17 STEPS TOUNLOCK HIDDEN
BUSINESS PROFITS
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Table of Contents
INTRODUCTION 3
FEEDTHEMACHINE 4
BUILDTHEMACHINE 6
NETWORKINGISESSENTIAL 8
AUTOMATELEADGENERATION 10
AUTOMATEMARKETINGANDFOLLOWUP 1�
AUTOMATEFULFILLMENT 13
CUSTOMERFOCUS 15
HOWTOTHINKBUSINESS 17
PERSONALEMPOWERMENT 18
FINDAUNIQUEWAYTOSERVEASMANYPEOPLEASYOUCAN 19
HAVEVISIONANDBELIEF �0
WATCHYOURBACK,BUTCONCENTRATEONYOURFRONT �1
ALWAYSHAVEAPLAN ��
FINANCIALRATIOSTHERICHUSE �3
EVERYBODYISASALESPERSON �5
NEVERSTOPLEARNING �6
DELEGATEFORSUCCESS �7
CONCLUSION �8
3w w w . r i c h m a s t e r y b u s i n e s s . c o m
Introduction
Doyouworklong,hardhoursatyourbusinessandfeellikeyourprofitsdonot
reflectyourlevelofworkorcommitment?Areyourprofitslowerthantheprofits
reportedbyothersinyourfield?Doyouwitnessthesuccessofothersinthe
samebusinessandwonderwhattheyknowthatyoudonot?
Everysuccessfulbusinesspersonhasatleastoneortwosecretsthatseparate
themfromtheothersintheirfield.Someofthesesecretsareindustry-specific,
butothersecretsareuniversal,regardlessofyourfield.Thesetipsaresomeof
thebest-keptbusinesssecretsthatyourcompetitorsdonotwantyoutoknow.
Ifyouhaddaysthatyoucoulddevotetoreadingastackofbusinessbooks,you
couldfindthesesecretsonyourown.However,whohasthetime,patience,or
inclinationtodoallofthatreadingwhilestillrunningasuccessfulbusiness?It
issimplynotrealistictobelieveyoucancompleteallofthatreadingwhilestill
payingadequateattentiontoyourbusiness.
Atrueleaderinanybusinessneedstobeinformed.Thiscanbeatremendous
challengeifyoudonotfindawaytoeffectivelymanageyourtimeanddelegate
taskseffectively.Onceyoufindasystemthatworksforyou,useittoyour
advantage.
Keepreadingthisreportifyouwanttobealeaderinyourfield.Thisreport
containsseventeensecretsthatwillhelpyouunlockyourhiddenbusiness
profits.Afterreadingthisreport,youwillfindthatyourprofitsandconfidence
asabusinesspersonaresignificantlyincreased.Theseare,infact,yourkeysto
ultimatesuccess!
4w w w . r i c h m a s t e r y b u s i n e s s . c o m
Feed the Machine
Thinkofyourbusinessasamachinethatneedstoberegularlyfedinformationin
ordertoproduce.Justasthemachineneedstobefed,sodoesyourbusiness.
However,yourbusinessneedstobefedonlyoneessentialcomponent—
customers.
Everybusinesspersonwilltellyouthatinordertosucceed,theyneedtobring
incustomers.Afterall,customersaretheonlypeoplewhowillpurchaseyour
goodsorservices.However,convertingsuspectsintoprospectscanbedifficult.
Asuspectisatermusedtodescribepeoplethatmaybeinterestedinyour
goodsorservicesifyoupresentyourproducttothem.Thesepeopleareyour
untappedmarketandhavethepotentialtobeyourgreatestandmostprofitable
clients.Thechallengeisthatyoufirsthavetofindthesesuspects,bringthemin
toseewhatyourbusinesshastooffer,andconvertthemintoaprospect.
Thefirstthingyouneedtodoisdeterminewhattypeofpersonwouldbe
interestedinyourbusiness.Considerwhatyouaresellingandhowthesuspect
wouldbenefitbyusingyourproductorservice.Youwillalsoneedtotakeinto
considerationanynegativeaspectsoftheproduct,aswell,inordertodetermine
whoyourbestsuspectswillbe.
Take,forexample,acompanythatprovidessoftwaresolutionsforbusinesses.
Alistofsuspectswouldincludebusinessownersorthepeoplewhomake
technicaldecisionsforacompany.However,thesoftwarebeingsoldisnot
compatiblewithMaccomputers.Thisneedstobetakenintoconsiderationwhen
determiningyourlistofpotentialsuspects.Otherwise,youwilljustwasteyour
timeandthetimeofthesuspectsthatyouapproach.Thiswilldamageyour
reputationandwillcauseyoutolosetheirbusinessinthefuture.
Onceyouhavegeneratedyourlistofsuspects,youwillthenhavetoworkin
ordertoturnthemintoprospects.Asimpleandinexpensivewaytocontactthese
suspectsisthroughamailing.Thiscaneitherbedonethroughe-mailorthrough
directmailings.Thiswillalertsuspectstoyourbusinessandletthemknowthat
youwillbecontactingthemsoon.Itwillalsoallowthemtodoalittleresearch
aboutyourbusiness.Theymayevensurpriseyoubycontactingyoubeforeyou
havethechancetofollowthroughonyourown!
5w w w . r i c h m a s t e r y b u s i n e s s . c o m
Afteryouhavefinishedthemassmailing,youwillneedtofollowthroughwith
theseprospects.Thiscaneitherbeintheformofphonecallsoranothermailing.
Thismailing,however,shouldbemorespecifictoeachbusiness.Thiswillshow
thesuspectthatyouareseriousaboutattractingtheirbusiness.
Turningsuspectsintopotentialcustomerswilltakeyourbusinesstothenext
level.Onceyoustartfeedingyourmachine,youwillfindthatitbecomeseasier
andeasiertofindnewsuspectsandturnthemintopotentialclients.
6w w w . r i c h m a s t e r y b u s i n e s s . c o m
Build the Machine
Atfirst,yourlistofpotentialclientsisfairlylimited.Inorderforyourbusinessto
grow,youwillneedtoexpandthelistofleadsfromwhichyouwork.Thereare
manywaystodothis.
