Tag Archives: Success

5 Financial Metrics Every Business Owner MUST Know and Pay Attention to (and Why)

It’s Halloween, so I wanted to pick what is a SCARY topic for many business owners: FINANCIALS.

Apparently, for most business owners (even solopreneurs), this is such a scary topic that they choose to ignore it.  The thinking goes that, as long as there is money in the bank after bills are paid, the business is doing well.  Leave it to the accountants.

Unfortunately, this is like saying that as long as you can still walk, you are “healthy.”  In reality, there may be growing problems that, unless you know how to look for them, will catch you by surprise.  After all, how many times have you heard someone mention a business closing and say, “I thought they were doing OK”?

Just like you need to pay attention to your blood pressure, cholesterol, glucose, and many other levels; it is essential that you as a business owner keep track of these:

1.  Revenue:  Current vs prior year, vs last 12 month average, vs. last 3 month average.    Revenue is, obviously, a measure of your businesses’ ability to get people to PAY for what you deliver.  That said, it is essential to understand what revenue is doing.

– Versus Prior Year:  How are you doing right now, versus the same time last year?  This is just a basic measure

– Versus Prior 3 Months:  This is particularly important in fast growing businesses.  So, if your average sales from June – August were $40,000, and September is $50,000; then you have the appearance of rapid growth.  That said, do the same analysis on last year (prior year September versus prior year June – August) to understand if the growth is just a seasonal “bump”

– Versus prior 12 months:  This helps you understand your current results versus what the average sales were over the last year.  Think of the prior 12 months as a “water level” for your business.  Is the current month’s revenue above, at, or below that “water level”

Once you know these numbers, do the analysis.   What was the reason for the change this month vs. the comparison periods?  Any new Marketing initiatives?  Different team members?  New products?  Product mix changes?  New Team members or lost team members?  New customer service initiatives?

2.  Transactions:  Do all of the same analysis that you did on Revenue.  If you are building your business well, then you should see steady increases in transaction counts.  Even more telling is if you can define whether your “mix” of transactions is coming from new customers, repeat customers on a regular buying cycle, or maybe repeat customers attracted because of a new marketing campaign or improvements in service.

3. Revenue per Customer:  What is each customer giving you for each purchase?  If this changes, is it because your prices went up; or are people buying different products?  Perhaps you trained your team on “trade-up” strategies, and they worked.

4.  Margins:  You must know your Margins, both:

Gross Margin:  For ever dollar you sell, there is a DIRECT cost of the product.  For example, a restaurant sells a meal for $10, but its cost of food, paper goods, garnishes, etc is $30; while it’s cost of labor directly attributable to the sale, both the cook and servers, is 20%: so, your Gross margin is 50% (100% less 30% less 20%)

Net margin:  Besides the costs directly attributable to the individual sale, you have your fixed costs like rent, management salaries, utilities, repairs and maintenance, training, office supplies, etc..etc…  Net Margin is what is left over after ALL costs have been subtracted from revenue.

WATCH CAREFULLLY the movement of Gross Margin and Net Margin, both  on an individual basis as well as compared to each other.  This analysis is a great way to “catch” waste and potential issues in your expenses that often are never looked at until they become huge problems

5.  Net Working Capital.  The “official” definition is current assets minus current liabilities.  What I tell my clients is to pay attention to this number as “how much money could I spend RIGHT NOW, if all of the bills due in 30 days had to be paid RIGHT NOW.”  I know it’s not the formal definition that the Accounting Board would approve; but it lets you have a real sense of what you have.

IF this number is negative, you had better know exactly why this is the case and have a specific path to make it positive soon (not “hope,” but a specific plan).  For example, you may invest in a new marketing campaign today that makes your Net Working Capital fall into the negative; but the expected return from the campaign will make your business a profit to make Net Working Capital positive in 60 days.

The fact is, TRULY successful businesspeople “know their numbers” because those are indicators of the health of the business.  Thinking that these are just “for the accountants” is a sure way for you to make poor decisions about the future of your business.

