In a rut? Here are 12 business ideas to turn your business around.
1. PREPARATION IS FREE
One of the keys to success is preparation, which costs you nothing. It’s attention to detail. It’s giving yourself a half-hour before a meeting and a half-hour after the meeting.
2. SPEED OF TRUST
When Berkshire Hathaway closed a multibillion dollar deal with Microsoft, the deal moved at lightning speed, closing in months rather than the years analysts expected. Asked how it was able to move so quickly, Berkshire Hathaway head Warren Buffett said, “Because we trust each other.” Building trust will greatly increase the speed at which you’re able to do business.
3. HYPER PRODUCT KNOWLEDGE
A personal coach to top real estate agents argues that one of the primary reasons clients hire agents is for their hyperlocal knowledge. You must study your industry like a Harvard Business School course.
4. DOLLAR-PRODUCTIVE ACTIVITIES
Focus on things that create revenue for your business. Moving paper from one side of your desk to another, getting yourself a coffee and going out to personally courier your documents to the lender isn’t going to grow your business.
5. IDEAL WEEK AND MORNING RITUAL
When you decide what your dollar productive activities are, it’s important to decide when to do those things. Every morning between 8am and 9am, I used to ring every client I had. Then I would spend an hour prospecting. I made sure the things that were important to my business were getting done before the other stuff.
6. SUCCESS SYSTEMS
Don’t just systemize your business, but also systemize your life. When I’m traveling, I have a checklist for traveling. It’s all seamless.
7. FIVE FACE-TO-FACE QUALIFIED MEETINGS DAILY
This may seem like a lot, but it was the secret to success for a top US financial services agent. Assuming around an 80% conversion rate, 25 clients a week could yield some atmospheric settlements.
8. BUILD A BIG PIPELINE
You need to build a big pipeline because there are going to be a dozen plates spinning in the air and a few of them will fall down. If you only have six potential clients and three fall down, it’s an impending disaster. If you have 27 in the pipeline and three fall down, you don’t even blink.
9. OUT-LISTEN THE COMPETITION
Originators can be very good at talking, but the real key to building client relationships is listening. If you’re meeting for an hour, you should spend 45 minutes listening to the client’s needs and concerns, and maybe 15 minutes prescribing and advising.
10. DELIVER +1%
A bicycle repairman found a way to over-deliver for his customers. He knew it generally took around 45 minutes to fix a bike, but he told his customers each repair would take an hour. In the additional 15 minutes, he would perform simple tasks like cleaning the bicycle chain, polishing the chrome, or adding accessories. By taking just a little longer, he gave his customers more than they’d asked for.
11. MANAGING EXPECTATIONS
People come in, and they don’t take loans every day. You need to let them know where delays occur and that if they have concerns they can call you.
12. RAVING FANS
When you do business with someone, you want them to leave that transaction and say to themselves and all their friends and family, “That was the best service experience I ever had.”
One of the keys to success is preparation, which costs you nothing. It’s attention to detail. It’s giving yourself a half-hour before a meeting and a half-hour after the meeting.
2. SPEED OF TRUST
When Berkshire Hathaway closed a multibillion dollar deal with Microsoft, the deal moved at lightning speed, closing in months rather than the years analysts expected. Asked how it was able to move so quickly, Berkshire Hathaway head Warren Buffett said, “Because we trust each other.” Building trust will greatly increase the speed at which you’re able to do business.
3. HYPER PRODUCT KNOWLEDGE
A personal coach to top real estate agents argues that one of the primary reasons clients hire agents is for their hyperlocal knowledge. You must study your industry like a Harvard Business School course.
4. DOLLAR-PRODUCTIVE ACTIVITIES
Focus on things that create revenue for your business. Moving paper from one side of your desk to another, getting yourself a coffee and going out to personally courier your documents to the lender isn’t going to grow your business.
5. IDEAL WEEK AND MORNING RITUAL
When you decide what your dollar productive activities are, it’s important to decide when to do those things. Every morning between 8am and 9am, I used to ring every client I had. Then I would spend an hour prospecting. I made sure the things that were important to my business were getting done before the other stuff.
6. SUCCESS SYSTEMS
Don’t just systemize your business, but also systemize your life. When I’m traveling, I have a checklist for traveling. It’s all seamless.
7. FIVE FACE-TO-FACE QUALIFIED MEETINGS DAILY
This may seem like a lot, but it was the secret to success for a top US financial services agent. Assuming around an 80% conversion rate, 25 clients a week could yield some atmospheric settlements.
8. BUILD A BIG PIPELINE
You need to build a big pipeline because there are going to be a dozen plates spinning in the air and a few of them will fall down. If you only have six potential clients and three fall down, it’s an impending disaster. If you have 27 in the pipeline and three fall down, you don’t even blink.
9. OUT-LISTEN THE COMPETITION
Originators can be very good at talking, but the real key to building client relationships is listening. If you’re meeting for an hour, you should spend 45 minutes listening to the client’s needs and concerns, and maybe 15 minutes prescribing and advising.
10. DELIVER +1%
A bicycle repairman found a way to over-deliver for his customers. He knew it generally took around 45 minutes to fix a bike, but he told his customers each repair would take an hour. In the additional 15 minutes, he would perform simple tasks like cleaning the bicycle chain, polishing the chrome, or adding accessories. By taking just a little longer, he gave his customers more than they’d asked for.
11. MANAGING EXPECTATIONS
People come in, and they don’t take loans every day. You need to let them know where delays occur and that if they have concerns they can call you.
12. RAVING FANS
When you do business with someone, you want them to leave that transaction and say to themselves and all their friends and family, “That was the best service experience I ever had.”
