When businesses fail, the owners usually make all kinds of excuses for what went wrong. Everything from poor location, too much overhead, bad employees, and on and on. But one thing is for sure: I can’t think of a single business that went under because it was making too much money. The truth is, profits are the lifeblood of your business, and if you’re making enough of them, you will not fail. At least not because of that.
“Keep Your Sales Pipeline Full By Prospecting Continuously. Always Have More People To See Than You Have Time To See Them.”
~ Brian Tracey
People will tell you that they chose to close their business for all kinds of reasons. In the end, though, it always boils down to one simple thing: they weren’t making enough money.
Money is the “golden key” to nearly every business problem you’ll ever face. Specifically, making more sales will solve almost any business problem.
Here’s the key idea to focus on and commit to memory: Nobody ever went out of business because their sales and profits were too high.
Usually, the opposite occurs. The number one reason small businesses fail is because they don’t bring in enough sales to cover their overhead expenses and pay their owners a substantial income. The owners end up working too many hours for too little pay. It wears them down, eventually they can’t take it anymore, and ultimately they go out of business.
Think about all the businesses that go under due to low sales and a huge debt load. They couldn’t bring in enough sales and profits, and they went bankrupt.
Keep this principle in mind: Everything in your business is an expense except for two things: innovation and marketing.
Innovation and marketing go hand-in-hand. Marketing, of course, is all the things you do to attract and retain the largest possible group of the best possible customers within your marketplace, and then get them to spend as much money as possible.
So how do you do that? Simple. You devote your life to studying everything you can about all aspects of marketing. It sounds like an extraordinary amount of work, and indeed it is. And yet, it can be a labor of love, and I mean that most sincerely. It can be fun and rewarding to implement what you’ve learned and see the sales roll in. Whoever said “money can’t buy happiness” was right in some ways, but the pursuit of money, the game of it, can make you happy. Marketing is all about the pursuit of profits.
Part of that pursuit involves honing your understanding of marketplace psychology. Learn everything you can about what makes your customers and prospects tick. What’s most important to them? What are they searching for the most that causes them to do business with companies like yours? What are they finding the least? Where are the marketplace gaps that need to be filled, and how can you create irresistible offers that make it virtually impossible for them to not give you their money?
It’s the ultimate challenge. The best marketers are like mad scientists, totally obsessed with finding new means of attracting and retaining the very best repeat buyers in their market. They see it as a magnificent game in which you keep score with money. It’s not work in the way that most people think of work. It’s challenging, yes, but it’s also creative, rewarding, stimulating, exciting, and purposeful. It enriches their lives—and the lives of their employees, suppliers, joint venture partners and their loved ones.
Nobody goes out of business because their sales and profits are too high. Your job is to become a leader in your industry, to strive to be the very best, to attract and retain superior customers and keep doing the most business possible with them for the longest period of time. If you make that your number one priority, you’ll gain a huge amount of market power and personal satisfaction— and you’ll solve almost every business problem you’re faced with.
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Why You Should Stop MultiTasking
If you consider your ability to multitask as a strength, then it’s time to burst your bubble.
In reality, multitasking only diminishes the quality of your work. When you multitask, your work suffers as if your IQ had dropped by 10 points, or as if you’d missed an entire night of sleep.
In short, multitasking costs you more time than it saves you.
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