I’m going to be blunt and loud:  STOP WORKING SO DOGGONE HARD IN YOUR BUSINESS AND START UNDERSTANDING WHAT’S HAPPENING TO IT.  Understand and analyze your numbers, or you WILL struggle more than you have to.  If your sales are up, know why.  Maybe there is something you should be doing more of.  If sales are down, don’t throw “the economy” excuse at it; know why.  Is it seasonal?  Did your product mix change?  Is your team not providing great service.  etc., etc, etc.  Knowing your numbers will catch a brushfire before it burns down the forest.

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If you do not really understand how to do this, then make an investment in your future and invest in a coach who gets it (not just a “marketing coach”).   Get out of the “scarcity” mindset (I do not have the money to invest now..maybe later), and into an “abundance” and belief mindset (I have potential that can be maximized and I believe in myself and my business enough to start maximizing it now).  Every day you spend in scarcity just guarantees more scarcity.

Why a Short-Term View and poor Math Skills are Bad for your Business

OK, I might have frightened many of you.

Math?

Well, the good news is that we’re not going to do any regressions or differential equations today.  So…breathe slowly into the bag; and let’s talk.  I am going to do the math FOR you.

Many of you own a business that is very stressful for you.  You constantly worry about cash flow.  You feel pain because your team does not seem to care about anything but their paychecks.  And, you sometimes wish that you could wave a magic wand, so people could “Get it” about the value you provide. You might even have to discount your prices, which drives you crazy (after all, you are worth more, aren’t you?).

To make matters worse:  you keep thinking things will “get better”; but, six months go by, and it’s just as tight and stressful as it was six months ago.  One year passes, and you wonder why things seem to be just as bad, or worse, than they were at the same time last year.

So, let’s do a little math (I’ll walk you through it 🙂 ).

  1. What if you invested $15,000 over six months to learn some proven tactics to get new customers and build a more motivated team?  Or, you invested that $15,000 to train 3 or 4 of your managers with a Management Training program; so they could  close some of their skill gaps?
  2. What if, based on extensive data, that investment were proven to get a 5-1 return (so, exchange $15,000 for $75,000 in one year)?  BUT, to be conservative, you won’t believe anything more than a 2.5-1 return (so, you invest $15,000 and get $37,500 back in 6 months – Net profit is $37,500 – $15,000:  $22,500).
  3. Then, you were able to take that $22,500 and grow it just 3% per year for 10 years.

Over 10 years, with a conservative view, your $15,000 investment would be worth $257,937. 

If you took the full 5:1 return, and grew it at 5%/year; you would have $15,000 become $754,674That’s a quarter of a million dollars extra in your pocket, for a $15,000 investment.

This is why the short-term view of fearfully holding onto money limits the greatness of so many business owners.  The simple math is that, holding onto the $15,000, with no change in how you do things in your business, will just result in more of the same stress and a return of $0, won’t it?

The fact is, whether you are talking about investing in a coach/consultant or a management training program; your long-term benefits are huge.   Here is a personal case study:  I invested in my own coach even when I could not afford one; because I realized the value of having someone to get me to think outside my personal experiences and make decisions even when I was not sure of the potential results.   It’s why, when I owned a business coaching franchise, my business was 3 times as big as the average coach in that system (which made me the top Franchisee).       All franchisees had the same “system,” but my coach made me prospect when I did not want to; he gave me strategies that I had not considered; he helped me focus when I was looking at “shiny objects”; and he even helped me realize why a strategy that HAD been working suddenly lost effectiveness.   Even a coach needs a coach.

There is a reason that an elite athlete invests in coaches, even though he has an enormous amount of talent.  The one-tenth of a second that his coach helps him cut from his 40-yard dash time could be worth millions of dollars.

For a business owner, there might be one thing you or your managers are not doing that, with the right training, you could discover can make you millions of dollars, or remove 90% of the stress you experience every day.

