This is the second part of the series about Success Mapping and in the previous episode, Adam Stott discussed managing finances, raising money, managing stress, speed of action, networking, and more. In this episode, Adam Stott gives the remaining skills that you can use to assess yourself as a business owner.
This Success Mapping exercise is what Adam Stott uses to help his clients to get clarity as business owners.
- Giving your clients a constant better service and experience
- Marketing your business effectively
- Checking your business’ performance on social media
- How well are you building your brand
- Taking action to the results that you get in this Success Mapping excercise
Please note this is a verbatim transcription from the original audio and therefore may include some minor grammatical errors.
You know next, we got things like coaching others, training others, actually being able to show other people your mechanisms. This is important because having trained thousands of business owners getting better results. One of the things that I say all the time is that you get the business owner on other side, this is super person that can do everything. It’s like they’re super smart, they seem to do everything naturally, they’ve got everything inside their head nothing’s a problem, and they just burn through the work they get stuffed up, but then their business hits this plateau, it can never grow. Why? Because they can’t pass that 00:33 they can’t beat process, what their processes, they can’t explain their process. They only know how to do it the way that they do it. And that kind of CEO, that kind of leader of business actually puts restrictions on the business to be honest. They’ll grow it and they’ll take that. They’ll have that leadership of growing their group by the scruff of the neck, oh god they’re in there, make it happen. But may hit that plan so when they find it impossible to break through because they can’t coach others to do the same thing, they can’t train others do the same thing.
And it’s very important. You know, it’s very important to be able to do this. And next is client services, is like what’s your client service like? Are you always improving your client service? Are you looking to add constant ways to give your clients a better advantage or better service better experience? Is this something that you’re doing all the time if it’s not saying you’re doing all the time saying you should be doing all the time because this can really help you to deliver a good competitive advantage as well marketing ability? What is your marketing ability like? Are you able to market your business effectively?
Are you the person that comes up with the ideas for your business and drives the businesses ideas and do that data in the right way, because if you know, this is something you want to work on, you want to become a better marketer of your business. Very important and you can study this so much. You can study every different aspect or study every different angle because, you know, an investment into marketing and your business as an investment customer either always pay yourself back, and we’ve got social media. How’s your business performing on social media? And then we’ve got branding or is your brand like, you know how you will build your brand?
Then we need to 02:04 that we’ve got two runs. We’ve got your businesses brand and we’ve got your personal brand similar to the comment as soon as made a moment ago saying you need to build that like that like no trust, you know, and the only or one of the most fastest and efficient ways to do that is by building your personal brand and getting to know you personally, you know, have you found your voice? Are you getting your message out there or not? Why are you positioning your personal brand well as well as your position in your businesses brand as well. If you’re still in the mindset that brand is all about logos and it’s about a logo and it’s about a website design, then you’re really off track on branding. It’s that you need to learn and so you need to invest in because building a brand is an awesome thing.
I’ve got really good friend, that’s got an awesome line that always says, you know, when you’ll grow when you build your brand, you become the handing and the 02:49 comes to you, or you’ve got that brand, which attracts people to you and they come to you, or chase people in more they come to you. But when you haven’t built your brand in the right way, you’re chasing them. You’re the beekeeper and you’re running off to them you don’t want to be that beekeeper you want to build your brand in the right way, very important.
Next understanding margins, understand how to increase margins, having the ability to be flexible and change. And I think this is a really strong ability for business owners’ 03:16 to have. If you’re somebody that gets very stuck in their ways, if you’re somebody that’s obsessed with routine. If you’re somebody that is finds change difficult, finds it difficult to adapt, you know finds these things difficult and a change in circumstance is difficult in your business. Then you’re gonna really struggling business because business is changing all the time, you as a business owner need to be able to ride the waves. Sometimes you got brilliantly, sometimes it’s not going to be so brilliant, you’re gonna have your ups, you’re gonna have your downs, and you’re gonna need to make sure that on a consistent basis, you are being flexible in your approach, you’re being flexible in the way you do things, and you’re not afraid to change you’re not afraid to change things up. You’re not afraid to do things differently. I think this is really important.
Are you an innovator? Are you somebody that comes up with new ideas and puts new ideas within your business? Next one, what’s your ability to deal with rejection like, you know, this is the thing is a great business owner gets told no a lot more than they get told yes. And if you hate rejection that’s gonna affect you in a big way. So how do you deal with rejection? What’s your ability to deal with failure because you’re not always going to have the ups, you know, occasionally you have big failures, you have things that go wrong for you and are you somebody that just is going to lie down and just let that defeat them. Are you somebody that’s going to step back up and got there and make it happen and show everyone what you might made of, you know, so what’s your ability so they will find you like that’s really important, so strategy.
How strategic are you within your business? Are you like a system and processes, then you look to systematize and build processes for the things you learn for the problems that happen within your business. So we get into some good stuff here. So if you sell scores on these and try and make sure you put these down some really good information here for you to start to get focused on, and then we can go further and there’s plenty more but I think we’ll leave it here in terms of the skill sets for tonight as we’re going along tonight, but hopefully you’re enjoying and if you’re following along and putting these in place.
Okay, so next what you like actually being coached. And I think this is important. We’ve all remember though we’ve got two ears, we’ve got one mouth, and as much as there’s a lot of people that, you know, talk a lot, myself included. We got to remember when to make sure we’re using our ears because we’ve got to write, and we’ve got to be listening and we’ve got to be looking at, you know, he said things I need to do in different ways or things I need to adapt here.
