Entrepreneurs – Please make sure you do this

Here’s a tip that can really help you.

Throughout the year I run 2 day trainings for ambitious entrepreneurs.

I just completed one a few days ago.

I spend two entire days teaching cutting edge business growth strategies and solving entrepreneurs’ biggest problems.

Here’s what I discovered:

In general, entrepreneurs who weren’t making much progress do two things wrong:

1. They don’t have a super clear set of goals for the next 3 months.

As a result, they get caught up doing urgent things that aren’t actually that important.

Things like emails, phone calls, staff interruptions, admin etc.

Suddenly it’s 3 months later and they’ve achieved very little.

Not only do almost all successful entrepreneurs have 90 day goals, they make sure they think about those goals constantly.

They don’t put them in a drawer and forget about them, they focus on them all day long.

The second thing poor performing entrepreneurs do is explained in this short video I’ve prepared for you.

I think you’ll agree with me – and find it very valuable information for building your company faster.

Check out the video here:

 

A Ridiculously Easy Way To Increase Your Company’s Profits

We all want more customers.

It makes us feel good to see more people buying from us.

But believe it or not, getting more new customers is not the best way to grow your business.

There’s another way to make money that’s far easier and more efficient.

Yet hardly any businesses pay enough attention to it. In fact many don’t even address it.

So what is this rarely utilized way to make loads more money in your business?

It’s simple. Just ask your current customers to buy more.

Think about it.

Getting a new customer can be expensive and time consuming. You have to advertise, make sales calls, give presentations or attend events and meetings.

For many businesses, acquiring a new customer can take weeks or even months, and cost hundreds or thousands of dollars.

Yet to get your current customers to spend more with you is super easy.

After all, having just bought from you they are already won over.

You don’t have to run expensive ads or do elaborate presentations. All you have to do is the following four things:

  1. At the moment they want to buy, offer them another product or service, ideally at a special discount.
  2. Show them a product that many people who bought their product also found useful.
  3. Upsell them to a more expensive, better version of the product they want to buy.
  4. Suggest they buy several of your product at once, rather than come back later.

It’s that simple.

Make any of those offers and a percentage of your customers will say yes.

Bingo, you’ve just lifted your annual profits – often by 10 to 50 percent.

And that’s net profits – it costs you nothing to get these extra sales.

There really is no easier or quicker way to make more money in your business.

How to Maximize the Last 4 Months of the Year

Incredibly, there is now just 4 months until the end of the year.

Is your business going amazingly well?

Or do you need to do take it up to the next level to make sure the year is a success?

If it’s the latter, here are some ways you can improve your business results quickly.

1. Pick the 3 Things That Increase Your Income And Spend Most Of The Day Doing Them

Most of the things entrepreneurs do each day don’t increase their income. 

In most businesses, usually there’s only a handful of activities that actually bring in more money.

You need to get very clear about what they are. Then organise your week so that there’s far time spent on each of them.

Double the time you spend on these 3 tasks and you could double the size of your company.

2. Increase The Speed And Intensity Of Your Daily Work

Start acting with genuine urgency. If you usually have staff meetings that last an hour, do them in 30 minutes.

If you get into work at 9am, get in at 8am.

If you usually do 5 sales calls a week try doing 5 every day.

Then instill this sense of urgency into your staff and your key suppliers. So that everyone who works with you knows they have to lift their game higher than ever before.

Acting with urgency and great desire will massively change your results for the better.

3. Ask for Money Much More Often

If your business is not growing quickly a common reason is you are not asking enough people to buy from you, often enough.

There are numerous ways to ask for money in a business:

You need to focus on bringing in more leads – via advertising, PR, joint ventures or the telephone.

You need to increase the amount of meetings you have with people who can buy.

And you need to create more reasons why somebody should buy from you – make them more offers, create new products or services, announce special short term discounts etc.

If you reach out to a lot more people, with lots more offers and reasons to buy, you will inevitably get a lot more sales.

