How Successful Business Owners Reach Their Goals

Have you ever wondered what sets successful business owners apart from their less successful counter-parts?

Well, there are actually several things. But one of them?

Consistently reaching their goals.

Popular Speaker & Coach Bill Davis talks about how – exactly – successful entrepreneurs are able to do that on a such a consistent basis.

Finding the Time to Work “on” the Business vs. “in” the Business

This is something that comes up all the time with Bill’s clients. Finding themselves so busy working “in” the business…that they barely have enough time (any?) to work “in” it.

Popular Speaker & Coach Bill Davis breaks it down on how he advises business owners to do excel in this area.

Using LinkedIn To Get More Sales

LinkedIn is a professional social network that people use to try to connect with others within their area of interests. It is actually a very popular way for people to find out about potential job openings or simply about what other people in their work field are doing.
There are ways to use this social network to boost your own sales. You can treat it as your own personal place to make more sales and build up your customer base. You may just be surprised by how many people out there are clamoring for the products you want to pitch to them.

Leave The Cold Calling Behind
One of the nicest aspects of using LinkedIn for your own business purposes is that you do not have to make those dreadful cold calls anymore. For one thing, most people do not answer calls from numbers they do not recognize anymore. They just send it to voicemail or ignore it completely. Besides that, even the people you do get to answer are often not interested in what you are pitching to them.
This is yet another reason to love LinkedIn. They help you connect just to those who will likely have a legitimate interest in what you are serving up to them. They want to hear about your products because you have looked to see who you can best target for your message.

Figure Out What Other Companies Are Doing
Yet another way to boost your sales is to look at what the competition is doing to figure out what you could do better as well. Customers are out there, and everyone is competing against you. If you allow the competition to continue to simply do whatever they want to do with customers, you will just continue to fall behind. Learn what your competitors are doing so that you are a step ahead of them.

Make Professional Connections
The final benefit of LinkedIn is to connect with others as professional contacts within your industry. Just like individuals use LinkedIn to make new connections, so too can you use it to make business connections that will help expand your business empire.

Not Having Enough Time is the Symptom, Rather than the Cause of Your Business Challenges

Being a business owner is an exciting experience for both budding and thriving entrepreneurs. Sometimes, however, there are a few bumps on the road to success. Whether you feel that you lack time to invest in your business or you feel that you invest too much time for it to not be thriving, there are a few factors that could help you understand ways your business could improve.

Poor Scheduling
What’s your schedule like? Do you take time each month to schedule your monthly, weekly, and daily business goals? Not having a written plan could hinder your business from growing as quickly as you’d like.
A set schedule and success go hand in hand. When you’re making a schedule, you’re deciding your work hours. Remember that no work could mean no pay. Allow yourself time for your family, yourself, and other things that matter, but set aside strict times that are dedicated solely to growing your business, and stick to that schedule religiously.

Poor Planning
Perhaps you do schedule time to work your business. If you still feel that you aren’t getting much accomplished, chances are you didn’t set attainable business goals.
Written goals remind us of our tasks for the day. Simply put, when you’re writing your goals, you are writing a to-do list. It is a good idea to write out goals for the entire month. If you don’t feel that you can think that far ahead, however, you can start by writing weekly goals. Weekly goals are especially helpful if your business is new and hasn’t yet started booming.

Poor Execution
So you’ve written out a work schedule as well as tasks to accomplish daily. However, business still isn’t progressing as well as it could. When you’ve perfected the strategies of scheduling and planning, the next factor to look at is execution.
When you could meet your goals a little better, you have to discover ways that will help you and your staff work a little smarter. Ensure that everyone’s task is tailored to his particular skill set, implement steps that will make every worker more efficient, and learn easier, quicker of completing tasks. Taking these steps makes for a more efficient workforce, an easier workload, and will probably leave you with more time to brainstorm new business activities.

