Category: Small Business

The Corporate Puzzle

The Corporate Puzzle

These are the 7 specific areas you need to consider in your franchise prototype process:
  • Primary Aim
  • Strategic Objectives
  • Organizational Strategy
  • Management Strategy
  • People Strategy
  • Marketing Strategy
  • Systems Strategy
These 7 areas will refine your plan for the highest level of success. In this post, we will cover the first three.

Primary Aim

In business development, it’s crucial to establish goals and envision the future. This vision should extend beyond the business, encompassing your personal aspirations. What do you dream about? How do you envision your path to success? Knowing and comprehending these factors will provide you with the motivation to begin and the resilience to persevere. Take a moment to jot them down and tape them to your desk for a constant reminder of your objectives.

Strategic Objectives

These elements are vital in elevating your business from surviving to thriving. All of these objectives should provide solutions for achieving your primary aim.

There are many things you can use to set strategic objectives, but here are a couple of the most popular:

  1. Money:
  2. Establishing financial goals is a powerful yet straightforward method to assess your progress at any stage. It’s easy to measure and simple to make necessary adjustments to achieve these goals.

  3. Worthy Opportunities:
  4. When contemplating partnerships and other business opportunities, it’s important to assess whether they will contribute to achieving your primary aim. The ones that will are the best opportunities to seriously consider.

The key to establishing standards and goals is not to limit yourself or cause unnecessary stress. Seek quantifiable metrics that allow you to measure your progress toward your primary aim. These are just two suggestions, but no matter which standards you set, pay close attention to the details, as they are one of the most significant factors contributing to your success.

Organizational Strategy

The strength of your organizational structure can significantly impact your business, so it’s crucial to invest time in building a solid foundation for your business to grow from. Typically, a company is structured around the roles and responsibilities that require daily attention and the personalities suited for those roles.

Regardless of the roles and responsibilities you’ve assigned to your employees, it’s essential to keep your personal primary aim distinct from your company’s primary aim or mission statement. Once you’ve determined the primary aim for your company, setting up a position structure that aligns with it will become straightforward.

Don’t forget to create position contracts. Your employees should sign a statement outlining their roles and responsibilities. This helps maintain clarity for you, the employees, and other employees, vendors, or individuals.

You can observe how these areas collaborate to establish a strong foundation for your business. If you require assistance in defining any of these aspects, you can explore the resources and tools available, and also consult with one of our fantastic coaches during your FREE test drive.

Mortar Makes it Happen

Mortar Makes it Happen

Today, I’d like to discuss the three keys to business development and how you can lay the right bricks to establish a solid foundation.

There are three main areas of business development:
  • Innovation
  • Quantification
  • Orchestration

If executed effectively, these three areas will assist you in constructing a solid foundation for your business.

Let’s briefly discuss each one.

Innovation

Innovation should not be confused with creativity, which is the expression of ideas. Innovation involves translating these ideas into action. This is where a significant portion of your focus should be, not only at the outset but throughout your business’s entire lifespan.

Quantification

This, of course, pertains to the numbers. We are referring to the value of your innovation. The most effective way to measure this is through customer response. Positive responses indicate what you are doing right, so continue with it. Negative responses highlight areas where you may be going wrong, and you should address those issues. This approach will enable you to keep evolving and adapting to the needs of your customers and the business environment.

Orchestration

After you’ve identified the areas that are working, you can narrow down those aspects and focus on transforming them into standout ideas. Shifting your focus in this direction allows you to optimize your business and fulfill the needs of your customers.

We can assist you in navigating these three areas to develop your franchise prototype during your FREE test drive.

In the upcoming lessons, we will transition to discussing the 7 specific areas you need to consider in your franchise prototype process:
  • Primary Aim
  • Strategic Objectives
  • Organizational Strategy
  • Management Strategy
  • People Strategy
  • Marketing Strategy
  • Systems Strategy

These 7 areas will refine your plan for the highest level of success.

You Turn Me Right ‘Round Baby, Right ‘Round

You Turn Me Right ‘Round Baby, Right ‘Round

The largest sector of turn-key businesses consists of franchises. There is a franchise for every industry in the world, and they are relatively easy to acquire, coming with pre-packaged, easy-to-assemble systems. McDonald’s serves as a prime example, with a staggering 12-figure number of 38,000 franchises.

