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Entrepreneur Archives | Spillly

6 Reasons Why You NEED A Business Coach TODAY

By Business Coaching Entrepreneur Motivation No Comments

It certainly isn’t easy to start a business, run it successfully and become the ideal entrepreneur that you know you’re capable of becoming. Our ever-changing world can be unpredictable, often demanding time, effort and energy – which all need proper allocation to ensure that you remain efficient in every aspect of running your business.

One thing that is certain – an unavoidable truth that every business owner is aware of – is that improvements can be made in your business, social and personal life with the help of a business coach. No bullshit.

And you know that a business coach will make all the difference in the world if:

  1. You Feel Like You Could Develop And Grow As A Leader and are in need of powerful tools and techniques to improve your relations and ability to motivate staff, as well as yourself.

I’ve been there before and it isn’t always easy to grow without proper nourishment. Being that it is lonely at the top, you find yourself in a situation where you don’t know who to look to for new ways to grow and evolve. It can be hard to juggle the many things that you find yourself wrapped up in, so finding new techniques and methods to turn you into a better leader is often the last thing on your mind.

That’s why I come prepared with modern, relatable and easily digestible advice, bringing speed and nourishment to your development. I have the experience, tools, knowledge and techniques to bring you closer to your staff and to that status of an impactful and proud leader.

  1. You Need Someone To Push You And Make You More Accountable as you would feel more driven and find comfort in having somebody around to keep you on the right track.

It’s not uncommon to find that having a friend or partner around with the same interests helps to extract the drive to accomplish more. It’s sometimes hard to be in a position where you feel stagnant and have the final say. I have people that I do running with that push me to try harder and create a sense of accountability if I dare to be lazy or feel like giving up.

You’re certainly not alone if that’s how you prefer to operate. Yes, it can be difficult to find somebody that truly understands your position, that you know you can trust and relate to, but there is a silver-lining. As someone that knows the importance of an exemplar, I can do exactly that for you, while pushing you to excel and take responsibility for your actions or inaction.

  1. The Struggle Of Work-Life Balance Is Real and you’re struggling to find that perfect ratio in order to keep you from tearing at the seams.

Time acts as a commodity when running a business and it can be difficult to figure out when to take a break or to keep pushing. I’ve made the mistake of pushing myself too hard when I was a business owner, literally to the extent of causing harm to my mental well-being.

Therapy helped with that and I now know how valuable creating the right balance is when dealing with that stress. I can relate in many ways. Don’t wear yourself thin and let someone like me help you make sense of the pressure that you feel yourself dealing with. I’ll help you understand your goals and ambitions, offering a course of action to help you achieve them.

  1. You Have Plenty Of Ideas And Great Vision, but need an objective soundboard to give you critical feedback and constructive criticism, because when you’re all the way at the top, it becomes harder to find people without ulterior motives to bounce ideas off of.

Whether it’s an employee that you think you can trust, or even a family member, the sad truth is that most people act in their own best interest. You’re in a position of power and people are aware of that, so they tend to stroke your ego, instead of being authentic.

Having to deal with sycophants can be a real pain in the ass. I know it all too well. That’s why I prefer to be blunt and avoid sugar-coating my feedback to clients. At the end of the day, we all deserve transparency and the truth. It can be refreshing to receive clarity instead of an arse kissing at every corner.

  1. It’s Hard To Determine What’s Really Important in your daily activities, what you need to focus on and what to do next.

Keeping your finger on the pulse at all times can prove to be difficult. As a business owner, it’s hard to rely on your staff to keep all of the different verticals in check, so you need to be aware of and involved in everything that goes on at all times.

Finding order within that chaos can be challenging, especially when you’ve taken on such a tremendous responsibility. That’s where I come in. I’m fully aware of every aspect of your business that needs attention, so I create and implement processes in an organised and uncomplicated manner that gives you the relief that you’ve been craving.

  1. Your Motivation Is Starting To Dwindle and you need a catalyst to give you more clarity, joy and hope in what you do.

As time progresses, you find yourself with less and less motivation, enjoyment and interest in what you do. You might not know what the next step to take is and require a change of pace or direction to keep you hooked. I know that feeling all too well. It took me years of doing the same routine until I snapped and my motivation shattered.

Finding new and interesting ways to make things exciting is something that I have also struggled with in the past and it’s something that I’m always helping clients deal with. Sometimes a refreshing new perspective, strategy or change in pace is needed and I can bring you that energy and relief.

By refreshing your perspective and re-igniting your passion, I bring new perspectives and approaches to catalyse your personal development. You’ll see and feel business through a shiny, new lens.

Bonus Reason #7:

+ Your Company Lacks A Differentiating Factor that will advance your growth and separate you from the pack.

Everything that you do has the chance of reaching a point where it becomes stale and sometimes it can feel like there’s an expiration date looming in the near distance. You find that everything is coming to a stage of mediocrity and your business feels boring and needs a certain something to help it stand out from the competition.

It may seem like your business is similar to milk at this stage; it was delicious, full of promise and packed with nutrients, but all milk spoils and begins to stink after a while. And I can change that. I’m not saying that I’m Jesus or anything, but I can certainly change your business from bitter milk to a fine wine; even tastier, far more beneficial, sought after and on a path of maturation, rather than expiration.

If you seek moments of greatness, sparks of excitement and enthusiasm, a fresh perspective, and more enjoyment around running your business – then I think it’s time…

… It’s time to get off your ass and mount that stallion; take charge and embrace the speed, comfort and strength that you know you deserve.

I’m certain that you could do with some real coaching, from a real business coach that knows how to keep it real. Make sure you get in touch – you know I’m what you need:

+2783 253 3339

brent@spillly.com

 

 

 

 

 

 

 

Oh! How you love to hate.

By Business Coaching Sales Strategy No Comments

It’s important for every business owner to review and evaluate clients on a fairly regular basis. Every entrepreneur needs to figure out whether a customer/client is either of use to them or should go through the dreaded culling process.

So it’s vital that you ask these two important questions: Do they add value to your company? Or do they annoy the living shit out of you?

In figuring out which clients to retain and which ones to scrap, I recommend using the love-hate quadrant to guide you in your decision-making process.

Hate-Love-Love-Hate 

It can be difficult to determine which filters to use when deciding who you should keep and who you should let go of.

