Learn how vulnerability has helped Baylor Consulting grow!
Today, it is very common for individuals to choose the entrepreneurial path. Tired of working for someone else and dreaming of being able to call all the shots, scores of individuals exit their employment with dreams of making it big on their own. Being in love with what we do for a living is an amazing feeling. And yet, it can easily cause us to reject actions that are difficult or undesirable (e.g., taking care of administrative tasks, consistent marketing, asking to be paid for what we do). It is much nicer, much more pleasant, to stay in the bliss of the passion of business while completely ignoring the disciplined habits that are required to keep a business functional.
And yet, passion and discipline must walk together if a business is to see success. Habits must be developed around 3 key areas to keep moving forward: taking care of admin (e.g., filing tax returns, bookkeeping), growing operations and marketing.
Allow me to share an example of how this paradigm plays out at Baylor Consulting. As consultants and coaches, our main source of income comes from client fees. In order to create client fees, we need to consistently be creating clients. In order to consistently create clients, we need to consistently schedule discovery calls, send out emails, and make introductions. It is vital that our calendar remain full of opportunities to interact with potential clients if we desire to experience financial success.
This is a very simple concept on paper. In real life however, we face resistance. This resistance is overcome by discipline. We practice discipline by asking people if they would like to have a discovery call with us (even when it makes us feel uncomfortable). We practice discipline by asking for referrals (even though we wonder if we are bothering people by asking). We practice discipline by sending out proposals (even though we know we might receive a 'no'). We practice discipline by proudly stating our fees (even though we know some people will say that the fee is too high). We practice discipline again and again and again until we create our next client. And that is why we experience financial stability and business success.
I'd like to close this e-mail with powerful questions to support you in developing discipline in your business:
- What required actions for your business do you find boring and/or undesirable?
- Why don't you like taking these actions?
- Why are these actions necessary for the financial stability and success of your business?
- Are you ready and willing to develop the discipline to take these necessary actions?
Believing in you and your business!
Erica - Chief Operations Officer at Baylor Consulting
I'm often asked by clients on advice for steadily and consistently growing a business. When I think about important elements for generating forward motion as a business owner, discipline immediately comes to my mind. As a result, I’d like to provide advice on how to cultivate discipline in your business.
If you are like me, you have a lot going on in any given day. You’re not only running your business, but also nurturing relationships, raising children, serving the community, engaging in your own self-care etc. It’s hard to carve out time to get back to the basics; to get to the core of things so that you can create a strong foundation off of which to build. It is my hope that this e-mails and a few to follow will help you get back to the basics of developing the discipline requried to maintain a successful business.
Discipline and the Romans - a quick story
The word “discipline” has an interesting history, so I’d like to paint a story of the term.
In Roman times, discipline was personified as the goddess Disciplina. The Emperor at the time, Hadrian, had conquered many lands and wanted to make sure his troops kept his conquests. He placed military troops along the borders of North Africa and Britain and would inspect his troops regularly. To avoid complacency amongst the troops, he instilled the importance of always being ready to fight; of not going soft. The soldiers were commanded to consistently train for battle and to follow a tight set of regulations. This created a military that was always ready for whatever came their way, and is what made them effective when they would experience threats from other tribes.
To tap into the energy of discipline, soldiers would worship the goddess, Disciplina. Additionally, coins made during Hadrian’s reign held the word Disciplina AVG; a sort of talisman so that soldiers would not forget their orders.
There’s much to gain by understanding the origin of discipline. What does it mean to not go soft in business? What actions must be consistently taken to ensure forward motion and success?
In the next post, I will share how you can become even more disciplined in your business and create the results that you want.
Believing in your success!
Erica - Partner & Chief Operations Officer
Hello Success and Wealth Creator!
I know you are busy running your business so I want to keep this message short with the pure intention of serving you and your business goals.
One of the things I love most about my clients is seeing them grow into successful, wealthy individuals. Achieving this is certainly not easy. It usually requires them to change longstanding habits that have served them for a very long time.
Which is what brings me to something I often say to my clients:
The things that got you to this level of success are the very things that are holding you back from your next level of success.
I see this most often when it comes to money. It's very common for my clients to reach a plateau in business where they just can't break through to that next level of financial success. For each and every client experiencing this, I take them through the following process:
- I ask my client how much money he or she wants to make per month.
- I ask my client triple that number.
- And then ask her to commit to proposing this tripled amount in fees per month. (e.g., total proposals to potential clients equaling this amount, or exposing a business to a total number of leads that equal this amount).
For example, if my client, Lynette wants to make $15,000 per month, I ask her to commit to making $45,000 in proposals to potential customers each month. When my clients seriously commit to this, they are easily hitting their financial targets within a few months. All because of the system I've described above.
So why does this formula work so well? There are three reasons.
#1 - It's a numbers game
Business really is a numbers game. What I mean by that is, you offer your products or services to a group of people knowing that some will say 'yes' and some will say 'no'. It's just how it is in business. By tripling the amount of leads needed to meet targets, you significantly increase the odds of getting a 'yes'.
#2 - You stay focused on the things you CAN control
As a business owner, you can't control whether or not you will get a 'yes' or no from a client. There are simply too many factors at play. However, you can control the number of proposals that go out to your leads. As a result, you focus your time and energy best by committing to sending out your targeted number of proposals.
#3 - You know EXACTLY what you need to do
Coming up with how much you need to make in proposals is really easy under this system as it is simply a matter of multiplying your monthly financial target by 3. This takes a lot of the guesswork out of how many proposals and leads you should be creating each month.
If you feel you've hit a financial plateau in your business, commit to using the system above for the next 6 months. Trust me, you will LOVE the result!
Standing for your success,
p.s. - Did you find this post helpful? We'd love for you to share the love and pass it along to other entrepreneurs and small business owners!