Financial Independence: A Definitive Method

Financial Independence: A Definitive Method

By Dr. Simmie A. Adams

Many people become really good at what they do.  As a consequence of obtain expertise in an industry, the person starts a company.  They say, I now work for myself as opposed to someone else.  FANTASTIC!!!!

A point to understand is the person has merely transferred from one type of job to another.  With that point made, starting a company as a service provider, and working for yourself as opposed to someone else is a good start to realizing financial independence.

Read the full article here.

A Higher Order of Organizational Performance

A Higher Order of Organizational Performance (aka A High-Performance Organization)

~ A Desired, To-Be, Future State ~

  • To what extent do workers find their jobs empowering and rewarding?
  • How many people have good rather than bad jobs?
  • To what degree is work pressure increasing and, if it is, then how are workers coping with it?
  • How many people enjoy work-life balance?

In today’s increasingly volatile, uncertain, complex, and ambiguous (VUCA) environment, organizations must adapt, overcome, and improvise with the goal of quickly and efficiently meeting the pressures and demands of a modern environment.  They must rely on the knowledge, skills, abilities, and experiences of a wide range of people to solve multifaceted problems, make good decisions, and deliver effective solutions to successfully achieve their strategic objectives.

These and other questions continue to fuel a worldwide interest in the quality of one’s working life but, more specifically, in developing high-performance organizations (HPOs).

Private-sector workers perceive themselves as having better chances of internal promotion than those in the public sector.  Professionals in the private sector feel much better informed than their public sector counterparts.  Employees in larger firms see themselves as having a better internal labor market but they do not, in any other respect, see themselves as experiencing an HPO as compared to those in smaller firms.  Older workers and those with longer tenure experience greater autonomy at work and the better paid feel both better informed and better rewarded.

The concept of high-performance organizations and applying the concepts to create HPOs are on many people’s mind both at the C?O and workforce levels.  HPOs are the flag-bearer of desired workplaces.  It is the desired, to-be, future-state of all organizations wanting to achieve their organizational vision, mission, and business goals.

What is meant by being an HPO?

A high-performance organization is a responsive organization where people, processes, and technology are fully aligned to produce exceptional results, experience rapid growth, and sustain its competitive advantage as compared to its competitors.

To elaborate, a high-performance organization is comprised of one or more teams consisting of two or more individuals with complementary skills, interests, and beliefs brought together for coordinated activities to achieve a higher goal.  The teams interact cooperatively and adaptively in pursuit of shared and valued objectives.  Additionally, they are committed to a common organizational purpose, work toward shared and meaningful performance goals, and take approaches for which they are mutually accountable.  The organization’s members have clearly defined and differentiated roles and responsibilities, hold task-relevant knowledge, and are interdependent

How would moving your business or your client’s business from where you/they are to a desired, to-be future state as defined as a higher order of organizational performance be beneficial?

How does one develop this higher order of organizational performance?

It begins with:

  • Realizing a higher order of organizational performance for you or them exists
  • Believing a higher order of organizational performance is achievable even if you do not know how to achieve it yet
  • Knowing there are professionals who can aid in the journey to a higher order of organizational performance
  • Calling an Industrial / Organizational psychology

Industrial / Organizational (I/O) psychology professionals improve the future of organizations.  We determine solutions to solve problems, promote stress free work environments, develop strong and productive teams, help organizations save money, increase stakeholder value, and aid an organization to run more effectively and efficiently.  I/O psychologist are a necessary tool in organizations wanting to move toward and achieve a higher order of organizational performance.

To conclude, the concept of organizations needing to always think about ways to add value to their services

and products is valid if they are to continue to lead their industry and survive.  Organizational leaders and its

workforce, being too close to the situation, are blind to seeing how to improve upon the return of their investment as well as, and possibly more importantly, how to enable the organization to grow to the next level.  An organization can use I/O psychology to increase efficiency and effectiveness and, subsequently, will increase the success of an organization.  I/O psychology can benefit an organization in many ways and its many benefits should not be overlooked.

Kick Start Your Marketing

Today I’d like to teach you about the three most important start up marketing tools you need to get and keep new customers.

