Top Tips For Entrepreneurial Growth
Top Tips for Entrepreneurial Growth
@revenue works with so many talented business owners, and they bring so much wisdom to our lives.
Here are their top tips for entrepreneurs!
The best possible ways for entrepreneurs to go far fast are:
1. Make sure your product or service actually meets the needs or wants of a sizable market. Â This means understanding the need, who has it, why satisfying that need matters to them, and how many potential buyers make up this market segment.
2. Â Secondly, is the need being met by other providers? Â How well? Â How can you differentiate your own solution? Â If your competitors are well established and comprise a sizable market share, you will have to differentiate your solution and communicate in a way that sells!
3. Â Surround yourself with a talented but diverse team. You cannot do it all alone in the window you will have to show traction. Align the right acumen with the vision you have and watch the growth! Â Too many entrepreneurs do not have the well-rounded talent to handle all aspects of achieving revenues fast and keeping the back office rolling effectively. Your success is truly measured by your ability to engage the right resources early.
4. Â Marketing and growth are paramount, especially if you're looking for funding to grow fast. Sources of funding are interested in whether you have the revenue to show NOW, that you have a solution that matters to a large enough demographic, and that the business model is profitable. Â Sales are king in the beginning, NOT perfection. Â Â And sales don't happen unless you can reach your tribe of raving fans.
Trisha Squires
Empowered Leadership Cultivation
The single best advice for any Entrepreneur is to âknow your numbersâ by reconciling your bank account. Â How do you know whether your business is succeeding or failing? Â How do you know whether things are getting better or worse?
Those numbers are all about the CASH that it takes to operate your business. Â That cash reflects the Sales, COGS and Net Income of the company. Â It reflects the Inventory youâve purchased and the Payroll that youâve paid. Â It represents by the checks youâve written and the deposits that youâve made. Â Youâve all heard that Cash is King. Â Well, itâs absolutely true.
Most owners see financial statements. Â But Iâll bet most of your eyes just glaze over when looking at the row upon row of numbers. Â The best way of understanding how cash is used in your business is to do your Bank Reconciliation. Â Think about it. Â All of your cash moves through your bank account. Â You will see every deposit and expenditure. Â Reconcile that account every month without fail, and you will have a clear handle on how much money is coming in, where itâs going to, and how much is left to use next month.
Larry Chester
CFO Interventions
The single best piece of advice I have for entrepreneurs looking to accelerate their business is to collaborate and find other people in the same space to learn and grow with. Â It isn't about the competition but rather how you can help and be helped by others in your industry or market.
Becky Feinberg-Galvez
Corporate Textiles
Hire people smarter than you and learn from them. As entrepreneurs, we are all in business because we are great at something, but that in no way means that we are great at everything. Â Allowing experts to show you the shortcuts to success, that they often spent years learning for themselves, will give you the ability to grow your business quickly but don't just delegate and walk away. Learn as much as you can so that you can own the process and make the best parts of it a part of your daily practice.
Kristy Dilworth
Smart Dogs Training and Lodging Facility
www.smartdogstraingingandlodging.com
Choose Your Attitude
Choose Your Attitude
Have you ever read Attitude is Everything?
It serves as a constant reminder to me that I get to choose who I am and how I feel. Too often society tells us to blame someone or something for our lot in life. âItâs the economyâ, âmy mom was meanâ, âcold calling doesnât workâ, âif only my employeeâs worked harder and longerâ, ââIf only my prospects and clients would ___________â(I could fill in that black with a few dozen excuses) âIf traffic wasnât so bad I could see more prospectsâ, Positive or best of all âEveryone around me is negative, itâs hard not to beâ. All of these excuses play on our attitude. So, what to do?
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Choose to be optimistic. Jack Canfield, in his book The Success Principles, calls it âinverse paranoiaâ. Â Simply put, believe that the world is out to do good for you and you for it. The sky is not falling, your boss doesnât hate you, customers WANT to buy, etc. This comes with creating the habit of starting every day with a decision to have a positive mental attitude or a foundation. A positive attitude should drive your beliefs, behaviors and ultimately dictate your outcomes.
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Believe that people are your strongest resource and source of accomplishment. Technology puts us into our cubes, walking with our head down, our nose in phone, picking up our devices instead of engaging with the world around us. We were created to be a community and to interact. Most people inherently want to do good and help one another. Find your allies, invest in them and shed the negative people.
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Know that your past does not dictate your future. Whether youâre overcoming a bad childhood or overcoming a streak of ineffective cold calling, you get to decide where to go next. Get the help you need to get better. But you need to chose to do it! Â Help comes in many forms and from many sources. Especially if you BELIEVE that the world is out to do you good...you inverse paranoid!
