Tag: Opportunity

Growth Through Osmosis

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Osmosis is a scientific term referring to a process where atoms or compounds pass through a membrane from one body to another usually caused by a differentiation in concentration.

REALLY! What the F… does this have to do with Business?

We do what we do what we do… day in and day out. We will often look at our business and life and think, “I have to find a way to make a difference.” Every once in a while we go to an event or a networking meeting and we get motivated or inspired to move, but then we get back to our office and go back to our routine and we do what we do what we do…

The reason why we are so motivated or inspired after an event is the energy we get to experience from others in the room. This energy is in the form of conversation, knowledge, learning, value systems, opportunity, and likely several others things that we experience while exposed to the group.

We have an invisible membrane that allows us to function efficiently and stay safe. It keeps our routines and our path on track. As an employee we can safely stay in our membrane and do our work and collect our pay. In business what we quickly find is performing the routine of what we do best is not enough to continue to grow our business.

When we move into a group of people we can sometimes feel drained. If we are the highest concentration of knowledge and energy in the room with the desire to move while others look for safety in the day-to-day, then we are the one giving the energy and doing the lifting.

When we are in a room of like-mined people, all with different skills and abilities, with diverse experience and knowledge, with goals and desires, we are uplifted by them and share energy back and forth, depending on who needs what. When we go back to our routine we look for ways to hold onto it, but quickly go back to our known levels and find the inspiration leaks out of us again.

So what happens to a cell in science that is next to something with a concentration so high that the compounds rush in uncontrolled? The cell bursts because it cannot stretch quick enough to contain the new volume. It is the same for us in business.

When we are in the presents of greatness, like maybe having lunch with Sir Richard Branson, we are overwhelmed by the opportunities that could be ours. The concentration is too high and we cannot take on all the available energy in the form of knowledge as we cannot implement from our current level of knowledge and ability. We can either brush by the greatness, admire and see something smaller that we can do, or we can step in and buckle down for an incredible download and an overwhelming ride of growth, which may make or break us. Not impossible, but not easily sustainable.

So what is the key to retaining the momentum?

If we are surrounded by others that always have something we want, something we need to learn, something of value, we are always in the position to feel the differentiation, to increase our concentration of ability and knowledge, to be a receiver for the new and the wanted. Be with people that are willing to continually seek out the ‘new’ and develop their own abilities and bring it back to share with you. We can grow through the osmosis of learning from a room full of people that are willing to learn and share.

Surround yourself with like-minded people so that you can take sometimes and give others. You will continually grow each other, hold each other accountable, and keep each other in the momentum.

 

 

Overcoming the Fear of Growth

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“Every significant accomplishment begins with one person stepping up and committing to making a difference” ~ John C. Maxwell.

There is a fear around spending more money, committing more time, giving up freedoms, or increasing time away from family and friends that stops so many business owners from doing what needs to get done to ensure their business grows.  To make a difference in business a business owner must be focused on the work required to see it complete and committed to providing the resources needed to get it there.

Recently I had a Client share a story of a client of hers, who is in the wellness industry. They will give up comfort for their customers because they cannot afford the right equipment. They will even be willing to risk their own health by not having ergonomically functional patient examination equipment in their treatment rooms. Their goal is to buy these things, that they know they need to run a functional business by saving up over a 5 year period.

If they think their clients are going to wait 5 years for them to have the right equipment they will be wrong. Until then they cannot charge what they are worth because they don’t have the basics to make it valuable for their customers. By charging less it will take longer to save the money they need to purchase the equipment and likely it will never happen because the habit of ‘good enough’ will already be instilled into all their business practices.

A business owner must realize that there is no free way to start a business. Growth always starts with investment. So how do we overcome the fear of investment when we don’t feel we have the money or the time to give?

Have a Realistic Goal

Five years to purchase the equipment you need to do the work is not realistic. It would be like going into the new Target store and them not having washrooms for their clients. “We know we need washrooms and it is on our 5-year plan to invest in building washrooms in all stores.” Wouldn’t that be a ridiculous thing to hear.

Maybe not as ridiculous, but just as dysfunctional, are the statements that come from many business owners when it comes to their business growth. Statements like:

  • “I can’t afford to hire someone right now,” when they are completely unable to do all the work just to maintain their business. Where do they think the extra money is going to come from if they don’t hire someone so they can take on more business?
  • “My husband is finished school for the summer and he said he would help me,” was the statement from a business owner of 17 years looking for a new growth strategy because she was working too much and loosing clients. Where did she believe her husband’s new business prowess was going to come from this summer?

