Running your own business can be very challenging and quite often, the risk that comes with it outweighs its reward. According to research, two-thirds of businesses with employees survive their first year in business, half make it to five years, and only one-third will make it to ten!

The reason for failure? 82% was because of cash flow problems, 27% have no clue how much funding they require, and 14% of businesses aren’t capable of mitigating various risks. But as you observe these statistics, one can easily infer why they fail. If two-thirds of businesses can survive for a year but not for ten years, then the main reason lies with the lack of long-term planning.

This is the problem with working IN your business instead of working ON it. 

Working IN your business means that you spend most of your time doing day-to-day tasks such as sending emails to customers, answering inquiries, scheduling meetings, paying invoices, and even delivering products – activities that can easily be done by other people. While this is a normal stage in any start-up business, it’s important to remember that the majority of business owners get caught up with these repetitive tasks, leaving them with no time to assess and strategize for their future plans!

The main difference between working IN and working ON your business lies in how your time is spent. Rather than spending most of the day doing an arduous task, it’s best if you can take time in identifying problems, creating systems, establishing partnerships, and working ON your business. 

Here are some easy steps to help you get started:

•  Reassess your objectives
• Outsource or automate time-consuming tasks
• Improve business plans and strategies

 Reassess your objectives

If you don’t know how to start working ON your business, think of the reason why you became an entrepreneur. Most likely, it has something to do with personal freedom, having the time to do whatever you want, being in charge of your own life, and basically just creating your own environment while pursuing your passion. 

Now, do you think you have achieved this?

It’s easy to get stuck in the mindset where you, as the owner, are the only one capable of doing your company’s tasks. But doing 100% of the work also means that the whole business operation solely depends on you.

Outsource or automate time-consuming tasks

Research suggested that 90% of employees are being burdened with boring and repetitive tasks. So, I am sure you are well aware of how tiring and stressful it can be when you are in charge of doing these time-consuming activities while also strategizing for your company’s long-term plans. 

This is where outsourcing is useful and convenient. It is said that 59% of companies outsource to reduce or control costs while 57% of them outsource to focus on core functions. Outsourcing doesn’t only increase efficiency, but it can also free up a lot of your time so you can focus on more important matters.

Another option that you have is to use automation tools wherein manual processes are replaced with automation to minimize cost and improve operational stability. In fact, 74% of marketers say that automation saves them time and another study reveals how sales productivity grew by 14.5% when automation was used.

So, the next time you find yourself doing daily tasks, think carefully and assess if they are really worth your time or if it is something somebody else or maybe even a software can do for you.

Improve business plans and strategies

What will you do if there’s a sudden conflict in manufacturing? What about your long term goals? Are you planning to expand your business? If an economic recession occurs, what will you do?

Lack of contingency plans leads to poor execution of strategies which is basically the tipping point for business failure. However, 85% of leadership teams are said to spend less than one hour per month on evaluating plans and 50% of them don’t even spend time working on their strategies! 

Given the fact that business failure is often identified with the lack of long-term plans, it’s obviously important to improve your strategies continuously and track your company’s performance so you can easily identify when something’s wrong.

Working IN your business is just ensuring that your company survives the following day.

Working ON your business means that you strive for sustainability for the next 5-10 years.

Provided that proper guidance and instructions are given, a competent employee can work in your business. But only you can work on it and rather than simply maintaining, you can easily prioritize your company’s growth and development. Because if you won’t think of your company’s future plans, then who will?

Solution

Chet Holmes was a trailblazing and brilliant businessman. His legacy lives on through our continued teaching of his principles and innovations in growing your business. We would love to invite you to take part in a quick 7 minute strategy call where we will provide a breakthrough for you in that short amount of time. This free session is the quickest, most effective way we know how to make meaningful impacts in our cherished audience’s businesses. Schedule your call here.

“By the time you read this story, the quirky cult company…will end its wild ride as an independent enterprise.” 

