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.

The Year Is Officially Half Over. How’s Your Business Going?

This week marks the end of the first 6 months of the year.

So I have some questions for you:

  • Are you on track to have a magnificent business year?
  • Are you making the kind of money you expected when the year began?
  • Do you have loads of leads coming to you?
  • Or, is the year so far not nearly as good as you’d hoped?

If you’re not absolutely delighted with your progress, then you need to remember two things:

  1. You better start doing things very differently if you want to rescue the year.
  2. It’s not too late to make this year a fabulous one.

Here are some tips for taking your business to a whole new level in the second half of the year.

1. Stop Wasting So Much Time On Things That Don’t Increase Your Income

Shorten the meetings. Don’t take every call. Work away from the office two days a week. Do anything you can to allow you to focus on what really counts – bringing in customers.

Time and time again I see entrepreneurs doing busy work all day long, but doing precious little to actually bring in mulla.

2. Get Super Clear On The Two Things That Bring In The Most Money For You

Of all the stuff you do in a month, what two activities really bring in money? Most entrepreneurs are simply not crystal clear on the answer to that question.

As a result, they don’t do much of those two crucial income producing activities.

Sit down and take a few minutes to work out the answer, then post that answer on a sign that you can see all day long. That way you’re more likely to keep coming back to those priceless two actions that make you most of your money.

3. Work On Massively Increasing Your Desire

Too many people start coasting and taking it easy once their business is doing okay.

Big mistake. Maintaining an attitude of hunger and desire is vital if you want to make your company great.

When you have strong desire, you attract more clients. When you have strong desire, you focus more. When you have strong desire, luck tends to go your way.

Don’t minimise the importance of personal desire for business success. Work daily on increasing it and everything will change for the better.

Three simple concepts. But each extremely effective in improving your results.

It’s not too late to have an awesome year. But you really must act now.

The 2 Things All Great Entrepreneurs Focus On

A lot of business owners are totally unsure how to grow their business.

But in my view there are only two primary areas you need to focus on.

1. Innovation

How much new stuff are you trying?

The sad thing is, most entrepreneurs do very little experimenting. Incredibly, a lot of business owners do pretty much the same things for 10 or 20 years!

Because they don’t innovate, they keep getting the same mediocre results, year after year.

Look, here’s the truth. You don’t need to be a genius to succeed in business, you just have to try lots of stuff. Believe me, as long as you keep trying new ideas in sales, marketing, positioning and pricing, some of it is going to work big time.

When was the last time you innovated? Great entrepreneurs innovate all the time.  You can see it here:

2. Optimization

The other key area you need to focus on is Optimization – making what you already have work better.

Once again, average entrepreneurs do very little optimizing. If something is working okay, they tend to just leave it. This is crazy, as it’s quite possible that you could double the effectiveness of what you’re doing if you kept on making small improvements to it.

Most of you could be making twice as much money if you just started optimizing what you’re doing – changing a headline, finessing a sales presentation, improving what you staff say on the phone, etc. 

These are all easy things to do but can colossally increase how much money you make.

I explain more about this in a special video. Check it out here:

Innovation and Optimization: the only two areas you really need to focus on to build a super profitable business.

Are you doing enough of them?

Checklist for an Awesome Business

Just how good is your business?

Is it only average? Or is it something really special?

I mentor entrepreneurs all over the world, so I get to see inside a lot of businesses.

Over time, I’ve realized that there are 7 parts of a business that you have to get right, if you want to make a huge amount of money.

That’s why I’ve prepared this special 7 point checklist that you can use to work out whether your business is heading for greatness, or whether there are some areas you need to improve. You can get the checklist here.

Few businesses are perfect, so don’t be upset if you find that your business doesn’t score highly on each area.

But please go through this checklist carefully, because in it are the keys to creating the business of your dreams.

Check it out here.

PS: In my opinion, point 3 is the most important of all. Make sure you get at least that one right. View the checklist here.

Success Secrets of an Elite Pilot

One of the best ways to be more successful in business is to study elite sports performers.

Even though their job is very different from the business world, the best performers in sport all practice techniques that help them achieve at the highest level.

Techniques that we could use to perform better at work, and make a lot more money.

This week I was studying Matt Hall, one of the world’s greatest air race pilots and a member of the Red Bull International Air Racing team.

He’s got 3 great training techniques he uses to perform at the highest level of racing, which could easily be used by entrepreneurs to succeed more often.

I’ve summed up Hall’s training techniques in this short video.

If you want to be great in business, don’t just look at the business world for inspiration. Look everywhere.

Even in the air.

Check out this elite race pilot’s methods for excellence, in this video: