Now that most have started and finished their New Year Resolutions. Lets look at 5 critical elements that need to be consistently implemented within your business in order to have a successful 2011.
When a new year comes around, many people around the world take the time to reflect on the past and set goals for the future. New Year’s Resolution seems to be a common pastime. Get in shape, quit smoking, reduce debt, spend more time with family: the list probably looks pretty familiar. However, while the list usually looks the same no matter who you talk to, it is estimated that up to 90 percent of these resolutions will fail.
Why is that? Though the specifics may vary, for most people, it comes down to a lack of planning and knowing what to plan?
The same is true in business. For many entrepreneurs, yearly planning revolves around growth and success in the New Year. However, without understanding the pillars of a successful business, such success will likely never occur.
Statistics show that new businesses:
- Only have a 50% chance of surviving five years.
- In any given year, up to 30% of businesses lose money.
- Another 30% barely break even.
To avoid becoming a failure statistic this year, keep these five tips in mind to help ensure business success in 2011.
1. Think Like A Marketer. Most people get into business due to a passion for their specific product or service. While this passion is essential in order to develop a product that consumers will want to buy, it should never be a business owner’s exclusive mindset. For real success in 2011, start thinking like a marketer.
Put yourself in your clients’ shoes. What will excite them? What will get their interest? What will motivate them to buy?
A marketing mindset doesn’t neglect product quality and business prowess; it merely harnesses those elements and gears all decisions toward meeting the needs of consumers, which will lead to more profits in the coming year.
2. Be Coachable. Everyone knows that Michael Jordan is one of basketball’s all time greats. However, for as much inherent talent that Jordan has, he achieved the most in his career because he was coachable.
When Phil Jackson joined the Bulls as their coach in 1989, Jordan made a point to welcome his coach in front of his teammates and say, “I am coachable and ready to learn.”
Jordan could have had a good career no matter what his attitude, but he had a great career because he was coachable. Top athletes have a coach. Top actors, musicians, and artists have coaches, too. So it only makes sense that top entrepreneurs have a coach as well.
No matter how good you are in business, make sure you are always open to learning.
3. Walking Through The Mind Field: More than seventy percent of business failures could have been avoided if people got proper professional advice. What is the best thing you can have when crossing a mine field? Not a map, not a GPS, but someone who has already walked through that exact mine field and succeeded.
In the business mine field, find someone who has had the business success you desire and learn from them. Don’t make the mistake of thinking you can do it alone, or 2011 will be a year of disaster. Actively seek guidance and insight from others in the field.
4. Get Off Your Ass. In 2006, the movie “The Secret” tried to convince audiences that good intentions made all the difference. While it is true that good intentions are important, the central theme of that movie has hurt more people than it has helped. You can have the best intentions in the world, but if you never do anything with those intentions, it’s nothing more than a fancy idea floating in your head.
Stop intending for success and get off your ass and make it happen.
5. The Power Of Three. Everyone does only three things that account for ninety percent of their total income. Understanding this fact can help revolutionize your daily functions and will dramatically improve your profits.
Spend time identifying the three things that lead to your income. Once you know what these three things are, reorganize your priorities so that 85% of your time is devoted to those things and delegate the rest. With that kind of focus and dedication, you will see viable increases in your profits in 2011.
2011 can be your best year yet. Take action and let 2011 be your year to shine.
There is great power in group ideas. Share below what has worked for you in your business.
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Hey Fred,
I just want to thank you for all these posts. I am working on my career and your advice is truly valuable.
Thanks buddy
I
Hi,
I am “open to learning” and that is why I read everything you put up here!!
I actually never thought of making business resolutions but this is great advice and I will take that advice. I am coachable.
wonderful stuff Fred. Thank you.
Such great ideas
I love the power of 3 idea and I am working on it now.
Great read Fred. “Think Like a Marketer”, and “Get Off Your Ass”. I like it! Thank you for this. Keep em’ coming!
Best.
nice post fred
I love the fact that you mentioned “group ideas” knowing many business owners are extreme type A’s and do not like much input. Getting some trusted ideas from others is a great idea. you really know your craft fella.
You got to the point quickly. Thanks for the bottom & top line communication! Fantastic.
“Think like a marketer”
I have taken some great beating on that one.
)
Just learning now that I (not some one else) have to think 100% about selling my product. (though I would love to just keep developing
Mads
Mad, no company survives without sales. That does not mean we should not sell with integrity.
Hehe Fred. As mad as I can some times be, my name is Mads
On selling: I aim to make life time customers so if I sell without integrity I just shoot myself in the foot
MadSSSS, dont be Mad at me. he he
Well put – we get so focused on closing a deal that we sell our integrity in order to make a sale.
Hehe – it takes much more to make me mad. It just puzzles me how many North Americans do that mistake.
It has taken a lot of work with my coach for me to realize that to get over the hurdle of being afraid of selling I had to realize that what I have is something that will really improve the live of the customer.
And if they dont want that sure some one else will and I need to find them
Mads
Mads, that is the main realization we need to be aware of.
Believe in your product / service. = Sell it to those you know should have it = when they do not see the value you move on to the next one.
Yeah – finally I am starting to understand that.
IT then just need to be combined with what you teach here: communication and bingo things happen
Great points Fred.
I believe thinking like a marketer and taking action are so key for any individual looking for success. I also think seeking professional advice is right up there since some items are not our own area of expertise.
Aubrey
We can have all Teh systems in place, have all the fancy marketing, and all The gadgets. But until we are able to put ourselves in the shoes of our customers that is all we will have. One thing we will not have is a business that will last as there will be no sales
Hey Fred
Besides just putting on my imagine/thinking hat and pretend to be a costumer.
Do you have any advise on how to understand the clients better?
Mads
Mads, I will share with you what I think is one of the most important.
We truly have to want to help them succeed, truly want to understand them, and truly want to make them feel important.
The best way of doing that is to simply just listen to them. Yes not a complicated drawn out answer with big flow charts and statistics.
Just know how you feel when you that person in front of you genuinely cared to understand your situation. It is a precious gift any one can receive
Great words from you again.
Imagine myself in the shoes of the customer – will do that more
Thanks
Mads
GREAT ideas – love this post!
Thanks Fred. I am reading the book called “Crush it” by Gary Vaynerchuk (spelling?) He has laid out some great ideas for helping people build their business online through social media. It’s a great book. I still have a problem trying to sort out where to start!
hi fredymama that was some great post, my favorite was the coachable one. i like it because even thought it was a paragraph long to me it sounded like a passionate quote:)
My favorite comments I receive are from you buddy. No one can ask for a better nephew. Miss you lots and love you.
Go out and play