Why You Have to Spend More Money to Make More Money

Stop fishing with minnows if you want to catch whales; that's just not going to work. You need to spend significantly more money to close your sales and guarantee a greater income, not just in terms of absolute numbers but in terms of percentages as well.First of all, you have to pitch only to super-qualified prospects. It's all about doing everything you can to pre-qualify your prospects. You have to get people to go through a process that proves, by the actions they're taking, that they really do want what you're offering. Second, you have to sell products and services with good profit margins; the bigger the profit margin, the better. The offer still has to be competitively priced, but if the margins aren't there, forget it.Thirdly, follow up relentlessly and aggressively. As long as you've done a great job of pre-qualifying the prospect, "no" doesn't always mean "no." It may mean, "I don't know enough" or "I don't know why I must buy right now." You can't just take no for an answer with pre-qualified prospects. If they're not taking the steps you want them to take, don't assume they're not interested until you do a whole lot of very aggressive marketing. You have to follow up like crazy. You have to be relentless. You can't let go of them.Here's an example of an effective campaign. You can run a short classified ad in hundreds of newspapers across the country. If it works, you can roll out in thousands of newspapers. In the campaign, let's say you include two calls to action. The first one is in the ad that says, "Call our recorded hotline." That leads to a fairly long recorded message. If you're not a serious prospect, there's no way you'll sit there and listen to it, no matter how exciting it is.During the recorded message, can try to tell them everything they need to know to take advantage of your opportunity. You can assure them that what you have for them is legitimate in every way, and explain the basics so you can ease their doubts, fears, and concerns. Then get them to take the next step, which is to go to your website and fill out a 15-20 minute application.They don't have to listen to the recording, and they don't have to fill out that application. But if they do, their actions tell you how serious they are. You're doing everything you can to filter out the insincere, uninterested, and lazy, so you end up with hardcore pre-qualified prospects. Anyone else is useless to you; you should be happy you filtered them out. Those willing to jump through these hoops are serious.From this point forward, they can be worth a lot of money to you, so now you'd better follow up in the most aggressive way possible. Send them daily e-mails. Reach them on social media (you collected their social media URLs and other avenues of communication in the application, right?). You'll have all kinds of ways to contact them, and of course you'll put stuff in the mail to them.Do everything you can to build a solid relationship with them, because when you get right down to it, no matter what we sell, all of us are really in the relationship business. It's all about getting people to trust you and feel they can count on you, because you're distinct from and better than all the other companies they're looking at. Nowadays people have many options available to them. As long as you're pre-qualifying them enough, though, you can follow up in the most aggressive way possible, and it's all money well spent.In this scenario, make your daily e-mails as exciting and stimulating as possible. People are bombarded with e-mails; the first thing most do is look at the headers and start deleting as fast as they can. So make yours compelling. In a campaign like this you can create and send emails to prospects for the first few hundred days, and then it take it to an auto-responder sequence to all the new prospects who answer your future ads, assuming you're able to roll out this campaign. You might have written those e-mails 6-8 months before, but they'll be brand-new to the new prospects. They'll follow a sequence designed to slowly but surely win their hearts, to get them to the point where you can do a large amount of business with them by showing them that you can benefit them in the greatest possible way.If it's not focused on them, then it's not going to work. It's not what you want that matters; forget what you want. These people can be worth a huge amount of money to you, but all they care about is themselves. So all your messages should reek of altruism, because it's all about giving them more of what you know they want the most, because you pre-qualified them thoroughly.


There's no question that this formula works well; my company has proven it hundreds of times, and plenty of our friends and competitors have done the same. Sure, we want their money, but we don't just come out and say it. They know it anyway. What they want to hear is what we have to offer, and that's completely fair. So that's what we stress. There have been times when we haven't followed up enough, and we've suffered the costs.I don't won't you to have to deal with that, so I urge you to beat this into your head: you have to follow-up as long as it's profitable to do so. When you do follow-up, you may use very similar versions in the first and second mailings, but you should make changes once you get into the third and fourth follow-ups. What you originally thought was the best approach may not be as far as the prospect is concerned. So mix it up a little.For example, my mentor was recently working with a wonderful lady who's offering health and wealth benefits to her customers. Although they originally thought people would be most interested in making more money, they're finding that many customers value health over wealth. They're glad they learned that, because it shows them what people really care about. And while people are interested in making money, there are also many people who are more interested in preserving the money they already have. It's good to know such things, so you can vary your follow-ups accordingly.There's no reason not to keep following up aggressively if you have a live prospect who got in touch with you, raised his hand, and showed that he was interested in what you had. You didn't force him to respond; in fact, you encouraged him not to by making it difficult to do so. When that's the case, you can follow-up many, many times -- as long as it's still profitable. Just change the approach occasionally. Change the headlines or a few of the benefits, or add new benefits, and you'll see great results.Again, where most marketers go wrong is that they don't spend enough money. When you can afford to, you must consistently remind pre-qualified people that they still need to do business with you. If you don't, you're missing out on sales. If you have a super-qualified prospect and your profit margins are good enough, you're only hurting yourself by not continuing to follow up. The premise here, of course, is based on the assumption that you're really delivering on the benefits you've promised them. If that's true, then it's in your best interest, and theirs, that you don't give up on them.How do you know if you've followed up too much? Well, usually the answer is that you're never going to reach that point -- but if you do, it's when it's no longer profitable to follow up. In other words, you're not making enough money to cover your costs and leave you with some leftover earnings. If you're still making a profit every time, then don't stop! Keep reminding them they haven't done business with you. Sometimes people put it off. Sometimes they forget. If you need to, remind them that your offer is still valid but time has almost run out, or sweeten the pot with a bonus.At some point, response rates may drop so low they no longer pay for the cost of the follow-up and earn you a profit. Stop following up then. But let me reemphasize: Most marketers never make it that far. They give up far too early, and simply miss out on money that could be theirs. You have to continuously remind people that they still need to do business with you, which usually means spending more money to keep your message in front of them, not less. As long as the profits are good, and you're keeping an eye on your numbers, you can keep doing it indefinitely and still make a profit.Think very carefully about all of this. Pre-qualify heavily, sell products and services with high profit margins, and then follow-up in the most relentless way possible -- and you'll be light years ahead of all your competitors.

Federal Fuel Tax and Infrastructure Spending

Our infrastructure is aging. Politicians are realizing that revenues from fuel taxes are stagnating or decreasing and the cost to repair the Nations Roadways are going up. Countless studies have shown that more people are spending longer times on the road in their daily commute. This has a direct impact on our economy and will hamper the future of the United States if we are not able to correct our infrastructure. While the average motorists feels the frustration of congestion on their daily commute, our professional drivers that move freight around the United States are also impacted. So the debate that has transpired, "Do we need to raise the Federal and State fuel taxes to fix our infrastructure?"An easy yes or no decision would be a decision that was not well thought out. We should also understand more about the history of Fuel Taxes, where those taxes go, and influences on why Fuel Taxes are coming into question now.Most of us reading this have seen Federal and State Fuel Taxes on the pump as we fuel (As a point of reference I want to say for simplicity, when using the term "Fuel" we are talking about both gasoline and diesel fuel unless otherwise indicated). Federal fuel taxes have been in existence since 1932 and State fuel taxes since 1919 (Oregon being first) and by the end of the 1930's all 48 States and the District of Columbia had a State Fuel Tax system.Currently, the Federal tax on diesel fuel is $0.244 per gallon and for gasoline it is $0.184 per gallon. The American Petroleum Institute in July of 2013 reported that on average it was costing the American people $0.495 per gallon for gasoline and $0.548 per gallon for diesel fuel. These are Federal and State taxes combined.Looking at the revenue aspect of this, the U.S. Energy Information Administration says that in 2012, the United States on average consumed 172 billion gallons of fuel. Of that, 137 billion gallons was gasoline and about 35 billion was diesel fuel. That would equate out to $25.2 billion in revenue generated by gasoline taxes and $8.5 billion in revenue generated by diesel fuel taxes on the Federal level. Potential revenue generated from the Federal Fuel taxes would be $33.7 billion.Using the weighted average from above, overall gasoline revenue generated from taxes would be $67.82 billion. Overall diesel fuel revenue generated from taxes would be $19.2 billion. Overall, Federal and State fuel taxes generated could be $87 billion.So where does that money go? Those tax revenues on the Federal scale go into the Highway Trust Fund. This fund was established in the 1956 for the purpose of taking care of our roadways and interstates. In simplest terms, this fund was created to collect all taxes and fees that were associated with vehicles using our roadways.Revenue generated from fuel taxation is not the only revenue put into the Highway Trust Fund. For owners of commercial motor vehicles, The Heavy Vehicle Use Tax (HVUT) is also included. For a vehicle with a gross vehicle weight of 26,001 pounds or greater, you pay annually an additional $550. The Highway Motor Carrier Branch of the Transportation Security Administration (TSA) reported that in 2007, there were 9 million commercial motor vehicles that fell into that class. Potentially another $5 billion in revenue generated through the HVUT. In addition to the HVUT, if you have ever bought tires or other items for your vehicle, you will notice a Federal tax that will also go to the Highway Trust Fund.Politicians at some point had the forethought to create the Highway Trust Fund; thus the revenue was supposed to go there and not into the "General Fund". Revenue generated for infrastructure was supposed to be earmarked for infrastructure. Now, in the need to satisfy some contingent, the Highway Trust Fund is broken down into three parts; The Highway Trust Fund, the Mass Transit Fund, and The Leaking Underground Storage Tank Trust Fund.