This was how Fortune, a major publication, predicted how Apple will fall in 1996. Every entrepreneur experiences days where the future seems bleak and impossible. It takes one thing to find success, we call it Pig Headed Discipline and determination.

Fast forward to the year 2018 and Apple was the first company to be the first trillion-dollar company!

Just like any other brands, they experienced being on the edge of bankruptcy too. 

With thousands of companies emerging each year, how do some companies stay successful? Have you ever had friends, staff, clients tell you your business wouldn’t make it? Has it ever been plastered on the news on the cover of Fortune magazine? Despite hundreds of predictions that they will fail, how did Apple manage to increase revenue by 15,000% and innovate the most popular devices that shaped our existence? They managed to have the Pig headed discipline to continue and make a breakthrough.

 Another company that experienced a breakthrough is Nintendo – a Japanese multinational company. While Nintendo has always been a successful company even during the 90s, there was a time in 2012 where their sales declined.

It was during the release of Wii U – a gaming console that failed because of poor marketing, inability to highlight unique features, and struggles with third party support. This caused a drop in revenue of 75% from their peak in 2009 to just shy of ten years later in 2017. Can you imagine having to sustain a company that just had to lay off and cut expenses for 14 Billion dollars worth of lost revenue? Five years after the failure of Wii U, Nintendo released Switch – a hybrid console that has sold more than 52 million units in just over three years and is currently sold out! Rebounding their sales significantly and becoming one of the top gaming systems on the market yet again.

What is Nintendo’s success strategy and how did a product they discontinued successfully paved the way for another? 

Was it all because of luck? Or maybe, a genius like Steve Jobs is needed? A revolutionary invention, perhaps? If not, is it even possible to have your very own business breakthrough, and how?

The answer is that it varies from one company to another. Apple’s strategies aren’t exactly the same as Nintendo’s just like how theirs are different from yours. A general recipe for breakthroughs doesn’t exist – you just have to create your own.

 A breakthrough can be defined as achieving success after overcoming something, and while it’s different for every brand, we will give you an idea of what the process normally looks like.

In a Forbes article, Patrick Gentempo shared how he studied how these breakthroughs can be consistently reproduced, and the results are what he referred to as “The Anatomy of Breakthrough”.

1. Intention
2. Peel off the layers of the known
3. Outside inspiration

While this anatomy can be interpreted in several ways, we’ll briefly explain it in a way that can help you generate more sales and achieve your brand’s success.

Just like any process, you must first analyze what your objectives are. What are your plans like? Do you just want to advertise your brand more effectively? Or, do you prefer letting prospects be more informed of your product’s features? Whatever it may be, you have to clearly specify your goals. In order to successfully achieve your target, you first have to set one, right?

After knowing what you want, you can then peel off their layers one by one. If your objective is to reach other prospects, what’s stopping you from doing so? If your product isn’t selling well, is there a problem with marketing or are there inconsistent strategies? You have to reach and define the core reason why some things aren’t working very well.

The last step – outside inspiration – is the most important as it can be used all throughout the process. Often, we find it very hard to identify the problem and that’s probably because we always think from our point of view. 

There may be some instances where you analyze what’s lacking and you just can’t seem to find one. But if this is really the case, then why is your business still the same?

While you know what’s best for your brand, it’s always worth asking for expert advice from others. Their beliefs, principles, experiences – their whole perspective is far different from yours. Existing problems you failed to recognize for the past few years may easily be spotted by another! 

Whether you own a start-up business or a known brand, it’s no doubt that we all want to have our own breakthroughs! However, it’s inevitable that we get stuck at some point – as if we have no idea what to do next. When this happens, you can take a moment to reflect, consider the situation carefully, or consult with experts so you can have several choices on how to proceed. And who knows? Your business breakthrough might start with a single enlightenment or inspiration from those with a different perspective than yours. 

 To have your own 7-minute breakthrough session with a CHI certified growth specialist, click here to find out how you can elevate your business.