  1. In person: It’s essential you meet with customers/clients in person whenever possible. This shows you respect them and take the time to work with your clients to give personal attention to each of them.
  2. Follow up letter: Always take a moment to send a follow up letter about what you talked about, new agreements or partnerships made and to thank them for taking the time to meet with you. Likewise, you should always send thank you letters or small gifts to partners you find success with.
  3. Phone call: Use a telephone call to follow up with them to talk again about the matters you talked about in your meeting and offer any assistance you can to help their business run smoothly and more successfully.

None of these will work if you don’t have a quality product/service to back you up!

Here are the key steps for putting together your start-up marketing tools:

  1. Research potential customers, buyers, competitors and their preferred methods of distribution.
  2. Talk to potential customers. Take a hard look at your product from a customer’s perspective and see what it needs to be successful.
  3. Follow up with your 3-step process from above.
  4. Develop systems for contact follow through, quality control standards and customer service.
  5. Develop post-sale follow up system to keep lines of communication open is customers and build on your current relationship which increases future purchases.

“Marketing and innovation produce results; all the rest are costs” Peter Drucker, management consultant

Here’s another one I love from an icon:

“If there is any one secret of success, it lies in the ability to get the other person’s point of view and see things from that person’s angle as well as from your own.” Henry Ford, Founder of Ford Motor Company

This lesson has offered you the tools to put together a start-up marketing plan that can be used over and over again to help your customer base and business grow in a manageable way. The tools offered in our FREE test drive offer these very same things.

Stop Wasting Your Resources!

Today you’re going to learn how to find a target market of potential customers so you aren’t wasting precious resources on blitz marketing. So, the two questions you have to ask yourself are:

  • What do people really want to buy from me?
  • What related products are they already buying?

Once you figure this out you will know who is more predisposed to purchase your products/services. Then, you find other businesses with the same customer base who you can customer share with. Come up with an incentive and great arrangement to encourage both of your customer bases to shop at both of your stores.

The basic concept is this:

You want to find existing businesses who have the customer profile that you are looking for to market your products/services to.

Then strike up a relationship with those business owners to work out an incentive for customers to purchase from both businesses.

As a result, you have an audience to market to and they generate an added value from their current base.

So, how do you figure this out? There is a great formula from Jay Abraham you can follow with great success.

LV = (P x F) x N – MC

Here’s what it all means:

  • LV is the life time value of a customer
  • P is the average profit margin from each sale
  • F is the number of times a customer buys each year
  • N is the number of years customers stay with you
  • MC is the marketing cost per customer (total costs/number of customers)

Once you know how much you need to spend to attract a new customer, you will know how much of an incentive you can offer to a business to help attract new customers.

So, here’s your step-by-step process:

  1. Find companies who already have the customer base you are looking for.
  2. Negotiate an incentive for them to share that customer base with you.
  3. Focus your marketing resources to this group of predisposed customers.

If you need help working through this process, check out our FREE test drive for the most comprehensive system of marketing tools and resources.

Educate Your Customers

Educate them about what, you may be thinking. Well, consider this, many businesses focus solely on attracting new customers, but you NEED to spend a good chunk of your time retaining current and former customers. These are people you already know to be a good sales potential…they’ve already bought from you!

Take the time to market and sell new products to your old customers and less time trying to sell old products to new customers and you will see a drastic change in your sales, customer quality and branding position.

Here are a couple of key elements to use to retain your current customers:

  1. Stay in contact: This means by phone, email, e-newsletter, in person-by pigeon if you have too!
  2. Post-Purchase Assurance: This means you need to follow up with customers. Your customers need to feel like they are being supported for their purchase and with the item they purchased. How many times have you purchased a product, then felt completely abandoned? Something as simple as a Thank You note with your contact or customer service information can go along way in retaining a great customer.
  3. Deals & Guarantees: Always offer your current customers the best deals and guarantees you have. Show them you appreciate their business or even come up with a club specifically to reward loyal customers. You can also do this with a preferred pricing option.
  4. Integrity: Using good business practices and simply upholding integrity, dignity and honesty go along way with customers. Let’s face it, there’s a lot of swindling and crap out there and the safer and more confident you make your customers feel, the more they will trust you and that makes for an amazingly supportive and loyal customer.