One of the things has made a big difference in my life and massive difference is the coach 05:45. I’ve been coaching pretty much in every area of investing myself, tons and tons and tons of times, in different coaches and different trainers, if ever want to make a development in my life, and want to get better in an area, whether it’s you know if it’s a fitness area. How to get the right person help me with my fitness, you know as a business area I’m going to go and get the right person in that business. I’m going to make sure I get the right coaches because that information, that’s what helps build you and that’s what helps to drive you.
But what you need to do is be open minded you need to be making sure that you are open to that and you take that coaching, because a lot of people. If you’re in the mindset of, I know this, I know that. And that’s how you respond to stuff; you know what you’ll find a lot of the time because one of the things I get asked all the time is like, how do you find the right mentors and how do you find the right people? Well the reality is where a lot of people go wrong. They say you actually do find the right mentor, because this is the difference between say coaching and mentoring a lot of the difference that people kind of put on it. So a lot of people think like mentoring is free, where coaching is actually you’re paying for the coach, right.
The reality is you get what you pay for all the time, right. But sometimes you can come across and I’ve met people that come across brilliant mentors’ people that have invested time in. And because they’ve invested that time in them they’ve gone on to great success, and those people that have found those mentors and certainly those that have found them and had that advice and that coaching that help for free, have always been people that are good at actually taking the advice and acting on it, because there’s nothing more than a good mentor wants to see than somebody actually taking action. You know what makes me pause for the people on mentoring and coaching and helping build their businesses.
We have our gold circle mentoring group, gold circle mentoring group you should pay full clarity and nothing makes me proud and then when I see the people getting results, and nothing makes me proud of them when I see him putting the things in place, that makes you as the coach, as the mentor, as person guide and want to put more time into it. So I think something is really important is that you have got your ears open.
You’re good at being coached; you’re good at taking advice and taking advice from the right people. And I had a good bit of advice as well, is, you know, really the only time you know how do you know someone’s the right person or the right coach or right mentor, you would be happiest what places where from 08:03, then you can say that actually yeah they might be the right person but also I think a lot of people try to get coaching and mentoring from people on the same level as them or just above them, but really you want to be seeking out people in a really good place to really achieve some of the things you want to achieve some really good 08:18 so for that. We should be always open to growing and learning we should never stop.
Next one risk tolerance, are you somebody that is really good at taking risks? Or are you somebody that is very terrible taking risks. Are you don’t ever want making decisions because you worried about the decisions you make. Have you got a risk tolerance because as a business owner, if you want to grow a business, you want to run a business, one 08:39 of business, you’re gonna need to make sure that you do have a good tolerance for risk that some of that’s really important. Next one is that improvement mindset. Have you got an improvement mindset? Do you manage your cash flow in the right way? Are you a fast decision maker, a quick decision maker? Do you have passion for what you do? Have you got a real passion about what you do? Have you got a real drive for what’s your score on that. That’s really important too.
Do you have a vision for where you’re going? Are you able to visualize where you’re going? Are you able to get a really good idea of what it is you want to accomplish, what you want to chase? Somebody that plans towards your success or are you somebody that just waits for it to happen to them buying for them. Are you somebody that when you set a target, hits a target. An entrepreneur is somebody who doesn’t mind taking risks. They’re somebody that is happy to go all in, somebody that’s willing to take the actions, and that is what differentiates them a lot of the time within their success.
So a lot of people say they want to grow a business they love the idea, they love the idea of maybe getting something even worse, you know, because there’s always something driving people’s for some people, is the freedom they want more freedom they don’t want to have a boss, they want to be out of my own decisions. For some people, it’s all about wealth, maybe you want the cars, maybe you want the money, maybe on the watches, the handbags, whatever it is you’re driving, you know, but in order for you to get those things, those things don’t come until you embrace risk and you start to develop a risk tolerance because if you are scared to make decisions and you don’t have a risk tolerance you’re gonna struggle, so it’s really important. So risk tolerance, cash flow management, decision making, passion, vision, planning, are you somebody that’s able to see a target through to completion?
Are you’re able to push on and make it happen? Are you somebody that kind of falls flat when you come up to that target where you are? And what’s your ability to motivate yourself? Are you able to get me self-motivated? Are you able to gone through so I’m going to switch you off. And this is important skill. Are you able to turn tie off, make sure you got there, you make things happen, even when you don’t feel like it, even when you don’t want to go out there and do the thing that you got to do, even when you’ve had a bad day, even when you’re feeling oh, do this, do that, you know, you’ve got to make that call. You got to go to that man, you got to do that thing.
Are you able to motivate yourself to go and make because a great entrepreneur great business owner does do that by and then have you got that ability to take that forward and then expand that motivate other people or not, you know, where are you at in these stages? And there’s a lot of more that we can do tonight but we’ve been on for five seven minutes so far, but a nice long life for everyone. Don’t 11:11 he’s put in the ones, the areas that you feel that you need to improve, lots of areas that you can improve lots of areas that you can work on and choose one of these that you’re actually going to dedicate yourself actually working on to get some better result 11:23 because if you do that I think you’re going to find that you could work systematically through these and start to get a better result.
So, thanks for everyone for watching, hopefully you’ve enjoyed that some good information there this evening. So make sure you check that out as well going back over, get a bit self-reflective, and there’s obviously many more skills as a business owner that you need to develop and you need to work on. This certainly gives you a good start, gets you in the right mentality says, my pleasure to see you all tonight. I look forward to catching up with everybody soon and obviously I’ll be where we at tomorrow, yeah we’ll be another one tomorrow we’re going to start to look at success map, the next stage of everyone. Good night, hope you doing well. Thanks very much.