With the Highway Trust Fund broken into 3 parts, the revenues originally established to go into highway infrastructure is now broken up over various projects. While the majority of the tax revenues created are supposed to go into the Highway Trust fund. All of us know that if you have three entities looking at the same pie, no one entity gets the entire pie. So those struggles are part of the budgeting process. While we see that the Highway Trust Fund is broken into three parts, States on their own make it difficult when they don't even have a fund established for infrastructure. At this point in time, 30 states take revenues generated from fuel taxes into their General Fund. For many states that are "cash strapped", this has been a recipe for disaster. Is the legislator going to take care of infrastructure or pet projects that their constituents want? Unfortunately infrastructure spending is not "sexy" and few see a need till it is beyond too late.All that being stated, is there a clear cut answer to what has to happen? Not really. The current level of Federal Fuel taxation was set back in 1997 and has not been adjusted since. We realize that costs for materials and labor have not stayed at that same rate. More importantly, revenue from fuel taxes has stagnated or started to decline.Couple of reasons for this, one is that our average length of drive has diminished over the last 15 years or so. Modern conveniences are closer to us than before. We don't have to drive into town to get the groceries or see a movie. They most likely are now just down the street from us. Telecommuting and working from home are taking hold in the work place so the need to travel on business has been reduced. Secondly is government mandates. In the last couple of years, the Federal government has mandated that fuel economy improve on all vehicles. The benefit is that we burn less fuel and reduce pollution because of it. The flip side is there is less revenue coming in now because we are not buying fuel as frequently. So that double edge sword is swinging back.What can be done? As stated before, there really is no clear cut right answer here. If we just arbitrarily raise the fuel taxes to another level, then there is that political hot potato of raising taxes. The Bookings Institute has proposed a mathematical formula for adjusting the price of fuel taxation to meet current construction cost and inflation. While this formula is the closest to reality, it is again a raise of the current level of taxation and we are relying on our political leaders to make the right decision. Grover Norquist, founder of the Americans for Tax Reform has made a solid case that the Federal government should not be in the business of infrastructure repair. His thoughts are that these issues should be handled at the State level where the people are.All of these are a potential answer. While my belief is that we need to allocate revenues correctly; revenue brought in for infrastructure goes only to infrastructure, we may have let the system go too long to let that be an effective answer. My answer only highlights the issues currently at hand with our infrastructure, and those in the near future. If we want our economy to continue growing, we need to figure out a solution to this infrastructure mess. The motoring public and our professional drivers need an answer soon.

Understanding Organic Growth Strategies

If the "Merger and Acquisition" route is not in your plans, then YOUR Company needs to be positioned for Organic Growth. As this path to incremental sales can be longer than the relative instant infusion that accompanies inorganic growth (externally generated), it is critical to understand how your capabilities meet the various needs of the market when selecting the right strategy for you.Obviously, organic growth is especially prevalent during the early stages of a company's commercial establishment, but opportunities continuously present themselves if you listen to the market. That is, if YOUR Company is truly committed to meeting customers' needs, the implementation of new strategies will result in significant revenue generation - IF YOU ARE PREPARED.Each of the (4) strategies in the Ansoff Matrix (right) carries a certain amount of risk, but the potential for long-term sustainable success is strong. The organic growth strategies within it are:Market Penetration (Same to Same) Also known as the "Protect and Build" strategy, this conservative approach is when a company consolidates and stabilizes its position in the market by selling more existing products to existing customers (Same to Same). Through the leveraging of existing resources and capabilities, the company strengthens its foothold by capturing more share in familiar markets. There is minimal risk associated with this strategy, as there are no "new" elements involved.Product Development (New to Same)In this strategy, new products are introduced to existing customers (New to Same). Companies that are adept at engineering new product innovations are well positioned to grow with this strategy. A salesforce that is in tune with their customer base is usually not shy about reporting back to the factory on what their customers are asking for. It is critical to filter through the myriad requests to identify those that offer true sales opportunities. There is more risk associated with this strategy than the Market Penetration approach, because there is an investment associated with the "new" product element.


Market Development (Same to New)When a company chooses this approach, they have decided to promote their existing products into new markets (Same to New). "Markets" are either defined as industry segments or geographical territories. Focused market research is necessary, not only to uncover the potential markets, but to ensure that any necessary regional considerations are accounted for. For new market segments, it is often necessary to utilize a new channel to reach the target customer base. As with the Product Development strategy, there is moderate risk here because of the "new" market element.Diversification (New to New)The riskiest of the growth strategies, Diversification is when a company pursues new markets with new products (New to New). As both Product Development and Market Development initially lie outside of the company's core competencies, there is often a significant investment associated with this strategy. Companies rely on the strength of their brand loyalty when implementing a Diversification strategy, and correctly executed, it can reduce the overall business portfolio risk.In summary, organic growth is often safer than inorganic (externally generated) growth because it can be more difficult and riskier to acquire and integrate another existing business into an existing company. If YOUR Company possesses the necessary resources and capabilities, there are great opportunities for you to enjoy highly profitable organic growth indefinitely.Contact Brand Performance today to learn more about the individual strategies and how to design one or more for a long run of profitable growth for YOUR Company.

Project Failures: The False Economy of Not Implementing Systems Engineering on Your Projects

What is Systems Engineering (SE)? The International Council on Systems Engineering (INCOSE) defines systems engineering as"an interdisciplinary approach and means to enable the realization of successful systems. It focuses on defining customer needs and required functionality early in the development cycle, documenting requirements, then proceeding with design synthesis and system validation while considering the complete problem:
Operations
Cost & Schedule
Performance
Training & Support
Test
Disposal
Manufacturing
SE integrates all the disciplines and specialty groups into a team effort forming a structured development process that proceeds from concept to production to operation. SE considers both the business and the technical needs of all customers with the goal of providing a quality product that meets the user needs."This is a very general definition; in future articles, I will more fully develop the systems engineering process and the different components of a successful SE effort.Recently, CIO Magazine published an article that said that at least 50% of IT projects fail. The failures can minimally be categorized as follows:
Failure to deliver a product at all
Dramatic cost and schedule overruns
Inability to provide cost effective and technical maintenance and upgrades to a system
Poor acceptance by users
Major organizational disruptions (Google the story of Foxmeyer Drugs ERP disaster).
The author of the article attributed these project failures to poor or non-existent project management. I would add to this the lack of effective SE as an even more fundament problem in today's development environment. Without effective systems engineering, there can be no project management, because there is nothing to manage: projects are akin to building an airplane in flight, with no requirements, metrics, architecture, testing, modeling, feasibility studies, or modeling of alternatives. SE provides all of that, which feeds the project management plan, which governs the development, execution, and delivery of a system.Unfortunately, SE is not inexpensive. Organizations need to budget approximately 20% of a project or program budget for effective SE. Because of the expense, companies and government agencies are foregoing systems engineering as a necessary aspect of complex, high, visibility efforts, with expensive and often disastrous results.


As a CIO/CTO, you need to ask yourself why so many projects are outright failures, or fail to deliver functionality as promised, or become so expensive that any cost benefits from new efficiencies the system provides are never realized, and why the people who have to use the system become frustrated and leave. Often it's because SE is seen as an unnecessary extravagance, that the coders, database developers, and infrastructure team can handle themselves.Here's a question: If you were building your dream home, would you just let the carpenters, electricians, plumbers, masons, HVAC technicians, and roofers design your home as they were building it? Or would you hire an architect to design the home-in essence, the systems engineer--with support form a civil engineer to design the support structure and foundation, an HVAC engineer to design the ductwork and scale the heating and air conditioning units appropriately, and so on? The architect and his or her team will add about-you guessed it-20% to your overall costs.If it was your money on the line, would you roll the dice and not have an expert put together the engineering plan for your home and just let the tradesmen design the home while they were constructing it? Probably not. But the current trend is to do precisely that with complex software projects, as well as complex hardware systems such as cars (think Toyota's and GM's recent stories about systems failures), aircraft (think about Boeing and Airbus' design and delivery problems with the 787 and Airbus 380), and spacecraft (think Space Shuttle). In some of these cases, there was lip service paid to SE, or sound advice given and ignored by management, and all sorts of problems followed: cost overruns, failed systems, and for the end users in more than a few cases, death.ConclusionsThe lack of effective SE is almost a certain recipe for project failure: the increasing number of failed projects, defective systems, cost overruns, and lost business is increasing as businesses and government departments continue to cut back on this vital aspect of technology programs. Without the information and processes provided by the SE process, it will be almost impossible to successfully manage a project from concept through delivery, remain within budget, on schedule, and deliver what is expected by the customer.

Business Success Through Strategic Planning and Market Research

Market research - BasicsThe business startup process, especially drawing up the business plan correctly, are vitally important, part of which is the correct and accurate market research Whether it is a trading business, a retail business, a service providing business, or whatever, knowing the market and economic conditions, including the direct competition in your area, are crucial. Without this information you will be taking a shot in the dark, hoping to hit, but the chances are pretty big that you will miss, and you may lose a lot of money this way.I'm sure that this is not what you want at all. Take this word of advice - don't skip this step, but rather do it well and comprehensively from day one. You see, you will be basing most of your business and strategic decision on the facts that you will establish once you have completed the market research. These decisions will include:

Is there place for me in the market in my area or is there already too much competition?

Will my prices suite the economy of the area?

Can I afford to pay the rental in the area, and will I be able to keep my prices reasonable for the earning capacity of the people in the area?

What do I expect my monthly income to be? Or will I need to enlarge the area I cover in order to fully recover my costs and make a profit?

How many people live in, or do business in, my area?

What percentage of them may want my products or services?

How regularly will they want or need my products or services?

Is there due to be any economic expansion in my area, or is there an economic meltdown about to happen?

Over what period would I be able to sustain a business in the area in the present economic circumstances?