The intention to grow is not enough, you must have a realistic goal that cannot be reached by applying a little extra effort in the same places. A growth goal requires a clear vision that will propel you to do the things you have not done before so you can overcome the fear of  trying something new.

Follow a Plan

Desert journey

A clear growth vision will give you the passion to do the work during the times when doing the work is difficult and a plan with steps that can be followed helps ensure that we don’t stop before we reach our destination.

Creating a plan takes a little bit of insight and requires the ability to gather knowledge about the resources needed for each component of the plan.

I was chatting with a real estate investor this morning. He has recently acquired several commercial buildings. He completely understands the value of offering an up-to-date space when it comes to renting offices for a premium, so he is on a path to update and renovate. He knows what the goal is, he has a vision for its value, he has created a plan to get there, and now he is collecting the resources needed to get the steps done.

The work feels easier when you can tackle each step in its turn. The fear comes when we don’t have a process and we try to tackle everything at the same time. The real estate investor knows he cannot have all the trades in his building at the same time. In between purchasing the building and gutting it he invested in more knowledge about development, government requirements and the trades so he could manage the project successfully for his business. The steps of his plan are easier because he is not guessing his next move and then having to put out fires as he goes.

Free Doesn’t Mean Without Cost

One of the biggest fallacies in business growth is to expect to use a free tool or cheaply acquired resource and it won’t cost any money.  When I sit down with my clients and go through the costs of their programs or services, they often find that they are paying way more than they thought to create and deliver it. Bringing things from home, using free online tools, printing a few pages, paying for cheap location, etc. all add up. Usually not everything is accounted for. The one thing that is most often overlooked is the business owner’s own time. When they calculate that they have put in 10 hours for a 2 hour service then they do the math and realize they are working for less than $10 per hour.

We feel fear around growth because we know instinctively that we are working for a pittance and we cannot do more because we really cannot afford to do more.

When you build your plan you must include the cost of your time to implement and maintain free resources. For instance, using social media is very costly in time. In your plan, your long term goal will be to have the social media marketing managed by another person, so you must account for those hours in your estimated costs for growth. It will not be surprising to you that you are working for little money and it will not be surprising to you how much money you need to then hire someone to do the work. The timing and the resources will then be known for that growth step.

Fear comes when we don’t know what we are doing, why we are doing it, or how we will get it done. If you want to be on the path for a greater business growth you have to reduce or eliminate the fear you have around doing the work. Make your goals match your vision, create a plan with steps that you can follow, and understand what your costs really are.

 

Failing vs Traditional Education… What is the Fastest Path to Success

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Like parenting, running a business does not come with a handbook or guide. There are plenty of experts with plenty of insights, stories, and advice to share, but like kids, every business is different and requires a unique and customizead strategy. Many business owners will start a business thinking that having the knowledge of their product or service will be enough to be able to make money and it might for a while, but the business side will eventually catch up with the owner and overwhelm them with challenges. Just because you are great at something does not mean you don’t need training for everything else and here is why. When you start a business you are of course the expert at what you plan on creating. The hats you wear in your business are more than the expert, designer, developer,  and visionary, because if you have not hired anyone else to work in your business your hats include potentially all of these (or more).

  • C-Level management
  • Marketing strategist
  • Website developer, manager, and support
  • The corporate face (chief networking officer and brand manager)
  • Finances (CFO, accounting, bookkeeping, accounts receivable and payable, clerk, corporate value, contracts & loans)
  • Legal (contracts, customer disputes, employees, contractors, incorporation)
  • Operations (delivery, manufacturing, product creation, development, maintenance, quality control, shipping, inventory, and customer support)
  • HR (payments, contracts, disputes, employee benefits & support, Health & Safety)
  • Sales (prospecting, presentations, contracts, administration of, follow-up, stay-in-touch)

If you have not yet read Michael E. Gerber’s E-Myth books, I highly recommend you do so. In his third book, “The E-Myth Mastery” he tells his story about having a successful business, with over 100 people working for him and grossing millions of dollars in business, that  almost went bankrupt. Hearing his struggle to keep things moving forward, to pay his debts, to save face and integrity is difficult. He attributes this downfall to his lack of focus on his money and the people he hired to look after it. If you are running a business of one or one-hundred, you are responsible for the business growth and failure. You have to know what is going on, and that means training. Here are my top 5 recommendations for training:

