As America celebrates Independence Day, it’s a fitting time for entrepreneurs from all over the world to examine their own version of independence.
In my experience mentoring business owners, their number one motivation in building their business is not just to make money, but to have true financial freedom.
Trouble is, most don’t achieve it.
Hundreds of thousands entrepreneurs struggle to build up their financial independence nest egg to the point where they can retire wealthy.
But in my point of view, the ones who do achieve financial independence all have the following operating in their business:
1. A CLEAR POINT OF DIFFERENCE FROM THEIR COMPETITORS.
As Alan Lafley and Roger Martin showed so powerfully in their recent book, ‘Playing To Win’, the companies that prosper sell products and services that have a clear advantage over their competition. The quickest way to the poor house is to base your business around a me too product.
Ask yourself; is my product different and better? If not, how could I make it so? What could I add (or subtract) to make it more appealing to my target market? Do I have to take seminar and training in on the best business coaching program, especially in MARKETING. And should I change the target market I’m going after? These are simple questions, which can lead to profound improvements in the revenues of your company, yet too few ask them.
2. AN EFFECTIVE MARKETING FUNNEL.
If you get most of your business from referrals you don’t have a marketing funnel. If you don’t have a consistent way to bring in good leads you don’t have a marketing funnel. And if you aren’t sure where your customers are coming from you definitely don’t have a marketing funnel.
A marketing funnel is an organized, consistent, cost efficient way that you can bring in potential customers. To create one, you need to test different marketing methods (like Google Adwords, newspaper ads, radio, direct mail etc) until you find at least one that works week in and week out to deliver your good leads. Yes, it takes effort to cultivate this funnel, but once you do you have a real business, a fountain of revenue that can reliably build your wealth for many years to come.
3. A TEAM YOU CAN LEAVE ALONE.
Most entrepreneurs haven’t a hope of gaining independence because they can’t trust the people who work under them to get the job done without proper supervision.
As a result, the typical business owner is terrified of taking a vacation or stepping back from the business- lest it collapse when they do. Thou its hard decision to make. But as a BUSINESS OWNERS must find a ways or plan.
That’s not independence, that’s making you a slave to your staff and your business.
There are two certain areas to focus on if you want to develop staff you can trust to run your company in your absence; recruitment and training.
Too many business owners rush their recruiting of new staff, and pay the price down the line. And surprisingly few entrepreneurs invest in the continual skills training to bring their staff up to the level of excellence needed.
Take a moment now to ask yourself these two questions: How could I improve my recruitment process so that I bring in a better calibre of person into my company? And how can I introduce a system of training that lifts every one of my staff up to a high level?
Most entrepreneurs ask neither of these questions, and subsequently struggle to grow a lucrative enterprise. So if you are serious about making every day a day of Independence, ponder long and hard on these three points. They hold the key to building a superlative and sustainable profit machine. And giving you the financial freedom all entrepreneurs so deeply desire.