If You Got Paid 20 Million, Would You Make This Mistake?
I’m a big fan of the Philadelphia 76ers and attended their 2019 NBA Play-offs. I noticed something crucial to the results of the game that relates to the importance of business coaching...
The opposing team took a shot, and the 76er player forgot to “box-out” (if not familiar with basketball terms, boxing out is a way to establish and maintain a rebounding position between the basket and your opponent. A player “boxes out” another player by positioning himself between the other player and the basket).
Because the player didn’t perform this elementary technique, the other team got the ball and unfortunately the 76ers lost the game. I watched as their coach called a “time-out” to reprimand the player and remind him about boxing out. This player is getting paid 20 million to play in the NBA and forgot a fundamental principle of basketball, which completely lost them the championship! How could he miss this?
It shows the importance of mentorship to drive someone to success, hold them accountable and remind them, even about the simplest tasks.
Can you stay on top of the details without accountability? Where are mistakes showing up in your business and where do you need a reminder? What does it look like if you forget to do the little things?
Maybe you are so focused on operations that you forget to focus on driving sales and only remember once you’re out of prospects. Now, you have to quickly go back to selling, which isn’t a sustainable way to grow a business.
What if you forgot about your recruitment process and a key team member leaves? What does it cost to replace a new employee?
Stats: Some studies predict that every time a business replaces a salaried employee, it costs 6 to 9 months’ salary on average. For a manager making $40,000 a year, that's $20,000 to $30,000 in recruiting and training expenses. Others predict the cost is even MORE - that losing a salaried employee can cost as much as twice their annual salary, especially for a high-earner or executive-level employee.
You need to continually be in the recruitment process so you always have the best players on your team and win the championship.
Are you asking for feedback from your staff to help you improve your business? When’s the last time you conducted a staff review?
Stats: Managers who received feedback on their strengths showed 8.9% greater profitability. 69% of employees say they would work harder if they felt their efforts were better recognized. 68% of employees who receive accurate and consistent feedback feel fulfilled in their jobs.
Most people know what they need to do. That NBA player knew he had to box-out and, of course, has been trained for years, but he doesn’t always do it.
The truth is, successful people utilize a coach to continue to grow and achieve excellence.
When you succeed, your valuation goes up - you will have more options (outsourcing, delegating and even future selling of the business).
Winning pays off!
Stats: According to Metrix Global, business coaching results in an average 529 percent ROI — and if you include factors that might not typically be measured, like employee retention, that ROI skyrockets to 788 percent.
If you’re a business owner and this is resonating with you, reach out to me so we can talk about your business. As you can see, the cost of having a coach is minimal compared to the benefits of profitability in your business.
Look forward to hear from you and help you WIN!
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Talk soon,
Seth
Seth Lewis is a serial entrepreneur and Founder of Momentum U (www.momentum-u.com). Seth and the team help business owners understand the parts of momentum so they can leverage it in their business. His approach is the perfect blend of mindset work combined with a strategy in an 8-week online course that includes LIVE coaching. Seth holds an Executive MBA from Villanova University, is a mentor to MBA students, board member, and author to the upcoming book (Dec 2020) Momentum: The Investment You’ve Been Missing.
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