Even when things are going well- which for most company founders is not that often.
There are two overarching reasons why entrepreneurship is so tough.
As company leaders, there is a very wide variety of things we have to do well, versus someone who just works as an employee.
As a result of Point 1, there are many more things that can and do go wrong.
These two points together cause huge amounts of stress for most business owners.
That’s why Self Belief is so important.
Unless you maintain a powerful self belief that you will prevail over the endless obstacles and win, you will be crushed by the ever challenging stresses of life in business.
As an entrepreneur, your confidence must be protected at all times.
It’s a vital component of long term business success, and it absolutely appalls me that none of the leading business schools in the world emphasize it’s importance.
But it’s one thing to accept the need to maintain self belief, it’s another to be able to do it.
Like everything else in life worth having, self belief usually doesn’t occur naturally and of its own volition.
It must be worked on, cultivated and enhanced.
As a mentor and coach to many entrepreneurs and business leaders, I often have to help people increase their self belief that they can achieve their business dreams.
I use many techniques to do that, but in this blog, I’m going to give you two that work particularly well.
Create a clear, positive, future vision of yourself.
The truth is, but most people operate almost entirely in the present and the past.
All day long they handle immediate issues ( the present), while in between their minds keep dwelling on past events, experiences, results and feelings. They are present and past based.
Precious little time is spent by most people thinking about, clarifying and imagining their future. They have very weak future based selves.
But it’s only when you have a clear and exciting vision of your future that you can develop the self belief to handle the often treacherous storms of today. You need a very strong future based vision of yourself to not be affected by present day adversity.
Think about that future vision constantly.
At work, at home, and consistently during the day and night.
Only when the clear, positive, future vision of You is constantly focused on does it begin to change your self belief, and your everyday actions. Which soon improves your results.
Successful business leaders have a strong vision of their future themselves, and think about it endlessly.
Poor business performers have a very cloudy future self vision, and think about it rarely.
In fact most of the time their vision of themselves in the future is full of worry and consternation.
Please do not underestimate the importance of self belief in business success.
And do not underestimate the power of those two techniques to achieve it.
Why you should reduce your work hours by 20 percent.
I know, I know, you’ve never been busier. So how could you justify working 20 percent less? Well I believe there’s a good chance you’d be much more successful if you did.
So how could you justify working 20 percent less? Well I believe there’s a good chance you’d be much more successful if you did.
Put your disbelief aside for a moment and consider the benefits of dramatically reducing your time spent on the job.
Firstly, you would be forced to be more efficient.
Look, I’ve been mentoring entrepreneurs and CEO’s for over 11 years, and I can count on the fingers of a donkey’s hoof how many are using their time to it’s maximum potential.
The reality is everyone could do their work faster and more effectively.
Reducing your work hours forces that efficiency. Conversely, knowing you can work long hours usually makes you work slower- after all, you’ve got the time up your sleeve, there’s little pressure to complete your tasks.
Secondly it would make you re-think how you did things.
We all get into ruts. And what’s not broken rarely gets improved. If you had to radically eliminate a fifth of your working time you would need to quickly re-evaluate how your and your team members operated.
That mental reset could easily lead to some major breakthroughs in how you and your company operates.
Thirdly it would increase the most valuable asset you have- thinking time.
The business world today seems almost designed to eliminate time to sit quietly and contemplate your business operations. That lack of contemplation time is very costly.
The fact is that many of the greatest breakthroughs in corporate history may never have happened if the leader of the company did not take time away form the hustle and grind of office life to just think.
You can’t create that quality thinking time if you’re working all the time. But if you were forced to leave work earlier and spend more time walking in the park, or meeting friends, or just relaxing in whatever way you choose, I bet you would come up with a lot more great ideas. Some could even transform your business.
So before you pull another late night shift, ask yourself whether it is really the most intelligent strategy.
Yes, working long hours is more likely to alleviate your show term problems, but great companies are not built by solving the temporary.
They are built by having a handful of clever ideas, and executing them superbly.
So to give yourself the best chance of having those crucial game changing ideas, try working less. And thinking more.
This is one of those rare cases where the most pleasant strategy is also the best.
But it’s important that you understand that creating an awesomely profitable company is not a matter of luck.
Making millions from your company should be highly systematic.
I have built 4 multi- million dollar companies in a row. I also co-founded the 15th biggest marketing services group in the world.
I have personally made several tens of millions of dollars from building my own companies.
And these days, other than investing my own money, I spend all day mentoring business owners like you.
So without wanting to brag, I really do know a lot about how to grow a company.
If you want to be sure your company is going to have a fabulous future, you must make sure you do each one of the list below:
Have a reliable method of systematically brining in quality leads. (Most entrepreneurs just rely on referrals and reputation).
Spend meaningful amounts of time each week doing effective outbound marketing. (Most business owners have no consistent outbound, and so don’t actually connect with many prospects over the course of a year).
Have a superb ‘stay in touch’ system. Most people don’t realize that most of the money is made at this stage.
Do things in a clearly different way to your competitors. (Here’s the crazy thing: most potential clients cannot actually tell any difference between you and your competitors- they all look the same to them.
Deliver on what you say, by when you say it. (Missed deadlines are the beginning of lost trust between the client and your company).
And deliver a product or service that works.
That’s it folks.
Just do those 6 things every week and you are almost certain to make a large amount of money from your company.
So, the big question is, are you doing all six?
If not, which ones are you weak on?
It’s really important to get all six right. If you are missing just one of them, I cannot guarantee your success as a business owner. Your financial future could be painful.
But get all six right and you can become supremely wealthy. Really.
So please, focus on these and develop every one of them to a high standard of excellence.
And if you need any help building a highly profitable company, book a free session with me.
If you want to win more clients, there are two areas you can work on.
The first is logical.
Logical improvements include changing what you say to potential clients. Changing the order you say it. Changing what your offering is. Or how often you follow up.
These are important changes to experiment with. And I can almost guarantee you that if you intelligently alter how you do these four elements, you will end up winning a lot more clients.
But these are all in the realm of the logical, the practical, the procedural.
But there is a whole other realm that you can explore, when it comes to converting leads into sales.
And that is using emotion.
The truth is, in almost every industry companies are chosen not just based on what they offer in a practical sense, but by what the potential client feels when they talk with the company representative. (You).
Do they feel that you are a decent person, someone kind, somebody ethical?
Do they feel that you genuinely care about their situation.? That you are not just going through the motions?
Do they feel like they would enjoy doing business with you?
These more subtle, more emotional aspects of the sales process are not only as important as your logical arguments, they are usually much more so.
In a world where there are usually tens of companies that could deliver a good job, trying to win through logic is often a weak strategy. You are still just one of many similar alternatives.
In the end, people buy from people. They are either attracted or repelled by you at the heart level.
So I urge you to review how you come across in that dimension, rather than being stuck in the logical and mundane.
Change how much you feel for them. How much you care.
Elevate your heart and you will elevate your income.