How long will it take to recover my initial capital outlay?
Once the above decisions have been made, based on data discovered through the research and decision-making process, you can tackle the following tasks.Primary Market ResearchPrimary research involves gathering your own data. For example, you could do your own traffic count at a proposed location, use the yellow pages to identify competitors, and do surveys or focus-group interviews to learn about consumer preferences. Secondary or professional market research can be very costly, but there are many books that explain to small business owners how to do effective research themselves.The Marketing PlanIn your marketing plan, be as specific as possible; use reliable statistics, numbers, and sources. The marketing plan will be the basis, later on, of the very important sales projection. This is very important as it will also determine purchases of raw materials and retail products, the storage of them, and their production and distribution plans.


Products and servicesYou need to clearly describe and define your products and services, in your terms. Be as descriptive and specific as possible, especially where multiple types and models of the same products exist.Now describe the products and/or services from your prospective and your customers' perspective. How do the customers perceive them to be, what would their expectations be, and how could you improve on your competitors' products and services; not only bettering their up-front prices.Features and BenefitsList all of your major products or services.For each product or service:

Describe the most important features. What is special about it?

Describe the benefits. That is, what will the product do for the customer?

What after-sale services will you provide? Some examples are delivery, warranty, service contracts, support, follow-up, and refund policy.

Are there any other benefits or gifts that you can include in the supply of your products and services.
CustomersIdentify your targeted customers, their characteristics, and their geographic locations, otherwise known as their demographics. You may have more than one customer group. Identify the most important groups. Then, for each customer group, construct what is called a demographic profile, which includes:

Age

Gender

Location

Income level

Social class and occupation

Education
NicheNow that you have systematically analyzed your industry, your product, your customers, and the competition, you should have a clear picture of where your company fits into the world and, in a much narrower sense, the society that you intend to serve. In one short paragraph, define your niche, your unique corner of the market and your area of specialty.The SWOT AnalysisSWOT stands for strengths, weaknesses, opportunities and threats, as they relate directly to your business, your products and services, your marketing plan, your customer base and area, and other important factors.The SWOT analysis is covered in a separate article and tutorial.

Help Your Ideas Take Shape - Love PowerPoint!

It seems that "everyone" hates PowerPoint™! At one time there was even a website dedicated to how poorly presenters use the tool. I'm bucking the trend to tell you that I LOVE PowerPoint™. It's the tool I most use to share my visual messages, organize my thoughts, and convey what I'm thinking.I'm often asked how I do what I do with the tool. I thought I would share 7 ways to use PowerPoint to visualize your thoughts and convey what's in your head so that you, too, might learn to love the tool.And no - I do not have any financial interest in Microsoft or the MS Office Suite. I simply grew up on Wintel (Windows & Intel) computers using MS Office products and have learned how to make them indispensable tools in my business.So here are seven ways to visualize your ideas - your thoughts; what's in your head - with PowerPoint (or similar) presentation software.(Note: I use and reference PowerPoint™ 2010 in this article.)1. Idea Concept SketchUse PowerPoint shapes to sketch your idea. You can draw all kinds of figures and shapes, and add text, directional flow, highlights, and more with arrows and other shapes available in the "Insert Shapes" area. Circles, squares, lines, arrows, and the like can be combined to create drawings that, when grouped together, copied, and pasted as graphics, you can insert into documents, presentations, email and texts or post to social media.2. Idea concept buildSketch a concept, insert clip art or pictures, and use SmartArt to create a foundational visual... the base visual that you will build upon. Then add additional graphic components directly over the foundational visual. Alternatively you can create consecutive slides where you build increased complexity from the foundational slide so that you show how an idea concept develops and progresses layer-by-layer.3. InfographicSearch your favorite web browser for "infographic templates PowerPoint". A couple of free template sites I found for PowerPoint infographics (as of this writing) are Visual.ly and Infogr.am. My favorite templates resource is PresenterMedia.com which is all-PowerPoint-based. It also has a plethora of clipart, animations, and customizable clipart. There's an annual fee for PresenterMedia but it's well worth it if you do a lot of visualizations and create a lot of presentations.The alternative to using templates to create infographics is to create a PowerPoint "slide" however long you want your infographic to be. Do this by using the "Design" and "Page Setup" selections to set the length and width of the page size. Then use shapes, graphics, and colors to create your infographic.4. VideoVideo is a great way to take people on a tour with photos, show the development progression of an idea, inspire, teach, announce something new, or otherwise show sequencing and motion. And video is SEO-friendly for websites.


Create your slides with pictures, text, and whatever other graphic components you want to use to show your idea concept. Add narration and transitions to your slides, setting transition timing to work with your narration as appropriate. Then use the "Save and Send" option at the "File" menu tab and "Create a Video". You can add music as "narration" prior to this stage of the process, or queue music to the video with a video editor after you create the visual video. I've created many videos using PowerPoint without expensive video production software and equipment!5. Vision boardInstead of cutting pictures out of magazines and gluing them to poster board - which is a great activity in itself when you want to do this - find royalty-free photos online, buy pictures through websites that sell them, or do some cutting-and-pasting from online magazines (which you can do by using the "PrtScrn" key on your keyboard, "Paste"ing into PowerPoint, and then cropping only what you want for your vision board). Stack the pictures into one slide. "Bring to Front" and "Send to Back" individual photos to layer them; tilt them different ways for the appearance of pictures askew on poster board. When you have the "vision board" looking the way you want, "Group" everything together and "Save As Picture" onto your hard drive.If you want your digital vision board to be portable so you can carry your vision board with you at all times, upload the graphic you created to your mobile device.6. Composite photosThese are photos with text or other graphics superimposed on the photo. I do this a lot with the quotations I post on social media and put into my newsletters.Import a photo into PowerPoint and expand it as large as you can on a slide. "Insert Shapes" and insert a text box onto the slide over the photo. Type the text you want to superimpose onto the photo and set the text color so that it contrasts nicely with the photo as background. Group the components and you have a composite photo.7. Index / note cardsI organize my thoughts by creating slides in "thumbnail view". I select a slide, type my thoughts, and add any visualizations I want. With PowerPoint in "thumbnail view", I move slides around as if they are index cards as I organize my thoughts. Add / delete slides as appropriate. Then print all slides as 6 or 9 slides/per page to have a printout of the "note cards".Give PowerPoint a second look and see if you can use it as an idea visualization tool. Love it rather than leave it and you just might convey your thoughts and organize your messages more effectively.

Annual Budgeting Using The Hope and a Prayer Strategy

Every year all companies face the same challenge of developing the budget for the upcoming year... something that we are currently finalising. The extent of that planning will vary among companies, but generally companies need to have targets for the next year which are focused on revenues and expenses, resulting in what everyone hopes will be a healthy bottom line and reasonable growth.Great companies are very good at this planning process, understand what it takes to meet their targets and their forecasts will be fairly accurate, not withstanding the obvious impacts of recessions and other unforeseen calamities.Many companies however employ a less than strategic approach to their planning, and very often managers are allowed to feel like they don't actually "own" the plan. In these circumstances the numbers achieved are more a result of chance, than of planning and execution against a plan!"Plans are only good intentions unless they immediately degenerate into hard work." Peter DruckerThis is what I call the Hope and a Prayer Strategy.Step 1. Pick a numberStep 2. Share that number (maybe)Step 3. Hope you hit that numberIt is not a very satisfying way to manage, because every month when the numbers roll in those managers cross their fingers and hope. Invariably fate is not kind and the result is a habit of failure, and excuses for that failure."Planning is a process of choosing among those many options. If we do not choose to plan, then we choose to have others plan for us." Richard I. Winwood


Managers MUST truly OWN their plans. They need to own the targets, the responsibility for the tactics that will ensure their success, and for adjusting those tactics along the way when things don't go as planned!This is a more strategic approach to the annual budgeting exercise, and has a far higher chance of success!Step 1. Develop a budget with input from executive, management and delivery teams. It should be realistic but with adequate growth, and built based upon known opportunities and reasonable expectations.Step 2. Communicate the plan to all concerned, together with the tactics that will be employed to meet the plan. Adjust tactics at this point to ensure success and ensure that everyone buys into the targets. EVERYONE needs to accept accountability at this point.Step 3. Start to execute against the plan.Step 4. Measure on a regular basis, at least monthly to ensure that assumptions are reality, that activity is tracking as expected and that results are in line with expectations.Step 5. Adjust tactics as needed to ensure the next results meet expectations, and will compensate for any shortfall year to date.Step 6. Go back to Step 3 and repeat every month (or chosen cycle) through the fiscal year."By failing to prepare, you are preparing to fail." Benjamin FranklinThe big word here is ACCOUNTABILITY. Everyone needs to be accountable so that the culture is one of pursuing success, not one of developing excuses for failures.

The Principles of Goal Setting for Business Growth

When you decide that you want to start a business, there is a lot more that goes into building that company than just a thought. There is a lot of planning that you will have to do before you can allow that business to open up its doors and become established. Once you have opened your company you will not be able to stop there. Instead, you should continuously work on growing the operation. The growth of an organization is one of the best things to focus on as it enables one to become more successful and earn more of a profit.If you are looking for your organization to grow sticking to the old-fashioned rule of setting goals will help you out. You can start by thinking of different goals that you have in mind for essentially developing more satisfied clients. Ask yourself important questions. You might ask, "How much revenue do we want to be generating in say 5 years?" After carefully considering the answers to different growth-related questions, you can make goals for yourself and the company. Writing them out on paper will help to remind you of the goals you have set. You can even include a date that you would like to have those goals achieved. With a date set in place, you will likely feel more inclined to do whatever it takes to reach that goal, even if it means spending more hours on your business than you would like to.If your goal is to become more organized over the span of the next few months, take into consideration the valuable resources and tools that you can use, including assorted software designed specifically to help both SMEs and larger corporations. Using those resources will give you the benefit and advantage that you need to get your business where you want it to be. Organization is one of the several keys to success. If receipts, appointments, and inventory information are all organized, you can start putting your focus into other aspect of the business, ultimately reaching even more of the goals you have set.