Onewaytodothisistoofferareferraldiscounttocustomerswhoreferother
customerstoyou.Thiscanbeintheformofadiscountcoupononfuture
purchasesor,ifyourserviceisacontinuingservice,apredetermineddollar
amountsubtractedfromtheirmonthlybill.Thiswillprovideyourexistingclients
withanadditionalincentivetoreferbusinesstoyou.
Forexample,aclientwhoisarestaurantownercouldreferitsproducedistributor
inordertoreceiveadiscount.Usingthissystem,threebusinessesbenefit:your
business,therestaurant,andtheproducedistributioncompany.
Anotherwayyoucangrowyourlistofpotentialclientsistoadvertise.Thisdoes
nothavetobeanexpensiveprospect.Infact,youcandothisverysimplyand
withverylittleeffort.Youjustneedtoknowthecharacteristicscommontoyour
suspects.Fromthosecharacteristics,youcanthendeterminehowyouwilltarget
yourmarketingplan.
Forinstance,ifyourunaholisticmassagebusiness,itislikelythatyour
clientswouldalsobeinterestedinhealthyororganiceating.Youmaywantto
approachownersofhealthfoodstoresandvegetarianrestaurants.Youcan
establishareciprocalagreement.Ifyouleaveflyersandbusinesscardsattheir
establishments,theywillalsodisplayyourmaterials.
Youcouldalsooffertheowneroftherestaurantandhealthfoodstorean
additionalincentive.Foreverytwentycustomerswhocomeinwithaflyerfrom
theirestablishment,youcouldofferthebusinessownerafreethirty-minute
massage.Thisisawaytothankthebusinessownerfortheadditionalbusiness
theyhavebroughttoyou.Afreeserviceisnotusuallythatexpensiveortime-
consuming,anditisagreatwaytobuildarelationshipwithotherbusinessesin
yourareathatarerelatedtoyourbusiness.
Youcouldalsoadvertiseinlocalmagazinesthataredirectedatyoursuspects.A
smalladinonelocalmagazineisoftennotveryexpensive.Asimpleadmayonly
be$�00,whichmaybecheaperthanprintingflyersinthelongrun.Youwill
7w w w . r i c h m a s t e r y b u s i n e s s . c o m
alsosavesometimethatcouldbeusedtocompleteothertasksinsteadof
postingflyersaroundtown.
Theselocalmagazineswillalsohelpyoudeterminehowtobettertargetand
identifythesuspectsinyourlocalmarket.Youmayreadthemagazineand
discoverthattherewillbeafreemeetingofsuspectsinyourneighborhood.You
canattendthemeetingandmakeconnectionsthere.Theseconnectionsmay
becomesuspectsthemselves,ortheymaybeabletointroduceyoutopotential
suspectsinyourarea.
Allofthesemethodsdoworkifyouarediligentandfollowthroughwitheach
andeverypossibility.Thesearetriedandtruemethodsthatarestilleffective
intoday’smarket.Theycan,infact,beveryprofitableforbothyouandthe
businessesyouinvolvebycreatingawin-winsituationforall.
8w w w . r i c h m a s t e r y b u s i n e s s . c o m
Networking is Essential
Thebusinesscommunityisextremelywidespreadandversatile.Everyperson
youmeetduringyournormal,day-to-dayactivitiesisapotentialmemberof
yournetwork.Yournetwork,ofcourse,isthegroupofpeopleyouutilizetogain
theknowledge,insightandalliancesyouneedtogrowyourbusiness.Itisan
extremelyimportantpartofmakingyourcompanyassuccessfulaspossible.
Networkingwillbecomesecondnatureonceyougetthehangofit,butifyou
areintrovertedyoumayfinditdifficulttogetstarted.Tobeabsolutelyfrank,
peoplewhostarttheirownbusinessescan’tbeshy.Youhavetobeableto
strikeupconversationswithpeople,sometimeswhoarecompletestrangers,
everywhereyougo.Youmaynotfeelliketalkingtotheguynexttoyouonthe
flighthome—youmaywantnothingmorethantogotosleep—butifyoudon’t
talktohim,youmaybemissingoutonanimportantbusinessconnection.Say
you’reintheprocessofopeningasalonandyouhavebeendiligentlysearching
forahaircaresupplierthatwillmeetyourcustomers’needs.Youhaveyetto
findjusttherightmatchforyourbusiness.Theguysittingnexttoyoumaynot
haveanyconnectiontohaircareatall.Buthemightbetheownerofasupply
companywhohasjustthekindofproductsyou’relookingfor.You’llneverknow
ifyoudon’task.
Thebestwaytostartanetworkingconversationistoaskotherpeoplewhatthey
doforaliving.Youmaybesurprisedhowoftenthisonesimplequestionleadsto
majornetworkingopportunitiesthatbenefityourbusinesstremendously.
Oneofthemostimportantcomponentsofnetworkingisyourabilityand
willingnesstolisten.Noonewantstoshareinformationwithsomeonewhois
onlyhalfheartedlyhearingwhattheyhavetosay.Showgenuineinterestinwho
theyareandwhattheydoanddonotspeakoverthem,Ifyoutrulylistentothem,
theywillbemorewillingtoengageinanindepthconversationthatcanleadto
anotherpersonbeingaddedtoyournetworkinggroup.
Anotherimportantthingtorememberaboutnetworkingisthatyoushouldshare
yourskills,talentsandbusinessventureswithothersinawaythatdoesnot
soundlikeyou’rebraggingorsellingsomething.Simplymentioningwhatyou
doinpassing,asitrelatestothecircumstancesorconversation,isthebest
waytogoaboutthis.Don’tmaketheconversationallaboutyouandwhatyou
need.Makethediscussionascasualandreciprocalaspossible.Also,always
havebusinesscardsonhandtogivetopeopleyoumeet.Youmighthavenot
eventalkedaboutbusinessorwhatyoudoforaliving,butifyouhititoffwitha
person,givingthemyourbusinesscardandsaying,“Givemeacallsometime,”
israrelyinappropriate.
9w w w . r i c h m a s t e r y b u s i n e s s . c o m
inpassing,asitrelatestothecircumstancesorconversation,isthebestway
togoaboutthis.Don’tmaketheconversationallaboutyouandwhatyou
need.Makethediscussionascasualandreciprocalaspossible.Also,always
havebusinesscardsonhandtogivetopeopleyoumeet.Youmighthavenot
eventalkedaboutbusinessorwhatyoudoforaliving,butifyouhititoffwitha
person,givingthemyourbusinesscardandsaying,“Givemeacallsometime,”
israrelyinappropriate.
