Increasing Your Personal Effectiveness and Revenues

If you want to grow your business revenues much faster than you are now, it’s important to start focusing on the right activities in your business.

The key in achieving personal effectiveness is to focus the majority of your time on high- impact, revenue-generating activities that are most essential to your business. To increase your overall effectiveness, it’s important to know and understand how to accurately identify where you spend your time.

The 80:20 Rule

I’m sure you have heard of Vilfredo Pareto or at least Pareto’s Law. Pareto came up with an economic principle that said 20% of the people typically own 80 percent of the wealth. Two decades later, management guru Joseph Juran introduced this “80/20 Rule” to the business world, calling it Pareto’s Principle, or Pareto’s Law. Over the years, Pareto’s Principle has been applied to many areas of business, concluding that 20% of our efforts produce 80% of our results, or 20% of your team produces 80% of your results.

For you, this means that to increase revenues it’s important you focus on the right activities in your business and then hire, barter or outsource people to do everything else.

Multiply your business revenues and personal effectiveness many times over using the 80:20 rule.

Suppose your business has 25 different activities, such as sales, marketing, operations, finance, customer service and more. According to the 80:20 rule, 20% of those activities will generate 80% of your revenues. Conversely, 80% of those activities will generate only 20% of your revenues. Doing the math shows that 5 out of the 25 activities will produce four-fifths of all the income your business generates.

Now, assume that your business takes in $50,000 a month. According to the 80:20 rule, 5 of your 25 activities would account for $40,000 of your monthly revenue, which works out to $8,000 per activity. Conversely, 20 of the activities would produce only $10,000 each month, which works out to be just $500 per activity. Sixteen times 500 equals 8,000 so your top 5 revenue-producing activities are 16 times more effective than the bottom 20.

Suppose you took it even further and moved the 80/20 ratio to 90/10, so that only 10% of your activities produced 90% of your revenues. That would make you 81 times more effective than you currently are now. Merely by focusing your time and attention on the five or ten activities that have the highest impact on your business, you can increase your revenues and income by 16 to 81 times!

Here’s the million-dollar question: what specific activities should you be focusing on?

Here’s a brief three-step process to help you work more effectively in your business.

Step 1. Identify your Passion and Purpose

Passion is a very powerful emotion and is infectious. When you express passion, people are automatically attracted to it. When you’re passionate about what you do, your product or service speaks for itself. So the first big question is: what are you passionate about. What do you love doing?

Next, look at your purpose. Are you in business merely to earn an income, accumulate wealth or do you have a strong desire to help others and be a service to others?

When you can match up your purpose and passion, magic happens. It puts you in front of all the others who have lukewarm enthusiasm for what they do. What is your purpose in business, how does it match up with your passion, and how do you combine the two to make the world a better place?

Step 2. Identify Your Strengths

The biggest mistake business owners make is thinking they have to do everything themselves. Everyone has strengths and weaknesses. In order to succeed in business, you must get very clear about your unique abilities and then focus on them almost to the exclusion of everything else.

You will become a better business person when you identify your strengths and spend most of your time using them to perform the highest-impact activities in your business.

Step 3. Manage Your Time

When you’re a business owner it’s difficult to manage your time. What you can do is manage your activities by tracking where you spend your time on a daily basis and using that information to help you focus on high-impact activities.

One of your most important tasks is identifying the highest income-generating activities in your business and devoting a minimum of 80 percent of your time to those activities. This principle works whether you’re a “solo-preneur” with one product or service or a larger operation with a larger product or service offering and a team to support your daily efforts.

Monitor & Measure Your Activities

You can’t manage what you don’t monitor or measure so your first step is to identify where and how you spend your time. It’s important you identify what you are currently doing and what you should be doing, based on your highest income-producing activities.

For the next two weeks write down every activity you do in all areas of your business and how much time you spend doing it.

High income-producing activities include making a sale or something that leads directly to a sale. High-impact activities include producing a great website or making sure that your ad copy is properly written to make sales for you. These activities don’t directly make a sale, but they play an important role in generating revenue. To determine whether an activity represents one of your unique abilities, ask yourself two questions: What drives me crazy when other people don’t do it as well as me? What do I play at that other people consider work?

Track all your activities over a two-week period, noting how much time you spend on each activity each day. Before the two weeks is up, you will probably begin to see that you need to be spending more time on some activities and less on others. You will also begin to see that there are lots of activities that you should not be doing. This doesn’t mean they don’t need to be done, only that you should not be doing them.

What activities should you be doing? For the entrepreneur and small business owner, the highest income-producing activity is generating revenue. Every day, your primary focus should be on how your company will generate more revenue. If you’re not spending a minimum of 80% of your time on income- generating activities, your business will struggle to grow and increase revenues.

What about all the other activities that are just as crucial to your business? Here’s the challenge: For a small business, generating revenue must come first and management second. Otherwise your business will never grow to the point where management becomes as important as sales.

Revenues are consistently increased when the owner leverages his or her personal strengths through the use of other people’s unique talents and abilities. In other words, successful business owners focus on their highest income-generating activities and then build great teams around them to do all the other important activities they don’t do well.

