Tag Archives: Small business strategies

7 Steps to Becoming a Highly Successful Entrepreneur

successful-businessThis past weekend, I attended a personal development training led by a husband and wife team of multi-millionaires with multiple business assets constantly throwing off cash on their behalf.

I listened intently to what they had to share. One of their tips was to ‘release the breaks’. The supposition being that we’re actually doing things (or not doing things) that keeps the breaks on our business engaged.

I gleaned 7 steps from their talk on how to become a highly successful entrepreneur. Add these to your strategic planning and implementation activities and you’ll raise the revenue and profitability levels in your enterprise, even if it’s in its infancy. In fact, the sooner you apply these principles, the more easily you’ll reach your goals.

1. Zoom out
Take time to imagine the long-term vision of your company and your life. Really get in touch with your purpose on this planet and the impact you want to have. Think big. Think bigger than you think is possible. It’s hard to see all of your potential grandeur when you’re not yet there, but work at it and let your perspective expand to the greatest possible heights.

2. Zoom in
Once you’ve gotten clear about the big, bright future, reel yourself back to the present and identify what tiny (or not so tiny) steps you can take TODAY to start down the path toward your destination.

3. Organize
Identify the activities that seem to be generating the best results. Clarify which ones are working. Simplify your processes in order to minimize wasted efforts, resources and time.  Unclutter your life and business.  Focus on what matters most. Focus on what works the best.

Get rid of everything else that could distract you from reaching your goal

4. Actualize
Keep taking productive, consistent action. Keep moving forward. Things may not always turn out the way you expect. Learn along the way. Adjust and keep taking action

5. Monetize
Keep looking for revenue streams. Perhaps there are new markets to be tapped. New ways to deliver the products/services you already have. Partner with others to gain access to new prospects.

6. Can it and clone it
Once you have a business model that works, document it. Identify the processes (think McDonald’s). Keep them simple so it can be replicated. Replicate it.

7. Increase your reach
Visibility is critical for success. Look for ways to get in front of your ideal clients. Get referrals, advertise where they hang out, speak to them (individually or in groups) to demonstrate your expertise and value. Use marketing tools to carry the message farther.  Get your product or service sean, heard and read about by as many people as possible.

Follow up with them. You’ve probably heard this advice before but are you doing it? The fortune is in the follow up. Follow up!

Implement these 7 steps and watch your business soar.

3 Ways to Blow Your Mind and Grow Your Biz

BrainElectrifiedOliver Wendell Holmes once said, “The mind, once expanded to the dimensions of larger ideas, never returns to its original size.”

The challenge for many business owners and sales professionals is that they’re so absorbed in doing their business and hitting their sales goals that they don’t believe they have the time to think. Yet, Napoleon Hill wrote a world-famous book, “Think and Grow Rich” which implied that thought is the first step in growing rich.

so, what does it take to use thought to grow rich. I’ve identified 3 keys for  blowing your mind and then growing your business.

1) The first key is re-wiring your mindset.

Without the proper mindset, you won’t see opportunities that are right in front of you. You’ll talk yourself out of doing even simple things that could make a world of difference because you won’t believe they’ll work for you. Even if you do try, things likely won’t work to their full potential. Have you ever noticed that you do all the stuff that gurus say to do, but you still aren’t enjoying the results they promise?

The key here is to start retraining your subconscious mind by sending it new messages to replace the fight-or-flight tendencies it is organized around. It’s role is to ‘protect’ us from harm. But ‘harm’ to the subconscious mind means a ‘change’ of any sort. So when you get the bright idea to try something new, if it’s too far outside your comfort zone, your subconscious mind decides ‘that’s a bad idea’ and does whatever it can to convince you not to do it. It makes you feel doubtful, hesitant and fearful in order to encourage you to ‘leave well enough alone’ and stay where you are.

To retrain your subconscious, you must become the master of it. Set big goals, don’t succumb to the fear, feed yourself with empowering thoughts from books, audios, personal development courses, associate with people who are up to the same courageous growth trajectory.