Anotherresourcetotapwhenbuildingyournetworkinggroupisformer
acquaintances,friends,co-workersandotherswhoyoumayhavelosttouchwith
overtheyears.YourgoodfriendJoefromhighschoolmightjustbetheowner
ofacompanythatyoucanalignwithtohelpyourbusinessgrow.Seekingout
peoplefromyourpastmayyieldanewcropofbusinessalliancesthatwould
haveotherwiseremainedstagnant.
Youshouldalsoseriouslyconsiderjoininganetworkingassociationinyour
area.Theseorganizationscanfocusononeindustry,orcanbeforthebusiness
communityasawhole.Theseassociationstypicallyholdmonthlymeetings
whereinmembersofthebusinesscommunitycometogethertosocialize,gather
newinformationandmeetotherprofessionalswhotheycanpartnerwithto
mutuallybenefiteachother’sbusiness.Whilemanyoftheseassociationscarrya
feetobeamember,theycanbeinvaluabletothegrowthofyourbusiness.
10w w w . r i c h m a s t e r y b u s i n e s s . c o m
Automate Lead Generation
Technologycanbeawonderfulthing,anditmakesbusinessmucheasierthanit
hasbeeninthepast.However,manypeopleareintimidatedbycomputersand
softwarebecausetheyfearthattheycannotunderstandthem.Nothingcouldbe
furtherfromthanthetruth.Computersandsoftwareprogramstodayareuser
friendlyandwillmakeyourbusinessrunmoreefficiently.
Inordertocompeteintoday’smarket,yourbusinesswillneedtohaveawebsite.
Peoplehavelaptopsandquickaccesstocomputers.Thismeansthattheywant
tofindquickanswerstotheirquestionsassoonasthosequestionspopintotheir
heads.Asimplewebsitecanprovidethoseanswersbest.Thisrequireslittleto
noworkonyourendonceyoursiteisupandrunning.Youmayevenwanttohire
someonetoconstructyourwebsiteinordertobestmanageyourtime.Asimple
sitewillnotbeveryexpensive.
Ofcourse,youwillwanttofindawaytoconnectwithalloftheleadswhovisit
yoursiteinordertoprovidesomefollowthrough.Oneofthebestwaystouse
technologytogrowyourbusinessistoinvestinaqualityleadgeneration
program.
Anautomatedleadgenerationprogramwillsendamessageviae-mailtoallthe
visitorstoyoursite.Thiswillhelpremindthemofyoursiteandalsoservesasa
listforyou.Whenyouhaveaspecialpromotionorjustwanttosendamessage
topotentialcustomers,youcanusethissoftwaretocontactalloftheminjusta
matterofminutes.Thiswillsaveyoubothtimeandmoneythatyoucanuseto
growyourbusinessinotherways.
AsimpleInternetsearchwillshowyouthattherearehundredsofservicesand
softwareprogramsavailablethatcanhelpyouautomateyourleads.Thisseems
overwhelming,butfindingaserviceorprogramforyourwebsitedoesnotneed
tobedifficult.
Youcanfindagreatprogrambyaskingthecontactsyouhavemadewithinthe
businesscommunity.Youwillfindthatyourcontactswantyoutosucceed,and
iftheycannotansweryourquestions,theymaybeabletosteeryoutosomeone
whocan.
11w w w . r i c h m a s t e r y b u s i n e s s . c o m
Ifyoudonothavecontactsthatcanhelpyou,youmayfindtheinformation
youneedonamessageboardgearedtowardsyourspecificindustry.These
messageboardscanprovideagreatwealthofinformation,notjustinformation
onleadgenerationsoftware.Ifthereisnotanoverwhelmingconsensus,theycan
helpyounarrowdownthelisttoafewprogramsorservicesyoucanresearch.
Aleadgenerationprogramcansaveyouvaluabletime.Itisaverysimpleway
togrowyourlistofleadsthatcansignificantlyincreaseyourpotentialprofitsif
utilizedcorrectly.Thissecretisoneofthemostprofitableandeasiesttomakea
partofyourdailybusiness.
1�w w w . r i c h m a s t e r y b u s i n e s s . c o m
Automate Marketing and Follow Up
Smallbusinessesoftenfacemarketingchallenges.Marketingoptionsare
oftenlimitedduetothesizeofthecommunitywherethebusinessresides,the
resourcesavailableinthecommunityandthecostsassociatedwithmarketing.
Aseludedtoearlier,youcanuseyourleadgenerationprogramtomarketto
clients.Thisisaverysimpleandcosteffectivewaytoreachalargenumberof
clientsinaveryshortperiodoftime.Itisawaytomaximizeyourmarketingdollar
withoutbreakingthebank.
Somepeoplethinkthatthislimitsthemarketingtothepeoplewhohavevisited
yourwebsite.This,however,isnottrue.Agoodleadgenerationprogramwill
allowyoutoaddthee-mailaddressesofanyclient.Becauseofthis,itisagood
ideatogetane-mailaddressforeveryclient,regardlessofhowthisclientcame
toyourbusiness.
Onceyouhaveyourclients,prospects,andsuspectsenteredintoyour
database,allyouwillhavetodoisentertheinformationaboutyourpromotion,
newproducts,orservices,andhitthesendbutton.Yourmessagewillreachyour
customersinamatterofminutes,andyourcustomerswillseeitassoonasthey
opentheirmail.
Youcanalsosetupyourprogramtosendfollow-upmessagestoyourclients.
Thiscantaketheplaceofphonecalls,freeingyouoryouremployeesuptodo
otherwork.Messagescanrangefromasimpleservicereminderorareminder
oftheproductsorservicesyourbusinesscanprovide.Thiskeepsyourbusiness
freshinthecustomer’smindandworkstohelpdriveupyourprofits.
Thissecretisoneyourcompetitorsdonotwantyoutoknow.Onceyouknow
howtousethissecrettoyouradvantage,youwillfindthatyourprofitsare
increasingdramatically.Thisisbecauseyouarereachingallofyourclients,
prospects,andsuspectsinthemosteffectivemanner.Thissecretwillnotonly
saveyoumoney,butwillhelpyoumakelotsofmoney.
