Are you an entrepreneur who’s working hard to grow your business but frustrated to find yourself responsible for everything? Good news: the Profit Minds Growth System will enable you to scale your business by building robust business processes.
Building a business operating system for scale starts with locating your values and your vision.
In order to identify your values, ask yourself: What drives you? What are the behaviors that define you and your business? The answers to these questions are your values.
To help you find your vision, Simon Sinek would ask, What’s your why? And, proceeding from that, what’s your BHAG: your big, hairy, audacious goal?
Once you’ve nailed down answers to these questions, you can narrow your scope. Consider where you want to be in three years, and then in five years. What projects do you need to start right now in order to reach those goals? Who is accountable for those projects? Who should be on your team, and how will you evaluate their performance? And what metrics should you track on a daily, weekly, or monthly basis?
These are the elements of BOSS: the business operating system for scale.
The Profit Minds Growth System will teach you how to develop a BOSS that allows you to reach even the biggest, hairiest, and most audacious goals through effective project management, performance tracking, and successfully delegating responsibilities. You will find your results amplified beyond your expectations.
If you’d like to learn more, send me an email. And if you think you’re poised for real growth, let’s schedule a 20-minute Readiness Review call. I personally look forward to talking with you very soon.
In my last post, we talked about the Profit Minds Growth System: an innovative approach to increasing profit and productivity while building business process for scale. In this post, I’m going to focus on how the Profit Minds Growth System accelerates your productivity, enabling you to make huge strides towards your business goals.
Most entrepreneurs have a pretty good idea of what they need to do, but they just aren’t getting it done. I call this the knowing/doing gap.
In my 25 years as a certified facilitator of Dr. Stephen Covey’s “Seven Habits of Highly Effective People,” I’ve seen entrepreneurs fall into the knowing/doing gap time and time again. I’ve combined Covey’s method with time-tested methods from other authors and thinkers to create the productivity portion of the Profit Minds Growth System.
There are five steps to accelerate your productivity.
1)The first step is to create inspiring goals. These goals should be SMART: specific, measurable, achievable, relevant, and time bound. With the Profit Minds Growth System, you’ll use the SMART model to make real progress toward the business of your dreams.
2)The second step is to work out of your priorities. So many entrepreneurs start their day by checking their email and then get lost in reacting to what others have sent to them. The Profit Minds Growth System will teach you how to create a day-by-day and week-by-week plan based on what you need to accomplish.
3)The third step is about best practices. Through the Profit Minds Growth System, you’ll learn to manage your to-do lists, email, and calendar. Over time, you’ll get better and better at using these practices until they’re second nature. It’s about progress, not perfection!
4)The fourth step is managing distractions and procrastination. Science tells us that we can’t truly multitask—so stop trying! You must turn off your distractions in order to achieve a state of true focus. With the Profit Minds Growth System, I have identified six procrastination triggers and can teach you how to overcome them.
5)The fifth step is building new and better habits for the future. Our brain wants to make everything a habit because this reduces the energy we expend when thinking about new things. But the brain can’t tell the difference between a good habit and a bad one. The Profit Minds Growth System provides simple steps to follow in order to make new, good habits that will help you meet your business goals.
I’ll dig deeper into each of these steps in future blogs.
Are you ready to escape the knowing/doing gap? If so, take the short quiz at productivitycheckup.com. If it’s time for you to join the growing number of entrepreneurs finding huge success with the Profit Minds Growth System, set up a Readiness Review call by using the link below. In just 45 minutes, I can find $30 to $50,000 or more in untapped revenue for any small business.
Are you an entrepreneur who isn’t seeing your hard work reflected in your bottom line? Do you know exactly what you need to do but just can’t manage to get it done consistently? Are you looking to take your small business to the next level?
If so, the Profit Minds Growth System is for you! I can help you find $30 to $50,000 or more in untapped revenue in under 45 minutes. My revolutionary approach increases profits, accelerates productivity, and builds robust business process for scale.
