Tag: breakthrough

Maximize Your Resources – Part 2

Maximize Your Resources – Part 2

 

Let recap last week’s blog, where we discussed the first three areas for maximizing your resources. For reference, they were:

  • Recognize the obvious, give yourself the space to see the apparent areas of waste.
  • Unconventional breakthroughs create a culture and method for maximizing new and creative ideas between you and your team.
  • Face the facts, start by analyzing your current systems and start by making a 1% change.

Today we’ll cover the next three, which are:

  • Reveal your business’ soul
  • From breaking even to breaking the bank
  • Stand up and stand out

Reveal Your Business’ Soul

Every business has a soul, and you likely felt it the strongest when your business was starting. It’s that passion, newness, and momentum you had at the very beginning. Unfortunately, sometimes that can get lost along the way as your business gets stagnant and set in its ways. You have to break out of that rut and get back to your business’ true soul.

The philosophy of putting your client’s needs above your own is the true key to success. You need to serve your clients, not sell to them. They want to build a relationship based on trust, not a used car. Add to these responsibilities your ability to solve problems, handle special situations, be a friend to your clients and focus on offering valuable, high-quality products/services. 

I challenge you to fill these affirmations daily or at least weekly the answer the following questions:

  • I started my business to solve this (insert the problem you solve)__________ for (insert the person or people solve the proble for)  ______________.
  • I started this business to have my customers and clients feel (insert how you want your prospect to feel after purchasing/working with you) _____________. 

Completing this short exercise will help you to be able to frame your purpose quickly and efficiently for yourself to keep you focused. Once focused, you can get back to the basics and solve the problems your business is facing.

From Breaking Even to Breaking the Bank

One of the easiest ways to instantly increase your profit is by cutting costs. Most people panic here and think I can’t afford to cut expenses. I am barely making it work as it is. Most of us, over the life of our business, accumulate costs that we forget about it. They can be $5 for this subscription or looking at your credit card processor. 

By taking the time monthly to review your expense, you can significantly reduce your cost. It is also a great way to start noticing the spending trends of both you and your staff. Along with this, make sure you set aside time to review your annual expenses.

  • Phone & Internet
  • Product Licenses
  • Payment process
  • Banking Fees
  • Insurance
  • Rent 
  • inventory suppliers

These are just a few of the areas to consider reviewing but taking the time to look at making small changes in any of these areas can mean $10,000 or more in additional profit for your business. Of course, taking steps to make changes should never be done without a team. Make sure your key staff and accountant are a part of these conversations. If you’re fortunate to have a business coach make, I would include them as well.

Good luck and start cutting costs.

Stand Up and Stand Out

You need to stand out from the pack among your competitors. The only way you can do this is through consistency and value. You do this by discovering what your USP (Unique Selling Proposition) is and perfecting it. Here are some tips to help you find and develop your USP:

  1. Look for unfilled needs in your industry.
  2. Use preemptive marketing.
  3. Use a technique that is clear and to the point.

This wraps up this post. However, if you need help with any of these areas and techniques, try our Finacial Training & E-Learning Market Place to access a wealth of resources and tools.

Maximize Your Resources – Part 1

Maximize Your Resources – Part 1

Title Photo

Over the next few posts, we’re going to talk about how to take a hard look at your current resources and get the most out of them. Your resources can help your capital go further and increase your profit margin.

Today we’ll cover three different ways to maximize what you already have. These include:

  • Recognize the obvious
  • Unconventional breakthroughs
  • Face the facts

Recognize the Obvious

Sometimes when you are too close to something, you can’t make out the big picture. You need to step back and take a hard look at the resources you currently have in front of you. You are surrounded by opportunities that can boost your career and help your business become more successful.

To identify your resources, I suggest starting with setting aside 1 hr a week to look at an aspect of your business. Make sure you select a location that is not your place of work or your home. Go to an area, that it will be challenging for someone to interrupt you. Then ask yourself any of the following questions:

  • What is the one thing you need to change or do differently that would make you more successful?
  • What is the one thing I could teach my employees to make them better at the tasks I’ve asked them to do?
  • What is one thing about my business that I need to know more about?
  • What is one thing I could do to bring additional value to my customers/clients?

This process is scalable; as you become comfortable with 1 hr a week, you can add, setting aside an entire day a month. Then, when you get to the Bill Gates level, you can take a whole week-long retreat to just focus on yourself and your business. 

If the lesson of “seeing the obvious” is not clear, it is as simple as setting aside time to identify the problem, plan a new course of action, and go back with energy to make a change.

Unconventional Breakthroughs

Don’t sit around waiting for breakthroughs; you need to create them yourself. A breakthrough is merely a new way of doing things or finding a new process or system for the same or better results. You should be having regular brainstorming sessions and encouraging your team to come forward with breakthroughs or ideas any time they have them.

Some great examples of breakthroughs are:

  • A health and beauty company discovers a side effect of a product that can be re-marketed and sold.
  • A company creates a roll-on deodorant inspired by the shape and size of a ballpoint pen.
  • The founder of Nike poured rubber onto waffle iron and created the most innovative and successful running shoe ever.

When attracting or strategizing for a breakthrough, there are some key objectives you need to keep in mind. They are:

  1. Looking for the hidden opportunity in every situation.
  2. Looking for at least one cash windfall for your business every three months.
  3. The more value for your client, the better your breakthrough.
  4. Creating multiple streams of ideas to find the best breakthroughs.
  5. Effective breakthroughs remove all risk or resistance.

Face the Facts

Before you can put your breakthroughs to work, you need to face the facts of the processes and systems that are not working for you and work to correct or get rid of them. System analysis is an excellent way to do this. Once you have a listing of your strengths and weaknesses, you need to compare those to the strengths and weaknesses of your competitors. 

You can present some great questions to you and your team to get a handle on where your business is right now. They are:

  1. Why did I first start this business? Why am I in this industry?
  2. What products/services did I offer then? Which were the most popular?
  3. Why are my customers/clients buying from me right now?
  4. How did I generate new customers/clients then?
  5. Which of my marketing efforts were bringing in the best results?

Once you’ve got some answers to these questions, you’ll know better how to approach your weaknesses. 

These three areas we’ve gone over give you a jumping-off point for how to utilize your current resources to their fullest potential. If you need any help with your strategic or systems analysis, please don’t hesitate to reach out. I look forward to offering what advice I can. 

I appreciate you taking the time to read this article. If you have enjoyed it, please share it with someone you feel could benefit from it and leave a like.