17 STEPS TO UNLOCK HIDDEN BUSINESS PROFITSdale-beaumont.s3.amazonaws.com/Storage/SE Bonuses/E40/UnlockProfits.pdfin customers. After all, customers are the only people who will purchase

17 STEPS TOUNLOCK HIDDEN

BUSINESS PROFITS

w w w . r i c h m a s t e r y b u s i n e s s . c o m

�w w w . r i c h m a s t e r y b u s i n e s s . c o m

Table of Contents

INTRODUCTION 3

FEEDTHEMACHINE 4

BUILDTHEMACHINE 6

NETWORKINGISESSENTIAL 8

AUTOMATELEADGENERATION 10

AUTOMATEMARKETINGANDFOLLOWUP 1�

AUTOMATEFULFILLMENT 13

CUSTOMERFOCUS 15

HOWTOTHINKBUSINESS 17

PERSONALEMPOWERMENT 18

FINDAUNIQUEWAYTOSERVEASMANYPEOPLEASYOUCAN 19

HAVEVISIONANDBELIEF �0

WATCHYOURBACK,BUTCONCENTRATEONYOURFRONT �1

ALWAYSHAVEAPLAN ��

FINANCIALRATIOSTHERICHUSE �3

EVERYBODYISASALESPERSON �5

NEVERSTOPLEARNING �6

DELEGATEFORSUCCESS �7

CONCLUSION �8

3w w w . r i c h m a s t e r y b u s i n e s s . c o m

Introduction

Doyouworklong,hardhoursatyourbusinessandfeellikeyourprofitsdonot

reflectyourlevelofworkorcommitment?Areyourprofitslowerthantheprofits

reportedbyothersinyourfield?Doyouwitnessthesuccessofothersinthe

samebusinessandwonderwhattheyknowthatyoudonot?

Everysuccessfulbusinesspersonhasatleastoneortwosecretsthatseparate

themfromtheothersintheirfield.Someofthesesecretsareindustry-specific,

butothersecretsareuniversal,regardlessofyourfield.Thesetipsaresomeof

thebest-keptbusinesssecretsthatyourcompetitorsdonotwantyoutoknow.

Ifyouhaddaysthatyoucoulddevotetoreadingastackofbusinessbooks,you

couldfindthesesecretsonyourown.However,whohasthetime,patience,or

inclinationtodoallofthatreadingwhilestillrunningasuccessfulbusiness?It

issimplynotrealistictobelieveyoucancompleteallofthatreadingwhilestill

payingadequateattentiontoyourbusiness.

Atrueleaderinanybusinessneedstobeinformed.Thiscanbeatremendous

challengeifyoudonotfindawaytoeffectivelymanageyourtimeanddelegate

taskseffectively.Onceyoufindasystemthatworksforyou,useittoyour

advantage.

Keepreadingthisreportifyouwanttobealeaderinyourfield.Thisreport

containsseventeensecretsthatwillhelpyouunlockyourhiddenbusiness

profits.Afterreadingthisreport,youwillfindthatyourprofitsandconfidence

asabusinesspersonaresignificantlyincreased.Theseare,infact,yourkeysto

ultimatesuccess!

4w w w . r i c h m a s t e r y b u s i n e s s . c o m

Feed the Machine

Thinkofyourbusinessasamachinethatneedstoberegularlyfedinformationin

ordertoproduce.Justasthemachineneedstobefed,sodoesyourbusiness.

However,yourbusinessneedstobefedonlyoneessentialcomponent—

customers.

Everybusinesspersonwilltellyouthatinordertosucceed,theyneedtobring

incustomers.Afterall,customersaretheonlypeoplewhowillpurchaseyour

goodsorservices.However,convertingsuspectsintoprospectscanbedifficult.

Asuspectisatermusedtodescribepeoplethatmaybeinterestedinyour

goodsorservicesifyoupresentyourproducttothem.Thesepeopleareyour

untappedmarketandhavethepotentialtobeyourgreatestandmostprofitable

clients.Thechallengeisthatyoufirsthavetofindthesesuspects,bringthemin

toseewhatyourbusinesshastooffer,andconvertthemintoaprospect.

Thefirstthingyouneedtodoisdeterminewhattypeofpersonwouldbe

interestedinyourbusiness.Considerwhatyouaresellingandhowthesuspect

wouldbenefitbyusingyourproductorservice.Youwillalsoneedtotakeinto

considerationanynegativeaspectsoftheproduct,aswell,inordertodetermine

whoyourbestsuspectswillbe.

Take,forexample,acompanythatprovidessoftwaresolutionsforbusinesses.

Alistofsuspectswouldincludebusinessownersorthepeoplewhomake

technicaldecisionsforacompany.However,thesoftwarebeingsoldisnot

compatiblewithMaccomputers.Thisneedstobetakenintoconsiderationwhen

determiningyourlistofpotentialsuspects.Otherwise,youwilljustwasteyour

timeandthetimeofthesuspectsthatyouapproach.Thiswilldamageyour

reputationandwillcauseyoutolosetheirbusinessinthefuture.

Onceyouhavegeneratedyourlistofsuspects,youwillthenhavetoworkin

ordertoturnthemintoprospects.Asimpleandinexpensivewaytocontactthese

suspectsisthroughamailing.Thiscaneitherbedonethroughe-mailorthrough

directmailings.Thiswillalertsuspectstoyourbusinessandletthemknowthat

youwillbecontactingthemsoon.Itwillalsoallowthemtodoalittleresearch

aboutyourbusiness.Theymayevensurpriseyoubycontactingyoubeforeyou

havethechancetofollowthroughonyourown!

5w w w . r i c h m a s t e r y b u s i n e s s . c o m

Afteryouhavefinishedthemassmailing,youwillneedtofollowthroughwith

theseprospects.Thiscaneitherbeintheformofphonecallsoranothermailing.

Thismailing,however,shouldbemorespecifictoeachbusiness.Thiswillshow

thesuspectthatyouareseriousaboutattractingtheirbusiness.

Turningsuspectsintopotentialcustomerswilltakeyourbusinesstothenext

level.Onceyoustartfeedingyourmachine,youwillfindthatitbecomeseasier

andeasiertofindnewsuspectsandturnthemintopotentialclients.

