Four Things Every Business Owner Has in Common

Every Business Owner Has These Four ‘Pain Points’ in Common

  1. Not enough time – personal and business
  2. Uncertainty & inconsistency of income and cash flow
  3. Not enough clients or more accurately, not enough of the “right” clients. That is the 20% of your customers that generate 80% of your revenue and profits.
  4. Not enough of the “right’ employees. That is the 20% of the employees that generates 80% of the results.

Far too many people go into business for themselves because they have a talent or passion and they just don’t want to work a J-O-B anymore.

Admirable…but all too often, all that happens is they swap one job for another.

It doesn’t have to be that way. But it takes courage and the ability to THINK DIFFERENTLY.

One of my coach/mentors, when I first started my own car dealership, told me to never forget the only way to make money was to sell something.

Selling always has to be your number priority every day because when you are successful and making money, and cash is flowing, whenever a problem arises, it’s a lot easier to make decisions when there is more than enough cash in the bank.

In other words, if you can afford to write a check to make a problem go away, write it.  He was talking about always having experts on my team.

Find the best people who can do what you can’t and pay them to do the job.

The reason small business owners have these four common “pain points” is because you end up wearing so many different hats that you aren’t skilled in and have no passion for.

Here are some of the Many Hats a Business Owner has to wear at one time or another.

CEO/General Manager. This Hat makes you the decision-maker, risk taker and the strategist who gets to write all the business plans.

You are also the one in your business responsible for staying abreast of your industry news, regulations and educational material by reading a wide variety of business publications and newsletters or running off to seminars and meetings just to stay informed.

You are responsible for recruiting the best employees, suppliers and partners you can. You are cheer leading and training your employees, inspiring and keeping them motivated to the mission and vision of your company – which, by the way, you also have to come up with.

CFO/Chief Financial Officer. You track and manage your Key Performance Indicators to make sure your margins, salaries, accounts receivable, and payables are current.

When this hat is on, you are using your financial projections worksheets to make sure your projections are staying on course. You are tracking cash flow needs. You are responsible for inventory control and probably ordering as well.

COO/Chief of Operations Officer.  When this hat is on, you are making sure your product or service is delivered to your customers in a timely and effective way.

You are watching how quickly you are responding to an order, keeping the customer informed of progress, and taking care of delays and complaints. You are watching inventory levels, shipping times and expenses.

Marketing Manager. With this Hat, you get the job of figuring out who your target audience is, where they are, how to reach them, what to say when you do get in front of them and how you can sell to them.

If you want to stay ahead of the game, you must read a variety of business and marketing publications to stay abreast of what’s happening in your industry and which marketing strategies are likely to work for you.

Advertising Manager. Now that you’ve created your marketing strategy you get to decide when and where to place your ads, and what type of media to place your advertising.

Copywriter. Since you must write the copy that goes into the company’s marketing and advertisements , you will need to constantly hone your writing skills by studying the finer points of copy writing.

Production Manager. You get to make the work schedules and determine the quality control standards of your products and services.

Actual production Worker. Many times you probably have to jump in, roll up your sleeves and be the technician, the salesman, the waiter, bartender, trainer, and the chief cook and bottle washer.  All-the-while meeting the above-mentioned quality control standards.

Secretary, Receptionist and Customer Relations. You get to order office supplies, sign for packages, compose and type the business letters, handle customer complaints, answer phones.

And you get the job of figuring out what to do with the mountain of paperwork everyone else in the company is generating every day!

Bookkeeper. You will keep inventory records and post all income and expense figures to the company’s journals and ledgers–after you have set them up, of course.

You will also approve and pay bills, balance the checkbook, handle payroll, and organize and file all receipts for tax purposes.

Accountant. You will analyze the books and handle whatever the bookkeeper can’t do, such as fill out government forms for tax deposits or payments, do paperwork related to employees, and prepare quarterly and annual financial reports and tax returns.

You must also stay abreast of changes in tax laws that might affect your business.

IT/Computer Expert. With this Hat, you become the computer expert.  You make sure your information systems are secure and your web site is providing the information your customers and clients want in order to make intelligent buying decisions.

If your business needs to be on the Web, you’ll have to spend hundreds of hours learning how to navigate the Web, do business electronically, and set up and maintain a Web site.