#5 Traditional Education

This route will not be right for most entrepreneurs. It requires a longer time commitment (1 year or more). The great thing is it can often be done as a part-time program, allowing you to start or run and grow a small business while you learn. The benefit of this type of education is the recognized credentials that come with it, which can often open doors more quickly. The downfall of this type of education is that the professors and instructors may not have any entrepreneur background and the content may be out of date or too theoretical. My policy is that all knowledge is valuable and can be applied, but if you have to bridge the gap between knowledge and real-world application, you will need more time.

  • Look for Entrepreneur programs in colleges and universities. There is a trend to offer programs that focus on entrepreneurship. I teach at Georgian College in Canada that offers both Entrepreneurship diplomas and post diploma programs.
  • The Kauffman Foundation has created entrepreneur programs that are offered in many other locations.
  • Business programs, like an MBA are offered at many universities worldwide and produce amazing entrepreneurs.

#4 Conferences

Attending conferences that focus on business development can be one of the best ways to get up-to-date knowledge from current, legitimate ‘doers’ (the people in the trenches of business). Choose conferences that have speakers you are interested in hearing from, topics that are current, and content that is valuable to your learning needs. There are literally thousands of conferences every year. On my way to a conference in Colorado I spoke with a woman who was going to attend a conference that focused on apartment management. One of the main speakers this year was Barbara Corcoran and Michael J. Fox and last year they had Richard Branson. If you don’t know these incredible leaders then look them up. I looked through their agenda and all the breakout sessions would have been valuable to any business owner (branding, marketing, managing clients, etc.)

#3 Paid Programs from Experts

Experts in your field are often offering free and paid programs. Go and learn from the best. Don’t just learn what they teach, observe what they do and model the pieces that will work with your growth. Many experts (like me) have free programs to get you started. Do the work, then be ready to invest to go deeper. Darren Hardy has an investment rule for his education. He puts 10% of his yearly earnings into learning from people that are ahead of him in ‘the game’ of business. If you are unwilling to put out any money as an investment in your #1 corporate resource (you) then you are already on a track to fail.

#2 From A Mentor

Do you have someone in your life that is successful and you look up to? They don’t have to be wealthy or running a multi-million dollar business, they just have to be doing something really well that you would like learn from. I have been fortunate to have had many mentors throughout my life. Even as a teen, my boss at the pool store where I worked taught me how to be a strong leader in business and how to treat clients and employees. She was well liked and people treated her with the respect she had earned being friendly, supportive, and a straight shooter. She was no pushover, which in a time when women were not as well respected in leadership roles was impressive and unusual.

Who do you know that could teach you new skills, which you could use to run your business? Always be looking for that person and you will continue to have mentors over the years.

Note – you must also be willing to be a mentor. You will learn a great deal from this position, including how to be a great leader.

#1 By Failing

Yep, the number one way (in my opinion) to learn is to do the work knowing that it is not going to be perfect and that you are going to fail on occasion. The key to learning from failure is to be willing to accept that you did something that did not work and know how to evaluate it. The way to the best answers is to ask the best questions. Questions like “What went wrong?” Don’t just accept the first answer to this question, you need to dive down deep to get all the nuances of everything that could be a factor in the event.

If you would like a tool to help you evaluate a problem then try a Fishbone Diagram. This will help you brainstorm the major categories of causes of the problem, like:

  • Sales process
  • People
  • Training
  • Contracts
  • Tools (like software)
  • Procedures
  • Materials
  • Suppliers

By using this tool you will ask a lot of questions around your company and its processes and it will generate some great ideas for improvement.

Expect to be learning for the rest of your life. You can stop, but I bet your competitors won’t and that is when things will change. It is easier to stay on top when you are acting on new opportunities and learning about the industries trends and economic change, then it is to catch up after the opportunities have passed you by and your competitors have seized the market.

