OK, I am a punch list guy and use them to make sure I stay on track and get things done (always fun to mark things off as complete). So here are five things that I believe business owners should do each month:
1. Read or listen—continued investment in your education is crucial. If you read 10 pages every night before you go to bed (or listen to the equivalent) then you’ll read over 3600 pages a year and since the average book on business or leadership or improvement is 200 pages, well that’s 18 books a year! If you commit to that level of reading, your business will improve automatically.
2. Attend workshops—chambers, merchant associations, industry related shows, etc. have a variety of opportunities to attend presentations. Take advantage of them. Not only will you learn something, but you’ll also meet like-minded entrepreneurs. These opportunities create identity shifts for you. You will come back with renewed ideas and motivation.
3. Know your numbers—you’ve heard it before, accounting is the language of business and you need to be fluent. For your business, understanding the numbers around the financials, sales and marketing are crucial to your success. There are the numbers that are specific to your industry and the ones specific to building profit; I suggest you get good at both.
4. Pick a reward—you’ve set some high goals for yourself, what’s the reward when you get there? Too often, business owners lament over their disappointments and yet they don’t celebrate their achievements. They will justify it by saying something silly like, “We were expecting to hit that number, so what’s the big deal?” Pick a great reward to keep you motivated for achieving your goal.
2. Pick a consequence—now for the stick side of the equation. People move away from pain and towards pleasure. If you need something to keep you moving away from the pain, pick a consequence. Something that you are not a fan of that will keep you focused to accomplish your goals.
Have a great summer.
Action Tip of the Day—SPEED
If you haven’t read Harry Beckwith, please pick up Selling the Invisible today. In it, he discusses a study done on attorneys and why people stayed with their attorney. The number one reason—speed of response (well above fees and credentials). That being the case, how fast are you?
Everyone likes to feel important and one way that you can facilitate that is to respond to them quickly. So let me ask you:
· How fast do you return phone calls from customers?
· How fast do you respond to email inquiries?
· How fast do you return phone calls from prospects?
· How quickly do you respond to your team?
Respond fast—build business.Take Action on this today and then go Run a Lap! Business is Fun!