Step by Step - Turnarounds do Occur!

We're all on the same playing field....right?

If that’s so, then what makes one business owner more successful than another? I was thinking about this today, after speaking with one of my mentor clients – let's call her Liz. During our call today, she was reflecting on the difference that our work together had made on her business the past three months. For me, it was very humbling to be there on the other end of the phone, listening to her reflect on what our working relationship meant to her.

Liz had asked me to work with her at a time when her sense of hope was failing. Her business had hit rock bottom, she had sold her family home, and taken on two more jobs to pay back creditors, just so she could keep her family fed.

After listening to her story, I agreed to work with her. At our first face-to-face meeting, we spoke about how we would work together, and established our guidelines for success. Our expectations were that she would do everything she committed to in our calls, and I would do everything I could to support her. We agreed that if nothing had changed by the end of 2010, she would close the doors and walk away. Liz left that meeting with the first of her action steps….

I remember going home that night and sitting at my desk thinking: “Can this turn-around happen?”. “By agreeing to work with her, am I giving her false hope?". There have been times previously, when after having my first meeting with new clients, I have decided not to move ahead and work with them.

However, there was something about Liz that made me believe she could turn her business around.

Was it tenacity, was it belief, or was it a desire to succeed, and change the tide? I think it was all of these things and more, but I also think it was having someone who believed in her and the legacy she wanted to create. Someone who would hold the space for her, and give her honest feedback in the process.

Liz was the one who took the very first step to change and grow her business by engaging a mentor. After each call, she walked away with, and committed to her action list. Step by step, things began to change.

Some of the areas that we focused on included re-establishing monthly financial targets for the business to meet, identifying referral partners, and organising one-on-one meetings. A step-by-step marketing plan was developed that included both on-line and off-line strategies. A communication plan was developed and implemented. Everything was tracked and if something wasn’t working, then changes were made.

Liz was totally committed, and put everything into making sure that the turnaround occurred. Everything we spoke about was implemented, and action was taken straight away. At times there was a sense of being overwhelmed, there was exhaustion, but still there was hope. As each call progressed, I began to hear the difference in her voice, her language had changed and a lightness began to appear. Things were beginning to turnaround.

As things stand now, Liz is not out of the woods completely, but three months on, she is now working in her business. She’s paid off all outstanding debts, and has started taking a wage from her business again. She’s there in the morning to get her kids ready for school, and in the evenings to have dinner with them all. There is light at the end of the tunnel.

I’m going to let you in on a secret: What we did wasn’t rocket science; in fact it was an easy, step-by-step, practical, results driven process. It’s what we all need to do to have successful businesses. I often hear other business owners who aren’t running successful businesses say, “Yeah, I know this stuff already.".

But do you want to know the difference between them and my mentor client?

She implemented it all, she took action and she believed in what she was doing. She didn't sit back and say, "I know this stuff already.". Liz took it all on board and now has a proven process that she can continue to use. 2011 is going to be her year for building a stronger, more successful business - mark my word on this!