2) Transform your relationship with money
Most people, whether they grew up in wealth, poverty or somewhere in-between, also grew up with misinformed or even warped beliefs, concepts and ideas about money. Those ideas shape what’s possible for you. They influence your career choices, your relationships, your spending and saving habits. Without close examination, the beliefs will continue to run the show.

I could write an entire article, or series of articles, on this subject alone. So I’ll have to just skim the surface today. Most people focus on the ‘negative’ energy of money…bills, shortfalls, worrying it will run out some day or they avoid thinking about it altogether.

Money is energy and demands attention. So instead, focus on the more positive aspects of it. Focus on the money that comes INTO your life. Show gratitude for money. Recognize that it has a spiritual aspect to it. As my coach often says, “Imagine that making fabulous money is part of your spiritual path.” Hmmm.

3) Have a marketing plan
Most people I know DO marketing activities (e.g. networking), but they don’t have a plan. They flit from activity to activity with not much thought to whether or not it’s the right activity. You need to know where your business is in its evolution and have a plan specifically designed to move you from where you are to the next level of success. If you do marketing activities that are designed for a business in a different phase than you are in, those activities won’t have the same positive outcomes for you. You’ll be wasting your time, energy and money and miss out on the success that could be just around the corner.

When you implement these three concepts, you’ll be well on your way to growing your business

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5 Keys for Maximizing the ROI on Your Professional Development

If you’re like me, you love to learn. I am always looking for ways to be more of the  best version of me and ways to improve the operation of my business.

The risk that you run with that kind of passion is that you’re consumed with learning, but weak on implementing and it’s implementing that allows you to monetize your investment and create a strong ROI.

Here are 5 things to keep in mind as you strive to improve yourself and your business:

1. Set aside time to integrate what you learned immediately.
When you attend a conference or a class, schedule some ‘down time’ the next day so you can review your notes and plan what you’ll do with your new knowledge.

2. Avoid taking too many classes in close proximity to each other.
It’s likely to take you weeks or months to fully integrate your new strategies into your routine.  Strive to allow sufficient time to assimilate your new knowledge and turn it into improved strategies and actions before piling on more knowledge.

3.  Practice and share your new ‘stuff’ immediately.
Many times people feel tentative when they start implementing something new. That tentativeness is played out by not sharing what you’ve learned with your community.

The longer you wait, the less likely you’ll be to ever implement. So give yourself permission to be a newbie. Try new things. Offer a small group of clients special ‘early adopter’ pricing for your new approach.

4. Make connections.
If you’re attending a live event (virtual or face-to-face), strive to connect with other people who serve your market but offer something to it that you don’t. These are great prospects for building referral relationships or strategic alliances. They will speak the same language as you (having just completed the same learning you did) and hopefully, will be equally motivated to monetize their investment.

5. Get support.
Making changes in your routine is often a challenge especially when you’re trying something new. As you make investment decisions, lean towards programs that offer some ‘post-learning’ coaching or Q&A support. As you implement, you’ll probably come up with questions that you didn’t have as you were learning the material. Follow up support can be invaluable and help you implement more efficiently.

Ongoing training and development is a necessary investment in your future success. You must tackle it wisely however in order to maximize your return. These tips will help you do just that!

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How to Brand Your Expertise for Maximum Profit or Pay

I’ve been helping many of my clients lately figure out how to position themselves so they stand out in their marketplace or workplace like the true expert they are.

It can be quite a challenge, particularly when there are a lot of people who know much of what you know and do basically what you do.

The key to success though is having the right people recognize that YOU are the undisputed expert. The ‘right’ people include your boss, your prospects, your colleagues, your clients and your referral partners.

When any of those people see your true brilliance, your value goes up dramatically.

Here are some simple steps you can take to make yourself stand out, get seen and get recognized as an expert.