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Fear nothing! Do you remember when you were little and afraid of the dark or what was under your bed? Silly when you look back on it, right? Well itâs mostly the same with todayâs fears; thereâs usually not much to be afraid of. Itâs the games we play in our head, itâs the irrationality of our imagination. Folks, Iâve made hundreds of cold calls and door knocks and I still have all my teeth. If I had a nickle for every âNoâ Iâve heard, Iâd be retired. Shed the fear and replace it with persistence.
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Act as if! What does that mean? A great mentor of mine, Joe Murzanski used to tell me; âJim, act as if you have a million dollars in your pocket, that you havenât a care in the world and that you have the solution to your customerâs problemsâ (at the time I sold advertising for the Tribune Companyâs spanish language papers). That bit of advice allowed me to not worry about closing out of desperation because I told myself I wasnât desperate, and it also gave me great confidence in what I sold. As my customers businesses were positively impacted and their sales rose, I only became more emboldened to sell more. The result was, 4 consecutive years of award winning highest production in both revenue and column inches sold.
The bottom line is, as Dr. Charles Stanley said, I am convinced that life is 10 percent what happens to me, and 90 percent how I react to it.
And so it is with you... We are in charge of our attitudes.
The 5 MUSTS to Consider for your new CRM
The 5 MUSTS to Consider for your new CRM
After more than 10 years of selecting and implementing CRMs for my small business clients I have seen more than my share of struggle, strife and stress when it comes to these tricky systems. We have experienced programming across 14 different platforms and at the end of the day it is basically the same gears and pulleys and what you are truly selecting are systems integrations and the interface. So how is a business owner to choose the right one and set it up for success? Let me share our hottest tips:
1. Align to how your company thinks. Â
Every organization has technology and systems plugged in long before they start thinking CRM. Heed this advice: Pick the CRM that most closely aligns with the tech you already use! If you are an Apple shop do not pick Microsoft's most recommended CRM! If you are Google based, use a product that was designed to integrate (I recommend Insightly).
2. Start with the end in mind.Â
If you are attempting to program your system yourself, the easiest way is to identify what reports are going to be most valuable for your organization. Do you need to track how long it takes a digital suspect to become a qualified prospect? Do you need to hyperfocus on the usage of your website by current clients? A little brainstorming about the results will allow you to create a map that truly works.
3. Get out of your head.
Creating a map that you can look at and play with OUTSIDE of your own head or in the system itself is critical. Map out the flow of how a prospect flows through the system, which drip marketing campaign it gets added to, and what activity sets need to automate to get them effectively in the pipeline. This kinesthetic, visual exercise will give you the clarity you need to set the program up right.
4. Be dedicated.
I hate to break this to you but, except to a few geeks like me, CRMs are not sexy.  Your staff is not going to be salivating to learn a new and complex system that can feel like busy work. As a leader, you must be 100% engaged with the system and be the example your team can look to. Log in daily. Get excited about the automations and reports. Geek out...and show them the power of systems.
5. Create a training and engagement plan.
Your team will need you to educate them, over and over again, about the power and functionality of your CRM. Create a training schedule, incentive program and stick to it! Think of it like dating. You want to introduce them to each other, and let them go on a few dates before they start seeing each other every day. And, once they are married to it, sometimes it helps to find something to reignite the spark. If you are a soloprenuer then make a date with yourself to keep engaged!
Your CRM can help you automate activity, track the true numbers and bolster sales, but it's going to take some love and time in the beginning.  @revenue offers assistance with selection, mapping, programming, training and more! Enlist an expert today, we are just a phone call away! 630-631-7713
Facilitating Powerful Networking Events
Facilitating Powerful Networking Events
After facilitating high-level networking groups for a decade, I must say, I LOVE THEM. Why, because I control the environment to ensure success. That might sound arrogant or "controlling" but it's not, it's what's needed.
A few tips about running great networking events are:
1. Facilitate your own so you can set the tone.
I run lunches that have 8 members that come every month.
Each member commits, on a contract, to be there every month with a decision maker level or deeply networked guest. We spend 1.5 hours in a highly structured but fun environment getting to know one another's business. And before I close the lunch, I ask EVERY attendee to publicly announce with whom they can help and how.
I've personally generated Hundreds of Thousands of dollars from these events over the years.
2. Host as few drinking events as you can.
I always tell my clients that they need to understand, "networking is work. It's not net-drinking, it's networking!" These events rarely result in a return on the investment of time and effort. If youâre going to have one, host it as a party more than a networking event.