There are a few things we are going to talk about:
  • Business Format Franchise
  • The Franchise Prototype
  • Franchise Prototype Standards

Business Format Franchise

The business format franchise originated from an earlier model called the ‘trade name’ franchise. The major change was in the rights. During the ‘trade name’ era, franchise owners only had marketing rights. Now, franchise owners have ownership rights over the entire business, including its systems. This shift in focus has allowed for a transition from relying on the quality and name recognition of the products that constitute the business to focusing on sales techniques that drive the business.

The Franchise Prototype

It was the franchise prototypes that truly enabled the changes necessary for today’s franchises to shine, thanks to the techniques developed by the owners rather than the corporation. This can significantly impact the franchise’s success, as the owner can customize their marketing and promotions to directly meet the needs of their local target customers.

Franchise Prototype Standards

Now, with that said, no one in their right mind would purchase a franchise if the parent company didn’t have a solid plan of action in place to ensure the prospective success of the business. Therefore, several standards are established to help jump-start the process of opening a successful franchise.

Build model of prospective customers/clients, suppliers, creditors and employees who will consistently offer high quality work.
  1. Build a user-friendly model that can be used by individuals of any skill set.
  2. Build a defect-free model.
  3. Build a model with Operations Manuals.
  4. Build a model that will provide guaranteed, consistent results.
  5. Build a model that encompasses the same branding in color, dress and facilities codes.

These are all methods by which the parent corporation ensures that their brand remains consistent and stays in the forefront of customers’ minds. When you purchase a widely-known brand, you will attract customers simply by being associated with it.

If you’re considering purchasing a franchise, speak with one of our experienced business coaches during our FREE test drive.

Expand the Life of Your Business

Expand the Life of Your Business

Today, I’m going to talk about the life cycle of a business and how to get the most out of each cycle while also extending the lifespan of your business.

The four different stages of a business life cycle are:
  • Infancy
  • Adolescence
  • Growing Pains
  • Maturity

We’ll discuss what each of these cycles means and how they can individually contribute to expanding your business’s lifespan.

Infancy

This phase is generally considered the technician’s phase, where the owner is involved. At this point, the relationship between the business and the owner is comparable to that of a parent and a new baby. An unbreakable bond is necessary to determine the path your business will follow. You should never drop your baby.

The key is to understand that your business must grow in order to flourish. You cannot remain in this stage indefinitely.

Adolescence

In this stage, you need to begin assembling your support staff for delegation, facilitating business growth. The first line of defense is your technical personnel, as they should possess a certain level of technical expertise. However, this cycle primarily falls under the manager’s responsibility. The planning stage must begin, and a relationship should be established with the entrepreneur to plan for the future.

Growing Pains

In every business, there comes a point when growth leads to chaos. This is known as ‘growing pains.’ It’s a good problem to have, but a problem nonetheless.

You are often faced with a number of choices:
  • Avoid growth and stay small
  • Go broke
  • Push forward into the next cycle

Maturity

The final cycle is maturity, but this doesn’t signify the end of your business. Your passion for growth must persist for your business to succeed. You must maintain an entrepreneurial perspective to drive your business forward.

You can see how all four of these cycles are interconnected and rely on a strong foundation for your business to achieve and maintain success. Your three key roles (the technician, manager, and entrepreneur mentioned in my previous post) must also collaborate to navigate these cycles effectively.

If you’re having trouble understanding your business life cycles and determining which of the key roles you fit into, consider trying our FREE test drive and collaborating with one of our exceptional coaches.

Gather the Troops

Gather the Troops

Today, I’d like to discuss the various types of support staff you require and why they are crucial.

There are essentially three key roles that need to be filled to set your business up for success:
  • The Technician
  • The Manager
  • The Entrepreneur

All of these roles must be performed simultaneously by individuals with the right talents. It’s all about finding the right balance.

The Technician

This individual represents the present and handles all the physical aspects of the business building process. They are the “doer” and typically the most visible person in the entire operation.

The Manager

This person represents the past and works to address issues by learning from past mistakes. They are responsible for the practical aspects of the business and oversee the planning and assembly of the business.

The Entrepreneur

This person represents the future and envisions the direction for the business. They are responsible for the creative aspects of the business and continually explore ways to enhance products/services, business image, branding, and more.

All three of these roles are essential for the success of any business. To establish a solid foundation from the start, you must put in extra effort to find the right individuals to fill these roles. Of course, you need to be one of these key individuals, but make sure you choose the role that aligns with your skills and talents, rather than simply what you THINK you should be doing.

This process may be challenging for you because you will need to relinquish some control over the business and place trust in people to let them do their jobs.

Remember, our business coaches can guide you through the entire process and teach you how to avoid falling victim to e-myths when you take our FREE test drive.

