Archive for the 'Running a Strong & Efficient Business' Category

Avoid Pricing and Discounting Mistakes

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In 2008, Pizza Hut saw its sales drop because of the Great Recession. Competitors were lowering their prices and offering discounts — and Pizza Hut figured they had better offer a discount if they wanted to compete with Dominoes Pizza and Papa John’s Pizza for a dwindling market.

So in 2009, Pizza Hut began to offer a large cheese pizza with three toppings for $10 (the normal price was $15). Then they sweetened the deal by offering unlimited toppings for the same $10 price.

And sales rose.

That’s a good thing, right?

Fast forward to 2011. The economy was easing and Pizza Hut (and the other pizza competitors) now wanted to reinstate their normal pizza price of $15.

And customers resisted.

Why? Because of two psychological triggers:

  1. People had gotten used to paying only $10 for a pizza with unlimited toppings. When you increase the price back to the “normal” $15, people see that as a raise in price of 50 percent, conveniently forgetting the pre-2009 pricing.
  2. When you lower your prices, you devalue your product or service. You’re basically telling people, “It’s not worth $15, it’s only worth $10. We’ve been overcharging you all along.”

What do you do when sales are sluggish and you want to offer a discount, but you don’t want to imply that your products and services are worth less by lowering the price?

Enter the Concept of Adaptive Pricing

Here’s the psychology behind the concept: Customers have different needs, and place different values on the various aspects of your products and services — price being just one aspect they consider.

For example:

  • Many customers value access to a live instructor above learning on their own, so if they have questions they can get help immediately from the instructor. Therefore, they’re willing to pay more for a live class than a self-study program.
  • Some customers place value on group brainstorming and sharing of best practices to shorten the learning curve, and are willing to pay to be a member of a mastermind group.
  • Other customers value private one-on-one services and are willing to pay a premium price to get your total attention to find solutions to their problems and think strategically.

By knowing what your customers value — and creating pricing and discounts based on those values — you can increase customer satisfaction and sales at the same time.

But My Customers Want Low Prices!

Be careful of your own psychology: you might be a budget shopper yourself, but not all your customers are. If you constantly offer things for a discount (or for free!), it’s more about your own feelings about money and pricing than the needs of your customers.

For every customer who wants things as cheaply as possible, there are customers who demand extraordinary quality and are willing to pay for it. Just look at the different price/value levels of department stores (from Wal-Mart to Neiman Marcus) and you’ll see that there are huge ranges of quality, service, experience and price needs among customers.

Don’t assume your customers want cheap prices and are willing to take a lower quality service or product in order to get the lowest prices. Price based on the value of what you’re offering, and on your branding strategy. Are you the Wal-Mart of your industry or the Neiman Marcus? (Or somewhere in between?)

So, You Want to Offer a Discount

Great! Offering a discount has a lot of benefits for your business. Pay attention to your strategic purpose behind the discount — to increase sales, to increase demand, to test a pricing strategy, or to get the word out about a new product/service — and price accordingly.

When you offer your discount, test to see if your goals have been met. You may be assuming a discount will produce a certain results, and you could be wrong. Tracking your results is the only way to know for sure. (The numbers don’t lie!)

Three Adaptive Pricing Techniques to Use in Your Business

Versioning

For customers who are concerned about price above all else, offering them your product or service in a different version at a lower price-point will serve them while still keeping your sales up. Here’s an example:

  • You teach a 5-week class where students submit their homework assignments to you for review and analysis, and have access to you during class to ask questions. That class is priced at $599.
  • For the budget-conscious student, you offer similar material in a self-study version $399, (and they don’t have access to you at all if they purchase the self-study version).
  • For customers who want more private access to you to learn the topic and apply it specifically to their own business, they join an ongoing mastermind group that includes both the class and the mastermind group access for several weeks after the class.