Tech-Talk Part 2 – More of What You Need to Know – Shopping Carts

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In part two of this three-part series I wanted to talk to you about Shopping Carts. Being able to sell to your clients in a way they want to purchase is a great strategy for your business. Selling online is a challenge for some, and it shouldn’t be. There are lots of options, including an online-manual approach. There is always the option to do nothing at all. I want to look at reasons why you may want to offer this option to your clients and how it might help your business as well as talk a little about the different options available.

colourful shopping carts

Related Article: Tech-Talk Part 1 – What You Need to Know – Websites

Why Offer Online Purchasing?

E-commerce allows your clients to purchase from anywhere with options.

Business online is increasing by 20% per year with some 2013 statistics predicting over 1 billion annual online purchases globally1. There is a global trend to purchasing online. I believe that this is a result of increased access and the growth mobile technology, as well as the shear amount of time we spend online. We are using this time to do as much of our chores as possible, like research and purchase a needed item or service. This is not industry dependant. We are seeing online purchases for all business types and all product offerings, from very small, to very large. If your clients are online and they have this need, you are doing them, and your business, a disservice by not offering this option for payment.

Recently I found a business that could not only not accept online purchases, they were unable to purchase online. The challenge for their business was 2 fold, they could only purchase items and services for their business from places that accepted cash or cheques and they could only accept payment in this same format. My clients ask for many different ways to pay;. e-transfers from their bank account to mine (my favourite payment), credit card (the most popular) and PayPal. Strangely, I stopped offering cash or cheque about 4 years ago and no-one has complained (except that first business owner I mentioned). Initially I did not have a merchant account so I could not take credit cards, and that was not an issue since PayPal had a great support for this. I used Constant Contact to manage my communications with clients but this was manual as well. If a purchase came in via email or through an in-person meeting, I would have to add people to different lists to ensure they got the information that they had purchased. There was no automatic communications, no information delivery, no easy way to follow up, and no way to track the connection between my purchases and my communications. It was very separate and time consuming, but it was what I could manage at the beginning of my business.

What is the Business Benefit?

When I started using online purchasing I still sent a manual invoice from PayPal to my clients for payment. I did not have a shopping cart and I did not feel initially I needed it.  Eventually handling multiple purchases automatically became the goal. I liked the sound of the possibility of getting up in the morning and seeing a payment in my inbox from someone I had never met. I knew this was not possible with a manual system and this is why I opted to go to a full online shopping cart. Here were my top reasons for implementing a shopping cart versus taking online payments through PayPal.

  • The shopping cart is integrated with my communications system.
  • I can create auotresponders that delivered services, products, inquiries, scheduling calendars, files, etc. once or over multiple contacts.
  • When people purchased, the data of the purchase is captured by the shopping cart for review.
  • I can manage all my clients differently and offer them things specific to their needs based on how they purchased in the past.
  • I could integrate my merchant account and accept credit cards without having to manage the privacy of my clients’ financial information.
  • I could sell from my website, from stage, at events, in person, or over the phone.
  • I can easily deliver my ezine (newsletter).
  • I can send notices and invitations to special groups of people.
  • Most virtual assistants have skills for managing shopping carts so I could easily offload the work.

What are the Options?

The most important thing to understand is what your use is right now and what you are planning for the use of your shopping cart in the future. You need to be able to evaluate the shopping cart based on how you will use it. Transferring between carts is possible, but what I have heard and experienced is that you will lose between 30 and 50% of your list when you make this transfer. I lost close to 50% of my followers and clients in my switch from Constant Contact (a communications only application) and 1ShoppingCart.com (a full online shopping cart). Privacy policies are strict and to be compliant the best shopping carts require an opt-in for new imported lists as a verification. Even if people love you, they may not opt-in to continue as an active name on your list. This means you cannot contact them via your shopping cart.

Not every shopping cart is the same. There are many global shopping carts that will not integrate with Canadian Banks online. Here is a list of what I was looking for in a shopping cart.

  • Both text and HTML mailing features that look great and are highly functional
  • Easy template creation and use
  • Integration with Canadian merchant accounts
  • Support recurring payments
  • Able to attach a file for mass delivery
  • Put a product on sale without having to create new product profile
  • Quick uptake on understanding how to use it  (none are easy, but some are harder than others)
  • Low cost of initial investment

Other services you may need.

  • M-Commerce (Sales done through a mobile device)
  • Autoresponses based on calendar dates and not sign up dates
  • Up-sell features at checkout

A shopping cart is a monthly investment in the operations of your company, on top of merchant and banking fees. This expense for my company is ~$120 / month. How much income do you have to be making before you invest in this and when is the right time? I would recommend that you make this investment as soon as you know your company is going to need it for its future growth and you are already pushing out online communications and taking online payments.

