessions over the years as a way to demonstrate tremendous value to prospective clients. Once they have received value and have experienced the results that they can achieve through my coaching, they would then become clients down the road. I have this strategy to be not only effective, but incredibly rewarding as well. I have coached professional and Olympic athletes, reality TV stars, musicians, corporate executives, soccer moms and Mr. Moms, tradesman, sales professionals, religious leaders, to name a few.

This technique makes personal marketing quite easy and effortless…I am there just to give. I will give and give until you reciprocate. There is only a couple of ways you can reciprocate…1) You can personally thank me for the value I provided you; 2) You can hire me; 3) you can refer me to someone else who needs my service, and they will hire me. It’s a win all around. In this approach, no one feels as though they are being sold, and I don’t feel as though I am selling.

I now run the farthest-reaching business mentoring organization in the world; and I have the privilege of working with people from all around the globe. This has truly been a blessing to be able to conduct business in this way.

Carl L Gould is the president and Chief DISCoverY Officer CMT international, LLC (www.CMTmentors.com), the farthest-reaching business mentoring organization in the world. Carl’s unique approach to executive coaching, business mentoring and performance training helps his clients achieve results worldwide.  His upcoming book, The 7 Stages of Small Business Success – From Startup to 7 Figures in Three Years or Less, will provide entrepreneurs and business owners a step-by-step formula to taking their businesses to the next level.

When a business is short on cash but wants to show their employees they care, there are a number of things that you can do. Non-monetary incentives are known to be a most effective way to retain employees on the long-term. Money doesn’t hurt either!  Here are a number of clever, low-budget ways you can show your employees you care.

1.      Allow employees to use gift cards or frequent buyer points or other awards and coupons received back from your suppliers.

2.      Allow employees to attend networking events and training seminars

And here are some other ways that we have found that motivates our employees. We have found them effective; what is your experience?

1.      We discuss virtually all major issues as a team, taking feedback from everybody in the office no matter what their title or position;

2.      We recognize all birthdays, anniversaries with our attempt(however lame) to surprise each other;

3.      We have an open door policy to any training that anyone would like to do (i.e. personal or professional development);

4.      We post our individual personality profiles on our office doors;

5.      We have a holiday dinner each year, inviting spouses and/or significant others;

6.      Flexible hours;

7.      We allow each employee to celebrate their native holidays in lieu of the American holidays (We have two individuals in our office that their native countries are outside of the U.S.);

8.      Casual dress;

9.      We collaborate on the snack table (this is a serious topic in our office ? )

Carl L Gould is the president and Chief DISCoverY Officer CMT International, LLC (www.CarlGould.com), the farthest-reaching business mentoring organization in the world. Carl’s unique approach to executive coaching, business mentoring and performance training helps his clients achieve results worldwide.  His upcoming book, The 7 Stages of Small Business Success – From Startup to 7 Figures in Three Years or Less, will provide entrepreneurs and business owners a step-by-step formula to taking their businesses to the next level.

When buying a small business, skepticism about the company’s financial performance will serve you well. When you take ownership you will begin to find all of the skeletons that reside in all of the closets of that business.  You will NOT find all of the skeletons right away; it will take some time (probably a few months). Some of the skeletons will include…

• Customers that are not really customers.
• Expenses that were not initially reported in the financial disclosure.
• Tasks will take twice as long to complete.
• The business will be making less money than the seller says it does.
• It will take you twice as long to achieve your financial goals than you think.
• It will take a significant amount of sweat equity on your part to get the business running well

Remember, they are selling the business for a reason. If it was running well and profitable, they would not be selling. Buying a business is like having another child. You will not sleep for the next year until it learns how to walk on its own.

Finally, if you are looking into buying a small business, don’t offer more than 60% of the asking price.

