Like it or not, we are living in those times.

Market forces worldwide are causing a whirlwind of creative destruction for businesses and their owners. The question is, how will you react to our current economic circumstances, and how can you make the money you’ll need to survive?

In past columns, I’ve talked about seeing the world as entrepreneurs do. This is simply a matter of looking at events (no matter what they are) and reacting not in a negative way, but rather in a way, and from a perspective, that uncovers value, upside potential and opportunity.

With that in mind, I thought it would be a good idea to devote a series of articles this year to getting “Back to Business” – with proven strategies and tools that have transformed companies around the world and in every type of economy, including downturns like the one we find ourselves in now.

Not only will these strategies help readjust your entrepreneurial attitude, they will also help your business survive and thrive immediately – and will serve as the foundation for continuing growth well into the next economic spring and summer.

So how can you gain some clarity for your business amid all the media noise and pessimism? First, you must realise that the needs of your customers and your market are different than those needs were a year ago – or even six months ago.

Simply put, you’ll have to adapt to those different needs and change your business in the direction of meeting those needs in order to survive. The new vision for your business should be highly focused – and scaled to what your customers truly want.

In these times, success won’t necessarily be based on what you want to offer, but rather what the market is telling you to offer.

Accountability

Let’s say you do find a mentor or hire a consultant. Chances are, a good mentor will guide you, while a consultant will do some specific, task-oriented work for you and leave.

Only a coach (and only a good coach) will hold you accountable to delivering on your own results.

While I sense some of you bristling from the idea of having to report to anyone (after all, isn’t that why you got into business for yourself in the first place – so you could do things on your own?), having an objective third-party person who is focused on helping you actually achieve what you’ve set out to do can have a massive impact on your business in a short amount of time.

For many owners, the idea of being held accountable for producing results hinders them from ever moving forward – because they mistakenly believe they should be free to act and do as they please, even if the business isn’t going anywhere.

The reality is, the freedom of business ownership only happens on the back-end, after the hard work is put in on the frontend. And in most cases, owners work harder if they are kept on track by a good coach looking over their shoulder.

There’s also a harder reality to those who think they shouldn’t be accountable to anyone or anything. While those owners may not feel the need to report to anyone, the market place is always there, and it is the harshest judge of all.

Ask any successful entrepreneur how he or she got to where they are today, and they will say they had someone they could count on to question them, drive them, offer answers and advice, and support them in their vision for success.

Put another way, it’s been decades since any team or individual in any major sport has won a championship without a coach on the sidelines to guide training, strategy and game plans.

Even Bill Gates had a Steve Ballmer. Even Warren Buffet has a Charlie Munger!

Even with all the knowledge possessed by Mr. Gates and Mr. Buffet, they were respectively guided and held accountable by Mr. Ballmer and Mr. Munger.

Knowledge and accountability.

If those two words can work for some of the world’s richest individuals, they can certainly make a big difference for you.

Article reprinted courtesy of My Business Magazine

In my mind, the main value of having a mentor or a coach is in having someone beside you who knows the "ins and outs" of business, and more importantly, knows how to grow profits consistently versus simply cutting expenses as a way to get more money into your pocket.

Generally, there are 7 main questions most people ask about mentoring and coaching, and the answers here can hopefully clarify the benefits for you and your business:

1)How can business mentoring or business coaching help my business? They can guide you to greater success by helping you implement a series of proven systems and strategies designed to help your business grow. By focusing on proven systems and holding you accountable to your results, they may be one of the most important and influential people you could invest in for your business.

2)How do I choose a Business Coach? This is a very personal decision, and the best way to decide on one is to make sure you have a good rapport with your mentor or coach, and that your business mentor or coach has the best interests of your company (and you!) in mind.

3)What format does business mentoring or business coaching take? Coaching differs from conventional business consulting in that the process involves using a series of continuing and on-going questions to arrive at conclusions and answers that work for your business. Depending on the program, they can work with you in a group setting or in specialized one-on-one coaching or business mentoring sessions.

