Business Tips

Our developers are constantly creating new content for you.
Please check back often for more business tips.

Successful Business Owners Share Their Secrets

Owning a business can be a challenge. From day-to-day decisions to long-term solvency, your success or failure rests entirely on your shoulders. There is no one to hide behind or blame for mistakes. But if successful, it can also be incredibly rewarding. There are the obvious financial rewards, but less obvious are the relationships you build and the positive affect you can have on people and your community.

At Insight Business Coaching, we thrive on making businesses successful. It’s our passion. It’s something we work hard at every day; which is why we’ve decided to compile a list of some of the smartest secrets of successful business owners.

 

1.) Charley Polachi, CEO of Polachi Access Executive Search
"When I drive to work or walk around Boston, you'll often see me speaking aloud," Polachi said. "And while many may look at it as if I'm speaking to myself, I'm actually using a dictating machine to create my 'to-do' items. Once in the office, I'll transcribe the list into a spiral notebook and prioritize the list."

He breaks the list into groups:
A. Must do, top priority
B. Hope to do, medium priority
C. If not done, no big deal, low priority

"This is a weapon I've been using for years," he says. "With the prevalence of smartphones, it's as easy as ever for someone to dictate notes and thoughts whenever necessary, but is still often overlooked. Being able to organize and prioritize the day is a skill most successful entrepreneurs exhibit."
**Source: Business Insider - 17 Small Business Owners Share Their Secret Weapons**

 

2.) Sara Blakely, Billionaire Founder of Spanx
“The best thing you can do is hire to make up for your weaknesses as soon as you can afford to. Jump past barriers and countless years of indecision by hiring a business partner that gives you the kick you need to stay motivated or a sales representative to get your product out in stores. Whatever your weakness is, identify it and hire it out as soon as possible.”
**Source: Entrepreneur - The 7 Secrets to Entrepreneurial Success**

 

3.) Sam Spayd, Founder of Aero Legends
“Stick with what you know.” Sam is a retired Air Force and commercial airlines pilot. He purchased a beautifully restored World War II biplane and offers the magical experience of “Open Cockpit” flying over the cliffs, beaches, and lighthouses of the spectacular Oregon coast.
**Source: Forbes - Secrets Of Successful Small Business Owners**

 

4.) Nick Gray, Founder and CEO of Museum Hack
“I believe the CEO of a small-to-medium business has three major duties: to make sure there is money in the bank; to get the right people in the right roles; and to guide the long-term vision for the company. After that, I try to get out of the way and let our team do their best work.”
**Source: Entrepreneur - 3 Team-Building Secrets of Successful Small-Business Owners**

 

5.) Sara Sutton Fell, CEO of FlexJobs
"A huge part of our success — and a great secret weapon — is going virtual as a business," Fell said. "Being a virtual company enables us (a) to focus on hiring the best people, regardless of location, and (b) empower them to work where (through telecommuting) and when (with flexible schedules) they are most productive."
**Source: Business Insider - 17 Small Business Owners Share Their Secret Weapons**

 

6.) Richard Branson, Founder of Virgin Group
“Chance favors the prepared mind. The more you practice, the luckier you become.”
** Source: Bplans - 4 Secrets of Successful Business Owners**

 

7.) Alexandra Golaszewska, Owner of AlexandraGo
“Narrow your focus. There are a lot of people out there doing what you do, and if you’re a generalist it’s easy to get lost in the crowd. The more tightly you focus, the more perfect a fit you become for your category. This can be based on your services or on the type of client. For example, if you’re a writer, maybe you only write new business proposals or LinkedIn bios or online dating profiles. Or maybe you offer a wider range of services, but only to restaurants or lawyers or ski resorts."
**Source: American Express - Secrets to Success from Small Business Owners**

 

8.) Ali Peña, CEO of Forums Event Design and Production
"The kudos should not go to the owners of the company but to the team members. The most powerful tool for motivating employees is saying thank you."
**Source: Business Insider - 17 Small Business Owners Share Their Secret Weapons**

 

9.) Jen-Hsun Huang, CEO of Nvidia
“See the world without bias, like a child. Be curious. Keep learning. Think. But don’t over think. The only way to really know is to try. Make mistakes. Learn. Then try again.”
**Source: Fortune - Best advice from CEOs: 40 execs' secrets to success**

 

10.) Claudia Chan, Owner of S.H.E. Global Media
“Speak up when you need help. As humans, we are meant to ‘do’ in collaboration with others.”
**Source: Forbes - Advice from An Entrepreneur**

 