6w w w . r i c h m a s t e r y b u s i n e s s . c o m

Build the Machine

Atfirst,yourlistofpotentialclientsisfairlylimited.Inorderforyourbusinessto

grow,youwillneedtoexpandthelistofleadsfromwhichyouwork.Thereare

manywaystodothis.

Onewaytodothisistoofferareferraldiscounttocustomerswhoreferother

customerstoyou.Thiscanbeintheformofadiscountcoupononfuture

purchasesor,ifyourserviceisacontinuingservice,apredetermineddollar

amountsubtractedfromtheirmonthlybill.Thiswillprovideyourexistingclients

withanadditionalincentivetoreferbusinesstoyou.

Forexample,aclientwhoisarestaurantownercouldreferitsproducedistributor

inordertoreceiveadiscount.Usingthissystem,threebusinessesbenefit:your

business,therestaurant,andtheproducedistributioncompany.

Anotherwayyoucangrowyourlistofpotentialclientsistoadvertise.Thisdoes

nothavetobeanexpensiveprospect.Infact,youcandothisverysimplyand

withverylittleeffort.Youjustneedtoknowthecharacteristicscommontoyour

suspects.Fromthosecharacteristics,youcanthendeterminehowyouwilltarget

yourmarketingplan.

Forinstance,ifyourunaholisticmassagebusiness,itislikelythatyour

clientswouldalsobeinterestedinhealthyororganiceating.Youmaywantto

approachownersofhealthfoodstoresandvegetarianrestaurants.Youcan

establishareciprocalagreement.Ifyouleaveflyersandbusinesscardsattheir

establishments,theywillalsodisplayyourmaterials.

Youcouldalsooffertheowneroftherestaurantandhealthfoodstorean

additionalincentive.Foreverytwentycustomerswhocomeinwithaflyerfrom

theirestablishment,youcouldofferthebusinessownerafreethirty-minute

massage.Thisisawaytothankthebusinessownerfortheadditionalbusiness

theyhavebroughttoyou.Afreeserviceisnotusuallythatexpensiveortime-

consuming,anditisagreatwaytobuildarelationshipwithotherbusinessesin

yourareathatarerelatedtoyourbusiness.

Youcouldalsoadvertiseinlocalmagazinesthataredirectedatyoursuspects.A

smalladinonelocalmagazineisoftennotveryexpensive.Asimpleadmayonly

be$�00,whichmaybecheaperthanprintingflyersinthelongrun.Youwill

7w w w . r i c h m a s t e r y b u s i n e s s . c o m

alsosavesometimethatcouldbeusedtocompleteothertasksinsteadof

postingflyersaroundtown.

Theselocalmagazineswillalsohelpyoudeterminehowtobettertargetand

identifythesuspectsinyourlocalmarket.Youmayreadthemagazineand

discoverthattherewillbeafreemeetingofsuspectsinyourneighborhood.You

canattendthemeetingandmakeconnectionsthere.Theseconnectionsmay

becomesuspectsthemselves,ortheymaybeabletointroduceyoutopotential

suspectsinyourarea.

Allofthesemethodsdoworkifyouarediligentandfollowthroughwitheach

andeverypossibility.Thesearetriedandtruemethodsthatarestilleffective

intoday’smarket.Theycan,infact,beveryprofitableforbothyouandthe

businessesyouinvolvebycreatingawin-winsituationforall.

8w w w . r i c h m a s t e r y b u s i n e s s . c o m

Networking is Essential

Thebusinesscommunityisextremelywidespreadandversatile.Everyperson

youmeetduringyournormal,day-to-dayactivitiesisapotentialmemberof

yournetwork.Yournetwork,ofcourse,isthegroupofpeopleyouutilizetogain

theknowledge,insightandalliancesyouneedtogrowyourbusiness.Itisan

extremelyimportantpartofmakingyourcompanyassuccessfulaspossible.

Networkingwillbecomesecondnatureonceyougetthehangofit,butifyou

areintrovertedyoumayfinditdifficulttogetstarted.Tobeabsolutelyfrank,

peoplewhostarttheirownbusinessescan’tbeshy.Youhavetobeableto

strikeupconversationswithpeople,sometimeswhoarecompletestrangers,

everywhereyougo.Youmaynotfeelliketalkingtotheguynexttoyouonthe

flighthome—youmaywantnothingmorethantogotosleep—butifyoudon’t

talktohim,youmaybemissingoutonanimportantbusinessconnection.Say

you’reintheprocessofopeningasalonandyouhavebeendiligentlysearching

forahaircaresupplierthatwillmeetyourcustomers’needs.Youhaveyetto

findjusttherightmatchforyourbusiness.Theguysittingnexttoyoumaynot

haveanyconnectiontohaircareatall.Buthemightbetheownerofasupply

companywhohasjustthekindofproductsyou’relookingfor.You’llneverknow

ifyoudon’task.

Thebestwaytostartanetworkingconversationistoaskotherpeoplewhatthey

doforaliving.Youmaybesurprisedhowoftenthisonesimplequestionleadsto

majornetworkingopportunitiesthatbenefityourbusinesstremendously.

Oneofthemostimportantcomponentsofnetworkingisyourabilityand

willingnesstolisten.Noonewantstoshareinformationwithsomeonewhois

onlyhalfheartedlyhearingwhattheyhavetosay.Showgenuineinterestinwho

theyareandwhattheydoanddonotspeakoverthem,Ifyoutrulylistentothem,

theywillbemorewillingtoengageinanindepthconversationthatcanleadto

anotherpersonbeingaddedtoyournetworkinggroup.

Anotherimportantthingtorememberaboutnetworkingisthatyoushouldshare

yourskills,talentsandbusinessventureswithothersinawaythatdoesnot

soundlikeyou’rebraggingorsellingsomething.Simplymentioningwhatyou

doinpassing,asitrelatestothecircumstancesorconversation,isthebest

waytogoaboutthis.Don’tmaketheconversationallaboutyouandwhatyou

need.Makethediscussionascasualandreciprocalaspossible.Also,always

havebusinesscardsonhandtogivetopeopleyoumeet.Youmighthavenot

eventalkedaboutbusinessorwhatyoudoforaliving,butifyouhititoffwitha

person,givingthemyourbusinesscardandsaying,“Givemeacallsometime,”

israrelyinappropriate.