13w w w . r i c h m a s t e r y b u s i n e s s . c o m
Automate Fulfillment
Anotherprocessthatyoucanautomateiscustomerfulfillment.Thismeans
thatyoucanmakecustomershappyjustbyprovidingformsandsimple
communicationsregardinganyonlineordersimmediatelytothecustomers.One
companythatusesautomatedfulfillmentwellisAmazon.com.
ThinkaboutwhathappenswhenyouorderabookfromAmazon.com.Once
youplaceyourorder,youcanautomaticallyprintacopyofyourordertokeep
foryourrecords.Youwillalsoreceiveane-mailthatconfirmsyourorderand
providesyouwithanothercopyyoucanprintforyourrecords.Thisallowsyou
checktomakesureyourorderiscorrectandhelpsyoutorestassuredthatyour
orderiscorrect.
Thenexte-mailyouwillreceivewilltellyouwhenyourorderwillship,orifitisnot
readyforimmediateshipment.Thisisdonesothatcustomerswillknowwhento
expecttheirshipmentanddonotbecomediscouragedbecausetheyarewaiting.
Whencustomershaveaclearideaaboutwhattoexpect,theytendtobehappier
aboutthecustomerservicetheyarereceiving.
Amazon.comwillthensendafinale-mailtellingyouwhenyourpackagehas
lefttheirwarehouse.Thise-mailwillalsocontainanestimatedarrivaldateand
atrackingnumber.Thistrackingnumberisavaluabletoolthathelpsensure
customersatisfaction.Whileitisaverysimplepieceofinformationtoinclude,
itmakescustomersfeelateaseabouttheirpurchase.Customerscanfind
exactlywheretheirpackageisandknowthewhentoexpecttheirpackage.
Someservicesevengiveatimeestimate,allowingcustomerstohaveeven
moreaccurateestimationofarrival.Again,themoreinformationacustomer
has,thehappiertheywillbewiththeirpurchase.Thisensuresthattheywillbe
arepeatcustomer.
Anotherwayautomatedfulfillmentcanbenefityourbusinessisbyproviding
customerswiththeformstheyneedinordertoconductbusiness.Customerswill
nolongerneedtocallyouandwaituntilyousendthenthecorrectforminthe
mail.Thisprocesscantakealongtimeandcanfrustratecustomers.
14w w w . r i c h m a s t e r y b u s i n e s s . c o m
Byprovidingsimpleformsonyourwebsiteorviae-mail,youcanofferclients
aservicetheyneedinaverytimelyfashion.Peopleappreciateimmediateand
quickservice,especiallyinbusiness.Ifyourcustomerscanexpectthistypeof
servicefromyouonaregularbasis,theywillbereturningcustomers.Theymay
evenrefertheirfriendsandassociatestoyourbusiness.
Peoplearebecomingmoreandmoreaccustomedtoreceivingautomated
fulfillmentinoursociety.Inordertocompeteinanyindustry,youwillneedto
beabletokeepupwiththechangingdemandsandexpectationsofcustomers.
Automatedcustomerfulfillmentisjustonewayyoucanprovidecustomerswith
thelevelofservicetheyareexpecting.
15w w w . r i c h m a s t e r y b u s i n e s s . c o m
Customer Focus
Manybusinessesmakethemistakeoffocusingonlyontheirproductandlosing
theircustomerfocus.Rememberthatcustomersshouldbeoneofyourtop
prioritiesbecausetheirsatisfactionultimatelydeterminesthesuccessorfailureof
yourbusiness.
Becauseyouhavealreadydeterminedthecharacteristicsofyourclients,you
willhaveafairlygoodideaofwhatyourcustomersenjoy.Ifyourbusinessis
onewithsteadyfoottraffic,takeahintfromthebanks.Manybanksnowoffer
complimentarycoffeeservicetotheircustomers.Almosteveryonedrinkscoffee,
andtheexpenseisminimalwhencomparedtothebusinessitwillbringinand
thegoodwillcustomerswillfeeltowardsyourbusiness.
Anotherexcellentpracticeistocallyourcustomersoneweekaftertheyhave
purchasedyourgoodsorservices.Thiscallcanbeshortandsweet.Ifcustomers
arehappy,thecallshouldbebriefandshoulddemonstratethatyouare
interestedintheirsatisfaction.Thiswillgoalongwayinthebusinesscommunity.
Ifthecustomerisnot100%satisfied,youwillwanttoknowwithinthefirstweek.
Thiscallwillbemorecomplicated,especiallyifthecustomerisangry.Ifthis
isthecase,youwillwanttodiffusethesituationimmediately.Yourbusiness
shouldhaveapolicyinplaceregardingcustomersatisfaction.Yourpolicyshould
includealternativesandservicestooffertotheclientinordertomakethem
happywithboththeirpurchaseandtheservicetheyreceived.
Justbecauseacustomerisnotimmediately100%satisfied,thatdoesnotmean
theywillnotberepeatcustomers.Infact,someofyourmostloyalcustomers
maybecustomerswhowerenotatfirstcompletelyhappywiththeirpurchase.
Customersrecognizetheimportanceofcompleteandexcellentcustomerservice
andwillbeloyaltothosecompaniesthatprovidethistothem.
Anotherwaytoprovideexcellentservicetocustomersistorewardtheirloyalty.
Manysandwichandcoffeeshopsusethistipsuccessfully.Aquicklookinyour
walletmayshowthatyouhaveseveralpunchcardsforcoffee,sandwiches,or
otherretailstores.Thesemayevenbeplasticcardsyouswipe,dependingon
theestablishment.
16w w w . r i c h m a s t e r y b u s i n e s s . c o m
Peoplearemorelikelytoreturniftheyfeelthattheirloyaltyisbeingrewarded.
Theymayevenpasstwoormoresimilarestablishmentsinordertogotothe
businesswheretheyaregoingtogettheircardspunchedortheirrewardpoints.
Thisisaverypowerfulandoftenunderestimatedtoolsuccessfulbusinessesuse
allofthetimeinordertobuildtheirclientele.
