Distractions in business

When we start or have a business, one of our biggest enemy is distractions. Distractions is bad as it derails us from our original and true intention; making us lose focus on what matters, normally leading to wasted money, time and resources.

Distractions come in many forms and guises. For those who are making progress, distractions could be in the form of lifestyle and fun; the women, men, frolicking and all the sweet things on earth. These kinds of distractions would come to those who started making money from their business. We see and hear these kinds of stories all the time; someone falling off his fortune because of a mistress, excessive travelling and lavish lifestyles.  These types of distractions are tests for those who has made it and wishes to either stay on top or go higher.

But those who just started business and have not made it yet are not spared from distractions. For those who just started a business, distractions can come in forms of new ideas and perceived opportunities. In the beginning, you business will have to go the 'budding' phase; it is a phase where the growth is not visible and it could be frustrating at time. During this phase, your impatience may invite you to be distracted with new ideas and perceived opportunities. These distractions are very dangerous as they would cause you to abandon your original plan, leaving it half-baked. Be careful of this distraction of perceived opportunities as it is very intoxicating. Why? Because it is filled with hope and hope drives an entrepreneur high; only that getting 'high' on hope is not going to get you anywhere.

Therefore, my advise is to always check if you are on the right track. I mean have a systematic method to check if you are on the same track and persistently moving along the track. The first thing is to write it down on paper - do not trust your brain with the plan. You need your brain for the execution of your plan; storing the plan itself should be on a piece of paper. make it a point to spare 1/2 an our each monday to go back and read that piece of paper to remind yourself of your goals and plans. Sit down and write what are the things that you are planning to do for the rest of the week and compare that list with your original plan. You would be able to spot clearly, once it is on paper, what are necessary actions and what are the distractions. Cross out the distractions and reclaim back the time and effort that your are planning for that distractions; the very least, you could use the time to be with your family.

Please do not mistake this with the adjustments that you need to make on your track due to reasonable and valid reasons. That adjustments is vital. You must know the difference between adjustment and distractions.



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Start a business to sell goods or services, not to get grants

Recently it was reported that PUNB has approved for an allocation of RM200 million to help bumiputera entrepreneurs. Great. But if you want to start a business, assume that your name is NOT in the list.

Many Malay entrepreneurs assume that a government grant is almost automatic for them if they have a business. Many went on to build an operation and make commitments based on the assumption that PUNB or some agencies would give them a grant/loan/assistance for their business. WRONG

One thing that you would need to realize, no matter how great you think your product is, how ingenious is your idea, how original your concept is, there will be a thousand others who thinks the same about their products/services. Therefore, there is no guarantee that your business will get the grant.

Build your business assuming that you will not get a grant; your business must be able to stand on its own. Ironically, once your business is proven to be able to stand on its own, he grants and loans will come pouring in. The rationale is simple, the grant officer wants to deliver success stories and proven business are less likely to fail.

But it does not mean that you should not apply for such grant. You should and must apply, but do not assume you will get it. And if you want to prepare your pitch, the following might  help (I do not own the copyright to the photo, it is reproduced under the Fair Use law, for educational purpose only)

Women in Business, now on air!

Many moons ago, I wrote about the rise of ladies entrepreneur in Malaysia, and today we see another milestone. The sign are so clear, we cannot disregard it. The Star Newspaper reported:

Capital FM 88.9 - Malaysia's first women's radio station to go on air Thursday

By JADE CHAN

PETALING JAYA: Malaysia's first women's radio station Capital FM 88.9 is all set to sizzle the airwaves as it begins its broadcast from 6am Thursday.
Joining the stable of radio stations under Star Radio Group, the all-new Capital FM is the only radio station that provides women a voice and a hub to exchange thoughts and opinions.
Capital FM 88.9 features a handpicked line-up of celebrity presenters, namely Asha Gill, Joanne Kam, Xandria Ooi, Patricia K, Sheela Haran, April Kuan, Joey G and Liang, who will each bring their own flavour to offer different dimensions to the radio station.
Targeted at urban women in the Klang Valley aged between 25-35, the station aims to be a platform for women's issues.
"Capital FM has been tailored to meet the needs of women. To be a friend and confidante. Women empowering women in their daily lives,” said Star Radio Group deputy chief broadcasting officer C.K. Tan.
"Our driving goal is to connect with women by addressing their emotional and intellectual needs, to enhance the quality of their lives and their communities."
Star Radio Group chairman and Star Publications (M) Bhd group managing director/CEO Ho Kay Tat credited Capital FM's unique tagline Women - The New Capital - to Star Publications (M) Bhd executive deputy chairman Datuk Vincent Lee, who coined it as a tribute to and in recognition of the value and importance of women.

