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How Much Profit Is Your Business Leaking?

Most businesses leak profit, often for simple reasons, which can easily be fixed. Is your business leaking profit?

The Business Audit Consultancy will help you identify and plug profit leaks. And help you make more money. And who doesn't want that?

Just ask Noven Purnell-Webb from Magedata – he says

"The questionnaire was a really easy way to get some quick and effective insights into how my business is running. By merely asking the questions, the obvious things can no longer be ignored and some surprising results emerged. A highly effective tool for any business owner trying to clear up the bigger picture."

Click below to read more or to book yourself in for a good probing (with questions of course). We think you’ll like it.

Read More Now >>>

Regards,
The Small Fish Team

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A Worthless Business Guru

Being a person who began writing with blue ink and a nib, I wish to know, if you have a blog that is 106 words long, is it technically a Twitter?

Well now it is up to 145 words, so it must be a blog. Below is the juice.

I was recently asked how to spot a worthless business guru.

Nationality is a good start; they are likely to be Americans (there goes my visa application and creditability as a Post Modernist).

Also they will:

1. Over promise and under deliver
2. Are shameless self promoters, peddlers of snake oil in the best Side Show tradition
   
3. All unqualified (you know from a place you go after High School), but have had success prior to selling success as a product
4. They make IT up and believe IT like religion
5. Claims are not subject to independent measurement or evaluation, and they are largely ignored by academia
6. Claim if it does not work, something must be wrong with the customer

These are the six top things to watch out for when seeking support in growing your business. Avoid.

Now back to business coaching.

Seamus O'Brien
Small Fish Business Coaching Illawarra
www.smallfish.com.au

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News Flash: "Optimism - The Predictor of Life and Business Success"

Business stuck in the bog? Seems to spinning its wheels, the occasional hard revving is followed by no movement forward? Then it may be time to change something and maybe that something is you!

Ask yourself do you agree or disagree with the following questions:

1. I have control over the things that happen to me and my business.
2. There are lots I can do to solve some of the problems I have.
3. There is a lot I can do to change many of the important things in my life.
4. I often feel helpless in dealing with the problems of life.
5. I like to think about things.
6. Sometimes I feel that I am being pushed around by competitors and the economy.
7. What happens to me in the future mostly depends on me.
8. I can do just about anything I really set my mind to do.
9. I still expect much from my business.
10. I exercise and take time out each week for me, my friends and family
11. I do not look forward to what lies ahead for me in the years to come.
12. I am still full of plans.
13. I often feel that my business life is full of promises.
14. I am glad the quiz did not end at 13 as that would discourage me in taking the quiz.

Now to score the answers (agree or disagree). To see what it means for you and your business you will need to contact me directly and there is significant rationale lying behind this requirement. You can do this by email or by phone. Mondays are best.

The Psychological research is in; the key to progress is a mental approach with deep roots in optimism. The optimistic business people make fast progress against formidable odds.

What we are talking about is not the odd motivated, sunny emotional day but a profound approach to all of life’s problems.

Look for yourself at those who are achieving business success and find a pessimist amongst them.

Still in doubt? Well have a look at the hard data published this week by Dr. Martin Seligman, Director of the Positive Psychology Center at the University of Pennsylvania and founder of Positive Psychology. He concentrates on such things as positive emotions, strengths-based character, and healthy institutions.

Dr Seligman’s research at the University Of Pennsylvania is based on empirical peer reviewed psychological studies from which the following hypotheses can be posed (thoughts added by me are not, therefore they are italicized for easy dismissal)

Optimists take actions and are more successful than others. Pessimists think a lot, go to seminars to secure the missing bit of knowledge they are sure will make all the difference, eat junk food, don’t exercise, and help the health and fitness industry become rich by joining gyms and then never attending. Pessimists are an empty vessel into which failure decants. 

Optimists believe that their actions matter, whereas pessimists believe they are helpless and nothing they do will matter. Pessimists want the answer to the above quiz now and will not take the requested action to secure it. They just know they are about to be scammed. Optimists try, while pessimists lapse into passive helplessness. Optimists therefore act on good advice readily and will take risks to get what they want.

Optimists may take better care of themselves.

Even more generally, people with high life satisfaction (which correlates highly with optimism) are much more likely to diet, not to smoke, and to exercise regularly than people with lower life satisfaction.

Optimists take action to avoid bad events, whereas pessimists are passive and accepting.

