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By Marti Benjamin, MBA, Professional Certified Coach

As individual consumers and businesses cut their spending in the tightening U.S. economy, the ripples are seen in an ever-widening circle.  It is always sound business practice to spend wisely, but in times such as this, every dollar spent on your business must be productive?that dollar needs to generate at least $1.00 of value; any that are not, are a drain on your business and costing your profitability. 

Here are some suggestions for identifying those non-productive dollars and plugging the drain on your resources.

Finding Non-Productive Dollars

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Marketing your business doesn’t have to be overwhelming. The trick is to create effective marketing strategies and rituals that are easy to execute each day. Here are six marketing rituals I use to make sure my marketing plans get implemented so I continue to generate a steady stream of new clients.

There’s one piece of information that can come as a big surprise to many women business owners. It is this: being a technical expert at what you do isn’t good enough to attract all the clients you want.

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How to decide if a business opportunity is legitimate or not

I was having coffee recently with a sharp twenty something educated college grad (ivy league no less) and we talked about something he’d been thinking about: starting his own business. As a coach, people like to bounce ideas off of me. I had met him on a flight recently and immediately struck up a conversation with him. We were having coffee in a quaint suburb of Philadelphia discussing his options about business ownership. I, naturally, talked to him about my network marketing business. I was a little disappointed when he said, “That’s certainly not the direction I was thinking about going.” When I asked him to be truthful as to why he wasn’t interested he said, “Truthfully? It looks like a typical pyramid scheme where the guy at the top makes all the money.”

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Most entrepreneurs get stopped because of the stories they tell themselves. These are what I call “Yeah, buts” and “What ifs”. Usually they aren’t anywhere near true, but you repeat them so often that you begin to believe that they are. And then that’s where your energy goes. When your energies aren’t aligned, you can’t figure out what to do next.

Often when first connecting with clients I’ll hear basic business blocks that sound like:

Yeah, but what gives me the right to teach others how to [fill in service here]??

What if I’m not qualified enough?

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A mentor is often defined as “a trusted counsellor or guide” or “a wise, loyal advisor or coach.” The action of mentoring itself is classified as one-to-one encouragement, advice, or befriending for an individual.

The original Mentor is a character in Homer’s epic poem The Odyssey. When Odysseus went to fight in the Trojan War, he entrusted the care of his kingdom to Mentor, including overseeing and teaching Telemachus, Odysseus’s son.

Famous sayings:

“Mentoring is a brain to pick, an ear to listen, and a push in the right direction.” by John Crosby

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