Are You Aiding & Abetting E-Myths?

Are You Aiding & Abetting E-Myths?

We are going to embark upon a journey through the world of e-myths and debunk them to help you avoid falling into the e-myth trap.

First, let’s take a moment to discuss what an e-myth is. An entrepreneurial myth, or e-myth, is the assumption that anyone can succeed in business with:
  • Desire
  • Some capital
  • Projected a targeted profit

This sounds great, but it’s just not realistic. Think of starting a business as a marathon. Sure, everyone starts out of the gate at a record pace, but after a few miles, people start to slow down, and some drop out entirely. Building a successful business requires stamina and agility.

The reality is that there are many different facets to a successful business and none of them can be ignored if you plan to find success.

Let’s take a moment to discuss entrepreneurial seizure. This term defines the roller coaster of emotions that accompanies starting, nurturing, and the potential failure of a business.

The emotions that occur, in order, are:
  • Exhilaration
  • Exhaustion
  • Despair
  • Sense of self-loss

This is usually caused by the e-myths and assumptions we talked about. Your hopes can be raised so high for instant success that even the smallest setback can send you into an emotional tailspin. This feeling is also brought on by the stark realization that you can’t do everything and will need help in areas where you lack knowledge. Faced with limited choices, you may feel the urge to back out and hide, but don’t do this.

Use our FREE test drive to get the business coaching you need to avoid feeling overwhelmed and defeated.

Put Them in a Trance

Put Them in a Trance

We will go through the 5 essential keys to a successful and reusable marketing campaign launch. Once you have these basics down, you can use them repeatedly.

The 5 essential keys are:
  • Define your Unique Selling Proposition (USP)
  • Put an effective sales offer to work
  • Avoid the marketing pitfalls
  • Use a world-class marketing perspective
  • Get results!

We’ll go through each of these so you can see how to use them and how they affect the overall outcome of your marketing campaign.

Define your Unique Selling Proposition (USP)

Take the time to ask yourself some questions from the perspective of your customers/clients. What would it take to get their attention? What needs do they have that need to be met? What are the promises they want fulfilled?

Once you know the answers to these questions, you can start putting together a plan to meet these needs. Then, take a look at the USP (Unique Selling Proposition) your competitors are using to help you develop your own. Your USP is the promise you make to your customers/clients. It’s what will set you apart from your competition.

Put an effective sales offer to work

To develop an effective sales plan, you need to:
  1. Put together a headline that gets immediate attention.
  2. Share the benefits of your products/services, speaking from the customers’ perspective.
  3. Identify the specific needs met by your products/services.
  4. Make it easy to do business with you by offering guarantees.
  5. Share your specific sales proposition.
  6. Walk your customers/clients through how they should respond and act.
  7. Motivate with a call to action.

What all this means is that you must assemble what makes your products/services special and compel customers to make a purchase. If they don’t feel like they NEED your product, they won’t buy. You must address a question, solve a problem, or satisfy an obsession.

You need to provide them with all the information necessary for an informed and confident decision. Buyer’s remorse is one of the worst outcomes.

Avoid the marketing pitfalls

There are 5 major marketing pitfalls many businesses fall into and you should avoid:
  • Ignore market testing and push on with an inaccurate plan.
  • Include incomplete information or reasons in their marketing plan.
  • Fail to notice the needs of their prospective customers/clients.
  • Fail to diversify their marketing options.
  • Fail to get market opinions on their offers.

These are all areas to avoid. If you’ve been working through these lessons, steering clear of these pitfalls should feel easy and natural.

Use a world-class marketing perspective

A world-class marketing perspective is crucial, especially if you aim to attract customers/clients from around the world.

You can do this a number of different techniques and activities:
  1. Keep a marketing journal and jot down any innovative ideas you come across.
  2. Keep encouraging your marketing department, or yourself, to try new things and discard what isn’t working.
  3. Place an order from your own company using a different name and analyze the entire process, including ordering, shipping, the online store, customer service, and the product itself. This will reveal areas for improvement in the customer experience.
  4. Read every quality ad you can find and keep a file for future ideas to consider.
  5. When out in public, watch how consumers behave in different situations and how they consider their purchases.
  6. Step down a notch or two and work on the front lines with your sales and customer service staff.
  7. Continuously acknowledge your staff, vendors and customers. Everyone works and shops better when they feel appreciated.
  8. Always listen to feedback from employees and customers.
  9. Continuously test markets, ads, and marketing techniques. This is the only way to remain successful and understand what’s working and, more importantly, what’s not.
  10. Offer more information in your marketing than anyone else. The more information you offer, the more products/services you’ll sell.
  11. A great marketing plan can always improve. Continue to fine-tune and refine your marketing plan based on testing results and feedback.
  12. Maintain classiness in your marketing. Ensure that your marketing and advertising align with your company image, products, services, and quality.
  13. Improve your best marketing areas and drop those that aren’t working.
  14. Focus on what you say, not how you say it. The best marketing ideas naturally evolve into the best marketing.
  15. Develop all your ads, campaigns and sales materials with an attention to compelling and factual information.

