Sandra Martini's Success Strategies

5 Instant Ways to Gain Leverage in Your Business

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Most business owners go into business, in part, to create a desired lifestyle and that lifestyle usually doesn’t involve working 24/7. The best way to avoid that is, wherever possible, to create leverage.

When looking to increase leverage in your business, chances are, you’ve considered the most obvious:

* Raising your prices

* Creating premium VIP programs

5 Reasons Most Small Businesses Fail

Reality: According to the SBA, 63% of all small businesses fail in the first 5 years.

OUCH! It sounds harsh, but it's true. And having been in business for over 6 years, I can tell you I've seen many colleagues go the way of "have to get a job" in order to put food on the table and take care of their families.

And the sad part, many of those businesses could have succeeded. It's generally not a lack of ideas, technology is rarely the issue and with the low cost of doing business online, it's often not money.

A Tale of Two Mindsets

Recently, I sent an email declaring my “wish for you” – the wish is simple in nature, although a bit more complex to achieve:

 

No matter where you are or what you’re doing, you earn passive revenue.

 

There are, of course, several things involved in achieving this goal:

 

1.   You must have information which your ideal clients are willing to pay for (and it’s a good idea to know “who” your ideal clients are)

2.   You must have back end systems in place to collect monies, automatically provide the digital product purchased and follow-up with your new clients

3.   You must know how and where to market your product, and your business, so your ideal clients know how to find you

4.   . . .and more.

 

And to note that the above is possible whether or not you have a shopping cart solution.

Generate more revenue by hiring a support team

Is your "to do" list longer than your arm? Are you so busy taking care of the urgent that you never get to the important? Do you consider the thought of getting some help but then think "I can't afford it" or "No one can do it as well as I can"?

If so, you've got a lot in common with most other small business owners.

Owning your own business is a great achievement and requires you to wear a lot of hats: owner, marketer, finance manager, widget maker/service provider, etc.

Wearing all these hats eventually leads to a state of burnout or overwhelm and the love, the passion for what made you start your own business in the first place drowns in all the details.

Are you taking a bandaid approach to a terminal disease?

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In chatting with a new client recently, she described the great teleclass series she hosted last month and how much revenue she earned from it and the one she has coming next month.

When going over her monthly revenue for the year-to-date, she quickly realized that she'd been bandaiding a much more serious problem in her business: the lack of consistent, month-after-month revenue.

Whenever she needed cash, she'd host a teleclass series, put on a webinar, offer a sale, etc.

The above was great for short-term, immediate cash flow, but did nothing for the long term success of her business. In fact, it hurt her business as she noticed that each subsequent launch was bringing her less and less cash.

You see, in addition to earning less revenue, her friends and followers were able to feel the desperation behind each of her efforts.

This is what I refer to as taking a bandaid approach to a terminal disease.

Terminal that is, until you decide to do something about it. . .which we quickly did.

If you find yourself in the position of adding a quick series, service, product or program whenever you need revenue as opposed to having it consistently come in day after day, week after week, you're suffering from the Entrepreneurial Myth.

The Myth that you can whip out a few products, host a few calls and become an instant millionaire and that the *next* product will be *THE* product.

Fact is, building and growing a sustainable business takes time and consistent effort.

Make It Real – My Request to You

Chances are, you’ve spent thousands of dollars buying products and attending workshops looking for that *one thing*, that one big idea which will catapult your business into the next income level, only to find that after finishing the product or returning home from the event, very little changes.

So what are you to do?

1. Write a business plan – I’m not talking about a 40-page monstrosity, but rather a very simple 1-2 page document which outlines your business focus, mission and revenue goal
2. Plot the revenue – so you want to earn $300,000 this year in gross revenue? WHERE is it coming from? What percentage of your revenue will come from product sales? Coaching programs? Membership/continuity programs? Speaking/hosting teleseminars? You want to start with 2-3 income streams (don’t worry. . .you can add more once these are up and consistently producing)
3. Write a marketing action plan – now that you know the “what” and the “how much”, it’s time to determine the “from where”. . .where will your clients come from? What specific steps will you take to attract new clients?
4. Determine your Extreme Client Care™ plan – GREAT! You’ve got the clients, now how are you going to keep them and have them referring everyone to you?

Ultimately, my request to you is to stop bandaiding you business and start building a long term, sustainable business which will exceed all of your revenue expectations. Are you ready to go for it?