9w w w . r i c h m a s t e r y b u s i n e s s . c o m

inpassing,asitrelatestothecircumstancesorconversation,isthebestway

togoaboutthis.Don’tmaketheconversationallaboutyouandwhatyou

need.Makethediscussionascasualandreciprocalaspossible.Also,always

havebusinesscardsonhandtogivetopeopleyoumeet.Youmighthavenot

eventalkedaboutbusinessorwhatyoudoforaliving,butifyouhititoffwitha

person,givingthemyourbusinesscardandsaying,“Givemeacallsometime,”

israrelyinappropriate.

Anotherresourcetotapwhenbuildingyournetworkinggroupisformer

acquaintances,friends,co-workersandotherswhoyoumayhavelosttouchwith

overtheyears.YourgoodfriendJoefromhighschoolmightjustbetheowner

ofacompanythatyoucanalignwithtohelpyourbusinessgrow.Seekingout

peoplefromyourpastmayyieldanewcropofbusinessalliancesthatwould

haveotherwiseremainedstagnant.

Youshouldalsoseriouslyconsiderjoininganetworkingassociationinyour

area.Theseorganizationscanfocusononeindustry,orcanbeforthebusiness

communityasawhole.Theseassociationstypicallyholdmonthlymeetings

whereinmembersofthebusinesscommunitycometogethertosocialize,gather

newinformationandmeetotherprofessionalswhotheycanpartnerwithto

mutuallybenefiteachother’sbusiness.Whilemanyoftheseassociationscarrya

feetobeamember,theycanbeinvaluabletothegrowthofyourbusiness.

10w w w . r i c h m a s t e r y b u s i n e s s . c o m

Automate Lead Generation

Technologycanbeawonderfulthing,anditmakesbusinessmucheasierthanit

hasbeeninthepast.However,manypeopleareintimidatedbycomputersand

softwarebecausetheyfearthattheycannotunderstandthem.Nothingcouldbe

furtherfromthanthetruth.Computersandsoftwareprogramstodayareuser

friendlyandwillmakeyourbusinessrunmoreefficiently.

Inordertocompeteintoday’smarket,yourbusinesswillneedtohaveawebsite.

Peoplehavelaptopsandquickaccesstocomputers.Thismeansthattheywant

tofindquickanswerstotheirquestionsassoonasthosequestionspopintotheir

heads.Asimplewebsitecanprovidethoseanswersbest.Thisrequireslittleto

noworkonyourendonceyoursiteisupandrunning.Youmayevenwanttohire

someonetoconstructyourwebsiteinordertobestmanageyourtime.Asimple

sitewillnotbeveryexpensive.

Ofcourse,youwillwanttofindawaytoconnectwithalloftheleadswhovisit

yoursiteinordertoprovidesomefollowthrough.Oneofthebestwaystouse

technologytogrowyourbusinessistoinvestinaqualityleadgeneration

program.

Anautomatedleadgenerationprogramwillsendamessageviae-mailtoallthe

visitorstoyoursite.Thiswillhelpremindthemofyoursiteandalsoservesasa

listforyou.Whenyouhaveaspecialpromotionorjustwanttosendamessage

topotentialcustomers,youcanusethissoftwaretocontactalloftheminjusta

matterofminutes.Thiswillsaveyoubothtimeandmoneythatyoucanuseto

growyourbusinessinotherways.

AsimpleInternetsearchwillshowyouthattherearehundredsofservicesand

softwareprogramsavailablethatcanhelpyouautomateyourleads.Thisseems

overwhelming,butfindingaserviceorprogramforyourwebsitedoesnotneed

tobedifficult.

Youcanfindagreatprogrambyaskingthecontactsyouhavemadewithinthe

businesscommunity.Youwillfindthatyourcontactswantyoutosucceed,and

iftheycannotansweryourquestions,theymaybeabletosteeryoutosomeone

whocan.

11w w w . r i c h m a s t e r y b u s i n e s s . c o m

Ifyoudonothavecontactsthatcanhelpyou,youmayfindtheinformation

youneedonamessageboardgearedtowardsyourspecificindustry.These

messageboardscanprovideagreatwealthofinformation,notjustinformation

onleadgenerationsoftware.Ifthereisnotanoverwhelmingconsensus,theycan

helpyounarrowdownthelisttoafewprogramsorservicesyoucanresearch.

Aleadgenerationprogramcansaveyouvaluabletime.Itisaverysimpleway

togrowyourlistofleadsthatcansignificantlyincreaseyourpotentialprofitsif

utilizedcorrectly.Thissecretisoneofthemostprofitableandeasiesttomakea

partofyourdailybusiness.

1�w w w . r i c h m a s t e r y b u s i n e s s . c o m

Automate Marketing and Follow Up

Smallbusinessesoftenfacemarketingchallenges.Marketingoptionsare

oftenlimitedduetothesizeofthecommunitywherethebusinessresides,the

resourcesavailableinthecommunityandthecostsassociatedwithmarketing.

Aseludedtoearlier,youcanuseyourleadgenerationprogramtomarketto

clients.Thisisaverysimpleandcosteffectivewaytoreachalargenumberof

clientsinaveryshortperiodoftime.Itisawaytomaximizeyourmarketingdollar

withoutbreakingthebank.

Somepeoplethinkthatthislimitsthemarketingtothepeoplewhohavevisited

yourwebsite.This,however,isnottrue.Agoodleadgenerationprogramwill

allowyoutoaddthee-mailaddressesofanyclient.Becauseofthis,itisagood

ideatogetane-mailaddressforeveryclient,regardlessofhowthisclientcame

toyourbusiness.

Onceyouhaveyourclients,prospects,andsuspectsenteredintoyour

database,allyouwillhavetodoisentertheinformationaboutyourpromotion,

newproducts,orservices,andhitthesendbutton.Yourmessagewillreachyour

customersinamatterofminutes,andyourcustomerswillseeitassoonasthey

opentheirmail.

Youcanalsosetupyourprogramtosendfollow-upmessagestoyourclients.

Thiscantaketheplaceofphonecalls,freeingyouoryouremployeesuptodo

otherwork.Messagescanrangefromasimpleservicereminderorareminder

oftheproductsorservicesyourbusinesscanprovide.Thiskeepsyourbusiness

freshinthecustomer’smindandworkstohelpdriveupyourprofits.