Optimists have more friends and a richer social and business life. The more friends and the more love in your life, the less illness. Happy people have richer social and business networks than unhappy people, and social connectedness contributes to a lack of disability as we age. Misery may love company, but company does not love misery, and the ensuing loneliness of pessimists may be a path to illness.

So by now if you are a pessimist with a business you will have stopped reading somewhere above, if not then maybe you have a chance. The good news it is relatively easy and inexpensive to become optimistic and if you take the requested action I am willing to assist you in transitioning from pessimist to optimist. Although for most, pessimism has just kicked in again and you will do nothing. That’s the vicious circle you are trapped in.

I love Burl Ives, we have much in common (beard -check, folk singer - check, rotund- check, kind exterior with fiery heart- check) so I offer you this little ditty as a place to start .It is sound and invaluable small business advice. Put this song into your toolbox, I call it “The Business Coaching Song – Small Fish way."

Hear from you soon.

Seamus O’Brien
Small Fish Business Coaching Illawarra
0414 241 010

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Wombat Selling In Two Minutes

Seamus says “read Wombat Selling (256 pages) or read the 2 minute essence of same with critical analysis, plus four and two thirds bonus joke pack, Great value and only half a page. The choice is yours.”

Firstly people buy what they want,

when they want it,
 
from whom they want at

the price they want to pay. (S O’Brien - 2011)

You can alter this by applying tried and true sales techniques to swing the pendulum in your direction but like all pendulums it will return to its equilibrium. That is people buy what they want, when they want it from whom they want at the price they want to pay.

As the master said “You can lead a horse to water but you can’t make it drink” (Jack O’Brien - 1962 to son on Banjo).
I propose that you can’t sell anything just remove the barriers to doing business inherent in systems, people and processes of all enterprise, ID who might most likely want your stuff and communicate in such a way they can buy if that’s what they want.

Secondly, people do not buy what they need or what others think they need or should want. They buy what they want as well as what they have no choice about buying (taxes, road tolls, Ego Caramel Magnum). Otherwise the main roadsides would be crowded with organic market gardeners selling fruit and vegetables to passing motorists driving small electric cars.

You might have noticed the MacDoogles is everywhere and the car parks are full of large four wheel drive truckettes.

UNCHECKTOCHECK

Nanoo... Nanoo (Mork to Ork - 1978)

Seamus O'Brien
Small Fish Business Coaching Illawarra
www.smallfish.com.au

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A Blatant Advertisement

Like business coaching all registered clubs are certainly not equal.

Just this week, I had the worst meal I have had since four years ago when I had a box of 5 hour old chicken with half cooked potatoes, (from a franchise operation with red lettering) one Christmas eve as I was madly driving madly to a gig in Queensland.
 
Both the meals, (this week and the red chicken meal) featured chicken, the same cheap frozen peas and was just as inedible.

Food summary YUK!! The first one went into the garbage at the next fuel stop, this week’s sat on my plate as I tried to hide my disgust from my fabulous hosts until it was removed. I really hope it found its way to garbage as well.
 
This week’s meal was uneaten at a registered club and while sometimes club food needs a little expectation downgrade, often you can eat it. And there is more...The club which had obviously seen better days (1962 when last renovated) was the venue of an important address by a bevy of foreign dignitaries. The club had failed to test its PA system when they set it up, so the Australian representative of a foreign Government and other very special dignitaries had their voices distorted like some weird new pop song. Club management then attempted to rectify their lack of care and attention to day to day detail by setting up new microphones and disrupting the dignitaries address.

Given what they had done to an Australian Chicken earlier in the night I guess that representative of a foreign government could expect no less. Still what a debacle.

I will not name the club because that would help no one.

I have just stepped into my second registered club of the week. I admit I have been to this club twice in the last two weeks, but I am not a member (yet). As I was warmly greeted by a perfectly attired desk clerk who had me sign in, I heard from the bar adjacent to the sign in desk a voice saying “Your coffee Sir." I looked across at the bar and the club's assistant manager was speaking to me and beaming next to him was the maître d who beckoned me across the room. Low and behold there was a cup of coffee made for me with 1 Equal and a little almond thingo on the side. “Care for coffee Sir?” he said.

How special.

New fresh, personal and exciting. I was made to feel refreshed and I just loved it.

I will name this one The American Club Sydney www.theamericanclub.com.au

Now the blatant advert.

Some say to me, as I tool around speaking to business people, “Oh I have had a business coach and .......”.

I say to you (of you who have had one before) just like all registered clubs are not equal neither are all business coaching organisations.

