Category: Planning & Management

There is ONE thing that 80% of business owners don’t do that keeps them in overwhelm, frustration, and chaos.

And I’m going to share with you what that is below … and I’ll even tell you how you can correct it too!

One of the many issues business owners face is bright shiny object syndrome — you know what I mean. The next big idea comes across their desk which they think is the answer they’ve been looking for … so they ditch whatever they’re working on to follow this new path, never finishing what they started…

This leads to overwhelm …

… and then frustration sets in because their business isn’t growing in the way that they hoped it would.

And they’re not seeing results … any results!

An example (and I know this is typical because I’ve had many conversations with clients) is that they are juggling getting their newsletter up and running; posting to their blog; creating products to sell via their website; and launching a membership program – all in addition to getting more clients. Does this sound familiar?

The solution to these problems is to create a plan … so that you don’t get sidetracked and go off course!

And one of the easiest ways to create your plan is to know exactly where you are in your business, and where you want to go.  Once you know which business growth stage you’re at it will be so much easier for you to create your plan; you’ll know exactly where you need to focus your time.

You’ll know exactly what to do first, what to do second, what to do third etc.

No more following that bright shiny object!

I have spent the last ten years running my own online solo service business, and during that time have worked with many clients (from start-up businesses to multiple six and seven-figure businesses).

I have discovered that there is a very specific 3-step process to running a successful, long-term business. I refer to these three steps as the:

3 “Ms” to Online Business Management Success: Manage, Market, and Multiple Streams.

And once you understand the “3 Ms” and how they all fit together, it will be so easy for you to create your plan. And this is where 80% of business owners are going wrong – they don’t create a plan for their business.

Once you have a plan in place, you’ll find that your business runs smoothly, becomes more automated and streamlined, and, more importantly, grows!

Want to know more about the 3 Ms? I’ll tell you…

Step 1: Manage

This is the foundational piece of your business growth and covers your core business management systems such as:

• eCommerce and payment processing system
• Get More Clients System
• Filing Management System
• Creating your automated sales funnel
• Identifying your ideal client

Once you have all these key systems in place you’re then ready for the next step in your business growth.

Step 2: Market

This is where you create visibility so that clients are drawn to you. You need to let your target market know about your business through creating a customized and automated online marketing system – and you’ll also want to include some offline marketing activities in this stage too. During this stage you’ll:

• Plan your stay-in-touch system
• Decide which online marketing strategies are going to work for you, such as hosting your own teleclasses or writing articles
• Create your “free taste” that you’ll offer in exchange for a name and email address

Once your business has got to the stage where you are drawing potential clients into your business daily, and you’ve reached the bursting point in working one-on-one with your clients, then you’re ready to move into increasing profits and leveraging your time.

Step 3: Multiple Streams

The third, and final stage, in your business growth is where you repackage your expertise into various products and programs to leverage your time and increase profits. You’re not ready for this stage until you have the first two steps all in place. It’s no good creating information products if you don’t have anyone to market those products to. So before you rush out and create products ensure that you have a database of potential clients and customer who are ready and willing to buy your products.

To create a successful (read: profitable) long-term business you need to follow a plan. Follow the three steps I’ve shared with you here and you will not be tempted to go after the next ‘big idea’; instead you’ll know exactly what to focus on, when to focus on it, and what to do next.

Let’s set the scene: 

It’s a CoFoundersLab Meetup group set in a fun, colorful coworking hub in town. You see introverted onlookers assessing the scene and you see aggressive sales-y types already making their rounds. And you look on and you wonder if you’ll ever find your match here.

Every week, scores of wantrepreneurs and real entrepreneurs attend these events, comb LinkedIn, and network with friends and family to find the perfect startup mate. Unfortunately, most of them are disappointed and discouraged.

If you are looking for a cofounder, you need to be prepared for a taxing, needle-in-the-haystack, diamond-in-the-rough type of search. It is very difficult to find a cofounder with a similar vision, who is  not only complementary in his/her skillset, but also able to challenge you.

In your search, you may meet cartoons along the way that want to be your cofounder:

• The wantrepreneurs who want to leech onto your business
• The dabblers who have their fingers in 3+ businesses
• The know-it-alls who don’t let you get a word in
• The whisperer who won’t share any details about him/herself
• The no-clues who can’t communicate their background or ideas well

So how do you maximize your time at these events, even though the odds are low that you’ll meet your cofounder, love at first handshake?