In this blog, you will learn how the Profit Minds Growth System can build your business into the success you deserve.
The first area we look at is profit. The Profit Minds Growth System will teach you how to generate prospects, turn leads into clients, maximize the value of each client, and improve the profitability of your products or services. You’ll expand profits by growing both the top and bottom line. The result? A streamlined, stronger business model that will put more money in your pocket.
The second area is productivity. How do you get it done? By focusing on progress rather than perfection, the Profit Minds Growth System will help you set goals and work out of your priorities. By avoiding distractions and procrastination, you will make daily progress while building new and better habits for the future. Our system is all about taking little steps today in order to build success tomorrow.
The third area is process. So many small business owners try to do it all themselves. Trust me, I’ve been there! It feels quicker and easier to fix a problem yourself rather than take the time to teach someone else to do it. But that approach doesn’t scale. Profit Minds Growth System will show you how to build a team, delegate effectively, and identify the key metrics necessary to drive business growth. My unique three-year visioning process will help you develop a business operating system that scales efficiently and effectively.
If you want to learn more, follow along with my blog posts as I go into more detail or go to my YouTube channel and subscribe. If you’re really ready to jumpstart your business, the next step is a 20-minuteReadiness Review call. We’ll work together to determine if your business is poised for real growth and incredible success. I hope to talk to you soon.
In this episode of The Profit Minds Podcast, Dr. Kirch speaks with Bryan Daly, Founder of New Life Financial Alliance, a Royal Fund Management-Registered Investment Advisor. Teaching, innovative ways to make, manage and save money.
Tune in to learn everything that’s wrong with conventional financial wisdom.
Welcome to The Profit Minds Podcast with Dr. Steven Kirch. Dr. Kirch is the creator of the Profit MindsTM Growth System, a unique blend of profit growth, productivity acceleration, and business process for scale. In each episode of The Profit Minds Podcast, Dr. Kirch interviews entrepreneurs and small business owners from around the world with a unique story to tell.
Download (for FREE) Dr. Kirch’s E-book, which Reveals… 🙌🏼 How any Entrepreneur can Find 30K in their business guaranteed (Closing More Sales and Generate More Leads!)
In this episode of The Profit Minds Podcast, Dr. Kirch speaks with Angela Dunz about the amazing work she does with her clients on LinkedIn. Angela Dunz is an expert in Business development, professional branding, visibility & optimization on LinkedIn and Founder/Owner of Cowgirl Creative Coaching.
Welcome to The Profit Minds Podcast with Dr. Steven Kirch. Dr. Kirch is the creator of the Profit Minds(TM) Growth System, a unique blend of profit growth, productivity acceleration, and business process for scale. In each episode of The Profit Minds Podcast, Dr. Kirch interviews entrepreneurs and small business owners from around the world with a unique story to tell.
Download (for FREE) Dr. Kirch’s E-book, which Reveals… 🙌🏼 How any Entrepreneur can Find 30K in their business guaranteed (Closing More Sales and Generate More Leads!)
In this episode of The Profit Minds, Dr. Kirch speaks with Tess Owen, Founder of Omni Social Media.
Tess is a valued social media strategist, public speaker, and woman of influence. She stresses hard work, integrity, and creativity as the foundation of a strong digital marketing strategy.
Omni Social Media serves small to medium sized business owners and community managers in the San Francisco Bay Area with the knowledge needed to approach the online community and best display their products and services.
Welcome to The Profit Minds Podcast with Dr. Steven Kirch. Dr. Kirch is the creator of the Profit MindsTM Growth System, a unique blend of profit growth, productivity acceleration, and business process for scale. In each episode of The Profit Minds Podcast, Dr. Kirch interviews entrepreneurs and small business owners from around the world with a unique story to tell.
Download (for FREE) Dr. Kirch’s E-book, which Reveals… 🙌🏼 How any Entrepreneur can Find 30K in their business guaranteed (Closing More Sales and Generate More Leads!)
