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  • Aspire » Small Business Strategy

    25 Jan


    I ran across an interesting article on gym memberships.  According to this report 80% of those who join don’t make it past the 5th month.  So an individual may have neglected their body for years, but 5 months (or less) is the allotted time they committed to getting into better shape before throwing in the towel!  It doesn’t even sound logical, but apparently it is the reality.  No doubt, the instant gratification society we live in has pressed that timeline.

    “Real positive long-term change seldom happens overnight, it takes time. Especially depending on where one is starting.”

    That statistic was a good reminder that real positive change in business usually takes time, that there are few overnight shortcuts that produce long-term results.  Maybe not in every case, but the most successful companies are guided by leadership that is consistently working to improve the health of the business on a regular basis.  They don’t view it as a membership they buy and dump after 5 months.

    “You will increase your odds of succeeding by working with someone or a group.”

    Another interesting percentage was that 44% of the consistent long term gym-goers work out with another person.  And, more than 2 out of 5 are involved in a group exercise program.  If you are looking for the secret sauce to increase your odds of making it past 5 months in a gym, you might want to seek out a partner!   Today business owners and leaders have more groups and organizations for support than ever before, yet one of the most common challenges we hear from business owners is dealing with the feeling of isolation; like they are stuck on island and have no one to turn to.  Does this sound like you or someone you know?

    “Slow progress is still better that throwing in the towel, stick with it.”

    There were several other statistics in this article, but the final one that caught my eye was that even those who do stick with their fitness memberships don’t make it to the gym near as often as they should.  Their data showed that only about half of the members visited 100 times or more in a year.  This doesn’t necessarily mean they are not working out, but it probably means they aren’t being as diligent as they should be in their efforts to get healthier.  At least they aren’t throwing in the towel.  They are just on a path that is moving a little slower to better health.

    So what does all this mean?  On the fitness side, if you have decided this is your year to get physically healthier the first thing you need to do is give yourself more than 5 months to get there, especially if it has been years since you were the best version of yourself.   If you can hold yourself accountable to working out, don’t be afraid to go it alone.  But the data shows seeking out a personal fitness trainer, workout partner, or group early on, greatly improves your odds of succeeding.

    From a business perspective it really isn’t much different.  If you really want to make significant improvements in your business you have to get serious about going after it. You can’t make it a part-time business plan, it has to be consistent.  And, recognize that it isn’t going to be completed in 5 months.  Certainly there are many smaller accomplishments along the way that may be reached on even a daily basis.  But longer term objectives are more comparable to getting a body back into better physical condition after years of neglect.  It is simply going to take some time.  And finally don’t be afraid to seek out some help to improve your odds of succeeding.

    Whatever you do, don’t treat your business like the average gym membership.  Make a commitment.  As always please feel free to share any thoughts in the space below.

    Chris Steinlage Kansas City Business Coach

    15 Sep


    “It isn’t what we don’t know that gives us trouble, it’s what we know that ain’t so.”      – Will Rogers

    I’m pretty sure we all carry around head trash – things that we believe that aren’t actually true. Of course since we believe it, it never crosses our mind that it might not be true – essentially it’s a blind spot.

    The problem with head trash or a blind spot is that it can make things harder than they need to be…or even potentially make it impossible to succeed. We look at data, analyze options and make decisions – all without realizing that we’re using a filter that’s keeping us from seeing the real picture.

    Let me give you an example – I’ve talked to 3 different business owners in the last 2 weeks and although they were in very different businesses and industries, all 3 of them shared a crippling problem that was rooted in head trash.

    They all believed that they cannot charge any more for their product / service than what they are currently charging.

    Maybe they’re right – they may be priced exactly in line with the marketplace for what they’re offering.

    However – even if that’s true (which I don’t think it is) – that leaves them with at least 2 major problems.

    Problem #1 – they aren’t making enough money

    If they’re right and they absolutely can’t charge anymore than they are today, then their business model is broken. They are struggling, working way too many hours and doing too many things themselves because there isn’t enough money flowing to the bottom line for them to be able to scale in a healthy way.

    When you have a business that can’t generate enough to cover all of your costs (including a market based wage for you as the owner) plus a healthy profit margin of at least 10%, then you have a business that’s on life support. You may be able to limp along indefinitely, but it’s really hard going and any kind of negative surprise will immediately put a lot of pressure on you financially.

    The lack of profitability makes it impossible for you to build up reserves and weather downturns.