Am I the right coach/consultant for you?  Most likely not:  unless you are in the restaurant or hospitality business (private coaching/consulting), or have a management team helping run your business (our classroom-based training program).   But, I promise you that there IS someone out there who is a great fit for you.   And, doing the math, thinking that you are saving money by not making the investment in closing your skill gaps is absolutely bad for your business.

Take Action Today, and start your path to investing in your future success.

I am connected to a lot of coaches/consultants; so feel free to connect with me on Facebook, Twitter, or Linkedin; read what they write and post, then contact those who might be the best fit for you.

5 Questions You MUST Answer about Your Social Media (or you will hurt your business)

OK, since some of you are reading this as a result of Social Media sites; obviously, I believe there is value in Social Media. 

But, for many business owners, Social Media is a direct cause of their struggles to make money.    The biggest reason for this is what I would call “Intellectually Lazy Marketing.”   “Intellectually Lazy Marketing” occurs when you have no defined “ideal customer,” no targeted message, no integrated online/offline marketing Strategy; but you just post onto Social Media in the hope that people will find you interesting enough to try you.  Sadly, companies who are lazy marketers become companies with falling sales who complain that “the economy” is bad.

Can you answer these 5 questions:

1.  Of your Facebook Page Fans, Twitter Followers, LinkedIn Connections, etc…; how many of them are your Ideal Customers?  How many are people who would never buy from you?

2.  What is your Strategy to increase the number of Ideal Customers who “Like” your page and “Follow” you on Twitter?  Given that many of you spend precious time posting and tweeting (or pay someone else to do so); how many Ideal Customers do you expect to gain from that work in the next week? next month?     After all, you should NEVER spend time or money on marketing without a specific “Success Criteria,”  should you?   

3.  Exactly how many Paying Customers do you expect to get from your Social Media in the next week? month? year?   Think about it.   Have you ever said that the Yellow Pages “don’t work because people do not use them anymore,” but you spend time and money on Social Media without a clear idea if you are getting any quantifiable benefit?  And, if you are saying it’s just about “awareness,”  STOP.   That’s just “Hope”; and we all know that Hope is not a Strategy.

4.  How do your updates speak directly to your target market that: grabs their attention, makes them interested, creates desire, and stirs them to Action?  Sorry, but posting a picture of your Quail Egg Pizza or Line of Desserts do not count.  After all, you are just one of thousands of people trying to get attention.   Consider if I told you that the best way to sell your product would be to drive 30 miles from your restaurant, stand in the middle of a busy street with a big picture, and yell “Desserts!  Look at our Desserts!”  Wouldn’t you think I was crazy, given that people will be “whizzing by” and, even if they hear you, will be unlikely to stop and find out more?  And, for the few who stop, you now have the extra hurdle of making them choose you over all their other choices?  And, then they need to work to drive  across town to try you out?

But, that is what so many of you are doing on Social Media; yelling “Buy my product! Buy my product!” to a generic audience; as you expect THEM to work to discover why they should be your customer.    How much more effective would you be if you had a focused message targeted to your ideal customers?  (this DOES assume you have done the work to identify your ideal customer and the unique message that they will listen to).. 

5.   Are you ignoring other, potentially FAR more effective marketing tactics, because you think Social Media is “cheap”?  FIrst of all, unless you have figured out a way to Stop Time; Social Media is NOT FREE.  Perhaps the time you spend on posting or taking pictures SHOULD be spent on creating motivating compensation plans for your team;  better customer service procedures; or more efficient processes for product delivery.  Secondly, as months go by with an ineffective Social Media system; are you creating a risk that your cash flow will eventually be too low for you to afford what DOES work?   Or, you get to the point where you have no money to invest in a consultant/coach who could have made a massive difference for your business.   Unfortunately, all you can do then is struggle and hope.

Have these questioned changed your view of your Social Media activity?  What is YOUR Strategy for answering these questions?  Please comment below and share this.

Are You an Acorn on Concrete?

Here is a simple question:

Are you an Acorn on Concrete?

What do I mean?