By using these techniques you can put your name out there to the world and become one of the top brands in your industry.

Get results!

The last area we will discuss is having the most satisfied customers. If your customers aren’t satisfied, you’ve wasted all your marketing resources and any chance of positive word-of-mouth advertising.

You can satisfy your customers by:
  • Providing quality products/services
  • Providing high quality customer service
  • Providing a low-pressure, highly informative sales experience
  • Taking all the risk away with a great guarantee
To generate more business there are a couple of simple techniques that work every time:
  • Build your database with a contest.
  • Do regular mailings with sales, discounts, or other incentives.
  • Find other creative ways to keep your current customers coming back for more.

“As long as the reward is directly related to your product or service, you can’t lose. Why not get started today? It’s so simple, it’s so seldom done, and it’s so profitable. And that’s the bottom line.” – Jay Abraham

It’s so simple! So, why aren’t you starting today? We can assist you in creating a great marketing plan that will yield results. Give our FREE test drive a try and discover the tools and resources built by some of the biggest names in the marketing world.

Do It Like the Big Dawgs!

Do It Like the Big Dawgs!

Today we’ll take a look at how the kings of industry wine, dine and otherwise cajole prospects.

Most successful professionals use a series of information-based ads that build emotion and include a call to action. These are much more effective than standard company branding advertisements. The same principles that go into putting together a high-impact (and, often, high-priced) ad campaign can be adapted to fit your needs with similar results.

Here are some ways to put together and execute a professional, effective ad campaign:
  1. Put together a short report that you’ll automatically send to prospects when they contact you. This should include a brief description of your business and what you specialize in. Don’t forget to include case studies, samples, or other proof of your success.
  2. Develop value-oriented yellow page advertisements.
  3. Consider newsletters to educate and inform customers about your industry and services.
  4. Offer a free seminar, webinar, or other lecture to raise awareness of your business. Ensure that the information is relevant to your target market and invite respected industry speakers.
  5. Purchase an existing business, implement improved marketing strategies, and accelerate the growth of this new venture compared to starting from scratch.
  6. Always test different versions of your ads to find the most effective ones.
  7. Use direct mail marketing to grow your business.
  8. Put together a database of previous customers and send them new information.
  9. Offer incentives such as frequent purchase benefits, loyalty programs, referral programs, or other options.
  10. Approach large firms who may need your services and negotiate a deal to be their exclusive expert in your field.
  11. Offer a 24-hour information line with a regularly updated recorded message. Make this available to all past and future customers/clients.
  12. Donate time or materials to local charities to show support in your area.
  13. Offer public clinics where the general public can come to discuss their needs in a free and approachable environment.
  14. Organize seminars that your customers or clients can pay to attend by creating a high-perception value package.
  15. Approach the local newspaper and offer to write a weekly column about your area of expertise. Request a byline and a bio without asking for payment.
  16. Develop a weekend or another destination seminar for your customers or clients. This not only provides you with an action-packed weekend with the most important people but also offers them a tax-deductible business adventure.
  17. Take a good seminar and turn it into written form as a home study, member site program, audio or video program.
  18. Approach large companies and offer to give seminars to their employees, investors or management.
  19. Be proactive with your marketing plan.
  20. Barter for your marketing. Offer products or services in lieu of payment.
  21. Be willing to bring in new clients, even if at an initial loss because it will likely pay off later.
  22. Regulate your marketing budget to maximize the potential income from them to hit the next year and try to push back advertising costs for the next year to offset your expenses.
  23. Make offers to target markets or target market businesses to pay them for referrals or shared databases.
  24. Offer loaner products to replace equipment that is to be repaired or refurbished.
  25. Give away something free to everyone who brings in a print version of your advertisement. This is a great way to see which ads are giving you the most bang for your buck.
  26. Continually consider what new products/services you can offer to current customers/clients.
  27. Develop a mail order division of your company.
  28. Propose a trade to your competitors, exchanging customers or clients with whom both parties were unsuccessful in selling.
  29. Use different marketing tactics as an excuse to attract new customers/clients with new offers and goodies.
  30. Offer a “you-choose-the-price” program. This is especially useful for products you just can’t seem to sell.