    Problem #2 – they aren’t different enough

    If they are priced exactly in line with whatever else is out there, customers will perceive their product or service as being essentially the same as the competition. When customers have choices, and everything looks the same, then they will make their choice based on price. A losing scenario any way you slice it. Either going to lose out on opportunities because your competition decides to undercut your pricing…or you’re going to lower your pricing to get the business, which leads us back to problem #1…you aren’t making enough money as it is.

    You’ve got a blind spot putting a cap on pricing with a side effect of selling a product that looks like everything else out there.

    How do you break the blind spot?

    Unfortunately blind spots are hard to break. For starters, by definition you don’t recognize that you have an issue. You have a firm belief in something that isn’t true – and that firm belief will keep you from questioning anything.

    That said, there are a couple of things you can do that will help.

    1. Get some outside perspective

    One of the biggest advantages of an outside advisor…like maybe a business coach?…is that they are less likely to share your blind spots. They don’t have the emotional attachment and they likely have worked with other businesses and have a broader view of what’s possible.

    But having an outside advisor only works if you are actually open to their ideas. You don’t have to agree and act on everything or even anything they say, but you do need to be willing to consider new ideas they bring up.

    2. Think about your business as a Science Project

    If you approach your business as a lab experiment, then it’s perfectly natural to try new things, in a controlled fashion. If you believe that your pricing is as high as it can go, but you need to make more money, then try an experiment and change your business model and your pricing and see what happens.  How could you add value, change the perceptions of what you offer…and charge more?  Come up with a new variation and try selling that for the next month or two and see what kind of response you get.

    Constantly be looking for ways to learn new things and let the data drive where you go next.

    Just being aware that you might have some blind spots will help you mitigate the risk – but it’s a constant battle and you’ve got to be always on the lookout for believing things that might not be true.

    Are you aware of any blind spots that you’ve got? Or maybe something you’ve overcome in the past? How did you break out of it? We’d love to hear your thoughts.

    Shawn Kinkade   Kansas City Business Coach

    16 Mar
    Picture from Raneko via Flickr

    Picture from Raneko via Flickr

    Peter Thiel makes a lot of excellent points in his book Zero to One – the overall theme of the book is a study of what successful innovation looks like (based primarily on tech start-ups). One of the main ideas in the book – that most of the really successful businesses have started by dominating a very specific and limited niche market.

    Want some examples?

    Tesla has a long way to go to be considered a historical success, but they are certainly well on their way…and although their story is one of innovative green technology for the automotive sector, their initial launch was very tightly focused on premium sports cars. They weren’t building a green car that looked sporty…the Roadster is a world class sports car that happens to use green technology.  This sharp focus allowed them to learn, adapt and innovate to a very specific audience and build a focused brand that could expand over time – now they’re starting to dominate the premium sedan market (not just the premium electric sedan market…but overall).

    Southwest Airlines – everyone’s favorite business case study validates this idea as well. Despite having a grand purpose to bring affordable air travel to the masses, their initial launch was with a few markets in the state of Texas. Not only did this allow them to (relatively) bootstrap the business but it gave them the opportunity to modify and perfect their business model on a small scale before expanding to the rest of the US.

    Mark Zuckerberg started Facebook initially as a platform that was only available for students at Harvard – imagine if he had attempted to launch to the world (which is his market now). He dominated the Harvard online social media market, moved on to other colleges after that before going much broader.

    iTunes was initially only available to the Apple / Mac community – only becoming available to the much, much larger PC / Windows based world after version 4.0 or so.

    In all of these cases (and there are many more) the initial focus was purposely very narrow with the idea that you need to figure out how to dominate in a narrow niche and then find a way to expand from a position of strength.

    How does this apply to the rest of us?

    You may not have grand plans to create the next Facebook, Tesla or Southwest Airlines – most of us don’t…which is okay. Nothing works if we try to pursue other people’s dreams and there’s a lot to be said for wanting to be great rather than wanting to be big.

    However – that doesn’t mean the idea of dominating a niche doesn’t equally apply to you on your journey towards building a great company.

    If your business is fairly new then you still have the opportunity to identify a niche…a focused target market that you believe will hit your sweet spot in terms of what you know, who you know and how you would like to operate.