This morning, as I came back from dropping my daughter at school, I saw an Acorn on my porch.  Hmmm.  How successful will that Acorn be at becoming an Oak Tree if it stays on the concrete?  It’s only about 6 inches from the soil; but it may as well be a mile away.

Maybe that’s you: do you have potential, but are struggling to grow because you are just in the wrong place?   Ask yourself these questions:

1.  WHY are you in your particular business?     Just because you CAN do it, does not mean that you SHOULD do it.  I once coached a bookkeeper who was good at the numbers; but who LOVED Real Estate.   I discovered this because, every time I gave her an assignment around marketing her bookkeeping business; she always had some “obstacle” keeping her from doing it.    So, being a successful bookkeeper will most likely be an incredible challenge for her; since that’s not really her passion.

2. Have you examined the REAL potential of your business methodology?   I did not say your business might have little potential; but your methodology.  If you spend all of your time doing business TASKS; but little time strategizing or marketing, success will elude you.  This is one reason most “coaches” and “consultants” struggle to make money:  their methodology requires too much of THEM.  So, every time they get a new client, their pipeline to get new customers shrinks.  They cycle up and down; but never have any real “Freedom.”

3.  Does your business “Get you up in the morning”?   Do you get up every day, excited about how your business is bringing a benefit to others; and is allowing you to live the best life you can?  Or, do you say, “here we go again”; or “I can’t wait until Friday [the idea that you would spend 4.5/7 of your life (the week) looking forward to 2.5/7 (the weekend) is just..dare I say it..crazy!] .   If you do not LOVE what you do, then you WILL subconsciously derail yourself from increasing demand for it.

4.  Are you open to getting help?  It MIGHT be that you ARE in the right business, and you LOVE what you do; but you are doing just a couple of things (or NOT doing a few things) that make the difference between success and struggling.   Maybe, like the Acorn,  all you need to do is to have someone who will find the right place to “plant” your business, and it will grow exponentially.    All the “experience” in the world will not help you; if you continue doing the wrong things.  And, since you should never confuse effort with results; a struggling business means that there is a gap between what you are doing and what you should be doing.

All I am saying in this post is that, it does not matter if you are the smartest person in the world with the POTENTIAL to be a multi-millionaire.  If you are not in the right place, you will struggle.  Even if you are “close,” the wrong place is still the wrong place.

Make a decision RIGHT NOW (not later today, or tomorrow) whether you are truly in the right place and, if not, take action to change.

4 Reasons to Ask Before Listening to “Joe”

My oldest child is a 15-year-old boy who is about to enter 10th grade.  Of course, his school assigned him 2 books for “Summer Reading”:  Inherit the Wind & 1984.  He has read Inherit the Wind; however, even though school starts this Wednesday (yes, THAT early), he has not yet finished 1984.

When I suggested to him today that he needs to finish this book now, his comment to me was that, “Joe (not his real name) says that his Honors English teacher last year did not even quiz them on the Summer Reading” (my son is also in Honors English).  I was talking to a friend of mine this morning about this (his son is the same age as mine), and he suggested that this would be a great BLOG subject.   And he is absolutely right – because too many business owners are listening to “Joe.”  And “Joe’s” advice is often very risky.

For a business owner, “Joe” is that brother, cousin, nephew, parent, fortune-teller, or anyone else who gives you opinions about how to run your business.  Here are 4 questions to ask yourself before following “Joe’s” advice.

– Does the advice apply to what worked in the past, but may not be applicable NOW?  Just as my son’s friend was talking about what happened last year, to him individually, one time; many times the advice others give you is based on what happened to them one time, individually.   So, it might apply to your situation, but it most likely will not.

Does the advice come from an individual’s opinion, or is it based on FACTS?  “Joe” is making an assumption, but most likely has not talked to others about THEIR experiences.  Find out if the person can give you not just what they did, but how it specifically helped them.   Get numbers, percentages, and names of those involved.   Also, have others followed the same path, and what where their results?

