Blog

5 Steps to Building a Winning Team – Get Team Engaged

January 2014, and I am sitting at Redfern Oval with the Rabbitohs National Rugby League (NRL) head coach, Michael ‘Madge’ Maguire, and we’re talking about what it will take to win the NRL premiership. The Rabbitohs have not won a premiership for 43 years, and in the preceding two years the Rabbitohs had been knocked out one game before the grand final. Madge wanted to discuss my ‘Elite Performance Framework’ methodology – designed to create ‘inside-out’ leadership – and how I could assist him in bringing a premiership back home to Redfern.

Madge was very clear, for him, there was no next year; there was no tomorrow. His vision was, ‘We win the premiership in 2014. It starts today’. For the premiership to be realized, Madge knew he had to change his leadership style. He knew he had to stand back and let the players and coaching staff take responsibility. More importantly, he knew that everyone in the organisation, players and coaches, had to be focused on improving individual performance every day, every session, every moment.

To build winning teams, in sport or business, requires everyone to believe in each other, believe in the team, and believe in the process. No matter what the score, no matter how bleak the circumstances may seem, the focus must be on the current play. Outside distractions – weather, fans, referees, competitors, social commentary – cannot be controlled. It is all about controlling the controllable, each individual doing their job consistently well. It is all about belief.

Engagement – Mission focused

The belief Madge reinforced to his team at the Rabbitohs was underpinned by club’s core values, performance standards and behaviours. Every individual must own it. Every individual must lead. It must be led and driven from the ‘inside out’

For organisational teams to remain focused and engaged, leaders must continually reinforce key messages. Depending on what challenges lay ahead, Madge tailored the message to ensure the team was engaged in the mission. Madge continually looked at ways to reinforce the message and, importantly, stimulate each individual. Different methods were used to connect and inspire the team during meetings and presentations, and away from the club individual players were sent inspirational videos and messages via text. Madge ensured that every individual was 100% engaged and focused.

History shows the Rabbitohs marched onto to win the 2014 NRL premiership.

Engagement unlocks potential

For business leaders, the same applies as for sporting organisations. Those who have a clear organisational vision and purpose, require an engaged and committed team to deliver the mission. The key is to engage and empower individuals so that their potential is realized. To bring their best every day. To deliver consistent performance required to build winning teams.

Engagement does not mean just being happy at work, simply clocking in and clocking out doesn’t cut it. The definition of employee engagement – “is the emotional commitment the employee has to the organization and its goals”.

The well-known statistics below illustrate the opportunity for business leaders. The question to ask is how to mobilise and engage the ‘not engaged’ majority?

  • Engaged (15%) – emotionally committed, talent potential leveraged
  • Not Engaged (67%) – happy, do bare minimum, not invested in company mission or beliefs
  • Actively Disengaged (18%) – negative influence

How to improve engagement from a Navy SEAL

Brett Gleeson; founder and CEO of TakingPoint Leadership, former Navy SEAL, and bestselling author of TakingPoint Leadership; states the steps for improving engagement aren’t complex, they simply must be prioritized. Which means engagement must be a core function of the business leader’s role.

Here are Brett’s five simple, yet powerful steps, to improve employee engagement:

Step 1 – Put everyone in the right role

Align the roles with the company mission. Use personality profiling to ensure right person is in the right role.

Step 2 – Provide training & remove obstacles

No leader can expect to build a culture of trust and accountability without setting the team up for success.

Step 3 – Provide meaningful work to allow contribution

Engaged employees are doing meaningful work and have a clear understanding of how they contribute to the company’s mission, purpose, and strategic objectives.

Step 4 – Check in often to provide voice

Today individuals crave regular feedback, which of course leads to faster course correction and reduces waste. Require regular formal and informal check-in strategies.

Step 5 – Frequently discuss engagement & ‘engage’ all

Be transparent regarding any current challenges faced, talk regularly about engagement. Just like Madge did with the Rabbitohs in 2014, personalise the message to the individual’s needs.