As the COVID-19 pandemic continues to negatively affect the economy, salespeople are left with no choice but to adapt to the new normal. While the preventive measures being taken to minimize the transmission of the virus are proven to be beneficial for everyone’s health and safety, it has taken a toll on the supply chain, labor force, and consumer demand. 

From a survey conducted to find out how the top 500 companies are responding to COVID-19, 93% of respondents noted that the pandemic will negatively affect their business but interestingly, only 28% of them are expecting a long-term impact! While there are other factors involved, this data suggests that the other 65% may have already found a strategy that can help their company thrive even after the pandemic.

Additionally, 77% of the respondents believe that an economic downturn is an inevitable outcome and with strict social distancing measures, travel bans, government restrictions, and most shoppers quarantined – it seems like everyone in the business industry is gradually shifting to virtual selling.

Although some of you may identify virtual selling as just a passing sales trend that will eventually end – well sadly, this isn’t the case.

There’s no need to wait for signs of things returning back to the way it was – virtual selling is here to stay. Gone are the days when face-to-face presentations are a necessity, online communication is the new normal.

A 2017 research suggested that there’s been an 89.2% increase of sales reps spending half of their time selling remotely – this was three years ago even before this whole fiasco, so you can just imagine how these numbers have skyrocketed from the beginning of this year!

While the concept of virtual selling has been used by other companies even before the pandemic, not everyone is comfortable with this technology. However, if we are left with no choice, why not view this time as an opportunity to shift to a more effective and modern way of selling?

If you are still reluctant to abandon your company’s long-standing processes, remember the story of how Alibaba, a B2B marketplace, survived amidst the pandemic back in 2003.

The SARS outbreak shattered China’s economy seventeen years ago and with Alibaba planning to launch a new website, most were expecting that the company would not be able to survive.

What’s worse is how all employees were forced to quarantine in their homes after a staff contracted SARS. Alibaba’s former executive chairman Jack Ma then decided to send his workers home while they continue to work with the e-commerce platform. After several days of this routine, they were able to successfully launch Taobao on time and Chinese consumers who were stuck at home continued purchasing items virtually even after the 2003 pandemic.

Take note that this was the time when computers were very bulky, telephone cables were needed, optical discs were just invented, and teleconferencing software wasn’t a thing. 

If this was possible before, then that means it’s easier now! With the invention of smartphones and software designed for remote communication, what’s stopping you from shifting to virtual selling? Especially when Chet Holmes International and our partners have been seeing a 30% closing rate with attendees!

Right after the terrible events of 9/11 in America, Chet Holmes had to rapidly shift from face to face traditional marketing. Because of the disruptions to flight and travel in general, we were forced to re-create the way we presented our services. You couldn’t attract an audience during this time and for several years after.

Chet Holmes recreated the unique paradigm that selling to a group, this long secret strategy is what lead to crazy high closing ratios of 30% or more when traditional webinar presentations closed at a measly 3% on average. Chet Holmes and our partners have been refining this process of virtual workshops over the past 18 years.

Our partner Ted Miller has packaged everything you need to know. And demand for this training has been off the charts during the Covid Panic. You want to see this strategy for increasing your closing ratio to as high as 30%, with the notoriously hard to close decision makers of companies before it becomes the new normal. (We have been secret shopped by some huge names in the internet marketing space recently.)

 Click here to learn more!

While it’s true that the transition from in-person to virtual selling may be challenging and may take several months or years of trial and error, it’s crucial to develop strategies that can go well with the new technology and abandon the traditional methods of selling we are all used to. However, judging from the current situation, it seems that virtual selling may be the only option you have for your business to survive and thrive during and after the pandemic. At least the companies that were able to maintain a strong number by being adaptable are going to be in a much better position after this crisis abates.

To know more about how businesses are adjusting to the new normal, here’s a clip of how Antonelli’s Cheese Shop has been gradually shifting to virtual selling after almost a decade of traditional selling.