You need to be thinking of the most effective way to use social media to communicate with your customers and drive qualified traffic to your store front.

Whew! I’ll bet you can add a few things.

Now ask yourself:  What would it feel like to have all of these things?
• More time – both business and personal
• Less unanticipated problems which will mean less headaches and less stress
• Consistently improving results which will mean consistently improving income and cash flow
• Relationships of trust with every employee, vendor and client.
• Customized Solutions that work for you. Every business and owner is unique.
• Personal 1-on-1 mentoring where you can rely on someone with Competence and Character to help you to ask the right questions, come up with the right solutions, to help you anticipate problems before they happen

The top producers in every field of endeavor have never been without a coach, mentor or consultant.

And the job of every coach, consultant or mentor is to make you a lot more money than you pay them.

The good ones will make it easy for you to make that decision to hire them so that you no longer have these four things in common with every other business owner.

When you know these following Essential Elements about your business, you can leverage your time, effort and money in ways your competition can’t, because they will be managing out of fear.

1. Who your Target Audience is; read more about that HERE

2. Lifetime Value of Your Customer; read more about that HERE

3. Unique Selling Proposition (USP); read more about that HERE

4. 80/20 Rule: Knowing your 20% that generates 80% of your profit. Learn more HERE


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Knowing Where to Put the ‘X’

Principle: “Knowing where to put the ‘X’ in each part of your life is a critical determinant of everything you accomplish.”

There’s a story about a nuclear power plant had a malfunction that their own engineer’s couldn’t solve.

The plant management finally called in one of the nation’s top consultants on nuclear power plants.

For two days, the consultant walked around the plant, studying hundreds of dials and gauges, taking notes and running calculations.

At the end of the second day, he took a marker out of his pocket, climbed up a ladder, and put a large black “X” on one of the gauges.

“This is your problem,” he explained. “Repair and replace the apparatus connected to this meter, and the problem will be solved.”
He then left.

The plant engineers did as he suggested and sure enough, this fixed the problem.

About a week later, the plant manager received a bill from this consultant for $10,000…for “services rendered”.

The plant manager was surprised at the size of the bill.

After all, he reasoned, the consultant had only spent two days, walked around a little bit, placed a “X” and left. $10,000 seemed like a lot of money for such a simple job.

He wrote back to the consultant, “We have received your bill. Please give us a break down and itemize your charges.

It seems all you did was to write a big ole “X” on a single gauge. Ten thousand dollars seems excessive.”

A few days later, the plant manager received a new invoice from the consultant. It said, “For placing an “X” on gauge: $1.00. For knowing WHERE to put the “X”: $9,999.”

Having a clear and honest understanding of who you are, and what’s important to you is what separates the superior from the average.

It requires Honesty to step back and look at ourselves objectively to see what Current Reality really is in regards to these talents AND then be comfortable enough to be AUTHENTIC in our thoughts, actions and words.

Brian Tracy, in his book – “Focal Point” – says there are Two Steps you need to do to double your income.

First – Identify the things (the 20%) you do that contribute the greatest value to your earning potential.

Apply the 80/20 Rule or Principle – which states 20% of your actions contribute 80% of the value.

Then resolve to spend MORE time on those 20% activities.

Stephen Covey called them “Boulders” or First Things.
It’s learning to do The Hard Things First.

Second– Identify the 80% of your activities, customers, employees, products or services that provide low to no value and resolve to spend less time, effort and resources on them or better yet, eliminate them altogether.

Success is a choice.

There is an Abundance of Opportunities for everyone but only a small percent will ever find them – Why?

Because of CHOICE.

Those who become DOMINATE their market are Proactive.
They take Personal Responsibility.

Accepting Personal Responsibility means you refuse to make excuse or blame others for anything in your life that you’re not happy about.

Accepting Personal Responsibility is the very foundation of high self-esteem, self-respect and personal pride.

When you make excuses, blame others, complain or criticize, you essentially give away all your power to someone or something else.

These are all Principles or Natural Laws of God.

Here is the best definition of a Principle I’ve seen:

Principles are:
UNIVERSAL: They work everywhere.
TIMELESS: They work all the time. Past, Present and Future.
SELF-EVIDENT: You can’t argue against them.