In order to find new clients, you need to boost your voice. In other words, you have to locate opportunities to amplify your message and reach prospective leads. These opportunities won’t come to you! In order to grow your business, you will need to be proactive in tracking them down.
Here are three strategies for boosting your voice:
1) Networking events
Whether you’re new to networking or a seasoned professional, these events are a great way to connect with potential clients. One way to gain access is to join a networking group. Another is to join your local chamber of commerce.
One of the benefits of networking events is that they can be less intimidating than other venues. If you took a sneak peek at other items on this list and felt a shiver of fear run down your spine, then networking events could be the perfect place for you to get started and practice your skills!
Most of us find one-on-one conversations a lot less stressful than speaking to large groups. You have the opportunity to establish a personal connection with the person you are talking with. Plus, since everyone is there for the same reason, you already have something important in common! You can use that shared goal to your advantage when telling people about your business.
As a result, the interactions at a networking event can feel lower-stakes, which reduces the pressure and allows you to focus on delivering your pitch.
Speaking of which, the key to successful networking is having an effective 30-second elevator pitch. I cover that topic here.
Of course, the goal here is to develop a relationship. Do not focus on selling to the people who are there. If leveraged successfully, the members of these networking groups will become your salesforce. Once they get to know, like, and trust you, they will send you prospects who you can convert into clients.
2) Social media
These days, social media connects us all. Using online communities can grow your business exponentially.
Creating a community on Facebook or LinkedIn will take your networking to the next level. Every user on these sites is a potential referral partner or client. Starting a Twitter or Instagram account will give a huge boost to your marketing message. Maintaining an active presence on these sites will allow you to develop a personality around your brand which will attract new clients.
I also suggest looking into a new app called Clubhouse. This audio-sharing community has been used by Elon Musk and Bill Gates—why not you?
Using social media effectively will establish your business as modern, relevant, and accessible. Every social media account you set up is a fresh opportunity to locate leads and convert them into profit.
3) Public speaking
Many people are terrified of public speaking, but it is one of the most effective strategies for reaching potential clients. You can reach dozens or even hundreds of people simultaneously, amplifying your message far beyond what is possible in a one-on-one conversation.
In order to be an effective public speaker, you will first need to develop a compelling message. This is one of the topics I address in my e-book, Mind Your Profits.
Once you’ve developed your message, your next step will be to locate speaking opportunities.
One easy way to boost your voice through public speaking is to appear on podcasts, either as a guest or by starting your own. This is the perfect option if the idea of getting up on stage and talking to a bunch of strangers makes you feel faint! Since podcasts are just like having a one-on-one conversation, they are a lot less scary—but can be just as effective if you are able to reach the right audience.
If you aren’t intimidated by getting in front of a group of people, speaking from a stage can be a great way to get your message out. One way to find such opportunities is to reach out to professional groups in your area. You should also stay abreast of any upcoming conferences and workshops that potential clients might attend. And don’t forget to work those strategic partnerships!
If you want to integrate public speaking into your business practice but struggle with stage fright, contact me to set up a coaching session.
Finally, don’t be afraid to think outside the box! A speaker at a conference I attended told us about a strategy he’d developed that proved as effective as it is unusual. While driving down the freeway, he would jot down the phone numbers on billboards. Then he’d leave a message introducing himself and saying that he couldn’t help but notice an “error” on their billboard.
When he got a call back—and he always got a call back!—he would explain how the billboard’s messaging could be more effective in landing new clients. This would lead to a conversation about how to craft an effective marketing message, which would then lead to a meeting to discuss how he could help this business.
These are just a few strategies for boosting your voice and growing your business. As you become a more confident and effective networker, the number of potential networks you can tap into will grow as well.
Which strategy do you like? Feel free to comment below.
If you’d like help in implementing any or all of these, please reach out.
As a business owner, generating leads is one of the most important tasks for growing your business, but it can also be the most daunting.