Becauseyouknowyourcustomers,itshouldbeveryeasytoturnyour
customersintoravingfans.Thesefanswillhelptakeyourbusinesstothenext
levelthroughword-of-mouthendorsementandtheirloyalty.Onceyouhave
ravingfans,therewillbenostoppingyourbusiness.
17w w w . r i c h m a s t e r y b u s i n e s s . c o m
How to Think Business
Mostpeoplewhostarttheirownbusinessesdonotgivethemselvesenough
credit.Thisisafatalmistake.MichaelGerber,aleadingbusinessadvisorand
author,writesabouttheE-Myth.Thismythissopowerfulthatitcanquicklyruin
eventhebestbusiness.
TheE-Mythstatesthatonlyentrepreneursstartandmanagesuccessful
businesses.However,theentrepreneurswhorisklargesumsofventurecapital
arefewandfarbetween.Mostbusinessesarestartedbypeoplewhopreviously
workedforotherpeopleuntiltheyonedayrealizedthattheywantedtowork
forthemselves.Inotherwords,thelargemajorityofbusinessesarestartedby
everydaypeoplewhobelieveintheirabilitiesandwanttomakeachange.
Themistakecomesintheirbeliefthattheonlythingtheyneedtobringtotheir
businessistheirtechnicalskill.Thisisamajoroversight.Theownerofasmall
businessmustwearmanyhats.Thismeansthattheymustlearnhowtothink
businessinordertosucceed.
Operatingyourownbusinessisverydifferentfromworkingforsomeoneelse.
Nowthatyouhaveyourownbusiness,youmustlooktothepast,present,and
futureofthebusiness.Mostpeoplewhoworkforsomeoneelse’scompany
onlyworryaboutthepresentdealingsofthebusinessandhowtheyaffectthem
personally.Theydonottakeintoaccountthepastdealingsofthecompanyand
thefuturedirectionofthecompany.
Thinkingbusinessmeansthatyouthinkaboutthepast,present,andfutureof
boththecompanyandanyemployeesyouhavehired.Youmustmakeinformed
decisionsthatarenotbasedonfear,regret,oruncertainty.Inordertodothis,
youmustknowallaspectsofthebusiness.
Thisdoesnotmeanthatyoumustmicro-manageeverypartofthebusiness.In
fact,itisinyourbestinteresttodelegatethetasksthatarenotyourstrengthsin
ordertomaximizeyourtime.Thiswillhelpyouremainhappywithinthebusiness
andensurethateverythingisrunningsmoothly.
Thinkingbusinessmeansthatyouareconstantlythinkingofthebestinterestof
yourbusiness.Althoughtoughdecisionswillneedtobemade,thinkingbusiness
willallowyoutomakedecisionsbasedonfacts,notfear.Thisisapowerful
practicethatwillhelpyourbusinessmoveforwardandcompetefiercelywith
thecompetition.
18w w w . r i c h m a s t e r y b u s i n e s s . c o m
Personal Empowerment
Everypersonwhostartstheirownbusinesshasdoubtsandanxieties.Thisis
normal,andisevenpartoftheprocess.Asabusinessowner,itisinyourbest
interestandthebestinterestofyourbusinesstoempoweryourselfasabusiness
owner.Thisdoesnothavetobecostlyortime-consuming.
Therearemanyconferencesthatclaimtohelpdeveloppersonalempowerment.
Theseconferencesareoftenveryexpensive,andtobehonest,donotprovide
youwiththeinformationyouwillneed.Themajorityoftheseconferencesare
designedtosellbooks,products,andservicesofferedbythepeoplespeakingat
theconferences.Asaresult,theseconferencescanbeahugewasteoftimeand
money.
Oneofthebestwaystoempoweryourselfistofindamentor.Amentoris
someonewhohasexperienceinyourfieldthatcanhelpguideyouinyour
business.Ofcourse,acompetitorwouldnotmakeasuitablementorbecause
theirbestinterestsareindirectcompetitionwithyourbestinterests.Ideally,your
mentorwouldbesomeonewhoisrecentlyretiredfromyourbusinessorisina
relatedfield.
Findingamentoriseasy.Allyouneedtodoisthinkaboutthepeoplethatyou
workwithorknowwithintheindustrywhoseadviceyourespect.Youwillfindthat
mostpeoplewanttoseeyousucceedandarewillingtohelpyou.Theiradvice
andexpertisewillhelpyouadvanceyourbusiness.Theywillalsobeableto
reassureyouthatthedecisionsyouaremakingaresound.
Youwillsoonfindthatyourmentorwillcometoyouforadvice.Thisisagreat
confidenceboostandisveryempowering.Itservesasreinforcementthatyou
arebecomingaleaderandrespectedinyourindustry.Otherpeoplewithinyour
fieldmayalsobegintoturntoyou.
Thelongeryouworkinyourindustry,thegreateryourconfidencewillbecome.
Thissenseofempowermentwillallowyoutomakedifficultdecisionsinorderto
growyourbusinessandmakesoundbusinessdecisions.Thesecretofpersonal
empowermentisoneofthebusinessworld’sbestkeptsecrets.
19w w w . r i c h m a s t e r y b u s i n e s s . c o m
Find a Unique Way to Serve As Many People As You Can
Simplemathwilltellyouthatbyservingmorepeople,youwillmakemore
money.However,inordertoservemorepeopleincompetitivemarketsorfields,
youwillneedtobeabletofindauniquewaytoserveasmanypeopleasyou
can.
Findingthisuniqueservicemaybeeasierthanyouthink.Thefirststepistotake
alookatwhatyourcompetitorsareoffering.Onceyouhavecompletedthisstep,
youmaybeabletofindasolutionforyourbusiness.
Forexample,everyItalianrestaurantinyourareamayserveaCaesarsalad,but
noneofthoserestaurantspreparethatsaladtableside.Thisisauniqueservice
thatpeoplewillremember.Itisalsoaservicethatrequiresverylittletrainingand
verylittletime,otherthanthetimeonewouldnormallyspendpreparingthesalad
inthekitchen.Theseuniquetouchesmakeyourbusinessstandoutfromthe
crowdofcompetitors.
Ifyouareunsureofwhatuniqueservicetoprovide,brainstormwithyourmentor
oryouremployees.Theymayhavesomeexcellentideas.Youcanalsoask
customerstocompleteashortsurveywiththreeorfouroptions.Thismayhelp
yougetabetterideaofwhatcustomerswant.Again,youwillwanttoofferan
incentivetocustomersinordertogettheircooperation.
