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What is the Value of Having an Executive Coach in Vancouver?

Does Executive Coaching Help my Business?

In this time of Covid-19, my consulting practice has been receiving an increasing number of queries regarding executive coaching and leadership support directly from individuals in C-Suite positions, entrepreneurs, small business owners, and HR practitioners for organizational leadership teams.

 

Executives and leaders appreciate that in a time of crisis, with complex business environments, executive coaching in Vancouver can nurture performance, provide support, build resilience, and foster continuous leadership development.

 

executive coach in Vancouver

As an executive coach in Vancouver, I specialize in strategy and focus on high-performance objectives with clients. I am not a life coach nor psychologist. Upfront in all query conversations, I first determine if the fit will be a good one for both the coachee and myself, that there will be an honest and authentic conversation, and confirm the rationale for the coaching relationship. Once the fit is determined, I review the value proposition of executive coaching, return on investment, and expected results. We determine coaching expectations, and I help the individual define the best path forward.

Executive Coaching for Small Businesses

Through executive coaching techniques, I challenge clients to lift their performance, leverage possibilities and opportunities, nurture their skill sets, and define how they can address challenges. As a strategist, I guide clients in the process of solving their problems, leaning into opportunities, and proactively setting out and executing on their goals. I share alternate perspectives, challenge current thinking, and encourage the setting of personal standards of performance. We work on areas of challenge, the development of strengths, and celebrate every victory or breakthrough along the way.

 

executive coach in Vancouver

 

What are the Results?

Strategy aside, the bottom line is helping leaders achieve their professional and personal best so they can work better, live bigger, be happier, and achieve more. Coachees can expect to experience the following results:

  1. The setting of ambitious goals and a personalized roadmap for professional and personal success
  2. Increased productivity and standards of performance
  3. Focused investment of time, energy and attention
  4. More time as practices and habits that are no longer serving are eliminated. So too are distractions, timewasters, and stressors
  5. Reacquired mojo around a passion for work, personal wellbeing, and life.

 

executive coach in Vancouver

 

An executive coach in Vancouver does not magically change a person; an individual has to want to change, develop, and grow. We work on areas concerning:

  • Performance and engagement in the context of working in a team
  • Awareness of the type of relationships fostered in and outside of work
  • Identifying the potential for change, desire to make the change and obstacles to be addressed to enable the change to take place

 

Get in Touch

I onboard a maximum of seven new coaching clients monthly, if an executive coach in Vancouver is of interest to you, please do reach out to me.

 

For general program information, please email askme@jennyreilly.com or call +1-604-616-1967. If you would like to jump on a 15-minute discovery call, please book directly into my Calendly appointment schedule.

 

 

 

 

 

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Small Business Owners – Know Your Numbers in Four Easy Steps

Small Business Finances

Finances are at the top of mind as many small business owners are now at the stage where they can regroup and have the energy to reassess their financial situation after dealing with the aftereffects that COVID-19 has had and continues to have on businesses.  Understanding your numbers is not exactly an exciting task to add to your ‘to do’ list, however, keeping an eye on these figures will help attain a realistic view of your business and determine what the future may hold.

 

The numbers are one area that tend to receive the least attention in small businesses. Having an understanding, learning more, and setting up simple processes to give you an overview of the numbers quickly will help you keep an eye on what is driving your business.  It will help you tweak activities, pivot where necessary and focus on that aspect of your business that needs the most of your attention.small business

 

Getting your small business financial house in order this upcoming quarter is an excellent objective. Being informed will help you feel more confident about your financials, promptly pay vendors and suppliers and focus on getting your working capital back to targeted levels.

 

Understanding the Basics

As we enter our third quarter this week on July 1st, it is time to get back to the basics and carefully examine numbers. As a small business owner, I appreciate that your days are full of endless activities required to keep your business running. At the end of the day, the last thing you feel like doing is looking at your financials; however, I cannot stress enough how important this activity is to your business’s success. Even though you probably have an accountant and bookkeeper to assist with your taxes and payroll, it is your responsibility to understand the basics to help you keep your business in the black. Blocking off a couple of hours per week, preferably at a time when you are at your best will help you keep track of the critical financial figures you need to know, what is being spent and what potentially can be trimmed or cut. Before looking at the recommended tasks at hand, an overview of simple terms may be of assistance.

 

Cash Flow: Your operating cash flow provides an overview of your business. Subtract your operating expenses from the money your small business generates. Your accountant can help you work out the depreciation of your net income for working capital, receivables and inventory. If your operating cash flow is more than your cash outflow, you are operating in the black. If this is not the case, it is time to take a deep dive into reviewing your income and expenses. Every month, you need to have the cash flow to meet your monthly payments.