Each customer has a different need — and by creating three versions of the service, you meet the needs of each type of customer. For example, I recently launched Synergy Core, a version of my Synergy Excel program for mastermind group facilitators. Synergy Excel is a 12-month program and includes a monthly mastermind group meeting; the Synergy Core version is a 6-month program and does not include a monthly mastermind group meeting. Two different versions of the same program, geared towards two different audiences.

Additions for Free

Another adaptive pricing technique is to offer an “extra” or “bonus” for free, but keep the base price of your product and service the same.

For example, you could offer your mastermind group to your customer at full price, but then offer them a free additional hour of your time. Walt Disney World theme park had a great success with offering their Buy Four Entry Tickets and Get Three Free package.

But don’t offer pseudo free bonuses unrelated to the product or service that customers are buying. Customers are now savvy to the free bonuses that many internet marketers offer (like: Buy Our Ebook and Get $40,000 Worth of Bonuses Free), and it just makes people think you’re trying to fool them, lowering trust and harming the relationship.

Unbundle

Everyone is telling you to combine a whole bunch of your offerings together, then give the customer a special price. But what if your customer doesn’t want everything in the bundle?

Consider offering your main product or service at full price, and then offering upgrades at a reduced price.

  • You could offer your live event for $1,200, then offer an hour of private consulting time for an additional (discounted) fee to those who are attending the live event. Or you could offer them an ongoing mastermind group for an additional fee.
  • Or you could offer them recordings of the live event for an additional fee. That way, customers can choose which upgrades are valuable to them and you can clearly see which upgrades are the winners in the eyes of your customer.

Final thoughts…

The key here is to know your customers, and know what they value when it comes to purchasing services and products. If you’re not sure, test out several pricing strategies and see which one pulls in the most revenue.

It’s also important to stop offering discounts when they are no longer needed to boost sales.

Be strategic and think through your pricing ideas before implementing them so they don’t come back to bite you later!

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Category: Running a Strong & Efficient Business

Motivational Minute: Tony Robbins on Why You Do What You Do

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Category: Running a Strong & Efficient Business
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Has Your Website Designer Disappeared?

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A strange phenomena has been spreading like a virus over the past few years. In the past four months alone, three of my clients have told me that their website designer or virtual assistant has “disappeared.” No return phone calls, unanswered emails. Gone, gone, gone.

Kidnapping? Hardly. When the economy gets tough or the revenue numbers don’t ad up, many website designers and virtual assistants (small business owners themselves) simply go out of business. Some get full-time jobs in corporations, some just shut their doors. And of course, personal and family problems can cause an owner to go out of business. Perhaps they’ve changed their business model and have shifted away from doing the work they used to do for you — they haven’t gone out of business, just changed their focus.

This is a huge problem for small business owners, who rely upon their website designer or virtual assistant to maintain and upgrade their websites for them. There’s not much you can do if your website designer or VA goes out of business. But you can protect yourself and prepare yourself to move to a new website designer. You need to have access to all your files before your website designer disappears.

Use this checklist to get control of your website for the future:

  1. Login information for the hosting company.
  2. FTP login information, if appropriate.
  3. WordPress login information, if appropriate.
  4. A list of WordPress plugins that are in use, and their purpose.
  5. Email address login information for each email account (you may have more than one email address for your domain, such as office@domain.com or mary@domain.com or info@domain.com).
  6. Other login information to auxiliary software embedded or connected to your site, like: membership software, forum software, learning management systems, merchant accounts, eCommerce systems, email marketing system, video hosting or file hosting services, etc.
  7. Logins for Google Analytics, Google Adwords, and/or Facebook Ads, if you use any of these services.
  8. A copy of all your website coding, graphic, audio, video and animation files, including the original, editable source files for all your graphics.
  9. Written confirmation that you own the content of the website and have the right to transfer it, edit it, submit it to United States Copyright Office, sell it, etc.

