What They Don’t Teach You in Harvard Business School About Goal Setting

In the book, What They Don’t Teach You in the Harvard Business School, author Mark McCormack tells a study about the students in the 1979 MBA program. The students were asked, “Have you set clear, written goals for your future and made plans to accomplish them?”
The results were striking–only 3% of the students had written goals. Another 13% had some idea of goals but they weren’t written down. The other 84% had no specific goals.

10 years later, the graduates were interviewed again. The 13% who had goals were earning an average of twice as much as the 84% who had no goals. The 3% who had clearly defined and written their goals, were earning an average of 10 times their classmates.

Clearly, setting goals is powerful. Writing them down is more powerful. They’re important in achieving not just financial success but success in your health and relationships too.

But, to be effective, goals must be specific and clearly defined with a time limit. They can drive your “to do” list forward so you make measurable progress each day.

Goals are personal. It’s not enough to say you want to be “successful”. Define that, what does success look like for you? Is it flexibility with your time? A certain amount of money in the bank? Living debt free?

Be honest with yourself as you set your goals so you’re setting ones that will give you energy and motivation.

Here are 3 questions to ask yourself to set the goals that are right for you:

1) Set specific and measurable goals– otherwise, you won’t know when you’ve achieved them. Do you want more time off? If so, what does that mean? 2 mornings a week? Every Tuesday? Be specific. Likewise, it’s not enough to say you want to make “more money”. How much money? Do you want to increase your net worth by $100,000 in the next three years? Do you want to increase your pay rate by 10% in the coming six months? Once you define the goal, you can look at the big picture to know how you can make it happen.

2) Set the right goals for you–Your goals should energize and inspire you. If they don’t, re evaluate. May be they’re not big enough. Or, may be they’re too big. Goals should be big enough to push you but if they’re overwhelming you may need to readjust.

3) What has to go? As you grow and transition in your business, you will need to let go of some things. They may be tasks, habits or even people. Be aware of things/ideas/people that give you energy and what depletes you. Delegate or outsource your energy draining tasks and replace them with ones that energize. Recognize habits that move you forward in your goals such as getting regular exercise so you’re able to perform at your optimum level and continue doing them.
You’re in charge of your business! Design your business around the life you want to live and watch your achievements grow!

If you need someone to come alongside you to help you plan your goals so you reach them quicker, I’m only a phone call away! (215) 292-4947

QUESTION:  What has been your most effective strategy to help you set and achieve your goals? Please share your comments in the box below.

About Yoon Cannon: Top business coach Yoon Cannon has helped thousands of small business owners, entrepreneurs, coaches, consultants and sales teams achieve dramatic results in growing your business. Over the past 20 years Yoon has started 4 successful companies and sold 3 of them. She offers fresh insights as a seasoned business growth expert. Yoon delivers proven process for your sales, marketing and management development.  Grab free valuable gifts and resources at https://www.ParamountBusinessCoach.com  To book Yoon to speak at your next event email: YoonCannon@ParamountBusinessCoach.com To schedule a complimentary business coaching consultation call (215) 292-4947. 

 

© Copyright 2016

 

Slow and Steady Wins in Small Business Marketing

We’ve all heard the tale of the tortoise and the hare. The overly confident hare challenges the tortoise to a race. The tortoise creeps along as the hare races forward. Eventually, the hare grows tired and settles down on the sideline to take a nap. When he awakens, he sees that the hare is nearing the finish line. The hare sprints to catch up, but he is too late – the hare has crossed the finish line. As the tortoise demonstrates, slow and steady wins the race.This childhood fable contains an important message for business owners eager to grow their businesses. Sustainable growth and success relies on consistent advancement, and a sprint to the finish line is unlikely to result in the desired growth and enhancement of the business. In short, growing bigger starts with getting better.

As you focus on the growth of your business, take time to work on your business instead of just in your business. Many business owners claim that they spend so much time putting out fires that they don’t have time to work on bettering their businesses. Well, as the saying goes, an ounce of prevention is worth a pound of cure, and it is crucial to find time to work on your business in order to lead your business and employees on a path towards growth and development. Keep in mind that patience and steady progress are important to achieving your business growth goals.

Being consistent in smaller doses reaps much greater results in the end than large doses of good intentions.  After all, Rome wasn’t built in a day. It was built one brick at a time.

