Compete On Value, Not On Price

Many times, when I meet with a business owner, they ask “why am I not making any money?” The answer may lie in one of two places, they are discounting products and/or services or not pricing their products/services properly.

Discounting

We devalue our product or service when we discount. We are telling the marketplace that our product or service is not worth a high price, therefore, it must be inferior quality. Here are some reasons businesses discount:

  1. Fear – We’re afraid that we won’t get the sale because we aren’t the lowest priced or we’ll lose customers if we raise our prices. Is this true for you? Did you know that if you have a 30% margin and you discount by 10% your sales must increase by 50% to keep the same margin? The first time I raised the prices in my business I was petrified that I would never sell another thing. Lo and behold, no one even noticed. I raised my prices every year from then on.
  2. Lack of Confidence in Quality – Are you confident in the high quality of your product/service? Is it the best or one of the best products of its kind around? If you didn’t answer with a rousing “YES!!!” This may be an area you want to put some focus on in your business.
  3. Our own beliefs – Do you, as a consumer, always buy the product with the lowest price or do you pay more for some things because of their quality or added value? If you are pricing your products based on your buying habits or the size of your wallet are you leaving money on the table?

Adding Value

  1. Who are your target markets? What are their pain points?
  2. What are the things that make you different from your competitors? “Our customer service” is not a good answer because everyone says it. How is the experience different with your company? What are the benefits of working with your products and with you?
  3. How are you solving your customer’s problems? Is it a better solution than everyone else? How will their life be better because they do business with you?
  4. Does your quality stand up to a higher price? If not, what do you have to do in this area to improve your quality?

Pricing

  1. Decide what kind of gross margin you would like to make then price accordingly. Don’t know where to start? Find out the margin in your industry and compare it to your present margin. Is there a difference? Why?
  2. Are you so busy and overwhelmed with work that you can’t keep up? This may be a hint that you are priced too low. The reality is that if your margin is 30% and you increased your prices by 10% you must lose 25% of your customers to affect your margins. With this scenario, you can do less work, make more money and have time to truly work on the things that will take your business to the next level.

What is the one thing you’re going to do today to take action in your business?

By: Jackie Zach

Molly BarnesCompete On Value, Not On Price
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The Journey to EOS® – Making EOS® Sustainable

In my previous blogs, I shared learnings from our May 11th EOS® users group session.  More than thirty Visionaries and Integrators™ (V & I’s) from EOS-using companies shared their experiences and best practices regarding the storms, reefs, and mutinies that can sink your implementation, and how to navigate your business through them to a safe port.

Four key elements emerged in our discussion: Setting the Leadership Team; becoming Open & Honest; achieving EOS Mastery; and making EOS Sustainable. Today we address making EOS sustainable… how do we make EOS stick, and not just another shipwreck on the reef of “stuff we’ve tried to manage the business, and gave up on?”

EOS sustainability is measurable through the Organizational Check-up™ tool. Our goal is to score 80% or better, by the entire team…not just the Leadership Team. When we’re 80%+, it means that everyone understands EOS, and is actively using it to manage themselves, their teams, and the business.

For most organizations, it’s a two-year journey to encode EOS into the company DNA, where it becomes self-replicating and sustainable. Change takes time. Proven, permanent change takes time, attention, intention, and energy.

We identified three areas to focus on to create this EOS sustainability:

  1. Your Functional Departments are using the 5 Foundational Tools to manage their own teams. The 5 Foundational tools are the V/TO™, Accountability Chart, Rocks, Scorecard, and Meeting Pulse™, specifically the weekly Level 10 Meeting™. It’s critical to get everyone working on a Rock each quarter (on their own or as part of a Rock Team), and into some form of an L10 meeting, with their measurable on the scorecard.
  2. The Leadership Team is letting go. Rather than solving every issue that comes up in the Leadership L10, these leaders are asking “do we need to solve this?” Many times, the issue can be moved to the appropriate function L10 to solve. The Leadership Team becomes laser-focused on strategic, growth-oriented issues, instead of playing referee for functions that can’t or won’t make their own decisions.
  1. Developing New Leaders. Functional teams bloom when they see and feel the trust the Leadership Team has in them and their ability to manage their function. These teams also learn when it is appropriate to get the Leadership Team involved. They set their own expectations and budgets based on the goals of the organization. They’re learning and growing as leaders and managers, building a bench of talent to succeed the Leadership Team when needed. These emerging leaders welcome opportunities for executive coaching and development.

If you’re using EOS, I hope you agree that it’s been a transformative and worthwhile journey for your business, and for you as a business owner. If you’re an EOS-using company in southeast Wisconsin, feel free to have your V and I join us for our next event on February 15, 2019, in Brookfield, WI. Let us know and we’ll get you an invite.