NOW IT’S UP TO YOU.

I’ve now given you 3 highly effective strategies to make sure the last 4 months of your year are excellent financially.

I can virtually guarantee that if you make them a central part of the way you operate, you will see a remarkable lift in your sales.

The clock is ticking, the end of the year is rapidly approaching.

Let’s get to work.

Never Forget This Crucial Business Rule

Running a business can seem incredibly complex.

You need to know how to do marketing, sales, finance, organization, leadership, logistics and management. And a whole lot more.

It can all be pretty intimidating. And there may be times when you think that you are just not ‘business minded’ enough to make a success of it.

In fact, as coaches of entrepreneurs we hear this all the time – smart, motivated business owners that worry that they’ll never be able to learn the skills needed to run a high growth business.

Don’t believe it for a second.

Business is a whole lot simpler than it may appear. You need to create a system to bring in potential buyers, you need to convince them to buy and then you need to deliver what you sell. That’s about it

Do those things well and believe me, you’re likely to make a lot of money, even if you don’t know all the corporate jargon and advanced skills of business.

And always remember the most important business rule:

All business skills are learnable.

You may not know how to do the things I listed earlier, but there is nothing, I repeat nothing, that is beyond you learning. (In fact most business skills are relatively simple to get reasonably good at).

So don’t worry too much about what you don’t know. Just commit to methodically learning the key business skills, one by one.

All business skills are learnable.

You can do this.

Why You Shouldn’t Lower Your Prices

In a world where customers are always trying to get a price reduction, it’s very easy to fall into a dangerous trap.

Lowering your prices.

Before you do, please remember this:

Almost nobody buys the cheapest car.

Or the cheapest clothes.

Or the cheapest food.

They don’t seek out the cheapest restaurants, or the cheapest wine.

In almost every case, in almost every product category, most people do not buy purely on price.

The problem is, they often try to convince you that getting their business depends on you lowering the price. That it’s all about the cost.

Don’t believe it. Price is just one part of what they are truly seeking:

Value.

Convince them that you make a better product, or deliver a better service, or care more, or use better materials, or have happier customers, or are more trustworthy, and they’ll buy from you.

Even if you’re a little more expensive.

And often, even if you’re a lot more expensive.

Customers love to get a good deal, but they usually don’t make their buying decision based on whether they get one. For most of us, it’s a nice to have, not a must have.

Be strong. Keep your prices up.

Then improve how persuasively you talk about all the other reasons for buying from you.

Believe me, you’ll pay a high price for having a low price.

How To Be A Super Achiever. Tips From Michael Phelps’s Coach

There is no doubt that Michael Phelps is the greatest Olympic athlete of all time.

Nobody comes close to his 25 Olympic medals…. and he’s still got some more Olympic races to go.

But very people know much about the man who coached him to worldwide dominance – Bob Bowman.

Regular readers of this blog will know that I am always studying human excellence, and I’ve been studying Bob Bowman in detail lately.

So what I thought would be interesting is for me to summarize Bob Bowman’s coaching philosophy, or what he calls ‘The Method’.

Here are the major points of the Bowman Method for creating excellence in any field (including business):

1. Set a Big Vision

Push yourself to create goals that stretch you and push your boundaries.

In his words, “Being a bit out there – suspending belief – is necessary when setting a vision for yourself. You want to establish a ‘reach’, then figure out a way to reach it.”

Another way of looking at vision: Bowman is also a huge believer in mentally visualizing performing well, daily.

2. Get Pumped Up About The Pursuit

As Bob says, “Achieving excellence should not be drudgery. It should excite you.”

3. Realize that The Best Moments Of Our Lives Are Built Around Achieving Everyday, and Long Last Excellence

Achievement should be part of your daily mission, there is little satisfaction in performing any task at a sub optimal level.

4. Adopt an ‘All In’ Attitude

If you’re going to do something, go into it full on, with maximum effort and commitment.

It’s also about having positive enthusiasm, even when times are tough.