Youruniqueservicemaynotbeaspecialincentiveyouoffertocustomers,but
yourcustomerserviceasawhole.Alocalicecreamshopinmyareasingssongs
whiletheyaremakingyourorder.Thisrequiresnotimeandcostsnoadditional
money,butcustomers,especiallyyoungchildren,rememberthisservice.Thatis
whythisshop,despitebeinglocatednearfiveothericecreamshops,alwayshas
alineoutthedoor.
Yourcustomerswillappreciateexcellentcustomerservice,buttheyaremore
likelytorememberuniquecustomerservice.Thishelpsyourbusinessstand
out,whichgivesyouanedgeoveryourcompetitors.Onceyoufindyourunique
service,besuretoadvertiseit.Whencustomersknowyourbusinessdiffers
fromalltherest,theywillbeinterestedindiscoveringthosedifferencesfor
themselves.
�0w w w . r i c h m a s t e r y b u s i n e s s . c o m
Have Vision and Belief
Mostcompanieshaveavisionstatementthatiswidelyshared.Theirvision
statementmaybeinaframeonthewall,writtenonthecompanystationary,or
evenprintedont-shirtsandgiventoemployees.Inotherwords,itisoverused.
Asaresult,thevisionstatementmayloseeffectivenessandbecomevirtually
meaninglesstotheownerandemployees.
However,havingvisionandbeliefisverydifferentthanhavingavisionstatement.
Havingvisionandbeliefmeansthattheowner/managerhasaclearand
ambitiousvisionofthefutureofthecompany.Itisvitaltothefuturesuccessof
abusinessthattheowner/managerdoesnotbecomecomplacent,butremains
forward-thinking.
Onceyou,asanowner,haveaclearvisionofthefuture,itisyourresponsibility
tosharethisvisionwithyouremployees.Thisservesasreinforcementto
employeesthatthecompanyisavitalbusinesswithafuture.Thishelpsstaff
retentionbecauseyouremployeeswillnotseetheirjobasdead-end.Also,your
employeescanhelpyoumoveforwardwithyourvision.Theyknowtheirjobs
best,andcanhelpdevelopideastohelpfurtheryourbusiness.
Havinganambitiousvisionisabsolutelymeaningless,however,ifyoudonot
believeinyourvision.Simplyput,ifyoudonotbelievethatyourvisionwill
succeed,itwillfail.Therewillbeverydifficulttimesasyouareattemptingto
realizeyourvision.Ifinyourheartyoudonottrulybelieveyourvisionwillbe
successful,youwillnothavethedeterminationandstaminaneededinorder
topersevere.Inotherwords,whenthegoinggetstough,youwillgetgoingout
thedoor.
Havingperiodsofdoubtisnormal.However,youmustnotletdoubtoverwhelm
youorcauseyoutoloseyourvision.Whendoubtcreepsup,talkaboutitwith
yourmentororpartner.Itislikelythattheyalsoexperiencedthesedoubtsand
canhelpyouovercomethem.Onceyouovercomeanydoubt,therewillbeno
stoppingyouoryourvision!
�1w w w . r i c h m a s t e r y b u s i n e s s . c o m
Watch Your Back, but Concentrate on Your Front
Asabusinessowner,yourecognizethatitisimportanttokeepawatchfuleye
onyourcompetition.However,ifyouspendtoomuchtimefocusingonyour
competition,youwillnotbeabletomoveforward.Therefore,itisvitaltothe
futuresuccessofyourbusinesstofindtheappropriatebalancebetweenkeeping
aneyeonyourcompetitionandkeepinganeyeonthefuture.
Oneofthebiggestmistakesmadebysmallbusinessesisadirectresultofbeing
toofocusedonthecompetition.Whileitisagreatideatokeeponeyeonthe
pricingofyourcompetitors,loweringyourpricestobecompetitivecanbea
fatalmistake.Manypeoplefeeltheyneedtoslashpricesdramaticallyinorderto
competewithotherbusinessesinthearea.Thisisaveryshort-sighteddecision.
Whilelowpricesmaybringpeopleinthedooronashort-termbasis,thismaynot
betrueinthelong-run.Loweringyourpricesdoesnotnecessarilyincreaseyour
profits.Infact,itcanloweryourprofitssignificantly.
It’sreallyamatterofsimplemath.Inordertomakethesameamountofmoney,
youwillhavetosellmoreobjects.Thismeansyouwillhavetoworkharderin
ordertomakethesameamountofmoney.
Manypeoplealsomakethemistakedroppingpricestoalevelthatistoolow
tosustaintheirbusiness.Thinkaboutit.Theprofityoumakefromsellingyour
goodsorservicespaysformoreinventory,rent/mortgage,insurance,electricity,
garbagedisposal,andthesalariesofyourselfandyouremployees.Asyouknow,
therearealsomanyotherexpensesthatmustbepaid.
Ifyourpricesaretoolow,yousimplywillnotmakeenoughmoneytokeepthe
doorsopen.Remember,nooneevergotrichbycuttingpricestothepointthat
theirprofitssuffered.Yousimplycannotcompeteonpricewithpowerhouses
suchasWal-Martorotherlargechaincompanies.Youwillhavetocompeteusing
theuniqueservicesyoucanoffertoyourcustomers.Knowingthissecretwill
preventyoufrommakingadangerousandcostlymistakethatisunfortunatelyall
toocommon.
��w w w . r i c h m a s t e r y b u s i n e s s . c o m
Always Have a Plan
ThinkandGrowRichwaswrittenbyNapoleonHillaftertheGreatDepression,
buthasremainedpopularbecauseofthequalityoftheadvicecontainedinthe
book.Infact,thebookhasexperiencedaresurgenceandhasrecentlybeen
listedonthenationalbestsellerlist.
Hillexplorestheimportanceofhavingaplaninmindinordertomoveforward.
AccordingtoHill,“Themostpowerfulinstrumentwehaveinourhandsisthe
powerofourmind.”Thisseemslikeobviousadvice,butittrulyiswisdomat
work.Inordertoachieveanything,youmusthaveanideaofwhatyouwantto
achieveinyourmind.
