Presentation Transcript

1. Business Builders Tuesday June 9th, 2009 Agenda: Intro – Page 22
2. Intro: “Pareto Systems co-founders Duncan MacPherson and David Miller lead a team of professionals who help entrepreneurs deploy our time-tested practice management and business development systems while capitalizing on the Pareto Principle – the 80/20 Rule.” They combined Best Practices and a Web CRM system Working predominantly with Entrepreneurs, defining entrepreneur as: “Someone who has a vision for how to bring value to clients and is persuasive, dedicated, motivated and resilient - - -want to build something worth a lot of money while maximizing personal fulfillment. Actionable CD Rom – In the back of the book – We read to get results, not just ideas. “After all is said and done, more is often said than done” 17 Templates implemented in 12 weeks. (8 for us) Goal: To Force you to think thing through and then crystallize your thoughts on paper to create a guidance system going forward
3. Using the acronym STAR as the four cornerstones of a good, solid plan: S – Strategic Analysis – Analyze business not and where you want to be in 12 months – space in between (gap). What needs to be done to cross the gap. T – Targets and goals – Goal-setting and examination of targets A – Actions – Identify the activities you should practice on an on-going basis R – Reality Check – Process of accountability with 3 reactions: How much I’m doing wrong, I’m doing OK, on the verge of a breakthrough.
4. Section 1: Strategic Analysis Law of optimization: No matter how good a process seams it can always be improved upon. Reality Principle: Can’t always trust our own judgment or believe our own hype. Must be brutally honest. Identify untapped opportunities - - - (Diamond Farm) Use the CD rom-business planning tool Establish marketing pillars, existing or prospective target market opportunity, creating strong foundation, multiple income streams.
5. Pillar 1 – existing clients- most valuable asset (inner circle), Rule of 52, MVP’s (friends & family of existing clients) Pillar 2 – Promotional partners, strategic alliances, collaborators, Pillar 3 – Prospective target markets, geographic, demographic, socio-economic Loyalty ladder-Ladder/5 rungs-get as many to the top rung, bottom rung/suspects; next rung/prospects (key differential-pre-disposition/self-motivated, they have been motivated in advance of you talking to them(referrals or give them a reason to call you)
6. Law of attraction: Chasing/attracting Convert MVP prospects into Customers Customers vs clients? Customers/little w/you and others/buy something; next rung: clients/exclusive to you/by into something Convert customers into clients Advocates=next rung, still “whoopee “ on number of clients, how many advocates? About why/purpose, who and how/process STOP TRADING TIME FOR $$$$$, FOCUS ON RELATIONSHIPS WITH ADVOCATES
7. Position advocacy as a benefit to clients, not to you: not getting as many referrals as you like? Favor approach/desperate/creating obligation rather than reciprocation and value. “Empowerment and endorsements by clients must be positioned as a service to them rather than as a favor or benefit to you, apply the loyalty ladder
8. Organization and Structure: “The goal is to run your business so that is doesn’t run you. Paradoxically, this can only happen once you’ve made yourself obsolete. When the day comes that you don’t need to be present and your business can still be productive, you are on the verge of a breakthrough.” Evolving from surviving to thriving - -- Mistaking motion for action - - Never been busier/doing what, look at activities, time/energy, 80 % of your productivity stems from about 20% of your activities (making about 80% of your income in about an hour/day) Delegate supporting activities/team/job descriptions/organizational and structural chart/refining systems/procedures manual Systems defined as: “a group or combination of things or parts forming a complex or UNIFIED whole.” Can your business run without you?
9. Begin with the end in mind - - - The sale of your established business for a substantial profit The expansion or franchising of the proprietary approach you’ve created Handing your business to the next generation or to a management team so you can take more time off Meet with team, define responsibilities, proactive/reactive activities (cause/effect), accountability CD rom for organizational structure