Here’s to the journey!

By: Jim Palzewicz

Certified EOS Implementer™

Molly BarnesThe Journey to EOS® – Making EOS® Sustainable
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Writing SMART Goals

Remember our discussion about getting everything you want? In order to get everything you want, you need to set your reticular activating system, or RAS, to help your brain ignore all the extraneous noise and focus on what’s really important.

One way to help you do that is to write your goals as SMART goals. People who get everything they want do not do so by accident. They are very intentional and laser-focused on what they’re going after. The secret to success here is not to just write them down as a SMART goal but to review them constantly.

How do you write a SMART goal? First, you must know exactly how to define a SMART goal. SMART stands for:

Specific

Measurable

Achievable

Results-driven

Time-bound

Let’s take a look at two examples of goals, one using the SMART method and one that does not:

Goal #1: I want to increase my sales this quarter.

Goal #2: I want to increase my revenue $20,000 quarter over quarter with a $10,000 increase in profit quarter over quarter by March 31, 2019.

Regarding goal #1, if you increase your sales by .01 cent anytime in the future, have you reached your goal? When in the future? Does it get you the result you’re looking for? How will you know you’re successful?

Regarding goal #2, how will you know you’re successful? When you reach or exceed $20,000 with a $10,000 profit by March 31, 2019, then you will know you are successful. Anyone who reads the goal knows exactly what success looks like for this goal. Is it achievable? It should be a stretch but not so out of reach that it is impossible. Does it get you where you want to go in 1 year, 3 years, and 5 years? Only you can answer that by having SMART goals 1, 3 and 5 years into the future.

The more specific you can be regarding the result you’re looking for and by when the more likely you will get exactly what you want.

What is the one thing you’re going to do today to put your SMART goals into motion?

By: Jackie Zach

Molly BarnesWriting SMART Goals
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Use Your RAS To Get Everything You Want

According to Dictionary.com, your reticular activating system is “part of the reticular formation in the brainstem that plays a central role in bodily and behavior alertness; its ascending connections affect the function of the cerebral cortex and its descending connections affect bodily posture and reflex mechanisms.”

In other words, your Reticular Activating System (RAS), filters information so that you can process and focus on the most important. Your brain takes in millions of pieces of information that you can’t possibly process at the same time such as the feel of your seat, the temperature of the room, the clicking of the keyboard, the road noise and whatever you’re doing at the moment. One of the best things about your RAS is that it even works when you’re asleep.

Did you ever wonder how some people seem to get everything they want? From far away it seems so easy, right? Well, as much as we want to believe it’s easy, it isn’t. What it does take is intentional focus and discipline and your RAS can help.

How can you use your RAS to help you get what you want?

  • Be crystal clear about what it is you want. The clearer you are the more likely you are to get it. Can you picture it in your mind? Do you know what it feels like when you get it?
  • Set goals around what you want. By writing down your goals, (no they can’t just be in your head) it will help you zone in on what you are trying to accomplish. Your RAS can then work on filtering out unnecessary pieces of information to help keep the focus on your goals.
  • Review your goals daily. Make it part of your morning routine when you get up in the morning or start work. Reviewing your goals daily helps keep your RAS focused.
  • Review your goals before going to bed. This will give you the best shot at having your RAS continue to work on them while you sleep.
  • Break your goals down into smaller more manageable pieces. Take your 3-year goals and figure out what you need to get done in 1-year, then quarterly, monthly, weekly and finally daily. What is one thing you need to do today to get one day closer to your goal?

What is the one thing you’re going to do today to set your RAS in motion?

By: Jackie Zach

Molly BarnesUse Your RAS To Get Everything You Want
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ActionCOACH Welcomes Business Development Director

Elm Grove, Wis. – December 5, 2018 – ActionCOACH Business Coaching – Southeastern Wisconsin has welcomed Jill Allen to the team as the new Business Development Director. Jill joins the team with 20+ years as an accomplished business development executive and business owner.

Allen was the Founder and CEO of Consumer Health Connections, a technology company that delivers innovative, cutting-edge solutions within the insurance industry. She is a Registered Nurse and holds a BS in Business Management and an MS in Health Service Administration.

“I am very excited to join the ActionCOACH team,” said Allen. “I am looking forward to working with this phenomenal group and engaging with business owners who have a vested interest in moving their business to the next level.”

“We are thrilled to welcome Jill to our team,” said Jim Palzewicz, Managing Partner of ActionCOACH Business Coaching – Southeastern Wisconsin. “She is a passionate leader and strategic thinker. Her experience, expertise, and understanding of what it takes to own a successful growing business will be a great addition to our entire community.”