Anotherreasonwhyitisbesttohaveaplanissomethingcalleddefiniteness
ofpurpose.ThistermwascoinedbyHillandisoneofhisSeventeenSuccess
Principles.Onceyouhaveaplan,youhaveadistinctpurpose,whichistobring
yourplantofruition.
Thisalsoallowsyoutothinkpositivelyaboutwhatyouaredoing.Ifyouhave
aplan,youwillnotbeconstantlyoverwhelmedwithdecisionsoracton
inconsistentchoices.Aplanwillallowyoutomakeconsistentdecisionsthatare
focusedonforwardmovement.
Onceyouhaveareasonableplan,youcanbegintoputyourplanintoaction.
Onceyoubegintoputyourplanintoaction,youmayrealizethatyouneedto
adaptyourplan.Thisisnormalandisapartoftheprocess.
Itisessentialthatyouareamenabletochangingyourplan.Themarketisalways
changing,andwhatseemedlikeasounddecisionamonthagomaynotbe
asounddecisiontoday.Infact,thebestplansareconstantlyreviewedand
adaptedinaccordancewiththechangesintheindustryandthemarket.
Theplanyoudesignwillhelpyoumakedecisionsthroughouttheprocess.Inthe
longrun,yourplanwillevolve,change,andbecomereality.Thisisthenatureof
asuccessfulbusinessplan.
�3w w w . r i c h m a s t e r y b u s i n e s s . c o m
Financial Ratios the Rich Use
Itshouldgowithoutsayingthattherichhaveadifferentapproachtomoney.
Thisisnotnecessarilybecausetheyhavemoremoneytoinvest,butbecause
theyhavelearnedsomevaluablelessonsaboutmoneymanagement.Thiscan
beeitherfrompersonalexperienceorbecausetheycanaffordtohaveterrific
financialadvisorswhohavehelpedthemmakedecisionsthroughouttheircareer.
OneofthebestbooksthataddressesthistopicisRichDad’sGuidetoInvesting
writtenbyRobertKiyosaki.AccordingtoKiyosaki,theaveragepersonwilllook
onlyatpastindicators,suchasCapitalizationRatesandP/ERatios.While
studyingthesenumbersisasoundpractice,itshouldnotbetheonlyinformation
usedinordertomakeafinancialdecision.
Kiyosakistatesthatmoresophisticatedinvestorswillnotonlylookatthese
indicators,butwilllookbeyondthem.Infact,theytendtofocusonwhatare
calledfutureindicators.Theseindicatorsincludeever-evolvingtrendsand
changesinmanagementandproducts.
Analyzingtrendseffectivelycanmakeorbreakasmallbusiness.Asmall
women’sboutiqueinmyareahasgreatlybenefitedfromtherecentpopularity
ofVeraBradleyhandbags.Inanewspaperarticleabouttheboutique,the
ownerdiscussedhowvitalthistrendhasbeentotheirbusiness.Becauseofthe
popularityofthesebags,thestore’sprofitshaveincreasedby31%.Theowner
alsodiscussedtrendstheybelievewillbe“thenextbigthing,”whichwillensure
theirfuturesuccess.
Changesinmanagementandproductionarealsoessentialindicators.Achange
inmanagementcanandwillverylikelyresultinachangeinprocess.Thiscan
alsoresultinchangesinproductionspeedorquality.Allofthesepotential
changescanresultindisaster.Ifanyofthesechangesoccur,itisbesttomake
aninformeddecisionbeforemovingforwardwithanyfutureplans.Remember,it
isalwaysbettertobesafethansorry.
OneoftheothermajordifferencesexploredbyKiyosakiishowtheaverage
personlooksatmoneyversusafinanciallysophisticatedperson.Accordingto
Kiyosaki,theaveragepersonlooksatmoneyinblackandwhite,meaningthere
areonlygoodandbaddecisions.
�4w w w . r i c h m a s t e r y b u s i n e s s . c o m
However,afinanciallysophisticatedpersonwilllookatmoneyinshadesofgray.
Thismeansthattheyaremorewillingtotakeariskbecausetheytendnottosee
itasanegativemove.Asaresult,theytendtomakemoremoneybecausethey
aremoreopentothepossibilitiesavailabletothem.
Utilizingthissecretwellmay,infact,requiresomeresearchandworkonyour
part.Again,youwillwanttoworkwithyourmentorandfindconnectionsinthe
communitytohelpyouchangeyourapproachtomoney.
YoumayevenwanttotakethetimetoreadoneofKiyosaki’sbooksinorderto
learnmoreaboutthesubject.Eitherway,thischangeinthinkingwilldramatically
increaseyourprofitsandallowyoutomakebetterbusinessdecisions.
�5w w w . r i c h m a s t e r y b u s i n e s s . c o m
Everybody is a Salesperson
Nearlyeverysuccessfulbusinesspersonwillstresstheimportanceoftheirteam.
Itisessentialthatyousurroundyourselfwithpeoplewhoarereliable,hard-
working,motivated,anddedicatedtoyourvision.Inordertothis,youmust
consistentlycommunicateyourplan.
Onceyouhaveyourentireteaminplace,youmustalsoensurethehappinessof
everyteammember,regardlessoftheirposition.Thisincludesanysupportstaff,
management,orcustodialstaff.
Everyoneofyouremployeesisadirectreflectionofyourbusiness,whetherthey
workfacetofacewithcustomersonadailybasisornot.Everymemberofyour
teamisasalesperson,whetherornottheyrecognizeit.
Thinkbacktothelastpartyyouattendedwhereyoutalkedtosomebodywho
wasunhappyabouttheirjob.Youprobablyheardalaundrylistofcomplaints.
Althoughitmaynothaveoccurredtoyouorthepersonyouweretalkingto,that
individualwassellingthecompetitiontoyou.Youmaynotrememberthename
oftheindividualyouweretalkingto,butyouwillprobablyrememberthenameof
thebusinesswherethemanagersberatetheiremployeesonaregularbasis.
Inreality,itdoesnottakemuchtomakemostemployeeshappyifyoutreat
themrespectfully.Createaworkenvironmentwhereemployeesfeelvaluedand
haveaforumtodiscussanyproblemstheyseewithoutthediscussionbeing
heldagainstthematalaterdate.Italsohelpstobepro-active.Ifyounoticean
employeeisunhappy,fosteranopendiscussionwiththem.Youcanthenwork
withtheemployeetofindasolution.