Thissecretisoneyourcompetitorsdonotwantyoutoknow.Onceyouknow

howtousethissecrettoyouradvantage,youwillfindthatyourprofitsare

increasingdramatically.Thisisbecauseyouarereachingallofyourclients,

prospects,andsuspectsinthemosteffectivemanner.Thissecretwillnotonly

saveyoumoney,butwillhelpyoumakelotsofmoney.

13w w w . r i c h m a s t e r y b u s i n e s s . c o m

Automate Fulfillment

Anotherprocessthatyoucanautomateiscustomerfulfillment.Thismeans

thatyoucanmakecustomershappyjustbyprovidingformsandsimple

communicationsregardinganyonlineordersimmediatelytothecustomers.One

companythatusesautomatedfulfillmentwellisAmazon.com.

ThinkaboutwhathappenswhenyouorderabookfromAmazon.com.Once

youplaceyourorder,youcanautomaticallyprintacopyofyourordertokeep

foryourrecords.Youwillalsoreceiveane-mailthatconfirmsyourorderand

providesyouwithanothercopyyoucanprintforyourrecords.Thisallowsyou

checktomakesureyourorderiscorrectandhelpsyoutorestassuredthatyour

orderiscorrect.

Thenexte-mailyouwillreceivewilltellyouwhenyourorderwillship,orifitisnot

readyforimmediateshipment.Thisisdonesothatcustomerswillknowwhento

expecttheirshipmentanddonotbecomediscouragedbecausetheyarewaiting.

Whencustomershaveaclearideaaboutwhattoexpect,theytendtobehappier

aboutthecustomerservicetheyarereceiving.

Amazon.comwillthensendafinale-mailtellingyouwhenyourpackagehas

lefttheirwarehouse.Thise-mailwillalsocontainanestimatedarrivaldateand

atrackingnumber.Thistrackingnumberisavaluabletoolthathelpsensure

customersatisfaction.Whileitisaverysimplepieceofinformationtoinclude,

itmakescustomersfeelateaseabouttheirpurchase.Customerscanfind

exactlywheretheirpackageisandknowthewhentoexpecttheirpackage.

Someservicesevengiveatimeestimate,allowingcustomerstohaveeven

moreaccurateestimationofarrival.Again,themoreinformationacustomer

has,thehappiertheywillbewiththeirpurchase.Thisensuresthattheywillbe

arepeatcustomer.

Anotherwayautomatedfulfillmentcanbenefityourbusinessisbyproviding

customerswiththeformstheyneedinordertoconductbusiness.Customerswill

nolongerneedtocallyouandwaituntilyousendthenthecorrectforminthe

mail.Thisprocesscantakealongtimeandcanfrustratecustomers.

14w w w . r i c h m a s t e r y b u s i n e s s . c o m

Byprovidingsimpleformsonyourwebsiteorviae-mail,youcanofferclients

aservicetheyneedinaverytimelyfashion.Peopleappreciateimmediateand

quickservice,especiallyinbusiness.Ifyourcustomerscanexpectthistypeof

servicefromyouonaregularbasis,theywillbereturningcustomers.Theymay

evenrefertheirfriendsandassociatestoyourbusiness.

Peoplearebecomingmoreandmoreaccustomedtoreceivingautomated

fulfillmentinoursociety.Inordertocompeteinanyindustry,youwillneedto

beabletokeepupwiththechangingdemandsandexpectationsofcustomers.

Automatedcustomerfulfillmentisjustonewayyoucanprovidecustomerswith

thelevelofservicetheyareexpecting.

15w w w . r i c h m a s t e r y b u s i n e s s . c o m

Customer Focus

Manybusinessesmakethemistakeoffocusingonlyontheirproductandlosing

theircustomerfocus.Rememberthatcustomersshouldbeoneofyourtop

prioritiesbecausetheirsatisfactionultimatelydeterminesthesuccessorfailureof

yourbusiness.

Becauseyouhavealreadydeterminedthecharacteristicsofyourclients,you

willhaveafairlygoodideaofwhatyourcustomersenjoy.Ifyourbusinessis

onewithsteadyfoottraffic,takeahintfromthebanks.Manybanksnowoffer

complimentarycoffeeservicetotheircustomers.Almosteveryonedrinkscoffee,

andtheexpenseisminimalwhencomparedtothebusinessitwillbringinand

thegoodwillcustomerswillfeeltowardsyourbusiness.

Anotherexcellentpracticeistocallyourcustomersoneweekaftertheyhave

purchasedyourgoodsorservices.Thiscallcanbeshortandsweet.Ifcustomers

arehappy,thecallshouldbebriefandshoulddemonstratethatyouare

interestedintheirsatisfaction.Thiswillgoalongwayinthebusinesscommunity.

Ifthecustomerisnot100%satisfied,youwillwanttoknowwithinthefirstweek.

Thiscallwillbemorecomplicated,especiallyifthecustomerisangry.Ifthis

isthecase,youwillwanttodiffusethesituationimmediately.Yourbusiness

shouldhaveapolicyinplaceregardingcustomersatisfaction.Yourpolicyshould

includealternativesandservicestooffertotheclientinordertomakethem

happywithboththeirpurchaseandtheservicetheyreceived.

Justbecauseacustomerisnotimmediately100%satisfied,thatdoesnotmean

theywillnotberepeatcustomers.Infact,someofyourmostloyalcustomers

maybecustomerswhowerenotatfirstcompletelyhappywiththeirpurchase.

Customersrecognizetheimportanceofcompleteandexcellentcustomerservice

andwillbeloyaltothosecompaniesthatprovidethistothem.

Anotherwaytoprovideexcellentservicetocustomersistorewardtheirloyalty.

Manysandwichandcoffeeshopsusethistipsuccessfully.Aquicklookinyour

walletmayshowthatyouhaveseveralpunchcardsforcoffee,sandwiches,or

otherretailstores.Thesemayevenbeplasticcardsyouswipe,dependingon

theestablishment.

16w w w . r i c h m a s t e r y b u s i n e s s . c o m

Peoplearemorelikelytoreturniftheyfeelthattheirloyaltyisbeingrewarded.

Theymayevenpasstwoormoresimilarestablishmentsinordertogotothe

businesswheretheyaregoingtogettheircardspunchedortheirrewardpoints.

Thisisaverypowerfulandoftenunderestimatedtoolsuccessfulbusinessesuse

allofthetimeinordertobuildtheirclientele.