How do you generate leads? And how do you do it in a way that doesn’t feel slimy, shady, or overly “sales-y”?
Here are five effective strategies for generating strong leads for your business—that won’t make you feel like a used-car salesman.
1. Join a networking group
Joining a networking group is a great way to attract more leads in a personal, genuine way. Some of these groups meet monthly, some meet weekly, and others meet every other week or every other month. If you’re not sure where to begin, consider joining your local chamber of commerce. They will certainly have networking events that you can attend.
I’m a member of several different networking groups, and I find them an incredibly valuable resource for generating leads—not just in terms of networking with potential clients directly, but in terms of meeting other business owners who can refer people to me from their own network.
When you clearly explain what you do, who you help, and what problem you solve for your clients, the people you meet while networking can send you prospects. Once they get to know, like, and trust you, they essentially turn into your salesforce.
2. Develop your “elevator pitch”
The most important thing about networking is having an effective 30-second elevator pitch. This must include not only who you are and what you do, but most importantly, it should also include what problem you solve for your customers.
In my elevator pitch, I explain that Profit Minds helps our clients create unique strategies to grow their business and create the life of their dreams, and that we can find 30 to $50,000 or more in untapped revenue for any small business in under 45 minutes. This often sparks a conversation about how we do this, which allows me to get more specific about the strategies that I use.
At a regular networking meeting, your elevator pitch should also include what to listen for, with phrases stated in the first person. For example, I might say, “If you hear a client or friend or family member say something like, ‘I need new sources of revenue for my company,’ or ‘I can’t afford this year to be just like the last,’ those would be great referrals for me.” This way, the people I meet know exactly who they can send in my direction.
3. Cultivate relationships with “power partners”
While offering potential partners a referral fee is straightforward and can work, I’ve found there’s a better way to incentivize referrals. To do this, seek out partnerships with businesses that serve the same type of client that you do but offer a complimentary product or service. I call these “power partners.” Then, when you present the referral opportunity, seek to solve a problem your referral source has with your mutual client.
At Profit Minds, we use this strategy to partner with—and solve problems for—CPAs, business brokers, and digital marketing agents, among others.
When I look to partner with a CPA, for example, I explain that if they send me one of their small-business owner clients, I will make sure the client sees them at least four times a year. I do this because the information I get from a CPA is a measurable and reliable way to make sure my methods are working.
This solves the CPA’s problem of only seeing their clients once a year around tax time. When they refer clients to me, they not only get more income from our mutual clients, but they also get to provide financial guidance throughout the year. This is a win all around: the CPA wins, Profit Minds wins, and most importantly, the (mutual) client wins.
4. Take advantage of speaking opportunities
Becoming a public speaker is a great way to build your reputation, establish your authority as an expert, and reach a broad, interested audience. This also helps build your relationship with your prospects as they get to know you and your story in an authentic way.
You can find speaking opportunities through local professional groups, as well as through strategic partnerships. Look for events and conferences in your area, and reach out to your network to learn of other speaking opportunities. If you joined a networking group, you might even find opportunities to speak at their networking meetings. Or check with your local chamber of commerce about setting up your own event where you can be featured.
Keep in mind that speaking opportunities don’t just happen in person. In the wake of COVID, many events are happening online or in other virtual spaces. Clubhouse is one such app, which features an audio-only sharing community.
5. Be a guest on podcasts
If you find the prospect of speaking to a large audience intimidating, appearing on podcasts is a great alternative.
You could of course start your own podcast, but you can also join in as a guest speaker on someone else’s podcast. Since appearing on a podcast is just like having a one-on-one conversation, it’s not nearly as scary as other public speaking opportunities—but if you’re a guest on the right podcasts, it can be just as effective.
With that in mind, don’t restrict your search to only podcasts about your exact same topic, but try to seek out podcasts that might share your audience. What podcasts might your ideal client be listening to? You can even start by asking this question of your current clients!