4)How much does business coaching cost? It depends on the program, but having a business mentor is less expensive than you might think. For the cost of a part-time person, a business mentor can work with you to boost your revenues and profits. In fact, it is their goal is to work to "find their fee" and pay for the cost of services within a period of several months.

5)How do I book a business mentor or business coach? Simply contact one in your area, who will then set up a complimentary session with you to review your business, your goals and your objectives.

6)Will a business mentor or Business Coach really work for my business? In a word, yes! Because of proven and systematized set of strategies that have worked for thousands of different types of businesses all over the world, a systemized process can for your company.

7)How can I tell if a business mentor or Business Coach is effective? If your business runs better, earns more profit and attracts better customers and better team, then your business mentor has worked effectively for your business.

Sometimes, they may make you feel uncomfortable, or hold you accountable for your results, or they may push you further than you thought possible. If so, then your business mentor or coach has also done his or her job.

No matter what your goals or objectives, or where your business might be right now, a good business mentor or coach can work wonders for you and your business!

Most business owners don’t want to do this work because they see it as hard to do, or they don’t know what they are doing or “how” to do it.

Instead, they fall into administrative work that is usually easy and can seem productive.

However, if it doesn’t generate cashflow or profit, this “activity” ends up being detrimental to the long term health of your company.

As the leader of your own business, you need to understand your role and what you need to do, as well as what you can empower your employees to do.

Remember, your role is to build the business – not to answer customer emails or phone calls.

6. Stop blaming others and start taking ownership of your own business: Simply put, no one can care more for your company than you.

So… does your team do a good job?

Could you take the next three weeks (or months) off and still have a business when you got back? Is your team accountable?

If you’ve answered “no” to any of those questions, you must understand that it is really your fault.

Why? Because your team is only following the lead that you’ve set for them.

Excuses, lack of accountability and other cultural problems stem directly from the leader.

So start to develop a culture of ownership, responsibility and accountability. You may lose a team member or two, but you’ll start to get better results.

7. Stop flying “solo” and become accountable to someone: If you start holding others accountable, shouldn’t you start having someone hold you accountable as well? After all, who’s there to make sure you follow through?

Finding a mentor or working with a Business Coach is a great way to become accountable to yourself and your business.

Most importantly, you will work harder and smarter if you have someone looking at your business objectively who can also help you measure your progress on a regular basis.

1. Stop saving a wage because it’s costing you a fortune: Many business owners save a wage by trying to do everything themselves, but that can end up costing you big. You might think you are saving time and money, but the reality is you are probably on the losing end of both.

Remember, poor people spend time to save money while the rich pay money to save time. This should be your attitude in business. Learn what your time is worth, then outsource or hire someone. You’ll be amazed at how this actually frees up resources so you can start to work on the things that will make more money for your business.

2. Stop ignoring the numbers in your business and what they are telling you: Do you know when you break even in your business? What product makes you the highest margin? What’s your cost of getting a new customer? What time of day do you start making a profit? How many months into the year are you earning a profit? These are the questions that every owner needs to know to become a profitable commercial enterprise. If you don’t know them, you are literally flying blind in your business.

3. Stop ignoring technology and how it can help you and your business: Thanks to technology, it has never been easier for small businesses to reach new customers and stay in touch with existing ones. Whether it’s through marketing or another aspect of your business, technology can leverage your resources. Your stubbornness or unwillingness to learn how to effectively use technology is costing you… so start the process of mastering these great tools and making them work for you.

4. Stop discounting: Most businesses advertise based on price, but if you’re a discount company, you will only get discount customers. Start adding value instead, and start to focus on building a system for getting repeat business, which is where your profits long term really are.