 

Net Income: This is your net earnings and profit. From your income, subtract your expenses and taxes (do not include depreciation); this will provide you with a quick indicator if you are earning or losing money.

small business

Profit and Loss: Your P&L statement provides a snapshot of your sales and revenue minus expenses. I would suggest you look at your P&L weekly, monthly, quarterly and annually. Keeping on top of this can be a great motivator in setting focused direction, making plans for the future and setting short- and long-term goals.

 

Sales: The most critical activity in a small business is sales. Through COVID, companies tend to have fallen into two categories being thriving or surviving. Ensuring you keep a close focus on numbers can help you work out where you have to pivot in the company to increase your sales numbers. Your sales numbers help you determine if you are on an upward or downward trajectory. Your reaction time on the trajectory is essential in keeping the business running.

 

 

 

Price Point: Knowing your price point is critical in small businesses. This is where you know how much it will cost to purchase a good, and then at what point to sell it to make a profit. What is often neglected when working out a price point is the cost of overhead expenses (e.g. utilities payroll and tax).

 

Gross Margin: This is also referred to as gross profit; it reflects how much money remains after the actual cost of merchandise is deducted from the selling price. If this figure is too low, it will not be sufficient to cover your operating expenses (e.g. salaries, rent, utilities, marketing…). It may also indicate that you are not charging enough for your services or products.

 

Total Inventory: Inventory is something that has to be looked at a minimum every week. This will help you determine your sales process problems and fix them before you encounter adverse effects such as excess inventory, storage costs, potential waste, and reduced profits.

executive coach Vancouver

Your Recommended Tasks:

Knowing your numbers will give you an advantage, you will have a better understanding of your story behind the numbers, and it can lead to being one of the most crucial components of your planning for long term success:

 

 

Step 1: Start by assessing how much money you have in your business account, and then list the amounts of your business credit card, line of credit, loans, and outstanding bills. The objective is to know how much money you have at the commencement of the third quarter and your debt load.

 

small businessStep 2: List all of your monthly expenses in two columns. One for reoccurring monthly expenditures and the other for one-off costs. This will also allow you to review reoccurring monthly costs and see if there is anything that can be cut or reduced. For every line item, ask yourself if the spend at this time is necessary. Notate the withdrawal date of the expense and from what account monthly. For your monthly reoccurring expenditures, if any are related to subscriptions or memberships, ensure you document cancellation or renewal dates to keep on top of the decision to make if continuation is required.

 

Step 3: Highlight staff member related expenses. Again, assess if each of the costs is necessary.

 

Step 4: Project revenue over the next six months, subtract the money you have right now and divide your revised monthly expenses for six months. The amount will be your runway, and it is essential to know what you have if you need it. This will also motivate you over the next six months to adjust your expenses even more and help you focus on what you need coming in.

coaching Vancouver

What do your numbers tell you about your business?

Measure everything in your business to monitor progress including revenue, expenses, and customer acquisition costs.

 

 

Need Help?

All small businesses should have advisors to help them develop, plan and execute their business strategies. If you need coaching assistance or support during this process, please reach out to me. Book a free 15-minute strategy session here.

 

I am also happy to pass on an excellent recommendation for accounting and bookkeeping services in Vancouver, my go-to for small businesses is JWL Accounting.

 

Enjoy getting to know your numbers.

 

Make it a great week,

Jenny

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Returning to Normal Operations After COVID-19 in British Columbia

Reduced Restrictions for Covid-19 in British Columbia

In British Columbia, our Premier announced on June 24th, 2020, that our Province is moving into Phase 3 and reduced restrictions. It is an intentional slow return as we reopen the economy, and limitations begin to loosen. Business owners still have many questions and issues to address from an operational and human perspective before returning to more regular work practices after Covid-19. It is entirely understandable that employees may remain fearful or worried due to the pandemic, whether they are physically in the workplace, or continue working remotely. The identification of employee stressors needs to be recognized and addressed to enable additional help or support.

COVID-19

Business Owners’ Concerns

The primary concern of business owners remains to be the importance of worker safety and the measures to put in place to reduce the risk of exposure to the virus. Safety plans are an essential component of the return to work protocol. They should outline guidelines, policies, and procedures that are put in place to reduce the transmission risk of COVID–19 in British Columbia.

 

There are multiple steps required in formulating an organizational COVID-19 Safety Plan, including the assessment of the workplace, submittal of the plan for approval to relevant provincial or national bodies, posting and communication of the plan to staff and clients, and the formation of a workplace COVID-19 safety committee to review the plan and make changes as necessary.

