In the beginning of my entrepreneurial existence, I didn’t know one tenth of what I know now. I also made thousands a year, where now we make multiple millions! Based on all I’ve learned, the following article are my four tips for building your business brilliance, and building it FAST.
After you read this article, let us know if you are interested in the accompanying CD that allows you full access to the Building Business Brilliance coaching session I did with several Donna Krech Connection 2-day attendees. This is real, behind the scenes stuff. You’ll feel like the proverbial fly on the wall as you listen to what even the attendees didn’t get to hear.
Here’s the first tip: If you want to build a million dollar business, keep monthly accrual and cash statements. You need to know what your business is doing in both forms, so do build its value. It’s also wisdom to do a business evaluation regularly. Million dollar businesses are built from day one. So, whether you’re planning on selling or not, always be building the business’ worth. This comes from your customer base growing, your accounts receivables increasing and your continuity income adding up daily!
You want to do these two kinds of statements for the obvious reasons too. When you watch your numbers closely, you always have a handle on what’s happening and can make decisions that improve things. I must admit, I love the business model we use because it can turn like a SPEEDBOAT where most businesses turn like a freight liner! We can go from no money to thousands over night! We’ve actually done $1,000,000.00 in a day!
Leaving a million dollar legacy has to do with more than dollars and cents and that’s a crucial piece of Building Business Brilliance. Balance is invaluable! A million dollar legacy is one that someone would pay you a million dollars for. When you combine your passion with what you do in your career, and share it with those you love… the result is a million dollar legacy. It’s about WHO you are, not just what you do.
Second tip: Three components are key to soaring success in your own business. You need a vision, mission and purpose for business and life.
A vision is simply a description of the big place you want to go with what you’re doing, what problem you’ll fix with it. What’s the big picture? It’s all about futuristic thinking.
What’s your BHAG- your BIG Hairy Audacious Goal?
In the books Good to Great by Jim Collins and Mastering the Rockefeller Habits by Verne Harnish… best business books ever… a great illustration of a BHAG is shared.
Starbucks said their BHAG was to have 2000 units by the year 2000. When asked how they were set up for that, their response was that they were completely in line for it. The response they received back from Jim Collins was this. “Then it’s not really a big, hairy, audacious goal is it? It needs to be HUGE!” They decided their BHAG would be to be the most recognized brand that has ever existed in all mankind. It’s presently held by Coca-cola. Now THAT’S a real BHAG!
One of our companies, Thin&Healthy’s Total Solution, has this vision. “We will be the ultimate provider of hope, health and opportunity to the world, increasing happiness and victory for every soul we come into contact with (initially 1,000,000).
Your purpose is easy, it’s what you do. What function does your business perform?
Our purpose is “We help people look better, feel better and live longer by providing proven systems in weight management, fitness and Life Success, resulting in optimum health, more balanced living and their best possible life.”
Know your mission. Know how you do it better than anyone else, how it’s done differently than anyone else does it. What USP (unique selling proposition) sets you apart and that you could literally become world famous for? What makes you stand out?
In our weight loss, movement and motivation company, THTS, our mission is this. “We focus on motivation, education and permanent results rather than deprivation and instantaneous change.”
Third Tip for Building Business Brilliance into SERIOUS money!: You gotta know what’s in your Sales Funnel! This means you need to know what you want customers to buy before you can sell it to them. It’s a graphic that literally looks like a funnel.
Leads go in at the top and the biggest thing you’ll sell is at bottom (for me it’s coaching because that is one HUGE dollar item; time is too precious and I don’t even know for sure that there is enough money for me to do that).
Next to the biggest item, based on content and investment, goes the item that is one step smaller than the biggest you will sell, so it’s near the bottom of the funnel. (Mine says Inner Circle.) The next biggest, decreasing in content and investment, is above that (mine is a Master Mind Group). The next one on mine is our License.
The pattern follows suit up the funnel, moving to a lesser cost on each item, until you find yourself at the free items that leads (we call them lives) receive. Please don’t confuse the funnel with levels; it’s not set up as levels.
There is no particular order the items will be purchased in. The funnel merely shows you what a person can get from you. The funnel exists so customers can know the places they can go, how they can get more and more connected to you and what you know.
Key to remember… a funnel is big at the top, therefore more can fit in there. One reason there are more in is due to less investment, or zero if what you’re offering is free. As they move through the funnel, there will be less of them, as they increase their investment and do better in their life.
You need a sales funnel. Some suggestions for what could go inside of yours are products, coaching, counseling, consulting, facilitation, etc.
If the business you run is inside of another business, build your funnel with your passion. There are people all over the world who want what you’ve got a passion for sharing. No maybes!
Stay tuned next week for the 2nd half of Building Business Brilliance where we’ll give you the fourth tip: proven steps for establishing all the parts of a healthy business (marketing, sales, service, administration, and leadership).