Money isn’t the only reason to start or grow a business but you’d better believe it’s important. If your business isn’t making money, all you have is a nice hobby.
There are many activities you can do that seem like they will lead to income but they won’t. Successful entrepreneurs avoid the time wasters and focus on what will help their business grow.
There are four things you could do today — you could start right now if you’re not doing them — that could lead to more income in your business.
These are simple but overlooked strategies that have withstood the test of time and technology. Your business can experience explosive growth with the right focus.
1. Sell more than makes you comfortable
Chances are, you sell in your business. While you may know selling is important, you may not realise that you aren’t selling enough. The human brain can be a funny organ. Someone on your email list or involved in your ecosystem may need to see something as many as 37 times before it clicks in their brain.
While it feels like you are selling a lot, you probably aren’t selling enough. When you sell, you are bound to upset people — that’s okay. If you are consistently providing value for your audience, you have earned the right to tell them about your premium offerings.
Sell more than you feel comfortable with and you’ll see your income and business grow.
Your audience wants to buy from you, they just need to know what you offer — tell them consistently.
2. Spend each day on income producing strategies
Our natural inclination is to wake up and do what we feel is urgent. We check email, browse through social media and may even take calls. If you want to make more money now, start your day by doing things that lead to income.
It could be crafting a well-written sales email to your email list, calling an old client and renewing their contract, or spending time selling to a lead who you know is ready to buy.
Start each day pursuing hot opportunities that require only a little work to close. You may not close a sale every day, but over time, you will close more and that will add to your bottom line. As this becomes a habit, you will be a well-oiled machine that knows how to spot opportunities.
3. Offer value that leads to building your email list
Sales come when the customer sees that you know what you’re talking about and they have received value from you. Value is best delivered when what you provide is actionable in someone’s life. As you continually add value, you will build your email list and potential base of customers.
Spend more time on what you put out publicly. Your products, services, and information should separate you from your competition. They should have undeniable value because you’ve taken the proper time to make sure they do. Put this value out on your website, social media or wherever you advertise. Your email list will build, offering you the opportunity to sell more. That will lead to more income.
4. Leverage massive exposure
There are many fantastic chances for entrepreneurs today to get more visibility for their business. Social media has billions of users. Google AdWords, or SEO in general, can put your business in front of millions of potential customers. You can put out content on great websites, such as Entrepreneur and more, and get exposure to millions of people.
The Internet and social media have connected us and given us access to an almost limitless potential customer base. Leverage exposure for and in your business. Get your name and content in front of the larger audience and convert some of them into customers.
Massive exposure will increase your bottom line dramatically and quickly.
If the growth or income has stalled in your business, these four things can help you right away. If you are doing just fine, use these to reach your next growth and income goals. There is a wealth of potential leads and income for us as entrepreneurs if we open our eyes and capitalise.
20 Quotes On Coping With Change From Successful Entrepreneurs And Leaders
Change is up to you.
Change is a hard concept to grasp – and can be even harder to cope with it. Whether you’re switching careers, leaving a company or ending a relationship, change comes in all sizes – big and small. And while some change can be exciting, other times it can be difficult.
Having your own approach to change, whether it’s in how you view it or how you handle it, is important in moving forward and being successful.
To learn how others do it, here are 20 quotes about change from today’s most successful leaders and entrepreneurs.