Besides the obvious ones, like whether particular clients bring in small or big revenue, growth opportunities, and profitability – you need to be aware that certain filters usually lead to an emotional feeling between you and the customer.

Which can often result in you hating them.

So instead of relying on your emotions to figure out whether or not they should be kept or dumped, I recommend using a simple love-hate matrix to help you decide which route to take.

There are four different categories that you can place your clients into that will help motivate your decision:

Love-Love Quadrant – will contain your list of customers/clients that you love and appreciate the most. They’re the clients that you want to keep, the clients that you love and that love you in return. They pay well, the work that you do for them is always appreciated, and you enjoy the process and relationship that you’ve established with them. They’re also a great cultural fit and refer you to new clients all the time. So you need to give this category of clients 80% of your time, focus and energy – making sure that you look after them and their best interests.

Love-Hate Quadrant – consists of clients that love you, but you absolutely hate them. You usually run into issues when dealing with them, as they can be a nuisance and overly demanding. The money that they bring in isn’t too great, especially considering the work and effort that you have to put in. But, because they love you and the service/product that you provide for them, it’s wise to try and work them into the love-love quadrant. Make your staff aware of the issues that you have with them and that they have with you, then come up with solutions or offers that can extract more money and better opportunities from them.

Hate-Love Quadrant – this category is for the clients that you love, but they unfortunately hate you. While they’re constantly down your throat with complaints and criticisms, they still bring in a nice amount of money to your business. They aren’t always happy with the work that you provide for them and they make sure that you’re aware of that. While it seems like culling them would be a better option, you should try and address the issues that they have, attempt to satisfy their demands and try to work them into the love-love quadrant.

Hate-Hate Quadrant – these are the clients that you hate and they hate you. It’s mutual. They don’t have much to offer, especially in terms of profits and they consistently give you a hard time. When you despise a client so much that you cringe at the idea of doing anything for them, then it’s probably time to wipe them out. What you should do is work on ways to get rid of them – so that they no longer bring you stress. One of the easiest ways to do this is to just drastically increase your pricing or mention that you will not be renewing their contract.

This matrix is a great tool to use during annual strategy sessions.

It will help you determine and categorise which clients help you and your business, while either working on creating a better experience for those that you still want, or implementing a plan to get rid of those that you don’t.

It’s a simple, easy-to-use process to apply to your business strategy.

You’re welcome.

I would absolutely love to throw you into the love-love quadrant and list you as one of my top clients. So do us both a favour and get in touch with me.

It will change your business for the better. It will make you the leader that you’ve always wanted to be. It will give you clarity and vision. It will also make my day.

Squeeze me in if you don’t have the time, make the effort to grab my attention. I will be the best choice you’ve ever made:

 

+2783 253 3339

brent@spillly.com

 

 

 

 

Reducing The Load Of Your Slowest Hikers

By Business Coaching Consulting psychology Strategy No Comments

When building out your business, there’s always a clear, set mission to achieve significant growth and success – not only for yourself, but also the people that you take on that journey with you.

Similar to the task of hiking together with a team, you, as a leader and guide, must find a process that gets everyone to the top of the mountain in the most effective way, possible.

But what often tends to happen is that you and your team might be slowed down due to the hikers in the back; those that might be struggling to endure the arduous journey with you. And this usually means having to patiently wait for them to catch up to the rest of the team before you’re able to continue and push towards achieving your goal.

While culling those hikers might seem like an easy option, it’s often better to help them by offering to lighten their load, teach them a trick or two, or motivate them to succeed.

A Chain Is Only As Strong As Its Weakest Link 

Indeed, you may find it quite challenging to embark on that journey to reach the top and you will undoubtedly face certain obstacles, but through a healthy dose of desire and determination, you’re well aware of the effort and willpower it will take to get there.

Confronted by ravines, narrow ledges and the many areas of discomfort on the path to success, it’s your job to motivate and empower your team – so that they too help ease the process of getting to the top.

And although each of the hikers within your team have their own backpacks or loads to carry with them, there’s almost always a person (or select group of people) that struggle to keep up and endure the load. Contained in those backpacks are things like skills, personal issues, beliefs, etc. which come to affect the load that needs to be carried on the way up.

Some people handle their load better than others. While some need help to manage or compartmentalise their load in a more effective way.

The issue with those members that lag behind is that it restricts progress and productivity; it slows the entire team down and prevents you from reaching your goal in the fastest way, possible.

It certainly seems like a great option to just go ahead and send those slow, struggling hikers back home, freeing up the energy to keep pushing forward – however, a better approach would be to convince your strongest, fastest hikers to train, inspire and assist the weaker ones, instead.

To do this, you need to ask your strongest hikers to help carry or re-arrange the backpacks of those that are in need of assistance. By removing or re-organising their backpacks, you reduce work-load, provide them with more opportunity to be trained and developed, and create a sense of camaraderie amongst the team. This results in a better, faster and more effective unit.

Using Theory Of Constraints To Reduce The Load 

One of the most effective ways to view and come up with solutions to this situation is through the Theory of Constraints.

Dr. Eliyahu Goldratt, a physicist turned business consultant, came up with this model back in 1984 in his book The Goal, which teaches readers that every organisation, at any time, is limited in its ability to achieve its objective due to a single constraint.

Goldratt defined it as, “A thinking process that enables people to invent simple solutions to complex problems.”

This method is ultimately about focusing on different areas that need attention; attending to the weakest link on that chain and fixing the problem in order to increase productivity and prevent it from getting worse.

By using the Theory of Constraints, it’s important to find the answers to three big questions: What to change?; What to change it to?; and how to change it?

Answering these questions will ultimately provide direction and assist you in coming up with a plan to solve the problems that need to be dealt with.

In order to identify and solve the constraints that need your attention, a five-step method is usually recommended. This will help you find a starting point and give you a process that works effectively when tackling the situation.

The five steps are as follows:

Identify the limiting constraint. In the case of our team of hikers, take a close look at those employees that struggle to keep up with the rest of the team and that slow everyone else down. Figure out what it is that they need help with, whether it’s a reduced workload, more training, counselling, or positive reinforcement – you need to focus on finding the reason why they are struggling in the first place.

Exploit the constraint using existing resources before any investment. If you’re able to identify  the constraint, come up with solutions that don’t require extra money and attempt to remedy the situation through resources that you already have available. If the slow hiker has issues with work that they are struggling to understand, then request one of your stronger hikers to train them, give practical advice or explain how to handle it better.

