As we move to the close of another year, (they seem to go faster and faster as I get older) its a good time to stop, prop and reflect on the year that has just passed before you race headlong into another year.
There are a range of tools and techniques that you can use but a really simple, and powerful, technique shown to me by my colleague, James Atkins (www.vantagemarketing.com.au) is to ask yourself some simple questions that really cut to the heart of the issue.
The questions revolve around 2 inter-connected concepts:
1. Shackles – these are the “things” that are holding you back from achieving your full potential. They can be external factors, but I find that in most cases they are really the internal challenges that we all need to face. Our Shackles are the real barriers to us moving forward.
2. Shields – these are the what we hide behind. Shields are the things that enable the Shackles to restrain us. Again they are usually internal factors rather than external factors. Your Shields will be the constructs that give validity to your Shackles.
For example: Your shackles could relate to your perception of yourself – “I’m not good enough” or “I can only work with X type of clients” or “In the past, I did Y…”. The Shield could then be something like I hide behind…. “my lifestyle” or “a lack of qualifications”.
So, the process is simple.
Focus on the relevant area e.g. personal performance, departmental performance, product performance, business performance, etc.
Ask yourself the following questions:
Shackle: What is holding me/us back from achieving our full potential?
Shield: What are we hiding behind that enables the Shackles to exist?
Develop some action plans to address your Shackles and Shields – use a tool like ForceField Analysis for extra leverage in this task.
POWER TIP: If you are unsure of whether you have identified the core issue then ask some trusted colleagues for their take on your shackles and shields and/or use a tool like “5 Why’s” to help you drill down. You will find a short video on the 5 Why’s technique here.
I have found this technique very powerful and have used it on myself and my business as well as with clients. Make sure you take the time to really drill down to what are the key issues for you.
Use this as the starting point for your reflection and planning in 2019.
Wishing you a happy, healthy and prosperous New Year
FTI (or Failure to Implement) is one of the biggest barriers to business success. In the last 37 years as business consultant, I have observed that my most successful clients are the ones that execute their strategies and plans. The converse is also true – lower performance is often a result of a failure to implement strategies and plans. These business owners keep focused on “Business As Usual” (BAU) but fail to implement their plans for growth and profitability. But how do we improve our ability to implement?
Its easy to get caught up in “business as usual” and to bump the Quadrant 2 activities1 (Important but Not Urgent tasks) and as a result we simply never get time to implement the actions that can make a fundamental difference in our business eg. strategy, training, business development, planning, life balance, process improvement, leadership, etc.
There are 3 key drivers that are the hallmarks of successful people:
Focus – maintaining a clear focus on the stuff that matters; Discipline – is the ability to do something in “a controlled and habitual way” thereby resisting the temptation to be distracted from your path; Control – taking control of your environment and the situation to enable more productive outcomes
In the global best selling book “Scrum – The Art of Doing Twice the Work in Half the Time“, author Jeff Sutherland talks about the massive losses in productivity due to “context switching” (changing tasks or multi-tasking) indicating that working on 5 tasks at once means you will lose 75% of your effective time to context switching. This is despite the myths that surround individual abilities to do this. Maintaining your focus on the priority task at hand and completing it is one of the hallmarks of highly successful people. In Scrum, Jeff talks about improving team focus and productivity by asking 3 simple questions at a daily team huddle.
In the global best selling book “Scrum – The Art of Doing Twice the Work in Half the Time“, author Jeff Sutherland talks about the massive losses in productivity due to “context switching” (changing tasks or multi-tasking) indicating that working on 5 tasks at once means you will lose 75% of your effective time to context switching. This is despite the myths that surround individual abilities to do this. Maintaining your focus on the priority task at hand and completing it is one of the hallmarks of highly successful people. In Scrum, Jeff talks about improving team focus and productivity by asking 3 simple questions at a daily team huddle.
But, after reading the Scrum book and working with clients to begin applying its key principles, I started to postulate that “…if the 3 questions worked for teams why wouldn’t the same 3 questions work for individuals?”. I have since modified and started using the questions in my own business and with my business clients on a regular basis with outstanding results. In my model, I have a weekly, 10 minute accountability call with my coaching clients where I ask the critical questions…
So what are the 3 Questions?
Like all good things, the questions are simple yet powerful:
What did you do in the last week that has helped move you towards your goals?
What will you do this week to move you towards your goals?
Are there any barriers getting in the way of achieving your goals?
But how does asking those questions help?