Building winning teams that are emotionally invested in the company mission and goals takes patience and determination. This is a long-term play that will deliver loyalty, commitment, and financial return. Make it a priority today.

Cheers
Matthew Jones
TheCUBE Founder & CEO

TheCUBE is a powerful business coaching platform allowing coaches to deliver greater results and life changing value to more clients with less effort.

Book TheCUBE demonstration today.

The 7 Elements to Building a Successful Coaching Business

There are plenty of great coaches who have amazing programs, delivering amazing value, however struggle building their own business. This is the result of poor or non-existent ‘business systems’. Often the coach will build their clients business operating systems yet neglect their own business systems.

When I started my coaching business in 2007 with one client, I would hustle to pick up new clients through my network until my capacity tapped out. There was no system or rhythm, just a lot of blood, sweat and tears. If a client left or needed to pause coaching, I was left with a hole in my cash flow and no quality leads to fill the gaps.

With no defined business development system in place I lacked a pipeline that could produce consistent quality leads. This is a killer for any business. Problem for me is that I lacked systems across my entire business. The more I filled the top of my sales pipeline with leads, the more would fall out the holes at the end due to a lack of systems.

Get Your Coaching Business House in Order

To build a successful coaching business you first must get your house in order. If you want to improve the quality and number of your leads, you first need to improve the quality of your service delivery and client engagement. If you want to step away from doing the day to day coaching, you first need to build scale and leverage into your delivery.

For example, it is a waste of time and money networking, going to events, advertising, and posting on social media if there is no system in place to capture the lead, nurture the lead, qualify the the lead, or to convert the prospect into a paying customer.

Over the years I have tested and measured a lot of theories, strategies, and tactics. Whilst I achieved some wins there was also plenty of losses. It was not until I identified all the key elements, and importantly how the key elements interacted, that I finally got my house in order.

Know Your Market

Importantly, prior to building your coaching business operating systems you should have already identified your target niche market. This should be based on answering the following questions:

  1. Relatable – Does my story and experience relate to the market?
  2. Master – Am I the master at solving the markets problems with great solutions?
  3. Win-Win – Do you like the market and can they pay for your services?

7 Elements to Building a Successful Coaching Business

The following are the key elements I used to successfully build my coaching business, and to assist other coaches build their businesses.

Element 1 – Consistent Delivery

Let us flip the traditional pipeline upside down, rather than start with lead generation, we will start with retaining existing clients. Too often existing clients can be neglected when focused on winning new work, leading to the client feeling underwhelmed and undervalued. As a coach, clients expect you to bring your ‘A-Game’ 100% of the time. Clients expect consistent delivery. As soon as delivery drops questions on value are raised. Get the basics right first.

  • For consideration – Never be late, always deliver your assigned actions on time, always respond to client requests same day (or at least acknowledge received), consistent meeting timings, implement automated email/sms client meeting reminders.

Element 2 – Add ‘Surprise’

Rather than neglect your existing clients focus on adding more value. Look to add an element of surprise into your programs that will deliver value. Awaken your clients so that they understand the true level of expertise and value.

  • For consideration – provide an extra one on one session, implement a group Q&A video call with an external topic expert (this was very useful during COVID19), send a recommended book, email topical relevant information, call to check in.

Element 3 – Nurture Community

Each individual business owner has a story to share. It is very powerful when individuals share ideas, learnings, and experiences within a ‘like-minded’ community. Having the community organically respond to questions and provide support enriches the overall client experience. Let the power of community engagement drive the discussion and the value generated.

  • For consideration – implement periodic (weekly/fortnightly/monthly) online community Q&A video calls, create social media groups (Facebook, What’s App), create separate project groups (use Slack channels), periodic (6 monthly/annual) community events.

