Monthly Archives: September 2017

Become a success with the 80/20 rule!

As a business owner and entrepreneur I am constantly trying to find ways to become more efficient, to manage my time more wisely and to get more done in one hour than I ever thought possible. It wasn’t until I came across the 80-20 rule that I was able to truly embrace the concept of efficiency.

Did you realize that 80% of your results are achieved by 20% of your efforts? Or another way to look at it is that 80% of your income is generated by 20% of your activity or 80% of your income is generated by 20% of your clients! For some business professionals this is when they start to look at their business and say – ‘Wow! If 20% of my clients are generating 80% of my income I need to take a serious look and who and where I’m spending my time.”

Now although only 20% of your efforts results in 80% of your results that doesn’t mean that you can just stop doing the other 80% of your efforts all together. We all know that there are certain things – non-money making things – that one must do in order to continue to be successful. So here’s where the good news comes in – focus on the 20% that matters and outsource the rest.

Outsourcing is a great concept. It allows people to increase their productivity by freeing up tons of time that they were spending doing meaningless tasks like booking travel, online ordering, updating databases, booking speaking engagements, planning events, updating frequent flier miles, reconciling sales figures, staying on top of social media accounts, proofreading, SEO, and the list goes on and on. Look at your to-do list, how much of that could you outsource? Once you are able to outsource the bulk of your tasks you’ve just opened up your world to allow more income to pour in.

There are books, magazine articles and posts on this concept. You can apply the 80-20 rule to business, your health, your personal life – anything you like. Start working smarter today to live the lifestyle you want. Maybe your dreams aren’t about building a bigger business or making more money. Maybe your dreams include working less and enjoying a lifestyle where your passions exceed your possessions. In any case the rule of 80-20 can help you become successful – whatever your definition of success is. And by applying the 8-20 rule you can achieve your success today!

 

Pros & Cons of Multiple Income Streams

It is very common today for people to have multiple income streams. Think of people you know and I bet you can name a handful of people that make money from more than one source. Some people embrace it and aren’t ashamed of their multiple steams of income, yet others seem to shy away from it. Just because you have an alternative source of income – or god forbid a passion that you’ve turned into a money-making business – doesn’t mean that you are less qualified to do your day job.

I admit there can be a bit of a stigma for some. They feel that if you don’t concentrate 100% on one job then you aren’t worth doing business with. However, I know many successful individuals that have multiple streams of income and that’s how they got to be so successful. They didn’t rely on one source of income to get by living the life they wanted to live.

Now trying to maintain multiple streams of income isn’t for everyone. If you are thinking about creating another source of income check out the pros and cons below.

PROS

*You are diversifying your risk. If something happens to one income stream, you have another one to fall back on.

*You are balancing your passions, talents and strengths and providing variety in your day. Some people can be really good at their job but get really bored doing the same thing day in and day out. An additional business or job can give you the variety you are looking for.

*You are building a nest egg. I know some people who sock away the money from a second income stream into their retirement or savings accounts. They are working towards not working in the future.

*You are creating something for yourself to do after retirement. Let’s face it – some people get really bored in retirement so an alternative income stream now could continue through retirement either providing the money you will need to retire and/or provide you with something to keep you busy.

*You can make lots of money. Multiple income streams, when done right, can mean a very healthy income.

CONS

*It can be time consuming. You must consider the time involved in having multiple streams of income and if you really want to spend all of your time working on those streams. There are lots of other things you may want to spend your time on … your family, health, recreation, hobbies, etc. How much money is your happiness worth?

*The competition. The business world is fast paced and ever changing. There is so much competition out there you better be pretty darn good at what you do to compete and earn another stream of income. Research your ideas and make sure you have the talents and skills to pull it off.

*Lack of focus. Unfortunately, some people aren’t able to focus on more than one business, job or income stream. It’s more beneficial to do one job really, really well than to half-ass two jobs.

Hopefully now you have a bit more information to decide whether managing multiple income streams is for you!

Danae Branson is the founder of Elite Scheduling Services. She provides scheduling, marketing and administrative services to professionals in the financial industry. Check out the website at www.eliteschedulingservices.com.