For security purposes, if your website designer truly disappears and you can’t reach them, change ALL login IDs and passwords on your accounts. In addition, if you have given your website designer your credit card information, you may wish to cancel the card and have a new number re-issued.

Whether you think your website designer or VA has a sound business or you think they’re struggling and might disappear, I recommend you get the above items from them website today so that you have full control of your website — and your internet marketing — for the future.

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Category: Internet & Social Media Marketing, Running a Strong & Efficient Business, Website Planning
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44 Tips for Dealing with Overwhelm

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Dealing with overwhelm is like juggling balls.The Ultimate Guide for Entrepreneurs Who Do Too Much.

As a small business owner, there are often too many ideas, too many tasks and projects, and not enough time or resources. Entrepreneurs are a creative bunch of people and we’re always thinking of new ideas!

I don’t know anyone who isn’t time-constrained. We all have busy lives, and if you run your own business, you are doubly busy.

Below are 44 tips for dealing with overwhelm and increasing productivity. Feel free to share this with your friends, colleagues and mastermind group partners.

The Rules

Just pick ONE of these tips and do it. Do not overload yourself more, by trying to do all these tips. This article will be online forever and you can come back to it to pick up your next tip.

Understand Why You’re Feeling Overwhelmed

Many of my clients and students tell me they are feeling overwhelmed by running their own small business. It doesn’t matter whether your business is brand new or 20 years old, there are many things to juggle as a business owner. You are not alone in feeling this way, and there are some very common reasons why we feel overwhelmed:

  • Trying to be everything to everyone
  • Trying to focus on too many things at once
  • Being too optimistic about how much time it takes to do a task
  • Adding too many appointments and projects to your weekly calendar
  • Not saying “no” to people and projects

Notice how all these things are a CHOICE you made? Every time you make a choice to do too much, you make a choice to feel overwhelmed.

You are in control. You are in control of your calendar. You are in control of which projects are top priority. You are in control of your thoughts about your business. You’re even in control about whether you answer a ringing phone or not.

The power is in your hands.

Admitting That You Can’t Do It All

I have a To Do list that is six typewritten pages long. Every time I have a brilliant idea for a new project, I add it to the To Do list.

As surely as the sun rises each morning, the more I add to the list, the more overwhelmed I feel.

Then I had a startling insight: I will never be finished with my To Do list. I will always have wonderful new projects that I want to add. I will always have maintenance tasks that need to be performed. There will always be emails to answer and phone calls to make.

Once I understood that I would never get it all done, then it was only a baby step to the knowledge that I can’t do it all myself. Either I have to delegate projects and tasks, or I have to delete them from my list. If you are serious about not feeling burned out and overwhelmed, then the first place to start making cuts is in your To Do list.

Take Your Time

New habits take some getting used to, don’t they?

The outcome will be a feeling of mastery over your workload, your time and your energy. You will be in control of your calendar and To Do list instead of feeling as if they are in control of you.

Start With These Simple Tips

1. Calm down. You cannot do any of these tips if you are feeling stressed. Do 5 minutes of something relaxing before trying any of these tips.

2. Set priorities and goals. Where do you want your business to be in 12 months? What is most important, right now, to get you to your 12-month goals? Pick just three goals for 12 months. If you complete them, you can always add another one later.

3. Centralize your To Do list. Because I’m at my desk most of workday, I have a To Do file right on my computer that I can easily access and update. Whether you keep your To Do list on your smart phone or in a notebook, make sure you can get your hands on it quickly. When a new idea comes up, you have a place to put it immediately, instead of trying to keep track of it in your head. This is so liberating!

4. Focus. Choose one task and focus solely on that until it is complete. Stop multitasking; it will only lead you to feeling more overwhelmed.