Carl L Gould is the president and Chief DISCoverY Officer CMT International, LLC (www.CarlGould.com), the farthest-reaching business mentoring organization in the world. Carl’s unique approach to executive coaching, business mentoring and performance training helps his clients achieve results worldwide.  His upcoming book, The 7 Stages of Small Business Success – From Startup to 7 Figures in Three Years or Less, will provide entrepreneurs and business owners a step-by-step formula to taking their businesses to the next level.

Instill a culture within your company whereby each department or division is treated as if it is its own company; and the manager is the owner of that department or division. Train the manager on WHAT needs to be accomplished and WHAT the targets of that department or division are. ASK them how they plan to achieve those objectives. Once you have agreement on objectives and approach give the manager the freedom to implement their tasks. Create a series of mini goals and objectives with deadlines so you have an excuse and an agenda to follow-up with your managers at regularly scheduled intervals. Make sure your expectations of them are clearly defined as well as how you know they are being successful. 

Carl L Gould is the president and Chief DISCoverY Officer CMT International, LLC (www.CarlGould.com), the farthest-reaching business mentoring organization in the world. Carl’s unique approach to executive coaching, business mentoring and performance training helps his clients achieve results worldwide.  His upcoming book, The 7 Stages of Small Business Success – From Startup to 7 Figures in Three Years or Less, will provide entrepreneurs and business owners a step-by-step formula to taking their businesses to the next level.

There are so many tired and worn out expressions that have worked their way into our daily business lives. Have we outsmarted ourselves? What do you think of some of these phrases?

• It’s a numbers game.
• Get your name out there.
• No gimmicks.
• Limited time.
• Your call is important to us.
• Net, Net
• Do you the bandwidth for this?

There is a reason why these become catchphrases…because they have been proven to work. However, if overused, the consumer will turn a deaf ear to these expressions.

Carl L Gould is the president and Chief DISCoverY Officer CMT International, LLC (www.CarlGould.com), the farthest-reaching business mentoring organization in the world. Carl’s unique approach to executive coaching, business mentoring and performance training helps his clients achieve results worldwide.  His upcoming book, The 7 Stages of Small Business Success – From Startup to 7 Figures in Three Years or Less, will provide entrepreneurs and business owners a step-by-step formula to taking their businesses to the next level.

Here are my responses to an on-line interview that I gave. Enjoy!

Q: What can small companies do to set up focus groups on their own to save money? 

CLG: Reach out to your existing customer base. They are a great source of valuable information as to whether or not a new product or service would be worthwhile. Also, you can query those who have rejected your product or service as they can provide valuable information as to the improvement of your products and services.

Q: How do you develop questions?

CLG: Here is a tip, take all of the complaints that you have received from your company from customers and turn them into questions. For example, you may have received a question, ‘Your customer service representative was not very friendly.” You can reformat that statement into the following questions, “How can we improve the friendliness of our customer service representatives?”

Q: How does one prepare and then make the most of the results?

CLG: You can make the most of the results by documenting each of the responses from your focus groups using type written responses, audio and video. For example Dominos Pizza has a currently running add campaign where they took unhappy customers, video tapped their complaints about their pizza, and then systematically worked to make those individuals happy. It is a very compelling add campaign and has helped increase the perceived quality of their pizza. Just as Dominos did, I would suggest you publicize the results!

Q: Is it even worth it, or is it best to hire a firm to help?

CLG: You can do either or both. I would suggest that you first try it on your own. It shows tremendous good faith and good will when a company directly contacts its customers and asks them for feedback.  They will appreciate it and you will be a better company for it.

Carl L Gould is the president and Chief DISCoverY Officer CMT International, LLC (www.CarlGould.com), the farthest-reaching business mentoring organization in the world. Carl’s unique approach to executive coaching, business mentoring and performance training helps his clients achieve results worldwide.  His upcoming book, The 7 Stages of Small Business Success – From Startup to 7 Figures in Three Years or Less, will provide entrepreneurs and business owners a step-by-step formula to taking their businesses to the next level.