1 EMarket Services

 

Meet Your Clients Where They Are

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Recently I went on a road trip with my husband to interview a Magic The Gathering store owner in Orangeville. I was just along for the ride with no real interest in the main reason for the journey, which was to create a blog post about the local store owner and support his business. This article would go on his blog (MTG Realm) as he writes about this game with a focus on spoilers for new card releases. It sounds simple and maybe even un-interesting to those that do not play the game, but he gets up to 14,000 hits a day on this blog, so there are a lot of people following along.

While in Shawn’s store I became very aware of the business skill he possessed. I was expecting a geek that opened a store so he could be close to his favourite game and what I saw as a man providing a service to his clients by meeting them where they are. Here are the top 5 things I believe he has done right and why.

Facebook not website

The clientèle for this business has an average age in their low to mid 20’s with a lot of teens and a few older people. They are primarily male (about 95 % of players are male). Although the store has a website, there is little information on it. The key communications for this game happens on Facebook, where his community of players can take part and be active in the decisions that are being made about their favourite place to hang out.

Young people want to interact not just have information pushed at them.

Games for everyone

In a past blog post I wrote about his business and I talk specifically about how he has created new games to appeal to the youngest of his clients, knowing that as they progress, they will get better and will stay clients longer.

As business owners you need to look at what you have to offer that will keep your current clients coming back. You can sell ‘one offs’ but you want to try and fill your business with clients that are ‘in love’ with your service and return over and over, bringing their friends and spending their time and money.

Invites the community

On the third floor of his business he has a huge room with high ceilings that needed to be painted. He opened up this room and started an non-profit Art Club for young artists to exhibit murals, painting and photography. He hosts regular events and even offers his own walls for the canvas (see image below).

Koros Games upstairs floor - Art Club

What can you be doing to support the community your clients live in. If you have a location, can you open the doors during off hours for a charity to use. If you don’t have a physical location can you commit time or other resources for local events, not-for-profits, or other community engagements. A business that operates without the connection to its community, whether locally or online, is not as connected to it client.

Simple changes

I laughed at this change, but really… it makes sense for everyone. All the prices in his store include taxes. Not only does it make it easier for his youngest clients to know how much money they need to get a new card to add to their deck, it makes it easier for his employees to help people. He said to me, “Why don’t all businesses do this? It just makes sense.”

Big thinking investments

Originally when he started he was renting a small space on the main street in Orangeville, a city of 25,000, just North of Toronto Ontario. With his focus on his clients his business outgrew the location and he had to move. His answer was to purchase a century old building in a prime location and rent out the street level floor space. He still has two floors of space and he can host up to 200 players for tournaments. This is unheard of outside the large cities. The key is he does not need to fill to capacity to make his money, he simply has the space to offer the opportunity without it being a financial burden on the business. It is one of the reasons he is able to run two events simultaneously to attract both the competitive player and the newbie or casual player.

Are you thinking about your best investments in your business that will give you great resources and give your clients a better experience at the same time? Meet your clients where they are and they will continue to follow you and purchase from you.

To Make More Money – Give Them What They Ask For

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There are three things that affect the way we want to sell our products: our idea of value (price), our self-worth (image), flexibility to create (product).

It is interesting to see how often, we as entrepreneurs, think we know best about what we offer and what will sell. It can be very different than what we think. Our clients are likely already asking for something specific and we sometimes are not listening. Creating a product, setting a price, and being able to deliver with an image of value is not easy.

I was working with a client recently (let’s call her Jane). It was clear that Jane was very focused on what she was good at and she has a phenomenal following. Clients and prospects love her. She spends a lot of energy trying to teach all the people about what she has to offer hoping the ones that understand what she is teaching will purchase from her. The funny thing is, she had several very prominent people saying they needed to work with her, but she didn’t know what she could offer them nor how she would price it.

It wasn’t what she was currently offering. Instead of saying ‘no’ or ignoring them we spent time looking at what she could offer them. It quickly became evident that it was hard for people to buy from her because her idea of value and her flexibility to create did not match her self-worth. She was in the realm of Guru and had created a halo effect around her expertise, but she spent her time selling to those that did not know they needed help in the first place.