Subordinate all associated activities to the constraint. Although it might seem a bit counter-intuitive, it’s important to consider that every working part of the system might be supporting and giving fuel to an existing problem. By slowing the whole team down, you’re able to identify any hidden issues or problems that might be affecting the overall performance of your unit.

Elevate the constraint by throwing money at it. Once you’ve identified and worked on the issue at hand, it’s important to invest money or resources in it – so that you’re able to increase its durability and prevent it from causing any further damage down the line. If you buy better backpacks with more compartments and space to get you through the hike, i.e. spending money on training and education for those who are struggling – you create a barrier for those same issues surfacing in future.

Repeat the process to identify and solve the next constraint you could face. Go back and identify new constraints to be worked on and improve the ones that you’ve already solved, while keeping the cycle going. Ensure that everybody in the team is on the same frequency and keep a sharp eye on any new constraints that need attention.

This method has many benefits for not only your team, but the company as a whole. It helps you find and solve the reasons behind a lack of progress within the organisation, it provides a structure for continuous improvement, and allows you to approach constraints or issues without the need for investment or spending extra money on unnecessary band-aids.

Reducing or optimising the load of your weakest hikers will bring about a much faster and enjoyable journey.

Have the talk with your fastest and most efficient hikers. Butter them up, paint them as heroes and make them aware of how great they are and that they have the power to make a valuable and significant difference in the operation of your business, as well as those that need help.

If you’re starting to feel lonely in the front; nobody to bounce your ideas off of, tempted to try new routes or paths, or struggling to find the motivation to keep pushing – then I can help you with that.

Being a successful business coach means that I look forward to every opportunity to make a positive and remarkable difference in the lives of the entrepreneurs that I work with.

I’m like Gandalf in the Lord of the Rings. I will enhance your journey while offering you the perfect advice, guidance and respect that you need as a business owner. I will share my network, strategies and formulae for success with you. I will help you find what you’re looking for.

Do it. Make the call, send the message. Reap the rewards.

+2783 253 3339

brent@spillly.com

Why Having A Board Is Important For Your Small Business

By Business Management Leadership Strategy No Comments

Having an advisory board isn’t only for big businesses. And although it might seem like a waste of time, money and energy to have one – any entrepreneur and their business can benefit from the many advantages that come with them.

Ultimately, the purpose behind having a board is to gather experienced and compatible individuals that offer you valuable advice, guidance and insight with the intention to develop and enhance your organisation.

They ideally consist of a team of educated and proficient people that share a common goal:

To help your business flourish.

That’s why – no matter how small your business may be – you need a board of advisors.

“I’m Capable Of Creating A Business, So Why Would I Need A Board?” 

By understanding that boards only exist to help with the success of your company and not to trample on your goals and ambitions, you’ll come to learn that the advantages of having one will always outweigh any of the perceived disadvantages.

As a business coach, I usually deal with companies that are run by a single entrepreneur (often consisting of a 5-50 man operation) and I’m always shocked to find that a large portion of my clients perceive boards as counter-productive, with a firm belief that having one will slow the company down.

This couldn’t be further from the truth.

Boards usually consist of hand-picked, like-minded individuals that come together to discuss, plan and implement strategies and processes to improve both you and your business. Their purpose is to set certain goals and outcomes that the company needs to achieve, while looking at the different approaches and actions that need to be taken in order to achieve those goals.

Many business owners run into a variety of challenges that come with operating their business: a lack of growth; finding new direction; coming up with new ideas; being lonely at the top; detecting problems and red flags; a loss of vision and creativity; and even being an effective leader.

These problems, along with many others, can be remedied by setting up an advisory board in your company. An advisory board usually consists of experienced and professional individuals that are often paid to provide the guidance, feedback and network that’s needed to nudge a business in the right direction.

These experienced individuals usually include: existing entrepreneurs, lawyers, accountants, a mentor/coach (like me), and even an existing or potential customer/client.

By forming a team that consists of people with these backgrounds, you’re kept accountable and focused on the steps that need to be taken in order to achieve greater success within the company. It also acts as a much needed eye-opener, showing you that your resources and experiences are both limited and limiting.

When I recommend setting up a board to some of my clients, they often argue that they’re far too small to have a board. But I push back and remind them that no business is too small and that with the right mix of people, they’re sure to find the exponential growth that they seek.

Being a business coach means that I often sit on various boards where I provide advice, feedback and guidance for entrepreneurs. I help them identify the direction that they want to take their business in, making sure that they have a clear, straightforward plan and are sticking to that plan. I also ensure that they take things seriously and that they’re held accountable for their actions or inaction.

The benefits of having a board are plenty. You’re given feedback and transparency; support and accountability; honesty and a sense of comfort; and access to resources and new networks.

Another huge advantage of having experienced individuals on your board is that you’re able to learn from their past mistakes.

While you might see an opportunity or have an idea that seems perfect – they might have gone down similar rabbit-holes or made the mistake of chasing shiny pennies. They’re able to prevent you from dealing with any embarrassment or failure.

Together with a powerful, hand-picked board, you’re able to avoid risks that you would’ve taken on your own; you’re able to create improvements around policies, processes and overall workflow; you have the opportunity to enhance your identity through personal growth and exposure. There are certainly far more benefits to having a board, especially in comparison to doing things on your own.

What is there to think about? Get a board of advisors and be advised. Take advantage of the networking and resources that they make available to you. You’ll be pleasantly surprised.

Whether or not you’re looking at setting up an advisory board for your business – I can be of assistance to you.

Most of the amazing benefits that come with having a board can be provided by yours truly.

And if I’m your business coach, you’re immediately given access to a massive network, as well as peace of mind where strategy, advice and accountability are concerned.

With my experience as a business owner, I can also steer you in the right direction – helping you avoid the mistakes that many entrepreneurs make, while keeping you motivated and excited about the future of your company.

Take action. Throw me into your board of advisors, or keep me as your secret weapon:

+2783 253 3339

brent@spillly.com

Driving Your Business To Success In A Tesla (Or V8)

By Business Coaching Entrepreneur Motivation No Comments

Putting your foot down hard on the accelerator and going full steam ahead when running your business is quite a common theme amongst entrepreneurs. Most of the time, emphasis is placed on driving the business with your pedal to the metal – barely ever slowing down or stopping to smell the roses.

