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Joanna Lott Coaching

Jo Lott demystifies the concept of a “business strategy” and breaks it down into five core components that are essential for building a successful coaching business. She emphasises the importance of taking action and not getting bogged down in the planning stages, encouraging listeners to create a simple, usable strategy that can be iterated upon as their business grows.

  1. Defining a Business Strategy [00:02:0000:03:59]
  2. The Five Core Components of a Business Strategy [00:04:0000:10:59]
  3. Clarity (Purpose, Mission, Vision, Brand) [00:04:0000:05:59]
  4. Offer (What you’re selling) [00:06:0000:06:59]
  5. Marketing (How you’ll get your business known) [00:07:0000:07:59]
  6. Finances (Goals, Pricing, Legal Structure) [00:08:0000:09:59]
  7. Operations (Systems, Processes, Team Management) [00:10:0000:10:59]]

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Transcript
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Hello and welcome to Women in the Coaching Arena podcast. I'm so glad you are here. I'm Jo Lott, a business mentor and ICF accredited coach

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and I help coaches to build brilliant businesses. I know that when you prepare to enter the arena, there is fear, self doubt, comparison, anxiety, uncertainty. You can tend to armor up and protect yourself from vulnerability. In this podcast, I'll be sharing honest, not hype, practical and emotional tools to support you to make the difference that you are here for. Dare greatly. You belong in this arena.