Becauseyouknowyourcustomers,itshouldbeveryeasytoturnyour

customersintoravingfans.Thesefanswillhelptakeyourbusinesstothenext

levelthroughword-of-mouthendorsementandtheirloyalty.Onceyouhave

ravingfans,therewillbenostoppingyourbusiness.

17w w w . r i c h m a s t e r y b u s i n e s s . c o m

How to Think Business

Mostpeoplewhostarttheirownbusinessesdonotgivethemselvesenough

credit.Thisisafatalmistake.MichaelGerber,aleadingbusinessadvisorand

author,writesabouttheE-Myth.Thismythissopowerfulthatitcanquicklyruin

eventhebestbusiness.

TheE-Mythstatesthatonlyentrepreneursstartandmanagesuccessful

businesses.However,theentrepreneurswhorisklargesumsofventurecapital

arefewandfarbetween.Mostbusinessesarestartedbypeoplewhopreviously

workedforotherpeopleuntiltheyonedayrealizedthattheywantedtowork

forthemselves.Inotherwords,thelargemajorityofbusinessesarestartedby

everydaypeoplewhobelieveintheirabilitiesandwanttomakeachange.

Themistakecomesintheirbeliefthattheonlythingtheyneedtobringtotheir

businessistheirtechnicalskill.Thisisamajoroversight.Theownerofasmall

businessmustwearmanyhats.Thismeansthattheymustlearnhowtothink

businessinordertosucceed.

Operatingyourownbusinessisverydifferentfromworkingforsomeoneelse.

Nowthatyouhaveyourownbusiness,youmustlooktothepast,present,and

futureofthebusiness.Mostpeoplewhoworkforsomeoneelse’scompany

onlyworryaboutthepresentdealingsofthebusinessandhowtheyaffectthem

personally.Theydonottakeintoaccountthepastdealingsofthecompanyand

thefuturedirectionofthecompany.

Thinkingbusinessmeansthatyouthinkaboutthepast,present,andfutureof

boththecompanyandanyemployeesyouhavehired.Youmustmakeinformed

decisionsthatarenotbasedonfear,regret,oruncertainty.Inordertodothis,

youmustknowallaspectsofthebusiness.

Thisdoesnotmeanthatyoumustmicro-manageeverypartofthebusiness.In

fact,itisinyourbestinteresttodelegatethetasksthatarenotyourstrengthsin

ordertomaximizeyourtime.Thiswillhelpyouremainhappywithinthebusiness

andensurethateverythingisrunningsmoothly.

Thinkingbusinessmeansthatyouareconstantlythinkingofthebestinterestof

yourbusiness.Althoughtoughdecisionswillneedtobemade,thinkingbusiness

willallowyoutomakedecisionsbasedonfacts,notfear.Thisisapowerful

practicethatwillhelpyourbusinessmoveforwardandcompetefiercelywith

thecompetition.

18w w w . r i c h m a s t e r y b u s i n e s s . c o m

Personal Empowerment

Everypersonwhostartstheirownbusinesshasdoubtsandanxieties.Thisis

normal,andisevenpartoftheprocess.Asabusinessowner,itisinyourbest

interestandthebestinterestofyourbusinesstoempoweryourselfasabusiness

owner.Thisdoesnothavetobecostlyortime-consuming.

Therearemanyconferencesthatclaimtohelpdeveloppersonalempowerment.

Theseconferencesareoftenveryexpensive,andtobehonest,donotprovide

youwiththeinformationyouwillneed.Themajorityoftheseconferencesare

designedtosellbooks,products,andservicesofferedbythepeoplespeakingat

theconferences.Asaresult,theseconferencescanbeahugewasteoftimeand

money.

Oneofthebestwaystoempoweryourselfistofindamentor.Amentoris

someonewhohasexperienceinyourfieldthatcanhelpguideyouinyour

business.Ofcourse,acompetitorwouldnotmakeasuitablementorbecause

theirbestinterestsareindirectcompetitionwithyourbestinterests.Ideally,your

mentorwouldbesomeonewhoisrecentlyretiredfromyourbusinessorisina

relatedfield.

Findingamentoriseasy.Allyouneedtodoisthinkaboutthepeoplethatyou

workwithorknowwithintheindustrywhoseadviceyourespect.Youwillfindthat

mostpeoplewanttoseeyousucceedandarewillingtohelpyou.Theiradvice

andexpertisewillhelpyouadvanceyourbusiness.Theywillalsobeableto

reassureyouthatthedecisionsyouaremakingaresound.

Youwillsoonfindthatyourmentorwillcometoyouforadvice.Thisisagreat

confidenceboostandisveryempowering.Itservesasreinforcementthatyou

arebecomingaleaderandrespectedinyourindustry.Otherpeoplewithinyour

fieldmayalsobegintoturntoyou.

Thelongeryouworkinyourindustry,thegreateryourconfidencewillbecome.

Thissenseofempowermentwillallowyoutomakedifficultdecisionsinorderto

growyourbusinessandmakesoundbusinessdecisions.Thesecretofpersonal

empowermentisoneofthebusinessworld’sbestkeptsecrets.

19w w w . r i c h m a s t e r y b u s i n e s s . c o m

Find a Unique Way to Serve As Many People As You Can

Simplemathwilltellyouthatbyservingmorepeople,youwillmakemore

money.However,inordertoservemorepeopleincompetitivemarketsorfields,

youwillneedtobeabletofindauniquewaytoserveasmanypeopleasyou

can.

Findingthisuniqueservicemaybeeasierthanyouthink.Thefirststepistotake

alookatwhatyourcompetitorsareoffering.Onceyouhavecompletedthisstep,

youmaybeabletofindasolutionforyourbusiness.

Forexample,everyItalianrestaurantinyourareamayserveaCaesarsalad,but

noneofthoserestaurantspreparethatsaladtableside.Thisisauniqueservice

thatpeoplewillremember.Itisalsoaservicethatrequiresverylittletrainingand

verylittletime,otherthanthetimeonewouldnormallyspendpreparingthesalad

inthekitchen.Theseuniquetouchesmakeyourbusinessstandoutfromthe

crowdofcompetitors.