Youwillalsowanttomakesurethatallofyouremployeesareknowledgeable
aboutallofyourproductsorservices.Nothingwilldiscourageapotentialclient
orcontactmorethaniftheyaskyouremployeeasimplequestionabouta
productandtheemployeedoesnotknowtheanswer.Whilenoteveryemployee
needstoknowthetechnical,nittygrittyabouteveryserviceorproduct,they
shouldhaveabasicworkingknowledgeofthecompany.
Anemployee’slackofknowledgewillreflectnotonlyuponthem,butwillreflect
negativelyonyourcompany.Thiscansimplybeavoidedbymakingsurethat
everyemployeeunderstandsthefocusofthecompanyandcandirectpeopleto
theappropriateresources,ifnecessary.
Itisalwaysbesttoencourageopenandcontinuedcommunicationwithevery
memberofyourteam.Byhavinghappy,informedemployees,yourprofitswill
soar.Happyemployeesdirectlyimpactyourbottomline.
�6w w w . r i c h m a s t e r y b u s i n e s s . c o m
Never Stop Learning
Sometimeshighlyeducatedpeoplebelievetheydon’tneedtolearnanymore,
butthisbeliefcouldn’tbemorewrongwhenitcomestorunningasuccessful
business.EvenifyouhaveaPhDorwenttolawschool,itisabsolutely
imperativethatyouneverstoplearningthenecessaryskillstokeepyour
businessgrowingandinstridewiththechangingmarket.
Thisisespeciallytrueinthisageofconstantlychangingtechnology.Ifyoudon’t
knowhowtosende-mailblastsorhowtomarketyourselfontheweborhowto
gettopresultsinsearchengines,youarequitesimplylosingatonofbusiness
thatyouwon’tgetthroughanyothermeans.
Maybeyou’rethinking,“I’lljusthiresomeoneelsetodoallofthat.”Butifyou’rea
startupcompany,youlikelywon’thavethefundsnecessarytodoso.Evenifyou
canhiresomeoneelse,youhavetobeabletoworkwiththatpersonorcompany
tobestcommunicatethemessageyouwanttosendouttoyourpotentialand
existingcustomers.
Theeducationyouneeddoesn’tendwithmarketing,however.Youalsoneed
tokeepupwiththelatestdevelopmentsinyourindustry.Youwon’tgetthis
knowledgebysimplybeingapartofthefield.Youhavetoseekoutwhatother
companieslikeyoursaredoingandresearchhowtheyarebenefitingfrom
utilizingnewideasandadvancements.
Ifyouthinkyouknowitall,andyouoperateyourcompanythatway,start
preparingforafall.Ifyou’renotwillingtolearnnewwaystopromote,runand
growyourbusiness,yourcompanywillremainstagnantandwillmostlikelylose
outtothecompaniesthatconsistentlychangewiththetimes.
�7w w w . r i c h m a s t e r y b u s i n e s s . c o m
Delegate for Success
Delegationisoneofthebestkeptsecretsinthebusinessworld.Noonereally
discussestheimportanceofdelegationintheirbusinessbecausetheywantto
maintaintheillusionthattheyaretheonlypersondoingallthework.Thiscreates
amysticthatissimplynotbasedinreality.
Mostpeoplethinktheyhavetodoalloftheworkthemselvesbecausethey
believethisfairytale.Otherpeoplefearthatiftheydonotdoeverything
themselves,theywillnolongerbeincontroloftheirbusiness.Eitherway,thisis
notthemosteffectivewaytorunabusiness.
Whileyouareanexpertinyourfield,yourtimeandeffortsarenotalwaysbest
spentcompletingtheeverydaytasks.Youmaythinkthatyouaresavingmoney
bydoingeverythingyourself,youmay,infact,belosingmoneybecauseyouare
wastingtimeonactivitiesthatdonotmakeyoumoney.
Forexample,aleadingmortgagebrokertrainedhispersonalassistantto
completetheintakequestionnairecompletedforeachnewcustomer.This
questionnaireonlytakestenminutestocomplete,butduringthosetenminutes,
thebrokercouldbeonethephoneclosinganotherdeal.Overthecourseofa
week,thedelegationofthosequestionnairesmayfreeupanotherhourfor
thatbroker.
Thistechniquealsohasanaddedbenefit.Theclientwillseethatthebroker
isverysuccessful.Thiswillimpresstheclientandshowthemthatyouarea
professionalworthyoftheirbusiness.Peoplewillrememberthisimpression,and
yourreputationwillgrowthroughwordofmouth.
Findoneortwojobsthatyoucandelegatetosomeoneelseinyouremployment.
Thiswillhelpyoufindthetimetomakemoremoneyandincreasethe
employee’sjobsatisfaction.Itcreatesawin-winsituationforeveryoneinvolved.
However,justbecauseyoudelegateajobdoesnotmeanyoushouldnot
monitorthatjob.Youwillwanttoregularlycheckintomakesurethejobisbeing
donetoyoursatisfactioninordertokeepeverythingrunningsmoothly.
�8w w w . r i c h m a s t e r y b u s i n e s s . c o m
Conclusion
Beingasuccessfulbusinesspersonisdifficult,butitcanbedoneifyouknow
afewtricksofthetradeandarewillingtolistentoadvice.Thebestbusiness
peopleneverstoplearningandmaketrainingaregularpracticebecausethey
recognizethattheirsuccessisdependentontheknowledgetheyobtain.
Youdonotneedtotrytoutilizeallofthesetipsinashortperiodoftime.Rome
wasnotbuiltinaday!Youcannotradicallychangeyourbusinesspractices
overnight,nomatterhowgoodyourintentionsmaybe.
Instead,chooseonesecrettoworkonatatime.Oncethissecretbecomesa
comfortablepartofyourdailyroutine,introduceanothersecrettoyourregimen.
Onceyouhaveafewsecretsinyourtoolkit,youwillfindthatyourmachineis
runningsmoothlyandyourprofitsareincreasing.
Businessisalwayschanging,andyoushouldbepreparedtochangewith
business.Ifyoudonotlearntorollwiththepunches,youmayfindthatyour
businessgetsknockedoutcold.