Having said that, a nice structured dinner and wine event from time to time is always nice for those clients/contacts that will appreciate them.
3. Be picky about who attends.
There is not always strength in numbers. I recommend âpurposeful networkingâ. Think about who you want to invite and then scrub your network to find purposeful guests. This is an instant winner for your attendees and sets you apart as a force in the networking world.
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A few tips when attending an event.
4. Have a plan before the event.
With whom do you want to spend time? Recruiters, business owners, accountants, etc. Be purposeful about how you execute your plan by focusing your time on the right people that you can help and that can help you.
5. Go to give.
Don't go with the mindset of "I'm going to find business today". Instead, go with a determination to enhance others networks by making strong connections. This mentality will set you apart from many at the event. And I guarantee, if you go with that mindset, business will come and you will not be disappointed.
6. Understand that networking is not a leads group.
Many people attend events with skewed expectations. Networking is about identifying strong likable people to whom you want to open your network and who want to reciprocate for you. This can take a follow-up call, a personal 1:1 meeting and a concerted effort to identify and introduce people to one another. Expecting to get business by dealing out 50 business cards will only set you up to frown upon networking. It doesnât work!
7. Don't give up too easily.
Unrealistic expectations lead to disappointment, disappointment often leads to giving up. If you plan to join a group, be picky. Once you find one that makes sense, make a commitment to give it all you have for a year.
8. Offer solutions, don't point fingers.
We've all been to bad events. If you have a suggestion to make one better, talk to the facilitator. If they are real networkers, they will appreciate the input. If not, go build your own with best practices.
9. Track your Return on Investment.
I recommend to my clients and I insist for my members to track the ROI. Return on Investment or Results, Outcome, Impact. Sometimes connections add value in other ways than the bottom line. They find you a new office space, a deal on furniture or travel, etc. ROI may not be just dollars.  But if you add up your financial investment in a group, the time you spend, measured at a reasonable rate and then you run the numbers for a year, you BETTER be getting an ROI. If not, stop it, and find something that works. Like starting your own group and then running it like a machine.
As you can probably tell, I am deeply passionate about networking and the powerful impact that it can have. Being a coach and the co-founder of @revenue, www.atRevenue.com, Iâm happy to talk more about my passion for making networking work for you.
Leadership 4 Musts For An Effective One-On-One Meeting
Leadership 4 Musts For An Effective One-On-One Meeting
Iâm often asked to coach leaders on the art of conducting a powerful one-on-one meeting.
One-on-one's are extremely important. They offer the leader/coach an opportunity to very specifically address the needs of each person on their team.  It also gives permission to the employee/coachee to be open and honest both in a safe environment that avoids putting him/her in a vulnerable position with other teammates. Look at it this way, we all have strengths and weaknesses, but do we all want them addressed in public? Of course not. So one-on-one meetings are important in todayâs work world.
- A disciplined schedule for one-on-one's is critical. A recurring event should exist in both parties calendars and it should be held as sacred as any other appointment. DON'T CANCEL! If you, a leader, cancels, misses or minimizes the importance of the one-on-one, the employee will feel it. It's like being stood up on date night when you're 18. When the recurring time is not honored, there are hurt feelings coupled with short and long-term negative impact. However, When done properly, one-on-one's give confidence, build deep relationships and positively impact culture and revenue.
- A productive one-on-one meeting looks almost the same every time. There should be high accountability to expectations that are scored on a consistent scale (1-5 for example) with clearly documented next steps that both parties agree to do before the next one-on-one. And then on the next one-on-one, review documented changes and repeat! A very clear picture is painted of an employee and managers committed to getting better and contributing more if the benchmark is clearly communicated and accountability is in place.
- Leave time for digging into each person. Weâre all wired differently and what is important to them and you vary from month to month. For instance, If your employee just had a baby you want time to see how thatâs impacting your employee. Both personally and professionally. Their productivity, attendance (if needed in the office), attitude, etc. may be impacted and therefore impacting the business. This may affect expectations, requirements, etc. Â Another necessary component is to dig into a person's head-trash (which is what I call the garbage we all carry around that often times impacts our willingness or ability to do our work effectively).
- Whether your role is a leader or a brand new hire in the mailroom, at the conclusion of every one-on-one the following question should be humbly asked by both parties and the answer humbly received. "Is there anything you would like to see me start doing, stop doing, do more of or less of?â This question will almost always expose a nugget or two that will help your organization strive. Listen to the answer, take action and get to your revenue.
Quotes from this article are featured in this ebook and this great article on O'Reilly's.com