1. Elon Musk
“Some people don’t like change, but you need to embrace change if the alternative is disaster.” – Elon Musk
2. Oprah Winfrey
“You don’t have to hold yourself hostage to who you used to be.” – Oprah Winfrey
3. Barack Obama
“Change will not come if we wait for some other person or if we wait for some time. We are the ones we’ve been waiting for.” – Barack Obama
4. Larry Page
“If you’re not doing some things that are crazy, then you’re doing the wrong things.” – Larry Page
5. Steve Jobs
“You can’t connect the dots looking forward; you can only connect them looking backward. So you have to trust that the dots will somehow connect in your future.” – Steve Jobs
6. Andy Warhol
“They always say time changes things, but you actually have to change them yourself.” – Andy Warhol
7. Steve Case
“Revolutions happen in evolutionary ways.” – Steve Case
8. Coco Chanel
“Don’t spend time beating on a wall, hoping to transform it into a door.” – Coco Chanel
9. Warren Buffett
“The most important thing to do if you find yourself in a hole is to stop digging.” – Warren Buffett
10. Steven Spielberg
“All of us, every single year, we’re a different person. I don’t think we’re the same person all our lives.” – Steven Spielberg
11. Mark Zuckerberg
“Entrepreneurship is about creating change, not just companies.” – Mark Zuckerberg
12. Richard Branson
“You don’t learn to walk by following rules. You learn by doing and by falling over.” – Richard Branson
13. Joan Rivers
“Life is very tough. If you don’t laugh, it’s tough.” – Joan Rivers
Related: 3 Reasons You Should Embrace Change
14. Lady Gaga
“In order to build strength, you have to usually come from a lot of weakness.” – Lady Gaga
15. Thomas Jefferson
“Whenever you do a thing, act as if all the world were watching.” – Thomas Jefferson
16. Thomas Edison
“Good fortune often happens when opportunity meets with preparation.” – Thomas Edison
17. Sheryl Sandberg
“I learned that, in the face of a void or in the face of any challenge, you can choose joy and meaning.” – Sheryl Sandberg
18. Tony Robbins
“Stay committed to your decisions, but stay flexible in your approach.” – Tony Robbins
19. Martha Stewart
“The more you adapt, the more interesting you are.” – Martha Stewart
20. Albert Einstein
“We cannot solve our problems with the same thinking we used when we created them.” – Albert Einstein
This article was originally posted here on Entrepreneur.com.
You’re Probably Biased At Work. Here’s How To Stop It
New research looked at hard data to find solutions.
Everyone suffers from bias, despite their best intentions. And that bias can manifest itself in ways we don’t always intend – including how opportunities are and aren’t doled out in the workplace.
Recently, a trio of researchers used sensors to see if they could distinguish any differences in day-to-day behavior between male and female employees. Their goal was to eliminate the type of bias that can occur in self-reported polls about behaviour.
To study this, the researchers looked at a company where women made up just under 40 percent of entry-level employees and 20 percent of employees at the second-highest level of seniority. For four months, 500 male and female employees at this company wore badges with sensors in them that recorded their movement, speech patterns and proximity to one another.
The researchers then monitored who the subjects communicated with and who led conversations. Though the data was anonymous, the research team collected information about a given person’s gender, role and how long they had worked for the company.
Although they approached the investigation with the hypotheses that perhaps the female employees had less access to mentors or did not advocate for themselves with management as much as their male counterparts, the researchers found that this was not the case.
“We found almost no perceptible differences in the behavior of men and women. Women had the same number of contacts as men, they spent as much time with senior leadership and they allocated their time similarly to men in the same role,” the researchers wrote in a summary of their findings in Harvard Business Review.
“We found that men and women had indistinguishable work patterns in the amount of time they spent online, in concentrated work, and in face-to-face conversation. And in performance evaluations men and women received statistically identical scores. This held true for women at each level of seniority. Yet women weren’t advancing and men were.”
They concluded that differences in men and women’s behaviour aren’t what leads to gender inequality in the workplace – entrenched bias is the culprit.
So what can you do in your own company to make sure that bias doesn’t impact your hiring and promoting decisions? The researchers recommend instituting training programmes to reduce bias among management and people in the position to bring on new team members. You also might want to consider making a policy that, for all new open jobs, you interview and recruit people from a variety of backgrounds.
Also, look at the responsibilities your employees have outside the office. Think about ways to make it easier for both women and men to have flexible schedules, especially given that women often have social pressures to take on more family and household obligations.
Finally, determine where the pipeline to managerial and executive positions begins to trend more towards men. Collect data on exactly when these shifts happen in order to identify their specific causes (e.g. higher-ranking positions and their responsibilities require more late nights), then come up with pointed solutions (e.g. flexible morning schedules to accommodate childcare).
