profitability

profitability

Rear View Mirror – the Power of Vision Driven Results

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Your ideas, insights, gifts, skills, and experiences are money.

 

Uniquely being you delivers value to others. In a business environment, they (your customers) give you money for that value exchange. I refer to this as the fuel that runs your economic engine. Cash and profits are essential to the health and operation of your company. But how easily you make money, quickly you build a company, magnetically attract customers, and gain credibility all depends on you.

 

In this metaphor, you are the driver of your high performing entrepreneurial vehicle. Ultimately you are responsible for how and when you arrive at your destination. When it comes to significant goal achievement I find the “rear view mirror” technique to be highly effective for three reasons. It is future focused It engages your RAS (Reticular Activation System) Here is an excellent article on what RAS is and why it matters in goal setting.

 

Repeated use of the ‘rear view mirror’ technique will reveal self sabotage and detours that delay arrival at your destination. Here is how it works.

 

Let’s take a one year view and work backwards.

 

Based on your income or revenue goals, picture yourself and ask yourself.

 

“What do I see in my rear view mirror? What are the significant benchmarks that contributed to my goal achievement?”
 

  • If you are a service professional you might be celebrating sustainable marketing outreach that fed consistent prospects converting to clients you love all year long and a work/life balance with income that keeps you motivated.
     

  • If you are a consultant, speaker, or expert you might be celebrating new book sales, successful speaking engagements, new products released, recognition by peers, etc.
     

  • If you are an entrepreneurial rainmaker (you are building a company that depends on others labor while you attract and convert new business opportunities) you might be celebrating key people on your team, their achievements and contributions, your market penetration, recognition by peers, new product release, etc.
     

Next bring the view back to the short term. Picture yourself out 90 days or at the end of a quarter. What benchmarks do you see in your rear view that needs to be met this quarter to significantly move you toward that celebration?

 

Now, bring the view into this month and next week. What benchmarks do you need to see in your rear view next week and next month?Identify and make SMART commitments to the key activities that create forward movement.

 

Hindrances and helps for using the rear view mirror technique.
 

  • Master your motivators. Learn the people or activities that distract you and align with those who inspire, encourage, and accelerate you.
     

  • Find the juice in your future. When you are looking back on the benchmarks, achievements, and celebrations invest in feeling the full impact of emotions. Ask yourself, “What does this look like? How do I feel? How do others see me? What are they saying about me? What am I saying about myself? What is the financial impact of achieving this benchmark?”
     

  • Keep your head up for pot holes, road blocks and detours. What would you like to see in your rear view mirror next week? What’s going to keep you from accomplishing it? Strategize to work around them, avoid or eliminate the obstacles.

 

Key to monetizing your talents is creating practices that allow you to work in your sweet spot most of the time. Practice the future focused “rear view mirror” technique to get more juice in goal achievement process.

 

The ultimate business strategy is leveraging YOU! 

 

Getting fat feasting at the "Free Stuff" Buffet?

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There is no shortage of low-cost or fre-ee information in the world today.A veritable smorgasbord is only a Google search away.

 

Like you, I am guilty of partaking liberally, seeking that elusive secret success formula, enticed into clicking the link for a free download, believing that all it takes is just ONE more golden nugget to unleash the next big breakthrough…inevitably adding another mailing to my inbox.

 

 

The blessing and the curse of this information age is access to more content than we can possibly consume.

 

What’s the cost?

 

What I want you to think about today are some insights and perspective on the hidden impact and costs on your business, goals, and self-esteem when you linger too long at the “free stuff” buffet.

 

  • Fat-ness happens. You become obese with information. Your platter is overflowing with ideas, strategies, tips, and upsells from a variety of providers. (The cost: Overwhelm, doubt, and a work harder mentality takes over resulting in a poverty mindset.)
     

  • You question your gut, your dream, your talent, and results. You can become double-minded, waffling between what you know and the promise of a deliverable you want. The cost: Your confidence & self-esteem are impacted reducing your impact in everything you do.) Comparison is the root of dissatisfaction. -Anonymous
     

  • You lose track of time and the related desired results you are working to achieve. (Busy work increases without connection to results. Your progress is stalled and forward momentum delayed.)
     

You say to yourself, “Too much information? What can be the harm in that?” Right? Wrong! Too much data creates analysis paralysis, information overload, and too many options.

 

Let’s calculate the impact.