Another goal that you might have for the business and its growth is to get a certain amount of additional customers. In this case, you might want to work on a marketing strategy that will help you reach the goal and see the growth you desire. Even if you are on a tighter budget, there are lots of affordable and even free marketing options, including social media outlets.Having goals as a part of your daily work activities gives you something to focus on. Never settle if you know that you have the ability to do better, especially when it comes to your business. If you are passionate about your business and love what you do, why cut back on its potential? Make your goals, stick with following through with them, and have the success that you deserve.

How to Prevent Check Fraud

Check fraud is an increasing problem that causes many individuals to be concerned, anytime they put pen to paper in order to write a check. It is also something that has been sensationalized, thanks to the 2002 film, "Catch Me If You Can". This true to life story showed how, in the late 1960s, one man passed $2.5 million in bad checks throughout the United States and in 26 different countries. How can you avoid being a victim of check fraud today?Avoid Using Checks When Possible - There are a variety of ways for you to make payments, including in cash and using credit card. If possible, it is a good practice to avoid writing personal checks in order to make payments. This is especially true for payments to take place in public locations, such as at the grocery store or at the drugstore. Consider the fact that on the check is personal information, including your address, name and phone number. Each check also contains the routing number and account number of your checking account, as well as your personal signature. In many cases, you also need to include your driver's license number on the check as well. This amount of information can result in a serious leak of security, which can be avoided if you pay by other means.Secure Your Mailbox - When many people pay their utility bills, they write out a check and leave it in their mailbox, waiting for the mail carrier to pick it up and send it on its way. Unfortunately, this also results in security problems, because the flag on your mailbox becomes a flag that alerts thieves to the possibility of committing fraud. If you must write out a check to the utility company, take it to a secure mailbox at the post office.


Balance Your Checkbook - You would probably be surprised with the number of individuals who did not balance their check books every month. If you are not keeping track of your checkbook in such a way, it is possible that you may not recognize the fact that a fraudulent check was passed. According to article 3, section 406 of the Uniform Commercial Code, you only have 30 days to notify the bank that there is a discrepancy on the statement (Source: "Chapter 104 - Uniform Commercial Code - Original Articles", leg.state.nv.us).Use Check Writing Software - Both businesses and individuals alike can use software to write checks on a regular basis. This can help to reduce fraud for several reasons. One of the ways in which it does so is by using a professional image associated with your business on every check. The software also can monitor your bank accounts closely to catch any issues that are occurring, shortly after they take place.Be Cautious at Tax Time - Finally, you should be especially cautious during certain times of the year. At tax time, many people are paying their taxes with a check, made payable to the Internal Revenue Service. Many fraudsters will watch for these checks to appear in your mailbox, steal them and modify the payee in order to deposit the money. There are additional options to pay your IRS bill, or you should send it from a secure mailbox, as was described above.Work Cited:"Chapter 104 - Uniform Commercial Code - Original Articles", leg.state.nv.us, http://www.leg.state.nv.us/NRS/NRS-104.html

Business Model Nitty-Gritty

A viable business model is an essential component of a successful business venture. The business model is the roadmap within the roadmap that is the business plan. The business model is the blueprint for the process by which a company will make and sustain a profit.Unfortunately, too many aspiring entrepreneurs do not roll up their sleeves and hash out the details that form its building blocks. When devising your model, think logically about the 360 degree customer experience as it applies to engaging with your enterprise.The business model illustrates how to make the venture work as you intended. The first big question it asks you to examine is, how will you and the clients connect? Will they find you via your website? If so, how will they know that your website exists? What should you do to drive them to your site and what do you want them to find and do when they get there? The type of website that you design and your call to action are business model issues.Or maybe you will connect with clients and prospects via referral. Who, then, will refer to you and what will motivate that behavior? Do you have, or can you create, referral relationships that will feed you a steady supply of prospective clients?For example, if you are a florist, do you have relationships with wedding and other event planners? Perhaps you've worked in a busy floral shop and know a few people who will send brides and others to you. Or do you think you can depend on networking to connect you with enough prospects to get the ball rolling on sales?Where transactions will take place is another issue the model asks you to examine. Will customers visit you at your floral shop, or will you operate as a Freelancer and go to them, toting a binder or iPad that shows examples of arrangements you can create?


For those who sell other types of products, will you sell from a physical location, will you place items into the stores of others on consignment, or will all be sold via your website?Providers of intangible services must know how clients expect to engage in the type of transaction offered. Will an office be needed (accounting or law), or is the client's location the preferred space (HR services or management consulting). Your model calls for you to explain why it makes sense to sell in the way you've chosen. As your operation grows, the business model will change accordingly, to accommodate increased demands on resources and client expectations.Finally, your model will ask you to also address customer service issues, such as the policy for receiving payment for your products and services or the return and replacement policy, in the event that a few customers are not satisfied with a product, or if an item breaks while being shipped.The business model impacts many facets of your planning and its fine points deserve careful consideration before you take the plunge and start spending time and money on a concept that you cannot make work. Ask yourself a few questions and devise guide posts to assist you as you develop a model for a new venture, or revamp the one you're in now.Thanks for reading,Kim

The 90-10 Rule

You may have heard of the 80-20 rule, which states that 20% of your activities will result in 80% of your profits. Actually, it's a rule that applies everywhere-80% of your customer service complaints will come from 20% of your customers, and 80% of your productivity from 20% of your employees. In reality, however, the figures are more likely to hover about 90-10.For example, it's a sad truth that most entrepreneurs spend 90% of their time thinking about what they're going to sell, and 10% of their time thinking about the market they're going to sell to. This is a terrible mistake -- you need to turn that 90-10 ratio around. It's better to find a market full of people who need help with some problem, and then put together a product that addresses that problem in a satisfying way.How do you do that? By getting to know your market as well as you can. Put yourself in your prospect's shoes: try to understand where they live, where they work, their income, marital status, and what their biggest problems are. Even better, try to understand their perceptions of those problems, so you can give them the exact solution they want -- not necessarily what they need, or what you think they need. Try to step into the minds of your customers, see from a realistic perspective what they want to buy, and provide them with that product.Don't just put something together and decide it ought to be useful to a certain market. You might end up broke if you do that, especially if you let your love for the product blind you of the fact that no one wants it. Get to know the market intimately first, and everything will fall into place.


Here's a corollary of the 90-10 rule: most business people spend 90% of their time thinking about all the ways they're going to bring new customers into their business, and spend about 10% of their time thinking about ways to make more money from the existing customers they already have. Change that around. The lesson here is that the market comes first -- always -- and the best market is the market that's made up of people who have already done business with you. This is the secret behind all major successes.Customers are the life-blood of any business. They're the oil that keeps the whole thing running. Without oil, an engine is worthless; it'll wear down and melt down from the heat. The customers are you profits. It's safe to say that most businesses could double or even triple their profits right now by going back and working with their existing customers and developing more products and services specifically for them.Drawing in new customers is an important process, because you do have to replace those you lose to death, moves, changes in lifestyle, and other "leaks" that will gradually drain your existing customer base. But don't forget your existing customers. Create new and exciting offers for them, too -- or you'll just enlarge the holes in the bottom of your own bucket, and lose the loyal client base you've worked so hard to build.

Do You Know Who Your Best Customers Are?

If you're in business then you have customers. You might have a few, or a few thousand, but understanding who your customers are is absolutely vital for the survival of your business. So who are:Who Are Your Best and Worst Customer?
Who Are Your Best and Worst Customer?- and especially who your *best* customers are - is absolutely essential and allows you to target new business too. Think about your ideal customers and even make up an avatar for them. Think about where they live, what type of house, do they have a garden, what they read, what kind of hobbies do they have, do they have children, how old are they, what sports do they watch, where they shop, what other businesses do they use, is there anyone you can build a strategic alliance with for your mutual benefit and what frustrations they have.I heard a story of a wedding photographer who built up a Avatar of his ideal client, from this he realised that they would purchase expensive engagement ring at top end jewelers, so he contact a jeweler that he'd identified, offered to do free engagement photo;s for any couple spending over a thousand pounds, guess who the couples came too when it was time for the wedding.Once you have done this start thinking about who your current customers are, do you have customers that you love working with, they're easy to get on with, pay on time, really appreciate everything you do for them. Then at the opposite end of the scale do you have customers where you heart sinks when they get in touch, they seem to be constantly getting you to work for less money and take up more of you precious time.


Break your customers up into Grade A, B, C and D customers. A's pay the most and take the least time, D's pay the least and take up the most time. The idea is to educate all of your customers to be As! Do they fully understand how good you are or all of the benefits of being with you in comparison to your competitors? A lot of this education moving forward can be done in the initial meetings with the client even before you take them on as a client.However if you have a D client who seems impossible to educate, look at the time and what returns you're getting and then maybe think about recommending they do go to a competitor as you feel that they would better match their requirements, plus they'll end up sucking time and money away from your competitor, which is good for you.Have a great weekBy Alan Adams

What Is Energy Management?

