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Archive for August, 2009

Making The Personal Touch Part of Your System

Thursday, August 27th, 2009

The E-Myth Business Blog has an Article Posted on how you can make the personal touches that grew your business part of your system.

The initial step is to recognize the reality. What results do you achieve in your business? Yes, you created patterns of behavior (systems) that you’ve followed in order to achieve a degree of business success. You pride yourself on your abilities. You enjoy the fact that in your growing organization, nobody has the same personal touch with the customers that you have. I mentioned rainmaker status above, for often this is how this pride in the personal touch shows up; you feel recognized and special for your personal ability to achieve great results.

The trick is to create a system that allows replication of these personal touches even when you are not there to provide them. Once such a system is in place you can concentrate on the work of growing your business instead of getting bogged down in the day-to-day routine of client service.

At MyNewCompany we believe that the E-Myth System works! We provide our clients with a general overview of the process of Automating your Business so that they can free themselves up to grow the business, and can even take a real vacation without having to worry that their clients’ experience will suffer during their absence!

The E-Myth system works so well that we have made it our top pick on our Recommended Business Books & Software page.

Responding To Criticism

Wednesday, August 26th, 2009

In small business and in life, if you are doing anything at all (instead of simply stagnating), then you will inevitably have people criticize you. People that take action and build things of any importance are constantly criticized. You can either let the criticism crush you or you can deal with it.

Tim Ferris has a fantastic post about how Dr. Martin Luther King handled criticism. In his famous “Letter from a Birmingham City Jail”, Dr. King notes:

While confined here in the Birmingham city jail, I came across your recent statement calling my present activities “unwise and untimely.” Seldom do I pause to answer criticism of my work and ideas. If I sought to answer all the criticisms that cross my desk, my secretaries would have little time for anything other than such correspondence in the course of the day, and I would have no time for constructive work. But since I feel that you are men of genuine good will and that your criticisms are sincerely set forth, I want to try to answer your statements in what I hope will be patient and reasonable terms.

Note that Dr. King was in jail and under the strain of criticism few humans are likely to endure. The full letter is long but definitely worth a read. He not only dismisses most criticism, the criticism he deems as fair he engages vigorously and makes his case passionately.

Business and Life Lesson: Most criticism can be dismissed, the valid criticism (typically from people whom you respect) should be listened to and acknowledged. Don’t let critics prevent you from doing what you deem necessary to live the life you want to live.

Bouncing Back From Failure

Thursday, August 20th, 2009

Forbes has an article posted on How to Bounce Back From Failure:

Anyone who claims to have built something of lasting value–be it a business, personal relationship or a body of critical knowledge–without suffering serious pain and disappointment is either a liar or dangerously naïve. At some point on your journey, you will stumble and fall.

As the article mentions only 45% of startups make it to their 4th anniversary. In today’s troubled economic climate the challenges faced by new businesses are even greater. What separates successful entrepreneurs from the crowd is not a lack of failures, but the resiliency to pick themselves up and try again when things don’t go as planned.

Of course, when starting a new venture it is always worthwhile to do everything you can to increase your odds of success. Two great ways to do this are by adopting a properly written Business Plan and Automating Your Business. Franchises have a much, much higher success rate than general business startups, so Automating your Business to make it run like a franchise will give you an advantage over other companies that have not taken this crucial step.

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Critics That Matter

Thursday, August 13th, 2009

Seth Godin has an Article Posted on which types of critics deserve attention:

If you invent or launch or market (and you’re human) it’s likely that you have the voice of the critic in the back of your head. It’s natural to fear what they’ll say, and if you’re not careful, you’ll end up redesigning your product to please them before you even launch it.

The key to making this determination is to figure out who will influence your potential customers the most. Building a profile for your ideal customer is one step in developing a Business Marketing Plan. With a proper Marketing Plan in place you will already have identified the people whose opinions you want to influence. Once these ideal customers have been identified you can look for common sources of influence and tailor your offering so that you can gain exposure in the places your ideal customers hang out (blogs, forums, social media sites, etc.)

At MyNewCompany we are always focused on reaching out to those who are interested in starting up or maintaining a small or medium business. Our Free Tools & Resources page allows our clients and potential clients to follow us on social media sites (Twitter or Facebook) as well as opting in to our Free Monthly Newsletter.

The Benefits of a Business Audit

Thursday, August 6th, 2009

Business Management ABCs has an Article Posted on the benefits of conducting an internal Business Audit:

A business audit is a measurement in time of where your business is, in terms of its performance in the following areas:
1. Leadership
2. Planning
3. Marketing Strategy
4. Systems and Processes
5. Winning Teams
6. Marketing communication
7. Finance
8. Sales
Understanding where you are and where you want to be is fundamental to your business growth. It is also paramount to understand your business risks and how to eliminate them. Your business audit will bring any risks to the surface and you can then take action to remove them.

Conducting a business audit will be easier if you developed a Business Plan when starting up. Your business plan can be used as a yardstick to measure actual performance against your initial goals.

When reviewing your company’s processes and performance a proper Business Operations Manual is also very useful. Developing an Operations Manual is part of the process of Automating Your Business.

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