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3 HIGH PAYOFF QUESTIONS THAT GROW YOUR BUSINESS

By Linda Feinholz

Trees are either growing or dying. Your business is the same way. You're either growing, by serving more clients, providing more services to your current clients, and making more money… or you're not. There's no middle ground.

If you have the same number of clients and are creating the same financial bottom line for yourself each year, your business is ‘shrinking.’ That means that while the economy grows, and your costs of doing business and living grow, you’re not keeping up with your bottom line results.

If your business is not growing it may be as a result of three factors – Questions, Answers, and Actions. I spend much of my time with my clients clarifying first where they are stuck, then sorting out the solutions.

Unless you start with the right issue, you may just be adding lots of busy work that isn’t actually solving the situation.

Let me explain a bit more about these 3 Factors:

Stall-Out Factor 1 – You’re stuck with a question

So many of my financial advisory clients find their business languishing. Their time is full of activity, but it isn’t High Payoff Activity. It’s often ‘busy-ness’ rather than business building. All for the lack of the answers to key questions.

Many times I find business owners delay asking the questions that are critical because they have limiting beliefs about the action they ‘must’ take once they have their answers. Questions such as the type of work you really want to focus on, the profile of your ideal client, the area of expertise you want to become known for, and so on.

Stall-Out Factor 2 – You’re stuck in the face of a strategic or operations answer

My clients have learned from our coaching discussions that answers require you take new or different actions in order to achieve your next level of success. And we all know how our first reaction to change is to halt and think about it for ‘a while’ … which often becomes months.

The first type of answers that most commonly stall business growth are Business Strategy answers – These are the commitments that describe exactly what will you do to achieve your business goals, and what won’t you do! This is the realm of intentions, the declarations you make that become your reference points for each next business decision.

For years, my client Lenore had declared herself a financial consultant. And she was stalled. She had networked among the full spectrum of ‘professionals who need financial advice’ … and had a devil of a time doing her marketing. And for 2 years she was stalled as a result of dodging living the answer she already had: focus on a niche, an area of specialization that would set her apart from other financial advisors.

Once she announced her strategic focus on Dentists she was able to focus her branding, her PR, and all her language. She had changes she needed to make in many areas of her marketing materials and presentations and discussions. The result of the effort: She’s known now in her niche and consistently growing her business.

Business Operations answers are all about the technical side of running your business. Exactly ‘how’ will you manage and accomplish the actions that take your company to its next level of success.  Leverage and systems are often key answers here. Lenore’s operations answer led her straight to the next factor:

Stall-Out Factor 3 – You’re stuck in the face of an action

Lenore realized she needed to focus on building relationships with new prospects. To create the time for that activity, she needed a half-time assistant to do analytical work for her clients so she could step away from that work. She had put off hiring, expecting an assistant would need her time and attention. We’re working how she’ll train and manage her new assistant to work more independently over time.

As a result of looking at the questions and answers that had her stalled, Lenore is growing her business by 20% this year.

You might not know the actual question yet. But you can test if this is what has you stuck by asking yourself, "What question am I stuck with?"

Your gut reaction will tell you if this is your starting point.

When you have your question, get yourself a colleague or coach to help you hone in on your answers by asking by asking yourself, "What strategic or operations answer is available?" and "What action will I take?"

Change your questions so you can help more people!

 

© 2008 Linda Feinholz  Management expert, consultant, and coach Linda Feinholz is "Your High Payoff Catalyst" If you're ready to focus on your High Payoff activities, boost your professional and personal results and have more fun, get her FREE audio mini-course "7 Quick & Simple Steps to Increase Your Focus, Ease Your Effort & Accelerate Your Results" and the free weekly newsletter The Spark! Visit http://www.YourHighPayoffCatalyst.com

 


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