Not having enough time to work your business isn’t always the problem. Sometimes, we all just have to learn how to manage our time, our staff, or our daily goals. Proper execution, coupled with scheduling and planning, will help you to be well on your way to owning a more thriving business.

Learning from Companies on the Inc 5000 List

When running a company, one of the best ways to have success in the future is to emulate successful companies. There are many examples of companies that have done a great job of growing sales and profits over the years. There are numerous things that business owners can learn from companies that are growing rapidly. As a general rule, most of these companies share similar traits.

Rapid Growth
If you want to have success as a business owner, you need to grow your company rapidly. There are many people who struggle to grow their company once it gets started. You need to have a vision for how your company is going to look many years from now. Some business owners wrongly assume that the business will grow over time no matter what. You have to be intentional about your business plans if you want to have success in this area.

Financial Planning
Some business owners take on a lot of debt when they get started. Although some business debt is not a bad thing, there are many people who end up getting stuck with lots of debt. This is a major issue for various reasons.
High debt levels tend to restrict your ability to grow in the future. A lack of cash flow is one of the biggest financial issues that any business leader has to deal with. In addition, high debt levels can increase your stress. No one wants to worry about making debt payments because they borrowed too much money at one time. If you decide to borrow money, make sure to have a plan to pay the loans back in a timely manner.

Focus on Goals
Another common characteristic of successful business leaders is that they are always focused on their goals. If you do not have goals for your business, you are going to have a tough time having success in any area. Before the new year, write down some measurable goals that you want to accomplish with your company and will probably leave you with more time to brainstorm new business activities.
Not having enough time to work your business isn’t always the problem. Sometimes, we all just have to learn how to manage our time, our staff, or our daily goals. Proper execution, coupled with scheduling and planning, will help you to be well on your way to owning a more thriving business.

7 Great Quotes About Revenue Growth

Chart of revenue growth drawn with chalk on a chalkboard

Great quotes are great for business owners because they constitute three things at once: good insight, practical advice, and memorable wording. With the voluminous literature on revenue growth in a business context and the seemingly endless array of new voices that want to be heard, we can only select 7 great quotes out of the vast ocean of quotations available.

Below, we have chosen 7 quotes that cover multiple aspects of revenue growth and then given brief explanations following each quote:

  1. By author Tim Cook: “Companies that get confused…think their goal is revenue.” Cook goes on to say we should focus on things that lead to revenue rather than simply on revenue itself. While this might seem a too-fine distinction, it does point out strongly that, while a business exists for profit from one side of the equation, it exists to render a product or service from the other vantage point. Thus, serving the customer well will naturally lead to revenue growth.
  2. By Google co-founder Larry Page: Revenue is the engine that funds all our innovation. Without revenue, nothing will happen- it will remain a mere idea. This quote is somewhat akin to the old saying, “It takes money to make money,” and points out the importance of investment capital.
  3. Also by Larry Page: Our goal is long term growth in revenue…so we invest aggressively in future innovation while tightly managing our short term costs. Here, we see the importance of not using all of our revenue on immediate business needs but investing in the future.
  4. GE’s CEO, Jeff Immelt, said: People ought to invest in us because they like our company and the way they run it. To increase revenues by gaining business investors, you need to show management skills and have a product/service that others can believe in as much as you do.
  5. Australian author, columnist, and t.v. host (general financial “guru”), Paul Clitheroe, tells us: It’s not what you earn, it’s what you spend. One way to gain “new” revenue is by spending less of the old revenue.
  6. Along a similar line as the above-given quote, we hear from author Peter Orszag: A deficit reflects an imbalance between spending and revenue…narrowing it requires acting on one, the other, or both. Either revenue directly increases, spending diminishes, or a combination of both- there is no other way to increase revenue overall aside from borrowing or receiving a gift.
  7. On a more “charitable” note, listen to business author Carlos Helu, one of the richest men in all Mexico: The better off you are, the more responsibility you have for helping others. Many businesses give generously to help the poor. When potential clients know of such generosity, they sometimes patronize your business for this very reason, which in turn, increases revenue.

