COACHING CORNER WITH PHIL LECHTER: NUMBERS TELL A STORY!

Excerpt from: GLOBAL BANK ACADEMY Newsletter 7.20.2014

This weekly feature on coaching is from our awesome Vice President, Phil Lechter. Phil has a tremendous background in coaching, beginning with the Rich Dad organization over 14 years ago and stretching into creating his own business coaching firm.

When talking with business owners I ask them to tell me about their business.  I normally hear about how they got started and how great or challenged their business is. Then I ask about their numbers.   When talking with an A I hear about their top line sales revenues, though sometimes what I really want to know is their retention rate.  When speaking to a B, I often hear that they are projecting to make X amount by the end of the year, though I asked what are the ‘revenues to-date’ number.  When talking with an N, I often hear a great story about one of their team members or one of their most recent prospects, though I want to hear about the average dollars sale in their organization (what is the average amount of money that your customers have spent with you).  When speaking to a K, I often get challenged as to why the question is important when I ask about their sales conversions.

In every business our numbers tell us a story.  Whether it is sales revenues, conversions, actual and monetization (having your customers spend as much with you as possible), each item is essential to your story.  What are your numbers telling you?

For more information about GLOBAL BANK ACADEMY please visit: http://www.mybankcode.com/lechter

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