Copy-Improve-Create
Copy- improve- create. It’s like lather-rinse-repeat. When you break it down, it’s really quite simple. Most businesses, regardless of industry, are following one of those themes. Let me suggest to you that if you want to make the most impact, then don’t spend your time copying what someone else is doing. They say “imitation is the sincerest form of flattery.” If you merely copy what some other business is doing, you do more for your competitor than you do for you. Now, if you can improve on someone else’s idea – by all means. The pendulum will shift back to you. Countless businesses and products have been launched from the “shoulders” of its predecessors. If you can, improve on your own products or services -that’s even better. But if you really want to...
Identify the Key Drivers that Contribute to Success
Identify the key drivers that contribute to success. Here’s an example. ACME Company usually observes the following monthly sales performance: 45 total leads x 20% close ratio x $11,667 avg. per sale = $105,000 ACME would like to double their monthly sales volume so they hire a consultant to drill down and develop a strategic approach to improvement. The consultant found ACME’s composite performance is as follows: 30 “self-generated leads” x 10% close ratio x $10,000 per sale = $30,000 15 “referred leads” x 40% close ratio x $12,500 per sale = $75,000 The Sales Department consists of a salesman named Joe (who does “cold-calling” and runs 100% of the leads in the field) and a support team that does “cold-calling” only. Joe and the support team...
Is All Money Created Equal?
Is all money created equal? If you think money is money – think again. Whether for personal reasons or for your business, do your best to establish some level of working capital. Call it a “rainy day” fund, working capital, a reserve account, etc. Something is better than nothing – and more is better than less. Into every life (or in every business), a little rain must fall. You will appreciate your diligence in establishing a reserve account when you have to wait out that next little storm. Once you establish a reserve account, do your best to be disciplined about maintaining it. Avoid the temptation to use your reserve account for that down payment on the brand new home (or commercial building), etc. If you spend your reserve account on a “long-term”...
Growing Too Fast?
I’ve heard that “symptoms” of steroid use among athletes were injuries such as muscle tears, torn ligaments and tendons, etc. Steroid use was, in fact, building significant gains in muscle; however, the gains in muscle were happening at a pace greater than the surrounding tendons and ligaments ability to “handle” the extra force being generated. We can draw some parallels when it comes to business. For the record, steroid use is bad – but business growth is good! Here’s the parallel though: when we are blessed to grow, we get excited because we begin to see the long awaited gains materialize. The phone starts ringing, orders pick up, we get busier, revenue increases, and we get busier – all good stuff. And then, little mistakes start happening. Simple...