11.) Fran Tarkenton, Founder of smallbizclub.com
“Focus on people. The person I learned the most about business from was, Sam Walton. We became great friends, and I ended up regularly riding in his pickup truck as he drove from store to store. I asked him question after question and just let him talk, absorbing his wisdom. When we were at the stores, I watched closely as he interacted with his employees — he called them associates. He asked them what was selling and what wasn’t selling. He asked them what they thought the company was doing well — and what they would change. And he listened carefully and kept track of everything they said. No matter how big the company got, it was important to him to genuinely engage with and listen to every single employee.”
**Source: Business Insider - 17 Small Business Owners Share Their Secret Weapons**

 

12.) Annette d. Giacomazzi, Owner of CastCoverz
"Train your employees (and children) that when there is a problem or a complaint, bring three suggestions to fix or remedy it. The focus will be on the solution, rather than the problem."
**Source: American Express - Secrets to Success from Small Business Owners**

 

13.) Andrés Gluski, President and CEO of The AES Corporation
“Never make an important decision while you are feeling emotional; either too happy, surprised, or angry. Similarly, never make a big decision until you have talked it over with people you trust who are knowledgeable about the matter. Then, be decisive once you have heard them out.”
**Source: Fortune - Best advice from CEOs: 40 execs' secrets to success**

 

14.) Chris Runyan, Owner of GameXChange
"I’m really into systemizing things. I have my time organized using my iPhone, the calendar, Google docs, Google drive. Ten years ago think of how much money you’d have paid a local IT company to set up a domain and server. Now, it’s so easy. As you grow, there’ll be a need to scale it. It’s been pretty incredible. It’s essentially free."
**Source: Business Insider - 17 Small Business Owners Share Their Secret Weapons**

Most Businesses are Selling the Wrong Thing

Whether you own a retail business or a service business, chances are you’re selling the wrong thing.
Let that sink in.
What comes to mind? Are you skeptical? Then let me ask you this…
Do you have double-digit conversion rates? If not, I can tell you why. You’re selling the wrong thing!

Most of us have grown up surrounded by companies that show off their products features. “Open 24 hours.” “This TV is high-def.” “This meal can go from frozen to the table in 3 minutes flat.” The problem with that line of thinking is that unless your customer is looking for that specific feature, at that specific time, they just don’t care. You can’t help them. And when they do need those features, they don’t remember you. You didn’t make an impact. That’s why feature selling is wrong.

 

Stop Selling Your Product and Start Selling the Problem it Solves

When you sell the solution instead of the feature, you disrupt people. They pay attention. They remember you.

Rather than telling your customers that you are, “Open 24 hours” you tell them, “We’ll be here for you when your child wakes up at 2am with poison ivy. “We’ll be open when your pregnant wife wants ice cream at midnight.” By selling them a solution you’ve connected with them on an emotional level. You’ve made every man with a pregnant wife pay attention. Every mother with an adventurous child will remember you.

 

We Teach You to Connect to Your Customers on an Emotional Level

One of the first things we do with our new clients is to define a list of emotional problems their customers face. We test and measure these emotional problems by asking their current customers to rate their concerns. Those survey responses are then compiled to produce the top concerns their customers want addressed. Only then can you develop a marketing strategy devoted to solving your customers’ problems.

 

What Makes You Better Than Your Competition?

Most of the time, this question can be easily answered by selling the solution while your competition continues to sell their features. But sometimes we have to dig deeper. We have to build an emotional profile.

An emotional profile defines the prospects that have an emotional reason to buy. These emotionally driven people are the most likely customers to purchase from you over and over again. These consumers are most likely to spend more money in your business. These are the customers that breathe brand loyalty. We call them your “A-list” customers. They are better described by saying they are the 20% of your customers giving you 80% of your profits.

When you put these customers first and focus your attention on solving their emotional needs, you turn them into customers who want to buy from you rather than your competition.

Can you persuade someone to buy you in 60 seconds or less?

One of the most often asked and poorly answered questions in business is, “what do you do?” As an entrepreneur, you should be ready to answer this question anywhere, to anyone at any time.

Most responses resemble a definition of what ones job title is. For example, ” I’m a hairdresser.” “I do drywall.” “I’m a singer.” But these answers represent who you are and NOT what you do. Which is why they begin with, “I’m a, and I do.” The correct answer to the question, “what do you do?” is a well-constructed, succinct, and persuasive sales pitch often referred to as an elevator pitch.

 

What’s an Elevator Pitch?

The name elevator pitch comes from the idea of being stuck in an elevator with someone important to your future like a potential client. Imagine you have a certain number of floors that the elevator must pass through and the time that it takes to do that is a perfect time to gain a customer. If you can shape your conversation in a way that seems natural and unobtrusive, you just might land a new account or client by the time your reach your floor.

