Stuck in time and out of ideas? Here are my top 10 ideas to right the ship and get your business rockin’ all over again. I’ve already written on all of these topics previously, but here they are in one tasty bundle:
- Who is/isn’t your ideal customer? Qualify those customers upfront to make sure they are right for you and then hyper focus on only your 1,000 True Fans
- Pick a word, just one that describes what you do…be first and own it! What’s your SuperPower? Strive for different and arouse emotions!
- Pick one metric…focus on 10X the current industry standard and make it known
- Focus on small wins that are force multipliers…it’s Hell Yeah, or No
- Get 1% better every day
- Keep the idea machine rolling…10 ideas a day
- Shrink your timelines…Parkinson’s Law, and focus hardest at the end of the day…let your mind work on your problems while you sleep…close that last mile
- 80/20 everything, then decide to eliminate, automate, delegate
- Under promise, over deliver
- Be relevant and be authentic…don’t try to be something you’re not or shove something down somebody’s throat that they don’t want
Follow these 10 rules and watch your business boom…BOOYAH!!!
What is “The Power of ONE”? This is how you create separation from your competition…not by focusing on a thousand things or measuring a thousand different KPIs. Pick ONE thing to focus on…What is your ONE Superpower, Pick ONE Word that describes what you do and hammer it home to your target customers, then measure how you are doing by the ONE metric that gives you that multiplier effect and creates a snowball that can’t be stopped.
Then focus on your 1,000 True Fans ONE-by-ONE (this is the only place I recommend you focus on more than ONE…having just ONE customer is great when it’s great and the kiss of death when it stumbles), get ONE small win then another and then another, strive to get ONE 1% better every day, and soon you will be hitting it out of the park and creating miles of separation between you and your competitors.
That’s “The Power of ONE”!
How many times have you been over-promised and under-delivered…it happens daily, so if you really want to create separation, be the exception!
Getting that first order is hard, you want to make sure that you give them a reason to come back for that second order as well. Even if your business sells big one and done items like a pool or a house, you still need those referrals. Maybe a follow up with a 10% discount as a thank you? Maybe a discount for a referral? Maybe give them a coupon to hand out to friends who need your services (winner for both of them!).
Make it impossible not to refer you because you more than did what you promised!
If there is one law that I apply over and over, all day long, to whatever I possibly can in my life, personal or business, it is the genius of Italian economist Vilfredo Pareto and his brilliant 80/20 rule or Pareto Principle which simply states that 80% of the effects come from 20% of the causes.
The basic idea here can be seen everywhere:
- 80% of your sales probably come from 20% of your products
- 80% of your revenues probably come from 20% of your clients…20% of your clients probably also give you 80% of your headaches and probably not the same 20% that drives revenue
- 80% of the wealth is held by 20% of the population
- You probably wear 20% of your clothes 80% of the time
- 700 common words make up 2/3 of everyday conversations
- Who are the 20% of your acquaintances that make you the 80% most crazy
You get the idea. Sometimes it can be way more extreme than 80/20 and you need the right balance. Having 1 customer that drives 95% of your business may feel easy, but not when they disappear…look at all the companies that have supplied Apple in the past that they have laid to waste when they changed suppliers.
Think about how you apply this to your day, every day…
- Focus on what to improve: Break your problems down and focus on the items that particularly move the dial…layer on resources to really make an impact. 80% of your effort on the 20% that really get things moving
- Focus on what to remove: Look at the 5% of things that are not working in your business or your life…there is always 5% that can be cleaned up and may make you 20% more efficient or 90% happier!
- It’s not 1 to 1: realize that to improve by 50% doesn’t necessarily mean a 50% bigger effort, maybe a 5 to 10% increase in methodology can easily turn into a 50% return…talk about creating separation from your competition in a hurry
…some things you cannot change that easily, but just identifying your strengths & weaknesses will help you better cope. Try channeling Mr. Pareto more often and 80/20 your way to more success, freedom, and happiness!
Life out of control? Need to better prioritize/organize? Here are 3 steps that might help you reign things in a bit:
- Eliminate – what can you just say “No” to? The “Hell Yeah”, or No approach is a great one for this
- Automate – eliminate first, after that what can you automate so no one has to touch it?
- Delegate – don’t do this until you’ve done the 2 steps above. Why pay someone to do something that shouldn’t even be done or can be done minus a human being?
No rocket science here, but a good way to try and bring back a little more control over your life. Here are some other ideas on how to Simplify even further.
Back in 1955 a British naval historian by the name of Cyril Northcote Parkinson wrote his first article on what would eventually become Parkinson’s Law which states the following: “Work expands so as to fill the time available for it’s completion”…without producing significantly better results.
The basic idea here is this…don’t take 30 days to do something that can be done almost as well in 24 hours. Work will always expand to meet the hours in a day that you give it. So, work with a deadline, even if it is an artificial one. Shrink your timelines…constraints are a good thing…they force you to do more with less.
So, the next time you are given a project, severely shrink your timelines and you will be shocked at what you can achieve. You can see this in practice every day by all of the greatest companies and inventors…Elon Musk with SpaceX and Tesla, Jeff Bezos at Amazon, etc. One of the greatest inventors ever even took it a step further…Thomas Edison would talk about his ideas to the media before they were even ready…this would force him to get after it and stay on task.
One way to tackle this is to consider that the hardest thing to do is get started. If you can get the wheels in motion, consider that you might be able to get a project 85-90% of the way along in 24 hours, but the entire project may take 30 days. The second hardest thing to do is to conquer that last mile. So, maybe you can get things to 85-90% and hand off or outsource that last 10-15% that eats up more of your time.
So, continually apply Parkinson’s Law to find the shortest feasible path to completion, given the necessary trade-offs required by the work. Soon, you’ll be wondering what to do with all of your free time! Here’s one of the best posts I feel I’ve written on how to Get To It!