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Hello, welcome to the 67th episode of women in the coaching arena. I am so glad you are here. Today I am demystifying a strategy. Cause I think, my coach has used this line on me. Prior to me signing up with him and there's a lot of it branded around in the online space of like, you're missing a strategy. And then you kind of feel like, oh my God, like, what is the strategy? What does that mean? What am I exactly meant to be putting together here? So I'm going to today demystify a strategy and help you to really see that big picture in your business. This will be useful because it's easy to feel overwhelmed and feel like there's so many pieces to put together. I have quite a few new people start in my program this week. And we did a similar sort of CEO exercise where we really stepped back and rate yourself. In many, many areas of your business to really see where you want to put your focus in the next six weeks. And one of the comments afterwards was gosh, there's just so much. And yes, a successful business is built from so many different parts. And they all need to fit together. But I think if you take the time to do an exercise like this, at least you understand these parts and understand where you can just create incremental change to begin to seamlessly, get things working for you. So let's start with changing the word strategy to plan. That's literally all it is a plan to build your business, how you intend to grow at, and this can be a strategy in your head. I can guarantee you, you can build a six figure business with a strategy in your head. So do not go down any rabbit holes thinking you need to spend months on a business plan prior to doing any work on your business. I think when you're starting out fast, messy action is the right approach. And then fine you might want to take more time to prepare all this stuff when you get some money in the bank and have started to take some action. So again, it's a plan which helps you to actually take action. That's the entire point of your plan? And it's worth saying that it's fluid and will change as you change and as your business changes. There is no right way of doing this. I've been blessed with some amazing people joining my program at the moment from hugely different fields, lots of difference, or scientific background and doctors and different people with different minds to me who love. Spreadsheets planning goals analyzing. So it's been an absolute joy to be able to bring some certain concepts together in my way. And for them to think this is how I'd do it, I'd create a mind map, for example, and to be able to bring these minds together is amazing. And it was also really interesting because I came to a group call with a scorecard of lead generating activities. So to be able to challenge people to, for example, get 20 points each week by choosing some of these particular tasks and each allocated a different amount of points, depending on how much you don't like doing them. So usually it's the ones that we don't like doing, which you're going to be the most powerful exercises. So, what I found interesting was how easy it was to get distracted by creating a better looking scorecard than taking the lead generating action. So that's the perfect analogy for this. Do not start Googling business plans and spending ages, becoming distracted with creating something really fancy. We want this to be such an easy, usable tool for you to actually take action. So if this brings you away from taking action, that is not the point. I would allow yourself maybe a maximum of two or three hours or half a day or something to bring this together as a first draft and then start taking your action and seeing what comes of it and iterate as you go. Let's outline what I see as five core components to your strategy. So the first is clarity, and this is on your purpose. Your why. Your mission. Your vision. Your brand. And I really think this needs to go first because I've also seen a lot recently is people who don't really want to build a business, but kind of want to. And I think without that really strong desire, mission. Why behind why you're doing this work. You cannot succeed. So this is where it begins. Really hooking to your mission. Why this is important to you to make happen. How do you want to make people feel when they come across your work? As Simon Sinek says, start with why and everything else will become easy. So clarity is our first part of our strategy. Next up is your offer. So what are you actually selling? This is obviously the core part of your strategy, because if you haven't got a really clear offer, that's bringing in money into your business, then it's not going to succeed. So take that time to create a really good tangible offer. Figure out how many of these things you need to sell? Do you need to sell more than one type of offer to meet your income goals? Take this time to really think about what you're selling. Makes sure it meets your core customer's needs. Okay, so moving on to step three. So first we have clarity. Step one, offer step two Now on to marketing. So how are you going to get your business out there and get known? What platforms are you going to use? What other type of marketing, what you like to use? Are you going to do any in-person stuff or is it all online. Really thinking about your strengths as to how are you going to consistently show up? Thinking about different touch points. Often people need to see you in several places to really begin to see you and feel like it is a message that you keep showing up. I did a talk yesterday to a group of coaches and one of them was amazing because she was like, oh my gosh, someone has just recommended you in Scotland. And I had absolutely no idea. You're part of this group. And, so it's just such a coincidence. I've literally been bingeing on your podcast. And now, like here you are talking to me in this group. So it's that type of multi faceted approach that really helps to build your brand really quickly help you to build your relationships quickly with your audience and fast track that progress from them becoming aware of you to perhaps considering working with you. Okay on to step four. This is the finances, so, this is your goals, your pricing strategy. Are you going to be a limited company or sole trader? Are you going to keep track of those finances and ensure that somehow you do what it takes to reach your financial goals? I'm holding an in-person event in Barnes Southwest London on the 28th of June. At the moment of recording, there are only two places left, so it was probably a sellout at the time this podcast goes out. But I have an amazing coach who was a previous client of mine doing a session on finance and goals and how to reach them. So I'm super excited for that because for me, it's definitely something I do not enjoy. I'm way more intuitive in my business and I need to hire people to keep me on track with things like this. I think because I'm not particularly money minded. That therefore I get too into wanting to serve my clients and doing all of those amazing, lovely things that most of us coaches went into this to do. So I'm really, really excited for that session to start to make this a priority, because I have got a spreadsheet where I have set some financial goals and I now completes it each week or each month to really start seeing how far off am I. And I can really see that it helps to drive action when you see, okay. If I could just sell one more thing, I'd actually be hitting my target this month. Which then helps you to think. What shall I do? Shall I go to a networking event? I run a webinar. What my, I like to do to help me to reach that financial goal. And our fifth and final point for your strategy is operations. So this is your systems and processes behind your business. Ensuring you've got great onboarding processes, contracts, easy, quick ways of doing things, ways of scheduling your content. So things are easy. Maybe you have a team, how are you managing that? So that is our final piece of our strategy. So, if you are ever overwhelmed with hearing this word strategy banded about, and you feel like you're missing something, just know, here are the key components that will build part of your strategy. And yes, you can have a strategy within a strategy. So this is your overarching business strategy, but obviously you can have a marketing strategy, a finance strategy and operations strategy. So things can get more complex, but generally just start, but don't get distracted with that. The whole point is that it's something to help you to take action quickly. So if your strategy is a business plan, getting dusty in the drawer. Then just know that that is not going to do anything to build your business. Taking fast, messy action. Is the consistent. Uh, contributor, but I have seen that helps you to build an amazing coaching business. So take a moment to think about which area you need to work on. Is it clarity? Is it your offer, your marketing, your finances, or your operations? And you're probably thinking all of them. And if that's the case, then this is what I do. Come join me inside the business of coaching, my mentoring program. Where I will take you step by step through all of this stuff, and way more to ensure that you build an amazing business. I hope today's episode was helpful for you. Do drop me a line on LinkedIn or Instagram and let me know, it's Joanna with an A and Lott with two T's. I would love to hear your thoughts and reflections. And like I say, at the end of every episode, trust yourself, believe in yourself and be the wise Gardner who keeps on watering the seed.

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Thank you so much for listening to this episode of Women in the Coaching Arena. I have a mess of free resources on my website joannalottcoaching.com. That's Joanna with an A and Lott with two T's. joannalottcoaching.com. And I'll also put links in the show notes. Let me know if you found this episode useful. Share it with a friend and leave me a review, and I will personally thank you for that. Remember to trust yourself, believe in yourself and be the wise Gardner who keeps on watering the seed. Get into the arena dare, greatly and try.

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