With offices in Elm Grove and Racine, ActionCOACH Business Coaching – Southeastern Wisconsin has worked with hundreds of business owners to take their companies from good to great, employing customized strategies and processes developed by ActionCOACH, the world’s largest business coaching firm, EOS® from the best-selling book Traction®, and Engage & Grow, a revolutionary activation system to improve employee engagement. The firm has won multiple awards recognizing individual coaches and its overall team performance, both from ActionCOACH’s international headquarters and from regional business organizations. More information is available by calling 262-790-1213 or at aceg.biz

Molly BarnesActionCOACH Welcomes Business Development Director
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3 Ways To Make The Most Of The Holiday Season

This time of year can be exhausting as the holiday rush picks up, the time changes and the weather drastically cools, but you can still finish the year strong! Here are three ways to make the most of the holiday season:

  1. Review your business plan. What do you need to accomplish yet this year and next? What have you gotten really good at? What can you improve on next? Set a New Year’s Resolution or just start taking action on your goals sooner rather than later!
  2. Show gratitude to your network. Make sure those you interact with regularly know you are thankful for them. It’s always the right time to say “thanks” for being a part of my network. This time of year is meant to be celebrated too so celebrate your wins with those around you!
  3. Tell people what’s new with your business, and if you’re meeting someone new, tell people about your business. Let your people know what’s new with your business at the annual get together, visit with your spouse’s coworkers, and even your always eager to visit relatives. You never know where your next lead will come from and who they might know that needs to know you!

There’s still plenty of time to finish the year strong and to work ahead on next year’s goals. Don’t use the holiday season as an excuse to slide through the rest of the year. What is one thing you are going to take action on today to move your business forward?

By: Molly Barnes

Molly Barnes3 Ways To Make The Most Of The Holiday Season
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ActionCOACH Business Coaching – Southeastern Wisconsin Coaches named BNI Presidents Role

Elm Grove, Wis. – October 23, 2018 – ActionCOACH Business Coaching – Southeastern Wisconsin Certified Business Coaches Jackie Zach and Mike Thompson have both been named the President of their respective BNI: Business Networking International Chapters for 2019. Zach will be President of the Racine Pacesetters chapter and Thompson will be the President of the Boundless Business chapter in New Berlin, WI.

“I am honored to have been selected by my chapter members and look forward to serving our chapter for the next year,” said Mike Thompson. “The Boundless Business BNI chapter has a long-standing tradition of excellence and growth in the business community and I look forward to seeing what happens in the year to come.”

“I am honored and excited to have been chosen to lead Racine Pacesetters BNI chapter this year,” said Zach. “Our chapter has amazing professionals from all areas of business, and I look forward to helping usher our chapter into the future.”

With offices in Elm Grove and Racine, ActionCOACH Business Coaching – Southeastern Wisconsin has worked with hundreds of business owners to take their companies from good to great, employing customized strategies and processes developed by ActionCOACH, the world’s largest business coaching firm, EOS® from the best-selling book Traction®, and Engage & Grow, a revolutionary activation system to improve employee engagement. The firm has won multiple awards recognizing individual coaches and its overall team performance, both from ActionCOACH’s international headquarters and from regional business organizations. More information is available by calling 262-790-1213 or at aceg.biz

Molly BarnesActionCOACH Business Coaching – Southeastern Wisconsin Coaches named BNI Presidents Role
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The Journey to EOS® – Achieving EOS Mastery

In my previous posts, I shared learnings from our May 11th EOS® Users Group Session. More than thirty Visionaries and Integrators™ (V & I’s) from EOS-using companies shared their experiences and best practices regarding the storms, reefs, and mutinies that can sink your implementation, and how to navigate your business through them to a safe port.

Four key elements emerged in our discussion: Setting the Leadership Team; becoming Open & Honest; achieving EOS Mastery; and making EOS Sustainable. Today we address EOS Mastery.

We discussed how success with EOS begins with the leadership team mastering the EOS Foundational Tools™:

  • Accountability Chart: the key here is to keep working it until you get it right. One EOS company was on version 12 of their chart.  We say that EOS will “speed up the inevitable”…you’ll quickly find out if you have the right leaders in the right seats. Then it’s time to take action and make changes until the entire leadership team believes you’ve got it right.

Another learning was to then let go, stay in your lanes and let the function owners make decisions. This is easier to say than do. We realized that letting go is a process, and sometimes it’s easier than others to let go. Again, keep working on it and give the team permission to call out the Integrator, Visionary or owner if they’re out of bounds.