    If you have an existing business, it’s likely that you currently serve a broader audience – probably because you believed that gave you the best chance of success. I can’t tell you how many people I’ve heard explain that they will work with anyone who has a pulse or can fog a mirror. Just so you know…excluding dead people isn’t really focusing on a niche. However…if you look at all the people you do currently work with, it’s likely there is some kind of logical subset of your best clients. Here are some possibilities to consider:

    Geographic – do you serve a particular physical area better than others?

    Product Focus – is there one product or service that you’re much better at delivering (and enjoy more)?

    Customer Focus – what kind of clients / customers do you enjoy and help the most? Is there a logical connection (i.e. they all have kids that play soccer…or they love music…or they like to travel, eat out at fine dining…etc.).

    The hardest part about picking a niche is having to say ‘No’ to other kinds of work. As an entrepreneur you’re inherently wired to say you can do pretty much anything. It’s counter-intuitive but the best way to grow is to say ‘No’ to things that aren’t in your niche – that’s the only way you will be able to dominate.

    You can expand later…but do it from a position of strength when you have a highly profitable niche that you are dominating and has enabled you to build a great reputation and brand.

    What would it take for you to focus your efforts? Have you identified where you’re strongest? Where you already have an advantage? Can you make the leap to saying ‘No’ to opportunities that aren’t in your niche? We’d love to hear your thoughts – does this make sense in your world?

    Shawn Kinkade   Kansas City Business Coach

    08 Dec

    Prefer to listen to the article? Hit the play button below – and leave us a comment on the blog to tell us what you thought.


    Getting a Christmas Present

    picture from William Warby via Flickr

    Every year the Holiday seasons tends to start earlier.   Though it is getting spread over a longer period, the month of December still seems to stretch our schedules and the available hours more than ever.  For business owners this can be an especially busy time of year.  If your business is seasonal, and December is a busy season, it can be overwhelming.

    Relax.  Help is on the way…besides taking some deep breathes here are 4 relatively easy tasks every business owner can (and should) complete before the end of the year.

    Meet with your Accountant.  Even if you think everything is in order, have a meeting to review the year.   Are there any time sensitive forms that need to be filed?  Do you have items on your account that need to be written off before the end of the year?  Are there any purchases or other expenses that need to be dated before Dec. 31st?  Review your financials; make sure you understand the financial condition of your business.    Not all accountants are proactive.  It is your business, take ownership in this aspect of it.

    Review Business Policies and Procedures.  If you have a management team, get them involved.  What is working in their departments?  What isn’t?   Challenge them to define and identify weak links in their own areas.  Often time employees, including management keep repeating the same mistakes when a minor change could result in a significant improvement.   When is the last time you had a professional review your HR Manual, if it hasn’t been looked at in the last 2 years, it is way overdue for an update.

    Business Insurance.  The world is changing. Business is changing.  Your business policy may not be up for renewal on Dec. 31st, but now is a great time to have your Business Insurance agent review your policy and make sure you aren’t unknowingly putting your company at risk.   Also, seeking a 2nd opinion on your coverages can be invaluable.  Do you do E-commerce?   Are you protected if someone feels like they were wrongfully terminated?   Are your limits of protection where they should be?  Are you sure?  A good agent will not charge you a dime to review your coverages.   Pick up the phone and schedule a review.

    Thank your employees and your customers.   One would think this is the no-brainer of the list, but reaching out to your customers this time of year and saying thanks should be part of every businesses year end protocol and often it isn’t.  Do all of your customers get some kind of acknowledgement at the end of the year?  It doesn’t have to be a personal meeting or phone call (though it is highly suggested with larger accounts) but, some form of a “Thank you” is in order.  For your employees and support team, whether or not you have a formal Christmas Party or other Holiday event isn’t the issue.  Most importantly, is just let them know you appreciated their contributions throughout the year.   You might be surprised how much “direct eye contact” combined with a sincere “thank you and hand shake” means to the people on your front line.

    The last month of the year is usually a blur, but it also a critical time of the year to get time sensitive tasks completed.    Depending on your company, there certainly could be additional tasks that are not listed above, but these are ones that are applicable for all businesses…even yours!  🙂

    If you have any additional suggestions that should be added to this Year End list, please feel free to share them, we always appreciate any comments or feedback.

    Chris Steinlage  Kansas City Business Coach

    01 Sep

    Grow Profits

    How do you make money in your business?

    I’m not talking about top line sales kind of money, I’m talking about the money that ends up all the way down at the bottom line – your net profits.