Obviously, it’s great to be that invested, inspired and driven to become successful and achieve extraordinary things in the quickest way possible – but going full speed isn’t always beneficial or effective.

Just like a race-car driver, you need to hit the brakes at times to comfortably make sharp turns around those difficult bends – and by counting on speed alone, you might just cause an accident.

I believe that slowing down, or sometimes coming to a complete halt, will do you and your business great justice. So loosen up your seatbelt and prepare to slow things down a bit.

Think About Your Business – Don’t Just Push It 

In order for you to get to break-neck speeds and drive your business to achieve success in the fastest possible time, you end up pushing extremely hard; making as many sales as possible, spending resources and money on getting better results, and ensuring that you keep your eye on the prize – never stopping for anything.

Being in the driver’s seat usually means that you want a bigger, faster and more powerful car. You want to be better than the rest and reach your destination before anyone else does.

But the problem with that is that you end up spending very little time looking at the best ways to win; rather focusing on getting to the finish line through sheer speed alone.

So what pace should you be going at to achieve better success in your business? What is the ideal vehicle to choose on your journey?

Well, you could probably choose a Prius and end up last, knowing that you’ve made a great impact on the environment; or you could pick something with a V8 engine, where you get powerful acceleration, reach amazing speeds and take yourself to victory faster than anyone else. Both are great choices, depending on your motives, but I recommend that business owners pick a Tesla.

Why not just pick the V8, though?

While it certainly seems like a great choice to choose the V8, the time it takes to fuel-up isn’t exactly good for your business. The engine is much bigger, so the fuel consumption is greater – which also means that you need to stop quite regularly before you get back on track and keep moving. But stopping isn’t the issue; the time spent on your stops, is.

When you stop to fill your petrol tank, those moments give you time to let the route sink in – providing you with clarity, innovation and thought. With the rush that you’re in to make it to the end, you barely have enough time to think about using better techniques, tactics and strategies – or to find more fulfilling and fruitful paths to success.

Having a fast car with a high speed is great and arriving at your destination faster than anyone else gives you a wonderful feeling, but it’s not always the most strategic approach to your business (nor is it economically or environmentally friendly).

And over time, with maturity and growth, the realisation that you no longer need such a powerful, fuel-hungry machine begins to sink in.

It’s only then that you start to understand the risks that come with being too fast and your desire to be number one. You begin to see the importance of hitting the brakes from time to time, slowing down to appreciate the views and putting some of your brightest ideas to the test.

If you’ve already chosen the V8, I recommend a trade-in. It’s time to swop out that roaring beast for a sexier, more modern and sought-after car: A Tesla.

But, why a Tesla? Because they are far more economical, safe for the environment, desirable and just as fast as a V8 is. You’re given the opportunity to speed up when you want to while enjoying the luxury that it offers you – you also make a much better impact on the world around you.

Hold on. Don’t you have to wait a lot longer to actually recharge the car before you can get back on the road? Precisely. As a business owner, that’s exactly what you want; time is extremely important and rushing into things can be dangerous, so taking much longer breaks during your journey will be far more rewarding for your business.

You’re unable to properly think about your business if the only thing that’s on your mind is winning. Thinking about your business means spending more time on strategies, developing your working environment, and giving more attention to people, policies and processes. These are the things that far too many business owners ignore and don’t give enough attention to on a day-to-day basis.

Slowing down to gather your thoughts, work on areas that need attention, and develop your abilities doesn’t make you a loser. In fact, it makes you a smarter, enjoyable and more remarkable driver that people can appreciate and look up to. It makes you a winner.

There’s absolutely no need to rush. The journey that you take in running a business is a beautiful one. Growing yourself, enhancing the lives of others, discovering new strategies, techniques and tactics to make you the best leader that you can be will be far more rewarding than sacrificing everything just to make it to the finish line.

Think about using a Tesla in your approach to business and scrap the idea of using a V8. You can still speed up whenever you feel the need, but there’s far more time for you to think about the important things and grow.

Clear up your passenger seat and make some room for me.

I can act as your GPS, giving you the right direction, guidance and information on all of the greatest routes and pit stops to visit along the way.

It’s about the experience, the journey, and not always about the end. I’ll send you my location via Whatsapp or Email you directions to come pick me up:

+2783 253 3339

brent@spillly.com

 

6 Great Models To Attract Recurring Revenues

By Business Management Sales Strategy No Comments

Too many entrepreneurs think long and hard about finding the simplest ways to generate money through their product or service. But what they often fail to realise is that the way in which they package their solution will ultimately determine how sticky, profitable and attractive their product/service is to the customer.

And one of the smartest ways to package your product more effectively is through the pricing and revenue model that you choose to offer.

That being said, here are a few of the top revenue models that could transform your business into a gold mine.

Why Your Choice of Revenue Models Is So Important 

A revenue model is the approach your business takes to earn revenues. After establishing your value proposition and the set price(s) of your product or service, the next step is to figure out how your client or customer is going to pay for it.

That’s why having a good revenue model ensures that your business is able to make long-term projections based on current and future profit potential. This will aid you in extracting the best possible returns for your company, while retaining clients through the use of subscriptions, contracts and the sunk cost fallacy.

Sunk cost what?

The sunk cost fallacy (or sunk cost bias) refers to the justification we give ourselves when buying an expensive dinner, finishing a movie that we don’t necessarily enjoy, or remaining a loyal customer to a brand that we’ve already been with for years (even if there are better options out there).

Putting money, energy or time into something means that we inherently develop a bias towards it and are willing to ignore any pitfalls or failures that could motivate us to change our minds.

While it might sometimes be unfortunate for us as consumers, clients or customers, it certainly works in the favour of any business owner. Conversion rates can be increased, contractual obligation can maintain profits, upselling can be amplified, and client retention can be improved by simply being aware of this cognitive bias.

So choosing the ideal revenue model for your company will enable more consistent profits and a far more loyal customer base.

And the great part is that there are a number of promising options to choose from.

As a business coach that cares so much about your success, I’ve taken the time to sift through some of the best models out there and rank them from the least beneficial to the most.

Let’s check them out:

The Top 6 Revenue Models

1. Consumables:

These are your typical consumables (whether a product or service) that generally get purchased once, twice or three times a month or even every few months.

Think of products like coffee, milk and bread, or services like electricity, gardening or cleaning; these ‘consumables’ work well once you’ve established customer loyalty, which will ensure that you’re bringing in a recurring revenue.