As one of his swimmers, Jessica Long, the Para Olympian puts it, ” A quote I live by is: “The only disability in life is a negative attitude”.”

5. You Grow By Taking Chances, And You Reach Your Dreams By Taking Them Too

Or in Bob’s words, “The magnitude of an achievement will be limited by your aversion to risk.”

You must be okay with uncertainty.

6. Short Term Goals Lead To Long Term Success

Use a series of short term, definable markers or targets. “Make goal setting something you can’t hide from.”

7. Live The Vision Everyday

“Success becomes routine when you have a routine.”

You need to make a schedule and stick to it.

8. Review Every Day, Evaluating your Performance for Improvement

Think, consider, review, make notes. Every day.

9. Build Up A Support Team That Will Help You – As You Help Them

Find the like minded to pull you through the toughest moments.

10. Inspire With Immediate, Not Delayed, Feedback

Be honest and be quick ,with constructive, clear feedback.

11. In The Dark Days Maintain Your Focus

Bad times are inevitable and customary. Keep returning to your vision.

12. Adversity Will Make You Stronger

A quote from Bowman: “Practice being uncomfortable.”

13. When The Time Comes, Perform With Confidence

The best performance usually comes when you enjoy the moment.

Wow. Wise words from one of the greatest high performance coaches of our era.

I’m sure you’ll agree, they are every bit as applicable to business as they are to sport.

If these words inspired you, be sure to check out Bob Bowman’s book on world class excellence: It’s called ‘The Golden Rules.’

The World’s Simplest Way To Grow Your Business

If you need to increase your profits quickly and simply, there’s a very effective way to do it.

 

Re-activate old clients.

So many of us keep looking for new customers when the easiest revenue is right under our noses.

Think about it:  Most old clients like you.  Trust you.  Value what you sell.  And think your prices are fair.

All you have to do to get many of them to buy from you again is ask them more often.

The best way to do this is to allocate a certain amount of time in your calendar each month to reaching out to previous customers.

Prepare a little script that you or your team members say each time they call.

Another way to re-activate old customers is to write 3 different emails, then test them on on a small number of people on your client email list. Then send the most successful email to the rest of your list.

One more way to sell to your previous clients is to brainstorm something new you could offer them:

Present them with a new product or service, a lower price for a limited time, or a new staff member that they should work with.

Re-activating old customers is surprisingly easy. And quick.

But it can’t be an occasional, sporadic process. You need to design a system where you or your staff are consistently reaching out to clients a few hours a month.

All of your clients should hear from you at least twice a year with some kind of re-activation offer.

It’s not hard to do. And it can make you a huge amount of extra income.

A Special Checklist To Increase Your Efficiency

So many entrepreneurs waste huge amounts of time.

They spend far too long doing unimportant things and not enough time on the few vital opportunities.

If you’d like to improve your effectiveness at work and take your business achievement to a whole new level, have a look at the checklist I’ve prepared below.

It has 15 of the most important ways to increase your productivity and efficiency.

Which ones are you already doing? Which one should you start doing?

Efficiency is a science, but it’s one that very few people have ever really studied. Yet to be highly productive is one of the most priceless skills that you could ever have.

  1. Are you clear on what your 2 most important roles are in your business?
  2. Do you allocate sufficient time each week to those roles?
  3. Are you so clear on your 1 year goals, that you can recite them whenever asked?
  4. Do you always prepare a To Do List before you start work?
  5. Do you do your morning email only after you have got something important done?
  6. Do you work in blocks of uninterrupted time?
  7. Do you have all your personal, business, home and family tasks all written down in a single place so that you can examine them easily?
  8. Do you schedule time in your calendar to do your most important tasks?
  9. Do you rush unimportant jobs?
  10. Do you have a clean and clear desk?
  11. Are your files organized and regularly purged?
  12. Do you de-clutter your work environment every week?
  13. Do you prioritize your To Do List so that you do the most valuable tasks first? (Not necessarily the most urgent).
  14. When you organize a meeting, do you set a finish time?
  15. Do you allocate time each week preparing your next week?

