Maximize Your Resources – Part 2

Posted by jeffheggie

Last week we talked about the first three areas to work through in maximizing your current resources. They were:

  • Recognize the obvious
  • Unconventional breakthroughs
  • Face the facts

Today we’ll cover the next three, which are:

  • Reveal your business’ soul
  • From breaking even to breaking the bank
  • Stand up and stand out
Small Business and customer service

Reveal Your Business’ Soul

Every business has a soul and you likely felt it the strongest when your business was just starting. It’s that passion, newness and momentum you had at the very beginning. Sometimes that can get lost along the way as your business gets stagnant and set in its ways. You have to break out of that rut and get back to your business’ true soul.

The philosophy of putting your client’s needs above your own is the true key to success. You need to serve your clients not sell to them. They want to build a relationship based on trust, not a used car. Add to these responsibilities your ability to solve problems, handle special situations, be a friend to your clients and focus on offering valuable, high quality products/services. Only then will you get back to the basics and find you have more resources than you thought.

From Breaking Even to Breaking the Bank

One of the classic and most used ways to attract clients is to offer them a ridiculously low price on their initial purchase and lock them in for future purchases. You see this approach with movie or book clubs and even credit card companies who offer lower interest rates for the first six months.

Essentially, you are offering them a deal on their first purchase and then you offer them back-end and add-on products along the way. These are naturally higher prices and will bring them in to more of an intimate relationship with you and your company.

Stand Up and Stand Out

You need to stand out from the pack among your competitors. They only way you can do this through consistency and value. You do this by discovering what your USP (Unique Selling Proposition) is and perfecting it. Here are some tips to help you find and develop your USP:

  1. Look for unfilled needs in your industry.
  2. Use preemptive marketing.
  3. Use a technique that is clear and to the point.

This wraps up this post. If you need help with any of these areas and techniques, try our GUIDED TOUR to access a wealth of resources and tools.

You can also get our special Momentum Series training that focuses on helping you become clear on your goals and then showing you the path to get there. Right now I’m offering that program for Free to my readers at: Momentum Training Series.

Maximize Your Resources – Part 1

Posted by jeffheggie

Over the next few posts, we’re going to talk about how to take a hard look at your current resources and get the most out of them. This can help your capital go further and increase your profit margin.

Today we’ll cover three different ways to maximize what you already have. These include:

  • Recognize the obvious
  • Unconventional breakthroughs
  • Face the facts

 

Recognize the Obvious

Sometimes when you are too close to something, you can’t make out the big picture. You need to step back and really take a hard look at the resources you currently have in front of you. You are surrounded by opportunities that can boost your career and help your business become more successful.

Unconventional Breakthroughs

Don’t sit around waiting for breakthroughs, you need to create them yourself. A breakthrough is merely a new way of doing things or finding a new thing to do for the same or better results. You should be having regular brainstorming sessions and encouraging your team to come forward with breakthroughs or ideas any time they have them.

With our current situation with COVID-19, this is more important than ever.

Some great examples of breakthroughs are:

  • A health and beauty company discovers a side effect of a product that can be re-marketed and sold.
  • A company creates a roll-on deodorant inspired by the shape and size of a ballpoint pen.
  • The founder of Nike poured rubber onto a waffle iron and created the most innovative and successful running shoe ever.

 

When attracting or strategizing for a breakthrough there are some key objectives you need to keep in mind. They are:

  1. Look for the hidden opportunity in every situation.
  2. Look for at least on cash windfall for your business every three months.
  3. The more value for your client, the better your breakthrough.
  4. Create multiple streams of idea to find the best breakthroughs.
  5. Effective breakthroughs remove all risk or resistance.

Face the Facts

Before you can put your breakthroughs to work you need to face the facts of the processes and systems that are not working for you and work to correct or get rid of them. System analysis is a good way to do this. Once you have a listing of your strengths and weaknesses, you need to compare those to the strengths and weaknesses of your competitors.

There are some great questions you can present to you and your team to get a handle on where your business is right now. They are:

  1. Why did I first start this business? Why am I in this industry?
  2. What products/services did I offer then? Which were the most popular?
  3. Why are my customers/clients buying from me right now?
  4. How did I generate new customers/clients then?
  5. Which of my marketing efforts were bringing in the best results?