    This came up in a great discussion at last week’s Business Book Review on the book Ownership Thinking by Brad Hams. One of the keys to getting everyone in your company on the same page is educating them on how your business works…how you actually make money and ultimately how much money is actually made once everything is paid off and the dust settles. It turns out that many employees don’t know how profits are calculated or created and often confuse sales and revenue with what a business actually makes.

    The good news is that although many businesses may seem confusing, with a lot of moving parts and variables there are actually only 5 ways to impact your profits – and if you can get everyone to understand those 5 things and how they work at your company, then you’re well on the path to start improving your profitability.

    5 (and only 5) ways to impact your profits!

    1. Generating Leads (or Opportunities) from new customers, existing customers and past customers.

    Everything starts with someone raising their hand and indicating an interest in your solution. Often this is driven by marketing efforts – especially for ‘new’ customers but great customer service and a great experience in using your product or service will impact this as well – both in terms of referrals and repeat business.

    Ideas for improving your number of leads:

    • Improve your marketing message – identify your best target market and why they are buying what you’re selling. Are you clearly communicating those benefits?
    • Create ‘wow’ moments for your customers – something they will appreciate and value, but didn’t necessarily expect (and doesn’t cost much)
    • Stay in touch with everyone you’ve encountered – create a mailing list and consistently reach out to prospective, existing and past clients with something interesting and useful.

    There are  ton of other ideas on improving marketing and customer service – pick one or two that resonates with you and make it happen.

    2. Improve your Closing Ratio and your sales effectiveness

    The best marketing in the world doesn’t matter if you can’t convert that initial interest into a sale. Your closing ratio is defined as the number of leads that convert to an actual sale. If you talk to 100 people and 50 of them end up buying something from you, then you have a 50% closing ratio. Getting better at closing sales will increase that ratio and drive more revenue.

    Ideas for improving your closing ratio…or your sales effectiveness:

    • Implement a sales system – having a clear process on how sales works in your world will not only allow you to be more effective, but it will allow you to scale so someone else can take on that sales responsibility.
    • Get some training – selling is a skill and if you don’t work on it, you won’t get better at it.

    Improving your closing ratio by even just a few percentage points can make a big difference – find some ideas that will help you be more effective at sales and put them into action.

     3. Increase your average sale amount

    Perhaps the fastest and easiest way to make more money is to increase the amount that existing customers are spending with you. You could sell them more on each transaction or you could raise your prices – the beauty of raising your prices is that the increase flows directly to your profits (note – you might reduce your sales volume with higher prices…but there’s often room for an increase).

    Ideas for improving your average sales amount:

    • Raise your prices – if it’s been a while since you’ve raised prices, you’re likely overdue and most small businesses tend to under price especially considering the value they generate.
    • Upsell or cross sell – what’s a natural addition, something of value that your clients should also be buying from you?

    4. Improve your Gross Profit Margin – reduce your variable expenses

    Depending on your business you may have expenses that are directly related to your product or service – these are expenses that are only incurred when you deliver to the customer. Your Gross Profit Margin is the difference between the selling price of your product or service less your ‘variable’ expenses (but before you take into account your fixed costs). Let’s say you sell a widget for $100 and it costs you $60 to produce it – your Gross Margin is $40 per unit. Every dollar you can cut from your variable costs will improve your gross margin (and your bottom line).

    Ideas for improving your gross margin:

    • Actively study and understand your variable costs – you can’t improve what you don’t know. Dig into your costs over time and make sure you understand your gross margin for all of your products.
    • Emphasize selling your higher margin products or services – what’s your most profitable product? What would it take to sell more of that?

    5. Reduce your overhead

    The last opportunity to impact your profitability is to reduce your fixed costs – those things that you pay for every month whether you sell or deliver anything or not. This is stuff like your office or retail space, leased equipment, utilities, phone, internet, etc. Every dollar you can save (that doesn’t impact your customers) goes directly to your profitability.

    Ideas for reducing overhead:

    • Identify your biggest monthly costs and see if you can put those up for bid or renegotiation.
    • Maximize your capacity utilization – if you’re paying for expensive equipment or space find a way to get more use out of it (i.e. run another shift or lease it out to someone else when you’re not using it).

    That’s it – 5 (and only 5) ways to impact your profitability. Have you looked at your business in this way? What your current net profit and what are some ideas you could implement to improve your situation? We’d love to hear your thoughts – share them in the comments below.

    Shawn Kinkade Kansas City Business Coach