Keep this checklist handy on your desk, and read it at least once a day.

Efficiency is far too important to be left to chance.

The Fastest Way To Double Your Productivity

If you’re like most entrepreneurs, you have one really big problem:

Getting the important work done while you’re being constantly interrupted.

It’s a huge issue. Phone calls, emails, staff popping in, meetings. It’s amazing we get anything valuable done at all when we are interrupted this much.

So what’s the solution?

Well when I’m coach senior executives and entrepreneurs, I teach a super powerful multi step system that significantly increases your productivity, but today I’d like to give you one important technique that can really increase your output and your income.

Leave the office often.

Work in coffee shops, the park, at home, a museum, anywhere that is quick to get to and easy to work in.

I suggest setting aside either 1 or 2 days every week where your staff know that you’ll be away but working – at least for half the day.

It will feel weird at first. But when you see how much more you get done you’ll be hooked.

You see, the office can be one of the most inefficient places to work of all. There’s so much paperwork, complexity and bureaucracy that occurs in the typical office, that it’s really easy to get sucked into doing stuff all day long that doesn’t really matter.

Get out of there. Escape. Calm down. And start focusing, uninterrupted, on what really counts in your business.

The other great benefit of working away from the office is how it affects your creative thinking. When you’re in a different environment you start thinking different thoughts. Novel solutions pop into your head. New ways of looking at things emerge. Breakthroughs occur because your mind is refreshed and rejuvenated by different surroundings.

Just try it, you’ll see.

Don’t spend your life chained to your desk. You’ll work far better ( and feel much better) when you escape the office, at least once a week.

The Most Important Skill A Business Owner Should Have

Have you ever wondered what it takes to be a super performer in business?

Professor Angela Duckworth has. In fact she has spent decades of her life studying super successful people in business, sports, science and the arts. And her discoveries are extremely surprising.

Professor Duckworth has found that it’s not luck, or amazing talent that makes a winner, it’s something far more mundane.

It’s what she calls ‘Grit’.

What is grit? It’s maintaining passion and perseverance for your long term goals.

Let’s look at the three parts of Grit, one by one. And ask yourself how you score on each part.

1. Unusual Perseverance

Duckworth’s research shows that highly successful people usually did not find it easy. They had to overcome countless setbacks, failures and even disasters before they triumphed.

This is the opposite of what many entrepreneurs think. Many believe that if their business isn’t going well that there must be something wrong.

Not at all. Even the most successful companies experience almost constant problems that must be overcome. You should expect big problems on a weekly basis and make up your mind that you will continue on despite the stress that they may cause. 

Very few business owners have this attitude.

2. Continuous Passion

Grit is not just about not giving up, it’s also about staying really enthusiastic and attracted by the goals that you set.

Plenty of people keep plodding on for years on their goals, but so often they have lost the spark of passion that many times makes the difference between achieving success and failure.

If you want to make it big in your field, you must continually work on enhancing how passionate you are about what you’re doing. It will dramatically affect your results.

3. Serious Long Term Goal Setting

Significant success takes time. Often a long, long time. 

Duckworth can show mountains of examples of top performers whose road to victory took ages – certainly far longer than they expected.

The trouble is that the media is always featuring stories about people who achieved huge success almost instantly – like the 20 year old internet genius who makes $100 million within two years.

That kind of example makes many entrepreneurs lose heart when they’re having trouble succeeding in their own enterprise.

Don’t fall into this thought trap. Almost all great businesses took decades to develop. So it’s of paramount importance that you set major, exciting and long term goals and stick with them for the long term.

As Angela Duckworth’s research shows, long term persistence while maintaining passion often trumps even great talent and even huge amounts of money.

It’s worth spending a few minutes thinking about how you can lift yourself in the three areas of perseverance, passion and long term goal setting.

Grit is a simple concept, but it will make a huge difference to your life if you make it a central part of your character.