Ifyouareunsureofwhatuniqueservicetoprovide,brainstormwithyourmentor

oryouremployees.Theymayhavesomeexcellentideas.Youcanalsoask

customerstocompleteashortsurveywiththreeorfouroptions.Thismayhelp

yougetabetterideaofwhatcustomerswant.Again,youwillwanttoofferan

incentivetocustomersinordertogettheircooperation.

Youruniqueservicemaynotbeaspecialincentiveyouoffertocustomers,but

yourcustomerserviceasawhole.Alocalicecreamshopinmyareasingssongs

whiletheyaremakingyourorder.Thisrequiresnotimeandcostsnoadditional

money,butcustomers,especiallyyoungchildren,rememberthisservice.Thatis

whythisshop,despitebeinglocatednearfiveothericecreamshops,alwayshas

alineoutthedoor.

Yourcustomerswillappreciateexcellentcustomerservice,buttheyaremore

likelytorememberuniquecustomerservice.Thishelpsyourbusinessstand

out,whichgivesyouanedgeoveryourcompetitors.Onceyoufindyourunique

service,besuretoadvertiseit.Whencustomersknowyourbusinessdiffers

fromalltherest,theywillbeinterestedindiscoveringthosedifferencesfor

themselves.

�0w w w . r i c h m a s t e r y b u s i n e s s . c o m

Have Vision and Belief

Mostcompanieshaveavisionstatementthatiswidelyshared.Theirvision

statementmaybeinaframeonthewall,writtenonthecompanystationary,or

evenprintedont-shirtsandgiventoemployees.Inotherwords,itisoverused.

Asaresult,thevisionstatementmayloseeffectivenessandbecomevirtually

meaninglesstotheownerandemployees.

However,havingvisionandbeliefisverydifferentthanhavingavisionstatement.

Havingvisionandbeliefmeansthattheowner/managerhasaclearand

ambitiousvisionofthefutureofthecompany.Itisvitaltothefuturesuccessof

abusinessthattheowner/managerdoesnotbecomecomplacent,butremains

forward-thinking.

Onceyou,asanowner,haveaclearvisionofthefuture,itisyourresponsibility

tosharethisvisionwithyouremployees.Thisservesasreinforcementto

employeesthatthecompanyisavitalbusinesswithafuture.Thishelpsstaff

retentionbecauseyouremployeeswillnotseetheirjobasdead-end.Also,your

employeescanhelpyoumoveforwardwithyourvision.Theyknowtheirjobs

best,andcanhelpdevelopideastohelpfurtheryourbusiness.

Havinganambitiousvisionisabsolutelymeaningless,however,ifyoudonot

believeinyourvision.Simplyput,ifyoudonotbelievethatyourvisionwill

succeed,itwillfail.Therewillbeverydifficulttimesasyouareattemptingto

realizeyourvision.Ifinyourheartyoudonottrulybelieveyourvisionwillbe

successful,youwillnothavethedeterminationandstaminaneededinorder

topersevere.Inotherwords,whenthegoinggetstough,youwillgetgoingout

thedoor.

Havingperiodsofdoubtisnormal.However,youmustnotletdoubtoverwhelm

youorcauseyoutoloseyourvision.Whendoubtcreepsup,talkaboutitwith

yourmentororpartner.Itislikelythattheyalsoexperiencedthesedoubtsand

canhelpyouovercomethem.Onceyouovercomeanydoubt,therewillbeno

stoppingyouoryourvision!

�1w w w . r i c h m a s t e r y b u s i n e s s . c o m

Watch Your Back, but Concentrate on Your Front

Asabusinessowner,yourecognizethatitisimportanttokeepawatchfuleye

onyourcompetition.However,ifyouspendtoomuchtimefocusingonyour

competition,youwillnotbeabletomoveforward.Therefore,itisvitaltothe

futuresuccessofyourbusinesstofindtheappropriatebalancebetweenkeeping

aneyeonyourcompetitionandkeepinganeyeonthefuture.

Oneofthebiggestmistakesmadebysmallbusinessesisadirectresultofbeing

toofocusedonthecompetition.Whileitisagreatideatokeeponeyeonthe

pricingofyourcompetitors,loweringyourpricestobecompetitivecanbea

fatalmistake.Manypeoplefeeltheyneedtoslashpricesdramaticallyinorderto

competewithotherbusinessesinthearea.Thisisaveryshort-sighteddecision.

Whilelowpricesmaybringpeopleinthedooronashort-termbasis,thismaynot

betrueinthelong-run.Loweringyourpricesdoesnotnecessarilyincreaseyour

profits.Infact,itcanloweryourprofitssignificantly.

It’sreallyamatterofsimplemath.Inordertomakethesameamountofmoney,

youwillhavetosellmoreobjects.Thismeansyouwillhavetoworkharderin

ordertomakethesameamountofmoney.

Manypeoplealsomakethemistakedroppingpricestoalevelthatistoolow

tosustaintheirbusiness.Thinkaboutit.Theprofityoumakefromsellingyour

goodsorservicespaysformoreinventory,rent/mortgage,insurance,electricity,

garbagedisposal,andthesalariesofyourselfandyouremployees.Asyouknow,

therearealsomanyotherexpensesthatmustbepaid.

Ifyourpricesaretoolow,yousimplywillnotmakeenoughmoneytokeepthe

doorsopen.Remember,nooneevergotrichbycuttingpricestothepointthat

theirprofitssuffered.Yousimplycannotcompeteonpricewithpowerhouses

suchasWal-Martorotherlargechaincompanies.Youwillhavetocompeteusing

theuniqueservicesyoucanoffertoyourcustomers.Knowingthissecretwill

preventyoufrommakingadangerousandcostlymistakethatisunfortunatelyall

toocommon.

��w w w . r i c h m a s t e r y b u s i n e s s . c o m

Always Have a Plan

ThinkandGrowRichwaswrittenbyNapoleonHillaftertheGreatDepression,

buthasremainedpopularbecauseofthequalityoftheadvicecontainedinthe

book.Infact,thebookhasexperiencedaresurgenceandhasrecentlybeen

listedonthenationalbestsellerlist.

Hillexplorestheimportanceofhavingaplaninmindinordertomoveforward.

AccordingtoHill,“Themostpowerfulinstrumentwehaveinourhandsisthe

powerofourmind.”Thisseemslikeobviousadvice,butittrulyiswisdomat

work.Inordertoachieveanything,youmusthaveanideaofwhatyouwantto

achieveinyourmind.