Element 4 – Build Scale

With your ‘house in order’, client engagement will increase, value delivered will increase, and importantly client churn will be reduced or eliminated. Now will be the time to consider sustainable growth, and with it how to build scale into the business. The question that is often hard to answer, “how can another coach deliver the same client experience as me”? Most coaches when they start out trade time for money. You cannot scale this model. Scale requires leverage. How to leverage your IP, programs, and experience into a system that can be replicated without you. Essentially remove the principle coach from the day to day delivery.

  • For consideration – implement ‘off the shelf systems’ to deliver your learning content (LMS applications), automated progress tracking and reminders (action notifications), financial metrics scoreboard (tracking ROI), centralised client meeting scheduler to record notes and assign actions (assign accountability). We created TheCUBE business coaching software platform to roll all these functions into one solution.

Element 5 – Refer a Friend

At this stage clients are feeling the love and experiencing positive results. Coaches have been recruited and trained in ‘the way we do it here’ operating systems. With scale and leverage new business development velocity can be ramped up, without the concern of losing control.

  • For consideration – simply, with a community of raving fans, ask to refer a friend. Offer a ‘reward’ (financial, special, upgrade) for referrals and conversions.

Element 6 – Win-Win Partnerships

With most of the coaching now delivered by team members, and systems driving ‘proactive’ communication (not reactive), the owner of the coaching business now has a lot more quality time to invest in building ‘partnership’ relationships within their industry of expertise. Think win-win. Think who will benefit from your expertise, knowledge and programs.

  • For consideration – what industry member associations and industry suppliers will benefit from leveraging your services. Think how can you position yourself as the link to further enhancing relationships between the association and the member, as well as the supplier and the customer. Educate the value of the relationship.

Element 7 – Reinforce Credibility

Every market is cluttered. There are plenty of ‘social’ coaching experts peddling their wares that distract potential prospects. It is important that you stay relevant to your industry and as well as stay ahead of the needs of your community. Build content that will raise your profile, reinforce your credibility, and that can be repurposed through your industry partnership channels.

  • For consideration – how does your community consume information? What content can you create that is topical and super valuable – Blog, podcast, whitepaper, book (audio/hardcover)?

Implementing the above elements will provide the foundations of your coaching business systems to acquire, engage and retain your clients.

Cheers
Matthew Jones
TheCUBE Founder & CEO

TheCUBE is a powerful business coaching platform allowing coaches to deliver greater results and life changing value to more clients with less effort.

Book TheCUBE demonstration today.

Comprehensive financial analysis is a must for business coaches.

Too many business owners think that to get ahead financially they need to sell more and do more. However, this is incorrect most of the time.

Financial analysis must be a fundamental part of your business coaching methodology.

Why? Because doing more (pouring more into the top of the bucket) will not increase personal financial wealth if there are too many holes in the bottom of the bucket.

It can be very frustrating for business coaches and advisors when clients only want to focus on hitting a home run – meaning make more sales. Below is a great way to illustrate how it is more effective to fix the financial holes in the business before pouring more sales into the top of the bucket.

Here is a very simple financial analysis philosophy how to increase profitability – focus on the ‘power of the tiny 1% improvements’:

  1. Cost of Sale as a % of Revenue – FOCUS on increasing margins on stock, tightening up the ordering process, and reducing wastage.
  2. Overhead Expenses as a % of Revenue – FOCUS on eliminating expenses that do not add value to the customer or the business.
  3. Wage Expenses as a % of Revenue – FOCUS on improving daily/weekly planning and preparation to eliminate unproductive minutes to increase individual productivity by 15 minutes per day.

RESULT – As per table below a reduction of 3% results in an increase in operating profit by 75% ($30,000)

Detailed Financial Analysis to show increase in profitability
Detailed Financial Analysis to show increase in profitability

Beware being stuck in the ‘comfort zone’ – technician mindset thinking only need to sell more to get ahead

When you present the above financial analysis to business owners all agree it makes sense, however MOST state “yes that’s great but I don’t have time because I am flat out trying to keep everything running”.