Energy management is a term referring to saving energy in businesses, private homes, public sector and government organizations. Specifically, it is the process of monitoring, controlling and conserving energy in a building or organization. Typically, this term applies to existing buildings and equipment, and finding ways to make these existing assets more efficient.Energy management isn't just about saving money, although that is a key component for businesses and homeowners alike. There is also a global need to conserve, reduce our carbon footprint and make sure we leave behind a sustainable future.By initiating energy management strategies, businesses can get a better handle on their costs, find new opportunities for efficiency, reduce risk, and make more intelligent decisions. Long-term energy planning is becoming an important component to many businesses.With the diminishing amounts of fossil fuels and rising dependence on foreign energy supplies, reducing our energy usage is one way a company can contribute to the community and environment that is good for everybody.Some companies have begun to implement a position for an energy management consultant to help them find ways to reduce their consumption. These positions can do things such as metering energy consumption and collecting data; find ways to save and estimate how much each action would save; recommending and taking action on these any opportunities; and finally analyzing and tracking progress on how each of these actions have saved the company finances.Some of the detailed projects one might tackle include gathering data on current energy consumption and finding out specifics on consumption on a daily, sometimes hourly basis. After compiling data for a period of time, the energy management consultant should be able to pinpoint high-energy usage patterns and find out if there is routine energy waste occurring. Pinpointing routine waste provides an easy starting point to saving energy.


After consumption has been researched and identified areas where a company can improve energy conservation, actions should be taken to achieve a specified goal. These actions should be planned by the consultant and should be able to be measurable to ensure that progress is being made.Some actions may be as simple as requesting and implementing employees to turn off their computers and lighting in their work spaces when they leave every night, some could be as complicated as purchasing new or upgrading old equipment that will help energy savings.There are energy management consultant firms that are employable by businesses to come in and identify the weaknesses and areas that can be improved upon for each business. Many large companies may employ their own full-time position, or even a department, devoted to energy management, however medium- to small-sized companies may find it more financially feasible to hire a consultant to work on their energy management.Some of the specific areas an energy management consultant may evaluate include a company's controls system, they may conduct a retrofit feasibility study, and they will look into network and system integration. Looking into system design will evaluate how efficient the business's equipment is. It looks at the current application of the equipment and makes recommendations on how to best execute the system design.Studying the feasibility of changing out an old energy management system and replacing it with new technology is a big undertaking, but a consultant will have the experience to make the best recommendation to a company. Because energy management consultants are looking out for the best interest of the companies who hire them, their opinions should be unbiased and trustworthy.

Why 2014 May Be The Perfect Year To Sell Your Business

In the entrepreneurial ecosystem, business owners looking for an exit strategy are likely to find 2014 an optimal year for selling.- Peter Lehrman, Entrepreneur Magazine Timing any market is always a tricky proposition, especially in this era of diminishing returns and lowered expectations. The market for selling a small to mid-sized business is no exception.Anyone considering selling a business, especially boomer business owners thinking about retirement, should have a list of compelling reasons why they want to sell and a plan to help them do so.For most business owners, the timing will never be perfect, so waiting until the ideal moment to sell could be an impractical course of action. However, certain indicators are pointing to a better than average success rate for selling a business in 2014.That's why it's a good idea to employ strategies right now that will help you get the maximum money for your business.2014: The "Year of The Seller?" Three or four years of turmoil in a struggling economy makes some business owners understandably cautious when it comes to optimistic projections for 2014. However, there are some very good indicators pointing to the possibility of a perfect selling environment for at least the next 18 months or so.For example:• The majority of businesses have experienced increased profitability for the past 2-3 years. For numerous business owners, 2008-2010 were flat as far as profits were concerned. Those who survived this period felt lucky to break even, much less put profits on the books. With demand down across the country for services and solutions, business owners were unhappily treading water.However, the recession is slowly retreating, allowing businesses to recover. Many are now in a position to show the three or four years of solid growth that qualified buyers want to see when they build projection models.The ability for a company to demonstrate upward trends in their financials shows prospective buyers that it is right to make positive projections for future growth. This in turn gives owners better valuations and does wonders to make the deal viable. Buyers want to know that a business they purchase is poised to survive even a serious economic downturn.• Low interest rates (for a little while longer, anyway) You don't have to have an advanced degree in economics to understand that the artificially maintained low interest rates we now experience will soon be a thing of the past. Forecasters have been fretting that the Federal Reserve will be forced to curtail its' bond-buying program soon.A growing number of experts now say that 2014 could be the year when that finally occurs. This means, naturally, that waiting too long to sell might mean an owner will see higher interest rates and a lower price for his or her business.The reason for this is that interest rates always have a direct impact on the price of capital used to purchase a company. Buyers who rely on loans to acquire a business will feel the sting of these rising rates since earnings are used to pay the interest on loans. An increase in the price of capital will almost certainly lead to lower valuations for businesses.


It makes sense that the more expensive it is for buyers to get capital, the less willing they are to pay top price for a business. As soon as rates begin to rise in 2014, there will be a negative impact on business valuations.• Low levels of debt and lots of positive cash flow Credit Suisse reported in February, 2014 that 73 percent of U.S. companies and 56 percent of European companies have incredibly low levels of debt on their balance sheets compared to their total market capitalization.Private equity companies are awash in cash, with nearly $1.1 TRILLION in cash on hand. At the same time, levels of corporate debt are falling to new lows. So, what does this mean for you as a business owner who is seriously considering selling?Well, for one thing, since all this cash needs to go someplace other than under the CEO's mattress, private buying groups will be out en masse looking for successful businesses they can buy and from which they can see immediate cash flow.For another thing, there is a natural mood elevation that goes on when so many dollars are in play.The old saying "a rising tide lifts all boats" is applicable here. Every billion dollar mega-deal that goes down makes every smaller business deal more attractive. Small businesses are sure to benefit from the optimism that comes with any boom.• Changing demographics are pushing boomers to sell. The first half of the "Baby Boomer bubble" (2005-2010) has passed. During that period, older Boomers were able to sell to younger boomers, although the success rate was still a mere 3%.However recent research indicates that the number of boomer owners indicating they wanted to retire increased from 50,000 in 2001 to over 750,000 in 2009.It is possible we could see over one million businesses go on the market in the next 10-15 years in a transition tsunami. If this holds true, then it makes sense to sell ahead of the herd and reap the benefits of the current buying frenzy fueled by low debt levels and loads of cash.Even if you think you aren't ready to leave your business yet, you should plan as if you are. Positioning your business to sell is never a bad idea or waste of time.By crafting a well-thought-out exit plan, you will be prepared if circumstances (either good or bad) push you to sell, or if you get an offer from a qualified buyer that you just can't afford to pass up.You never know, maybe 2014 will be the year you make a profitable transition from your business and start enjoying everything for which you've worked so hard.

Nike's Three Simple Words

Just Do It. The athletic shoe company Nike has made a fortune off those three little words-and so can you, if you take the philosophy to heart. You see, most of us learn better through action than we do by reading books and taking courses. In fact, we tend to learn in a much deeper way by going through the pain of solving daily problems, by working on new promotions, dealing with challenges, or by setting bigger goals and biting off more than you can chew. Just Do It!What happens in most situations is this: we know what we need to do, we know we need to do it, but we just don't do it. When I look back on my life, I can see that I could have used this secret over and over again. Years ago, when I was first getting started in my own home business, I kept telling myself, "I want to start a home business. I want to start a home business." I kept buying moneymaking opportunities and dabbling, but I never started my business. I knew that if I could just get it started, it would send me in the right direction. But I built it up in my head that this was a huge deal.At the beginning of the year I'd write down on my goal list, "I want to start a home-based business," and then I'd get caught up in other things and I wouldn't do it. Sometimes I'd just talk myself out of it, because of potential problems. Many of us do this, rather than just making the decision and doing whatever it takes to make it happen. Successful people charge ahead, dealing not only with the potential problems, but also with real problems as they pop up. They just keep taking action and moving forward.Keep this philosophy in your head: Just Do It. If there will be challenges, then there will be challenges; so be it. As long as you're drawing breath, I guarantee you there will be challenges in your life. If you don't have a home-based business, you're going to have challenges in your career, in a relationship, or elsewhere. If you're doing teleseminars or recording audio products, they're going to pop up there. But you need to persevere no matter what- because the most successful people are those who succeed in spite of the challenges. They never let difficulty stop them. They never let it make them turn back. In spite of all those challenges, they keep moving forward.The way that you break through fears, the way that you become confident in yourself and your own abilities, is by doing the things you don't know how to do. That's one of the key things I've learned over the years. When I was younger, I thought I had to become an expert before trying something-that I had to read every book about it, and go to all the seminars, and learn everything there was to know, because I didn't want to fail. Failure is pain! But I realized over time that everybody who tries something new fails at some level. Nobody gets everything perfect the first time they do anything, whether it's learning how to ride a bike or run a multimillion-dollar company.


