Business Coach Teaches How To Identify and Destroy Your Business’ Biggest Limiting Membrane
In every business, there are limiting membranes that are causing your business to become stagnant. As the owner of the business, you must always be asking yourself what is the single largest factor capping the growth of your business? What is that thing that if you just could get your hands on it, fix it, or move it out of the way, would be a game-changer for your business? Who is that critical hire we need to take our business to the next level almost immediately? As a successful business coach, I must teach you to DEEP DIVE into asking yourself these questions with great intensity.
Once you have identified your biggest limiting factor, you must now list out a minimum of 10 possible solutions to eliminate this problem.
Business Coach Story Time:
As a business coach, I was hired to work with yet another mortgage company, and this particular company was based in Miami, Florida. When they flew me out to speak to their group, they put me up in the beautiful art deco Hotel Victor located right next to the beach at 1114 Ocean Drive in Miami, Florida.
When I arrived at the hotel, I was bombarded with handshakes and pleasantries from attendees of the workshop who had all descended upon the Hotel Victor to learn how to take their businesses to the next level. I met some really sharp people and I could tell that this group was going to be a great group to work with.
During the actual workshop, as a business coach, I asked the event attendees to rate their overall satisfaction with the level of excellence they were achieving in 29 different areas, just like I do with other groups all over the country. I asked the group to rate their organization in all 29 areas on a scale of 1 to 10, with 10 being the highest. After everyone had privately turned in their worksheets, something became very clear. These people were terrible at online marketing with almost no search engine optimization-related leads being generated at all. However, the team had built a systematic and very tight lead conversion system, service delivery workflow system, and had thousands of happy customers. Basically, they were closing deals with almost every prospect they met, they just were not getting enough prospects into the pipeline. Can you guess what we focused on during the entirety of the weekend workshop?
After completing the evaluations with their top leadership team, the head of the company pulled me aside privately and said, “Our search engine marketing sucks and I want to spend every second of our weekend workshop focused on improving our Internet marketing systems and plans. Let’s get it done.”
After he and I spoke, he announced to the group that they were going to be focusing the entire weekend on improving the company’s Internet marketing, search engine marketing, targeting ads, and retargeting ads. The two dozen leaders in attendance all began clapping their hands and we rolled up our sleeves and got to work installing the key performance indicators, systems, checklists, metrics, and game plan needed to dominate online marketing.
After you have determined your biggest limiting factor, it is very important that you push both you and your team to identify many possible solutions to destroy the limiting membrane that is holding your company back. Try to develop at least five possible solutions for each of your company’s biggest limiting membranes. After you have done this, you want to ask yourself which of these ideas is a game-changer and which of these potential solutions is effective and quickly doable.
Once you have identified the effective and quickly doable items, you must assign who is going to take action, when they need to have it done, and what resources they need to get the job done.
Now as for those game changers, don’t worry this business coach is not going to let you forget about them. Game changers have the ability to do just that; they can change the game and take your company, your income, and your life to the next level. However, game changers typically take a ton of time to implement and they also have the potential to blow up and not ever come to fruition because of the complexity of the deals and how massive an opportunity it may be. Thus, you are going to want to assign weekly action items focused on executing the game changer, but not at the expense of missing out on the immediate wins and quick successes that could easily be produced by knocking out a few of the quickly doable items.
“Often any decision, even the wrong decision, is better than no decision.” -Ben Horowitz (Self-made billionaire and co-founder of both Opsware and Hewlett Packard)