3 LESS-IS-MORE Tactics to Dramatically Grow Your Business

3 LESS-IS-MORE Tactics to Dramatically Grow Your Business

Not enough hours in the day to accomplish all of what your business requires? Here are 3 less-is-more tactics to manage your time and dramatically grow your business.   The 80/20 rule: The Pareto Principle, commonly referred to as the 80/20 Rule, is named after Vilfredo Pareto, an Italian economist who found, in the early 1900s, that 80% of the land in Italy was owned by 20% of the population. This may come as surprise to you but this distribution occurs frequently in all areas of life. It is also an incredible tool to grow your business. Applied to your customers, according to the 80 / 20 rule, 20% of your customers generates 80% of your sales. Why spend most of your energies on these customers that generate the least? By identifying the characteristics of the top 20% of your customers, you can duplicate them through marketing strategies therefore increasing dramatically your sales and profits.   Clear Offering: Value is in the eye of the beholder! Now that you have discovered who you really serve, your top 20% customers, you understand what they truly care about. Their hopes…aspirations…fears…frustrations. Use this information to shift your focus away from your mechanism (how you provide your solution) to create meaningful value for your target market. Why spend time and resources to offer services, bells and whistles that your customers don’t care about? Customers rarely buy what the company thinks it’s selling them. They buy satisfaction! To keep ahead of the curve, this is a constant quest to identify opportunities for your company to innovate by discovering what problems your customers cannot adequately solve today and...
Entrepreneur: What an Advisory Board Is (And What It Isn’t!)

Entrepreneur: What an Advisory Board Is (And What It Isn’t!)

If you are a startup that failed to secure investors or simply have chosen to retain 100% of your equity, as a startup, you don’t benefit from the guidance and mentoring that investors provide (yes, qualified investors don’t just write a check!). If you are an established company that has not yet retained a board of directors or are prone to the inherent entrepreneurial obstinacy, you don’t benefit from regular peer reviews from people outside of your company. Every business needs experts in their corner to thrive! There are several factors to consider but an advisory board might be right for you. After all, it does take a village to raise an entrepreneur!   Here are 3 things that an Advisory Board isn’t: A List of Names to Drop: An advisory board is not a list of names to collect to look good like extra-curriculum activities on a college application. Welcome to entrepreneurship! Having conversations with so many startups, invariably they present me with long collections of names and titles that would have Slack or 21 blush! Yet their value proposition has not been thoroughly validated, their execution plan, if any, is full of gaps and their financial projections are, at best, unrealistic.   You are by definition looking for Advisory Board Members who will help you grow your company. In some way, shape or form they will augment your management team skills. Some will possess experience and expertise in the areas of business that your team lacks. Some will have a valuable Rolodex that will be helpful to your operation, strategy or marketing efforts. Others will challenge your...