What are the consequences to your “advisor” if the advice is wrong?  If my son decides not to read the book, and the teacher gives him a test this week, Joe does not lose points.  How many people are willing to give you advice, but will not be impacted if the advice is bad.  This is one reason why I have incorporated performance based investments in all of my programs: if what we do works, then we BOTH win.

Are you taking advice because it is good for you, or because it is self-serving?  Obviously, my son is not thrilled to be reading a book that he considers “boring.”  So, the advice to not read works for him; but only in the short run.   Is this you?  Are you spending time doing activities that you know are not highly profitable, but ARE easy?  Are you avoiding making an investment that requires a little risk, but has a big potential reward (like hiring a coach, or having a professionally designed website); because you have a fear of spending the money?

The reality is: we are constantly surrounded by people who want to give us great “advice.”   However, as I have heard it said, be sure you are getting COUNSEL and not OPINIONS.  So, before you listen to all of those people who want to tell you how to run your business, just ask yourself these few simple questions.

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Schedule a free 15 minute call with me today – Marketing Guru, Financial Wizard, and Team Motivation Expert – and we’ll talk about how to build a strong Brand targeting your Ideal Customers.     https://my.timedriver.com/191CR   We work together based on a performance program, so you your investment is based on RESULTS.

5 Lies Businesspeople Tell Themselves (are you?)

Yes, I used the word LIES.  It’s a tough word, but there is no other way to say it.   Read these over, and ask yourself, truthfully, how many have you told yourself.  If you think otherwise, keep reading to see why this may be true for you.

1.  I’m working as hard as I can – Start tracking your time, every day, for the next week.  Be specific, and be honest, about every activity you are doing.   Was every activity truly moving your business forward (only count Facebook and Twitter if you have gotten REAL referrals from it)?

2.  My prospects believe me when I say that I have the best product and the best service – Go do a Google search on your product or service.  If you find NO OTHER business like yours saying it is “the best” in general terms, then you can ignore this one.

3.  Groupons are a good idea for my Restaurant or Retail business –  The corollary fib is, “once they TRY my product, they will keep coming back.”  Unfortunately, most business owners see little to no benefit in reality.  So they do another one.  Then another one…

Here is my challenge:  if you can find ONE business owner who can show data that proves how they have benefitted from a highly discounted Groupon “deal,” please send me a note or comment on this post.   What does NOT count – selling hundreds of coupons without showing a long-term lift in your business sales AND profits.

4.   My prices are what my customers expect – Why is this here?  Because most business owners have never done any research or testing of their pricing.    Just because people are paying the prices you have set, does not mean that you have set them well.  Many of you are leaving thousands of dollars “on the table” every year because you lack a pricing analysis strategy.

5.   I can wait until things “get better” to get help running my business   Or, its cousin, “My business is doing OK, so I do not need help.”  The issue with these untruths are that both of them assume that you are able to coach yourself.     Unfortunately, when you are in the midst of challenges, you are often too busy dealing with the daily fires to see how to get out of the burning building.   Or, in the second case, you think it is hot where you are because of your excellence; but it is eventually the fires you DON’T see that catch you by surprise.   Then, after your cash flow has dwindled and the problems are overwhelming, you find you cannot AFFORD to get the help you need.

In the end, some might call these “denial.”  But, really they are Lies that people tell themselves to avoid the hard truths about why they have not developed the business they had once imagined.

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If you HONESTLY feel like your business is ONE HUNDRED PERCENT where you want it to be, then no need to click here:    https://my.timedriver.com/191CR   On the other hand, if you have a desire for excellence; let’s talk.

Which Little Pig is YOUR Business Like?

Which Pig are you?

No, I am not asking you how much you eat.  Or what you weigh.  That is your personal business. 🙂

However, based on my experience with many business owners; every business is similar to one of the houses in “The Three Little Pigs.”  How do you know which one of these you are?

1.  You have built your business from “Straw” – This business has minimal start-up costs and begins easily.  You have some skill, and perhaps people who love your work; and so you decide to be your own boss.  However, it lacks a strong strategic foundation, structure, or any clearly defined goals.