2. Sunk-Money Consumables:

By making use of the sunk cost fallacy, this model is based on offering a product or service that requires an additional item or clause in order for that product or service to  operate or function effectively.

Basically, you offer a base product/service that’s quite affordable (a Gillette razor handle, gaming console, or a dating site) and then provide additional items or functions that the base product needs for it to be of any use (Gillette razor blades, games, or in-app currency for extra purchases).

With this type of model, you ensure recurring revenue based on customers’ reluctance to give up on something that they’ve already invested in. You wouldn’t buy that gaming console without feeling the need to buy games for it; or sign-up for a dating service and be limited to one message per day, when you can pay to receive more messages.

3. Renewable Subscriptions:

One of the most common and effective recurring revenue models would be through the use of renewable subscriptions. By incurring a monthly fee (a subscription), you ensure that the client or customer is bringing in revenue on a monthly basis and has the opportunity to renew their subscription at the end of a certain period.

This model is usually a win-win, as the customer perceivably pays less to own a product or use a service, while the business owner has a more stable and predictable source of revenues (especially when compared to consumables).

A great example could be a cell phone contract or streaming platform like Netflix.

4. Sunk-Money Renewable Subscriptions:

This model has the customer invest in a base product or service that has additional premium features that are offered on a subscription basis.

By taking renewable subscriptions and adding an element of sunk-costing to it, you guarantee more recurring revenue options. When you purchase a device (e.g. an Apple TV) or a service platform (e.g. a Bloomberg terminal), you’ve already sunk money into it, so you’re more likely to purchase exclusive additions for it, such as an Apple One subscription for the TV or a business publication subscription for the Bloomberg terminal.

It takes advantage of the sunk-cost bias and blends it with renewable subscriptions.

5. Automatic-Renewal Subscriptions:

By taking renewals into your own hands and making the process automatic, you allow for a much better recurring revenue.

Instead of letting the customer renew their subscription after a period of time (say, a year), you automatically renew it until they choose to end it. This way, customers are more likely to stay, as they don’t bother looking at competitive prices and you make the renewal process easier for them.

Think about gym memberships or insurance firms that keep renewing your subscription until you’ve made the decision to terminate the agreement.

6. Contracts:

Long-term contracts are highly beneficial for maintaining a recurring revenue that can’t be challenged or disputed. It ensures an ethical agreement between both parties that a certain amount will be paid within a particular period of time in exchange for goods or services.

This model is a great choice, especially if you’re able to get customers to come on board for a long period of time. If you’re planning to sell your business, then ensuring that a survival clause is present will help keep customers from leaving after a change of ownership takes place.

*Bonus Model: “Rundles” 

This new approach coined by NYU professor, Scott Galloway, takes a recurring revenue model like renewable subscriptions and blends it together with bundling.

Bundling basically entails putting multiple services or products together and selling them at a ‘better price’. This extends to products/services that might not be very popular and putting them together with more favourable ones, then selling them as a package.

With “rundling”, you take those two concepts and form an approach that has seen huge returns. I’m talking billions of dollars in revenues and millions of customers migrating to platforms that offer recurring revenue bundles or “rundles”.

A great example of this is the way in which Apple has offered services like iCloud and Apple Care, then bundled them with entertainment services (Apple Entertainment and Music) under one affordable subscription model.

Companies like Adobe and Walmart are also jumping on this lucrative bandwagon to bring in the big bucks. It’s most certainly one of the best recurring revenue models taking over many industries and I’d highly recommend looking into it.

If you’re looking at your product or service and thinking, “how do I apply one of these models to best suit my business?”, then I’ll let you in on a little secret:

Taking me on as a business coach means that I can help you identify exactly what will work best for you and your company.

It takes DICE (determination, interest, compassion and experience) to move a company forward, both on a micro- and macro-level.

And I’ve got all the DICE you need!

So do yourself a huge favour and start communicating with me as soon as you’re ready for a better future:

+2783 253 3339

brent@spillly.com

5 Reasons (Other Than Money) Why Entrepreneurs Work So Hard

By Business Coaching Entrepreneur Motivation psychology No Comments

I rarely find entrepreneurs that don’t work incredibly hard in their businesses. They often make major sacrifices by spending loads of time away from family and friends, neglecting their health and giving up on moments of leisure (holidays, gatherings, etc.), in order to be the best at what they do.

Working hard to become successful and run a great business is generally for one major reason: making profit. Usually, making as much money as possible to have the freedom, security and comfort that financial stability can bring you is a huge motivator.

But I feel that it’s not always quite as simple as that.

I’ve come to discover that there are 5 more reasons (other than cash) that motivate entrepreneurs.

Let me enlighten you:

5.A Sense Of Guilt

Some business owners feel that if they’re not working, then they are being lazy, unproductive and aren’t making a valid contribution to society. People that deal with guilt generally have an internal narrative that reminds them of their obligation to work harder for themselves or for someone else (be it for family or to keep a promise).

There are many people that use guilt to drive their ambition for success and quite often do very well in running a business or in developing a strong career path.

And although it certainly does motivate them to do things, or at least get things done – it’s not exactly a healthy reason to work harder. Guilt often creates a sense of shame, especially if something doesn’t get done or get done right. Yes, we all need to be responsible and hold ourselves accountable, but shame can end up bad for your health and negatively affect your output.

4.High Levels Of Competitiveness 

Some people are highly competitive and absolutely love to win. Losing is never an option, so doing whatever it takes to be the best at what they do is a huge motivating factor. While competing for profits is one thing, competitive business owners see a challenge in almost anything.

Winning can be subjective, though; it’s relative to each individual and will differ from person-to-person. But the highly competitive entrepreneur is often never satisfied with one metric of success, rather they constantly seek out new benchmarks to measure achievement.

When you interact with someone that loves competition, you come across questions like, “How many people do you have in your business? What are your profits like? Who are your biggest clients?”. And usually, questions like these are aimed at gauging the level of success a person has, so that they’re able to determine the best route to take in order to become the better leader.

Being competitive can be great and help you in reaping many rewards, but there are a few disadvantages that come with the desire to always come out on top. There’s a fine line between the enjoyment of playing the game to win and negative motivators like jealousy, envy, and obsession. Sometimes being overly competitive can also mean that you secretly want others to fail, that you don’t want others to be on the same level as you, and that you don’t care who you hurt to get what you want.