Business Systems – the real way to create a lifestyle business

Goodness knows systems may not sound like the sexiest thing in your business – after all, marketing usually wins that title.

Systems however, are what allow you to take time off without worrying what’s going on in the business and they ensure that all of your clients have the same experience – regardless of how busy you are – from start to finish.

To keep things simple, let’s take the creation of one system today – this is one that I use and will show you how valuable they can be.

New Client Process

1. Prospect inquires about services and chooses which is best for her after reading “Interview with Sandy” and reviewing different services offered.
2. Prospective client registers as a client either through information page (often called “sales page”) or by emailing assistant, depending on program.
3. Sandy sends personalized card welcoming client into X program/service.
4. New Client Information Packet (has Client Agreement, intake questionnaire, describes how we work together, may contain “Getting Started” or “Checklist” depending on program) is emailed and snail mailed within 24 business hours of registration.

What happens after that depends on the program – is it a “Done 4 You” service or is it a “Done With You” service?

Each program then has the appropriate process steps that go with it.

Make sense?

It’s set up this way so that if the team member who regularly handles this function is out of the office, any other member of the team can pick it up without delay AND without my constant involvement.

Make It Real -- My Request to You

Pick one thing. . .just one in your business to write a system for and start documenting it this week.

Do this each week until you’ve created systems for everything in your business – from how the phone is answered to how your new clients are greeted and your current clients leave.

And, if you take only one thing from today’s article, let it be that your business growth comes from your ability to get new clients (a.k.a. marketing, which has systems all its own), but your business lifestyle comes from your ability to create systems which don’t require your attention every minute of every day.

This is the real key to creating a lifestyle business. . .

Conversions What do they mean and why do they matter?

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We hear all the time that we need to "increase our conversions" or "get our numbers up". But what exactly does that mean and what else do we need to know?

"Conversion" is all about turning leads into paying clients and, when done well, more leads into more clients while doing it better, faster and with the least possible expense.

"Conversion" is also used to describe the result of desiring someone to take a step -- whichever step you want them to take -- whether signing up for a f'ree report, register for a strategy session, join a teleseminar or webinar, etc. -- the result is a desired action.

"Conversion Percentage" (sorry, just a little bit of math here) is defined as the "number of NEW sales" divided by the "number of leads" times 100.

And in the above case, "NEW sales" are people who are giving you money for the very first time (they're not repeat clients) and "leads" are people who have expressed, in some way, interest in what you're offering -- whether they visited your website, called your office, sent you an email, etc.

"New Client Cost" is defined as how much it costs for you to market to someone such that they give you money for the first time.

"Extreme Client Care(tm)" describes the process by which the better the care you provide to your clients, the less likely they'll be to switch to another vendor. (More on this in an upcoming series.)

Why do these terms matter?

Quite simply put, the better your conversion, the lower your new client cost AND the better your client care, the less new clients you'll need as existing clients won't leave your service and will refer others who cost almost nothing to market to (and therefore lower your new client cost even further).

You may want to read the above paragraph again to truly absorb the logic.

Make It Real -- My Request to You

Before we can even chat about increasing your conversions, you need to know where you stand today.

Ask your webmaster or assistant to get you signed up with a service such as Webstat if you don't already get statistics about the number of visitors to your site, blog, ezine sign-ups, etc.

After all, you need to know where you are in order to determine where you want to be. :-)

Credibility GONE – Are you risking yours by doing this?

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Imagine your excitement: You just gave up your credit card info and plunked down money on a product from someone you've been following for a while, maybe even someone you've bought from before and really admire.

You're enjoying that instant post-purchase euphoria -- after all, THIS is the product you've been waiting for.

A week goes by. . .no product.

"It's okay", you tell yourself, "there's a reason they call it 'snail mail' after all".

Two weeks. . .no product.

"It will be here any day", you tell yourself, excitement starting to wane just a little.

A month. . .still no product.

Now you're getting worried. You email the company who tells you that it's not quite finished or is at the printer's and will ship in 2 weeks.

Another month goes by. . .no product and no communication.

Now you ask yourself: "Is there even a product?"

Another email to the company and another promise that it will ship in "2 weeks".

Another month and still no product, no communication.

At some point, you start to lose faith. All the good will that this company/entrepreneur has built up through their ezine, Twitter and Facebook connecting, f'ree teleseminars, etc. is quickly dwindling.

All because someone didn't plan properly (I'm assuming that when this happens, it's not malicious and is simply a case of poor planning).