Interestingly enough, this is one that can “trap” a business owner the easiest, because it seems to start quickly.   If the economy is doing well, or you get a few early customers, it looks like you are “done.”  Unfortunately, because it seems to be doing “OK” so quickly, you do not solidify its structure; and do not have a plan to deal with challenges like:  losing a major customer or an important strategic partner.  Then, when the “Wolf” comes along in the guise of a challenge or setback, your lack of a solid foundation or clearly defined goals makes your business easy to “blow away.”

And, by the way, the ORIGINAL story does not have this pig escaping.  No.  He gets eaten (which is what challenges do to many of these business owners).

2.  You have built your business out of “sticks” – You are a little more advanced than the “straw business owner.”  Maybe you have “Free” business plan help from SCORE, or the Small Business Development Center at the University.  Or, perhaps your Uncle, Cousin, Nephew, Sister-in-Law, or other friend has given you some advice.  So, clearly, you are smart enough to know that your business needs some foundation and structure.  These are good things.

That said, these businesses FEEL solid; but lack the fortitude to withstand issues like marketplace shifts, or new competitors.   This is because the “plan” was based on what “once worked,” the marketplace at a point in time, or a generic “one size fits all” system.    The worst part about this is that your “Plan” may actually have been successful for a while.  So, when sales start to fall suddenly or you find yourself working more for the same profits, you have what the Organizational Behavior theorists call “Escalation of Commitment.”  You try harder; you work longer; but you refuse to change even when the “sticks” all around you are falling down.    This can not only be exhausting; but your hard work and persistence alone are not enough to keep you from getting “gobbled up” when the rest of the building caves in.

3.  You build your business with Bricks – You are the one who does not get “eaten.”  Your business is made of:

– “Bricks” that include solid strategies around your Time Management; your Team Development; your Marketing Strategy & Tactics; and your Financial Strategies, Performance Metrics; and Success Indicators;

– The “Mortar” of good people who will help you execute that strategy; including your staff, your leadership team, as well as your advisors and coaches (who may be paid by you, but do NOT work for your company directly).

– Plus, you have the advance consideration to know how to build the “fire” of ACTION that will keep you one step ahead of the “wolves” of business challenges.  So, when you find that you have new competitors who are underpricing you, or offering better service; you respond quickly and powerfully (and NOT by lowering prices).

So, it is YOUR choice:

1. Have a Business that gets “blown over” easily (or WILL get blown over easily);

2.  Build a solid Business plumped up with fat profits, happy customers, amazing cash flow, and an incredible future.

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Learn how to build a SOLID business that both makes you comfortable AND protects you from the “Wolves” trying to knock your business down.  Use my online calendar to schedule a 15 minute call to learn more.   https://my.timedriver.com/191CR

Proof that Most of You REALLY Do Not Believe in Your Business

I know what you are thinking. “What is Roger saying?  Of COURSE I believe in my business.  After all, why else would I be doing it?”

Well, to be honest, I really don’t know why you are doing your business, either.   Because, very plainly, the facts speak for themselves.

Here are four very clear signals that you just do not truly believe in your business (and NONE of these are that old-fashioned notion that you “would do it for free”):

1.  Your “pipeline” is not full of potential customers, and STILL you do not prospect enough.   Ask yourself this:  If you saw a burning building, and had a hose in your hand that would be guaranteed to put out the fire, wouldn’t you point the hose at the fire and turn it on?  So, if you are not prospecting, that’s pretty good evidence that you are not a real believer that your offering is a real benefit to others.   If you really thought it was amazing, you would do whatever it takes to find more people who need it.

2.  You discount your prices.   Let’s say the test results come back, and you need to have your knee replaced.  You go to the hospital, and they ask you who you want to have operate on you:  Dr. Joe, for $3,000; or his fishing buddy Mike, an accountant who has seen “House” a few times, and will do it for $2000.   That’s $1,000 cheaper!   Do you think Dr. Joe is going to buy your argument that, because Mike is $1,000 cheaper, Dr. Joe should lower his rate?  I doubt it.  Because he knows it takes skill, experience, and knowledge to do what he does.  If you REALLY believed that you have strong skills, experience, and knowledge in your business; you would not discount either.