5. Set a timer. Work on one task for 20 minutes, and then take a break. Every week, work for 5 minutes extra (25 minutes instead of 20, and so on) to help rebuild your focus, sustained attention span and ability to concentrate. Pay attention to when you start to become distracted and work with your natural biorhythm to take mini-breaks when you need them. Most adults can pay sustained attention for 20 minutes before becoming distracted. (Most adults can renew their attention to a task after being distracted, too.) I use a timer from TimeTimer to keep track of my 20-minute work segments.

6. Know how long it takes. I am notorious for assuming that tasks take much less time than they actually take. I block out 15 minutes for a task then discover it actually takes 30 minutes. I have learned this simple rule: whatever you think a task will take, double it. That way you won’t add too many tasks to your daily calendar and you will feel less stress because you know you’ve given adequate time to every task. Plus there’s a nice added cushion of time for a tea break!

7. Simplify. Is your business too complicated? Should some of your manual tasks be automated? Take a deep look at every task you do and ask yourself if there is a better, easier way to do it, or if a piece of software could do that task for you.

8. Know your Productivity Peak. When is your best, most productive time? Most creative time? For me, it’s 8AM to 2PM. That is the time when my intellect and my creativity is flying high. So I use that time to work with clients, teach classes, write books, and create training programs. Knowing and using your personal productivity peak times will help you be more productive and produce better quality work. Use your non-peak time for maintenance items that don’t require much brainpower (or willpower).

9. Give yourself the gift of distraction. Sometimes we push ourselves too hard. Owning a business is a marathon, not a sprint. Every few hours, take a break from your work. Step out your front door and get a breath of fresh air. Play some music. Go for a walk. Read a fun book. Have coffee with a friend. Do anything that takes your heart and mind away from business. You will be rewarded with a clear mind and a fresh perspective when you get back to work.

10. Get rid of clutter. For many people, when there are too many things in your visual field of focus, it is hard for your brain to concentrate on the task at hand. If out of sight really does mean out of mind, keep a file drawer for paperwork and put a note to yourself in your To Do list about where to find the necessary paperwork or email when you’re ready to work on that task.

11. Know your RQ (resistance quotient). Discover what you’re resisting when you use distraction and procrastination instead of doing your work. Stop self-sabotaging your success.

Specific Things You Can Do to Deal with Overwhelm

12. Just say no without guilt. Too often we try to please everyone and end up with too much on our plates. When you are feeling overwhelmed, look at the people and projects you’ve say Yes to that perhaps you should have said No to. Here’s a practical article I wrote on how to say no to people when they ask for your time.  Look at your To Do list and ask yourself if you can simply say No to any of the tasks. Remember, you are in control of your task list and your calendar. Only you can overbook yourself, so only you can say No to requests for your time.

13. Clear your desk. There is no better feeling than starting fresh and getting a complete handle on everything that needs to be done. By going through every paper, every pile, every note, you consolidate and prioritize. Remember to use your centralized To Do list and throw away all those individual To Do notes!

14. What’s most important? Each morning, enter your office and ask, “What are the MOST important tasks to get done today?” Make a careful balance about short-term emergencies and long-term tasks so that you can meet your goals without getting swept-up in daily disasters.

15. Do it. Sometimes, a bare-knuckle commitment to getting things done is necessary. That pesky colonoscopy you’ve been putting off? Do it. That phone call to a disgruntled employee? Do it. That 3,000 word article? Do it.

16. Ditch it. Some projects were never meant to be. Some catalogs and magazines can be thrown away.

17. Delegate it. Ask for help. Look at all the tasks you do, and for each one ask, “Am I the only person who can do this task in the entire world?” Some tasks are your sole providence; others can be delegated to a website designer, graphic artist, administrative assistant, etc.

18. Work for results. Which things you currently do are giving you the results you want? Stop wasting time on things that don’t give you the outcomes you want, even if other people tell you that you “have to” do them. Stop listening to gurus and start listening to your own intelligence and experience. The only thing that matters is whether you are creating the outcomes you want.