By adjusting her product offering and her pricing she now had something that would easily appeal to those that were already reaching out to her. Her image matched her offering and now more easily draws in the right clients, which is not her niche target market.

When you stop and look at who understands you and what they need then evaluate what you offer and see if it matches. When it doesn’t you need to make some changes. Be flexible and willing to make the changes that will appeal to your target market. Here are some tips to make changes in these three areas.

Image Product Price
  • Be seen where your clients are.

Network where they network, advertise where they read, invite them to things they would attend.
  • Make it what they want.

If your clients say I can’t afford that now then make something they can afford. Listen for what they are not getting or they don’t want and adjust for their needs.

 
  • Do not charge by the hour.

Your product for 20 hours should not be 20 times more expensive then one hour. Add value, create interest and price to give breaks for those that pay up front for larger products.

By listening to those that identify with your image and want what you have you identify your niche and create products that will easily sell.

Being and Doing – Giving You Purpose

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I attend an interesting group that meets every-other Tuesday morning to spend an hour talking about topics that affect business, growth, investment, and community. It is always thought-provoking and this Tuesday was no exception. We did an exercise looking back and forward that generated insight into why we entrepreneurs do what we do.

What I realized for myself was that I was focused on what I had done; the tasks, the things that changed and not what I had become. It took the conversations and sharing to see that aspect of what I had accomplished to bring forward and understand the full impact of what a successful year 2013 had been for me and what it meant for 2014. Chad Ballantyne, the facilitator and host of this meeting had coined this as “The DO-BE Balance”, referring to the balance between what we DO and what we become or BE that gives our results.

There was one question (“What did I create this year?”) that I could not easily break apart in to the ‘doing’ and the ‘being’, so I’m going to break it apart for you. I found I could only answer with what I had done and not with what I had become, so I want to give you three questions to start you looking at the path you are on.

If you want to try out the exercise created by Chad then you will find a link to those questions at the bottom of this article.

1. What Did You DO…

What did you do differently last year that created something new and amazing in your business?

Focus on what you have done or produced in 2013. I had created a full program and a year of marketing. I created new 2-day events that opened the stage for other speakers. I created high-end coaching and VIP day programs that accelerated people’s focus and abilities to grow their businesses. It was very exciting and it set me on a path to be able to create full programs, products and marketing calendars for my next year as well as for my clients.

2. What Did You Become…

What changes do you recognize about yourself that you purposefully sought and found?

Interestingly I had forgotten that at the beginning of the year 2013 I was still asking the question, ‘What is my purpose?’  It was not even a year ago I had concretely identified the answer to this question that I had been asking for more than 40 years. I actually had to explore some aspects of my personality before I got to the answers and then have someone else point it out for me to recognize it.

In 2013 I realized my soul (not sole) purpose was to help others follow their passion. I had to give myself permission to be more vulnerable, to admit my shortcomings, to identify my blocks, to shed my professional-always facade, and to take action on what  I really loved to do. It was a painful, time consuming, and costly journey that took the concentrated effort of almost 10 months and the help of a great coach, a mentor, two accountability partners, other peers, and specifically a life purpose coach to hand me the decoded path. It was worth everything I gave to get here because now I can pay it forward and also make money at what I love to do.

3. What Did You Give…

What did you give to find out who you became?

As I mentioned above, ‘being’ is often more costly than ‘doing’. ‘Doing’ can help us feel accomplished and valuable but ‘being’ gives you a credibility to stand on any path and confidently walk in your purpose.

Do you want to do all the work? Here are Chad’s List of Questions.

Conference ROI

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So you are going to a 2, 3 or 4 day conference and you are excited. Great connections, great information, a chance to grow, be inspired and envision something different for your business, but what are you really going to get out of it besides a few days away from the routine of your business?

What to expect?

Before going to any event you should know exactly what you are there for. When I first started going to conferences I was there specifically to learn new tools and strengthen my entrepreneurial business mind. I chose conferences that had the specific learning outcomes I was looking for.

For example, when I was looking at investing in my marketing to increase my business I went to a conference that had experts that were focused on marketing to increase client attraction.

When I had a lot of the tools and techniques I needed as fundamentals in my business knowledge I started going to conferences to find the people that were on the same path I was so I could be surrounded by like-minded people with similar needs. I created my inner circle of people that could understand my needs and we could really connect. I also found the coach that attracted this level of people so I would be totally engaged and immersed in the culture that I could truly grow.