 

  • How many newsletters and info products do you subscribe to? Look through your inbox in the last week and do a quick count. Write down the number.
     

  • How many resources have you already invested in that sit on your shelf or are archived in your computer for reference? Write down the dollar amount you invested.
     

  • How much time do you spend a day, week, or month, listening to or participating in fre-ee webinars, teleseminars, attending fr-ee events, etc.? Write down the hours you spend.
     

  • Rate your confidence on a level of 1-5, 1 being low and 5, high. Just think about the impact on your business if your confidence is compromised.

 

Don’t get me wrong. I will always subscribe to new thought in the area of my expertise, people I want to follow and those I want to keep my eye on. I am simply suggesting in this post, is that it may be time to go on an info-diet. It’s up to you! Think about it. Courageously assess your company. Determine what you need to consume that will allow you to grow a healthy business on a balance of information then brutally cut the rest.

 

I’m taking the plunge. Are you in?

 

*I’ve already confessed, I am also a perpetrator of this phenomenon by offering my own selections of “free” stuff (but that is another blog post).

 

Business Truth: Adaptability = Longevity & Profitability

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What if we don’t adapt to the needs of the market? What then?

 

Many years ago I worked for a company in a management position. I enjoyed years of their growth and abundance in the market. The product was fairly easy to sell. The company easy to build. The owners were brilliant. The model seemed sound. The leadership was respected; something to be emulated and sought after. This was a multi-million dollar company with offices in multiple countries. Today, they no longer exist except as a memory for those of us who invested years of heart and energy into building their business while we established our own organizations.

 

What happened? The same thing that can happen to you unless you respond to the needs of the market as it exists today! They did not respond to a changing market. They hired outside branding “experts” which did not quite hit the mark. Sept. 11, 2001 hit compounding the challenge. Over time they became fear driven which trickled down to the sales team in the field. How did this happen? Was it ego, denial or an inability to adapt quickly that failed them? I don’t know. As an outsider at close range I offer the following insights that are eerily familiar in today’s economy.

 

Watch for these symptoms which, if not addressed, can kill you…or lose you quite a bit of momentum, opportunity, and profit.

 

  1. Fear causes confusion, paralysis or withdrawal from the market.
     

  2. Negative news and discussion is a distraction, which results in a lack of focus and exaggeration of current climate, which contributes to number 1.
     

  3. For newcomers, the perception of lack of opportunity or need creates a self destructive cycle of belief. If you are new to an industry or situation, you have no history or reference with which to measure or find assurance, doubt takes over and growth is handicapped.

 

Solutions:

 

 

  1. Don’t stop doing what you were doing. The vacuum that is created by the ebb of this market actually creates opportunity for those who are inclined to pursue it. Press into the openness created by your competitors withdrawal. This is a great space to collect on the marketing efforts of others.
     

  2. Turn off the TV and radio. Don’t listen to those who tell you how bad it is. Yes, it is true that some are losing their jobs, some industries are in a downturn….we quickly forget that even in a growth economy, these same discussions occur. The market has changed. That is true. If you want to stay in business, you will find a way to adapt.
     

  3. Adapt. Ask yourself, in your area of specialty, what is missing in this current economy that you can deliver? This may mean creating a new offering or pursuing a new niche. This is the time to gain laser focus rather than more generalization to capture market share.
     

  4. Take care of your current customers. They are unsure and fearful at this time too. Your confidence and connection will create loyalty, ongoing business, and referrals far beyond what you could imagine. All you have to do is keep in touch.

 

These solutions work whether you sell a product or service. Your customers, prospects, and network want to see you as secure, confident, and focused…not doubtful, hesitant, and inconsistent. Don’t hide or withdraw…this causes prospects, customers, and your network to withdraw from you. Instead, embrace. Step forward. Reach out. Reach out…not to sell, but rather to serve. Calm fears. Answer questions. You will be amazed at the response.

 

For some of you, this may be the time to reinvent yourself or adjust your business model… or get back to the basics and update your strategic plan. In every market change there is great opportunity. One of the benefits of being a small business is our ability to quickly adjust.

 

Instead of looking at this time as a period to cut back, withdraw, shore up…View this as an opportunity to focus with laser sharpness on your customers, ideal prospects, on investments that gain you return (whether time or money) and carry this practice forward as your business grows! These are smart business practices!

 

Are you ready to shift gears, step forward and grasp what is waiting for you?