19. Get into task habits. For instance, the first thing I do each morning is handle emails from clients and students. Then I do social media because it allows me to use a different part of my brain. Next, I look at financials. Then I prep for that day’s client calls and classes. These four tasks take me about 60 minutes, warm up my brain, and allow me to serve my clients and students first, before getting into the main part of my day. Each afternoon before I leave, I plan my projects/tasks for the next day, answer any last-minute emails, and straighten up my desk. Having task habits each day allows you to get the important daily tasks done in an orderly fashion.

20. Chunk your schedule. Do you have scheduled time each week for marketing? For administrative work? For speaking with clients? If you block out scheduled time each week for your work, you will know that you have a plan for how to tackle the work. For instance, I use all day Friday to write articles, books and new classes. I use Monday morning for administrative work. I teach on Tuesdays and Thursdays at 1PM. What does your ideal workweek look like?

21. OMD: Off My Desk. Make a concerted effort to handle each item that comes across your desk ONCE. Do not stack it in a pile and think, “I’ll get back to it later.” Each morning, make a clean sweep of your desk while reciting the mantra: OMD, OMD, OMD!

22. Bit-sized chunks. Divide big projects into mini-tasks. Grab a piece of paper and write down all the tasks you can think go into the project. Divide any task that takes more than 60 minutes into smaller, doable chunks.

23. Find it in 60 seconds or less. Create a rule for yourself that you will be able to get your hands on anything in your office in 60 seconds or less. When you put something away, put it away in the most intuitive place you can think of, so that it will be at your fingertips when you need it. Find a home for every item in your office and return it to its home after each use. Fall in love with your filing cabinet.

24. Just three tasks a day. Stop overscheduling your time. Choose just three tasks a day to complete. If you are done early, you can always take on another task (or escape from the office for a little hard-earned play time).

25. Admit that you will never get caught up. Your To Do list will never be empty. Humans are the only animal who, once they complete a task, create new projects and tasks to occupy their minds, their time, their creativity, their energy. We’re hard wired this way.

26. Stop multitasking. While there are conflicting scientific research findings about whether multitasking causes productivity loss or not, my clients tell me that trying to do too many things at once causes them to do a poorer job, both in productivity and quality of work.

27. Out of sight, out of mind. When you need to focus deeply on a task, especially for a long amount of time, try clearing off your desk first. We get overstimulated, visually, by having many items within our view. By putting them out of sight, you can then focus more fully on the task in front of you. I use this technique when doing in-depth strategy work for myself or with clients. It forces my visual focus, and therefore my mental focus, on just one thing.

28. When you need to focus, get away from your desk. When I’m working on a big project, like writing a book, I find it best if I take my laptop and leave my office. If the weather is cooperative, I will go site by the lake and write; if not, I will find some quiet corner of a coffee house or hotel and write there. Even moving from your office to your living room will help. Because there is nothing else to grab your attention, you are able to focus for longer periods of time.

29. Check it off. Make a list (a To Do, a Task list for a big project). Put a big checkmark next to each task when you get it done. It’s very satisfying!

30. Make an appointment with yourself. Having a To Do list is great, but the real payoff comes when you move tasks from your To Do list and put them in your actual calendar as an appointment with yourself. In this way, you can estimate how much time something will take, and know that you have blocked out enough time to get it done.

31. Celebrate. When you get done with a big project, don’t automatically move to the next one. Find some wonderful way to celebrate your achievement!

32. Put on your CEO Hat. What are priority tasks for the ultimate success of my business? Sometimes what seems like the right thing to do in the moment is exactly the wrong thing to do for the future.

33. Get it out of your head and on to paper. Are you trying to carry your entire project plan in your head? Are you carrying your shopping list and your weekend appointments in your head, too? Stop it! Find a place to write down all these things, and use it consistently, so that you have a clear mind.