 

Invest In Yourself & Your Business

Have you ever heard the saying ‘You have to spend money to make money’? Well, it’s true. Some spend a little to make a little and others spend a lot to make a lot. What’s really fun is to spend a little to make a lot … that seems to be the formula that we all like best.

So how do you know what the right investments are for your business? Well that, my friend, is different for every professional in every business. But for the most part below are some great ways to invest in yourself!

*Hire an assistant. As your business grows there are things that MUST be done but are either taking up too much of your time or aren’t making you as much money as other things you could be doing. Now I understand not everyone has the money or space to hire a part-time or full-time employee so that’s where virtual assistants come into play as a great investment. Virtual assistants are contract employees who work a certain number of hours per month from their home office. They take care of their own office space, equipment, supplies, insurance and taxes.

*Invest in social media. Either learn how to use social media effectively for your business or hire a social media manager. Many managers will write content for you and post on a regular schedule. They know the best times of days to post, the content that will grab your target market’s attention and the best media to use for your particular business.

*Take a class. Successful business people are ALWAYS learning. Decide what areas of your business you need to educate yourself on and sign up for a class. Online courses are readily available, can be taken as your schedule allows and can be inexpensive.

*Take a vacation! In order to continue to reach for the stars your body and brain need an occasional break! Allow yourself to unwind for just a day or two and you may start brainstorming some of your greatest ideas yet!

Remember to be smart about your investments and track their success. If you are spending money on an appointment setter, make sure the revenue you are making for those appointments are at a bare minimum paying for the service. This goes for all products and services you spend money on. If you pay $500 per month for a social media assistant make sure you are generating a minimum of $500 per month from social media.

Of course the goal is to MAKE money, not break even, but you certainly don’t want to loose money. A lot of companies are losing money on products and services every day and they don’t realize it because they aren’t taking the steps to measure the success. If you don’t have the time to measure the success of your investments hire a consultant or assistant to do that for you. Typically the cost to hire someone to help get your business in order is less than the amount of money they will save you.

Take care of your money and your business – and they will take care of you!

 

Get Your Name Out There!

Today many businesses struggle with coming up with effective ways to get their business name in front of people. As business owners we want to be seen and although we may not be competing with each other in a service and/or product sense we are competing with each other for attention. So what are some great ways to stay in front of people?

*T-shirts, hats and totes. Wear your business name and wear it proudly. Give your customers/clients, friends, family, neighbors and anyone really something that they can wear around with your name on it. Women notice shirts and totes, men notice hats, especially if these items are appealing! Whether you’re on vacation, at a ballgame or just running errands a little promo will help spread the word.

*Sponsorships. Now I’m not promoting sponsoring something just for the recognition but when you sponsor something near and dear to your heart your business name typically is mentioned somewhere and that bit of advertising for your company is a nice little perk. What are you passionate about? What would you like to see growing and thriving. Donate to the football stadium, little league field, your school or youth groups. Being charitable is a good thing, you are helping others.

*Mailers. If done right, mailers actually work. I know businesses I’ve called because of a mailer before and I’m sure maybe you have too. If they are eye catching and provide a solid message for example, a solution to a problem – you may be surprised how much exposure you can get from mailers. Be sure to include a call to action.

*Advertise on social media. I know people who have received a ton of business from advertising on Facebook, twitter and in some areas of the country radio. Put your name out there were people are. People are on social media ALL THE TIME! If you spend some money on social media ads it’s amazing how many people you can reach. As with any advertising make sure you get the biggest bang for your buck and create an ad that is eye catching and has a call to action.

*Get mentioned in the media. Figure out what medium best suites your target market and then try to get mentioned in newspapers, local news stations, blogs, magazines and websites. Write a pitch and send it to editors, journalists and bloggers. Make sure your pitch suites their magazine, blog or program. Tell your story – remember your brand, you never know who may be interested in doing a story about you. Also, I know financial advisors that are on radio programs and have segments in their local paper or on their local news stations.

When done correctly all of these options can net you some big business. Hire a professional to help you do things right, otherwise you could just be wasting your money. I don’t want you wasting money on marketing – waste it on other things – but not marketing! You want to see a return on your investment with your marketing – that’s what you deserve.

Danae Branson owns Elite Scheduling Services, LLC.