As an aspiring entrepreneur, there is so much you can learn from the respected entrepreneur and best-selling author, Tony Robbins. Tony is a believer in constant evolving, improvement, and adding value. He is driven by a passion to make others succeed. In his book, The 7 Forces of Business Mastery, you will get to learn the vital factors that are affecting your business at the moment, so that you can refocus and re-strategize to stay competitive in any economy. You have got to manage these seven forces consistently to grow.
Many startups do not make it past the first year, while 96% of businesses do not go on after a decade. The reason why businesses are failing is because there is a lack of simultaneous continuous improvement in many areas of business, making it difficult for them to compete. Even though entrepreneurs possess some core skills, lack of proper marketing skills causes failure. Even some business people with excellent marketing skills can end up making poor decisions which ruin their businesses. Below are the seven forces you can use to transform your business.
1. Creating a business map
Be honest about where your business is; do not describe it as better if it is not so. Secondly, know where you want to be. All businesses have a life cycle. There is the toddler stage where the business is not yet on its feet, the prime stage where it is taking off, and the aging stage. Determining where you are will help you get clear on where you want to be.
To succeed in business, uniqueness is critical. Why do your clients prefer you to other competing businesses?You should be meeting the needs of your clients better than anyone else in the market. Innovations will keep you ahead, as long as they are strategic. Over-innovating without a solid plan about how your creation will make an impact will kick you out of business.
3. Strategic marketing
You will not succeed if you have an awesome business that nobody knows about. You need a world-class marketing plan that gets your business in front of as many valuable leads as possible. Practice value-added marketing by finding a way to be in direct contact with your ideal client.
4. Consistent sales
Marketing is not enough if you are not generating a steady growth in sales. Be rigorous about your sales process. There are various ways you can make consistent sales. One of them is to set targets of the number of prospects you want at any specific time and tracking your sales cycle. You should know the average time you take to make a sale for better planning. Also, be on the lookout for referrals. Most importantly, always follow up on clients and be a good listener to understand what your clients need.
5. Financial and legal analysis
Understand the financial condition of your business. Financial analysis involves comparing historical data with current data to draw insights on the financial health of a business.Know the real markers of progress, monitor them, and make corrective changes where necessary. Be financially literate by understanding your financial statements andcontrolling your costs. You also need to protect your business from costly litigations. Have an experienced attorney who will always make sure your business is on the right side of the law.
6. Optimizing and maximizing for growth
This is where you create explosive growth for your company, even without making giant changes. If you learn how to optimize your business, you can grow without taking any risks. Optimization is a loop of measuring business performance and ensuring continuous improvement.
7. Have raving fan customers
It is not enough to have satisfied customers. You need loyalty so that your clients are not tempted to leave with the next best wave. Raving fan customers know you inside out and stick with you through thick and thin because you offer them value that they cannot get anywhere else.
Do not shrug off the small changes that you are making to your business. Slow but incremental growth is the path to achieving increased efficiency and profitability. Little progress is all you need to build a great business.
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