This statement is the classic ‘technician mindset syndrome’ talking where the business owner does not want to get out of their comfort zone to sit down to work ‘ON’ the business to analyse the performance. The business owner is very comfortable working ‘IN’ the business, on the tools running around putting out fires.

Here is a classic ‘technician mindset’ strategy how to increase profitability:

  1. Increase sales – Ramp up marketing.

RESULT – As per table below investing a huge amount of blood, sweat & tears to increase revenue by 50% results in an increase in operating profit by 50% ($20,000)

Sales Analysis to show increase in profitability
Sales Analysis to show increase in profitability

Moral of the story

Taking the time to fill the holes in the ‘bottom of the bucket’ resulted in an extra $10,000 ($30,000 increase against $20,000 increase) operating profit!

For the business owner rather than investing huge amounts of money, blood, sweat & tears in marketing, recruiting more team members, doing more jobs, and doing more admin, just STOP!

Your priority as a coach and advisor is to ensure your clients take the time to review and understand their financial analysis numbers/scorecard to be able to:

  1. Identify where the holes are in the ‘bottom of the bucket (business)’.
  2. Determine what process needs to be implemented/tightened to fix these holes.
  3. Assign accountability to get it fixed – who & by when.

Financial Analysis Intelligence

TheCUBE business coaching software platform is designed to provide both the business and the coach with a clear view of the financial numbers. 100% full financial analysis transparency for all key stakeholders is required to drive intelligent decision making, and to remove ‘technician mindset’ guessing.

Don’t be fearful of the numbers – get excited by the numbers!

Cheers
Matthew Jones
TheCUBE Founder & CEO

TheCUBE is a powerful business coaching platform allowing coaches to deliver greater results and life changing value to more clients with less effort.

Book TheCUBE demonstration today.

4 Essential Business Coaching Software Apps to power your Practice

There are hundreds if not thousands of tools a business coach needs to run their practice. The challenge is choosing the right business coaching software for your specific needs.

As a coach, meeting with clients, clarifying direction, driving accountability, identifying solutions, celebrating wins, and providing tough love when required, is the easy part of the job. This is where the coach is in their comfort zone, engaging with the client comes naturally. This is what they enjoy and why they became a coach in the first place. The hard part, well, everything else required to operate a successful coaching business.

The administration side of operating a coaching business can become very clunky. Scheduling meetings, recording meetings notes, completing assigned tasks, tracking client progress, delivering content, business development, creating proposals, invoicing clients, building a community, the list goes on.

The great news is there are a lot of great software applications on the market that make operating a coaching business much easier and much more efficient. I have identified the business coaching software application options that are affordable to start with but also allow for scale and integration.

Business Coaching Software to handle your Practice Administration

Accounting Software – Recommend Xero

Xero is an ideal solution for business coaches. It is easy to use, and you do not have to have a degree in finance to reconcile your books, keep accurate records, and generate reports.

How it makes doing business easier:

  • Cloud-based with web and mobile app versions.
  • Easy integration with payment software services like Stripe, PayPal & GoCardless.
  • Customizable email templates including reminder emails and recurring invoice email templates.
  • Recurring invoices are easy to setup, manage & modify.
  • Integration with time tracking solution is easy to manage – Everhour.
  • Easy reconciliation through the bank feed with rules.

Time Tracking Software – Recommend Everhour

Everhour is simple and accurate time tracking software for teams to see who’s tracking time, keep track of all project budgets, schedule alerts, and plan resources.

How it makes doing business easier:

  • Integrates with Xero.
  • Easy to enter time.
  • Monthly project reports.
  • Monthly personal reports.

Team Communication Software – Recommend Slack

Slack is the perfect tool for communication & collaboration, providing group messaging or team collaboration that aims to simplify communication for businesses. For coaches you can set up private channels to allow direct communication with clients and third-party suppliers. Removes the need for endless emails having to copy in all stakeholders.