The success of this radio station will depend on the kind of values they instill in the womenfolks in Malaysia. I hope that it serves to eliminate the prejudice that existed in both men and women, letting people focus more on living better, peaceful and prosperous.

The only thing I don'd like is the tagline " Women - The New Capital". As I see it, women has always, always been a very significant capital since the beginning of mankind, since the beginning of trade. I was merely hidden away, not prominent. In Islam, Prophet Muhammad's wife, the love of his life, Khadijah was a WEALTHY businesswomen who had employed the greatest man that ever lived. And you don't call that capital? Women should give more credit to women.

Work Smart Everyone.

Related reading
1. Rise of Women entrepreneur
2. More on women entrepreneurs in Malaysia


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The Author is the principal of ElixirEducate - a training house for Smart Entrepreneur Program Series. If you would like what you read above, we would be grateful if you could 'like' us at our page here. If you would like to to find out or learn more about the the article above, you can email the author directly at yazdi@theelixirstore.com or be his facebook friend here.
 
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ElixirEducate

Smart Marketing: Sales = f(Reach,Response,Conversion)

Hello there, we meet again. Thanks for reading and remember, if you like what you read, share it please.

Now I am sure all of us have been approached by various marketing 'guru' offering a multitude of ways to boost your sales, make a million in two weeks, become a billionaire in two months. There is the 'Guerrilla' marketing method, the pyramid method, the relationship method, the direct selling method, the multi-level method, the blast method, the brand-centric method, the push sales,the pull sales, the customer relationship method.

And the study and books? I have learned them in school, in university and then when working. There were marketing books for dummies, morons and the insane. There were books on everything: branding, advertising, more advertising, budget marketing, some more branding; for experts, layman, and like I said earlier morons.

uh! uh! Don't forget that the Web 2.0 and the Social Media have opened a whole new can of marketing books and studies.

But wait. Hold on a second. Is it really that complicated?

Well, not really.

What I found was that after all these mumbo jumbo, sales must conform to the following formula:

Sales = f (Reach, Response, Conversion)

Sales is a function of reach, the response to the reach (also known as leads), and finally the conversion of those leads. All small business must know this by heart because if not, you could be wasting your marketing budget  and your energy away. I hate to use the acronym ROI (because I have overused it in my days as an investment banker, trying to get best valuations), but this is how you maximise your marketing ROI.

Reach is your visibility and contact with the customers. Most people call this advertising, promotion or marketing. You have to maximise your reach with your marketing/advertising activities.

Response is the positive feedback that you get from your advertising. It is the percentage of those whom you reached decided to take an interest in your product. This rate is very important as it will determine your leads. Some would also immediately buy your products - that is when they are converted.

Conversion from being an interested party to buying party (customer) can happen on the spot, when you are reaching to them for the first time. Some customers take longer, they need to be 'touched' again the second and third time before that make their purchase. This rate is also very important as it determines your sales rate.

Many small businesses make the mistake of focusing too much on the reach, and ignoring the response and conversion rates. In this case, the entrepreneurs will find themselves working very hard to market their product, but coming home with little results to show. It would be very frustrating.

But there are ways to maximise your sales, now that you have the formula. One way is to create an ultimate customer, then create a brand (on a budget). The only way to make big sales with little money is to be creative and resourceful.

Work Smart Everyone

Other suggested reading
1. Start-ups advice
2. Building a business model
3. Entrepreneurs in distress

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If you like the article above, please like us here. :-)

The Author is the principal of ElixirEducate - a training house for Smart Entrepreneur Program Series. If you would like what you read above or want to know more about our training, we would be grateful if you could 'like' us at our page here. If you would like to to find out or learn more about the the article above, you can email the author directly at yazdi@theelixirstore.com or be his facebook friend here.
 
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Smart Marketing: Creating ultimate customer

This is the preview of the presentation slides for the upcoming Smart Entrepreneurs Training: Smart Marketing Modules.

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If you like the article above, please like us here. :-)

The Author is the principal of ElixirEducate - a training house for Smart Entrepreneur Program Series. If you would like what you read above or want to know more about our training, we would be grateful if you could 'like' us at our page here. If you would like to to find out or learn more about the the article above, you can email the author directly at yazdi@theelixirstore.com or be his facebook friend here.
 
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How to be a succesfull at MLM and keep your friends

Multi-level-marketing business is the epitome of relationship-based business. Well, think about it, you have absolutely no control over what you can do with the product. If the customer does not like the taste, you cannot change it. If the customer does not like the formula, you cannot change it. If the producer stopped making your best selling item, you cannot do anything about it. 

Therefore, the sale, the business of multi-level-marketing or direct selling is purely based on relationship. Therefore, it makes every sense that a multi-level-marketing entrepreneur must follow the path meant for building relationship, rather than sales. By focusing on sales from the onset, you are indirectly forcing a relationship. You will not build a relationship and eventually run out of friends; but that is what everyone seemed to be doing (or at least that is how the industry is perceived). 