Strategies for everyone
There are strategies for every taste and ability, whether you enjoy addressing a large audience, prefer focusing on personal relationships, or anything in between.
If you find a strategy that appeals to you, don’t hesitate to reach out—I’d be happy to talk about how you can develop that strategy as you grow your business.
As your business grows, eventually you’ll want to start building a team. Having people in your corner means you don’t have to be the expert at everything, and you can spend more energy on the tasks and projects that truly require you to do them.
But there’s often a fuzzy gray area between recognizing that you could use extra help and actually having the resources to hire that help. Additionally, even established businesses can benefit from reducing their costs—and hiring a team can quickly become a major expense.
This is where I like to consider using an “internship” strategy.
Instead of hiring new personnel as you grow, consider offering an internship. Go to your local junior college, college, or university and offer an internship for the semester—or the year—to those seeking degrees or experience in a similar field or area of expertise as needed for your business.
But how do you know if offering an internship is the right approach?
Here are my top five reasons hiring an intern is a great move for the growing small business.
1. Internships can help cut down on labor costs
Labor costs make up a huge expense for any small business. Salary, benefits, social security taxes, unemployment insurance, worker’s compensation, and other costs really add up.
And yet, what can you do? You must have the labor you need to operate your business, especially as your business grows.
Hiring an intern can help cut down on labor costs in a couple of ways. First, student interns are more likely to work part-time, since they usually have classes to attend in addition to the internship.
Second, their lack of experience means they can start at a lower salary than other prospective employees, and they don’t need a huge benefits package to make the job appealing. This is in part because most of the benefit for interns comes from the experience, which brings us to reason number two:
2. You are helping students gain real-world experience which makes them more competitive in the job market
Schools love it when a business offers internships because internships act as a value-add to their educational offerings by providing their students with real-world experience. Some schools even offer course credit for internships as an extra incentive. Many schools have a job placement office that will be happy to help you find the right candidate.
And the students love them, too!
Not only does an internship put some money in their pocket, but it also gives them practical, hands-on experience in their field.
This experience looks great on their resume. It gives them a jumpstart on their peers when they graduate, especially if the company providing the internship hires them upon graduation.
And given the state of the economy and the sparseness of the current job market, any competitive edge is a big deal.
3. Administrative help allows you to focus on the important things
Every business could use additional administrative help.
Offering an internship to a student majoring in business administration not only helps the student gain hands-on work experience, but this can also be a low-cost way to take some of the administrative tasks off your plate.
What could you get done in your business if you could pass off your admin tasks to someone who is actually interested in business administration?
Spending less time fretting over administrative details and more time working in your zone of genius can have major ripple effects that spread through your entire business.
4. Student interns are dedicated and enthusiastic
Just because interns work part-time, have less experience, or accept a lower starting pay doesn’t mean their work will be subpar.
Far from it: Interns are enthusiastic and eager to learn, and they’re highly motivated to produce quality work.
This is especially true if there is a possibility of being hired full-time after graduation, but even the promise of adding your glowing recommendation to their job materials can be an excellent motivator.
And since interns’ goals are often centered on learning how to work in a particular field, they tend to be especially open to critique and have a genuine desire to improve. Sometimes they even possess skills or a perspective that older, more experienced workers may not—consider their skill with social media or reaching that younger demographic.
5. Interns can fill the gaps as you grow
If you’re a micro-business or solopreneur, you probably don’t need a full-time employee. But as your business continues to grow, you may find having extra help to be a huge asset.
In this way, hiring an intern part-time can be a gap fill until your business grows enough that you need full-time help.
And by the time you’re ready for a full-time employee, then perhaps this intern will have graduated and will be ready for a full-time job—and they’ll already be trained and familiar with your processes. It’s a win-win!
Is offering an internship right for you?
Internships could potentially save small-business owners thousands of dollars each year, but as we’ve seen, that’s not the only reason to hire an intern.
Internships can provide enthusiastic help for the tasks you don’t need to do yourself, and can be an excellent stepping stone as your business continues to grow.