 

Although we are entering a period of reduced restrictions, we need to ensure that we do not become complacent. To ward off another spike in numbers, we have to be vigilant in containing the virus’s spread.  Physical proximity measures and the frequent cleaning of potentially contaminated surfaces needs to be a priority. The fear of person-to-person transmission is heightened as individuals come into contact with more people, and spaces become busier.

Covid-19

Small- to large- businesses need to focus on the:

 

  • Establishment and posting of occupancy reduced numbers
  • Limit of essential people in the workplace
  • Staggered start and end times of work
  • Continuation of remote or off-site work arrangements, encouragement of virtual meetings and reallocation of tasks
  • Workplace cleanliness and disinfection of entryways, reception areas, break rooms, meeting rooms, doorknobs, handrails, bathrooms, light switches, elevator buttons, etc.
  • Rearranged floorplans to ensure workers are at least 6 feet in distance from colleagues, customers, clients and workspace visitors
  • Installation of plexiglass barriers where necessary to assist in the maintenance of physical distancing
  • Implementation of continued frequent handwashing and revised cleaning and disinfecting protocols to address the risk of surface transmission as more individuals are touching the same surfaces
  • Layout of reception areas, high traffic thoroughfares and conference room set-ups
  • Establishment of one-way walking paths in the office to help with traffic flow and keeping people better separated
  • Personal safety requirements including the use of masks, and communication of how masks are required to be utilized and cared for them to ensure correct usage.

 

 

The Communication of New Policies

With all the precautions that are being considered and implemented, a crucial part of the plan lies in the communication and training of the new policies. Training can be as simple as releasing a video with new practices along with a written document, so there is a visual and written guide on expectations before individuals return to the workplace and ongoing communication to monitor what is and what is not working in the office space. A weekly safety review and update to the staff at the end of the week highlighting changes made and requesting input on any areas that need focus. Policies also need to be communicated on the potential steps required to take place if an illness arises in the workplace and how the working conditions will then be adjusted. Symptom identification is expected to be reported, and self-isolation is necessary until the individual is clear to come back to the workplace. A continuation of assessment, monitoring, and addressing of operational risks will continue for the foreseeable future.

What to Ask Employees to Ensure Safety

There is a great deal for employers to consider as they reassure employees of return to work safety measures, provide reassurance, and implement rigorous procedures to ensure staff and client safety.  Four questions at a minimum to ask employees:

 

  1. Do you understand the revised company health and safety policies and protocols implemented to reduce the risk of COVID-19 in the workplace?
  2. How have the new procedures or protocols impacted how you work?
  3. What personal concerns or needs do you have in returning to the workplace? And once back in the workplace, what additional improvements would you recommend be implemented in the workplace to address health and safety COVID-19 transmission concerns?
  4. Can you identify areas of stress regarding returning to work, social distancing, or new policy and protocol measures to address your needs better?

 

Communication and training are essential components to the success of new measures being implemented in workplaces for employee safety, peace of mind, and reduced stress levels.

 

 

Get in Touch with an Expert

If you would like a 15-minute strategy session to discuss and brainstorm communication or training priority concerns, please book a free strategy call.

 

#jennyreillyconsulting

#covid19returntowork

#returntowork

#covidsafetypolicies

 

 

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Business Consulting from Crisis to Planning for our ‘New’ Future

Our New Future

COVID-19 has seen the establishment of crisis management across the majority of industry sectors globally. In Canada, over the last three months, we have moved from survival to resilience and are now in the recovery stage. Companies have had to work faster and smarter to retain their competitive advantage. Many are now planning how they will re-organize, operate, and utilize technology to endure long-term success.

 

I believe the next six months will be our toughest test as we reimage our business models. The future of work will be more flexible, cross-functional, have dynamic networks, be more agile and digital. From a business consulting perspective, I am working with clients on areas such as strategizing on revenue recovery, pivoting or refocusing of resources, operation rebuilds, acceleration of digitization, and rethinking the future of the operation.

 

Four critical areas of focus I encourage through business consulting to clients include:

 

  1. Making Decisions Quickly – speed matters in this stage of recovery. Covid-19 has accelerated remote work options, digitization, and advanced analytics to enable faster decisions. Companies need to get ahead of the competition and position themselves for the long term. Positioning will be accomplished through continuous action, the cadence of tasks focused on revenue-generating opportunities, and the agility of human and capital resources.

 

  1. Operation Rebuild – the pandemic has changed service and product demand across industries. Companies adapted quickly; however, operating under new conditions was stressful and has taken a toll on human resources. The sustainment of the same level of performance post-crisis is now the issue. Companies are rebuilding, keeping in mind flexibility options for the safety of their staff and clients, and transparent operations through digitizing services. With the increase in remote workforce, companies will need to increase spending in training, workforce engagement, and support for employees in return to a ‘new’ normal through operation rebuild processes.