3.Being A Perfectionist

Some people are addicted to perfectionism. Obsessive Compulsive Disorder can sometimes play a role, but certain individuals can’t progress until they believe a product, service or task has reached the point of perfection.

The thing is that it takes a lot of hard-work, energy and time to try and attempt perfecting something. I’m not saying that being mediocre in everything that you do is alright, but putting too much effort into a product or service can sometimes do more harm than good. While causing you heaps of stress, which can lead to emotional outbursts, perfection is highly subjective and not always worth the attention that you give to it.

While it might seem admirable to give everything your all, it’s not always effective. Sometimes giving a product or service that is too polished can be off-putting. Also, by trying to make something perfect, you put yourself at greater risk of taking criticisms too seriously which might end up in feelings of failure and resentment.

2.Being A Control-Freak

I’ve come to find that plenty of business owners are driven to do the important work themselves in order to have complete control of the outcome(s). They love either being in control or take complete joy in controlling others. If they aren’t actively involved in the business (pulling the levers, engaging with the work) then they feel pained by a lack of control.

While I often suggest that giving clear briefings, delegating the work that needs to be done and evaluating it afterwards can give you just as much control – there are some absolute control freaks that simply can’t give up that sense of power. This insatiable need to be in control all of the time can be traced to the desire of being right all the time. It creates discomfort in others and displays deep-seated issues of trust.

It might seem like doing the work yourself would be a better approach and your pride might tell you that your involvement is crucial to the success of a product, service, process or operation, but there are plenty of disadvantages that come with being overly controlling. If there’s one way to annoy the living shits out of your employees, then revising their work over and over again is certainly a great option. You end up making people feel inferior and like they aren’t good enough. It can also create resentment and diminish the respect that people have for you.

1.An Addiction To Dopamine & Adrenaline 

This one has become more and more apparent, especially in business owners that work from home. These people are often motivated by the stress of getting work done – they thrive under pressure and quite often produce excellent results. Working hard and through long hours, they function well on the adrenaline and dopamine that comes with the pressure that they deal with.

The idea of producing great results under pressure is called eustress. Eustress is often associated with growth, productivity and skill development – but with any form of stress (whether good or bad), there is a chemical/hormonal reaction that takes place within the brain and body. When dealing with situations that involve pressure, there’s a release of adrenaline, dopamine and cortisol (to name a few) into our bloodstream and it’s not always healthy.

Dopamine is usually released upon achievement of a goal and leaves you feeling great – like a drug, this can become addictive. With adrenaline and cortisol – the two negative hormones that are associated with stress (and eustress) – you end up doing more harm than good. Adrenaline, our fight or flight hormone, causes the body to react to these situations (sweaty palms, frustration, mood shifts) and can have negative effects in the long-term. Cortisol, the stress hormone, is a slow-releasing chemical that can negatively affect our immune systems, blood pressure and digestion (along with others).

With a cocktail of hormones coursing through your veins, it can inevitably have negative effects. And one of the biggest issues is that of depression. Long-term, these chemicals will bring harm to the mind and body; short-term, you can be left with feelings of sadness and hopelessness.

Being that addiction plays a role, when you do end-up taking a break or vacation, then the lack of hormones will affect your mood and energy-levels; you’re basically going cold turkey and it will take up to 2 weeks for your body to stabilise.

Motivators Come In Clusters

Most business owners that are motivated by these different factors usually relate to two or more of the reasons listed above. Some people are driven by guilt and perfection, some by control and competition – each person has more than one motivator.

As a business coach that comes into contact with so many different personalities, I recognise some of these traits in some of the entrepreneurs that I assist.

Making them aware of what motivates them is crucial for self-awareness and understanding why they do the things that they do. In helping them realise these things, I’m able to advise and guide them towards better thinking, reasoning and action.

Knowing how these reasons affect you and why they might be unhealthy will push you towards becoming a better business owner, leader and human being.

As the saying goes: “Check yourself before you wreck yourself.”

Being a business coach means that I not only want what’s best for your business, but for you, as well.

I’m driven by the desire to make your life better, your business better and your approach far more effective.

You deserve a coach that takes every single thing into consideration and not one that is purely motivated by profits, control, competition, guilt, stress or perfection.

You deserve compassion, strength, wisdom and guidance.

So take what you deserve:

+2783 253 3339

brent@spillly.com

 

 

 

Charity Or Capitalism – What Drives Your Business?

By Business Coaching Entrepreneur Motivation Strategy No Comments

Empathy is a beautiful thing. It shows compassion, understanding and often presents itself in the form of charity.

Giving back to others, whether they come from a difficult background or struggle to afford certain things, is inspiringly profound and I’m fortunate to have so many clients that are always seeking to act in charitable ways.

But, at the end of the day, running a business based on capitalism means that giving out freebies can be problematic. Keeping an eye on the losses, the leeches and missed opportunities is essential to the growth and success of your business.

That being said, I believe that it’s important to determine whether you’re in it for profit or for charity.

Are You In It For Profit Or To Give Back? 

I tend to find that a large portion of my clients land up in a position where they’re guilty of providing services and doing work that they know they’re losing money on, or they end up keeping staff that they shouldn’t (those that are too slow, unproductive, etc.)

So a question that I ask many of them is, “are you a business or a charity?”

If you’re a charity, that’s great. I recommend going ahead and starting a non-profit organisation and making the world a much better place.

However, from a capitalist-based perspective, if you really want to do charitable work, then it’s often better to make a lot of money and then spend a portion of it on giving back, or even starting a large business that affords you the time and freedom to commit to charitable work.

As a business coach, it’s only right to remind you that running a business, which is aimed at bringing in profits for the shareholders, and trying to do charity at the same time is not a very smart move.

If you really want to commit to doing charity in some form, then perhaps telling your staff that 5-10% of the work that will be done is going to be pro bono, so it’s measurable and accounted for.

At the end of the day, I want my clients to be as profitable as possible.

Don’t get me wrong, I love that there’s so much empathy within my client-base and I respect that they want to do good in the world, but they aren’t doing themselves, their shareholders, or their staff any favours by wasting time, effort and resources.

The difficulty lies in looking carefully at your clients and staff – identifying who the charity cases are and making the decision to either keep them or let them go.