To decide if an internship approach is right for you, take a look at the administrative tasks you wish you didn’t have to do.
What would you pay a full-time professional or contract worker to do them?
Could an intern handle these tasks, or do they require professional expertise?
What would you pay an intern? How much would that save you?
What would it cost (in additional time or money) to train the intern as compared to a more seasoned worker in the areas where they lack experience? Would your hiring savings outweigh these costs?
Could the intern bring some additional skills or perspective that you don’t need to train (and maybe can’t)?
And perhaps even more importantly:
What would you focus on if you didn’t have to do those tasks?
How would the time you spend on your business look different?
What could you accomplish in a year by focusing on the aspects of your business that sit firmly in your zone of genius?
If you’d like to dig deeper on this and other strategies for increasing your profits, grab your free copy of my e-book, Mind Your Profits, at www.profitminds.net.
What happens when a prospect isn’t ready to spend the amount you’re charging?
Short version: they leave.
Whether by walking out of your brick-and-mortar store or closing a browser tab, if a prospect decides not to buy your offer, they’re gone. They might try to find a better option elsewhere, or they might not.
If you don’t have a strategy for capturing that prospect’s business, you could be leaving money on the table.
What is down-selling?
Down-selling is nothing more than offering a prospect an alternative at a lower price when they decline your original offer.
The goal is to turn the prospect into a client. You not only get the short-term financial benefit, but you also gain the opportunity to do business with them again in the future.
Gyms do this all the time. They always start by trying to sell new members a full one-year membership.
If the prospect declines, they’ll offer a 90-day “health makeover” membership. If that fails, they may go to a 30-day or possibly a one-week “trial” membership.
Gyms and health clubs know if they can just get a prospect to buy something, the odds of them staying with them in the long term goes up exponentially.
Small sales add up to big results
Consider the local florist.
Many people show up at a florist to buy roses for their better half—Valentine’s Day, a birthday, an anniversary, Mother’s Day, and so on.
But suppose a bouquet of a dozen roses costs $50, and they don’t have that much money to spend. If the florist didn’t have other options, that’s a prospect out the door and buying at another shop.
If the florist has a less expensive alternative—say, a dozen carnations for $25—the florist might make a smaller sale (instead of no sale at all).
This seems like a minuscule move, but it makes a big difference.
If our hypothetical florist only used that down-sell once each day, this would still add up to almost $8,000 in additional annual revenue.
I do this in my business, too: My highest priced offer is one-on-one coaching, but I also offer group coaching at a lower price point. More affordable still is my e-learning site. By providing high-quality options at multiple price points, I make my services more accessible to a wider portion of my prospects.
Having a solid down-sell strategy increases the value of each prospective customer by turning a no-sale into a smaller sale.
How to create a down-sell offer for your business
What’s your current price point for what you currently sell?
Cut that price in half and try to come up with an alternative for this new price.
How many of this new product or service would you conservatively estimate you could sell each week?
To see how this strategy can affect your revenue, multiply your reduced price by your number of weekly sales, then multiply that number by 52 weeks to reveal your annual increase.
And that’s just one down-sell. How many additional down-sell opportunities would you estimate you could easily develop?
In addition to less expensive bouquet options, our florist could create down-sell alternatives for weddings, lower-priced options for funerals, less expensive boutonnieres for prom, and so on.
Ultimately, a small sale is better than no sale. And if you really “wow” them, if you over-deliver on your promises, if you give them an exceptional experience, they’ll want to keep coming back and giving you their business over and over again.
Want to understand down-selling better or learn more about how this might fit in your overall profitability strategy? Grab your free copy of my e-book, Mind your Profits, from my website www.profitminds.net.
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As your business grows, eventually you’ll want to start building a team. Having people in your corner means you don’t have to be the expert at everything, and you can spend more energy on the tasks and projects that truly require you to do them.
What happens when a prospect isn’t ready to spend the amount you’re charging?
