Friday, March 13, 2015

What I thought it took and what it takes to be successful in my micro business.


Here’s what I thought it took to beat the odds and succeed:
·      Passion, Motivation or Desire
·      Grace & Gentility, and Gratitude
·      Fair Products, Services, or Commodities
·      Cash, lines of Credit, and personal Credit Cards.

Here’s what I learned it really takes to be successful in business:
o   An Impersonal Business Plan (IBP) and an Insensitive Accountant (IA)
o   Sales. Sales.  And more Sales. (No sales = No Income.)
o   No strategy.  No success!
o   Guts, Grit, and Discipline
o   Thick skin, big ears (active listening) and a small mouth.

How much time do you spend each week working “in your business?” 
o   Prospecting? 
o   Writing proposals?
o   Engaging on Social Media?
o   Client work. Production.  Delivery.
o   Handling customer service questions
o   Preparing invoices
o   Collecting money
o   Assessing your Aging Report?
o   Staying in touch with former customers?  Prospective buyers through newsletters, e-blasts, or direct mail campaigns.
How much time do you spend each week, “working on your business?”

Circle your favorite activities about working “on your business.”
o   Reducing expenses to increase your profit margins?
o   Implementing quarterly sales strategies?
o   Generating new leads,
o   Maintaining customer loyalty
o   Becoming a thought leader in your industry?
o   Developing your year-long objectives (month-over-month, year-over-year?)
o   Establishing a consistent brand?
o   Maximizing PR & advertising opportunities?
o   Analyzing your Profit/Loss Statement & Balance Sheet?
o   Creating new products. 
o   Balancing your checkbook, managing cash flow, and turning your inventory?
o   Expanding your customer journey so current buyers spend, more tell more, and keep coming back for more?

What differences did you find between what you thought it would take to be successful and what it actually took?

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