Multi-level-marketing entrepreneurs can be very successful, can be rich and can be happy. But the business must be carried out in its natural form; that is building relationships. And relationships can only be built the way relationships are built, beginning with trust.

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If you like the article above or would like to learn more, please like us here. :-)

The Author is the principal of ElixirEducate - a training house for Smart Entrepreneur Program Series. If you would like what you read above, we would be grateful if you could 'like' us at our page here. If you would like to to find out or learn more about the the article above, you can email the author directly at yazdi@theelixirstore.com or be his facebook friend here.
 
Lastly, if there is anyone that you know who may benefit from reading this article / post please forward and share this posting by clicking the button "Share" below. Have a great day ahead.

ElixirEducate

Growing your business sucessfully: Understanding the Customer

Hello dear friends,

Whenever I go and discuss about a business with any of my clients, especially new ones, I always ask them this question, "What is the single most important thing that you need if you want to start a business?" Not surprisingly, I would receive answers that would include "Capital","great product", "idea", "employees'. I would tell them that while these are important, the most important of all is the "Customer".

We go into business in order to get other people's money and that is inside the pocket or purse of the customer. The rest of the things mentioned above belonged to us anyway, so it mattered less. The money is with the customer, therefore rightly the focus when we want start or expand our business must be on the customer.

The following are some samples of what you would have to ask yourseff about your customer, your darling customer. How to pry that fingers off the wad of cash grasped tightly in their hands.

Who?

• The first question you need to ask yourself is “Who are the people that you want to serve or help or provide value to” That means asking questions that describes who they are. Which segment do they belong to?
• Do not be tempted to say I can and want to  serve everyone, thinking that you want to expose yourself with all the possible prospects out there. That is a mistake for small businesses; even big businesses do not serve everyone. It is a mistake when you try to serve everyone because you will end up trying to be everything. You will end up being very tired and may get very frustrated too. So, try to narrow down your prospects to a more specific group.
• Are they segmented by gender?
• Who makes the buying decision?

What?

• Next you have to  understand are your prospects’ problems or needs. What are they looking for to be satisfied? No, don’t look back at your product and think what it can solve. Just think and put yourself in the shoes of the prospects that you have just described above and ask yourself these hard questions. Get your employees and prospective customers involved.
• If you already have a business and repeat customers, get feedbacks from these clients that keeps coming back for more.
• There also customers that bought from you and was never heard from again. They are also a very valuable source of information.

How?

• After you know who there are and what do they need, you need to know the hows. And the first how is how do they want to be served. In this day and age, customers have a plan on how to they want to be satisfied.
• You need to find out whether they are willing to drive to a shop / your location to get your products or they prefer to have it delivered?
• How do they prefer to pay?
• How do they prefer to be approached and have the products delivered / consumed? How do you reach them? Email? 
•  

Where?

• You need to know where are your customers located. If you are targeting housewives, they could be found at home, school gatherings and other social activities involving children's. It your target are working women, they can be found in offices (obviously) and also at home in the evening. Next you need to know where Where do they live? Guys? Try the golf course and driving range. Teenagers? it will be at the malls, theme parks and schools.

When?

• Timing is just as important as any of the information we found out about the customers above. Like the saying, you need to be at the right place with the right product and the right time.
• When would they need your product most?
• When are they most cash flush?
• When are they at home surfing the Internet?

The answers to all the questions above would help you to plan more effectively, meeting them at the right time and at the right place with the right product. And chances are, your success rate in getting the customers to notice and buy your product would be very good.

But we are not going to settle for good. We want it to be great and in order for it to be great , you have to know these two additional elements. These two are crucial if you really want your customers to love and adore you and your product.

Who do they trust?

• In order t have a great relationship with your customer, you must build trust. And the more effective mean of building trust in a person is through another person.

What are they emotional about?

• This is a direct button to their heart. You need to find something they are emotional about. It could children (for mothers), anti-smoking, fighting cancer, single parent, entrepreneur struggle or anti-whaling.

The answers above are the akin to the keyhole in their heart. You now would have a good idea how does your prospect look like and what are her trigger points. All you need now is to look at your product and your business and find out if you have the key to their hearts (read ‘pockets’)

Work smart, everyone. 

The Author is the principal of ElixirEducate - a training house for Smart Entrepreneur Program Series. If you would like what you read above, we would be grateful if you could 'like' us at our page here. If you would like to to find out or learn more about the the article above, you can email the author directly at yazdi@theelixirstore.com or be his facebook friend here.

Lastly, if there is anyone that you know who may benefit from reading this article / post please forward and share this posting by clicking the button "Share" below.  Have a great day ahead.

ElixirEducate