Everybody's going to make mistakes here and there. So I decided to get out there and start making mistakes. I needed to fail forward. In doing that, I realized that that's what it takes to achieve success: taking action, failing, and moving past the failure. I was able to succeed faster because I wasn't afraid. And the things that kept me from being afraid were those three words: Just Do It!Don't let things bother you. Be willing to make mistakes. You'll learn from then, and the biggest thing you'll learn is that most mistakes aren't fatal. You learn by experiencing adversity; and the more money you want to make, the harder it'll be. Accept that you're going to have to deal with adversity. You're going to have to deal with trials and tribulations. And you will become stronger. You will become wiser. You will learn the things you have to learn, and you'll develop the skills that you have to develop.I wish somebody had told me 25 years ago that yes, I could make all the money I wanted -- but I'd have to be willing to suffer some adversity and develop the knowledge, skills and abilities to deal with it. If somebody had really convinced me of that, like I'm trying to convince you right now, it would have saved me so much grief, and I would have learned more than I did along the way.If "Just Do It" doesn't work for you, think of it as the "ready, fire, aim" analogy. You don't have to wait until everything is perfect. You don't have to have all your ducks precisely in a row before you begin. Just begin, and correct your aim after you fire. This is how artillerymen zero in on their targets. Yes, there are a thousand things you could worry about... but Just Do It. Get out there and get started. Don't be afraid of all the things that could go wrong, or all the mistakes you could make. Acknowledge that they're going to happen, because everybody makes mistakes. It's called being human. We're all a bunch of goofballs -- we've all failed multiple times. If someone doesn't fail, it usually means that they've never tried anything. And who wants to go through life being that kind of person?We all have our failures. Everybody, from the poorest person who's barely scraping by to the wealthiest person in the world, has gone through challenges and made mistakes. If you run with the "Just Do It" motto -- or "ready, fire, aim," if that one suits you better -- it doesn't mean you're reckless, or careless, or that you intentionally make errors. But it does mean that you're willing to get out there and do it, and worry about all the things that could go wrong later.Worry about the details when they show up. Meanwhile, get out there and just get going. Start building relationships, start marketing, and all those other things will come together later. There's time to worry about the details after the money starts flowing in.

Never, Never, Ever Give Up!

One of the true secrets of success is persistence. That's one of the things that characterizes all successful entrepreneurs; as the old cliché puts it, "Quitters never win, and winners never quit." That's become a cliché because it's a basic truth. People who are persistent, who don't give up when the going gets rough, are the ones who make it. You can knock them down a dozen times, and they'll get up thirteen times. Knock them down twenty times, and they'll get up twenty-one. They realize you can have a string of failures and still win in the end. They've learned this the hard way, and still continue to move forward.Why? Because one success, especially a major success, can wipe out all the previous failures. Many people give up after just one or two tries, and often the tries are half-hearted to begin with. They give up way too soon. They don't realize that the longer you stick with something, the easier it gets -- and the more you increase your odds of hitting it big.Seldom do you meet a man or a woman who is persistent and determined to make it in business who doesn't. Sure, some have success come early, and others have had to struggle for a while. But most of the real failures are people those who have tried one or two things that probably weren't the best things to start with in the first place. They lose some money, and then they go around telling everybody else, "Mail-order doesn't work. Multi-level marketing doesn't work. Direct response marketing doesn't work. Business isn't worth all the heartache." And that's absolute bull.


You may have to try lots of different things before you make it. You may experience many, many failures along the way. Nonetheless, you have to start out with your dreams solidly in place, and keep your eyes on the prize, whatever the prize is to you.Winston Churchill was once asked to give a speech to a group of college graduates. They wanted him to share all of his wisdom, and say something that could really inspire these kids. He got up to the podium, and saw that there were hundreds of students just sitting there, ready to listen to every word he had to say. The whole place went quiet. He looked out at them and said something along the lines of, "Never, never, ever give up." Then he sat down.That was his entire speech -- and it was the most inspiring thing that he could possibly have said. When asked long afterwards, "What made you think of this? We've never heard such a short message with such a powerful theme." He said, "World War II was raging, and the Nazis were bombing the hell out of London and other British cities. That was on my mind as I was dealing with them. It was a message for myself; and then, of course, I knew it would help the students in their lives." Ultimately, Churchill's determination helped overcome and obliterate Nazi Germany.This is a message you should take to heart today. Though the stakes may not be as high as they were with Churchill, never, never, ever give up. Keep trying hard enough, and eventually you will succeed.

Fictitious Business Names

A fictitious name (or an assumed name, trade name, or DBA name) is an assumed business name. Unlike a corporate entity, a DBA name is not separate from the person who owns the DBA (Doing Business As) name, so it offers no lawsuit or judgment protection for the owner.One of many judgment articles: I am a Judgment Broker, not a lawyer, and this article is my opinion based on my experience, please consult with a lawyer if you need legal advice.A fictitious name is not your own name, or your partner's name, or necessarily the official registered name of your corporation or LLC. The DBA name of your business is not as important as most people think.Bing, Yahoo, and Google were once names for different things, it took many years of hard work and lots of money and brilliance; that made those names now stand primarily for searching the internet. However, most people will want to choose a name related to their skills or business. Once you register a name, you will want to put all your business efforts consistently in that name.You can usually do business under your own name and will not necessarily need to register a fictitious business name. Not all states require the registration of fictitious business names or DBAs.After you name your business, you will need to register the name with the appropriate government authority as a fictitious business name, also called Doing Business As (DBA). Besides individuals, sole proprietors, partnerships, corporations, and LLCs (and other entities) might want to do business under a DBA name.Assumed business names must be registered with the appropriate government agency. Sometimes existing DBAs change names, and will need to register their new name. Unless one chooses a business name and registers it as a DBA or fictitious name, the legal name of the business defaults to the name of the person or entity owning the fictitious name.


For example, Mr. Frank Furter starts a computer consulting business. Rather than operate under his own name, Frank runs his business as "Frank Furter Consulting". This is an assumed name, and Frank will need to register his fictitious name with the appropriate government agency.Whatever name you choose, make sure it is not already being used by someone else. Is there a domain name already using your name on the web? One can also use the WHOIS database of domain names. It is a good idea to register your proposed DBA name early on social media sites. How will your name look on social media sites, the web, and as part of your logo?Registering your fictitious business name or DBA does not provide any trademark protection. Before you register your DBA name, use the US Patent and Trademark office's trademark search tool; to check if the name or a variation of it, is already trademarked. If so, pick a new name. It is relatively cheap to get a trademark, which protects words, names, symbols, and logos, which distinguishes goods and services.If you intend to incorporate your business, you will need to contact your state's filing office, to check whether your proposed business name has already been claimed. If you find a business operating under your proposed name, you may still be able to use it, if your business and the existing business offers different goods/services or are located in different states.The fictitious name/DBA name of your business will be required on all government forms and applications, including tax returns, employer tax IDs, permits, and licenses.

What Baby Boomers Must Know Before Hiring Someone to Help Them Sell Their Businesses

If you've been in business for any length of time, you've certainly earned your right to a healthy dose of skepticism. Most business owners have endured more than their fair share of eye-glazing, brain-numbing sales pitches and vendor-sponsored events. They've been pushed to try numerous products, procedures, and systems; many of which have failed to deliver anything but mediocre results.That's why, even though you might be near retirement and more than ready to start the process of selling your business, solutions presented to you that promise a better, more financially lucrative, and less stressful way of doing so might you on the immediate defensive."Too good to be true." "Heard it before." "If this works so well, then why doesn't everyone do it this way?" are a few of the familiar, yet understandable, responses that Baby Boomer business owners give when urged to look into alternative selling strategies.Business owners over 50 are looking to sell their businesses without encountering adverse tax consequences and without having to pay commissions and unnecessary fees. They also want to sell within a more reasonable time frame than is usual and they want the fairest price for the business.Perhaps most importantly, sellers fear outliving the proceeds from the sale of their businesses and seek a way they can create a lifetime income which they cannot outlive.These are concerns which, unfortunately, the old school method of selling a business is simply unable to address.Pre-retiree business owners are slowly coming to grips with the consequences of a huge demographic shift, not just in the United States, but in the entire world.For many years, there has been a dwindling supply of qualified business buyers. That lack has been exacerbated by the simple fact that the generations following the Baby Boom are getting smaller and smaller.Unfortunately, the shrinking pool of buyers, coupled with economic uncertainty and tighter credit, has created an untenable situation for boomer sellers.Increasingly, they are having to make tough choices when it comes to retiring.Boomer business owners who are not leaving the company to their heirs are often finding themselves:
Running the business for a lot longer time than they ever planned.
Selling the business in hurry at a bargain basement price, thus increasing the odds that they will not have enough money to retire comfortably.
Resorting to using a business broker and having their companies on the market for months, perhaps even years.
Closing down and walking away- even though the business is still profitable.
Within a few years, the number of business owners ages 55-75 who want to sell, or who must sell due to health or other adverse life circumstances, will double.For many of these owners, the successful sale of the business is the cornerstone of their retirement plan, comprising the bulk of income they expect to receive in their later years. Most of these pre-retiree entrepreneurs have just one shot at selling their companies. A small mistake could cause them to run out of money in retirement or have to drastically alter their lifestyles to accommodate limited income.Unless there is an actionable exit plan in place at least two years before they want to retire, boomer owners could face a truly painful situation when the time comes to leave.After all, the current "old school" sales process has a lackluster 3% success rate right now. It's not a stretch of the imagination to suggest that this rate could go even lower as the critical mass of pre-retirees wanting to sell builds.If you are a business owner over 55 who is planning on selling a business to fund your retirement, then you need to find a qualified mentor to help guide you through the complexities of the exit process.


