Month: April 2022

Build Your Brand

The underlying advice contained in Dorie Clark’s “Entrepreneurial You” is that most entrepreneurs in the coaching, consulting, speaking field fail to diversify themselves. Diversification can enable you to earn more and mitigate risk. Too many entrepreneurs focus on earning revenue from one or two activities, such as consulting and coaching. To stop being held a slave to the clock, trading hours for dollars you need to develop multiple streams of income. In her prologue to the book Dorie states that her business model has seven distinct streams. Before you tune out at the thought of developing seven, yes seven, income streams, keep in mind that it has taken Dori over ten years to get to this stage. As she describes in her book “The Long View” it takes time to achieve great things. Not all potential income streams will be appropriate for you, select the ones that match your business goals. Your objective, and its mine since reading Dori’s book, should be to be earning money while you sleep.  And although I will focus on …

Build the house (business) you want to live in.

Define your values early and often. Values are not generic two-word commandments that state the obvious.  They should codify what you believe in place where everyone can see them and everyone can suggest changes. Values should be an oral tradition. They should tell your employees how to behave in both normal and extreme situations. And they are effective because values stick in our brains, they are efficient and memorable. Using Nordstrom as an example. For my listeners outside North America who may not be familiar with Nordstrom, it is a high-end department store noted for exceptional service. In an iconic story a customer brings a set of tires to a store to be returned, even though Nordstrom sells clothes, not tires. The store accepts the tires and fully refunds the customer. In another case a clerk being unable to find right pair of shoes for a customer recommends a competitor, Macy’s and pays for the additional shipping cost. These stories tell you more about the service Nordstrom and their customers expect than a thousand-page manual …

Life is like riding a bicycle. To keep your balance, you must keep moving.

At this stage of our business cycle, you are profitable and growing organically. Maybe this is the end game for you, you are earning a nice living for you and your family. But many entrepreneurs want to continue to see their businesses grow. And to stand still means to go backwards in this every changing world. You do not need to grow like crazy, but you do not want to stagnate either. As a minimalist entrepreneur you have a built a business that you enjoy working on, it’s a pleasure to go to the office every day. But sustained growth presents its own set of challenges.  One tool that may help you decide the best path for your business in the Ansoff matrix which I discussed in episode 29 of season 7. To listen to that podcast CTRL Click here When a business fails, it is not usually due to a tide of unforeseeable events, its usually for a handful of reasons. The most common of which is running out of money. In his book …