Saturday, September 25, 2010

How to Make More Money, with Less Time and Effort

  • Are you feeling stretched, and stressed?
  • Are you feeling stuck, want to earn more but not sure what to do?
  • Are you sick and tired of working long hours, saying to yourself, this is not why you went into business for yourself?
Through my own experience, as well as what I have learned through the process of helping others develop their business plans (a MUST, if you don't have one for yourself), the problem I find is not that they are not doing enough, but rather they are trying to do too much for too many people. In essence, they lack focus. They are generic, a small fish in a big pond.

So if you answered yes to the above questions, then I have a suggestion for you. Over the next 4 weeks, do the following.

1. Determine the profile of your ideal client. This is the person with whom you enjoy doing business and it allows you to generate your desired revenue with relative minimal effort (in doing the work and marketing wise, as couple of factors to take into account). This includes profiling both the organization as well as the individual client. Once you know who this is, then you can actively spend time in a more focused way.

For example, let's say you're an executive coach offering leadership development. While this is nice, imagine being an executive coach to introverted engineers within the aerospace industry. By focusing and niching, you just went from being a small fish in a big pond to a big fish in a small pond. From being a general "generic" surgeon to a heart surgeon specializing in repairing damaged aortic valves. Now more of the clients will seek you out, paying you more $$$ per unit of time for now you're a specialist.

2. Review what products and services are giving you the greatest revenue and profits. Indirectly you'll get a sense of what's in demand, and what are the biggest challenges your clients are facing, and therefore buying what they are buying from you.

If you like to see how we applied this to the business I was a co-owner in, that we grew 28 folds, while at the same time increasing profitability, client retention, and having better quality of life, read my post entitled Sweet Spot: Maximizing Business Growth and Profitability.

Taking the time to determine your Ideal Client Profile (ICP) and narrowing your offerings down to say 2-3 key offerings will help you get focused. From that will emerge list of action items and where to spend your valuable time. You'll not only make more money, you'll also find you have more time for things you love to do.

Work Smart, Not Hard!

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