We’re back from a week of home school training – but along with great ideas for schooling comes some great thought provoking business concepts from the sessions I attended:
- We need to be writers – writing forces you to think precisely. This in turn enables you to speak persuasively. Whether selling or running a business we all need this. One speaker said, “What book are you writing?” We should all be writing a book on the lessons we’ve learned and how to succeed.
- Clutter creates confusion, slows down learning, leads to irritability and stress. Take a look at your desk. Perhaps post it on You Tube!
- 4% of new businesses make the first 10 years. What are you doing to be on the list of successful companies? Not all of them will be profitable – this requires extra thinking. So what are you doing to stay alive that the other 96% just won’t do?
- Everyone needs a coach, wise counselors, and great books to read. Success doesn’t just happen.
- Whether in sales or running a company, you need a clear vision – one that makes sense. If your vision is to make a certain amount of money, it probably won’t happen. Making money is the result of a well constructed plan and vision, not the core of it. It’s just one of the gauges of success.
- Fire your team every year – mentally. Picture everyone gone, then figure out who you will rehire for the coming year. Those that don’t make the cut have been on staff too long.
- Hire the right people. Things you don’t like in the interview will be even more annoying once they start. Once hired – invest in them. Everyone needs training in order to keep growing. This is expensive, yet if costs less than having untrained people, or people who over time, lose their edge.
- Stay out of debt. Companies that take on big debt to grow are making a mistake. Interest will eat at your profits for years to come. Remember, top line revenue is a poor measure of success.
- Avoid 50/50 partnerships – they rarely work.
- Charge the right amount. Companies tend to charge too little for their consulting services. This requires a solid value proposition, but is necessary to grow.
- If you want to make a million dollars, then you had better have million dollar people, million dollar coaching, million dollar training, and million dollar abilities.
© David Stelzl, 2010