34. Unsubscribe. Do you belong to too many email newsletters that you never read? I have a litmus test: Every quarter, I go through all the email newsletters I have received from a specific person. If I don’t find at least one brilliant idea, one great tip, or one deep insight, I unsubscribe. By knowing why you subscribe to email newsletters, and using those values to judge whether a newsletter is delivering value to you (or not), you’ll easily be able to unsubscribe from those that don’t meet your needs. Life is too short to wade through emails that don’t sing to you.

35. Close down your email and social media sites during peak work periods. It’s too distracting, too tempting. (It’s like not keeping ice cream in the house when you are on a diet.)

36. Set up a good filing system. Keep big projects in their own 3-ring binder or an electronic folder on your hard drive, so that all your material is in one place. Archive old financial papers, client files, etc. into storage drawers or boxes.

37. Embrace the PDF. Get the paper off your desk by using electronic PDFs of anything that’s important. You can scan anything that comes in to your office on paper to a PDF. You can also print any online or electronic file to PDF using your operating system’s PDF creation software. If your computer’s operating system doesn’t include a PDF creation software package, try the free PrimoPDF.

38. Create an at-a-glance project planner. I juggle many projects each month. So once a month I grab a piece of art paper and create multiple squares, one square for each project. In each square, I write down the five most important tasks that need to be done for that project in that month. When I glance at it, I can see how all the puzzle pieces fit together and where the demands on my time will be felt the most.

39. Big rocks first. Do you know how to plan your priorities? This wonderful video with Stephen Covey will help you see the big picture.

40. Perfectionism kills. I know, because I tried to do every task perfectly and it nearly killed my business. Some tasks are critical for your success and need to be as good as they possibly can be. Other tasks are not so important and just need to be done without a lot of glory or perfection.

41. Backlink tasks to a project deadline. If you have a project with a deadline (like a class that starts on a certain date), put that deadline in your calendar. Then, working backwards, fill in the tasks on your calendar that lead up to the project conclusion. Then you will know when you have to start the project in order to complete the tasks in time.

42. Use GanttProject software. I’m a geek. I love software. I love Gantt charts. A Gantt chart is a visual way of seeing and linking tasks within a project, assigning time to each task, and connecting the tasks to figure out how long the entire project will take. I use a free software program called GanttProject for mapping out project/task work for big projects. You can download it for free here: http://www.ganttproject.biz/download (Don’t use the big green “download” button on this page. That doesn’t download GanttProject. Instead, look for the link in the upper left corner that says “GanttProject 2.5.” That’s the correct link.

43. Allow for Murphy’s Law. No week is complete without something going wrong. So plan for it. Allow time in your week for tasks to take longer, phone calls to take longer, emergencies to crop up. You’ll be happier planning for breathing space.

44. Action alleviates anxiety. Pick one high-priority task on your To Do list and do it. Nothing relieves stress better than getting off your butt and taking action. Don’t fall in the trap of picking a low-priority task just because it is easy. Do the things that matter.

Whew! That’s quite some list! As I said earlier, don’t try to do all 44 tips at once. Pick one that feels like it will work well for you and take a month to make it a habit. Then pick another and another until you can feel your overwhelm and anxiety lessen.

I’m wishing you a peaceful and productive business life!

Which one of these tips have you tried?

copyright (c) 2012, Karyn Greenstreet. All rights reserved.

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Category: Managing Projects, Tasks & Time, Running a Strong & Efficient Business
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Why I Always Read Email First Thing Each Morning

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Time-management pundits are always harping on how we waste time reading emails first thing in the morning. I think they’re full of manure.

First of all, a Marketo study found that 58% of people read email first thing in the morning, many reading email before they even eat breakfast. Is it just addiction — or is there a good reason for it?

As a small business owner, I have a HUGE reason for reading email first thing in the morning: my customers matter to me more than anything. Most of my clients, students and mentoring group members communicate with me via email, so taking care of their needs first thing in the morning is simply good customer service.

Why do the time management folks act like email is evil? Because we don’t segregate “important” email from “read this when you get a chance” email.