If you’re losing money, then it’s probably time to summon up the courage and do the inevitable. Getting rid of the charity cases will improve efficiency, free up time for new clients and allow for faster growth.

You need to be clear with yourself around where the charity starts and where it ends.

This might end up pissing you off, but at the end of the day, you have smarter choices and options to choose from if giving back is a priority of yours.

Remember that starting and operating a business isn’t easy and in order for you to keep on a trajectory of growth, certain sacrifices are absolutely necessary. Keeping a client that can’t pay at times or that needs you to bail them out of sticky situations will bring about more harm than good; the same goes for an employee that doesn’t quite grasp the role that they have in your business or that ends up slowing down the momentum with backlogs.

Decide what you want in the years to come.

I understand the ethical dilemma that you might be facing, but if you open up your perspective and look at it from Spock’s point of view: “the needs of the many outweigh the needs of the few.”

This simply means that you should focus on driving your business to greater heights and then affect change at a larger scale, rather than catering to the handful of clients or employees that act as charity cases and slow down your business.

Or don’t.

The choice is entirely up to you. I’m not saying that it’s a smart choice, but you decide.

And if you are acting as a charity, willing to give away money without any return, then count me in; I’ll gladly be a business coach that does nothing and still gets paid.

I’m kidding.

It will drive me insane.

I’ll end up sharing more strategies, tactics and advice with you; I’ll seek any opportunity to help you become the success that you dream to be; I’ll give you the time, effort and energy that you require as a business owner and leader to become the very best.

It goes against my very fabric to do nothing and walk away with pockets full.

I’ll prove it to you:

+2783 253 3339

brent@spillly.com

Why Foresight and Forecasting Is Important For Your Business

By Business Coaching Leadership Strategy No Comments

Being an oracle or seer isn’t exactly on your priority list as a business owner. I get that. But using experience, perspective and the almost limitless supply of online information to predict, estimate and foresee the disruptions that end up shaping our world is absolutely essential to any successful entrepreneur.

Indeed, there aren’t any crystal balls or tarot cards that can predict the likes of Facebook, Google or Amazon rolling in and dominating their respective industries, but one thing is for certain: each of those successful companies had an element of foresight attached to them.

They were able to predict and understand that with the rapid growth in technology, there were new problems on the way. And that meant new solutions needed to be worked on before anybody else could realise the potential.

So why is business forecasting so effective and how do you start making it a part of your business?

Fortification Through Forecasting

 Being a business owner means that you have loads of responsibilities on your plate. The planning, effort and the hard work put in to maintain that business is already a struggle on its own, so finding new ways to keep it growing, improving and well-fortified will take up even more energy, time and dedication.

As a business coach and someone that’s all too familiar with the highs and lows of running a business, I know how difficult it can be to manage everything on that brimming plate of yours. But without seeking new avenues for growth and progressing your business to move ahead of your competition – you leave yourself susceptible to risk.

The less risk, the better. Right?

Although forecasting and prediction isn’t a cure-all for some of those risks, it certainly makes a huge difference if you’ve prepared yourself and your company to deal with the constant changes that are bound to come your way.

Ultimately, adapting to a mindsight of prediction will strengthen the fort that you create around your business. It forces you to plan ahead and formulate contingencies that will help strengthen your company – should some form of change occur.

This way, you’re always prepared for the inevitable and ensure that you are always moving towards the goal of finding new solutions before they’re needed.

3 Benefits That Come With Forecasting 

As you begin to consider an approach that makes effective use of forecasting, it would be wise to know some of the benefits that come with using it.

Firstly, it gives you the opportunity to formulate a more structured approach towards your business strategy. By using insights, trends and patterns to predict any new changes in the world (disasters, pandemics, new technologies/infrastructures, war), you can better prepare your business for any major changes and plan out how you’re going to deal with any problems that you might face.

Secondly, you’re able to estimate an increase or decrease in demand based on patterns and insights that you’ve gathered through historical data, or through predictive trends. This will allow you to plan ahead for an upcoming increase or decrease in sales; so you’re able to speed up or slow down production and employ or let go of staff to deal with changes in demand. The ability to be and remain dynamic is a powerful weapon.

And last, but certainly not least, with forecasting you’re able to allocate the necessary time and resources for emerging possibilities, rather than relying solely on guesswork and gambling. It allows for calculated risk-taking and prepares you to deal with the outcomes that could be either damaging or beneficial.

Research has also proven that businesses that prepare for the future outperform average ones by 200% higher growth and 33% higher profitability.

3 Ways To Approach Foresight 

Okay, so I can’t give you a crystal ball or a black mirror to use for scrying, but I can provide some tips that will help get you started with making effective and promising predictions.

Listed here are a few of the methods that can be used to get started with forecasting. Remember that not all forecasting is based on looking into the future for possible change, but gathering insights through any form of data that will ultimately come to affect the future of your business.

Use The News – the news acts as a great source of recurring trends and patterns that indicate changes in the environment, industrial landscape and technology.

By using the news to predict certain shifts in behaviour based on impending change, then you’re able to work on promising solutions or strategies when changes occur. Think about how companies like Apple saw the changes in technology with regard to music, bandwidth and connectivity, in turn creating the iPod, iPhone and MacBook; or Canon looking past analog film and exploring digital photography, giving us access to the amazing DSLR cameras of the day.

Look At Quantitative Data – with quantitative data, you look at existing data based on purchase statistics, historical shifts and current technology. You can use your company data to discover patterns and coincidences that help you mould new strategies, additions and solutions.

With this approach, you can look at trends and changes in population, culture, technology, the environment, etc. and make predictions to take action based on the data that you’ve collected over time.

Use Qualitative Data –  this type of data isn’t too focused on stats and figures, rather you gather opinions, knowledge and thoughts from your staff, leaders, customers and executives.

Using collected data from these sources could bring a lot of insight for your business; what changes could benefit the company, ideas for new services, suggestions to improve the customer experience, and even external predictions and thoughts into what might happen in the years to come. Listen carefully to outsiders and insiders to make better predictions.

Start Looking Ahead 

Being aware of the knowledge that history might hold, the information that the present keeps hidden and looking into where the future is heading will help you formulate new decisions to enhance and improve your business.

Historically, certain patterns and events end up repeating themselves; currently, there are new technologies creeping in and slowly changing the way that we do things; and while the future might be filled with ambiguity, the futurists, innovators and Elon Musks of our time all have a vision and idea about what the future might hold – so watch them carefully and prepare for the inevitable.

I don’t have a crystal ball, but if I did, it would show me that you and I are capable of doing great things together.

My foresight tells me that your business could make use of some new insights, changes and improvements that only a business coach like myself could offer.

So, take a glimpse into the future and see yourself working with me to make that business of yours remarkable, impactful and transformative.

Do it. Or Don’t. The choice is yours:

+2783 253 3339 + brent@spillly.com

 

 

 

 

 

 

 

7 Great Reasons To Start A Business Today!

By Business Coaching Entrepreneur Lifestyle Motivation No Comments

Sure, starting a business is no easy task and it certainly comes with its struggles and challenges, but the bulging benefits of starting one are far too many to ignore.

From the freedom and autonomy that comes with becoming an entrepreneur, to the skills, experience and purpose that you’re able to develop along the way – starting a business will open up new, empowering horizons that you never thought possible.

Freedom And Autonomy

 In starting a business, you’ll find that you take away the pain of working for a boss or within a hierarchy that might have an uncomfortable culture to deal with or operate in.

You allow yourself to feel the independence and freedom to do as you please when creating the environment of your choice. Have you always wanted to be a better leader, have a better system for employees, or a peaceful and productive environment to work in?

If that’s the case, then by creating your own business, you take control of the steering wheel and make the decision to operate in a better way for everybody. This will give you a strong sense of control in your ability to create change and mould something incredible for people to respect and admire.

You’re free to be who you want to be and make the right changes, while enhancing the lives of those around you. You’re free to play golf all day or spend time with your family and go on extravagant vacations.

Achievement And Pride

By taking that level of control in building out a business, whether big or small, you’re left with a level of pride around the hard work that you’ve put in to achieve something memorable and impactful.

You can rest with a clear conscience around the fact that you’ve taken the risk, effort and time to create something from nothing. The improved self-esteem that will come with that drive and ambition will give your ego a facelift and have you feeling like a king or a queen.

It goes without saying that humility is always one of the best traits to keep in touch with, so avoid arrogance, but embrace the fact that you will certainly be dripping in confidence and come out looking and feeling sexier than ever. Just like building anything from scratch, you’ll be proud and feel great about what you’ve achieved and succeeded in doing.

A Healthy Bank Balance 

It pretty much goes without saying that running your own business will help you in achieving far more financial freedom than you would by working a normal job.

Obviously the responsibilities that come with paying employees on time, taxes, rental fees and other costs will take away from your earnings, but when going about it the right way – you have a world of potential profits to look forward to.

The money that comes with running a successful business can help you build even more businesses, retire early or live the lifestyle of your choice. It ties back to having a sturdy level of freedom and autonomy in your life, which gives you peace of mind when doing what you want to do.

Skills And Development 

As great as the freedom, money and pride that come with running your own business can be, you’re able to develop a wide range of skills and abilities that you simply can’t put a price on.

While building your business, you learn more and more about the different approaches, models, strategies and tactics used to take your business to the top. This allows you to view everything around you in a completely new way; seeing opportunity in places you wouldn’t have expected, spotting marketing strategies that you were unaware of before, developing your insight and mind’s eye to take on and navigate through uncertainty.

You grow in ways that you wouldn’t have expected and as you explore new avenues of interest, you begin mastering the many different facets that come with all of this dynamic and constantly progressing information.

Learning how to use technology and infrastructure to your advantage; understanding how the laws around particular industries and markets operate; and the knowledge of your own potential and limitations provides insight into the person that you are.

Meaning And Purpose

We live in an age with so much to offer, with plenty of paths to choose from and without any direction or purpose it can be disheartening and somewhat demotivating when we run into existential crises; left confused and battered by unfulfillment.

By starting a business where your passion can be the driving force or even in discovering new interests through this process, you find purpose in the world and see that it’s far easier to navigate through life knowing that you’ve left a positive impression and footprint for everyone to see and feel its impact.

This sense of meaning can bring about wonderful changes in confidence, self-esteem and balance in your life as you know that you’ve done something meaningful on this earth, while taking away loads of skills, insight and a developed character.

It’s difficult to find meaning and purpose, so starting a business can certainly be rewarding in that sense. You’re kept busy with growth and improvement, becoming more fulfilled by the day.

Causes & Charity

One of the more philanthropic and selfless reasons to start a business is the fact that you can make a significant contribution to the causes and charities of your choice, especially as a reputable business. You’re able to make more impact and a greater difference in people’s lives and contribute to the movements that you see fit.

Fighting for a particular ideal can give you plenty of joy and happiness in different areas of your life, again raising self-esteem and confidence in yourself.

Your business can also act as a sign of hope and relief to the different charities and organisations that seek to make a difference and better the lives of people. PR might not be on the top of your list when doing good for others, but you will naturally become recognised for the good that you do and it will be far more rewarding to yourself and others.

If you’re a person that wants to help make a difference in huge and meaningful ways, but find it difficult to do this on your own, then starting a business can push you to make better changes for those that you see fit.

New Experiences 

Working on your own business will bring about new experiences and viewpoints on reality and the world around you. Opening your doors to new situations allows for better personal growth and a deeper level of understanding around the way that life works.

With these new experiences, you’re always kept busy and constantly engaging with so many new perspectives, leaving you with knowledge and wisdom on a wide variety of subjects.

You will encounter numerous personalities that you need to work well with and understand, industries and markets that operate in certain ways and people from all walks of life that open more doors of opportunity to you.

This will force an evolution and a valuable change in your emotional intelligence as you begin to view people and situations differently than you had before, allowing more experiences and moments of magic to come into contact with.

Bonus Reason No.8 

There you have it, 7 great reasons to start a business.

But, there is an 8th that I’d like you to be aware of.

If you start a business, you’ll have the opportunity, nay, the advantage of the advice, knowledge, experience and insight of a brilliant balding bearded business coach.

Not all business coaches come with that alliterative function, so I’d definitely recommend checking him out.

He has what it takes to have your business blossom with all of the right strategies, tactics and research you could ever need; he is trustworthy, credible and driven; he is motivating, energetic and creative.

As I unmask and reveal to you, while no more referring to myself in the third person, that I, Spillly, am the best business coach for you, do yourself a favour:

Start a business and get into contact with me.

+2783 253 3339

brent@spillly.com