So, there are 30 great ways to market to other professionals and businesses.

Some other great ways to get your name out there for little or no cost are:
  • Get involved in your community by volunteering, donating to local events, and more.
  • Join your local Chamber of Commerce and attend the networking and other activities throughout the year.
  • Join a local, state or regional professional associate for further networking opportunities.
  • Become a board member of a local organization.

Advertising should never be your sole marketing method; there are numerous personal ways to promote your name to potential customers or clients.

“Effective advertising…must be used to get your name out to the public. If your name is not familiar to people, they will not come to you.” – Jay Abraham

If you’re not sure where to start with your marketing plan, or how to reach out to your local community, competitors, customers/clients, and others who could positively influence your business, try our FREE test drive. Experience the tools and resources we have to boost your business to the next level and beyond.

PR Equals Free Publicity

PR Equals Free Publicity

There are three key areas of public relations you can use to boost your advertising results ten-fold over your paid advertising.

The key to public relations lies in:
  • Public relation or publicity
  • Merchandising
  • Promotions

With a solid plan in place that encompasses all these areas, you’ll have a great approach to use public relations in the best way possible.

Public relations encompass all forms of media. Don’t limit yourself. The attention of newspapers, television, radio, magazines, bloggers, ezines, and more holds equal power. Online marketing is just as, if not more, important than traditional media.

Here are the steps to get noticed by the media:
  1. Put together a press release for your company. The press release should be relevant to your target market and address consumer interest, not just announce your business.
  2. Compact your press release to include one hook and one angle. Choose the most attention-getting to make sure the media person you are sending it to is interested in reading it.
  3. Format your press release professionally. For press releases, include a dateline, place the most important information at the top, provide facts and figures, and conclude with contact details, including the names of contacts and how to reach them. Print the press release on your letterhead.
  4. Send your press release to all television and radio stations, both local and metro newspapers, national newspapers, industry magazines, and any other form of media that reaches your target market. Don’t forget to include relevant blogs, ezines, press release submission sites, and industry professionals.

More importantly than having a perfect press release is ensuring that you have addressed the needs of your target market in the products or services you offer and have made that clear in the press release. If you provide people with a solution to a problem, a way to avoid a problem, and an opportunity to enhance their lives, the media and the public will be interested.

If you have a connection (or the ability to get a connection) with a celebrity, this can practically guarantee you’ll get attention. Make sure you are offered newsworthy information, and then follow up with media outlets to make sure they are publicizing that information.

“One of the most powerful techniques every business should use is free publicity. As the name implies, there is no cost, just the time and effort required to attract attention to your business.” – Jay Abraham

Our FREE test drive can demonstrate how to create effective press releases. Learn from the pros and craft the perfect press releases for your business.

How Well Do You Know Your Vendors?

How Well Do You Know Your Vendors?

It’s extremely important to build relationships with your vendors and those around you, as they can bring in new customers/clients and increase awareness of your company branding.

The people you work directly with on your products and services are really the ones with the most to gain when you find success. By taking the time to get to know them, you’ll find a whole host of opportunities you didn’t realize were there.

Look for great ways to offer rewards to your vendors for helping to grow your business, and everyone wins. One way you can do this is by offering performance-based incentives that are much larger than their normal charges.

Here’s the step-by-step process to putting together a partnership with a vendor:
  1. Approach all the vendors you work with and offer an incentive based on performance.
  2. Put the generous incentive plan together from their perspective, even take suggestions.
  3. Develop a clear, concise and easy to track incentive plan, this will increase competition between vendors and therefore higher performance levels.
  4. Encourage subsequent sales instead of focusing only on the initial sale. By doing this you can give away more of the profit from the initial sale to your vendors and make higher profits off the back end products.
  5. Encourage:

    • Future sales
    • Upsell better and more profitable products/services
    • Cross-sell to additional products
  6. Create an incentive plan that’s irresistible to your vendors by offering generous, exclusive compensation.

Think of all the vendors you work with and the creative ways you can put together an incentive plan that entices them to be part of your business. Use their talents, capabilities and connections and you’ll both be winners.

Putting together an incentive plan doesn’t have to be a complicated process. Use our FREE test drive to come up with some great ideas and put your incentive plan together for maximum results.