  • V/TO™: We agreed that this is the best tool to keep everyone on the same page with where we’re going and how we’re going to get there. Never lose an opportunity to share it with the entire team. Don’t skip sections; each of the 8 Questions is there for an important reason. If you’re struggling to decide on what goes in a box, you may have found something key that is holding you back. Get outside help if you need to and get clear on your vision and your plan.
  • Rocks: Choosing great rocks is both art and science. It’s a skill, so keep working to get better. We shared how important it is to be crystal clear on what completing the rock looks like and what the deliverables would be. Understanding our true capacity in a quarter is also critical to not choosing too many rocks.
  • Scorecard: Getting to a scorecard we love takes time. Our best practices include reviewing it regularly. Zero in on the handful of metrics that are most meaningful, and discard the ones that feel good to see but don’t tell us much as to the future performance of the business.
  • Level 10 Meeting™: Again, a work in process. We stressed the importance of finding the right leader for the meeting (it doesn’t have to be the owner or Integrator). IDS™ can be difficult to master as a skill, and we found that getting the entire leadership team to fully participate is key to solving issues once and for all, for the greater good of the company.

If you’re using EOS®, I hope you agree that it’s been a transformative and worthwhile journey for your business, and for you as a business owner. If you’re an EOS-using company in southeast Wisconsin, feel free to have your V and I join us for our next mastery session on Friday, November 2nd in Brookfield. Let us know and we’ll get you an invite.

Here’s to the journey!

Jim Palzewicz

Certified EOS Implementer™

Molly BarnesThe Journey to EOS® – Achieving EOS Mastery
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Welcome Back To Business Season

With State Fair over and Labor Day weekend just around the corner, it’s back to business season. Where on earth do you start to find motivation for the rest of the year just after saying goodbye to summer? Here are a few suggestions:

  • Schedule a team meeting. Talk about your wins, your challenges, what’s currently going on or coming up that everyone should know about. Getting your team together is a great way to create team synergy and get everyone on the same page. It also helps create momentum. Bring snacks, drinks, anything to make it fun.
  • Plan something to look forward to! This one always works for me, having something to look forward to will motivate you to get your “stuff” done.
  • Get some exercise. As entrepreneurs taking time for ourselves always gets pushed to the end of our to-do lists. Make the most of the beautiful weather and the lasting sunshine. You’ll be so glad you did.
  • Spend time evaluating your customer service with your team. This is a great exercise to schedule quarterly. Customer service should be under continuous improvement. As part of that effort, ask a friend to stop by and report on their experience, reevaluate the ease of maneuvering through your website, have a brief conversation with a client. They’ll appreciate that you respect what they’re saying.
  • Think about your own mindset. Are you in a great frame of mind to get back to business? Get excited for what’s coming and see beauty in the season. When you feel confident and really truly believe in yourself, that’s when the real magic happens!
  • Review your financials. Yes, we totally get it, most business owners want to avoid this one, but you’ll be glad you did in the long run! How are things shaping up for the rest of the year? What changes do you need to make?
  • If you want something to look forward to, we, of course, recommend registering to attend one of our many complimentary events and workshops! You’ll spend a few hours with fellow small business owners and entrepreneurs as you exchange challenges and ideas, and meet our coaches! We guarantee you’ll leave with at least 3 things you can go implement immediately, and breakfast or lunch is always included. What have you got to lose?

“Fall” in love with back to business season – your business, team, and customers will all be thankful for it! What is the one thing you are going to take action on today?

By: Molly Barnes

Molly BarnesWelcome Back To Business Season
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ActionCOACH Wins Global Community Impact Award

Elm Grove, Wis. – August 16, 2018 – ActionCOACH Business Coaching – Southeastern Wisconsin was awarded the Global Community Impact Award at the 2018 ActionCOACH Global Conference in Hamilton Island, Australia. The award was accepted by ActionCOACH Business Coaching – Southeastern Wisconsin’s Founding Partner Jim Palzewicz.

In 2017, ActionCOACH Business Coaching – Southeastern Wisconsin’s client’s generated 421 net new jobs and $923 million in revenue for Southeastern Wisconsin.

“This award means so much to us,” said Palzewicz, “as it is all about the results of our hardworking clients. We are passionate about growing great jobs in great companies here in southeastern Wisconsin.”

ActionCOACH was recognized with the Global Community Impact award in 2016 and 2017 as well. The 2018 Conference also marked ActionCOACH Global’s 25th birthday.

With offices in Elm Grove and Racine, ActionCOACH Business Coaching – Southeastern Wisconsin has worked with hundreds of business owners to take their companies from good to great, employing customized strategies and processes developed by ActionCOACH, the world’s largest business coaching firm, EOS® from the best-selling book Traction®, and Engage & Grow, a revolutionary activation system to improve employee engagement. The firm has won multiple awards recognizing individual coaches and its overall team performance, both from ActionCOACH’s international headquarters and from regional business organizations. More information is available by calling 262-790-1213 or via our contact page.

Molly BarnesActionCOACH Wins Global Community Impact Award
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