Archive for the ‘Blog’ Category


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Why You Should Copy What Jeff Bezos Did Last Week


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Last week Jeff Bezos, the founder of Amazon, did a very interesting thing.

And if you want to grow your business this year, it’s important you understand his actions.

Here’s what happened.

Over the last year Amazon has been doing something very unusual. This giant company has set up tiny pop up shops all over the U.S.

These small stores only sold one type of thing each month- one month it was just Barbie dolls. Then the next month it may have been tea cups.

It was a very lateral way of pushing Amazon in front of the noses of people who normally wouldn’t visit their website. And each month they reminded people that Amazon sells lots of different things.

But they went further. They staffed these tiny pop up stores with outstanding, friendly staff. It was their way of giving people a taste of Amazon’s high service standards.,/p>

Then last week they did a really weird thing.

They announced that they are closing down all 87 of the pop up stores.

Why? It’s hard to tell. And it actually doesn’t really matter.

What’s important is two things:

Firstly Amazon is continually doing experiments- testing out new and unusual ways they can make a bigger impact and develop the Amazon brand.

And secondly, they are not wedded to anything they do. They freely and quickly abandon initiatives if they decide they are not right to continue.

So, over to you.

Are you doing lots of little experiments with your company? Are you trying the unusual and testing what happens?

Or are you running things pretty much the same way you were last year.

And do you have the courage to shut down parts of your company that aren’t delivering the goods?

At The Fortune Institute, we mentor a lot of entrepreneurs and CEO’s and here’s what I find.

Most are doing very few experiments and most are not shutting down things that aren’t meeting their standards.

(I’m not saying you shouldn’t persist and iterate, I’m saying you should not put up with anything that’s producing a mediocre result in your company).

When Jeff Bezos announced he was closing down his 87 tiny pop up stores, most saw it as a failure.

I think it is yet another example of why Bezos is so much better than most CEO’s.

He experiments more. And he cuts the mediocre initiatives quickly.


The 2 things you must do to achieve your business goals


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You are a highly ambitious person. You are serious about achieving your major business goals.

That being so, there are two things you must do if you wish to make it to the top of your industry.

Failure to do them both will lead to a mediocre result, no matter how intelligent or hard working you are.

These two crucial elements are as follows;

You must have extreme clarity about your goals.

Most people’s clarity on their goals is very low. They aspire to ‘grow their company’, ‘make more money’ and the like, but they are not absolutely clear about exactly what they are going for.

This vagueness of end goal leads to vagueness of approach- if you don’t know exactly what you want, you can never be sure you are following the right strategy to achieve it.

So there’s a second level to goal clarity as well. Once you have decided precisely what you want, you must be equally precise about formulating the necessary steps to get it. ( Or as many as you can think of initially).

Few people have crystal clear goals. And the few that have them have rarely got clear steps to make it to that goal.

The second thing you must have to achieve at a high level in business concerns how you think.

You must remain highly conscious of those goals throughout the day, every day.

Most people who set goals do not think of them nearly enough.

In a fit of enthusiasm they formulate a grand goal, get excited about it for a few weeks, then slowly get busy with business as usual. Soon their goal is only occasionally thought about.

One of the most important breakthroughs you can make in your effectiveness is to realize that there is a direct connection with how much you think about your goals and how often you achieve them.

You must be almost constantly conscious of your goal. Only when it’s on your mind all the time will you keep taking action towards it, keep having insights about it, keep conceiving of new ways to fulfil it.

So you can see why so few people achieve big business goals.

Firstly they are not clear about their goal and the steps to achieve it. And secondly they do not remain conscious of their goal, thinking about it all day, every day.

Clarity and consciousness.

The two things you must have if you want to achieve at a high level.


Want to triple your income? Ask yourself these 3 questions


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The biggest weakness of most entrepreneurs is how they are using their time.

When coaching business owners we frequently see that they are wasting an enormous amount of hours on low value activities.

Are you one of them?

Well there are 3 key questions you can ask yourself to find out whether you are maximizing your time or wasting it at work.

1. What’s The Highest And Best Use Of My Time?

What are the 2 or 3 activities you do that really make a difference to how much money your business makes?

Amazingly very few people have ever asked themselves this. Yes they vaguely know what are useful things to do at work; but they aren’t crystal clear about what really, really matters.

In this area the old 80/20 Principle really reigns supreme. Almost nothing you do grows your business, most of it has minimal impact. So unless you identify what really counts you will spend the next 20 years getting lower results than you are capable of.

Here is a list of activities that commonly increase the revenue of companies:

  1. Calling potential customers.
  2. Emailing/ mailing potential customers
  3. Staying in touch with potential customers
  4. Creating ads to promote what you sell
  5. Finessing you sales presentation
  6. Testing different marketing techniques
  7. Getting PR for your business
  8. Contacting old customers
  9. Developing new products and services
  10. Studying how to grow your business faster
  11. Improving the performance of key staff

There are more of course, but if you were doing just the ones above your company would be making wads of money.