Know what’s important. Know where to place your ‘X’.

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Is Facebook for Me?

If you have a doorknob that customers can turn, Facebook is for you.

If you sell something that is Unique, Facebook is for you.

If you sell to consumers, Facebook is for you.

If you sell a fun experience, Facebook is for you.

A high ticket business, like an auto dealer is probably at the top of the list of businesses that can benefit from Facebook Direct Targeted marketing, but frankly just about any brick & mortar can benefit.

What if you could predict, with uncanny accuracy, who was likely to buy from you and who wasn’t.
Would this be a huge competitive advantage?

What if you had a way to know more about your clients and potential customers than they knew about themselves?

What if you could spend pennies to reach large numbers of people then have the ability to easily sift thru the whole lot and cherry pick the ones most likely to buy from you?

The Facebook marketing application is the ultimate sales tool to accomplish any and all of this, because selling & marketing is all about relationships and Facebook is the ultimate relationship building tool.

We have an Essential Elements Discovery process where we help every business owner figure out their target market before we start helping them with their Marketing, Selling and Business Practices.

One of these Essential Elements is determining who your Target Audience is. Learn more here: 

One of the greatest strengths of Facebook marketing is your ability to target specific consumer groups who are highly engaged. In fact, Facebook is 89% accurate in their targeting capabilities. It’s almost scary how accurate they are.

Determining your Target Audience:
To market and sell your business, product or service properly, the very first thing you must do is get clear on WHO your ideal customer is, where they are hanging out, what their challenges are, etc…Every marketing piece must know what your clients and potential clients “hot buttons” are; what’s important or relevant to them.

People only care what’s important to them, not what’s important to you.

Your customers and prospective customers are always asking, WIIFM? (What’s In It For Me)

Once you find who the target truly is then you can know what their hot buttons are.

Facebook marketing helps hone in on the following:
Demographics like:

  • Geographic location
  • Income
  • Gender
  • Education
  • Language
  • Occupation
  • Religion
  • Age
  • Political affiliations


Psychographics like:

  • Spending habits
  • Hobbies
  • Values
  • Concerns
  • Desires
  • Lifestyles
  • Interests, hobbies and activities
  • Type, style model of vehicles owned
  • Who is a likely new or used vehicle buyer within the next 365 days, 6 months or next 90 days.
    Leads, warm leads and HOT leads!
  • What brand they are most interested in
  • Age of vehicle they now own
  • You can hone in on your competitors customers and market area
  • General shopping behaviors (grocery, retail, etc.)
  • Where they get their digital information from
  • Travel habits
  • How recently did they purchase a home
  • Who is likely to move within a certain time period…(you set the time parameters)
  • Who has recently moved
  • Likely to purchase a home with a certain time period
  • Type of charitable interests they have

Just to name a few…

If you are one of the few that actually collects customer data and already has an email marketing strategy, we can supercharge your marketing by downloading your customer’s emails or phone numbers into Facebook and create a custom audience within Facebook for you.

Then, to sweeten the pot even more, we can take this list of your existing customers and create a “look alike” audience of potential clients that have similar likes, interests and behaviors.

This is where knowing your 20% that generate 80% of your revenue and profits (the 6th Element in our Essential Elements Discovery Process) really starts taking your business and personal life to a whole ‘nother level.

The thing about Facebook Direct Marketing is that the possibilities seem endless, and in a way maybe they are, because they are constantly changing and enhancing their marketing tools.

Caveat: Unless you are doing this full-time, the typical business owner wouldn’t and shouldn’t do this on their own.

To further your understanding of this Essential Element, read my blog here: Who should you be selling to?

We help small business owners Work less and Make More money by helping you to:
• Leverage your time
• Increase your cash flow & profits
• Identifying and focusing on the Right clients, employees & products/services

How: By implementing the 80/20 Principles of Marketing, Selling & Business practices, strategies and techniques.
• Essential Elements Discovery Process
• Automated Email marketing
• FB marketing
• FB retargeting
• Video marketing
• 1-on-1 “Do It For Me” coaching, consulting, mentoring

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It is better to talk to 10 people and convince them 100% of the way then to talk to 100 people and only convince them 10% of the way. – Jay Abraham

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