Now when I go to a conference I need to be able to know if there is a return on investment (ROI) for my time and dollars spent. There  is always a learning experience so knowing  how to get and measure an ROI for my time was important. It is possible to learn and get prospects if you are focused.

Do This

Know what you want to get out of the conference. Are you there to learn or to earn? E.g. new clients, people to come to your event, Joint Venture (JV) partners, a total learning experience. Be clear about your intention so you can come with the right attitude and ask.

Red rope barrier on red carpetWhat to do?

When you are at a conference to ‘earn’ and get more clients, you need to have a ‘call to action’ you can take with you. Do you have something to give away, an invitation, something to sell, a JV opportunity you want to share, etc. The key to knowing what to do at a conference when you are trying to create income is to know what you are looking for.

At an event I went to in June I was a speaker that was an addition to the program being offered, so I was unable to sell anything from the stage. What I was able to do was give something away. I created a date to give a free call with additional information on what I was talking about that day. I got nearly 100% conversion from the people in the room that opted-in for the free call.

At the last event I spoke at the conversion was only 10 % because I offered a PDF book written by someone else. Definitely a learning curve to find the offer that is more needed.

With a smaller conversion happening and 2 days left in the conference I was able to set a date for an another free talk and I started offering people the opportunity to come hear additional information on my core topic, which appealed to more people. The great thing about this is I could continue to offer this at any event I went to after the conference (e.g. Chamber trade show, breakfast meeting, etc.) and filled the call with people that might need the business growth support.

Do This

Are your clients at this conference? If not then go with an invitation to JV or partner with someone to create a relationship to build your list. If your clients are in the room know what you are going to ask them to do (know your ‘call to action’). For Example:

  • If you have a product online, bring free samples or a coupon to try it.
  • If you have a service, offer a 1-to-1  consultation with you
  • Create a free event where they can ask you questions and get answers
  • Give them something of value so they will remember you and want to reach out

KEY – get their information and ask permission to put them on your list (like a newsletter or special mailing list). There is no return on investment if they leave with your card and you don’t leave with their permission and contact information.

What could you get?

Since selling one product could turn into a $15,000 client for my company, starting with a trusting relationship and building on that is my key strategy. For my business it is the first steps of the invitation that brings people into my programs for free and invites them to continue to work with me in different programs.

My expected ROI is measured in new clients that sign up for a free program. I get about 100% of people on my list say they want to work with me, but the sale can take many months and most sales start as a small purchase to an event using an early bird pricing special. No one comes into my big programs without first going through this step (not yet anyway), so it is the stepping stone to my year-long coaching/mentoring and mastermind program.

If you have a long sales cycle that work hard to get those people that you know will need your services down the road and get them into your list so you can continue the relationship with them.

Do This

The key to final ROI is to do what you promise and then follow up. Every person that signed up for your event, coupon, or free give away needs to be contacted after they have received your promised item. There will be no tangible ROI if you don’t follow up. You might get them as a client sometime in the future, but you don’t want them to forget you and the amazing things you have to offer them.

Don’t Ignore Your Trends

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Do you know what trends are driving your industry? Understanding the trends means that you can watch for trend changes and be on top of it in your business if you have to make a course adjustment to your business growth and sustainability.

Trendy_purseFirst – What is the trend your business is built on?

Selling water filters may be based on the trend for healthy living, selling MRI machines for hospitals may be the trend of increased disease awareness and the drive for healthier living, and electric bikes may be driven by environmental concerns and the need to also continue with a healthy lifestyle.

In my business of coaching, speaking, and training I see a couple of trends that affect this market and increase the number of people doing what I do tremendously: the economy collapse and the need for education for people later in life.

In 2008 the collapse of Wall Street brought a lot of unrest and worry to the average person, not only in the USA but also in the global market. People were losing their jobs and their homes at an alarming rate. Getting support to carry on, build something new, apply to another industry, or go back to ‘the market’ is difficult and scary. Getting support from someone that can help find the path and keep you on it was one of the reasons coaching became more popular. A second outcome was that the people in that transition could also become a coach.

When people realized that to make a change and apply for a job they had never done before would require education, the education industry exploded. My understanding is that this is true in unstable markets were job loss and unemployment are high. Being a business expert and a coach meant that I could hit a market of people in transition, starting something new by creating a business for themselves, and needing education to make it last. This is the trend I watch.