Small Fish is new, fresh and exciting. It will make you feel special and you will just love it


Seamus O'Brien
Small Fish Business Coaching Illawarra
www.smallfish.com.au

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Wisdom, Advice and Action

“Scio multos petere consilium pauci et indigentibus neminem fieri.”

Discovering the meaning of the wisest words in the world makes no difference, all progress consists of action no matter how small or seemingly feeble

For it is from small things that big things grow
Seamus from Smallfish.
Getting small business from here to there.

Seamus O'brien
Small Fish Business Coach Illawarra
www.smallfish.com.au

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Cambodian Children's Trust

Hello,

Seamus from Small Fish here.

I am asking you for help.

Tara Winkler is one of those wonderful young Australians of whom we can be rightly proud. You might remember her from the ABC’s TV Australian Story “Children of a lesser god”, if you missed it you can watch it here.

In introducing her story Jimmy Barnes said:

“What drives a young Sydney woman to drop her glamorous career in the film industry to open an orphanage in Cambodia? Tara Winkler was just twenty-two when she established the Cambodian Children's Trust in Cambodia. She is now 'mother', mentor and older sister to twenty-seven orphans, some as young as two.”

On Australia Day, Tara Winkler was named the 2011 NSW Young Australian of the Year.

I want you to put your hand in your pocket and give her kids a little dosh.

Here is my offer.
 
If you donate $100.00 to Cambodian CHILDRENS TRUST (click here) and use the following reference number ce92dc0f (but make sure your name is on the donation), I will put you in the hat to win 2 months free Small Fish business coaching valued at ($5,500.00 inc Gst). Just send me a brief email so I can match your donation to a chance to win.

In ten days time (Thursday 3rd February) the president of my BNI will draw out of a hat the lucky winner. You all will be advised who won on that day.

Thanks to Rotary (Rotary Australia World Community Service) your donation is fully tax deductable.

Great young people doing great things, please help.

Seamus O'Brien
Small Fish Business Coaching Illawarra
www.smallfish.com.au

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How To Reap Results Using The Wisdom Of Your Employees

Managing a business can be like being a new parent. There is a mountain of well-meaning and often contradictory advice on how to do it well. However, at the end of the day reality rarely conforms to the best laid plans and some degree of flexibility and humility goes a long way in getting through the day and achieving your long-term goals.

Seamus O’Brien, a consultant at Small Fish Business Coaching, has worked with just about every type of business there is in helping them identify inherent problems and get them to the next level in their journey.

“Getting the best out of the people I have worked with has been a matter of continual fascination,” Seamus said.

“The current ‘recommended’ ever-changing approaches have all delivered unpredictable results. Much like every parent experiences, you have to do your best and not assume you or your approach is going to be perfect.”

Seamus concedes that it can be easy to espouse the standard management theory answers when confronted with a problem. However, after a moment’s reflection he asked himself whether this was really his experience, and whether the human resource theory matched his lifetime in employment?

“The answer was, not really,” he said. “Nothing works all the time as situations and people differ. Choosing the right way to work with individuals at any particular time and to achieve a particular outcome is part of the fun of being alive.”

So how to best create a better business culture in your organisation? Should it come from the top down or is it built from the bottom up?

“I have found that asking longterm employees for advice and solutions pays dividends,” Seamus advised.

“Given many of the workforce have built-up serious intellectual capital, it is self-defeating not to use it and apply it to your business or organisation. Ask them what they would do to create a better business culture in your company. Then spend time to work through these matters with them in an environment where they feel free to contribute equally.”

“Unfortunately, there are plenty of weak managers out there that lack sufficient confidence to trust an employee’s judgement. Smart managers know that their long-term success depends on others, on their retention and motivation,” Seamus said.

“Smart bosses also know that the world is too complex for them to have all of the answers. Unlock the historical knowledge of the workplace and honour the work and wisdom of those who have done the hard yards before you.”

Establishing realistic performance expectations and providing a forum for meaningful communication between all levels of the workforce also goes a long way to promote harmony and increased productivity in the workplace.

“Try and find ways to increase and promote trust between every employee in your company, especially between those who are in authority and those who are not. If there isn’t any trust then there won’t be any honest communication, just lots of sound and fury,” he added.


Seamus O'Brien
Small Fish Business Coaching Illawarra
www.smallfish.com.au

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Organised Crime: A Business Model Validated by Nobel Prize Winners?