How it makes doing business easier:

  • Very easy-to-use software platform and intuitive for first-time users.
  • Enables effective and proactive communication between internal team members and external stakeholders such as clients.
  • Set up channels for specific user groups.
  • Ability to create chat threads.

Email Marketing Software – Recommend Mail Chimp

MailChimp is perfect for small business and newbies because it is the easiest email marketing platform around. You can get up and running quickly and in most cases for free. Marketing automation software can be very complex, it’s better to start with small and go from there. Send your first email. Get your first subscriber form in place. Learn the ropes and see what works for your business.

How it makes doing business easier:

  • Add up to 2,000 subscribers for free.
  • Mobile-friendly email templates work well across the most common email clients and devices.
  • Customizing the sign-up process with your branding.
  • Sending email campaigns is extremely easy and efficient.
  • Analytics reporting open and click rates of campaigns – download the list of people who opened your campaigns and what links they clicked.

The above list is just the start, there are many many more business coaching software solutions, but these suggestions will give new business coaches a great start in digitizing their practice.

I hope you find the above information useful. Good luck.

Cheers
Matthew Jones
TheCUBE Founder & CEO

TheCUBE is a powerful business coaching platform allowing coaches to deliver greater results and life changing value to more clients with less effort.

Click to request TheCUBE demonstration today.

Online Business Coaching Platform to connect reliable data seamlessly

Digital transformation across small medium businesses has increased the machine data available for operational, financial, and marketing analysis. The right Online Business Coaching Platform to expose the data can potentially empower business to improve every area of performance. However, the onslaught of data can also overwhelm and swallow the business.

For business coaches and advisors, understanding how data interacts is crucial to making the right business decision. To provide accurate advice requires access to ‘in-full and up-to-date’ data. This is becoming increasingly difficult as a business gathers job data, financial data, customer data, sales data, employee data, and the list goes on.

Data silos are a big problem facing business coaches

Having access to only one data set is problematic for a coach and advisor. Business processes that do not support data sharing and collaboration create ‘data silos’. In other words, no one has a big picture view.

Here is an example of a business struggling to increase profitability and cash in bank. Isolating marketing data (silo), such as leads and conversion rates, in recommending an increase in marketing investment to drive sales, can lead to fatal consequences. If not viewed in conjunction with financial data, such as profit margins and cash flow forecasts, a recommendation to increase sales can lead to a further reduction in profit and cash in bank.

The difficulty for business coaches and advisors is how to access this data in a timely and cost-effective manner. Data is often stored across multiple software applications, spreadsheets and desktops. It becomes very time consuming and frustrating when trying to manually collect, export, merge and interpret all of business data.

Online business coaching platform

At TheCUBE our vision is to allow business coaches to deliver greater results and life changing value to more clients with less effort. We achieve this through helping coaches to tell a story with the data so the client can understand it and can then act on it. Turning insight into a measurable action.

TheCUBE online business coaching platform, integrating business processes and reporting, allows coaches, the coaches team, their clients and their clients team to seamlessly connect in one single view to track and manage business performance. This single view (single source of truth) for all key stakeholders (internal & external) helps your clients achieve their true potential in work and in life.

Unlock the Hidden Gold

Business coaches and advisors wanting to improve their own efficiency and effectiveness require an online business coaching platform that can collect, merge and analyse client data seamlessly. As we all look for competitive advantages to stay ahead of the competition, we believe there are great opportunities for those who can ‘unlock the gold hidden within the data’.  

TheCUBE brings together technologies traditionally used only at enterprise level to analyse data. Meaning unlocking the data is now made easy. For business coaches now is the time to ‘reset’ how value is to be created and competitive advantage is to be formed. Start preparing for the new opportunities that will present with unlocking data potential.

Cheers
Matthew Jones
TheCUBE Founder & CEO

TheCUBE is a powerful business coaching platform allowing coaches and clients to work together easily.

Click to request TheCUBE demonstration today.