 

What’s the Point?

A strong elevator pitch will allow you to extract the purest form of who you are and what you offer. But more importantly, a strong elevator pitch will identify a problem your customer faces, show them how you intend to fix it, and explain why you are more likely and better suited to fix their problem than anyone else is. This can only be achieved by exploiting the emotional tools and 4 key steps outlined in this article by Insight Business Coaching.

 

TOOL #1: Hot Button Issues

The most crucial part of any effective elevator pitch is your answer to your customers Hot Button Issues. Hot buttons are the needs, wants, fears, concerns, desires a potential buyer feels before deciding on someone or something in your industry.

 

TOOL #2: Unique Selling Proposition (USP)

A unique selling proposition is what separates your product or service from its competitors. A successful USP promises a clearly articulated benefit to consumers, defines why competitive products can’t or don’t offer it, and is compelling enough to attract new customers.

Now that we’ve told you what tools you’ll need to bring to the table, let’s discuss the steps that you need to take to write your elevator pitch.

 

STEP #1: Interrupt!

The first line of your elevator pitch must stop them in their tracks by using empathy to identify their emotional Hot Button Issue.

 

Step #2: Engage!

Provide them with vital information that explains how you will solve their concern.

 

Step #3: Educate!

Confirm and detail your solution using examples that explain why your solution better solves their problem than all the rest.

 

Step #4: Offer!

Offer them an irresistible opportunity to invest in you.

As we stated earlier, a successful elevator pitch will only be successful if it seems natural and unobtrusive. If you sound like you’re trying to sell, you’ll turn off your potential client before you finish your first sentence. So it’s important to know how to structure these tools and steps to be genuine and effortless. We can help you perfect your elevator pitch because we’ve developed a series of trigger questions and statement that make your pitch flow naturally. If you would like to learn more, give us a call at 248-449-5100 or email is at info@insightbusinesscoaching.com.

6 Tips that Inspire Customer Loyalty

1.) With all the ways we have to interact these days, it's important to meet your customer where they are, not where you want them to be. Some people prefer to communicate via social media, while others want to email, text or call. There are few things more annoying to a customer than asking them to fit into your comfort zone. Do you want the sale or not?

2.) With tip #1 in mind, make sure that you are communicating quickly and effectively. Be easy to get a hold of and respond quickly! When you don't respond, customers move on (to another company). 

3.) Your reputation is invaluable and a bad reputation can destroy your business. So, do what you say, when you say you'll do it. 

4.) Few things in business are stagnant. If you find yourself standing still, you're really falling behind. Keep innovating. Keep creating. Keep challenging yourself.

5.) People like to be around people who make them feel good and a good mood is contagious so make yours worth catching.

6.) Never give up! Behind every "overnight success" is years of hard work and failure. 

Building Your Business Legacy

Your Business Legacy is the continuous process of your actions, decisions, and the structure that is created through the course of your businesses existence. It details every action and reaction from where you start to where you end up.

So, what do you want your business legacy to be? Were you hoping to pass your business on to your children in order to provide a stable income for their future? Are you hoping to sell your business in order to take care of your family? Or, are you looking to collect residual income in order to fund your golden years of retirement? Whatever your forecast, you are going to need a robust set of systems in place.

Businesses are less valuable when they are owner dependent.

Did you know that most businesses fail because of the detrimental effects of owner dependence? Did you know that the sale price of a business is considerably lower (if the sale happens at all), when the business is dependent on the owner for day-to-day operations? In fact, the business brokerage industry reports a mere 20% success rate for businesses trying to sell. That means only one out of every five businesses that want to sell will actually succeed.

The reason? In most businesses, an enormous amount of information for running the business is unwritten knowledge that exists only in the minds of the owners and key managers. This unwritten knowledge isn’t just related to day-to-day business practices; it extends to logistics, inventory, sales, customer relations, employee relationships, hiring, training practices, and roll clarity. Which is why, if you want your business to be valuable to anyone other than yourself, you must employ a strong strategy of systemization.

What is systemization?

Systemization is the written art of organizing and detailing the day-to-day processes, structures, and strategies to empower your employees and customers- ultimately constructing a financially valuable business.

At Insight Business Coaching we are well versed in writing systems. When we write and apply these systems to your business you will see extraordinary benefits. Your sales and profits will increase- giving you more money. You will see an uptick in productivity which provides you more time. Your employees will feel empowered which delivers your customers better service. We can even teach you how to write your own systems as the needs arise. But most importantly, when it comes time to sell, your business will be owner-independent which increases the value and marketability of the sale by 100%. And, you won’t need to stick around and train the new buyer. You can – literally – cash your check and walk away.