The quickest way to double your business is to learn from entrepreneurs who have done it over and over again–and that’s exactly what happened at the third annual CEO Coaching Summit.
More than 60 top entrepreneurs and CEOs from around the world gathered in Newport Beach, CA for the third annual CEO Coaching Summit. These entrepreneurs and guest speakers have built amazing businesses that generate nearly $4 billion in annual revenue.
(See here for 5 actionable takeaways from the 2015 CEO Coaching Summit.)
The CEO Coaching Summit is organized like a TED event with speakers who deliver short, insightful presentations that cover a topic critically important to the fast-growing entrepreneurs and CEOs in the audience. Here are key insights from the event that you can profit from today.
Seven Takeaways From Entrepreneurs at the CEO Coaching Summit
1. The people who got you here, won’t get you there. (Mark Moses, Founding Partner, CEO Coaching International)
Just like there are “horses for courses,” there are people who fit for certain stages of your company’s growth. Often times the people who helped you build the company in the early days are not the same people who can help you take the company to its next stage of growth. At all times of your company’s development, you must have the right people in the right jobs for that stage of your company’s growth. Do you?
Action: Evaluate each key member of your team. Be honest, are they exactly the right person in the right job for the next doubling of your business? Or, are you letting them hang on out of a sense of loyalty?
2. Point the way for your team. (Rich Balot, Executive Chairman, A Wireless)
When a business shift caught Rich’s franchise business completely off guard, he almost went belly up and had to regroup fast. Rather than blame bad luck, he rallied his team and said, “We’re going to grow until we break everything.” He borrowed money and went on a massive building spree and opened up new stores like crazy. Within three years, he went from near bankruptcy to selling his company for hundreds of millions of dollars.
Action: You have to lead the way. Your team looks to you for direction so even when business is tough, you have to stand tall and be the beacon of light in the darkness.
3. The single most powerful relationship tool we have is our heart. (Cyrus Sigari, CEO, jetAviva)
Too often we try to make rational connections with people. We try to sell them on the features and benefits of our products and use our left-brain skills to help them make an “intelligent” decision. But the fact is, sales—and relationships—come from the heart. Our heart is constantly emitting an electro-magnetic field and being within arms-length of people is critical to making that “heart” connection.
Action: Spend more time in close physical proximity to your best clients and focus on relationship building, as opposed to trying to close the next deal. When you connect from the heart, the head will follow quickly.
4. Move in the direction of immersive and experiential experiences. (Brent Bushnell, CEO and Roustabout, Two Bit Circus)
It’s one thing to tweet or share a post on Facebook, but what people really crave is an experience. Millennials, in particular, want to be part of the action. They want to “do” something that is worthy of tweeting or posting about. Passive watching is out. Active participating is in.
Action: Think about your brand. How can you turn your product or service into an experience that draws your clients and fans closer to you and makes them feel part of your brand?
5. Develop a playbook for your sales team. (Jack Daly, Professional Sales Coach)
Jack ruffled some feathers when he said, “Sports teams at every level in any sport are typically run better than most businesses.” His point was no sports team would ever think about putting their players on the field without a playbook, without the systems and the processes that will enable that team to win more than they will lose. Yet, few sales teams have written systems and processes codified in a playbook. If you have 100 salespeople, just remember, there aren’t 100 best ways to sell your products and services.
Action: Identify your best sales practices and write them down in a playbook and train your sales team to follow them.
6. One of the best ways to market to Baby Boomers is through Millennial influencers. (David Stillman, Author, Generational Expert)
Baby Boomers are burned out and time starved. They don’t want you to present them with 10 options. They only want two. And better yet, they are now turning to their millennial children and other young influencers to help them make decisions about where to travel, buy a home, and other big decisions.
Action: Make sure you market your services across generational lines on your website and social media because the younger generation is influencing the older generation.
7. Disconnect from your phone and the internet one hour prior to bedtime. (Heidi Hanna, CEO, SYNERGY)
Entrepreneurs and CEOs are notorious for working insane hours and letting their health slide. One health-related area that we often neglect is taking care of our brain. Heidi shared strategies on how to train our brain to manage energy more efficiently in order to help sustain optimal health and performance. For example, our brains literally crave random data such as email, Facebook, Twitter and slot machines. This junks up our brain and saps our power to focus our attention on the task at hand.
Action: Go off the grid at least one hour before bedtime and create an evening ritual that puts you in a relaxed state as your head hits the pillow.
The CEO Coaching Summit will be back bigger than ever in 2017 and is scheduled for April 20 – 22, 2017. To learn more about how you can join us, contact us here.