The Questions are all about focus, discipline and control. I ask my clients to focus on the 1 or 2 key strategic tasks that they MUST get done in the next week to achieve their goals. I’m not interested in discussing all the the BAU things they have on – just the priority strategic actions.
Focus: To participate in the program, my clients complete a short online form with the Questions prior to our 10 minute call each Monday. The Questions focus them on the priority strategic actions and help them set the context for the week. The actions are related to their plans which are set in advance.
Discipline: having to “front up” for an accountability call encourages them to take the time to prepare and make the commitment to attend. I am currently running at 100% engagement for the last 12 weeks for all participants, so the evidence would suggest that its working.
Control: Discussing what we did last week (and comparing that to what we said we would do) and the barriers to implementation are important for taking control. Addressing the barriers is an important component of taking control. This is why I only ask for 1 or 2 strategic actions each week so that we don’t set ourselves up for failure.
Anecdotally, I have seen massive improvements in outcomes for many of my clients in a short period of time. They now seem to magically find time for important strategic actions and we are implementing them in rapid succession. The 3 Questions are making a real difference.
How do I make it happen in my business?
These are the 4 steps I’d recommend:
Build a Plan – Make sure you have a documented plan for at least the next 12 months and cascade this to clear 90 Day actions. How do you build the plan?
“Done with You” – Use our Business Accelerator Program to work with us to build your plan – more information
“DIY” – Access the free resources on this site especially the Business Diagnostics and the Annual Operating Plan process – more information
Ask the Questions – every week ask yourself the 3 Questions. Diarise a time to do this and have the discipline to make it happen. This could be questions you ask of your Partners or at a Team Meeting – just make sure you are disciplined to ask them of yourself. (POWER TIP: If you are really ambitious then ask yourself the questions each morning before you commence work!). If you lack the drive and/or discipline then talk to me about joining our program.
Measure your progress and celebrate the wins – Take the time to evaluate your progress and make sure you celebrate the small wins.
Rinse and Repeat – Every 90 Days revise the plan and cascade some new actions. Continue to ask the questions and implement!
Russell Cummings 25 August 2022
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1For more on Quadrant 2 activities read Stephen Covey’s book “The 7 Habits of Highly Effective People” or watch this short video – https://www.youtube.com/watch?v=aG3ETWm9VUQ
In this article, we will explore four essential tips for achieving success in your business this year. By following these strategies, you can kickstart your year with a strong foundation and set yourself up for growth and accomplishment. Let’s dive into the details and get started!
1. Understand the Current Business Environment.
Gain a thorough understanding of your current business environment. This involves conducting an Environmental Scan, which examines your supply chain, industry channels, and clients. By identifying where your business stands in the industry and how it interacts with suppliers and customers, you can gain valuable insights into your position. Additionally, a PESTEL analysis (political, economic, social, technological, environmental, and legal) helps assess external factors that may impact your business. Understanding the present circumstances will enable you to make informed decisions for the future.
2. Get Clarity on Your Goals.
To move forward successfully, it’s crucial to have a clear vision of where you want your business to go. Invest time in this step and explore resources available to help you map out your vision. Consider the “Six Ps” model, which encompasses patrons (target customers), products and services, processes, promotional tools, people strategy, and profits. By envisioning each aspect and setting specific goals, you’ll establish a comprehensive roadmap towards success.
3. Build a Clear Plan.
Many businesses fail to create clear plans, which is why this step is so important. Begin by developing a vision, mission, and goals for the long term (10-year timeframe). From there, create a strategic plan for the next three to five years. Then, break it down into an annual operating plan. Finally, establish a 90-day plan that outlines actionable steps to move closer to your annual goals. Templates and resources are available to assist you in this planning process, ensuring you have a well-defined roadmap.
4. Make It Happen:
Implementation is key to achieving your goals. Find an accountability partner who can support and challenge you to stay on track. This person could be a colleague, business partner, or even your spouse. Regular accountability check-ins will help you stay focused and motivated. Additionally, improve your productivity and time management to free up time for strategic initiatives. By stepping away from day-to-day operations, you’ll have the space to work on the critical elements that drive your business forward.
To build success in your business, follow these four essential tips: understand the current business environment, gain clarity on your goals, build a clear plan, and take action to make it happen. Utilize the available resources, such as diagnostics and templates, to guide you through each step.
Remember, strategic planning and implementation are key to achieving long-term success. By investing time and effort into these strategies, you’ll be well-prepared to navigate the challenges and opportunities that lie ahead.
Start your journey towards a successful year in your business today!
