The Wheel of Business

THE WHEEL OF BUSINESS

Is this you: You're working, and working, and working. You're making money, but not as much as you'd like. You'd prefer to work less, make more, be happier. Have you asked yourself, 'Isn't there a better way?'

There is! To properly diagnose what's not working, use the above Wheel of Business to asses what areas of your business are a 10, a 0, or somewhere in between. The eight sections of the Wheel of Business represent eight of the major areas of your business. Take the center of the Wheel as 0 and the outer edge as 10 (10 is high), and rank your level of satisfaction or frustration in each area. Draw a curved line to create a new outer edge (see example, below). The new perimeter of the circle represents your actual, current Wheel of Business.

If you're like most folks, your Wheel of Business looks like this:

It's a bumpy ride, isn't it?

 

That wheel doesn't roll, it thumps along. Ineffectively. Inefficiently. Painfully. You've accomplished so much with this kind of wheel, what could happen if your Wheel was in alignment? If all areas were an 8, 9, or 10? You'd get where you want to go faster, easier.

This is most easily accomplished with the help of a coach. Spend some time figuring out the areas you'd like to work on first. Then, go here for some assistance.

1%-er Action: Handwritten Notes

I suggest staying in touch with your prospects, clients, colleagues, family and friends in a way that most people simply do not do. It used to be common practice, at least when I was a kid, to send a thank you note when I received a gift, got to do a fun activity or even received $5 from my grandmother for my birthday. Handwritten notes have fallen by the wayside and have been replaced with emails or even (be still my heart) a text message.

While that's fine for your competitors, if you're reading this, you most likely want to do what 1%-ers do so you can earn what 1%-ers earn (hint: it's usually in the 7-figure range). I send about five notes a day, for a variety of reasons:

• in gratitude for things others do for me (such as buy lunch, refer new business, hire me or send a gift)
• after meeting someone for the first time (leaves a powerful, positive impression and opens perhaps otherwise closed doors)
• to start to bridge the gap with acquaintances from "friendly" to "friend," thus increasing the likelihood of future business*
  
• to recognize someone for a personal or professional achievement
• to offer condolences on someone's loss
• or just to say hello and enclose an article or other piece of important information

I've found the solution for those of you who feel your handwriting is less than stellar and even illegible. Fontifier.com turns your handwriting into a font that you can use just like the ones that come standard on your computer. You are 7 quick steps and just $9 (!) away from having your handwriting available to you, just like Arial or Times New Roman is right now. Combined with your personalized notes, you can send notes that have that magic personal touch without the stress of wondering if they can read it.

Here is a great stationery resource. My recommendation is to have notes with your name and business address (without your business name). This elevates the relationship to personal - which is crucial for business success. In perfect or imperfect worlds, we do business with our friends - people we know, like and trust. Sending notes is one of the best ways to begin and continue that process.

PS22 Chorus "JUST DANCE" (Lady Gaga)

1%-er Actions

Who makes money in a down economy? Who succeeds when success seems impossible? Who has a great attitude no matter what? A 1%-er, that's who! Throughout my dozen years as a coach, I've identified many 1%-er actions, the ones that make all the difference in the size of one's business, the level of their success and, of course, their income.

The great news is that these actions aren't impossible, in fact, they're not even really difficult. But they do require focus, intention and determination.

Here's a list of some of the 1%-er actions I've identified. Stay tuned, in the coming days, week and months, I'll be spelling them out for you so that your success is all but guaranteed.

1%-ers:

1. Stay in solution.
2. Have an outstanding attitude.
3. Know their ideal client profile.
4. Market relentlessly to their potential ideal clients.
5. Are on time, every time.
6. Give no excuses.
7. Are all about results.
8. Keeping trying until...
9. Have excellent manners.
10. Go in the direction of the next level.
11. Are consistent.
12. Are intentional, intense and focused.

Are you a 1%-er? What are the actions you engage in on a regular basis that make all the difference?

The 6 D's of Doubling Your Income

Is this year the year you'll double your income? Is this year the year you'll take time to enjoy your new-found abundance?

Is that resistance I feel from you? Are you about to start your story with how that's not possible with your current income restraints, the economy or some other constraints? If so, this post is not for you. If you're in, read on ...

• Decide. Decide you want to double your income. Brainstorm, strategize, and be open to the possibilities. The formula for results is 100% intention (begins with a decision) plus 0% mechanism. Decide and then take the next step that occurs to you. From there, you'll be able to create a workable plan.

• Discipline. Have the discipline to follow through on your plan. Success is a result of your daily habits. You make your habits, and eventually they make you. Get in the habit of taking those crucial steps each day in the direction of your dreams.

• Determination. Determination makes all the difference. When you're determined, it's not if something will happen, but when.

• Delegate. I may sound like a broken record, but stop doing anything and everything you could hire someone else to do, so you can do the things that will make your dreams and goals a reality. You don't get rich, or richer, by doing what you've always done. It's time to do something new! Start by creating what will become your team by hiring one person to do those tasks that need to get done, but not necessarily done by you.

