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. This can help your capital go further and increase your profit margin.
Today we’ll cover three different ways to maximise what you already have. These include:
- Recognise the obvious
- Unconventional breakthroughs
- Face the facts
Recognise the Obvious
Sometimes when you are too close to something, you can’t make out the big picture. You need to step back and really 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.
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 thing to do 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 ball point pen.
- The founder of Nike poured rubber onto a waffle iron and created the most innovative and successful running shoe ever.
When attracting or strategising for a breakthrough there are some key objectives you need to keep in mind. They are:
- Look for the hidden opportunity in every situation.
- Look for at least on cash windfall for your business every three months.
- The more value for your client, the better your breakthrough.
- Create multiple streams of idea to find the best breakthroughs.
- 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 a good 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.
There are some great questions you can present to you and your team to get a handle on where your business is right now. They are:
- Why did I first start this business? Why am I in this industry?
- What products/services did I offer then? Which were the most popular?
- Why are my customers/clients buying from me right now?
- How did I generate new customers/clients then?
- 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 utilise your current resources to their fullest potential. If you need any help with your strategic or systems analysis, try our GUIDED TOUR to work with one of our amazing business coaches.
There are several factors to take into consideration when prepping yourself and your company to approach the largest clients you will ever work with.
Today we’re going to start with a brief look at the three paths every business face and show you which one is the path to success. Then we will talk about the mindset it takes to attract the big fish.
There are three major paths a business can take:
- Snail Speed
- Shooting Star
- Catch the Big Fish
Most business owners ended up working themselves into the ground without much reward or success. This is what happens when you fool yourself into thinking you will find quick success. You may also find yourself on this path when you are afraid of change.
This describes a business that shoots to the top so fast you are overwhelmed and do not have the right resources and structures in place to deliver on the new level. This can also happen when you are overwhelmed by many small clients, which prevents you finding the large clients, which will sustain your business after the small client sales slow.
Catch the Big Fish
This is the path that allows you to build at a steady pace that you can manage by not allowing your customers to outpace you. You can do this by putting these tips to work:
- Attract, keep, and lock in big clients.
- Integrate the “big business” culture into your company and teams.
- Acquire the expertise you need to grow.
- Have the courage to make changes as you grow.
Now we are going to transition a bit and talk about the “big fish” mindset. It may sound easy to just find and catch that big fish, but if you are stuck in the small business mindset, you may find it harder than you think.
Think of all the benefits of aiming at bigger clients:
- Highly Profitable
To catch the big fish, you need to believe your company can make a difference to theirs. It is easy to get into the thought that a large company does not need anything from a small business like yours, but this is entirely wrong!
Once you look at how big companies operate, it is important to know which ones are the best fit with your company. One of the best ways to get in the door is by knowing someone on the inside who can put in a good word for you.
If you are not sure where to start and feel a little intimidated about catching big fish, try our GUIDED TOUR to get help from our amazing business coaches.
When you get in your car, you know where you are going, you have a destination in mind. Your business should be run in the same way. What is your business goal? Where are you taking your business? What is the higher purpose for doing what you are doing?
Clarity on your goal will increase the likelihood of achieving them.
“What do you want to achieve at the expense of all other options available to you?”
Answering these questions will help you gain clarity on your goals.
- If I won the lottery tomorrow, how would it change my life?
- If I knew I was going to die in 12 months… what would I do day to day?
- What do I enjoy doing the most?
- Who do I currently spend the most time with?
- Who do I most enjoy spending time with?
- Who pushes me to ‘think bigger?’
- What is a dream accomplishment that I’ve been afraid to try?
- What are my primary three financial goals?
- What are my primary three career goals?
- What are my primary three health goals?
- What are my three biggest worries?
- What would I like them to say at my funeral?
The more clarity you get around your goals, the easier it becomes to move towards and ultimately accomplish them.
Remember a Mammoth goal is achieved with the first small step.
The journey of a thousand miles begins with a single step.
Amazon.com was just an ‘idea’ in Jeff Bezos’ head not too long ago.
Apple was a figment of Steve Jobs’ imagination.
Google was a University project.
The sky is the limit!
Your business success is our passion. Check out our Guided Tour to find out how we can help you get to the next level.