The trouble is, almost all entrepreneurs are spending hardly any time on doing this income increasing stuff.

Instead, they are being consumed by seemingly urgent but really relatively inconsequential tasks.

Which brings us to the second critical question:

2. What Are My Time Traps?

What are the low value things you are doing that are taking up much of the day? And who are the people who are stealing your valuable hours?

Together these constitute your time traps that are reducing your income, slowing your business down and limiting how wealthy and successful you become in your life.

Unless you take the time to observe and analyse your days and identify these insidious time wasters, you are doomed to average achievement levels.
This brings us to the third critical question to ask.

3. What Am I Going To Do About This?

It’s not enough to merely become aware of the problem (although awareness is a level that is beyond what most entrepreneurs have achieved). You need to now decide what tangible changes you are going to make to your week to combat the time suckers and dramatically increase time spent on the ultra valuable activities.

How can you stop certain people interrupting you?

How can you reduce average meeting times?

Can you schedule an amount of time each day to focus on what’s really going to move the needle for your company?

Can you do your email in 2 or 3 blocks each day?

Can you work away from your office a day or two per week on these important tasks?

Only when you make new rules and restructure your week so that you’re spending large amounts of time on income increasing activities, will you take your company to the next level and start making really big money.

Why not take ten minutes now to generate answers to these immensely important questions, then act immediately on what you discover.

There’s no better use of your time than working out the best use of your time.


The one question you should be asking yourself all day


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There are literally hundreds of time management techniques.

But they are all less important than focusing your day around this one question:

“What one thing could I do right now that would move me towards my goals fastest?”

As Entrepreneurs and CEO’s, it’s so damn easy to get caught working hard and fast all day long.

But if we’re not careful, we’ll end up getting lots of To Do’s done, but still not achieve our dreams.

The truth is, very little of what we do each day makes a difference.

Maybe one or two actions, if that.

The rest doesn’t really move us to the next level.

So get in the habit of constantly, incessantly and habitually asking yourself that key focusing question:

“What one thing could I do right now that would move me towards my goals fastest?

It will make a world of difference to what you achieve in life.

The 4 levels of business clarity you absolutely must have


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The 4 levels of business clarity you absolutely must have

I was mentoring a business owner yesterday and we were working on their 2019 goals.

We decided on some good ones and he thought we were done.

We were anything but done.

The reality is, in addition to clear goals you need 3 other levels of clarity:

Strategy clarity. 

You must be clear on the very next steps you need to take to achieve those goals.

 

Without clear next steps and dates by which you aim to achieve them, goal setting is just fantasy.

New skills clarity. 

This is where the majority of people fall short. In order to achieve major goals, you will need to develop new or better skills.

 Most people try to achieve huge things, but don’t work on developing the skills needed to get to this higher level. Thus achieving the goal becomes difficult.

Character evolution clarity.

Here’s the truth: You can’t achieve extraordinary goals without becoming someone more extraordinary than you are now. 

You need to consciously work to evolve yourself to a higher level.

If you try to move to a higher goal without also becoming the type of person who would achieve that goal, then success is doubtful.

So ask yourself, what type of person must you become to achieve your 2019 dreams? 

What skills should you learn to make this leap not just possible, but probable?

 And what are the exact next steps to get you there?

Don’t just set goals. Get clear on the other 3 levels as well- and you’ll be 10 times more likely to have an extraordinary 2019.


A Stunningly Effective Way To Have An Awesome Year Financially


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A Stunningly Effective Way To Have An Awesome Year Financially

Happy New Year!

But let’s not just hope that it will be happy.

Let’s make sure of it, by doing a quick exercise that will greatly increase your chances of growing your business substantially and making a boatload of money.

I mentor many business owners and I’ve found this exercise works really well for them. I’m confident it will work for you too.

Here’s the exercise:

Allocate just 10 minutes to ask yourself the following two questions:

  1. What are the top 3 areas of my business where I most have to lift my standards?
  2. In each area, what’s the one best way of doing it?

This exercise works amazingly well because it increases your clarity enormously, but doesn’t overwhelm you with a huge To Do List ( that often never gets done).

The exercise provides you with a small handful of action points you can initiate that will actually make a difference to your business success this year.

Please take a few minutes to carry out this thought experiment right now.

It could make a big difference to both your wealth and happiness in 2019.


The 15 Minute Technique to Massively Build Your Business Next Year


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The 15 Minute Technique to Massively Build Your Business Next Year

I know that you want 2019 to be an awesome year for your business and your life.

But how are you actually going to make that happen?