• Do. Nothing happens until you take action. So, take action. Right action equals right results. Get moving and keep moving. Until.

• Dump. Let go of and stop striving for those things that don't move you in the right direction. Dump, or eliminate, anything on your to do list that isn't crucial and important.

You've got just about two weeks until the gun goes off on another year. Will you be on track, this time next year, to have doubled your income? I hope so! Cheers to you!

Multiply

Simplify. Leverage. Accelerate. Then Multiply.

 Multiply your efforts through others. Have a team of people that make your business run like a well-oiled machine. Your team can include any or all of the following: assistant, marketer, sales person, web designer, housekeeper, nanny, editor, social media expert, coach, organizer, receptionist, office manager, travel agent, event coordinator ...

Each of these members of your team perform critical tasks that enable you to perform your critical tasks (you know what these are right? Revenue-generating activities). The number of attorneys who make copies and send faxes is astounding. The number of CEOs who handle their own calendar is breathtaking. The number of business owners without a coach, CPA, mentor or advisory board is, truly, mind-boggling.

What it is, you must know, is a waste of time and money. While you can always presumably get more money, once you've wasted time, it's gone forever. Having a team multiplies your talents and abilities, makes you more profitable, decreases your stress ... and wouldn't all of those things truly make you happier? Isn't that what life is all about, anyway? Happiness and all that goes with it?

If you think you can't afford a team, the truth is you can't afford not to have a team.

Coach's Directive: Create an organizational chart, even if currently you're a team of one. Sketch out who needs to be on your team. Then, take the first magical step of faith and hire someone. Today. (Do you hear that sound? It's the sound of your bank balance growing!)

Accelerate

We all want what we want, when we want it. I want it yesterday, even if I didn't know I wanted it until today.

So do your best clients.

In the interest of simplification: The best way to accelerate your business is to always be looking for ways to serve your clients faster, better, and more effectively. Identify areas of pain that you can help your clients avoid or eliminate, and quickly. Then, let everyone know.

Leverage

In my previous post, I discussed the how to simplify your business and life for a happier, more profitable you. If you've evaluated your business, started doing only those activities that are necessary (and delegating the rest), and using Zero-based Thinking, you're well on your way.

Leverage is the second step in this process. Leveraging yourself is key to creating true wealth, and having the time to actually enjoy the wealth. I know I'm talking crazy, but please allow me to continue!

There are several leverage points that, when implemented, can make all the difference in your profitability, stress level, time needed to accomplish goals and overall lifestyle.  When you leverage your strengths and abilities, as well as those around you, you're able to achieve much more than you can do on your own. Let's explore my favorites:

1. OPK (Other People’s Knowledge): One piece of key information can save you time or money, or help you to make more money. You'll find this knowledge in books, seminars, blogs and amazing conversations. Who do you need to know that knows what you need to know?
2. OPE (Other People's Energy): Use the skills and abilities of others to delegate and outsource lower-value and specific talent activities. No, you shouldn't balance your books, clean your car, pick-up the dry-cleaning, prepare your own legal documents or tax returns. You should be spending your time doing what you the best and what creates the highest payoff. Leveraging your talents, skills and abilities through others is another key way to expand your business without having to do the work yourself. How can you leverage others? 
3. OPM (Other People's Money): Borrowing and/or tapping into the resources of other people will allow you to accomplish more than if you financed it yourself. Borrowing and investing money wisely will help you achieve greater returns than if you boot-strapped it yourself. How much money do you need? Who has money they're looking to invest in someone fantastic with a terrific plan?
4. OPS (Other People's Successes): Study the successes enjoyed by other people and their companies. Usually, successful people have paid high prices, learned lessons, identified short-cuts, and developed effective strategies that would be amazingly beneficial to you. These quite simply can save you time and trouble.  Who has been successful in the way(s) you want to be successful? What can you learn from them?
5. OPF (Other People's Failures): Ben Franklin said: "Man can either buy his wisdom or borrow it. Buying it, he pays in time and trouble. Borrowing saves him time, money and trouble." I say borrow, borrow, borrow! Study the failures of others so as not to make the same mistake yourself! Who has had a failure and some valuable information for you?
6. OPI (Other People's Ideas): One good idea is all you need to make your fortune. Think, observe, experiment + your talents and experience + one brilliant idea = success. Write down three ideas every day. One of them can turn you into a millionaire, or take you from millionaire to multi-millionaire.
7. OPC (Other People's Contacts/Credibility): Each person knows about 2,000 other people and some of them can be helpful to you. One introduction to a key person can change the direction of your life, your career, or both. Who do you know that well-connected and can make some powerful introductions for you?
   

Leverage is powerful! It's like compound interest ~ the benefits are unending and exponential.

Simplify

My personal lifestyle goals include enjoying life, working as intelligently as possible, and still prospering massively. I use a few simple ideas in my quest for an amazing lifestyle.  While it looks easy, it takes thought, effort and planning. 