3.  You insist on “staying small.”     Again, back to the burning building.  You have the hose, the building is on fire; now would you just put out the fire on one part of it, or would you try to put out the WHOLE fire?  I’m hoping that most of you would put out the whole fire.   If you REALLY believed in your business and its ability to benefit others, you would try to build your business so that it could serve more people.  Or, is your talk about wanting to “help others” just a cliché’?

4.  You do not invest in a Coach/Consultant because it seems “expensive.”  This is a LOT of you, isn’t it?  So you are working 12 – 14 hour days; your sales are not as strong as you had hoped; but, you think you can “figure it out on your own,” “it is not the right time to make the investment,” or you “want to wait until you can ‘afford’ it.”   Given that independent research has shown that, if you really implement what you are taught, you get $5 for every $1 you invest in someone like me;  if you REALLY believed in the long-term potential of your business, you would figure out any way possible to make that investment.   Even the BEST investors rarely return $5 for $1.   So, your delay in getting help is just your belief that your business is not really a long-term solution.  In fact, waiting to invest is telling your subconscious that you want to “see if this business works out.”

Interestingly enough, if you do #4, I’ll show you exactly HOW to avoid 1-3.

I always welcome comments.  🙂

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Why Advice about Persistence is Bad for You

You hear it all of the time:  {Insert Famous Name Here} struggled, suffered, and failed many times; but was PERSISTENT and eventually succeeded.

And, because YOU have struggled and suffered, or find yourself deeply in debt because of poor cash flow; you are comforting yourself with the thought that “Thomas Edison failed 10,000 times before inventing the light bulb.”  Maybe that will be you, you think.    So you just keep trying.   “One day….” you say to yourself.

But, for most of you, your interpretation of the value of “persistence” is not going to help you.

If you think I’m too harsh, then compare YOUR “Persistence” honestly  to Thomas Edison’s.  Are ALL of these true for you?

1. Have a DEFINITE, Crystal Clear, Goal.  Not some fuzzy, “I hope to be successful,” goal.  But a clear definition of success.    Whether you work with a billion $ company, or a startup, you must be crystal clear from the start as to how you will define success.   If you do not define specific success criteria IN ADVANCE, and are unwilling to compromise your accountability to achieve that goal, you will allow yourself to justify mediocre performance.

2.  WRITE DOWN the results of your “experiments.”  When you meet with a prospect who does not buy, for example, are you WRITING DOWN exactly what happened and what you will do in the future to get better.  You can’t just “think” about what you would improve.

3.  Open yourself up try different (sometimes dramatically different) approaches.  It is not as if Edison tried 10,000 times with the same approach; or that he was looking to make incremental improvements on a kerosene lamp..  He used different shapes, different metals, different processes;  Mr. Edison was willing to discard what did not work, and do something completely different.    But, how many businesses and individuals get wrapped up with doing the same thing over and over because of an unwillingness to be open to (or fear of) new approaches; always hoping that, somehow, their “persistence” will mean it will work “this time”?

4.  Strive to achieve MANY successes, not just one (even if that one is HUGE)     Thomas Edison invented much more than just the light bulb.   Among his numerous inventions were also the phonograph and the motion picture camera, which were pretty impressive inventions themselves.   In fact, he held 1,093 patents (ONE THOUSAND and NINETY THREE!).   Mr. Edison was not content having just one big success, and neither should you.

5.  Take ACTION.   Mr. Edison would never have gotten where he did without action.  I have said this before, and I will say it again.  You cannot spend all of your time “Getting ready to get ready.”  Stop spending hours on “your website,” meeting with “strategic partners,” and making unfocused “Social Media” postings; spend more time marketing to and meeting with your ideal target customers.

In thee end, “persistence” alone does not guarantee success; you must have a definite aim and a willingness continuously learn, think BIG, try new approaches and tactics, and do whatever it takes to get there.  Then, if you persist even in the face of challenges, you WILL succeed!