There’s nothing inherently wrong with reading email first, just like there’s nothing wrong with writing your blog post first each morning or doing yoga first thing or working on a major project first thing. You have to pick your priorities and you have to focus on the task at hand. It’s all about goal setting and self-discipline.

  • For instance, I do not use my personal email address when signing up for ezines and email newsletters. That way, my personal Inbox doesn’t get crowded with non-essentials and stops a lot of spam from ever reaching me. If something is in my personal Inbox, it’s because it’s important, like an email from a client, student or my business partner. (A colleague told me that she has 2,500 new emails each morning. My question to her is: WHY do you allow so many emails get into your personal Inbox? They can’t possibly all be of the same importance level.)
  • Another reason I read email first is that it’s the only real quiet time I have during my working hours. Typically the phone doesn’t start ringing until 9AM and using the pre-phone time to read email allows me to focus.
  • I’ve delegated much of my email reading to my business partner who handles any routine customer service questions from people who have bought my ebooks or audio programs, or students who have lost their login ID.
  • I quickly scan my new emails and only answer those ones that are most urgent. I leave the rest of them for later in the day, after I’ve done my other daily prep work.
  • Finally, I read email first because it’s when I’m the freshest and smartest. Do you really want to be writing emails when your brain is fuzzy?

If email is an important part of communicating with your customers then go ahead and read it first thing. Just pay strict attention to whether you’re keeping focused on the Communicating With Customers task or veering off to read articles, news, jokes, quotations, or watching YouTube videos of Surprised Kitty instead of doing your work. Set a time limit, say 30 minutes, and get through the most important emails first.

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Category: Managing Projects, Tasks & Time, Running a Strong & Efficient Business
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Self Employment: The Hardest Way to Make Easy Money

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I heard this comment at a National Speaker’s Association meeting recently: “Being your own boss is the hardest way to make easy money.” Boy, that is the truth!

I speak with people all the time who dream of becoming self employed and starting their own small business. Don’t get me wrong: being self employed is the best lifestyle I know. It has a huge range of rewards, from flexibility to independence to self-responsibility. I’m completely in love with being self employed and wouldn’t exchange it for a corporate job for a million dollars! (Okay, truthfully, if you want to offer me a million dollars a year in salary, I’m willing to entertain a discussion.)

But it is hard work, plain and simple. After carefully studying and working with people who start their own businesses, my best estimate is that it takes at least a year to make a serious profit, and often it’s more like two years. I have yet to see a “quick fix” for small business marketing that will land a lot of cash in your pocket in 30 days.

If your business structure and administrative process are not firmly in place, you’ll crash and burn eventually. If your business strategy and plan are not fine-tuned, you’ll spend an extraordinary amount of time running in circles trying to find the right customer and the right product or service to sell them.

So why do people look for (and purchase) products and services that promise a quick fix to their ailing small business? In the question lays the answer: they want a quick fix to the pain. Don’t we all?

Running your own small business is a marathon, not a sprint. Stop trying to sprint your way to your first million without a firm foundation under you. Remember, marathoners train all year long for just one marathon; they don’t wait until the month before to begin preparing.

Things to consider:

  1. Make sure you have the personality to be self employed (more on that here in my post “Are You Cut Out To Be Your Own Boss?”).
  2. Make sure you have enough money to finance your dreams, and a good financial plan that tells you when you’ll actually start making a profit.
  3. Invest money and time in sound, effective marketing strategies and do them every month, rain or shine.
  4. Have a written business plan and a business strategy, even if it’s only three pages long.
  5. Test your marketing ideas, your product ideas and your service ideas to make sure you’ve got everything on target.

And finally, have a marathoner’s attitude: the finish line does exist, just over the next hill. Believe that you will make it to the finish line, as long as you keep putting one foot in front of the other and maintain a positive attitude.

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Category: Running a Strong & Efficient Business

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