Five top tips to starting a successful business - by Richard Branson

Here is an amazing post from Richard Branson on starting your own business.  If you already own a business, don't dismiss this article as it applies to opening a new income stream or division.  Enjoy!

1. Listen more than you talk

We have two ears and one mouth, using them in proportion is not a bad idea! To be a good leader you have to be a great listener. Brilliant ideas can spring from the most unlikely places, so you should always keep your ears open for some shrewd advice. This can mean following online comments as closely as board meeting notes, or asking the frontline staff for their opinions as often as the CEOs. Get out there, listen to people, draw people out and learn from them.

2. Keep it simple

You have to do something radically different to stand out in business. But nobody ever said different has to be complex. There are thousands of simple business solutions to problems out there, just waiting to be solved by the next big thing in business. Maintain a focus upon innovation, but don’t try to reinvent the wheel. A simple change for the better is far more effective than five complicated changes for the worse.

3. Take pride in your work

Last week I enjoyed my favorite night of the year, the Virgin Stars of the Year Awards, where we celebrated some of those people who have gone the extra mile for us around the Virgin world. With so many different companies, nationalities and personalities represented under one roof, it was interesting to see what qualities they all have in common. One was pride in their work, and in the company they represent. Remember your staff are your biggest brand advocates, and focusing on helping them take pride will shine through in how they treat your customers.

4. Have fun, success will follow

If you aren’t having fun, you are doing it wrong. If you feel like getting up in the morning to work on your business is a chore, then it's time to try something else. If you are having a good time, there is a far greater chance a positive, innovative atmosphere will be nurtured and your business will flourish. A smile and a joke can go a long way, so be quick to see the lighter side of life.

5. Rip it up and start again

If you are an entrepreneur and your first venture isn’t a success, welcome to the club! Every successful businessperson has experienced a few failures along the way – the important thing is how you learn from them. Don’t allow yourself to get disheartened by a setback or two, instead dust yourself off and work out what went wrong. Then you can find the positives, analyse where you can improve, rip it up and start again.

The Zappos Way

Zappos is an incredible success story that has created an amazing culture within its company.  Here are the 10 Core Values of Zappos that we can all learn from:

1. Deliver WOW through service.
2. Embrace and drive change.
3. Create fun and a little weirdness.
4. Be adventurous, creative and open-minded.
5. Pursue growth and learning.
6. Build open and honest relationships with communication.
7. Build a positive team and family spirit.
8. Do more with less.
9. Be passionate and determined.
10. Be humble.

There is so many great lessons in these values.  Study them, learn from them, and most importantly apply them within your business and service model.

Give Me Your Very Best...

I wanted to share a story with you about the power of the words, "Give me your very best."  My 6 year old son, Alex, and I were watching Facing the Giants one night about 3 months ago.  Alex loved it so much that he watched it several times over the next couple of days.  We talked about giving your very best a little bit, and then I got this idea that I would challenge him to give me his very best.  I created it as an affirmation for him.

I would ask him each morning when I dropped him off at school, "Alex, will you give me your very best today." He replied, "Yes."  And, then I would respond, "You promise me, you will give me your very best today."  He always says, "Yes."

I did this before his Tae Kwon Do class, soccer practice, soccer game, homework, reading, etc.  I think you get the picture.  At first, I didn't notice a difference, but I kept doing it with him.  But, after repeating it to him daily for a couple of months, he began to take it very serious.  Even if he was exhausted from a long week, he made sure he gave his very best.

As a proud dad and coach, in soccer he became known as "The Wall" by other coaches.  When he wasn't in goal, he was scoring goals.  I noticed he began to take his practices more serious.  He was practicing at home without being asked.  He was reading extra books to get the practice in.  It was amazing to see the results.  I also noticed the results in myself by simply asking him this question.  I also raised my game in areas that I wasn't as focused on.  I started a 90 Day Fitness/Weight loss challenge.

So, what does all this mean to you and your business?  Very simply, are you giving your best to your staff, clients, vendors and YOURSELF?  Are you prepared to put in the hard work to become a master.  Very few people ever become a master at anything because it requires such hard work.  Nothing can replace the hours and practice that are put in behind the scenes.  You know the ones, the ones that no one sees.  If you live in the US and follow the NBA, you have seen this first hand.  Many players that we are used to seeing perform at a high level, didn't do so this year because of the shortened training camps due to the lock out.  They didn't condition their bodies and take the massive number of shots that they usually take in training camp.  Excellence is not something you can just turn on.

I challenge you to ask yourself to give your very best daily for the next 90 days.  I'd love to hear your success stories because if you do this, you will take your game to a whole 'nother level.

To your success,
Jesus

Get Rid of Time Killers

Time Killer #1:  Most employees are in a re-active rather than a proactive mode.

Studies show only 20% of time is spent on the important activities.  80% is spent on things that get very low or NO results.  If we reverse these we can immediately get a 4 times increase in productivity.  That’s right, a 400% increase!!

Time Killer #2:  Re-reading the same information again and again without taking action.

Average business person spends 6 weeks a year re-reading the same information without taking action. This adds up to three and a half years in your career spent on something that has little or NO effect on your results.

Time Killer #3:  The “Open Door” policy.

This “Have you got a minute?” mode is the worst way to run a practice.  If anyone can interrupt anyone else anytime they want to, then the entire practice runs in a re-active mode.

Time Killer #4:  Not prioritizing your “TO DO” list.

Studies show that people who make “to do” lists will most often do the least important (or easiest) things first. The important things often get moved until they become urgent and then get done in a mad rush.