From there, measure the effectiveness any solution you implement. (“Since we implemented this policy, have those who have taken advantage of it advanced?”) This way, mitigating inequality is a science, not a guessing game.
This article was originally posted here on Entrepreneur.com
Better Thinking For A Better World
How to think more critically and strategically in a world filled with complexity and rapid change.
We take the act of thinking for granted. It is often seen as a skill one is born with and not one that should be cultivated over time.
As the world becomes more complex and more busy, strategic and critical thinking becomes more valuable. Strategic thinking points to the ability to decide how and when to deploy resources to achieve a certain end state.
Below are four areas of focus that will improve your strategic thinking:
1. Making Time For Reflection
Life is busy. Juggling work, friends and family, and the recurring notifications from your phone has become quite a feat. Therefore, it is becoming increasingly important to create space for reflection.
Time spent in solitude allows you to reflect and connect the dots. It temporarily takes you out of a world in which you must be reactive to survive and keep up.
My suggestion is to create a SOS (space of solitude) for at least 30 minutes every day. In this time, reflect on what has been working and what has not been working. Meditate on your goals for the future and plan for the actions that will help you get there.
2. Asking Better Questions
Many of us fall into the trap of sequential problem solving. This happens when leaders or organisations simply move from one challenge to the next and the only question they ask is “how do we overcome this challenge?”.
What about the questions like “how did we arrive here?” or “what assumptions are we making here?” or “what does better look like?”
I am not trying to give you a template of questions to ask. Merely prodding you to go beyond challenging the problem but to also challenge the thinking about the problem.
As we deepen our questions, we elevate our thinking.
Do not simply ask more questions. Ask better questions.
3. Seek More Input
Teams are great and often underutilized. How can you use your team’s knowledge, experience, and opinions in a more constructive way?
Well, how about allowing them sufficient time for reflection in solitude but also as a group. How about prompting them to look for the patterns in their environment? How about, as a leader, asking them questions that allow them to really stretch their cognitive abilities?
Even better, empower them to ask those questions themselves.
Related: Disruptive Thinking: A Winning Edge
4. Thinking rules
We often make the same mistakes over and over. Not because we have not learned the lesson but because the context changes. Or excitement gets the better of us.
During your reflection time (hopefully you have noticed the importance of this by now) you can reflect on your past decisions and figure out how you could have made better decision.
Once you have done this start jotting down a few personal rules that will help guide your decision making in the future. A personal guideline I established was that I will wait 24 hours before making any big purchase. Gadgets and golf gear often get the best of me. But simple rules like these help to guide my decision making and prevents me from making mistakes irrespective of context or emotional state.
What is next?
Starting today schedule a daily SOS. Yes, schedule it. Do not leave it to chance.
Think of it as training for your brain. A space where you get to think. Free of distraction and noise. You will be amazed at the clarity that comes from these sessions and how your productivity and effectiveness soars.
- The Alfa Romeo Stelvio – More Than An SUV
- (Podcast) Are All Prices Negotiable?
- (Podcast) Phone Calls Often Solve Email Problems
- (Podcast) Being An Entrepreneur Is Painful
- (Podcast) Playing To An Audience Of One
- Be 1 Of 3 High Growth Scale Ups Sponsored By FNB & Vumela To Participate For FREE In 10X Accelerator Program (Value Of R650 000)
- R33 Million Boost For Job Creation And Innovation In SA
Start-up Industry Specific2 weeks ago
How Do I Start A Transport Or Logistics Business?
Entrepreneur Profiles1 month ago
10 SA Entrepreneurs Who Built Their Businesses From Nothing
Upstarts1 month ago
10 Young Entrepreneurs Under 30 Share Their Start-Up Secrets
Business Plan Advice4 weeks ago
Writing a Business Plan May Not Be Your Idea Of Fun, But It Forces You To Build These 4 Crucial Habits