I was doing some research with one of our Small Fish clients last week and discovered something interesting. When faced with a future potential large loss, 70% of people will take the risk over a sure small present loss.

This goes some way to explain why it is that Sales and Marketing of electronic security services is seeming to be significantly less responsive to established sales and marketing activities when compared to other small businesses.

Here is where we started. We asked the question;

Does a home or business security system really reduce the likelihood of being burglarised?

The answer is a clear and unequivocal, yes. Studies revealed that homes and businesses with monitored security systems were between three and fifteen times less likely to be burglarised.

Sales and Marketing should be a no brainer!

1. Find out where such crime is highest (which is surprisingly easy to do as high quality real time data is available, free)
2. Then communicate the facts to the targets (in both criminal and marketing sense of the word),
3. Have a proven product and system...
4. Offered by a long term quality company with excellent local Word of Mouth,
5. Make sure price is inexpensive and competitive.

Now stand back and make the sales.

No chance, people are reluctant to buy until after they have been burgled- and then it just can’t be easier. I see how organised crime got going; first create the crisis then offer the defence (protection) and sales seem to just drop into place. It takes the chance out of the sales and marketing equation.

All this gave me cause for thought. Maybe we are all working on assumptions about human behaviour that are less than scientific, based on handed down wisdom rather than proven empirical data.

The answer came back not maybe but absolutely "yes."

It’s a truism that it is easier to sell someone something they desire rather than some form of defence against something that would be good to avoid. It does not mean potential burglar targets don’t ever buy; just it is an uphill struggle to sell to them without a crisis stimulating their interest.

Enter Amos Tversky and Daniel Kahneman who worked together in the 1970’s to develop Prospect Theory, which aims to explain such irrational human economic choices. These are no blog based internet sales gurus, Kahneman received the Nobel Prize for the work he did in collaboration with Tversky on the subject.

It turns out we (humans) have a deeply seated cognitive bias and we do not behave in an economic rational way when dealing with risk and return. So for your enlightenment here is the answer (In its simplest form – go figure!):



I guess this is why we skipped over it when I studied economics and business.

Monitored security systems are risk-reducing investments in which the buyer pays a small ongoing amount to be protected from a potential large loss. Potential customers have a cognitive bias buried deep in the brain and are preprogrammed to gamble on the chance of a burglary. The payment of the small monitoring and installation fee is less appealing than the chance of possibility of a larger loss.

The solution is around how to build products and services that customers want and that give them a small gain now. The way ahead is to construct products and services which give immediate if even small satisfaction now and to emphasise on the marketing the sure loss, even if it is small, that will result if the purchase decision is not made now.

That’s what we are working on now.

I hope this gives you some room for thought if you are in a business where you propose to your customers a small ongoing risk reduction investment to protect them from a possible or potential large loss. If you are struggling maybe this is why.
Happy hunting.

Seamus O'Brien
Small Fish Business Coaching Illawarra
www.smallfish.com.au

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Name Dropper... Read On

Hello in the blogosphere...Cooee can anyone hear me? Oh and while you’re at it can anyone get HAL to open the pod bay doors? I hear knocking.

Reference for Gen X, Y, and Z

Recently I was sweating away on the Vision Personal Trainers treadmill and “pondering” - as you do at speed 6, incline 15 and age over 50.

After a few minutes of this on a treadmill you look like you are really working hard. After 10 minutes of this you know you are working hard. After 15 minutes you are exhausted, no time for anything but keeping up with the relentless machine, treading steadily upward and never admitting defeat.

The slightly amusing thing is that no matter how well you do on the treadmill nobody is going anywhere.

Business can be a treadmill. Lots of hours and sweat put in, full effort, total commitment. Like my personal trainer (thanks - Greg Moon from Vision Wollongong) in business your valuable advisors and supporters give you new encouragement and enthusiasm to push yourself just that little bit more.

If you know someone who is on this type of treadmill in their business, working this hard but going nowhere, no time for anything and you know they need to step off the treadmill, to work less and get their business travelling somewhere, then Small Fish is the next step. Don’t think it will be easy to get them (or should I be so presumptuous as to suggest “vous”) off the treadmill for even a couple of hours a week. It’s not!

As my friends Rodger Armstrong’s brother said in 1969, it’s

“One Small step for man, one giant leap for mankind” (Reference again)

Seamus O’Brien - Vicarious Name Dropper from the Treadmill Doctors – A.K.A. Small Fish Business Coaches
Small Fish Business Coaching
www.smallfish.com.au

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