5 Guaranteed Remote Coaching Solutions to Retain Clients

And just like that how we conduct business has changed. We all need to adjust to communicating with clients remotely. For some business coaches and advisers nothing has changed, it is business as usual due to the fact they have already been leveraging remote coaching solutions to deliver their services. For the majority however this is a whole new way of business. Unfortunately for some coaches it has been a rude wake-up call because their services have been labelled ‘discretionary’ and have therefore been cut by their client.

As coaches and mentors, we are passionate about helping clients succeed both in business and in life. We are driven to find the right solutions, messages, and recommendations that will make incremental positive change for our clients. We will happily go above and beyond to ensure our clients are planned and prepared to achieve success. It is all about the client’s success.

What about success for the coach

Most coaches neglect their own success and well-being. After investing countless hours, energy and commitment helping others, there is nothing left in the tank to help themselves. Since the pandemic hit, I have had a lot of business coaches and consultants contact me concerned that their business will now close. Schedule coaching and training sessions have all been cancelled because they cannot meet clients face to face.

These are the same people who for a large part have resisted delivering their services online because their clients have dictated it must be delivered face to face. Again, these are the same people who I instructed years earlier to commence integrating and leveraging remote coaching solutions to increase their own efficiency and profit per hour.

It is now time to ‘reset’ your coaching delivery model in terms of how to deliver consistent value and importantly remain ‘sticky’ to your client. While the majority of the world stands still this is a great time to reinvent your service offering that best suit you.  

Remote Coaching Solutions to enhance client value

It is my personal view, with over 20 years business coaching and consulting experience, what is needed now is a combination of coaching (asking questions and allowing the client to find the answer) and consulting (providing solutions and recommendations). This will also include in part an implementation element.

Right now your clients are in a spin having to juggle what seems like daily policy changes across HR and WHS, coupled with managing concerned customers and employees. On top of this is a fight for survival trying to control cash flow. What your clients will value and more importantly need now more than ever is for you to roll your sleeves up to help get things done.

So how to coach remotely?

We have identified the 5 key remote coaching solutions required to building a ‘sticky’ coaching business that will deliver value for you the coach, and for the client are:

1. Coaching Management Platform – Provide a secure online platform to share documents, deliver learning content, schedule meetings and record notes, track accountability, and benchmark both client and coach performance. Think about how to stay connected 24/7.

2. Access to Client Data – To make real time educated recommendations you require access to ‘up to date’ financial data, project productivity data, and marketing data. Think about removing ‘silo data’ that when viewed on its own will provide a miss-representation of the actual situation.

3. Client Processes – Through your coaching management platform provide access to systems and processes that will allow your client to assign to employees to implement and manage. This can be across budgeting, business development, 90 day action plans, and cash flow forecasting. Think about essential processes that makes you ‘sticky’.

4. Build Online Community – This is essential. The power of a like-minded community that openly shares how they achieved success, as well as sharing concerns, builds trust and loyalty. Think about value driven by the community.

5. Accountability – Drive a culture of accountability throughout your clients business. It is critical that your processes and recommendations are implemented, tested, reviewed, and modified continuously to ensure your value is measurable. Think about ownership and empowerment.

I have not mentioned remote coaching solutions such as selecting video meeting software, having adequate internet speed, and an appropriate environment from where to conduct remote sessions. This is obviously the basic requirement to get started. However this will not build a loyal, sticky client base on its own.

Now is the time to ‘reset’ how you will deliver value. Start preparing for the new opportunities and remote coaching solutions that will present with new business models and new beginnings.

Cheers
Matthew Jones
TheCUBE Founder & CEO

TheCUBE is a powerful business coaching platform allowing coaches and clients to work together easily.

Click to request TheCUBE demonstration today.

Time For Business Coaching Clients To Get Serious About Cash Flow

The number one aim when mentoring, advising or coaching business owners, is to ensure business sustainability. The oxygen driving sustainability is cash.