What do consulting fees, underwear, razor blades and toilet paper have in common?
OK, so what do consulting fees, underwear, razor blades and toilet paper all have in common?
The real connection is that they all have a similar mechanism for charging for their services or products. They are all part of a subscription model.
Pricing your products and services is a highly strategic activity that is core to your Marketing Strategy and is often overlooked by business owners. Too many people take the easy way out and do exactly what the competition is doing. They charge a similar amount and do this in a the same way as the others.
What we are failing to grasp is that pricing is a key Positioning Strategy for your business and by copying the competition we are losing any competitive advantage that we may potentially gain. You can gain this advantage in many ways but 2 key areas are:
1. Your Price Level – what does your product (or service) cost relative to the competition? 2. Pricing Mechanism – How do you charge for your services/product? fixed fee, RRP, subscription, hourly rate, commission, etc.
Setting your Prices
There are 5 common tools for setting prices:
Cost Plus
RRP
Competitor Pricing
Market Will Bear
Target Pricing
Cost Plus – as the name suggests is a very common way to price based on your costs. Simply add up your costs to deliver and add a margin for profit and voila you have your price.
RRP – This is where your supplier sets the pricing via a “Recommended Retail Price” Model. You will usually have purchased the product at a wholesale level with an in-built margin to get to RRP. You may also be restricted by Government Policy in some areas like: healthcare.
Competitor Pricing – This is where you base your pricing on the competition and it can be a dangerous strategy as its easy to price to low. Some of your competitors will have poor business skills and will no understand how to price to make a profit.
Market Will Bear – this is where you test your pricing in the market and keep work out where will give you the best return in terms of volume and price. This takes some effort but is often the better strategy for your business.
Target Pricing – This is a different technique that involves determining the price that will generate the most sales for your business. You then deduct your profit to determine a target cost for your product or service. Using this information you can then decide what to features, benefits, packaging, distribution options to include in order to meet your cost target. Its a powerful pricing tool that is rarely used but I suggest that you give it a run.
In reality, we should use a variety of pricing tools to help set our price unless RRP is your only option. My experience is that Cost Plus should set the minimum price. Competitor Pricing should allow us to explore the range (use the phone (mystery shopper calls) and/or internet to do a quick scan of competitor pricing. Typically, if your products are of similar quality them set your price below that market leaders and above the average and use “Market Will Bear” and/or “Target Pricing” to explore some pricing options and lift your prices above the competition.
Establishing a Pricing Mechanism
The second element to consider is your pricing mechanism. Again, don’t be lazy and accept what the competition is doing.
20 odd years ago, when I went out on my own as a Business Consultant everyone charged by a the hour or day for their services. When I asked my clients what they disliked about the “Professionals” that they worked with the overwhelming response was high hourly rates and a “surprise” in the mail (the bill). I explored a range of options with my clients and settled on an agreed fee broken down into monthly installments like a “subscription”. That pricing mechanism has the been the basis for my successful coaching services for the last 20 years. Check out my website to see how the coaching programs play out – https://shifft.com.au/programs/
Now I have a range of innovative suppliers including software (SAAS – “Software as a Service” aka a Subscription) and the products i mentioned above, that are all using a subscription model to differentiate their business:
Underwear – Australian Company “Knobby” (https://knobbyunderwear.com.au/) delivers me a quality pair of jocks every month. Each month has a unique design and they are the most comfortable “jocks” I’ve worn for years. Who would have thought there was a market to buy underwear by subscription?
Razor Blades – Fed up with paying extortionate prices for razor blades from the majors, I went looking for options to provide me with a quality product for less. I soon found Dollar Shave Club (https://au.dollarshaveclub.com/home) who deliver me high quality razor blades and shaving products on subscription basis.
Toilet Paper – We have been buying out TP on subscription for a couple of years from social Who Gives a Crap (https://au.whogivesacrap.org/) a socially driven business that donates 50% of profits to build toilets in the developing world. The product quality is excellent and it arrives on a regular schedule.
These are just a few examples of the types of products and services that you can access via a different pricing model – in this case: subscription. For each pricing model there will be pros and cons but unless we explore some alternatives and look beyond copying what everyone else is doing then we will fail to differentiate our business in the marketplace.
How could you build a subscription model into your product or service offer?
I’d also be interested in your experiences with trying different pricing models for your business and/or businesses that you use. Comment below.
