Archive for January, 2009
Business Accounting 101 – Cash Flow
Posted by: | CommentsThere are certain parts of accounting and bookkeeping that you need to be familiar with as the owner of a coaching business. Cash flow is essentially the movement of money in and out of your business. It can be determined over any convenient period of time and is a more valuable indicator of your company’s financial health than is net income.
Healthy cash flow means that you have the money needed to pay your business bills when they are due. Without available funds, the alternative for the entrepreneur is to pay those bills on credit. This points out the importance of attention to cash flow – you can have income from your coaching products and services, but still not be able to pay your bills properly. If you are not tracking your cash flow, it is simple to get into trouble without realizing it.
You will want to keep the concept of cash flow in your mind when you set up payment plans with your coaching clients. Many coaches use a system of clients paying for their coaching in advance at the beginning of the month. This helps prevent the problem of not having money to pay the phone bill because you have clients that owe you money. Be cautious of cash flow issues if you use other payment schemes with your clients.
Coaching Trends with Ernest Oriente
Posted by: | CommentsMany coaches do not know Ernest Oriente although they should because he is a model of success in the coaching world. Ernest has been coaching since 1995 and has created a multi-million dollar business coaching in six niches including real estate and publishing. Ernest is a legend where I was trained in coaching and so I always notice when his name comes up – his is an example to follow.
Recently Ernest was interviewed by Don Morris of the New Coach Connection about the trends he sees in the coaching industry. Ernest was clear with many of the points that I teach my clients about business development. First, Ernest reported that you must look at what others are doing and have done in the business world and learn from it. Ernest points out that there are specific steps that need to be taken in order to develop a business. We know what works, yet many coaches feel fear about doing those tasks and so resist them. Too many coaches spend far too much time just hoping that clients will come to them instead of taking a focused approach to getting clients.
Ernest and I also agree on the need to have a specialty in your work as a coach. It is a waste of your time and energy to say to the world “I can coach anyone”. You need to decide who you are best at coaching and help those people know you as an expert in resolving their problems.
Ernest is an expert in creating alliances. His book, Smart Match Alliances, which he wrote along with Judy Feld discusses this subject in detail. No one can start a successful business alone and finding the right alliances to help you grow is a vital part of your business success. To listen to this informative interview with Ernest and Don, click here and scroll down the page to find the audio player.
How To Write Copy Like the Pros
Posted by: | CommentsCopy writing is one of the most fundamental pieces of your business marketing. Yet most coaches and independent professionals do not pay enough attention to it. You want to be able to use your written words to create the intention you would like and to move the reader to action. In your writing that promotes your product, business or ideas you need to get the reader’s attention quickly. Then you need to keep them reading so that they get to the action you want them to take.
Expert copywriters will tell you that the purpose of the first sentence is to get the reader to the second sentence. The purpose of the second sentence is to get them to the next one. You get the picture. If you do not write carefully, you will not persuade the reader to take that chosen action. Today the fundamentals of good copywriting are to write clearly and concisely with simple words. Don’t worry about rules of grammar, but write as you would speak. That means including lots of sentence fragments, making lists and making paragraphs that read easily rather than by “the rules”.
If you haven’t been thinking about your writing, I would encourage you to start reading about copy writing. One of the best places to start is with Copy Blogger. This is a blog founded by Brian Clark that is devoted to teaching the use of words to get traffic, make sales and gain subscribers. There is a wealth of information here and I recommend you spend some time exploring it.
Another resource is from Pandecta magazine which is a website – no longer a magazine – devoted to “making e-business accessible”. Click here to see their Copy Writing Tutorial which will give you some principles for being effective with your writing including a little list of “good” and “bad” words. On the site you’ll also find info on copy-writing for websites and much more business information.
Let’s talk a little about copywriting basics. This info is from the Copy Bloggers site where you will find much more info about these points under Copy Writing 101.
1. Get your first sentence read. We discussed this wisdom above.
2. Write simply. Be careful not to overestimate the level of understanding of your audience.
3. Writing Headlines. Eight categories of headlines include Direct, Indirect, News, How To, Question, Command, Reasons Why, and Testimonials.
4. More on Headlines. The most read part of your copy so spend the most time on it using the factors of usefulness, urgency, uniqueness and ultra-specific.
5. Structure Your Content. Be focused on your reader, use specifics in the copy including statistics and references, make the offer and sum it up.
6. Stress benefits not features. Easy to say, harder to do. Be careful to find benefits for your offer that your reader actually wants.
7. Make your offer irresistible. It should be something your reader can’t help but relate to and you need to state it quickly and explicitly.
8. Include a real guarantee. This shifts the risk of action from the reader to you and increases the likelihood he/she will act.
9. Length of Copy and Headlines. The answer to how long your copy should be depends on your audience, product, venue, and much more. Be sure to do testing to see what works.
10. Read other people’s copy widely and look at what works. Keep samples and look for patterns and formulas you can apply to your own work.
How to Hire a Virtual Assistant
Posted by: | CommentsIf you have read this blog for long, you probably know that I couldn’t survive without my virtual assistants, Becki and Dale Noles of Virtual Accuracy. What you don’t know is that I hired two previous virtual assistants (VAs) before I found a relationship that worked for me. I learned by trial and error that there is a process to go through to find the right team members for your business. I am a strong believer that if you run a coaching business, you will need to hire a virtual assistant in order to be able to develop a strong business.
On Monday, January 12th, you have the opportunity to learn from my experience as I interview Diane Potter, owner of The Virtual Difference, on how to successfully hire a virtual assistant for your business. Here is what we plan to discuss on the call -
* How to know when the time is right to partner with a VA
* The process of finding the right VA for you
* Resources to find VAs that are available right now
* How a VA can help grow your business and reduce your stress
So if you are overwhelmed because of your workload, this may be the call for you. Find out how the right partner can allow you to focus your time on the vision of the business and know that the details are taken care of for you. The well trained VA is able to look at business strategy with you and help you find what will work best for your business.
Join me on January 12th at 8:00pm EST for this free call sponsored by Practice Pay Solutions. Register by clicking here.