Raise your profit margins where you can, and your price points. You may lose some customers, but I’ll bet those customers took up most of your time with complaints, price negotiations and service issues. Also start asking your customers what they care about beyond price. What other features of your product or service might they want to see? How do they use your products or services, and do they ever recommend your company? These questions could hold the key to never having to play the “discount game” again.

Next week we will look at some other mistakes business owners make in Part Two.

In balloting that lasted throughout the summer, ActionCOACH was voted the favorite Business Services organization in the first People’s Choice Stevie® Awards for Favorite Companies.

Every week, ActionCOACH Business Coaches in 39 countries coach over 15,000 businesses and in this world-wide economic environment, the need for business coaching has never been greater.

For ActionCOACH, the proof is in the results we have with our clients.

That’s why it’s so exciting for the company to receive this recognition.

There is no doubting the votes of thousands of people around the world, many of whom have worked with ActionCOACH in the past and continue to do so today.

People who’ve worked with ActionCOACH are happy because businesses that work with an ActionCOACH are more likely to be profitable, more likely to hire and more likely to survive the turbulent economy.

Most importantly, business owners that work with an ActionCOACH are more likely to find the balance in life to enjoy the fruits of their labors.

If a business doesn’t make its customers happy, it probably won’t be around for very long but ActionCOACH has been making clients happy for 18 years, with many more to come.

So I just wanted say "Thank You" to everyone who voted for us.

One great way is by using SMART Goals.

Often people have problems with goals setting because they make their goals nebulous and abstract. For instance, someone may want to take a European vacation next summer, but unless they are taking real steps toward the trip, it’s really more of a dream than a goal.

But someone who sets aside a portion of their paycheck every week to pay for the trip and has already decided when they want to go and where they want to stay while in Europe, is actually using SMART Goals.

By definition, SMART goals are Specific, Measured, Attainable, Realistic and Timely.

Because of those factors, anyone using SMART goals is forced to be accountable, which should help in accomplishing that goal.

If the goal for your business is to grow cashflow by 25% by the end of next August, ask yourself if that goal fits the requirements to be a SMART goal?

Is it specific? Yes it is.

Is it measured? Yes, you can certainly figure out how close you are to your goal of 25% growth as the year wears on.

Is it attainable? It depends on the business, but for this article, let’s say it is an attainable number.

Is it realistic? If your goals aren’t realistic, what’s the point of setting them? You want to have goals that can be accomplished and that lead to steady improvement.

Is it timely? Putting a timetable on your goals will allow you to accomplish more while measuring the progress you are making toward your end result.

You can use SMART Goals in everything you do, from living a healthier lifestyle to taking the vacation of your dreams and building the business you’ve always wanted.

So what do you want to accomplish, personally and professionally, over the next few months, the next year, the next couple of years and how will SMART goals get you there?

We just finished the first Business Excellence Forum and Business Excellence Awards, during which we celebrated the achievements of some of the finest small and medium sized businesses in the world while learning from renowned speakers like Stedman Graham and Les Brown.

We followed that up with our Global Conference which was, by all accounts, one of the most successful conferences we’ve ever had at ActionCOACH.

Global also happened to coincide with ActionCOACH’s 18th Birthday!

That’s right, for 18 years, ActionCOACH has been helping business owners create profitable commercial enterprises that work… without them.

And this summer we also announced that our global footprint continues to grow, as we are now serving businesses in 39 countries, including China, which will host next year’s Global Conference.

If that wasn’t enough, my latest book, “Buying Customers” is in the final stages prior to publishing and should be available before the end of the year.

With all that said, I want to announce another exciting event, “Brad Sugars Unplugged.”

No, I won’t be dusting off my old acoustic guitar and singing my favorites.

Instead, in a special offer for clients of ActionCOACH Business Coaches, I’ll be speaking before relatively small groups of business owners to personally help them through the challenges they are experiencing.

I’m very excited to get back on the road and directly affect all the great small business owners who need a push in the right direction.