Once you’ve got some answers to these questions, you’ll know better how to approach your weaknesses.

These three areas we’ve gone over give you a jumping off point for how to utilize your current resources to their fullest potential. If you need any help with your strategic or systems analysis, try our GUIDED TOUR to work with one of our amazing business coaches or join our Inner Circle Mastermind.

FREE Momentum Training Video Series

Posted by jeffheggie

Register now for this FREE Training Series https://bit.ly/MomentumSeries

Free Momentum Video Series Training for entrepreneurs

Look at where you are right now in your business, your job, with your family and everything around you. What’s different from a year ago? Six months ago? A month ago? Or even a week ago?

Were you ready for what COVID-19/Corona Virus has done to our daily lives?

The thing is, it doesn’t matter what is going on. How good or bad the economy is. How well your business is doing, how well your clients are doing or anything else. It can all change in a blink of an eye.

There are a lot of things right now that are not in our control, but there are also a lot of things we do still have control over. How you emerge from all of this depends on what you are doing right now.

For this reason I am developing a New Video Training Series to help you have the right tools and mindset for whatever you need to do to come out of this successfully.

You can Pre-Register Today for the Momentum Video Series and be on the top of the list for when it releases.

Register now for this FREE Training Series https://bit.ly/MomentumSeries

Killer Mistakes – Part 3

Posted by jeffheggie

In two recent posts I covered the first four of the killer mistakes you can make that will not only make you lose your fish, but possibly your entire company. Today we’re going to talk about the fifth killer mistake: Up Cash Creek Without a Paddle.

Even when business is good there’s still a chance of running out of cash flow. You have to always be prepared for a slow in sales (such as many businesses today with the impact of the Corona Virus) or a surge in expenses. One of the keys to balancing your cash flow is to get your clients to pay on time. This can seem like a nightmare, but is absolutely essential to a successful business.

Here are some tips to speed up the payment process:

  • Always send invoices on time and adjust your records for potential audits.
  • Learn how the client processes payments on their side and find out precisely where to send invoices.
  • Find out who’s in charge of processing orders and payment, so you know who to contact if needed.
  • Have a follow-up procedure in place, just in case.
  • As a last resort, call your contact to ask questions.
  • Always make sure your invoices are correct before sending them out.

 

You also need to make sure your cash flow is protected. You can do this by:

 

  • Always know which accounts need paid and when.
  • Negotiate with your suppliers for the lowest cost possible.
  • Have a bank contingency plan in place.
  • Build your own inventor network.

 

These are all great ways to protect the cash flow of your business and prepare for fish transitions and slow sales. These last few lessons are all about finding and catching your big fish clients. These clients are essential to your success and your need to take the time to work through each of these steps carefully and correctly for the best success.

If you need help with any step of the process of catching your fish or subsequent big fish clients, try our GUIDED TOURfor access to a wealth of great tools and resources as well as our business coaching staff.

Join our Inner Circle Mastermind to join our weekly call with success-focused people looking to help one another fund success.

007 The Jeff & Heidi Show with Elizabeth Baker of MOM Life Today

Posted by jeffheggie

In this episode of The Jeff & Heidi Show we interview Elizabeth Baker from MOM Life Today and hear about her entrepreneurial journey.

 

Episode 007 Guest: Elizabeth Baker

Elizabeth Baker from MOM Life Today

Elizabeth was born and raised in a small village of 300 people in Southern Alberta, Canada. The moment she graduated High School at the age of 17, she was gone and hasn’t stopped moving since. Despite moving more times than she can possibly count, she has managed accomplish some great things in her 36 years of life. The list includes, but not limited to, a B.A in Social Studies Education form BYU-Idaho, served a full time mission in Kiev Ukraine for the Church of Jesus Christ of Latter Day Saints, married her husband after only 2 weeks of dating and a 3 month engagement, been blessed with 5 kids that are all currently under the age of 10, and has recently started her own business MOM Life Today. The journey that she took to accomplish each one of her accomplishments is anything but average. You see, she has ADHD. To most people it looks like she is always doing things the hard way, but she likes to say that she is doing things the creative way.

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