In this age of technological advancement, the role of Artificial Intelligence (AI) has been expanding across various industries. It has become a powerful tool for content creators and marketers, enabling them to streamline their processes and produce high-quality content efficiently. One of the key AI models at the forefront of content creation is ChatGPT, and in this article, we will explore how you can leverage this AI to craft exceptional content.
Understanding AI Prompts
Before diving into the AI content creation process, it’s essential to understand the concept of prompts. Prompts are the instructions you provide to the AI model, such as ChatGPT, to guide its content generation. Writing effective prompts is crucial as they directly impact the quality of the content produced. AI, especially ChatGPT, is conversational and context-aware, which means it retains information about the task you’ve assigned. This allows for more coherent and relevant content generation.
Crafting the Perfect AI Prompt
Creating a strong prompt is key to harnessing the full potential of AI for content creation. Now, I want to introduce this gentleman called Jeff Su who’s got a series of really good YouTube videos. He’s probably done one of the better summaries I’ve seen of the perfect prompt formula so I’m just going to actually step you through Jeff’s methodology here. But my suggestion is you go and watch his full video below, it’s really quite good.
Let’s break down the components of a perfect AI prompt:
Task: Start with a clear and action-oriented task. Use a verb to specify what you want the AI to do. For example, “Write a 500-word blog article on the topic of five major barriers to effective personal productivity.”
Context: Provide context to narrow down the possibilities. This includes information about the target audience, the purpose of the content, and any specific requirements.
Exemplar: Offering specific examples or models can help the AI better understand your expectations. For instance, you can instruct the AI to highlight global best practices, as we did in our prompt.
Persona: Define the perspective from which the content should be presented. In our example in the video, we specified that the content should be written as if you were a leading Australian business coach. By defining the persona you want, you’re not just instructing AI; you’re creating a collaborator that’s tailored to your specific needs, making the content creation process smoother and more enjoyable.
Format: Be clear about the format of the content. For a blog article, specify the word count, language preferences (e.g., UK English spelling), and the tone you want to convey (e.g., professional, concise, and friendly).
Tone: Communicate the feeling you want to evoke. For instance, let’s say you’re crafting an email to a new team and you want to strike the perfect balance between professionalism and approachability, without coming across as too stiff or awkward. Simply ask ChatGPT for a list of five tone keywords to include in your prompt, like “clear and concise,” “friendly,” and “confident.” By incorporating these tone keywords into your prompts, you’ll guide ChatGPT to produce content that hits all the right notes, ensuring it aligns perfectly with your intended tone.
Once you’ve crafted a comprehensive prompt, you can submit it to the AI model, such as ChatGPT, and it will generate content that aligns with your instructions.
Creating a Variety of Content Assets
The power of AI for content creation goes beyond just writing blog articles. With a well-structured prompt, you can leverage AI to produce a diverse range of marketing assets that support your primary content piece. Some of the assets you can generate include:
PowerPoint Slides: Use the content to create engaging presentation slides that can be used for webinars, workshops, or conference presentations.
Video Scripts: Develop scripts for videos that elaborate on the blog article, making it more accessible to visual learners.
YouTube Descriptions: Craft descriptions for YouTube videos, enhancing their searchability and user engagement.
Lead Magnets: Create valuable lead magnets, such as checklists or ebooks, to entice users to subscribe or engage further with your content.
Resource Lists: Compile lists of relevant resources, websites, or tools that support the blog’s topic, providing additional value to your audience.
Social Media Posts: Generate social media posts that promote your content, emphasising different aspects of the topic to capture a wider audience.
Automation and Efficiency
The beauty of AI content creation is its ability to automate many time-consuming tasks. By harnessing AI, you can significantly reduce the time and effort required to produce a wide array of content assets. This allows you to focus on refining and customising the content to align with your brand’s voice and objectives.
In conclusion, AI, and specifically ChatGPT, offers content creators and marketers a powerful tool to supercharge their content creation process and crafting the perfect AI prompt is the key to harnessing the creative power of artificial intelligence. Download our AI Prompt Checklist now and start creating amazing content with ease.
This checklist is your guide to creating well-structured prompts that yield exceptional results. Whether you’re a content creator, marketer, or business owner, this checklist will help you streamline the content generation process and enhance your creative capabilities. Happy content creation!
You go from thoughts to words to actions, and that’s a quote from today’s guest, Russell Cummings. And as an entrepreneur, you might aspire to conquer the world and spread your wings across oceans. But having the right foundations and tracking and predicting trends could mean the difference between succeeding or having to start again. This topic is what we explore in today’s episode of the Bx Podcast with an expert, business coach, and management consultant.
