business owner

Dangers of Growing too Fast

Posted by Carl Gould on January 27, 2011
Career, business, entrepreneur, small business owner / 2 Comments

It is every business owners dream to launch a hyper –growth business. But how fast is too fast?

If you are not properly prepared, you can grow yourself right out of business. Here are some of the signs…

  1. Quality Suffers: You don’t have enough time to double check or triple check your work. Minor defects that you would normally detect in the course of routine QA and QC processes are now slipping through the cracks.
  2. Customers Complaining: When your customers are telling you that you are not responsive in a timely fashion that may be a sign that you are growing beyond your capacity to service your existing customers.
  3. Low Operating Cash: When you are growing fast, your need to spend on materials and COGS will outpace your collections. Remember that business is a cash game. When you are out of cash you are out of the game.
  4. Time is Spread Thin: The faster you grow, the more demands there is on everyone’s time. If you lack the bandwidth to do a thorough job, the above-mentioned symptoms will get worse.

Fast growing companies can be exciting. They can also be dangerous. Many a company has spiraled out of control (and crashed) because they did not manage their growth. Would you like a FREE Business Analysis to make sure that your company manages its growth properly? Call our offices toll free at 877 GO 7 STAGES.

 “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 latest 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”. Gould is also the author and creator of The 7 Stage Turnaround Process (www.7StageTurnaround.com).  7 Stage Consultants help business owners grow their sales, increase their cash flow and lower their expenses using a proven method of business growth strategies.  To learn more about our Consultants, go to http://7stageturnaround.com/mtc/mentorlist.php?groupid=1

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Mastering your time as the business owner

Posted by Carl Gould on September 27, 2010
business / No Comments

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.

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How business owners should present new ideas to their employees

Posted by Carl Gould on September 23, 2010
business, employees / No Comments

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.

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The Power of a Master Mind Group

Posted by Carl Gould on September 21, 2010
business / No Comments

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.

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