1. Read member profiles upfront and have a plan on who you want to talk to
2. Keep your profile crisp and your venture well-defined so the right people will find yo
3. Reach early to catch the other overachievers like yourself
4. Prepare to jump out of fruitless conversations quickly
5. Often the events are at a coworking space, so you may be able to network with others as well
6. Aim for a basic intro and remember the selection process is never immediate
7. Learn what others are doing to see if you can tweak your own elevator pitch or idea

And In the comic above, it’s difficult to decide who to work with. Our options are:

1. Fred Flintstone – Loud-mouthed, aggressive, and constantly scheming often with unintended results
2. George Jetson – Family man who always seems to make the wrong decisions and doesn’t think before he speaks
3. Inspector Gadget – Generally incompetent but gets by on luck
4. Shaggy – The cowardly slacker
5. Miss Piggy – A little too narcissistic and exhibits too much favoritism
6. Flying Smurf – Inventive yet not open to collaboration and discussion 

So, how did you find your cofounder? Which cartoon would you choose as your cofounder? Let us know in the comments below. 

This was originally created by Kriti Vichare for #entrepreneurfail: Startup Success.

New Webcomics series brought to you by #entrepreneurfail and GetEntrepreneurial.com. Enjoy!

What is the vision for your organization?

In any business, the key stakeholders are always trying to anticipate the key decisions and turns. But, who is it that really influences and decides the overarching next steps?

In a large organization, you’ve got your CEO / President / Managing Dictator (misspelling intended) that sets the strategy for the organization – the long term growth plan, the key priorities, the budgets.

And in your own venture, your strategy is constantly adapted. You may attempt to set your own strategy based on your vision and experience. However, as you start, it seems like every new customer sets your strategy, your vision and influences your day-to-day activities! As the key decision maker in your own organization, you soon realize that the influencers pulling you in different directions are your existing customers and potential leads.  The best way to focus on a strategy is to develop key relationships and understand what drives your customers and constantly test and validate with the market.

How did you decide your first strategy? Let us know more in the comments below.

(Learn how this cartoon was made! Check out the stroke-by-stroke playback here)?? 

Laugh a little and enjoy the blips on the road to startup success. This comic and post were originally created by Kriti Vichare for #entrepreneurfail: Startup Success.

The building is not on fire, you are! You are passionate, you are pumped up, you have an idea and you are driven to search and find a business model that works. This is not something you do sitting at your computer even though much of the data we uncover online is helpful, you need to “get out of the building” and talk to real people.

We used to call this the MITS (man in the street) analysis, meaning get out there and profile your customer by asking them questions!

One of my earliest mentors, whom I’ll call Richard was a successful investor and did his basic research at the corner pub spending a disproportionate amount of time there! Why the corner pub (he wasn’t a drinker) however he said that was where he heard about people’s problems and needs ” Just sit at the bar and listen to what people are complaining about and when you hear the same “pain” issue over and over again, there’s an opportunity to solve a problem”.

Richard was an avid reader of almost everything, and especially science fiction and he would advise, ” if you want to have an idea of what society will look like in the future, to research the future of things, read science fiction!” He was a very early investor in IBM! 

Richard wasn’t just a listener, he’d know exactly what questions to ask to get people to open up about what was important to them; what made their jobs difficult, what burdens they carried, issues they faced and what ideas they had about better ways of doing things…… after an evening, a week or a month at the bar a pattern and or a trend would emerge and off he’d go and look for a company that was working on the solution(s). If he found one, liked what and how they were doing, he’d invest!

How many VCs or Angel Investors do you know who take this proactive approach; rather than waiting for a startup founder to pitch them on what pain or need the startup is solving?

It’s all very well for investors to get out of the building, but way more urgent for founders! They need to talk to customers just the way Richard did all those years ago; maybe not literally at the corner pubJ however, get out and ask questions to find out if there is a connection between the idea for the business model and the reality of implementing it profitably!

Why should the founders do this, why not send a research assistant or intern? The reasoning behind this is clear; the founder(s) have the vision, the power to change the value proposition and the direction of the company, to pivot fast all as a result of feedback from customers! Feedback from potential partners and vendors can also be invaluable.

What should the founders be doing? They should be testing their understanding of the customer’s problem, pain or needs by talking with the customer, and listening to what the customer says. Are they on the same page with the customer, and is it a repeatable scalable business model?

In some scenarios founders have a minimum viable product so customers can give feedback ~ will it match their needs, solve their problem and will they want to buy it? This is a way of testing the problem, and understanding the customers needs and seeing if they sync together!

In other scenarios founders may test to see if they can get users and or buyers.

If it’s a product or service that is as yet unknown, find out if and how it will change customer’s lives (think iPhone!)

For the unexpurgated version of “Get Out of The Building” head back to Steve Blank’s free Udacity course on “How To Build A Startup”

Getting out and talking to customers, just the way founders do to prove and test the business model should not be limited only to the startup or early stages of a company. No matter what stage of a company’s life cycle, things can change so it is most prudent to advise your clients or your company to have a “get out of the building” strategy of customer development; a reality check to find out if they are still in sync with their customers. 

This post appeared first on The LinkedIn Publisher.