In this blog post, I will discuss how to spend your time online and offline to become as successful as possible with a business, aiming to maximise revenue and profit. Enjoy!
The Importance of Selling and Marketing
When I speak with other entrepreneurs at events, I find that many work incredibly hard. You may be one of those viewers who works extremely hard (60-70+ hours a week), is always on the go, networking, and develops ideas and concepts for your services. You might be thinking about how to price your offerings and position yourself in the market, deciding how you want to be perceived and what kind of clients you want to attract.
While all this is important, it doesn't bring in money if you neglect a crucial factor. At the start and end of your journey, you should dedicate 90% of your time to two main areas: selling and marketing.
Common Mistakes Entrepreneurs Make
I've seen many people sit at home, pondering their offerings and how they want to position themselves and thinking they are being productive. However, they aren't taking any action. Taking action means creating value and being very conscious about your time. As a business, you create value when you sell your service and receive monetary value.
You might think you are taking action, but in reality, you might just be working hard on things that don't directly contribute to your main goal. Your initial focus should always be earning money (sales) and spreading the word about your business (marketing). Once you have built a foundation, your goal should be to engage in activities that provide the greatest leverage and bring in revenue.
Start with Direct Customer Interaction
Instead of building something from scratch based on assumptions about what your customers might want, start by working directly with a few clients (aka. test clients) and collect some feedback from them. This way, you can identify their problems and develop solutions that address their needs. You can create a program or service grounded in reality from these solutions.
Most people approach business the wrong way. They build a business based on what they think is a problem and invest plenty of resources until they realise that most of the effort is for nothing. They do not care about customer problems, only about their own (imaginary) problems.
Many people design their offerings based on wishful thinking and hypothetical problems. Instead, you should engage directly with your potential clients, understand their real issues, and provide practical solutions. This approach ensures that you address actual needs, making your service more valuable and ultimately allowing you to charge more for your service - the flywheel effect kicking in!
How to Use Your Time Wisely
Wise use of time means engaging in activities that bring you closer to potential clients and learning how to sell effectively. Whether attending events where your target audience is, participating in relevant online groups, or directly talking to potential clients, the goal is to understand their problems and sell them solutions.
The Art of Selling
Many entrepreneurs are excellent networkers with hundreds of contacts but struggle with selling. Learning how to sell is crucial because your business relies on revenue. If you’re not making sales, your business cannot grow, and you cannot invest more in marketing, which will give you more leads you can easily close.
Selling is the lifeblood of your business.
Building a Team and Scaling
If you're already generating significant revenue, say €30,000 to €60,000 per month, and are building a team, focus on marketing and generating leads. Train your team to handle sales, ensuring they understand the sales process and can replicate your success.
This can be achieved using a script-based approach and training them via a Learning Management System (LMS).
Practical Tips for Effective Time Management
- Prioritise Sales and Marketing: Dedicate most of your time to activities that directly generate revenue.
- Engage with Clients: Work directly with clients to understand their real problems and develop practical solutions.
- Learn to Sell: Invest time learning and mastering the art of selling.
- Implement Systems: Develop systems that can automate parts of your business, allowing you to scale effectively.
- Build and Train Your Team: Focus on effectively training your team to handle sales and customer interactions.
Focusing on these activities allows you to spend your time wisely, generate revenue, and allow your business to grow sustainably.
Consider a free initial consultation if you want to learn more about selling and growing your business. We can help you develop a strategy tailored to your needs, ensuring you maximise your time and efforts.