ASIC reported, for the 2018-2019 financial year, the number one cause of business insolvency and ultimate failure is ‘Inadequate Cash Flow or High Cash Use’. This is nothing new. What is alarming is that over the past three years cash flow as a cause of failure has increased from 47% (2016/17), to 49% (2017/18), and now to 51% (2018/19).

I struggle to understand, with more than 50% of business failure related to poor control of cash flow, why the majority of small business owners still do not take managing cash flow seriously?

When I question business owners why they are not investing appropriate time to manage their cash flow some common responses are:

  • Mate I need to be out there selling, without me the business stops!
  • You don’t understand my business, we are different to other businesses!
  • Yes I know it is important, but I just don’t have time!
  • There are not enough hours in the day!

And the list of excuses goes on.

Beware the Red Train

The problem is business owners who have all the excuses never see the ‘Red Train’ approaching. Once the red train hits, their cash is cleaned out of the bank along the way. The unsuspecting owner gets up, looks in the bank account, and only then notices it is empty – in the red. Bills and wages cannot be paid. At this point they state, ‘I didn’t see that coming’.

Business owners who do not take managing their cash flow seriously never see the red train coming. Due to a lack of understanding the following errors compound cash flow problems:

  • Incorrect decision making – spending money when they should be saving money.
  • Inadequate terms of trade – failing to identity the negative cash impacts incurred through delayed invoicing and extended collection terms.
  • Inadequate planning – failing to plan for large statutory liabilities such as GST, PAYG, superannuation and company tax.
  • Inadequate sales activity – failing to identify shortfalls in future sales required to cover future planned expenses.

Time to Get Serious – 13 Week Rolling Cash Flow Forecasting

Business owners who are serious about building a sustainable business monitor and manage their cash flow on a weekly, sometimes daily basis. The recommended method to manage cash flow is to use a 13-week rolling cash flow forecaster to enter all planned incoming and outgoing cash from the bank. The cash flow forecaster must contain all current invoices and bills, as well as future planned invoices and bills that will occur over the coming 13 weeks.

A rolling 13-week cash flow forecaster provides the necessary transparency required to identify any fast-approaching red trains early. This is critical to the survival and growth of all businesses.

Consistency is the Key

We recommend every Monday morning the cash flow forecaster needs to be updated with the current bank balance, along with who will be paying, and who will be paid during the current and coming weeks. Having one central document allows sales, payable and receivables to all be on the same page in terms of which jobs, clients, and suppliers require follow up. It is all about being proactive, not reactive.

To make it easy for business coaches and advisors to assist in managing their clients cash flow forecasting, TheCUBE has an inbuilt 13-week rolling cash flow forecaster. This allows full transparency between coach and client, which in turn drives educated cash flow planning and sustainability.

Make cash flow forecasting a priority today.

Cheers
Matthew Jones
TheCUBE Founder & CEO

TheCUBE is a powerful business coaching platform allowing coaches and clients to work together easily.

Click to request TheCUBE demonstration today.

Time for a business reset. Winter Is Part of Business – It Doesn’t Last Forever.

While COVID-19 is consuming most people’s time and attention, there are some business owners who are focusing their time and attention on a ‘business reset’ in preparation for the opportunity that will present on the other side.

We always state the ‘only constant in business is change’. This is no different. It is important for business owners to always consider the seasons.

Acclaimed personal development guru, the late Jim Rohn says it best, “you cannot change the seasons; you can only change yourself”. Below is an excerpt from my book Power Up Your Tradie Business where Rohn explains why it is important for business owners to prepare for the seasons ahead.

When is it right for a business reset. Keep the Seasons in Mind!

Winter

First, you must learn how to survive the winter. Some winters are long, and some are short. During winter, you must become stronger, wiser and better to ensure you survive next winter. It is important to think positively, because winters do not last forever. Winter for your business may relate to increased competition, reduced demand, tough economic times or a ‘pandemic’ leading to reduction in investment development.