The first dates for my "Unplugged" Tour will take place in Australia in October, but I will be announcing more dates, so I can reach as many business owners as possible.

We are in Miami at Global Conference celebrating another great year, which just happens to coincide with our 18th birthday!

The time has gone by very quickly, but that’s what happens when you enjoy what you do.

I started the company in 1993 and today, 18 years later, we have more than 1,000 offices in 39 countries. I’m very proud to say that every week, ActionCOACH works with more than 15,000 businesses around the world.

We are already in the world’s biggest markets, and here’s an updated list of the countries where we know operate, including our newest territories in China, India and Germany.

1.      Australia

2.      Barbados

3.      Belgium

4.      Brazil

5.      Canada

6.      Chile

7.      China

8.      Colombia

9.      Costa Rica

10.  Curacao

11.  Dominica

12.  Dominican Republic

13.  Ecuador

14.  England

15.  France

16.  Germany

17.  Hungary

18.  India

19.  Indonesia

20.  Ireland

21.  Jamaica

22.  Kenya

23.  Malaysia

24.  Martinique

25.  Mexico

26.  Namibia

27.  New Zealand

28.  Nicaragua

29.  Nigeria

30.  Northern Ireland

31.  Portugal

32.  Scotland

33.  Singapore

34.  South Africa

35.  Spain

36.  Suriname

37.  USA

38.  Venezuela

39.  Wales

Over four decades into these regulations and the perils of getting trapped into a franchise scam haven’t ceased to exist.

It is imperative that prospects carry out thorough and extensive research before committing their hard-earned money to a franchise system. There are too many superior systems available for various budgets and there is absolutely no reason to settle for anything less than the very best.

One of the most valuable research tools available to prospective franchisees is the Franchise Disclosure Document or the FDD. Every franchisor –by law is required to provide their prospective franchisees with this document.

The world-wide web is also a huge resource –with a wealth of information. However, use caution when going online to research a system.

You can’t believe everything you see or read online. With the ease of self-broadcasting and self-publishing, anyone with basic skills and a PC can publish what they like –without any regulation. You need to use your own judgment and carry out thorough research to find out what’s right for you.

So what are some signs of a strong franchise?

A franchise is only as good as its brand name – which eventually determines the performance and success of other franchisees within the system.

A good franchise is one with a broad recruitment process, which at some point replaces the selling process so only the most able gain entry into the system.

There are a number of critical areas that –through careful analysis can help you detect a scam:

1. Years of experience in the business: The number one thing to look out for –when looking for signs of  a spurious or inept franchise is the number of years the company spent in the business before entering the franchise industry. I spent years coaching businesses before I went into franchising. I have personally invested millions of dollars into establishing and perfecting the systems of my franchise. Unfortunately, many franchise companies venture into franchising before getting into the business they are in. They are incompetent with flawed systems and many franchisees are getting ripped off by such companies.
2. Experience of the management team and how it supports franchisees: You don’t want to invest in a franchise with an inexperienced team. Each member on my team at ActionCOACH has a good understanding of not only the business coaching industry but also of franchising. It is a good idea to call franchisees and see what they think of the management team and also find out what type of support they will provide you.
3. The financial condition of the company: Needless to say, the financial health of the franchise is vital in your decision-making process.
4. Can they justify the franchise fees? Prospects looking to invest in a recognized brand with thriving franchisees should be prepared to pay a hefty franchise fee. In order to determine if the fees are acceptable, ask existing franchisees if they are getting value for their buck.
5. The franchisor’s litigation history: While litigation is the cruel reality of doing business in today’s world –with most companies having some type of legal action by or against them –it is essential to closely scrutinize these cases, which are available in the FDD.
6. Awards by Recognized Institutions: The growing popularity of the franchise industry has given rise to several reputable organizations that award franchises based upon their financial viability, training and support, systems maturity, etc. An award-winning franchise seems to be a good indicator of an honest and successful franchise system.