P.S. What do you need to GROW your business? Perhaps you need to get better at marketing your business. If you’re ready to win the game of marketing once and for all, then take a look at my next marketing training program at https://www.paramountbusinesscoach.com/business-marketing-training

QUESTION:  What marketing tactic is something you wish you could do more of and what is keeping you from being consistent?  Please share your comments below.

About Yoon Cannon: Top business coach Yoon Cannon has helped thousands of small business owners, entrepreneurs, coaches, consultants and sales teams achieve dramatic results in growing your business. Over the past 20 years Yoon has started 4 successful companies and sold 3 of them. She offers fresh insights as a seasoned business growth expert. Yoon delivers proven process for your sales, marketing and management development.  Grab free valuable gifts and resources at https://www.ParamountBusinessCoach.com  To book Yoon to speak at your next event email: YoonCannon@ParamountBusinessCoach.com To schedule a complimentary business coaching consultation call (215) 292-4947. 

 

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The Myth Behind Fast Growth Companies

Note From Yoon

Fast Growth CompaniesOnly 3 more months until we find out who the 100 fastest growing companies are in the Philadelphia area. 

If you would like to attend to network with these CEO’s I invite you to email me for an invitation. Or, if you’re like to be one of these winning companies I invite you to call me to discuss how we can get you positioned for fast growth awards like this. 

Enjoy today’s article on my take on the Myths Behind Fast Growth Companies. 

Blessings~ 

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The Myth Behind Fast Growth Companies

As co-chair of the Philadelphia 100 awards I get to help promote our area’s 100 fastest growing companies.  When you read about the success stories of fast growing companies it’s easy to get sucked into the thinkingt hat these lucky entrepreneurs had the “midas” touch and got to enjoy overnight success.

Well, more often than not, that just isn’t so. When you read past the headlines and dig deeper into many of the back stories of those successful entrepreneurs who turned their small business into the dream big business, what you’ll learn is a common thread of simple patience.

There is a special species of bamboo that grows in China and the Far East. After the bamboo is planted, no visible growth occurs for up to 5 years. Even under ideal conditions, the plant shows no signs of growth for years after it is planted. Then suddenly, as if by magic, the bamboo begins to grow at a rate of nearly 2 ½ feet per day until it reaches its full height of 90 feet! The bamboo farmer who persistently cares for the seemingly barren land will reap the rewards once the bamboo shoots take off. He knows that the rapid growth of the bamboo is not at all magical – the bamboo is able to grow so quickly because it spends the first five years of its life developing miles of roots to support its growth.

 

As a business owner, you must also develop a “root system” . When it comes to your marketing tactics are you patient in your persistence or do you swiftly abort tactics that do not result in immediate prospect inquiries? Frequently, it is just when a tactic was about to begin to take root that the business owner quits and moves on to trying something else. Often times, the difference between successful outcomes and failed outcomes is the one degree difference in your own mental state of mind between ‘trying’ and ‘committing’.

How about in your prospect conversion strategy? Do you have a follow up system that keeps in touch with your prospects for up to 2 years or do you typically give up after just 2 or 3 follow ups? Did you know that, on average, businesses have to follow up with potential clients 8 times in order to make the sale?! So, if you’re not happy with the results of your marketing, ask yourself,  “Have I been patiently persistent?” If you’re considering whether to abort a specific tactic take a good look at your actual efforts and ask yourself, “Have I simply been trying or have I truly committed to this tactic?” If you’re willing to be persistent, but just not sure whether you are taking the right approach to nurturing the root system of your business.

QUESTION: What inspires and encourages you as an entrepreneur to keep pushing forward in the midst of struggle?  Please share your comments below in the comment box.

About Yoon Cannon: Top business coach Yoon Cannon has helped thousands of small business owners, entrepreneurs, coaches, consultants and sales teams achieve dramatic results in growing your business. Over the past 20 years Yoon has started 4 successful companies and sold 3 of them. She offers fresh insights as a seasoned business growth expert. Yoon delivers proven process for your sales, marketing and management development.  Grab free valuable gifts and resources at https://www.ParamountBusinessCoach.com  To book Yoon to speak at your next event email: YoonCannon@ParamountBusinessCoach.com To schedule a complimentary business coaching consultation call (215) 292-4947. 

QUESTION: What inspires and encourages you as an entrepreneur to keep pushing forward in the midst of struggle?  Please share your comments below in the comment box.