 

  1.  Organization Rethink – there are multiple examples of how organizations have had to rethink how they would respond to COVID-19 restrictions and were quick and creative. The new way of operation, quick decision making, clear objectives, and focused teams are here to stay as they are essential in achieving a competitive advantage. Flatter decision making, dynamic, and agile teams enable improved decision making and faster results. Talent acquisition and retention will be critical moving forward to facilitate positive work experiences in this changing world of work.
  1. Going Digital – Digital adoption has been accelerated over the last few months and transformed the way we interact with others. The migration of digital technologies expedited remote work digital access and, over the upcoming months, will focus on the e-commerce experience, distribution models, contactless skills, and improved demand forecasting.

Questions for you to Consider:

  1. What is not going well in your business?
  2. Is this problem the most important that needs solving? What is the real context of the problem?
  3. What have you tried previously to solve this problem, and what results did you attain?
  4. If you were to resolve these issues, how would you apply the solutions and ensure you would win acceptance by employees?

Business Consulting Can:

  • Diagnose a company issue and underlying problem
  • Provide solution recommendations and implementation assistance to decrease barriers and lead to improvement
  • Build consensus and commitment to the corrective action
  • Facilitate new learning, and
  • Improve organizational effectiveness.

Business Consulting

Contact Information

There is a lot to be done over the next six months, and every business requires a focused strategy to recover. If you need assistance or would like to discuss options for consideration, please reach out me on 604-616-1967, or jenny@jennyreilly.com

 

Jenny Reilly, CEO

Jenny Reilly Consulting

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COVID-19 = Transformative Professional and Personal Change

COVID-19 Changes

COVID-19 restrictions were put in place near eight weeks ago in Vancouver. During this time, our doctors, nurses, paramedics, and medical staff have been working tirelessly, saving lives, and caring for those infected. The 7 pm cheer, hearts displayed on house and apartment windows, and posters along routes to hospitals are visually demonstrating the community’s sincere gratitude and support to our medical community.

 Professional and Personal Changes

We have all been affected in some way professionally or personally by the pandemic. We have moved through stages as we navigate the pandemic from immediate crisis management to practicing social distancing, working remotely, and climatizing to our new conditions. We have had to redefine priorities and critical areas of importance, for many, re-boot our businesses, pivot our services and products, and execute strategy quickly and to the best of our resources. How we worked before COVID-19 will not be how we work in the future. This crisis is acting as a catalyst for many to pivot direction. It is and continues to be a period of transformation and fluid change.

 Mental Health

How we turn up to work, greet, work with, and are present in our jobs is now different. We have felt exacerbated levels of stress through the pandemic, and mental health and wellness practices have taken on a new level of acknowledgment as we encourage our teams and colleagues to take care of themselves and their families. Eat better, sleep well, exercise, meditate, and stay healthy as the ramifications of the pandemic will be endured for many months to come.

 For Leaders

Leaders, be kind to yourself, you have been managing your human capital remotely, and the energy that is taking is immense. The increase in communication, the cadence of contact and the time taken as you help individuals cope during this period have been significant. On top of that, you have your day-to-day professional responsibilities, pivoting work practices while paying attention to the bottom line, and for many simultaneously balancing family and relationship roles on the home front.

 Elevated Support

My clients are from a range of industry sectors, and all have focused on elevated employee communication and support. Checking in on how individuals are coping personally, being transparent as new information comes to light, and clear on direction and the next best steps to take. Morning zoom huddles focused team meetings, and the integration of an online social connection, for many being virtual happy hours, has been essential to bolster individual and team spirit. Zoom meeting malaise or fatigue has set in for some, so focus on meeting practices has been emphasized. Each meeting must have an agenda and plan, and required pre-reading is sent in advance to enable thoughtful discussion and action item focus.

 Questions to Consider

The coronavirus pandemic has left us with health and economic challenges; however, it also provides the opportunity to evaluate deeply, refocus, pivot, and plan for an optimistic future.

 

I encourage you to answer the following questions:

  1. What have you learned about yourself since the pandemic commenced?
  2. What is now clear to you that is important personally and professionally?
  3. Post COVID-19 what are you going to stop doing, keep doing, and START doing?
  4. What is your story going to be post COVID-19? What do you want to focus on and achieve, and how are you going to ensure you execute the required strategy to do so?

 

Stay healthy, stay focused, and stay safe.

 

If you would like to continue the conversation, please reach out to me at jenny@jennyreilly.com.

 Medical Field Coaching

If you are or know of a health care worker who has been working on the front line who would benefit from a coaching session, please let me know. I am gifting five coaching sessions weekly to those in the medical field.

 

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