Goal Setting

One of the first steps in organizing your business is setting goals.  Having goals not only helps you plan for the future but also enables you to see past obstacles and prevents you from wandering off your path.

Organizational Strategies

The goal is to manage your business so it doesn't run you.  Paradoxically, this can only happen once you've made yourself obsolete.  When the day comes that you don't need to be present and your business can still be productive you are on the verge of a breakthrough!

The Adam Sandler Strategy

Producers like Jerry Bruckheimer spend  hundreds of millions of dollars on big blockbuster movies including $375 million on The Lone Ranger.

Adam Sandler spends a fraction of that when he produces a movie.  To produce Blended, Here Comes the Boom and Grown Ups he spent $40 million, $42 million and $80 million respectfully.

The problem is the more money you spend in production the more money the film must gross.  If you gross $300 million but spent $350 million you failed.

Low budgets lead to high profits.  Sandler might have only grossed $123 million on Blended but $83 million was profit.  That's a 207.5% ROI.  Compare that to The Lone Ranger which grossed $260 million after spending $300 million for a 30% loss!

Now apply this strategy to your business.  Do you need all the special effects that come with a $300 million budget to be successful or do you let your work and reputation speak for itself?

The Adam Sandler Strategy will lead to more profits and free up resources for your next project.

The Law of Attraction

There are two ways to get clients...

Chase them...

Or attract them.

Which do you do?

Law of Optimization

Last week I challenged you to apply the Mirror Test to your business.  I am sure many of you found ways to improve your business model but I bet some people think their business is perfect just the way it is... this post is for you.

The Law of Optimization states no matter how well an approach or process works, it can always be refined and improved upon even if those refinements and improvements are very subtle.

Simple refinements and improvements to your business are essential to ensure that you stay ahead of your competition and dominate your market.

Mirror Test

Hopefully you are starting to unwind for a long weekend full of rest, relaxation and fun.  It is important to take advantage of Holidays to recharge the battery and have a little fun.  While relaxing take a little time to reflect on your business and apply the mirror test...

Hold up a mirror to your business and ask yourself if your work is an actual reflection of how the tasks should be completed at the maximum level of efficiency.  What do you see?

Are all assignments performed at the highest level of optimization or could you improve?  Do you perform all tasks the same way every time to ensure quality or do you skip steps?

Take some time this weekend to relax and check back Tuesday for the first step in optimizing your business!

Lead Groups

Are lead groups effective or do they effectively waste your time?  Let's take a look...

First let's distinguish lead groups from networking mixers.

• Lead groups:
• Are members only
• Have strict scheduled meetings
• some even have penalties if you miss a meeting
• Steep upfront membership fee
• Plus weekly, monthly or quarterly fees
• One person makes a 10 minute presentation
• Everyone else gets 45 seconds
• Only one profession per group
• Networking Mixers
• Open to public
• Randomly scheduled
• Pay one fee
• sometimes in advance but always available at the door
• Talk to as many people as you want for as long as you want
• Opportunity for multiple people in same business to attend

Now let's look at the advantages and disadvantages.  Do you want to market to the same group every week or meet new opportunities?  Do you want to choose when you attend without wasting money already invested or risking a fine?  Membership fees plus "food" fees or about $20 per event?  Besides most lead groups deteriorate into glorified social gatherings.  I honestly do not care if your 10 year son scored a goal at his soccer game- I am here to conduct business and make money.

My biggest issue with lead groups is only allowing one profession per group.    First, if someone in the group already offers your product or service you cannot.  In my case I was only able to market business valuations and forecasts but no new business consulting or anything to do with social media marketing or advertising.  What is the point if I can't market my entire business?  Second, you are required to market their business to your clients, friends and family.  Now this wouldn't be that big of a deal but what if the business you're recommending isn't the best?  Would you really put your reputation on the line recommending an inferior business to one of your clients?

Not all lead groups are a bust (even a broken clock is right twice a day) but I would focus on finding some solid networking mixers.