© Copyright 2016

What’s Your Follow Up System?

Note From Yoon

I was having my coffee early this morning on my front porch and noticed the fog lifting from my view of Buckingham mountain. It was so breath taking I had to go inside and grab my phone so I could take a picture to share with you. I only looked down for a few minutes to crop the photo. By the time I looked back up that fog already disappeared.  

It reminded me of how true the statement, “You have to strike while the iron’s hot”.  This made me think about the discipline of follow up. If you want to attract more clients, you need to strike while the iron’s hot. The problem with that however, is half the time, we don’t always know when our potential prospects are ready. Here’s a brief blog I wrote on creating a follow up system, so you don’t miss those hot opportunities. I invite you to share you comments and questions about how you can create effective, simple follow up systems that work.  Enjoy! 

Blessings ~ 

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What’s Your Follow Up System?

Imagine, missing out on a great new account all because when your prospect was ready, she’d forgotten about you. Picture this scenario, you’re a financial advisor, you meet prospects every week but you don’t have a system for keeping in touch.Six months ago you met this particular prospect at a networking function.  You exchanged cards and maybe you even sent a “nice to meet you” email the following day.  But you never reached out to her again. 

Four months later, she met another financial advisor who’d followed up with an informative article.   A few weeks after that, he’d sent an email and offered a short phone consultation.  Your prospect became his prospect.  Has this ever happened to you? 

Follow up is the most important component in building your networks and getting more referrals. Marcia Yudkin of the Marketing Minute says most of her referrals are for people she recently interacted with.  So, keep in touch. 

How often?  Each contact will be different but every 1-3 months is about right for many potential clients.  And don’t always ask for work.  Forward a relevant article you think they may be interested in, let them know if you’ve added another skill set to your repertoire, be helpful.   Keep it short and related.  This tactic is simple once you get into the habit and helps to build your relationship.  When they need your services, you’ll be top of mind. 

It can take anywhere from 3 months to 2 years to turn some leads into clients.  Nurture them along the way by being a resource. If these ideas sound too big to implement there are some great ways to systematize your follow up process and even scale it to large numbers of prospects versus following up with every individual. You can learn these systems.

If you’re feeling overwhelmed or need help with your follow up marketing plan, I’m just a phone call away.   You can reach me at 215-292-4947.  Call today to set up your free 30 min Discovery Session and lay the foundation to take your business to the next level!

 QUESTION:  What follow up did you do that turned into a client success story? Share your comments here

About Yoon Cannon: Top business coach Yoon Cannon has helped thousands of small business owners, entrepreneurs, coaches, consultants and sales teams achieve dramatic results in growing your business. Over the past 20 years Yoon has started 4 successful companies and sold 3 of them. She offers fresh insights as a seasoned business growth expert. Yoon delivers proven process for your sales, marketing and management development.  Grab free valuable gifts and resources at https://www.ParamountBusinessCoach.com  To book Yoon to speak at your next event email: YoonCannon@ParamountBusinessCoach.com To schedule a complimentary business coaching consultation call (215) 292-4947. 

© Copyright 2016

4 Secrets to Staying Focused

When you are dedicating yourself to achieving a specific goal, you must promise yourself to use the time you’ve blocked off for in ONLY working toward that goal.

Has this ever happened to you? You’ve blocked off time to work on that big project but you find yourself unmotivated, confused and generally unfocused?  You’re trying to remember if your son or daughter has a ride home from school, dreading an afternoon meeting or what you’ll eat for dinner tonight. 

Some call it ricochet rabbit–your mind is “Bing,”Bing”,”Bing” all over the place and pretty much everywhere but on your project.  Instead, the cursor blinks on your blank computer screen and feels like a mocking purgatory.

1–First, take a deep breath.  Know this is perfectly normal, everyone feels this way at some point. 

2–Make a list of everything that needs to be done for this project to be complete. If it’s a new product, the product has to be created, marketing materials need to be produced and the right audience needs to know about it.  What’s your role?  Do you need to research the product so you can write a fact sheet or a brochure?  Write down everything that needs to get done for that project then rank them in the order they should occur.  If you’re familiar with mind mapping this is a great technique to use for clustering all the associated tasks. 