Business brokers should always be the LAST resort if you are serious about selling your business for more money, with less stress, and with a view to creating a stream of income you can't outlive. Most brokers cannot do that for a seller, even if they want to. It's better instead to seek guidance from an experienced business owners who has been in the trenches and understands what selling a business is all about.If you do, however, decide to use a broker, or if you seek the advice of a business acquisitions mentor, you must exercise due diligence or risk an adverse outcome.Be certain you thoroughly check out the qualifications of these advisors.Always insist on someone who:1. Has a minimum of 10 years experience in the real business world. An MBA is nice, but ask your mentor about actual businesses he or she has bought and/or sold. Theorists and philosophers have zero value when the time comes to actually SELL a company. Look for solid, quantifiable experience.2.Can produce verifiable client testimonials. Any worthwhile mentor or broker ought to be able to produce real clients with whom you can speak. If the only thing he or she is willing or able to give you is some vague written testimonial from "Sam S." (who may or may not be a real person) then you should avoid that consultant.3. Asks you important questions about your desires and goals for the sale. Part ways with any so-called expert who doesn't want to hear your wishes, concerns, and ideas.4. Has the knowledge, tools, and business acumen that are essential to a successful business transition. This is no place for hobbyists or dabblers. Demand someone who specializes in buying and selling successful businesses. Don't be afraid to ask the question, "How many deals have you personally done?"5. Knows how to structure the sale proceeds so that you get a predictable, reliable stream of income for life. Ask potential mentors the question. "What can you do to help me ensure that I never outlive my retirement income?"There are several other important factors to consider when partnering with an expert, including some less tangible, but nevertheless important factors that should be present.For instance, is it easy for you to tell that this person actually enjoys what they do? Does he or she seem to radiate genuine enthusiasm for helping retiring business owners build a prosperous, successful life after business? Are they truly grateful for the opportunity to work with you? Does this person respect your achievements in building the business and seek to preserve its' legacy of success?Pairing a worn-out, frustrated seller with a mentor who is equally burned out, distracted, or just not that in to helping others, is a recipe for failure. You need a fresh pair of eyes focused on the most important transition of your life- not someone with a cynical, jaundiced view of things.Any expert you hire to help you transition out of your business must be capable of crafting a workable blueprint for selling success that is the direct result of their own experiences and passion for business. They must be able to translate this real life experience into a plan of action that does not frustrate or confuse you. They must also be 100% committed to your vision of success, whatever that vision may be.Remember, you probably only have one chance to sell your business the right way. It pays to plan, prepare, and partner with an expert on whom you can rely until the deal is done.. and after.

Stuck In The Middle? You're Doing Too Much

To maximize your profits, your company needs to be focused on one of three strategies. Any of them will result in a defendable position in the marketplace and you will outperform your competitors. Companies that fail to develop their strategy in at least one of these directions are in a poor strategic position. Companies that try to combine any of these strategies without a high degree of organization, though, find themselves stuck in the middle.Porter's Generic Strategies are:1) Overall Cost Leadership - as the name implies, your strategic theme is that you will become a low-cost company relative to your competitors. The central elements of this strategy are: efficient operations, aggressive cost reductions, the avoidance of marginal customers, and minimal spend on elements such as R&D, sales, service, and advertising. Despite the lack of commercial spend, market share and profits are strong because of aggressive pricing.2) Differentiation - when your strategy is to offer a product or service that is perceived industry-wide as being unique. Examples include: design or brand image, technology, exceptional customer service, or a strong distribution network. This strategy requires an investment in R&D or a focus on service. Costs are higher, but so are sell prices. Market share is strong due to exclusivity.3) Focus (aka Segmentation) - this strategy includes elements of both Overall Cost Leadership and Differentiation, BUT limiting your focus to a specific market segment (industry or geographical). The rationale for the Focus strategy is that it allows your company to serve a narrow target group more effectively and efficiently than your competitors. If you decide to pursue this strategy, you will apply both low costs and differentiation to a niche market. Your market share and profits in this niche are high because you have chosen to forego other markets.


All of this sounds simple enough - pick a strategy and enjoy strong profits. So why do so many companies struggle to find their identities? The most common answer is that they have chosen their strategy but they have not committed to every aspect of it. Unfortunately, many companies lack the focus to create either Differentiation or a Cost Leadership position. Others try to pursue multiple strategies, and while this has proven successful in some cases, it must be executed with a high degree of discipline and organizational alignment. Tensions within organizations often derail the combined strategy effort. For example, I've seen companies where the Production and Sales departments are so misaligned that you would think they were two different companies, seemingly competing with each other. It's a shame, but it's not difficult to correct.

Product Differentiation Types - Horizontal Vs Vertical

Economic theory tells us that companies who sell the same product to the market will ultimately end up in "perfect competition" and each make zero profits. Thankfully, this particular theory (like most others) offers us the starting point so that we can better understand the reality.Using two ice cream vendors on the beach as our example, and sticking to economic theory, the vendors would be physically located right next to each other in the middle of the beach and they would sell the same ice cream at the same price. Neither one dare try to sell his product at a higher price than his competitor, and a "gentleman's agreement" to both keep prices high but equal will be short-lived. Temptation for landing greater market share takes over and, sure enough, one of the vendors begins the race to the bottom by lowering his price just a little. We know how that ends!The reality, of course, is that companies DO make profits, and one of the ways they do it is through Product Differentiation.The assumptions that are set as a part of the theoretical scenario give way and the market opens up. For example, the vendors wouldn't sell the same ice cream because different consumers have different tastes. Also, imperfect market transparency exists, meaning that some consumers would only know the prices of one of the vendors. Other assumptions are removed as well, and each plays a role in how the market reacts.Product Differentiation is beneficial if consumer preferences are heterogeneous. Factors such as technical features (cell phones), durability (shoes), resale value (real estate), taste/image (cars), location (gasoline stations or ice cream vendors!), and time (flights) all help consumers decide which choice is best for them. Customers, after all, determine the value of YOUR products. Not sometime. All the time.Product can be differentiated along two lines:

Horizontal Differentiation - given equal prices, some consumers would choose product "A", whereas others would choose product "B"

Vertical Differentiation - given equal prices, EVERY consumer would choose product "A" over product "B"
Back on the beach (and who doesn't like the way THAT sounds!), we may find one ice cream vendor moving away from the middle. This allows him to increase his price because he is more conveniently located for people at one end. Seeing this, the second ice cream vendor follows suit and moves a little further away from the middle also, only in the opposite direction. This example of "Horizontal Differentiation" allows him to raise his prices as well. Each vendor, now selling their products at a higher price than before, is making more of a profit. The supporting factors that are positively influencing prices and profits in this Horizontal Differentiation example are:




the distance of the vendors from each other

the magnitude of the consumer's discomfort from having to walk a certain distance

the number of consumers on the beach
Applying a Vertical Differentiation element, let's assume that one vendor is selling a premium ice cream while the other is selling an inferior product. If the prices were the same, all consumers would choose the vendor with the premium brand. Knowing this, the vendor with the inferior ice cream lowers his price. Assuming his costs are also lower, he is still able to make a profit, even at lower prices. The first vendor can increase his prices, considering his target market will pay more for the superior product. And so it goes, the lower end can decrease their product quality (and costs) even further and the higher end can increase as much as their customer base will allow them to. The supporting factors that are positively influencing prices and profits in this Vertical Differentiation example are:

the difference in the quality of the products

the degree of heterogeneity in terms of the consumers' willingness to pay
The end result, and we see it all the time, is that companies offering lower quality products can realize strong profits, just as firms offering higher quality products.A healthy exercise is for manufacturers to understand if they can be more profitable through the implementation of Horizontal Product Differentiation or Vertical Product Differentiation. There is very real potential for even greater profits to be realized.If you would like to discuss this further to understand how this approach will benefit YOUR Company, please contact Brand Performance today!

The Risks of Business Growth

Most owners want their business to grow. In fact many defend their desire by quoting the "grow or die" myth; the belief that a business has to grow in order to stay relevant. It's not true. In fact, the opposite might be the case as the truth is, there are risks to business growth.If you have a successful company - one that is consistently profitable - an aggressive growth strategy can kill it. By stating this, I'm not denying the benefits of smart business growth including increased profits, greater stability, improved value and more opportunities for employees. I'm saying that without careful planning the pursuit of growth can hurt a business in four key areas.Customers: Can you still serve them as well as before?A growing company makes mistakes. In fact during periods of growth the overall quality of service and products goes down before it improves. And in the day of 99.9% internet reliability, your customers will notice. Recently I was engaged as the Interim-CEO of a large service business. In eighteen months we increased sales by 50% while maintaining our better-than-industry-average net profit margins. During this period we also stretched our production and customer service personnel.More customers meant more touches, more experiences, more opportunities to "shine or s _ _ _," as I told our managers. Since today the customer is no longer "king" (able to set the rules) but "tyrant" (able to swiftly punish those who fail to meet their expectations) we reviewed our service standards, created reporting systems and determined how to quickly follow-up when we "missed" our high standards before we committed to grow. As a result, the advances we experienced in the first year carried over to the second.Culture: Will you enjoy what your business will become?A large company is different than a small one. Not better. Not worse. Just different. And when a company grows, its culture can change.Several years ago I was engaged as the Chief Operating Officer (Interim) for a large independent financial firm. Despite its success, the practice had stopped growing, due largely to its structure and operations. During this period we re-assigned employees, developed new job descriptions, created new levels of accountability, improved performance standards; all the things you would expect. Because of our comprehensive approach we worked closely with the human resource director and found her to be both capable and caring.It was that latter quality that kept getting in her way. In her mind, the relaxed "family feel" was being sacrificed at the altar of performance. She was right. Sort of. Although we set higher standards we continued to support employees, have fun and give personal touches. Still, the culture changed and she soon found another job. At a smaller company.


That's a price - a risk - of growth. Fortunately, in this case, the cultural changes helped support a long, sustained period of growth.Cash: Can you afford to grow?It costs money to grow. In fact, before deciding whether or not your company is ready to grow you should first determine whether or not it can handle the financial strain growth can produce.At times, I will bring in an outside accounting manager (CFO) to take control of the finances during the growth engagement. Working together we can manage cash, project revenues and expenses, improve the balance sheet and create forecasting tools that support the initiative. The right person and systems can help create the discipline needed to improve equipment, property, wages; everything needed to initiate and continue a strategy for growth.With the right person in place as the CFO, we were able to move ahead with growth,Competition: Are you ready for more?When I was in high school (just after the one-room school houses) I played football. Since I lived in a small town, we played in a small town conference which meant that my small body was large enough to play offensive and defensive tackle. Back then I was skinny; enough so that in my uniform I looked a bit like Barney Fife (look him up... he was skinny) in pads. Had I been in college, I would have been a statistic.Competing at the next level required more skill, more speed, more desire, more talent and more weight. It's the same in business. As you grow the competition changes. Larger companies have more resources and if they see you as a threat they will use those resources against you. If you aren't ready, you'll get crushed.Should I go ahead and decide to grow? That's the question every owner should ask before committing to growing their company. It's possible that by staying the size you are now you will continue to enjoy the lifestyle you've created and the profits you've come to expect. But if you choose to move ahead, to expand your business or practice, then be mindful of the risks to business growth.Doing so can keep you from failing.