It’s a fact, you don’t have to do everything yourself. Start focusing your efforts away from working in the business and focus them toward working ON it.

Make a commitment to yourself to spend one hour each day to identify which activities you need to be doing and tracking how you spend your time. Over the course of 365 days, that adds up to the equivalent of nine 40-hour weeks, or two solid months of working on your business rather than in it. Just imagine what you could achieve with that kind of concentrated effort!

Time to Take Action

  • Keep an hourly log for two weeks of your business and personal activities during your working hours
  • Determine which are the real high income and high impact producing activities vs. the tedious menial few
  • Take consistent action and maintain focus every day to ensure you are focusing on the high income and high impact producing activities.

To receive an expanded whitepaper on this topic including a full worksheet on increasing effectiveness please email tania@vision-alliance.com or call Tania on 1300 76 49 20.

Smarter Networking

Ten years ago or more there was a well known phrase that was used among business owners and individuals which was: It’s not what you know, it’s who you know.

Today, owning and operating a franchise of any kind requires you to go beyond this, if you are to continue to create and maintain the “top of mind” awareness among peers, associates and the larger local marketplace. Networking today now goes beyond who you know….. 

It’s all about who knows you!

For much of my business life I have known the importance of networking. Although I knew the importance of it, I avoided networking as much as I could in the early days, and back then always described myself as a poor networker. The thought of going to a networking event created more nerves in me than meeting my mother in law, and literally scared me to death. I have always been a very confident person, passionate about what I do and believe 100% in what I and my company stands for, however unsure of how to start conversations, trying to overcome the fear of rejection and not knowing exactly what I was supposed to do once I met someone and got their business card, kick started a journey of learning the secrets to successful networking.

I have been described as a great networker by many of my associates and now with more tools in my toolbox, networking is something I look forward to rather than something I shy away from. The most important thing I focus on is making networking as efficient and effective as possible, ensuring I get maximum results in a short amount of time.

Let me share with you some great tips that have helped me along the way.

Networking is about building relationships.

Networking currently accounts for 87% of business in the marketplace. Yet many people neglect networking and fail to see it as a vital business and career building skill. Networking should be part of your daily, weekly or monthly activities just like any other business development activity you currently undertake.

Anyone can network with the exception of those who just don’t like people at all.

Referral marketing is the best way to build your business.

 

Networking Well

Your approach to networking is just as important as what you actually do. Starting with the right attitude and with minimum expectations will help you start off on the right foot. Like anything the more practice you do, the better you will eventually get.

For networking to work I have learnt that it’s important to do these three things.

  1. Prepare
  2. Connect
  3. Strengthen

If you’re not getting the results you want from networking, first check that you’re really doing all three of these steps properly, then work on ways to maximize your results within each one of them.

Prepare

Before you even shake one hand, it’s important you prepare yourself, both mentally and verbally.

This one is about your attitude about networking, your mindset.  Always be upbeat, positive, enthusiastic and realistic.

Making Connections- Introducing Yourself

Once you’re prepared, you’re ready to start making connections with people and there are multiple ways to do that. It all starts with introducing yourself.

You will have a limited time to get your message across so it’s important to create an introduction that will grab peoples’ attention enough for them to remember you. Not only do you require the skill to accurately describe who you are and what you’re looking for, it’s important to say it in such a way that other people can understand it enough to be able to tell others.

How to Introduce Yourself

Remember, you’re not going to make the sale and close the deal with your introduction. All you can really do is capture enough attention and interest to keep the conversation going. So stick to the basics and keep it short. You can go into much more detail after you’ve gotten someone’s attention, when they ask you for more information. But to get there, you need to get across three things first:

  • Your name (and company name if appropriate)
  • Your specialty and its benefit (how it helps the person hiring you)
  • And your target (who ideally you would like to speak with)

Unless you are a natural networker, networking can seem like alot of work.

Consistent efforts will eventually produce results.

Strengthen

Networking doesn’t stop there. Once you’ve made those initial connections, the next thing you have to work on is strengthening them. The best opportunities come from people who know you, trust you and like you. It’s difficult to get to that point after a 5-minute conversation at an event. You need to follow up and meet with contacts offline, then you have to stay top of mind.

Be sure you collect as many business cards as possible

 as the networking event is just the beginning!

Following Up

Events are good for the initial connection, but you have to build on that. You don’t have to follow up with everyone you meet, but there are three easy categories to focus on:

  1. Follow up with anyone who could be a client. That’s a no brainer.
  2. Follow up with people who are in your target space, maybe they’re in your field, but don’t do what you do. Or they target the same target audience. Perhaps you can help each other out
  3. Third, you may want to follow up with anyone who just plain impresses you. It’s good to know those kinds of people and have them in your network.

Get a business card. The best way to do this is to combine it with a conversation ender like mentioned earlier. Say “By the way, before I go, can I have your card?” Then email them the next day. Say you enjoyed meeting them and wondered if they’d like to get together for a coffee to learn more about each other and explore ways to help each other out. Position meetings this way you will find no one ever says no, because the meeting is about the two of you and not just about you. That’s important to remember when you’re asking for meetings.