Which Is The Key To Sales Success?

Charts of sales growth

Two major philosophies of salesmanship are prevalent among experts today, and the disagreement is understandable as both views have their valid points to make. The first approach is to emphasize being a strong closer over all else, while the second approach is to lean more heavily on being a great prospector. In other words, the philosophical tussle is between the importance of finding great prospects and converting the prospect you have.

Those who emphasize closing will offer such advice as the following:

  • Empathize with your potential customers, but don’t end up agreeing with them on the reasons they have for not purchasing your product.
  • Educate the prospect with truly valuable information they are interested in, giving them reasons to buy and a reason to return even if they don’t immediately buy.
  • Avoid the topic of price as long as possible. Spending money is not a subject that motivates many, and saving money only makes sense after you have already convinced the person that your product if worthwhile.
  • Avoid total closure. Getting a “maybe” is better than a “never,” and “yes” on a small point is better than “no” to everything. Have a plan to prolong the conversation in order to find at least something the prospective customer can agree to.

On the other hand, those who emphasize prospecting will promote such strategies as these:

  • Focus on making every page of your website attractive, engaging, easy to navigate, and full of opportunities to fill out a sign-up form.
  • Take full advantage of social media to promote your business since it can connect you to an immense audience and can be a source of friend-to-friend referrals.
  • Use highly targeted and situation-specific email follow-ups to turn leads into customers.
  • Offer a blog and other solid content that will build a loyal readership, from which you can “mine” future loyal clients.
  • Don’t go 100% digital. Still network face to face at trade shows and other events. Exchange contact information with interested parties and add them to your database.

Sales success must ultimately entail both prospecting and closing, but building a strong, detailed list of prospects is the foundation of the whole process. Furthermore, it is much easier to close when you have good prospects to begin with and much easier to practice your closing skills when your have numerous prospects on your list. Thus, good prospecting
is the more crucial of these two important sales-steps.

Get Social Or Go Home

Social Media Sign Post

Use of social media is growing as fast among business owners as it is among the general population- which translates into “It’s booming.” In fact, a Mediabistro report reveals that 73% of small businesses today are now involved in social media marketing.
There are a number of good reasons why marketing your products or services through social sites like Facebook, Twitter, or Google+ makes good business sense to small businessmen. We will look at three of these reasons just below, but first, let it be said that if you aren’t using social media to bolster your business, your competition is. That competition is fierce, and social media marketing has become so key to success that those who still refuse to “get social” might just as well pack up and “go home.”

  1. Cost-Effectiveness: The first reason to “get social” with your business ads is that around half of modern shoppers count on social media for help in making a purchase decision. Recommendations on their favorite social sites are frequently taken quite seriously, so you had better be making those recommendations instead of your competition. In the end, the ROI on the money, time, and effort invested is typically high enough to easily justify a full-fledged social media marketing program.
  2. Customer Acquisition: A majority of the world’s 7 billion people are now members of at least one social media site, and there are 1.7 billion such sites now in existence. There is enormous potential to gain new prospects via social media marketing with relative ease, and this stems both from the sheer numbers involved and the fact that many are far more likely to buy a product advertised at a social site that they use. Additionally, social site friends will often recommend your product to others both on and off the site, creating a fountainhead for word-of-mouth advertisement.
  3. Customer Interaction: Via social media, businesses can directly engage clients or potential clients in interactions such as Q&A surveys, opinion polls, two-way conversations, and more. While these same sort of activities could potentially take place at a business’ website, prospects are often more willing to take part in them in a more “relaxed social environment.”

Once the great potential of social media marketing is understood, many small business owners increase the time and money spent on this form of advertisement and see beneficial effects. According to a Swiftgate survey, 50% of businesses had recently boosted their time spent on social media sites and had gained new clients as a result. Success will not come apart from offering useful, relevant content to consumers and posting high-quality ads, but locating your material in a high-yield environment (social media sites) is winning half the battle.