Starting a Distribution Business

To start with a distribution business one requires business sharpness and intricate planning. Besides sorting out the funds, the interested organizations also have to sort out the list of organizations that are prepared to promote the offered item. This article discusses a couple of things to be considered by the individuals who wish to begin their distribution business.1. Partnering or Collaborating with the ManufacturerThis could be attained just after the individual or entity has chosen the products and services that they want to distribute to the identified target market. Once the product or service or the organization is identified which could be both local or global, the distribution organization will then need to research about the target market they want to work with. The accessibility of the items that the organization wants to distribute will be managed by collaborating or partnering with the manufacturer.2. Always Remember the Power of Thorough ResearchWhen you want to start with a distribution business, you should know all the details of the product or service and the market you are going to cater. This includes researching about the available resources that you have, the competitors - as in other distributors in the industry, and product needs in the market. It also includes researching about other factors such as economy and government regulations.3. Always Prepare a Business Plan


Same as any other organization, the business plan for a distribution association should be made effectively which will serve as the spine of the organization. This plan should include the objectives, vision, and short term and long term goals of the business. These all will help in utilizing the accessible assets towards the corporate objectives. If the distribution organization obliges financing, this plan will be submitted for evaluation to a financial institute.4. Make the Distribution Organization officialOne of the most important things to do is to achieve the license and registration for the new distribution organization. The holders should additionally know about answers about the state's legislating laws relating to the taxation framework and commencement of new business.5. Company LocationThe size and space needed by a distribution organization will be depended on the stock required and the size of inventory. It is insightful not to invest a lot at the same time in getting a spacious place as the organization can be shifted anywhere once the business begins prospering and product demand increases.At last, like any other business, a distribution organization must evaluate the framework for financing their business. While numerous organizations have enough money available, others have a tendency to look for customary loans. So, you should decide how you will be funding money.

Eat the Elephant

There's an old saying that goes, "How do you eat an elephant? One bite at a time." Though it's meant as a joke, it's still a great metaphor for anyone trying to achieve huge goals. You've got to break those goals down into manageable chunks, and then work a little toward achieving them every single day.Then again, you don't necessarily have to do it this way. One of the best ways I've found to get work done is to let your deadlines just drive you. You let the pressure build, and it pushes you to get a lot done all at once. Though it's not much fun, it's often the way you achieve your best work. Making real money requires dedication and endurance.There's a time and a place for procrastinating. Sure, if you think logically, you can break all your goals down and just do a little bit every day, and you do make steady progress. But it always doesn't work that way. If other projects get in the way, you may have to deal with a pressure that builds and builds, because you can't always get that little bit done every day. As a result of that pressure, you figure things out at the last minute. That's not a bad thing, given the results -- but sometimes it feels horrible.Here are some things that can help you cope. First of all, you've got to think conceptually. You've got to be able to see the big picture all at once -- what I call seeing it bigger, and thinking it simpler. You've then got to be able to break it down into bite-sized pieces, before reassembling it like a jigsaw puzzle. Strive to get something done every day -- even if you're just thinking things through.That really is the logical way to handle it, and I do recommend it. It works well -- sometimes. But I've found that sometimes you have to procrastinate a little to let the pressure build. Sometimes the work is just difficult, no matter how little you do, and that piles on the pressure. But in the meantime, as you're eating the elephant, be kind to yourself. Don't beat yourself up for not making enough progress. That's the worst thing you can do. A better idea is to pace yourself, but push yourself. And sometimes, you need to take time off.If you're used to pushing yourself constantly in an effort to get each project done quickly, here's what I recommend: do sprints instead. Work your tail off for a short period of time, then take a little time off before you go back to working your tail off. That way you pace yourself, but still push myself. Try looking at all your projects as a series of sprints. Try to get as much done as fast as possible; but then pull back and rest a little.You've got to make a game out of it for this approach to really work. You can't take it too seriously -- you really can't. Sure, put everything you can into it; work as hard as you can, but also realize that good enough really is good enough. You can fix the gaps and errors on your next run-through. There's such a thing as paralysis of analysis -- or as I like to call it, vapor-lock. When you're trying to be too perfect, you may never get started. Don't do that. Do the best you can with what you have, like Theodore Roosevelt said, and that will be enough -- for now.When you're working on new marketing projects, work on the sales copy first -- while it's still fresh and new, and while you're still excited. That way, you'll transmit all your excitement directly to your prospects and customers. Most people do it the other way around: they work on the product development and the fulfillment while they're excited, and by the time they start the sales materials or websites, all their enthusiasm is gone. That's too bad, because ultimately, selling is the transference of emotion.The more excited you come across in your sales material, the more excited you'll be able to make other people. There's a magic involved when you're excited, when it's a brand-new project and the thrill is still there. That's the time to create your sales material. If that's all you learn from this article, then I've taught you something very valuable. Too many people think it's all about the product -- that they should spend all their emotion on that. And the product is important, no question about it; but if the thrill has worn off by the time you write your sales materials, you'll find it very hard to muster the emotion you need to sell it. Do the sales material first.That's another way to eat the elephant: try to stay excited. Do the best you can. Keep your eye on the prize. Be like a racecar driver, always focused on the road ahead. Later, as you're working on the development, expect obstacles. You also have to want it bad enough to push through all the challenges, which is yet another way to get the elephant eaten.There's a song called How Bad Do You Want It? by Don Henley, and as Henley points out, most people don't want it bad enough. The more you want to achieve your goals, the bigger the goal is, and the more excited you are about achieving it, the more you're going to be willing to put up with the challenges -- and the higher the price you'll be willing to pay. Even though it's going to be hard work at times, make it a labor of love. You'll be proud of yourself when you get it done... and by the way, hard work will not kill you. It makes you stronger. It's good for your soul. I believe that wholeheartedly.


Too many people don't realize that -- or don't want to. Making money is a skill you have to polish. The good news is, you can earn while you're learning; but it is a skill, and the way you develop skills is by working hard and doing everything I'm talking about doing in this article. As the saying goes, "Everything is difficult until it becomes easy."Most people are afraid of hard work, and shouldn't be. The secret is, the more you want to do something, the less you call it work. The more excited you are about a project, the more you're willing to endure. It's not always difficult; in fact, there are times when the money rolls in easily. But those times are the results of the hard work you've already done.Be sure to give yourself some time off, so you don't burn out. But don't take too much time off. People who take it easy all the time never accomplish anything substantial, and they never have that great feeling of pride and satisfaction that can only come when you really bust your tail for something -- when you're giving it all you've got. So remember, all you can do is all you can do -- but all you can do is enough. When you face vapor-lock, this paralysis of analysis, get over it. Plow through it. Stop striving for perfection; it'll never happen, no matter how much you try. You're only human. Do your very best, and move on.One of my best metaphors for this is Go as far as you can see, knowing that when you get there, you'll be able to see even farther. So many people want to figure it all out before they ever get started. They want it all to be clear in advance, so they can plan for everything. That's a good recipe for paralysis. You'll almost never know from the beginning how it's all going to come together. You're going to get blindsided anyway, no matter how well you try to prepare. Things will come out of nowhere to alter your whole entire plan. You're going to get newer and better ideas. You're going to see new problems you didn't see in the very beginning, so you're going to have to make adjustments along the way.Eat that elephant, one bite at a time. That's the way you get things done. As the saying goes, inch by inch, life's a cinch; yard by yard, life is hard. In business, especially small business, you really do have to push yourself. Don't worry about perfection; just know that your best is going to get better as you move forward. Realize that this is a skill that requires practice. Everything you want to accomplish you can have, but you do have to pay that price.Everybody knows that, but most don't stop and realize it. And maybe it's good that they don't, because the price for success is a lot of hard work, lot of pain, and a lot of suffering. Oh, not all the time, or even every day; you couldn't survive that. You've got to take it slower, but you do have to take it. You'll have to face some stress. This idea that stress is a killer is BS. Stress is not a killer; it's essential for life and growth. It's strain that's the killer. The difference between stress and strain is that strain occurs when you're not pacing yourself -- you're pushing yourself full blast all the time.So you've got to give yourself a break. You've got to see yourself through kind eyes. You've got to be good to yourself. Don't strive for perfection; just get something done every day. Try to move forward. Break your big goals into pieces, but realize that those pieces are going to change, and you're going to get better ideas as you move forward.What I've shared with you here has taken me many years to figure out, and I'm still on the path, just like you are. But I've already made millions of dollars, and if that's true, then I know that it's possible for anybody to make millions. If you haven't made your first millions yet, then you're just going to have to make that leap of faith that's absolutely essential to get out there, believe it bigger, and see it simpler.Eat the elephant one bite at a time. This life is a journey, and you can make as much money along the way as you want to make. It doesn't matter what your background is. If you're dead broke, so what? I was dead broke when I got started, and I've gone through many periods where I've struggled financially. But you get through it by going through it, by doing as much as you can every day, while still pacing yourself so you don't burn out. Success is waiting for you if you keep that in mind.