Image: Harnoor Dhaliwal

It’s impossible to completely eliminate risk from your business. But you can have the best of both worlds, with low risk and maximum potential.

Let’s start by looking at risk and why you can’t (and shouldn’t) totally eliminate it from your business.

Think about it: Even if your results are fine right now, and you decide to just carry on with whatever you’re doing, you’re at enormous risk.

Really?

Yes, really!

You risk losing clients (or customers) to your agile competitors, who continuously seek to improve and target your client base with compelling offers. Sure, small and medium sized business are the most vulnerable, but even massive brands can be wiped out by the just carry on attitude. Remember; Blockbuster Video, Toys R Us, My Space, Palm Inc?

The question is, how do we get the best of both worlds; less risk and massively more potential?

I’m glad you asked.

Mastering the risk / potential balance

In seeking to eliminate risk, you also block yourself from every great opportunity. That’s because every genuine opportunity for your business comes with an element of risk.

So, no risk = no progress.

Therefore, rather than regard risk as something to avoid, consider the potential pluses as well as the potential minuses. Research the positives as well as the negatives.

And challenge your beliefs!

Challenging your beliefs is critically important, as one of the biggest barriers to your success are your inaccurate preconceptions. This is a perfect example. And I see equally damaging thinking with business owners all the time.

A well-balanced approach to risk and opportunity is behind every successful business. It reduces your exposure to risk, whilst simultaneously allowing you to fully benefit from the genuine opportunities your business must have, in order to grow.

I hope you found this useful. More importantly, I hope you do something with it.

Image: Medienstuermer

Some people are excellent communicators. The way they deliver words is compelling and their ability to motivate those they speak with is exceptional.

Which is usually great. If the person sharing ideas with us is a subject expert, we gain mightily from their guidance.

The challenge comes when they speak with great authority, on things they know nothing about. When they voice an opinion as if it were a fact. When they’re as compelling as ever, yet they motivate us to do something that’s absolutely wrong.

I was thinking about this earlier, when I received an email from a reader. I thought you might find it useful, so here’s what happened.

When things go wrong

My reader recently had a legal issue with a web designer, regarding a site they’d developed for her business. She wanted some advice on what to do and spoke with a business adviser, who had previously helped her with (great) general business advice. My reader took his advice and sent an email to the web developer, using the wording her business adviser suggested.

Nothing happened.

So she spoke with a lawyer to see if she could “get things moving”.

The lawyer read the email and sadly, the email content has ruined any chance of her getting the resolution she hoped for.

This is from my reader’s email, published with her permission:

“In the past, his advice has always been excellent. That’s why I called him. […] He speaks with great authority, on things I know very little about. I now know he also speaks with great authority, on things he knows nothing about“.

Note: I made a similar mistake myself (2 actually), when I started in business. I wrote about it here.

Obviously, we need to remind ourselves to only take advice from people with relevant experience / qualifications. It’s also a good idea to consider who we currently rely on for advice, and whether their advice is working for us or not. Daily, I see the damage caused when business owners take bad marketing advice from general business advisers and generic online courses.

Yes, expert advice will come with a fee attached. However, that fee is usually way lower than the price we pay for taking bad advice.

There’s an old saying that assures us, if we want better answers we need to ask better questions. Good quality questions cause us to think differently and often give us extremely useful answers, insights and ideas.

With this in mind, I’ve compiled some questions, which I hope will help you to identify opportunities to help your business thrive.

In no particular order.

1. What lessons can I learn from the most successful person I know… and conversely, what can I learn from the mistakes of the least successful people I know?
2. What’s the biggest challenge currently facing my clients (or customers) and how can I help them overcome it?
3. What’s the biggest challenge currently facing my marketplace and how can I help them overcome it?
4. How can I make my services meaningfully different?
5. Am I regularly using the 6 Idea Trick?
6. What is currently the weakest point in my marketing and how can I improve it?
7. How many non-essential fields can I remove from my contact forms, in order to increase the number of enquiries I get?
8. If I charged 300% more for my services, what extra value would I be able to deliver to my clients… and why don’t I build this as a new, highly profitable, premium version of my services?
9. Who let the dogs out? (Okay, just checking to see if you’re still reading along with me).
10. What’s the best thing about my services and how clearly do I communicate this compelling advantage to prospective clients?
11. How might it benefit my clients and prospects, if I slightly adjust my business hours so they’re a little different from others in my industry, and better suited to the needs of the clients I serve?
12. Is my face also the public face of my business or do I / we mainly operate behind a logo… and if the latter, why?
13. Who are the top 5 people I need to connect with and what’s my strategy to make this happen?

Let me know how you get on.

Today, I’m going to show you how to avoid creating an incorrect, damaging impression of your business. This is critically important, so let’s dive in.

You’re a professional. You have a superb business. You offer an excellent service. And you care passionately about your clients.

My question for you today my friend, is this: How clearly does that message come across in your marketing?

Greed, need or deed?

Think for a moment about the marketing messages you receive, from emails and social media updates, to advertisements, cold calls and direct mail, etc. Every marketing message is based on one of the following three motivations.

1. Greed motivated: I want your money. Buy my stuff.
2. Need motivated: I need you to buy from me. Please, please buy my stuff.
3. Deed motivated: There’s something that I believe will help you, so I created it for you.

Greedy marketing repels people. Greed is one of those universally disliked attributes. It’s ugly. It’s selfish. We avoid greedy people and greedy businesses.

Needy marketing also repels people. As soon as the marketplace thinks a provider desperately needs sales or needs money urgently, it sets alarm bells ringing. “What if they’re going broke!?!” These alarm bells make people way less likely to buy from them.

Deed driven marketing attracts people. It makes us feel positive toward the person or brand behind it. It’s an easy message to connect with. Deed driven marketing is about sincerely wanting to help the people in your marketplace with the products or services you provide. It attracts their attention, makes them feel good about you and creates a powerful connection between you.

IMPORTANT: Here’s where the challenge comes in. Many small and medium-sized business owners who are deed focused, have no idea how greedy or needy their marketing looks. And it’s seriously hurting their business.

A couple of very common examples

One common example is the use of freebies, such as free initial consultations. These are widely used by service providers, who dabble with their marketing and have no idea how much damage they’re doing to their reputation.

When you attach zero value to your time, you send a damaging, toxic message to prospective clients. The marketplace knows that the best service providers are busy professionals, who have no need to give their time away for free. So, if they see a provider offering freebies, it tells them that the service provider is under-employed, getting too few referrals, in need (needy) or all three! This keeps the service provider in a negative loop, as the best clients are repelled and freebie hunters (who grab anything that’s free), are attracted to the free consultation like moths to a flame.

Another common example is special offers.

These can also come across as needy or greedy when handled incorrectly. And that’s exactly how the vast majority of small and medium-sized business owners handle special offers. They put their offers together, outside of a professional marketing strategy. In doing so, they can cause the marketplace to think there’s a so-called fire sale going on. Equally, the use of special offers can train your marketplace to wait for the next special offer, which makes it hard to sell anything at the regular price. This eats profits and it’s totally avoidable.

In short, it pays to be highly intentional regarding how you market your business. Always look at the bigger picture from an outside perspective. Make sure you’re projecting yourself as eager to help, not greedy or needy.