1. Know your audience
Resist the urge to try to be everything to everybody. Pick the people or groups you’re best suited to serve and focus on getting to know everything you can about them. Be particularly focused on the problems they encounter on a regular basis.

2. Speak their language
When you’re an expert, it’s easy to default to using jargon, technical or quasi-technical terms that perfectly capture the nuance of the issue for you and other ‘geeks’ like you, but may not resonate with the people you’re trying to help. Talk to them with words they use.

3. Know your strengths
It’s tempting to believe that you are multifaceted and brilliant in every dimension. You might even be brilliant in many dimensions, but being a jack- or jill-of-all trades will minimize the sense that you are an expert and lower the perceived value of your worth. Pick a few things you’re masterful at that you enjoy doing and focus on those.

4. Articulate your process
Whether you know it or not, you have a particular approach to solving problems. When you can explain it in simple terms, you’ll seem like more of an expert than people who don’t have their process spelled out and look like they’re ‘winging it’.

5. Understand their goals
When I attended coach training school over 15 years ago (how can that be?!?!), our coach and trainer would often say “People are always on their way someplace”. What he meant was that most people are working on some goal, whether it’s a short-term to-do, an errand, a duty of some sort, a project or a much longer-term aspiration.  Unless they’re a couch potato, they’re trying to get somewhere even if their ‘where’ isn’t entirely clear to them.
We show up like some intrusion into their daily life and the things that fill it. When you help them see where ‘where’ is and position yourself as a key ingredient to getting there, you’ve just raised your value dramatically.

When you implement these 5 keys, you’ll stand out as an expert eligible and worthy of higher fees and bigger paychecks.

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5 Critical Concepts for Business Growth & Profitability

People often go in business for themselves because they have a special knack or interest in something. They soon realize however, that that knack is not the only thing they need to be a success.

There are many internal factors that influence how fast or how big a company will grow. If the owner doesn’t acknowledge and attend to those critical factors, they are setting their burgeoning enterprise up for potential failure or enduring mediocrity

The most critical factors often aren’t always obvious but I’m ready to share them with you right now to help you navigate the perils and enjoy the benefits of business ownership.

Here are 5 simple, yet critical concepts you MUST master if you are to experience the growth and profitability you desire.

1. Know your strengths and deficits – intimately
When you’re crystal clear about your skills, you can leverage them to move mountains. You can also use them to counterbalance your weaknesses. When you’re working in your blind spots, you’ll struggle to accomplish goals. You’ll try to do things you shouldn’t and fail to delegate profitably.

2. Work within your value system
The whole point of being in business for yourself is to more closely control your own destiny. Without a thorough assessment of what’s important to you, day-to-day and for the long haul, you rob yourself of bringing in experiences that will create the fulfillment you need. Once they’re clearly articulated, your chance for fulfillment increases dramatically.

3. Understand the marketspace you operate in
When you target the highest possible level of clientele for your product or service, your fees have room to expand. When you clearly distinguish yourself from the competition, people will seek YOU out.  If you go to market blindly, you run the risk of stepping into a crowded space, missing out on opportunities to leverage your company’s unique advantages and not being prepared internally for growth.

4. Have a variety of sources of revenue
You’ve probably heard about the importance of diversifying your investments. Well, your business is one of the most important investments you own.  While you can make a great living selling just one product or service, with more options, you’re likely to improve your revenue stream.  During the recent recession, many businesses had to expand their offerings to appeal to additional markets. Even as the economy recovers, having various offers for various kinds of customers can help maintain your revenue stream. Just remember to not diversify to far afield. If that happens, you run the risk of spreading yourself too thin and becoming ineffective in your efforts.

5. Utilize your time in the most effective manner possible
It’s tempting to work on that which is easy, comfortable and familiar. Unfortunately, those kinds of activities rarely lead to outstanding results. “Magic occurs outside our comfort zone.” Work in your personal ‘sweet spots’, delegate the rest and focus on the highest profit potential activities possible.

These concepts are critical for your success. Implement them and practice them consistently. They will pave the road to profitability for your business

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