Second – What are you going to be watching for?

Knowing the metrics, factors, purchasing habits, etc. are great, but knowing exactly what you will be watching and at what time you need to start looking for a new path is even more important. Businesses that are successful stay on top of the trends in their market. Google broke into an already crowded cell phone market a few years back by knowing that there was still room in the technology for growth and innovation. There was still a lot of people that did not own a cell phone and although the younger buyer may be set with their Apple purchase, the older consumer using Blackberry was now looking for something different. If Blackberry had been on top of this trend they would have released their own button-free, touchscreen phone years earlier and it would have likely helped their sales tremendously.

As the baby boomers continue to retire, many without the funds to live comfortably without work, there will continue to be a need for what I do. After that bubble passes my expertise may be in less demand and changing my marketing strategies as well as my services will be the first places I start.

Find out what the trend is that you are following, and look for new trends in your market so you can be prepared.

Grow Yourself to Grow Your Business – 10 Ways to Grow

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It is impossible to grow a business without change and it is impossible to change if you are not growing and stretching yourself to become something bigger and better. To keep reaching, implementing, and finding new things to create you need to be actively growing. Here are 10 ways to stretch yourself and ultimately create a bigger business.

1. Join a Mastermind Group

Weather it is a paid group or a free gathering, surrounding yourself with people that will force you to think differently and come up with new solutions to your issues will help you look at your business differently.

2. Apply for an Award

There are likely several awards in your community, like “Business of the Year” through your local Chamber of Commerce. Don’t worry if you don’t get the award or even become a finalist, applying for the award will challenge you to look at your business differently and start taking inventory of what is expected from a great business that could win.

3. Commit to Creating Something New

If you were to release a new product or plan an event you will have to do some new work that will accelerate your growth. The key is to announce the launch or dates of the event so you will be force to stay committed to seeing it through.

4. Hire a Coach

Nothing gets me more motivated and in action than working with another person that is totally committed to seeing me succeed and able to give their time to help me get there. I have done more for myself and my business in the last year because of this high-end relationship than did the 2 years previous. Don’t just invest time in your growth, put your money where you can best be supported by a mentor that can see the things for you that you cannot see for yourself.

5. Commit to Starting on Your Biggest Long-term Goal

Perhaps you have wanted to purchase property for your business, or lease your location. Maybe you want to have an international team or write a book. Whatever your long-term goal is, make a starting commitment to creating it in your life. Remember to use SMARTAR goal setting to create this goal and also know that this does not have to be the start of a huge commitment of time right now, just commit to starting.

6. Host a Presentation

Get in front of your potential clients, your customers, your peers, and your community. It’s time to be seen or heard. Host a teleseminar, set up a “Meetup.com” meeting, deliver a webinar, or offer to present a talk for your clients or your clients’ customers. The best way to get started is to book a venue and pay for it. You will be motivated to make it happen.

7. Create a 1-day Event

Offering your clients or prospects the opportunity to spend an entire day with you is ambitious and it will really stretch you. You don’t have to do all the content delivery; invite other experts to share the room with you.

8. Invest in a New Marketing Stream

I often teach about the 12+ Marketing Channels and recommend my clients identify several channels for their business and start by working on 2 or 3. Now that you have them down pat, it is time to add to your marketing locations. Maybe add a brochure, attend a conference, create a speaking series, host a radio show, create a cable TV show… Do something new to reach your customers.

9. Connect with Someone You Admire

Have you always wanted to meet The Mayor, connect with the Dean of the local University, have lunch with the Chair for your local Board of Trade? Don’t wait. If these are the circles of people that will help you reach up and do bigger things then find a way to be a part of what they do and introduce yourself. Look for events that they will be attending and arrange to go or if you know someone that knows them, take them both out to lunch. If you want to be remembered then offer to do something for them long before you ask for something from them.

10. Get a Speaking Date Set

Even if you feel you are not ready to speak in public I want you to know that speaking is a very effective way to build credibility with your prospects. Contact local groups, like the Rotarians, schools, associations, or businesses that do ‘lunch and learns’. Get on their calendar to bring your expertise to their room.

Leap into growth, the way a child runs forward into life. You will grow and you will likely do better than you expect.