Spring

Second is spring. In this season, you must take advantage of the day and grab the opportunity for a new beginning, and the opportunity to turn things around. Spring is a short season and is also planting season, so you must hurry. You need to pick the right seeds, along with the right location and right nourishment. Just as life is short, you must learn to appreciate the opportunities that are presented. Only a small window of time is open, so you must be prepared to take it. In business during the spring, you must be planting the seeds relating to growing business development opportunities, growing win–win partnerships, and growing a high-performance culture within your team.

Summer

The third season is summer. This is a time to nourish new life and protect it like a father, as you wait for opportunities to present from the planted seeds. This is also a time to beware of the thief in your mind that is after your promise. Do not become a victim of yourself through negative thoughts such as, I cannot do it because there are too many obstacles. This is the time to maintain belief in your ability and remain focused on your goals.

Autumn

The fourth season is autumn – time to harvest and to reap what you have sowed. The more intelligent the work invested, the greater the rewards. For all in due season your harvest will come if you are patient enough to wait.

Owners who have created long term successful businesses understand the seasons. They understand that tough times do not last forever, just as good times will not last forever. Successful people are always preparing for the season ahead.

Start preparing now for the opportunity that will present with the new beginning.

Cheers
Matthew Jones
TheCUBE Founder & CEO

TheCUBE is a powerful business coaching platform allowing coaches and clients to work together easily.

Click to request TheCUBE demonstration today.

5 COVID-19 Opportunities to Reset your Business

With the Coronavirus now impacting the lives of everyone across the globe it can be easy to get caught up in all the white noise, trying to work out what is fact from fiction. It doesn’t seem like there are any COVID-19 Opportunities. For business owners, it has become a daily battle for survival. Only the strong businesses will survive this battle. In this post we took about 5 questions you should ask yourself to reset your business and uncover potential COVID-19 Opportunities.

Business owners who operate with a ‘business performance mindset’ understand that the only constant while operating a business is ‘change’. These business owners are playing a long game. They understand their business must have strong foundations to survive severe storms in the form of recessions, GFC’s, and now pandemics. These business owners, once they have their COVID-19 battle plan in place, are now preparing for the opportunity that will present on the other side.

Now is the time to look at this crisis as an opportunity to ‘reset’ the way we all do business. It is a time to reflect and review past performance to identify weaknesses, strengths and opportunities that will drive the ‘reset’.

5 ‘reset’ questions to reset your business:

  1. How strong is our ‘Vision & Purpose’? – Are we on the right path? Are we truly passionate about what we do? Will we keep getting back up when we are constantly knocked down?
  2. How strong is our ‘Culture & Values’? – Does the team buy-in and believe? Do individuals own it? Are we exhibiting the right behaviors?
  3. Is our team reaching their ‘Full Potential’? – Are we setting up everyone to win? What processes, training, conversations are required to ensure individual potential is reached?
  4. Are we serving the ‘Right Customers’? – Do our existing customers fully appreciate the value we are delivering? What are the key problems we are solving? Who will benefit the most from our expertise, service, solutions?
  5. Do we have ‘100% Financial Control’? – How can we improve our budgeting process? What financial management reporting process is required? What is the best way to manage our cash flow? How can we gain full transparency and understanding of the numbers?

Answering the above questions opens up more questions which leads to critical and creative thinking. This relates to who you are, how you do it, who believes what you believe, who do you serve, and ultimately is the business model financially sustainable.

Relating to financial stability, it is my 100% belief that all business owners must have 100% financial understanding of their business. At TheCUBE, we are passionate about helping business coaches deliver financial processes and understanding to ensure the long-term sustainability of their clients.

Now RESET and PREPARE for the OPPORTUNITY that will present. Then TAKE IT!

Cheers
Matthew Jones
TheCUBE Founder & CEO

TheCUBE is a powerful business coaching platform allowing coaches and clients to work together easily.

Click to request TheCUBE demonstration today.