As a consumer, your options are simple:

1. Ask for a refund or
2. Write the company owner and ask for an update then decide whether to stick it out or ask for a refund
3. Decide how this will affect your relationship with the company going forward

As the business owner who created the product, you have a lot more work to do:

1. Start to repair the damage done to your, and your company's, reputation by PERSONALLY emailing everyone affected with an apology and update (it's the least you can do).
2. Offer your clients something for their inconvenience -- a bonus product, a 15-minute call, whatever you feel is appropriate for the situation.
3. Ship the darn product -- move Heaven and Earth to get that product priority mailed, at a minimum, immediately and with a note of apology.
4. Figure out what went wrong and fix it so it doesn't happen again. . .ever! After all, you've spent countless hours building your reputation and now you need to repair it.

Many business owners frequently sell products before they're finished -- after all, it helps with the production and marketing costs and lets them know how much inventory to order.

Whether or not I agree with this practice, doesn't matter.

What does matter is that if you choose to do this, you want to be sure you know the ACTUAL date of shipment and stay in frequent communication with your clients so they know what's going on.

Make It Real -- My Request to You

There's so much talk about business owners being "authentic" and "in integrity" and that's great -- it makes us all feel warm and fuzzy inside.

However, there are times when the reality differs from the intent, no matter how good the intention was.

My request to you is to PLAN and remember Murphy's Law and plan some time in for mishaps, delays, etc.

Practicing Extreme Client Care(tm) means underpromising and overdelivering whenever possible and it's this which will gain you the love and trust of your clients.

Does your business need a reality check?

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During a consultation last week, I was speaking with a 5-figure business owner who wanted to make $150,000 this year.

Doable?

Absolutely!

Doable with the plan she had?

Absolutely not.

So many business owners create good solid goals and then take haphazard action, constantly led astray by another bright shiny object or thinking the Law of Attraction will deliver it all to them.

The “reality check”?

It’s a combination of taking the RIGHT action in the RIGHT way at the RIGHT time WHILE maintaining a positive and abundant mindset that will propel you forward to your goals.

While you may think this sounds a little tough, it’s a whole lot tougher to close your doors and get a J O B working for someone else, especially after spending thousands of hours and dollars on programs and products, all designed to get you “to the next level”.

Make It Real: My Request To You

First, revisit your goals for this quarter (July through September) and this year.

Second, determine if your goals are REALISTIC given where you are now and your plans (HOW will you bring in the revenue, which projects, implemented when?) for the rest of the year.

Third, either revise your goals, your plan or both so that they’re in alignment and doable.

Fourth. . .take action. Now!

If you want help determining if your goals are realistic and building a plan you can implement to reach those goals (or others we set), you’ll want to see if a strategy session with me works for you.

Where do you go from here?

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Just yesterday I was talking with a new client who’s invested thousands of dollars on programs, plans and info products and came to me asking “What should I do?” as she was so overwhelmed with all the options and wanted to get the *right* things done in order to achieve her goals.

In a time when information – good and bad – surrounds us and we’re hit (it actually feels like I’m being hit sometimes) with thousands of marketing messages every day around what we should do with our business, it’s no wonder you’re confused about the best way to get where you’re going.

Mapquest gives you a choice when it comes to driving directions:

• Shortest distance or
• Scenic route

I’m guessing you want the “shortest distance” to your business goals as opposed to the longer scenic route.

Knowing that, it’s time to decide which steps, in which specific order will get you there:

1. Write – don’t type -- a list of all your goals (there’s a greater connection to our desires when we write them out)
2. Put each goal on a separate piece of paper
3. Write the projects which will culminate in the completion of each goal
4. Decide which goal you want to work on FIRST (now I know you want more than one, but you can only do one thing well at a time, so pick a #1)
5. Decide which project within that goal you want work on FIRST
6. Write a list of tasks/action steps for that project – complete with timeframes
7. Delegate what you can to your team
8. Do what only you can do (if you don’t yet have a team, prioritize the tasks – there is usually a natural order to these)
9. Take this goal as far as you can and move on to the next

It’s key to remember that no matter how much you “want it all”, you’ll get there quicker by picking one thing, getting it done and moving on to the next. The “all” will come before you know it.

And if you’re confused about which goal/project to start first?

Answer this one question: “What *pain* keeps you up at night or which goal makes you giddy with joy?” and you’ve got your first goal.

If you want help sorting out which priority is THE priority or need to brainstorm the right steps to get you there, you’ll want to see if a strategy session with me works for you.