There are three cornerstone ideas to a successful business:

  • Quality product/service
  • Offering useful products/services that solve a problem for or enhance the life of a customer
  • Offer subjects your customers find interesting

Use this approach of educating your customers and offering them real information and insight and you will be rewarded with loyalty and success.

Stop wasting all your time on new prospects while your current customers fall by the wayside!

As Jay Abraham says, “Your best prospects are your existing customers. If you’ve been putting all your marketing efforts into acquiring new customers, stop and diverts some of your resources into reselling, upselling, cross-selling to those same customers. In every ways possible – through package inserts, regular mailings, special offers – stay in touch with those customers and get them used to buying from you.”

So, there it is! Remember, our FREE test drive can help you put together the resources and tools to do exactly that. We can help you educate your customers and you can watch the benefits pay offer many-fold.

Lessons I Learned from The Kardashians

Today we’ll talk about shameless self-promotion. That’s right, I said it! Shameless! After all, we are learning from The Kardashians here.

It’s all about self-promotion! Self-promotion comes in many forms and you can use different tactics to get your name out there. Look at politicians! Talk about self-promotion and in some not so discreet ways, at that. But, seriously, consider some of the major superstars we all know. Madonna, Donald Trump, Howard Stern and Bill Clinton, just to name a few.

We all self promote. Did you raise your hand in class to show the teacher you knew the answer? Of course! That’s self-promotion. This is the kind of self-promotion we are talking about. With dignity, class and the knowledge to back it up. If you self-promote only to prove you don’t really know what you’re talking about, you’re going to lose business.

Natural self-promoters are the former and I want to tell you about the three major traits they have and use to build themselves and their businesses.

  1. The first is position. You need to position yourself around people who can make a difference in your life. You need to do this frequently. You need to wake up every morning and ask yourself “Who can I meet today who will make a difference in my success?” In fact, go a step further, write it in big, bold letters and tape it on your bathroom mirror.

Also consider:

Who can help me meet my goals?

Is it a prospective customer/client? A colleague with contacts? An association with key members who may become prospects?

Don’t settle into interacting with the people who are the easiest to access. You need to reach outside your comfort zone and there you will find a wealth of new connections that will bring you great success.

  1. Now, let’s talk about Style. No, this doesn’t mean you need an Armani suit to bring in more business (though, let’s be honest-it wouldn’t hurt) J What this really means is how are you different from your competitors and others in your industry. What makes you memorable with customers?

If you are meeting a lot of people and they don’t remember you once you leave the room, you have a serious problem! This means you have an opportunity to present yourself in a more memorable way.

There are lots of little subtle changes you can make. Reassess your:

  • Business cards
  • Company message
  • Your picture
  • Your wording

Maybe even, your hairstyle (of course, now we’re back to the expensive suit, but it really works!)

You get the idea. There are lots of little ways you can work on making your image and business more successful. Also, consider how you sound on the phone and how you greet people at meetings or other events. Think about your 30-sec elevator speech.

  1. The third trait of natural promoters is repetition. You can’t say it once and leave it at that. Successful self-promoters say it as many times as they need until they get a response. Would you remember a commercial for Coca-Cola if you only saw it once, no! You see it over and over and eventually you head out to the store.

You, also, have to make multiple impressions on those you are networking with in order to build brand awareness. Repetition is in direct connection with positioning. Once you find people to network with, reach out and find hundreds more who can help in your success as well.

Work your life’s work!

Many people are living unfulfilling lives. People get up in the mornings, go to work, and do work, which they do not want to do, all day long. At the end of the workday, they go home tired. When the next morning arrives, they repeat the daily routine. For most people, the challenge is they are unhappy with what they do and the life they are living.

You must begin to come up with activities you can do that would put you on some firm footing in life. So many people go through life never realizing the powers existing inside of them. What untapped powers do you have inside of you? What activities would enable you, to use the powers you have, to work toward achieving some goal aligned to your passion?

What is it in your life that gives it meaning and purpose? What is your life’s passion? Once you discover your life’s passion, you become powerful and living your life purposefully.