Remember, you need to follow up with people if you want to build a relationship with them. Speaking to them for 5 or 10 minutes at an event is not enough time to form a lasting bond. Until you follow up and meet one-on-one, you’ll just be a business card to them and not a real person.

Key elements of a Good Networker

A Good Networker:

  • Has two ears and one mouth.
  • Asks questions and gets to know the other person.
  • Gives without expectation
  • Has an aim to add value
  • Has an abundant mindset- there is plenty of business out there for everyone.
  • Can form meaningful relationships and communicate their ideas.
  • Carries business cards at all times

Tips for Successful Networking

  • Limit your memberships to two or three groups. Don’t spread yourself too thin. Maximize your experience by going for depth of involvement.
  • Attend meetings and events regularly. Build a base of support with regular members and position yourself with new members as someone in the know.
  • Build great bridges! Every day people are missing chances to do business, largely because they don’t take the time to build a relationship with or even get to know the person.
  • Listening and asking more questions.
  • Arrive at meetings and networking events at least 15 minutes before the actual starting time
  • Introduce yourself with your name and the company you are from
  • Ask about the person first and listen intently. Most people want to talk about themselves.
  • Make sure you get as many business cards from all those you meet
  • Speak with one person at a time or at least a small group of no more than three
  • End conversations gracefully
  • Make sure you follow up with the contact soon after the event
  • Do something with the cards you collected…..put them into your database
  • Always thank people for sending referrals
  • Manage your time well

Making Continuous Improvements

When I first started networking to build my business, my efforts were slightly unfocused. I spread my memberships across a numerous organizations, rarely attending more than one or two meetings, if that. I’d attend random networking events because friends had invited me. In hindsight, all of those activities were necessary to help me build my skills and understand how to network smarter today.

With networking, I’ve found that it’s not the one big event that changes the course of a business. It’s the small steps that are taken consistently.

Think of all the steps you’ve taken, along many different paths to connect with all the different people now in your network. Some of those paths led to business, to friendships, and some have yet to reach a destination. Take one of these 5 steps listed below, down one of those unfinished paths, and see where it may lead

1) Make that follow up call.

2) Forward an article.

3) Warm up an old connection.

4) Spend more time with one of your networking groups.

5) Find someone in your network to collaborate with.

Strive for continuous improvement in your networking.  One small step for you could mean a giant leap for your business or career.

 

What Do You Really Want To Achieve This Year?

Now we are in the New Year, it’s really important to start the new year on the right foot.

A good way to start is by reviewing the past year, what you achieved, what you didnt, and where the gaps and obstacles were.

I put together this short video message for you – alternatively keep reading this post below!!

 

Moving into the new year it’s then extremely important to decide on what it is you really want for the year. Be sure you are clear on each area of your life including some of the following:

  • Health & Fitness
  • Money & Finances
  • Business & Career
  • Relationships
  • Spirituality
  • Community and
  • Contribution

Once you know what it is you want, it’s easier to put a plan of action in place to go about achieving it.

Be sure you follow the SMARTA™ system when setting your goals.

  • Specific  – be sure you are specific when defining what it is you want
  • Measurable – it’s important to be able to measure your progress to ensure you are moving closer to your goal and not further away
  • Achievable  & As If Now-  your goal has to be achievable – don’t let yourself down if it’s not.  Be sure you also state your goal in the present tense – as if it’s in the NOW.
  • Realistic –  now this is a huge one. sure we all want to double or triple our income, but if you never have then perhaps it’s best to start off with a small goal. once you have achieved it, then raise the bar.
  • Time Bound –  be sure you place a deadline on the goal. Look how fast the year has gone, put a time frame on what you want to achieve.
  • Action –  This one is the most important by far. You must take the necessary action in order to achieve all that you want and more.

 

 

 

Take a Leap of Faith This Year- Start with Knowing your WHY

Take a Leap of Faith This Year- Start with Knowing your WHY

Now Im sure you know who to communicate to in the marketplace and I’m sure you know WHAT you do and how to communicate that to your prospects, clients and associates, but how many times do you share your WHY. The reason why you get out of bed every day to do what you do. Knowing your WHY can make a difference to how you do business every day. It can influence your decisions. It can influence the way in which you engage and communicate with your clients, your associates and the greater marketplace. Your WHY is the heart of what you do and the heart of why you do it. If you are not currently sharing and communicating with your marketplace WHY you do what you do, may I encourage you do so.

At Vision Alliance, our why is simple. We believe business owners deserve to get more out of their business and more out of life. It’s simple and it invites prospects to learn more. What we do and how we do is in alignment with our WHY. Go ahead and take some time to really identify with your WHY. Why do you do what you do? Once you know your WHY you will soon be able to align your vision, your values and even your product and service offering with your WHY.

Why not build momentum FASTER and take advantage of our Complimentary Business Breakthrough Session. Call us today on +61 2 8860 9638 or email us at info@vision-alliance.com and book in today!