Anotherreasonwhyitisbesttohaveaplanissomethingcalleddefiniteness

ofpurpose.ThistermwascoinedbyHillandisoneofhisSeventeenSuccess

Principles.Onceyouhaveaplan,youhaveadistinctpurpose,whichistobring

yourplantofruition.

Thisalsoallowsyoutothinkpositivelyaboutwhatyouaredoing.Ifyouhave

aplan,youwillnotbeconstantlyoverwhelmedwithdecisionsoracton

inconsistentchoices.Aplanwillallowyoutomakeconsistentdecisionsthatare

focusedonforwardmovement.

Onceyouhaveareasonableplan,youcanbegintoputyourplanintoaction.

Onceyoubegintoputyourplanintoaction,youmayrealizethatyouneedto

adaptyourplan.Thisisnormalandisapartoftheprocess.

Itisessentialthatyouareamenabletochangingyourplan.Themarketisalways

changing,andwhatseemedlikeasounddecisionamonthagomaynotbe

asounddecisiontoday.Infact,thebestplansareconstantlyreviewedand

adaptedinaccordancewiththechangesintheindustryandthemarket.

Theplanyoudesignwillhelpyoumakedecisionsthroughouttheprocess.Inthe

longrun,yourplanwillevolve,change,andbecomereality.Thisisthenatureof

asuccessfulbusinessplan.

�3w w w . r i c h m a s t e r y b u s i n e s s . c o m

Financial Ratios the Rich Use

Itshouldgowithoutsayingthattherichhaveadifferentapproachtomoney.

Thisisnotnecessarilybecausetheyhavemoremoneytoinvest,butbecause

theyhavelearnedsomevaluablelessonsaboutmoneymanagement.Thiscan

beeitherfrompersonalexperienceorbecausetheycanaffordtohaveterrific

financialadvisorswhohavehelpedthemmakedecisionsthroughouttheircareer.

OneofthebestbooksthataddressesthistopicisRichDad’sGuidetoInvesting

writtenbyRobertKiyosaki.AccordingtoKiyosaki,theaveragepersonwilllook

onlyatpastindicators,suchasCapitalizationRatesandP/ERatios.While

studyingthesenumbersisasoundpractice,itshouldnotbetheonlyinformation

usedinordertomakeafinancialdecision.

Kiyosakistatesthatmoresophisticatedinvestorswillnotonlylookatthese

indicators,butwilllookbeyondthem.Infact,theytendtofocusonwhatare

calledfutureindicators.Theseindicatorsincludeever-evolvingtrendsand

changesinmanagementandproducts.

Analyzingtrendseffectivelycanmakeorbreakasmallbusiness.Asmall

women’sboutiqueinmyareahasgreatlybenefitedfromtherecentpopularity

ofVeraBradleyhandbags.Inanewspaperarticleabouttheboutique,the

ownerdiscussedhowvitalthistrendhasbeentotheirbusiness.Becauseofthe

popularityofthesebags,thestore’sprofitshaveincreasedby31%.Theowner

alsodiscussedtrendstheybelievewillbe“thenextbigthing,”whichwillensure

theirfuturesuccess.

Changesinmanagementandproductionarealsoessentialindicators.Achange

inmanagementcanandwillverylikelyresultinachangeinprocess.Thiscan

alsoresultinchangesinproductionspeedorquality.Allofthesepotential

changescanresultindisaster.Ifanyofthesechangesoccur,itisbesttomake

aninformeddecisionbeforemovingforwardwithanyfutureplans.Remember,it

isalwaysbettertobesafethansorry.

OneoftheothermajordifferencesexploredbyKiyosakiishowtheaverage

personlooksatmoneyversusafinanciallysophisticatedperson.Accordingto

Kiyosaki,theaveragepersonlooksatmoneyinblackandwhite,meaningthere

areonlygoodandbaddecisions.

�4w w w . r i c h m a s t e r y b u s i n e s s . c o m

However,afinanciallysophisticatedpersonwilllookatmoneyinshadesofgray.

Thismeansthattheyaremorewillingtotakeariskbecausetheytendnottosee

itasanegativemove.Asaresult,theytendtomakemoremoneybecausethey

aremoreopentothepossibilitiesavailabletothem.

Utilizingthissecretwellmay,infact,requiresomeresearchandworkonyour

part.Again,youwillwanttoworkwithyourmentorandfindconnectionsinthe

communitytohelpyouchangeyourapproachtomoney.

YoumayevenwanttotakethetimetoreadoneofKiyosaki’sbooksinorderto

learnmoreaboutthesubject.Eitherway,thischangeinthinkingwilldramatically

increaseyourprofitsandallowyoutomakebetterbusinessdecisions.

�5w w w . r i c h m a s t e r y b u s i n e s s . c o m

Everybody is a Salesperson

Nearlyeverysuccessfulbusinesspersonwillstresstheimportanceoftheirteam.

Itisessentialthatyousurroundyourselfwithpeoplewhoarereliable,hard-

working,motivated,anddedicatedtoyourvision.Inordertothis,youmust

consistentlycommunicateyourplan.

Onceyouhaveyourentireteaminplace,youmustalsoensurethehappinessof

everyteammember,regardlessoftheirposition.Thisincludesanysupportstaff,

management,orcustodialstaff.

Everyoneofyouremployeesisadirectreflectionofyourbusiness,whetherthey

workfacetofacewithcustomersonadailybasisornot.Everymemberofyour

teamisasalesperson,whetherornottheyrecognizeit.

Thinkbacktothelastpartyyouattendedwhereyoutalkedtosomebodywho

wasunhappyabouttheirjob.Youprobablyheardalaundrylistofcomplaints.

Althoughitmaynothaveoccurredtoyouorthepersonyouweretalkingto,that

individualwassellingthecompetitiontoyou.Youmaynotrememberthename

oftheindividualyouweretalkingto,butyouwillprobablyrememberthenameof

thebusinesswherethemanagersberatetheiremployeesonaregularbasis.

Inreality,itdoesnottakemuchtomakemostemployeeshappyifyoutreat

themrespectfully.Createaworkenvironmentwhereemployeesfeelvaluedand

haveaforumtodiscussanyproblemstheyseewithoutthediscussionbeing

heldagainstthematalaterdate.Italsohelpstobepro-active.Ifyounoticean

employeeisunhappy,fosteranopendiscussionwiththem.Youcanthenwork

withtheemployeetofindasolution.