In my experience mentoring many entrepreneurs and CEO’s, there are 2 primary ways:

  1. Conceive a superior strategy than the one you had this year.
  2. Execute an existing strategy in a superior way than you did this year.

Now the key to making both of these happen lies in doing one very basic (but massively important) activity:

Spending time reflecting on your performance this year.

Very few people do this.

We are all very big on taking action. But usually weak on reflection.

But surely it’s only by carefully analyzing what you did this year that you can have a chance of engineering superior ways to operate next year.

Reflection matters a lot.

With this in mind, if you’d like to have a magnificently fruitful and lucrative next year, spend at least 15 minutes thinking about these 3 questions.

What did I do well this year?

What could I have done better?

What are the best strategies for doing those things better?

Strikingly simple questions. But each capable of unlocking a whole new world of excellence for you, both personally and professionally.


HOW TO BRING IN MORE INCOME BY THE END OF THE YEAR


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How To Bring In More Income By The End Of The Year

A lot of business owners have pretty much given up on getting new income in these last 3 weeks of the year.

That’s a mistake.

It’s actually highly possible to bring in new revenue, very quickly.

Here’s one very potent way to do it:

First, go back to very potential client you’ve had a call, email or meeting with this year.

Literally put together a list of every one you had a call, email or a meeting with, who showed any interest at all in what you sell.

Then contact them. And just say this:

That you had thought about their business (or situation) you and you wanted to have a 5 minute call with them about it.

Then on the call do one of these three things:

  1. Show them why now would be a good time for them to work with you
  2. Offer them a discount for buying your service or product right now
  3. Come up with something new you could offer that might help them

Could bringing in more clients really be that simple?

Having helped over a thousand entrepreneurs build their businesses, I can assure you, it really can be this simple.

Give it a try in the next 7 working days.

There is still money to be made this year, and these 3 methods can help you make it.


How to be great at Sales


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Sales

Most entrepreneurs hate doing Sales work.

But have you ever asked yourself why you don’t like it?

I think there is one main reason that entrepreneurs dislike Sales so much:

They don’t think they are good at it.

Think about it. If you were absolutely amazing at Sales,and you had lines of people wanting to buy from you, do you think you’d hate it then?

No way. You’d love doing Sales!

So the solution is simple.

You need to get really, really good at Sales.

Then two things will happen:

1.You’ll enjoy it.

2 You’ll be rich.

And how do you get good at Sales?

Well firstly, you have to make the choice to get good at Sales.

Surprisingly, almost no entrepreneurs even seek to be excellent at getting Sales. Even though they know it is absolutely key to their company’s future success.

Next, you have to learn an organized, systematic and effective way to consistently bring in leads and convert them into clients.

Most entrepreneurs do not have such a Sales system – they wing it.

Thirdly, you have to devote significant amounts of time each week to doing your Sales system.

Once again, the majority of entrepreneurs do not do this. They only do occasional Sales activity.

So in a nutshell, those are the three things you must do to be great at Sales and start loving Sales.

Commit to be excellent at it. Learn an organized Sales system that works. And make it one of your primary work activities each week.

Be honest with yourself. Which of these three do you do well?

Your answer will determine not only how much you enjoy doing Sales.

But also how big your company will grow.


The missing ingredient you need to win more clients


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Missing Ingredients

To win customers you need 3 things:

  1. A valuable product or service.
  2. A reliable system for frequently getting in front of potential clients.
  3. An ‘Organisational Personality’ that makes people like you and your team – and want to work with you.

Lots of business owners think about 1 and 2. Virtually nobody thinks about the 3rd area.

What is Organisational Personality?

It’s what you and your staff do and say to make buyers feel good about you … and be attracted to you.

Another way to put it is, what’s the Emotional Tone of your company?

If you want to create a powerful Organisational Personality or Emotional Tone, the first step is to choose one single personality to focus on.

Here are several examples of Organisational Personalities you can choose from:

  • Efficient
  • Friendly
  • Careful
  • Trustworthy
  • Fun
  • Caring
  • Hard core
  • Professional
  • Detail oriented
  • Proactive
  • Service-oriented
  • Quick

Once you’ve chosen your OP, the second step is to evaluate every point that a potential customer interacts with your company.

And then make sure every one of them reflects your new Organisational Personality.

Examples of customer points of contact include:

  • On the phone.
  • In meetings.
  • In your reception area.
  • On YouTube videos.
  • At conferences.
  • During your sales presentation.

The third step is to constantly be reminding your team to maintain, exude and focus on the Organisational Personality. So that it becomes totally ingrained in the company’s culture and modus operandi.

If you do these three steps you’ll have something really precious:

A powerful, attractive and consistent personality or way of being throughout the entire company. One that attracts new customers and helps keep current clients feeling good about working with you.

And that is money in the bank.



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  • The 9 Laws of Attracting Profit
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