The problem is that if we aren’t making enough money in our entrepreneurial endeavor, we look for something else we can do to make money while still being able to do what we are passionate about.
Then all of a sudden you find yourself involved in several different companies and projects and you struggle to remember your title which stretches across an entire page. You find yourself struggling to think straight, let alone actually do anything productive for any of those projects.
This trap of doing more to produce more is deadly.
Here are 3 simple steps you can do to turn that chaos into productivity and get your life back.
Plus, receive a FREE resource at the end of this blog that will help you succeed in what you love and gain time freedom.
Perhaps you recently came up with a great new business idea. The concept makes sense and your friends or co-workers urge you to give it a try. This could be the beginning of a successful entrepreneurial venture. However, you must realize that an appealing idea isn’t all you need, it’s just the beginning.
These four pitfalls can sink many promising startups:
Few companies succeed by simply putting a product on the market and expecting it to sell. To have staying power you must have strategy and values that takes you to your vision.
Many entrepreneurs have a great idea for a product or service. They are confident that they are offering something that’s new, innovative and desirable. However, they don’t always think about how they will make their potential customers aware of their services and this lack of visioncould have severe consequences. Developing a marketing strategy is easy with these six steps.
It’s imperative to come up with a short, simple answer for what your organization does. Sometimes this is as easy as naming your category or industry. A short statement such as: “We offer accounting services for doctors and dentists,” or “We manufacture reusable water bottles,” is all that’s required. This is the beginning of creating an easy way for customers to remember you.
Are you trying to reach college students or soccer moms? Maybe your customers are banking executives, accountants or office managers. It’s important to develop a narrow focus. By stating your intent to serve a specific portion of the population, you may feel that you are excluding many others. The reality is that a more targeted approach is an excellent way for you to direct your marketing strategy in a vital direction.
I’m a competitor on NBC’s American Ninja Warrior and an entrepreneur who founded a Ninja Park fitness gym 5 years ago.
I’m great at everything 'Ninja' and helping others achieve their fitness goals, but I struggle with the business side of my company.
So, I called George Black because he guides entrepreneurs like me.
(If you want to hear our conversation - raw and unedited, click the play button at the bottom)
I started by telling George that I am struggling with the accounting side of my business and I am stressed about making the deadline for taxes. I explained that I feel inadequate to be an entrepreneur because I can’t manage the financial side of my business.
Then I hear myself telling George that I hate doing the accounting and it seems to be killing my entrepreneurial desires. I know this has to get done properly for my business to continue, but how can I continue with this strain on my passions?
Even I'm surprised by the intensity of what I am saying.
SWOT Analysis is not a new tool. In fact, many entrepreneurs and organizations have used it for over 50 years. It is a framework through which a firm identifies its strengths, weaknesses, opportunities and threats.
Although SWOT may be the best known, there are number of other tools available that are similar, but different. Let’s take a quick look at a few of them:
SWOT is a simple analytical framework that looks into the potential of an organization given the available opportunities and threats.
In other words, it collects information via environmental analysis which separates internal strengths and weaknesses of an organization from the outward opportunities and threats.
The Chief Financial Officer is a top-level leader of a company who oversees an organization’s finances. Although expectations vary by company, a CFO’s responsibilities often combine the duties of a treasurer, controller, strategies, planner and advisor.
This professional oversees a firm’s accounting staff while analyzing economic data and making major financing decisions. A CFO is present to future focused, while knowing what has occurred in the past.
Chief Financial Officers work to identify the most lucrative investment strategies to grow companies. They assess current equity, liquidity and debt figures before spending any money.
A competent CFO takes calculated risks that raise profits without putting the company in danger. He or she knows how to avoid excessive debt burdens and ensure a firm set aside adequate emergency funds. This Officer also has the expertise to negotiate advantageous business deals and contracts.
Staff members often look to owners and executives for guidance. Despite their education and experience, leaders don’t always know how to solve every problem. A business coach or mentor can help you run your company wisely. However, it’s vital to understand the differences between these two types of advisors.
A business mentor usually possesses more experience than a coach. He or she has probably overseen at least one firm for many years. This individual concentrates on providing general advice and inspiration. Proprietors frequently tell mentors about new ideas to confirm that the concepts “make sense.”
These professionals strive to build lasting relationships with the company leaders they serve. Rather than solely focusing on commerce, they can also discuss personal issues. For example, you might need advice on balancing business responsibilities with the rest of your life. Executives can escape isolation by confiding in their mentors.
Is your business leaving money on the table? What kind of options do your clients have when they want to make a purchase? If you haven’t created a value ladder for your business, then you’re probably not generating nearly as many sales as you could be.
Value ladders give your business structure and help you maximize profit by making different product or service options available at different payment tiers. The benefits of this are two-fold:
1. Clients have more options available, so they’re more likely to find an option that fits their needs.
2. As your clients grow, they can ascend up the ladder with your business instead of needing to find a new business that fits their needs
Essentially, your clients can find a free or very inexpensive option towards the bottom of the ladder. When they need more, they can move up to one of the more expensive options. Since they’ve already chosen your business in the past and benefited from it, it’s more likely that they will continue to choose your business to fulfill future needs.
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