Youwillalsowanttomakesurethatallofyouremployeesareknowledgeable

aboutallofyourproductsorservices.Nothingwilldiscourageapotentialclient

orcontactmorethaniftheyaskyouremployeeasimplequestionabouta

productandtheemployeedoesnotknowtheanswer.Whilenoteveryemployee

needstoknowthetechnical,nittygrittyabouteveryserviceorproduct,they

shouldhaveabasicworkingknowledgeofthecompany.

Anemployee’slackofknowledgewillreflectnotonlyuponthem,butwillreflect

negativelyonyourcompany.Thiscansimplybeavoidedbymakingsurethat

everyemployeeunderstandsthefocusofthecompanyandcandirectpeopleto

theappropriateresources,ifnecessary.

Itisalwaysbesttoencourageopenandcontinuedcommunicationwithevery

memberofyourteam.Byhavinghappy,informedemployees,yourprofitswill

soar.Happyemployeesdirectlyimpactyourbottomline.

�6w w w . r i c h m a s t e r y b u s i n e s s . c o m

Never Stop Learning

Sometimeshighlyeducatedpeoplebelievetheydon’tneedtolearnanymore,

butthisbeliefcouldn’tbemorewrongwhenitcomestorunningasuccessful

business.EvenifyouhaveaPhDorwenttolawschool,itisabsolutely

imperativethatyouneverstoplearningthenecessaryskillstokeepyour

businessgrowingandinstridewiththechangingmarket.

Thisisespeciallytrueinthisageofconstantlychangingtechnology.Ifyoudon’t

knowhowtosende-mailblastsorhowtomarketyourselfontheweborhowto

gettopresultsinsearchengines,youarequitesimplylosingatonofbusiness

thatyouwon’tgetthroughanyothermeans.

Maybeyou’rethinking,“I’lljusthiresomeoneelsetodoallofthat.”Butifyou’rea

startupcompany,youlikelywon’thavethefundsnecessarytodoso.Evenifyou

canhiresomeoneelse,youhavetobeabletoworkwiththatpersonorcompany

tobestcommunicatethemessageyouwanttosendouttoyourpotentialand

existingcustomers.

Theeducationyouneeddoesn’tendwithmarketing,however.Youalsoneed

tokeepupwiththelatestdevelopmentsinyourindustry.Youwon’tgetthis

knowledgebysimplybeingapartofthefield.Youhavetoseekoutwhatother

companieslikeyoursaredoingandresearchhowtheyarebenefitingfrom

utilizingnewideasandadvancements.

Ifyouthinkyouknowitall,andyouoperateyourcompanythatway,start

preparingforafall.Ifyou’renotwillingtolearnnewwaystopromote,runand

growyourbusiness,yourcompanywillremainstagnantandwillmostlikelylose

outtothecompaniesthatconsistentlychangewiththetimes.

�7w w w . r i c h m a s t e r y b u s i n e s s . c o m

Delegate for Success

Delegationisoneofthebestkeptsecretsinthebusinessworld.Noonereally

discussestheimportanceofdelegationintheirbusinessbecausetheywantto

maintaintheillusionthattheyaretheonlypersondoingallthework.Thiscreates

amysticthatissimplynotbasedinreality.

Mostpeoplethinktheyhavetodoalloftheworkthemselvesbecausethey

believethisfairytale.Otherpeoplefearthatiftheydonotdoeverything

themselves,theywillnolongerbeincontroloftheirbusiness.Eitherway,thisis

notthemosteffectivewaytorunabusiness.

Whileyouareanexpertinyourfield,yourtimeandeffortsarenotalwaysbest

spentcompletingtheeverydaytasks.Youmaythinkthatyouaresavingmoney

bydoingeverythingyourself,youmay,infact,belosingmoneybecauseyouare

wastingtimeonactivitiesthatdonotmakeyoumoney.

Forexample,aleadingmortgagebrokertrainedhispersonalassistantto

completetheintakequestionnairecompletedforeachnewcustomer.This

questionnaireonlytakestenminutestocomplete,butduringthosetenminutes,

thebrokercouldbeonethephoneclosinganotherdeal.Overthecourseofa

week,thedelegationofthosequestionnairesmayfreeupanotherhourfor

thatbroker.

Thistechniquealsohasanaddedbenefit.Theclientwillseethatthebroker

isverysuccessful.Thiswillimpresstheclientandshowthemthatyouarea

professionalworthyoftheirbusiness.Peoplewillrememberthisimpression,and

yourreputationwillgrowthroughwordofmouth.

Findoneortwojobsthatyoucandelegatetosomeoneelseinyouremployment.

Thiswillhelpyoufindthetimetomakemoremoneyandincreasethe

employee’sjobsatisfaction.Itcreatesawin-winsituationforeveryoneinvolved.

However,justbecauseyoudelegateajobdoesnotmeanyoushouldnot

monitorthatjob.Youwillwanttoregularlycheckintomakesurethejobisbeing

donetoyoursatisfactioninordertokeepeverythingrunningsmoothly.

�8w w w . r i c h m a s t e r y b u s i n e s s . c o m

Conclusion

Beingasuccessfulbusinesspersonisdifficult,butitcanbedoneifyouknow

afewtricksofthetradeandarewillingtolistentoadvice.Thebestbusiness

peopleneverstoplearningandmaketrainingaregularpracticebecausethey

recognizethattheirsuccessisdependentontheknowledgetheyobtain.

Youdonotneedtotrytoutilizeallofthesetipsinashortperiodoftime.Rome

wasnotbuiltinaday!Youcannotradicallychangeyourbusinesspractices

overnight,nomatterhowgoodyourintentionsmaybe.

Instead,chooseonesecrettoworkonatatime.Oncethissecretbecomesa

comfortablepartofyourdailyroutine,introduceanothersecrettoyourregimen.

Onceyouhaveafewsecretsinyourtoolkit,youwillfindthatyourmachineis

runningsmoothlyandyourprofitsareincreasing.

Businessisalwayschanging,andyoushouldbepreparedtochangewith

business.Ifyoudonotlearntorollwiththepunches,youmayfindthatyour

businessgetsknockedoutcold.