 The first step is simplification. People say they hire me because they want to "double their income and triple their time off." Oh sure, no problem! And ... the first thing they must learn to do is simplify everything, starting here:

1. Ruthlessly evaluate each and every activity you're engaging in, then reduce and eliminate those low-value activities that (a) take up valuable time while (b) contributing very little to your goals. It is tempting to answer the emails, surf the web for a lower price, go to Office Depot, and yet you could have one of your team members handle it while you're making the big bucks.
2. Do more of the things that make an impact on your bottom line. These are known as revenue-generating activities. When I hear, "I spent the whole day in my office and got nothing important done," I'm quite frankly flabbergasted. How on earth can you have a profitable business if you're not getting anything of value done? Then exactly when will you do valuable, profit-increasing, revenue-generating activities that need to be done to keep the business moving in the right direction. Without question, these activities are the ones you're supposed to do first!
3. Use "Zero-based Thinking" by asking yourself this question: What am I doing right now, that knowing what I now know, I wouldn’t get into again if I was starting over (such as: a relationship, business, activity, product, service, expenditure of time or money). When identified, this activity needs to be downsized or eliminated, or contact with a particular person needs to be minimized or eliminated. Implementing Zero-based Thinking can almost overnight simplify your life (not to mention lowering your stress level). Most likely, the next-most important questions are: How do I get out of this? and how fast? What should I do more of, less of, start or stop doing?

The benefits of taking the time to simplify are well worth it. You'll be doing work that's productive, the work you're doing will provide you with the cash-flow and profitability you need, so you can have the personal life you desire. The process takes time and is well worth the effort.

Multiple, Profitable Streams of Income

In my last post, I talked about becoming profitable. Your challenge, should you choose to accept it, in this ever-changing economy is diversifying, being flexible and staying permanently profitable. On top of that, you should be more profitable month over month, quarter over quarter, and year over year.

If you are selling only one widget or one service, it is possible you are leaving much on the table. Diversifying allows you to have different streams of income and if one dries up, you still have at least one other to fill in the gaps.

If you are a service provider, have at least three different services with options for customization in case your new client wants more and has the budget to afford it.

Examples: A CPA can do simple and complex tax returns, tax planning and have a bookkeeping department. Ideally, a portion of your business should be passive revenue, and in this case the CPA makes far more than a bookkeeper. The bookkeeper's services can provide an additional stream of income, while employing someone to provide a much-needed and asked-for service. An Executive, Business or Personal Coach can do 1-on-1 coaching, group coaching, write books or self-study courses, and do speeches or seminars. An HR consultant can consult, edit personnel manuals and do workshops.

If you strictly sell products, what are some complimentary products you can offer or refer and receive referral income? Can you sell from multiple price points to serve more of the clients you already have?

Your challenge is to expand your products and/or services to give your business more options for profitability. One of the best ways to decide what might work best is to listen to your current clients and prospects. They will tell you their problems and your job is to solve them.

Have fun figuring out how to expand your business and create new streams of income. You'll watch your profits soar, regardless of what's happening around you.

What's Your Model for Profitability?

Are you "just in business" or do you actually have a profitable business? Is your business more and more profitable over time, or are you just barely keeping the doors open and the lights on? I'm surprised by the number of people I talk to who are barely breaking even, or worse, losing money on a weekly, monthly and annual basis. You've heard the saying "cash is king." This is especially true in our current times. In order to have cash, you've got to be profitable. In order to be profitable, you must obtain clarity about several critical aspects regarding your business.

Do you have answers to these questions: Are you and/or do you know how can you become profitable? Who do you serve the best and how do you serve them the best? What's your plan? You must have clear, concise and definite answers to these questions. Then, and only then, can you proceed toward becoming profitable.

Profitability is a result of knowing (a) your most profitable product or offering and (b) knowing the profile of your best buyer. Your most popular product or service is not always your most profitable. Many business owners confuse what goes out the door with what makes them the most money. Identify the products and services that provide you with the most profit. Next, create an ideal client profile. I call this the Who #1: what are the qualities and characteristics of your ideal client? The Who #2 is a list of actual target clients who fit your profile. Now you can begin the process of (creatively) marketing your most profitable products and services to the best buyers! This leads very quickly to profitability.

What's your Plan? Do you have a business plan? An annual plan? A 100-Day Plan? It is imperative to have a plan and work your plan! Not having a plan virtually eliminates the possibility of a profitable business. The question becomes: Are you in business to survive or thrive? (That's what I thought.)

Once your ideal products and ideal future clients have been identified, market to them and only to them. Here's what you need to STOP doing: Just taking work to take work to get revenue in the door. It's a trap! Your singular, intense focus should be in finding your best buyers to buy your most profitable offerings. Period.

In my next post, I'll talk about having multiple profitable streams to diversify your business ...

“It is always nice to read a short book that cuts to the chase (has zero fluff) with great ideas for reaching your goals.” ~Andrea Waltz, author, Go for No! Read the entire review here. Buy this book here. 

Honorée Enterprises, LLC. turns service providers into rainmakers, average producers into rock-stars, and dreams into reality. For more information on how we can specifically help you or your organization, click here. You can read all about Honorée here.