Making Your Marketing Happen
Do you have a current profit model? Have you ever wondered about which changes in your business will make the biggest impact on your bottom line? Is so, you’re not alone – and this is the right place to be to find out the answer. This video tells you, with real-world examples, how to determine the level of profit you’ll be able to realize through different changes to sales and growth patterns.
If you’re interested in some related training, see our video “How to Create a Profit First Budget” for a step-by-step guide that goes into a bit more detail.
Look, I get numbers are not the most exciting part about business ownership, but they are one of the most important. To see what I mean, have a look at Vol. 28 of our Business Nutrition Newsletter which exclusively deals with putting yourself in a strong financial situation, so you can sleep at night.
Now go out there and get amongst it!
P.S. Don’t forget to stay in the loop with our latest rapid training videos on SalesUp!TV
When we started working with Adam he told us he didn’t have the time to measure stuff, let alone the time to compile and analyse the results.
Adam’s situation is typical of many small business owners.
While not all our clients say it to our face, we can see the anguish on their face when we start talking about metrics and reporting.
Here’s how we got Adam excited about numbers to the point where we had to put the brakes on him measuring too much.
We started by asking Adam, “What would you say to an athlete that was trying to run a record time but was not timing their efforts?”. Predictably he said he’d tell them they were crazy.
Next, we asked “How comfortable would you be flying on a plane whose pilot could not read the controls?” Again came a predictable response “Not very”.
“Or what about a doctor who prescribes medication without measuring any of your vitals like blood pressure, cholesterol, etc.” … Adam could see the theme.
Bringing it closer to home we asked “What about a business (not yours) that you invested your life savings into and the CEO didn’t know the profit margins on the work they were doing. They also didn’t understand the numbers behind their marketing so had no idea how to grow the business. How safe would you feel about your investment?” This one made Adam sit up a little straighter.
He knew where we were going, and we probably didn’t have to ask him the next question, but we wanted to drive the point home. You see Adam was not doing nearly as well as he wanted to—and on this point of measuring—he had his head in the sand.
Last question … “Adam, what’s the difference between all these examples and you and your business? If it’s important for all these other people to measure and read the results, what do you think might be good for you and your business?”
He got it.
There’s a business mantra “What gets measured gets managed”. And while we are huge proponents of this mantra, there’s another quote by Einstein that we also like. He says “Not everything that counts can be counted, and not everything that can be counted counts”.
For small business owners, both of these quotes need to be taken into account. When you are short on time and possibly lacking easy access to data (although this is rapidly changing with cloud accounting and other apps), starting simple is the key.
Follow these four steps to gain some meaningful data which will enable you to start making better businesses decisions.
It’s been said that your net worth is a reflection of your network, and when it comes to the sales and marketing of your business, a good network is an extremely valuable tool.
However, it’s important to note that a network is not just the sum of the people you know.
It takes strategy and intention to create a network that will help grow your business. Watch to discover what makes a healthy network, and how to make it happen for your business.
Every employee should be crystal clear about the roles they play in your organization, right? Well, why does the majority of the world rely on outdated and confusing job descriptions to convey that message? It’s a flawed system, and there is so much you can be getting from your employees when their role is communicated in the right way.
This video is NOT about how to get more referrals (well, not directly anyway) It’s about how to boost your level of trust with your clients or customers to become more referable. By identifying your best possible sources of referrals and building those relationships you will see a boost in both the quality and quantity of your referrals.
Time is a scarce resource, and when it comes to growing your business, where you invest your time can make a critical difference to your success. Here are some strategies you can begin to use immediately, which will allow you to free up at least 15% of your time.
Can you free up 15%+ of your time immediately? When I ask people this question, the answer varies widely from ‘for sure ‘ to ‘probably’ to ‘no way’. Stick with me and I’ll show you how you can do it with 100% certainty. Sounds bold, doesn’t it 🙂
Have you ever reacted without thinking?? Stupid question right. Well, the truth is most of us go through our days reacting and not even realising it. Right now you have patterns and habits in your life that you do subconsciously without thinking. This is actually a good thing because if you had to think about everything, you’d be exhausted. Habits help us operate our lives and are fundamental to being human.
And this is where your opportunity lies.
Just like you get up, get dressed and have breakfast (or not) out of habit, you are making continual choices about how to invest your time (out of habit) each and every moment of the day. Notice my language here …. “choices about how you invest your time”. Time management is not about managing time, it’s about managing habits and choices. Yes … choices. This is the critical principle – you and only you are in control of how you invest your time. Not your customers, employees, your kids or your spouse. In this country, no one can make you do anything … it’s all 100% up to you.
Of course, all decisions about how you invest your time have consequences, nonetheless, you are in control.
Now on to freeing up that time – I’m going to share four strategies with you. Before you embark on using these strategies, be sure to completely buy into the notion that you are in 100% control of your time. That must be step #1
Strategy #1 – Parkinson’s Law. Parkinson’s law states that a task will expand to fill to time allocated to it. In other words, if you don’t give something a time limit, it will grow widely in inefficiency. Set a time limit for all major tasks and meetings – and experiment with making that time limit 15-20% less than you normally would. I.e. instead of 1hr meetings, make them 40mins. This will force you and those attending to be focused and effective. It will prompt you to stop people who waffle and encourage you to be more clear with your thinking.
Strategy #2 – 80:20 Rule – 80% of your results come from 20% of your activities. Key question “If you could only do 3 tasks in your business, what would they be?”. Answering this question should guide you towards what your most valuable activities are. When you guide your time choices to invest more time in those things, you’ll find a way to take care of the minutia that is currently filling/wasting your time.
Strategy #3 – Learn to say no – this one plays in line with the 80:20 above. Once you are clear on what activities you ‘should’ be doing, it becomes easier to say no to those you shouldn’t.
Strategy #4 – Time Blocking – once you are clear on what you want to invest your time doing, create blocks of uninterrupted time to get them done. Being interrupted can decrease your efficiency exponentially. What should take 30mins can often take hours if you allow yourself to be interrupted. And if you find your mind coming up with elaborate excuses of why you can’t create interrupted blocks of time, recognize it for what it is … an excuse. Be creative and dedicated … it is YOUR time … no-one else’s.
Have some fun with it. And I’d love to hear about your success stories … or challenges ????
Your employees don’t have to be owners to share in ownership thinking – in fact, ownership thinking can be critical to the success of your company. Profit sharing can be a good way of creating transparency and ownership – but it’s not for every organization. See when and how this tool can work for you – and when it won’t.