Break the project down into individual tasks and then break those into smaller, bite size chunks. For example, you need to write a brochure–who’s the audience for the brochure?  What should it highlight?  If you’re introducing a new product for dentists for example, look at the key benefits of the product–will it save them time?  Does it make an activity easier?  What’s in it for them? 

3-Set a timer–at eggtimer.com you can set a timer on your computer that will alert you when your allotted time is up. Or, you can set the timer on your cell phone.  Tell yourself for the next 30 minutes, you’ll truly focus on the task at hand.  When your mind wanders–and it will!–bring it back by reminding yourself of your time limit. 

4–Shut out distractions for the duration of the time you commit to focusing on the project at hand.  That means close the door.  Turn off your emails, pagers, cell phone and land lines. Have a snack and drink at your desk so you don’t feel the need to get up for that.  If you have staff, tell key people you are not to be interrupted for the duration of your project slot. 

Here’s my own favorite “gotta get focused” trick.  I drink 2-4 cups of Ginkgo Clarity tea (double bagged of course).  Either this herbal concoction is really effective or my mind just convinces me I’m more focused because of it.  Hmmmmm…?

I hope you will start implementing some of my tricks for staying focused.  If you feel overwhelmed and need help prioritizing,  I’m never more than a phone call away! (215) 292-4947. For more great business growth tips subscribe at https://www.ParamountBusinessCoach.com

QUESTION: How do you get focused when you’ve got too much to do? Please share your comments below:

About Yoon Cannon: Top business coach Yoon Cannon has helped thousands of small business owners, entrepreneurs, coaches, consultants and sales teams achieve dramatic results in growing your business. Over the past 20 years Yoon has started 4 successful companies and sold 3 of them. She offers fresh insights as a seasoned business growth expert. Yoon delivers proven process for your sales, marketing and management development.  Grab free valuable gifts and resources at https://www.ParamountBusinessCoach.com  To book Yoon to speak at your next event email: YoonCannon@ParamountBusinessCoach.com To schedule a complimentary business coaching consultation call (215) 292-4947. 

© Copyright 2016

How to Do Mind Mapping to Grow Your Business

Reader’s Question: I’ve heard you speak at a recent conference and you mentioned map mapping as a technique you do in business planning. Can you explain more about how to do mind mapping? — Frank Rosen, San Francisco, California

Yoon’s Answer: Great questions Frank. Yes, I was referring to mind mapping to help you clarify how to reach your BHAG –big, hairy audacious goal. So, what can you do today to make progress on your biggest goal? What’s holding you back? If you don’t know, take some time and write your goal on the top of a piece of paper.

Next, write down everything you can think of that you’ll need to do to accomplish this goal. Then, put them in order. If you don’t know where to start, that’s a starting place. Write down everything you think needs to be done. Where can you get more information? Can you do some research online to get a better idea for what you need to know? Can you enlist the help of a mentor or coach?

Sometimes it helps to mind map an idea, especially if it’s really messy. If you don’t know what a mind map is, here’s how it works.

1–Take a piece of paper and write your idea in the center. Maybe you want to make more sales or close more clients.

2–Then, you can write “close more clients” in the center. From there, you’ll draw lines radiating out from the center and write down every way you can think of to make this happen. Maybe it’s making more phone calls or becoming more visible in your industry. Write down everything.

When you’re done, you may have a messy piece of paper, but you’ll also have completed a terrific brainstorm and can now use th

Mind Mapping to Grow Your Business

is to create an action plan for yourself.

Here’s what it’ll look like.
You can do it on paper or use mind mapping software like www.Mindmeister.com–the choice is yours. What’s important is that you make a plan for your success and take action!
Try your hand at mind mapping and share your results below.

If you have more questions about mind mapping post your questions in the comment box below. Here’s to Your Success!

Yoon ~

About Yoon Cannon: Top business coach Yoon Cannon has helped thousands of small business owners, entrepreneurs, coaches, consultants and sales teams achieve dramatic results in growing your business. Over the past 20 years Yoon has started 4 successful companies and sold 3 of them. She offers fresh insights as a seasoned business growth expert. Yoon delivers proven process for your sales, marketing and management development.  Grab free valuable gifts and resources at https://www.ParamountBusinessCoach.com  To book Yoon to speak at your next event email: YoonCannon@ParamountBusinessCoach.com To schedule a complimentary business coaching consultation call (215) 292-4947. 

 

© Copyright 2016