Time Killer #5:  No daily planning.

Most people only schedule appointments - not tasks or projects.  This makes it hard to focus on the important (but not yet urgent) things.

Timer Killer #6:  No system for dealing with documents and projects. 

This often leads to a messy desk and/or drawers and files.

Timer Killer #7:  No discipline for useless information. 

Most people keep and file away information only to toss it out 6 months later.

Two Keys To Having The Life You Deserve

There are many keys to success in life, but I have found two which embody all keys. The first is that each of us must learn to love oneself. We have all heard the following - "Don't blow your own trumpet...Don't pat yourself on the back...and so on."

Humility is very important, but what is humility? to me humility is to confidently acknowledge one's being. We also must recognize that we are very special and blessed with unique talents. We have the power to think and create. This is an amazing gift. We are God's greatest creation so if we cannot love oneself then what can we love. Also, if one doesn't love oneself, then why should someone else. And, when you love yourself, you will then know how to love someone else completely and without conditions. So. pat yourself on the back. Remind yourself that you are very special.

The second key is to know your purpose. Without this, then one would live their entire life on accident. Because if you do not know which path you want to follow, then how is one ever going to get on it.

One's life purpose needs four things:

1. Passion - Our purpose in life should be one which drives us from bed in the morning with joy and happiness. One which will give us joy to face each and every day. You will know you are in your Passion when you are juiced going to be and you hop out of bed.

2. What you want to give - In life we must always give before we can receive. It is said if you want great wealth, then you must help enough others gain wealth (this applies to everything).

3. What you want to receive - You need to know what you want. If you are only giving then you are a martyr. So, what do you want: happiness, wealth, freedom, good health, love, strong family, etc.

4. Massive action - It won't happen by itself, we need to do it. It all starts with a thought, but it doesn't happen by a thought alone. We need to act and do whatever is necessary to achieve and live our purpose.

This area of achievement and success is something I have studied for twenty years, and it is amazing how the little things can make such a difference. Also the one thing I have learned is that the science of success is something that one will study for a life time. It is essential to always read or listen to books on this subject because you will learn something every time you do.

BBI has a great course on Goal Achievement and Time Management called Life Management Systems, and I encourage you to get it. For more details go here.

Until next time,

Jesus Balderas

Entitlement vs Discipline

This subject is something that I find keeps coming up in different forums constantly. Yesterday, I heard a great sermon from my pastor on what God thinks about hard work and discipline. As a business coach, I work with businesses of all kinds and have done so for almost 17 years now. Over the years, I have noticed that so many employees have an attitude of entitlement. I have seen people believe it is their right to have a smoke break, check personal emails, read the paper, take extra time at lunch, etc. You know the drill especially if you own a business. I see it in children as well, and this is scary.

It is almost an attitude of - what are you going to do for me, and then I will let you know what I will do for you.

This is the complete opposite attitude of success. In life and business, we are given the charge to give it our all. Be disciplined, work hard, and make your own LUCK (Labor Under Correct Knowledge). We can find it in the principle of Give and You will Receive.

I find a key in life is to give it your all in every situation. Don't hold back until you see what the other party is going to do. Often times, I find when you do give it your all, the other party joins in and gives it their all. How cool is that? The alternative is that both parties hold back a little just to see.

So, my final thoughts to success is this.

1. Lose the attitude of entitlement if you have it. And, if you don't, keep it that way.

2. Research every opportunity that comes your way, but once you know it is a good deal jump in with both feet and keep giving it your all.

3. Be disciplined every day.

4. Re-focus on your goals as often as you need to so that your actions keep pace and on target for your goals.

5. Embrace and love hard work because it is good for you.

6. Truly enjoy the success that comes to you.

Each and every job that comes your way deserves your all that includes your work, your hobbies, your marriage, your children and so on. I think you get the point.

I know this post is a little raw, but it hit a nerve so I just typed and posted.

If you would like to receive more information on goal setting and time management, I would encourage you to check out our Life Management Systems.

Until next time.

Understanding The Lifetime Value of a Client

There’s an old story of two grocers. They were sitting on a park bench. One says to the other: “You know, I’ve just gone over the figures and I divided the week’s revenues by the number of transactions and I’ve worked out the average customer is worth $72.90 to me. Have you ever worked out what a customer is worth to you Bob?”

Bob says “Sure Bill, about $75,000.”

What’s the difference? Bill was thinking in terms of one sale. Bob, on the other hand, knows about the lifetime value of a customer.

He figures it like this:

$72.90 x 52 weeks x 20 years = $75,816

What’s the lifetime value of your clients? If you don’t know, you could be missing out on thousands of dollars of opportunity.

The point is, it’s not enough to get a client in the door, sell to them and then say “Thanks for dropping by. Do come again sometime.” You have to develop a system to keep them coming back to you instead of going to your competitors. And you’re about to learn how. You’ll learn how to get them to spend more when they do, and how to encourage them to come back more often.

Did you know that there is but one formula for practice income growth? There are only three ways to grow any business:

• Increase the number of clients.
• Increase how much they spend or the profit per transaction.
• Increase how often they come back.

Here’s the equation: C x Act x F = I

Where: C = Number of clients
Act = Average client transaction
F = Frequency of transaction
I = Income

If you increase each one by a mere 10% you’ve added 33% to your income.

Add 25% to each and you’ve doubled your income. Double each of the 3 areas and you’ve increased your income by 800%! Notice the multiplying effect?

Think about how you can use this in your business.