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I help people who have the mindset to build an AMAZING, Accelerating business.  Contact me for an initial consultation, business analysis, and ideation session.   Email my assistant Kelly@CoachRogerBoneno.com to schedule a time.

The NUMBER ONE Problem of Business Owners

Having worked closely with dozens and dozens of business owners; I can tell you that the NUMBER ONE problem of business owners is……

FEAR.

And, if you ask yourself the following questions, and say “Yes,” then your FEAR is costing you MONEY and adding to your Stress.

1.  If your Sales are not where you want them to be, do you spend at least 75% of your time actively speaking to “bullseye” prospects and potential customers?  Or,

– Do you sit in the office posting on Facebook, Twitter, “KLOUT,” etc.?

– Are you constantly “tweaking” your website?

– Are you “networking” with people who would never buy your product or even connect you with people who WILL buy your product?

– Are you spending hours in meetings with “Strategic Partners” who “serve the same market as you do,” yet never really build a strong RELATIONSHIP with anyone (so you get no referrals from them)

– Do you attend a lot of “Educational Seminars,” but never REALLY implement what you learn (or, you start to implement, then give up because it is not a “magic bullet”)

– If you own a restaurant or retail store, do you get out into the neighborhood and personally invite people to come by?

All of these are most often because you are afraid that someone might say “No” if you actually ask them to be your customer.    So, you stay one degree away from the actual prospects.  That one degree is expensive, because cash cannot get to you with that blockage.

2.   When you meet with a prospect, and they “flinch” at your price, have you reduced the price “just to get them started” in the hope that they will see the value and pay you more later?  Or, worse, do you give them a “free trial”?

This is really a fear that you will not be able to deliver the value you are offering.   And, your fear is actually triggering doubt in your prospect.  If you called Ferrari tomorrow and said that you want a “Free Trial” of their cars, would you get it?  Then, believe in YOUR value, be a Ferrari, and stop giving away your product/service.

3.  Do you have a “system” for getting consistent feedback from your customers; analyzing your online reputation; and seeking continuous improvement?

Or, are you afraid that if you ask for feedback, your customer will say “Hmm..this is not as good as I had hoped.  Let’s stop working together”?    The worst part of this is that fear of the present will crush your future.  I was looking up a restaurant online the other day and saw 4 MONTHS of negative reviews; with the last review saying “They Closed.”   You MUST get over your fear of bad news and embrace it as feedback to help you grow (or survive).  And you cannot be afraid to change when you find out that what used to work is not working anymore (because maybe it will one day work again, you keep telling yourself).

4.  Have you thought about investing in a Consultant/Coach, but keep asking yourself if you “can afford it” or “if it will work”?  This may sound self-serving, but I see too many business owners who struggle mightily and keep hoping that their “persistence” will pay off.  Persistence in your business without knowledge and accountability is not different from playing the lottery – you leave too much up to chance.

Interestingly enough, business owners will spend thousands of dollars on equipment and offices and websites; but fear the idea of spending a few thousand dollars on good advice, mentoring, and accountability.    If you REALLY thought you had a business with potential to grow BIG, then investing in help would be an easy decision.  You would know that what looks like a big investment now will one day be pennies.  However, since many business owners fear that they have a business that does NOT have potential to truly be big; they never invest in it beyond the minimum.

How many of these above are true?  Be honest with yourself: is your Fear keeping you from your dreams?

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If you have a “Fear” mindset, do not call me.  But, if your mindset is to build an EXPLOSIVE, Accelerating business, contact me for an initial consultation, business analysis, and ideation session.  It’s not FREE, because everyone’s “Free” sessions are just sales presentations.

We’ll give you real value, so this 90 minute session is $297 (this means that I only talk to SERIOUS business owners who are willing to THINK BIG).  Email my assistant Kelly@CoachRogerBoneno.com to schedule a time.  GUARANTEE:  If, at the end of the session, you do not have a WOW! from our session, then your investment is ZERO.