Image: Sarah Kilian

I made a couple of epic mistakes when I started out in business. Here they are, along with a powerful lesson that you may find useful.

I was prompted to write this after a talk I gave to a group of young entrepreneurs. One of them asked me a great question. They wanted to know; what was the most valuable lesson I learned, from my first year in business?

The answer was easy.

I remember it well.

Because it was so painful.

Sincerely wrong

My answer began with a quote from Jim Rohn:

“Sincerity is not a test of truth. We must not make this mistake: He must be right; he’s so sincere! That’s because, it’s possible to be sincerely wrong.”

I explained that during my first year as a business owner, I’d made 2 extremely bad decisions. I made them based on feedback from a couple of people I trusted. I was in my twenties at the time. They were 20 or 30 years older than me. They were also good, genuine and sincere people.

Making decisions based on their advice seemed sensible.

It wasn’t. Oh man. It really wasn’t!

One of those decisions lost me an amazing opportunity. Another cost me a fortune and almost left me broke. I quickly learned that I had to be a lot more discerning, regarding who I went to for important advice. It was around that time that I discovered the above quote from Jim Rohn.

From that point onward, I decided the best source of business advice was from people, who’d already achieved what I wanted to achieve. I’ve followed that rule ever since and have never once regretted it.

My original approach failed me in 2 important ways

Firstly, their geographical proximity to me was not a useful way to determine the value of their feedback. I rely on experts today, who are located all over the world.

Secondly, they were knowledgeable, but they were not entrepreneurs.

• One was the branch manager at the bank where I opened my first business account.
• The other was the practice manager at my accountant’s office.

They remained salaried employees for the remainder of their careers; never actually going into business for themselves. They operated from the employee mindset.

They saw risk in everything. They’d advise me against doing anything, unless there was a guarantee, in advance, of success.

Business doesn’t work like that.

In fact, life doesn’t work like that. And it never has. Otherwise no one would ever start a business, or get married, or start a family, or buy a new home, or travel the world or do anything. Success comes from minimising risk. Not from avoiding potential risk. Both of the people advising me were sincere. But the advice they were giving me, as Jim Rohn said, was sincerely wrong.

Who is currently influencing your decision making? That’s a question worth considering. Especially if your business isn’t making the progress you want or need.

Image: Jametlene Reskp

The breakthrough result you’ve been waiting for is closer than you think. Here’s a trusted and proven way to make it happen.

I was prompted to write this, after someone emailed me with a request. His email opened with; “I need a major breakthrough, Jim!”.

In short, he wanted me to personally introduce him to someone who’s very wealthy and a friend of mine. The unknown emailer apparently has a proposal, which he’s sure my friend “will want to be in on”.

• Let’s ignore the fact that the person he wants me to introduce him to is not a friend of mine, but an acquaintance instead.
• And let’s also ignore why on earth I would personally recommend a total stranger to anyone.

Instead, let’s look at the mindset the emailer is using.

Because although his email was certainly unusual, a lot of business owners adopt a broadly similar approach.

Allow me to explain.

The thing about major breakthroughs

When looking for a major business breakthrough, the temptation can be to focus on a massive home run… a home run, which will save you years of effort and land you in the big time.

“If I could just get 20 minutes with (insert name of famous billionaire), maybe they would back my idea”.

That’s one way to succeed.

However, major business breakthroughs don’t tend to happen like that. There will be exceptions, but they’re called exceptions for a reason. They’re exceptional.

Instead, major breakthroughs are almost always the result of lots of mini breakthroughs. And the process is tried and tested. It follows the same, proven path.

• You decide exactly what breakthrough you want to achieve and put a plan together.
• You chunk your plan down into a series of steps (mini breakthroughs).
• You then apply intelligent activity to each step.
• You carry on taking steps forward, until you’ve achieved your major breakthrough.

Recommended reading: How to know if you have a winning idea.

It’s far less glamorous than scoring lunch with Jeff Bezos or Mark Cuban and being handed their full financial backing. But it’s far more likely to actually happen.

One of the best kept secrets in business, is something I call reduction. It’s a strategy I share with my clients and today, I’m going to share some of it with you.

Less can be more

Ineffective business owners strive to do more and more.

They focus on productivity hacks, growth hacks, life hacks and short-cuts. As an unavoidable result, they become increasingly busy, increasingly stressed, increasingly frustrated and increasingly disappointed.

Thankfully, there’s a smarter way forward.

The most effective business owners use a very different approach. They’ve discovered that the biggest wins come from doing fewer things. Less is more.

For example:

• Fewer unfinished projects, leads to more clarity.
• Fewer social media interruptions, leads to more focus.
• Fewer repeated errors, leads to more progress.
• Fewer dodged decisions, leads to more respect.
• Fewer missed deadlines, leads to more trust.
• Fewer hours wasted, leads to more productivity.
• Fewer angry words, leads to more happiness.
• Fewer broken promises, leads to more belief.
• And fewer excuses, leads to more achievement.

If you find yourself stressed, working long hours and making too little progress, don’t add even more to your workload. All it will do is create additional stress.

Instead, focus on reduction. Because with the right strategy, less can be more. So much more.

One of the cornerstones of successful marketing, is to retain as many great clients (or customers) as possible. Otherwise, growing your client base is like trying to fill a bucket that has a hole in it.

When I started out in business, I identified 2 things that guaranteed a new client project would start off, and progress, in the best possible way. I’ve used them with every client since. These 2 components create a super strong foundation for outstanding client retention and marketing results.

When I share this marketing idea with clients, I begin by introducing them to the 2 friends I bring with me to every project. Their names are; availability and willingness.

Availability

It’s essential to have enough time available to absolutely delight your clients or customers.

Many business owners work on too many projects simultaneously. They overload themselves. This approach fails the client. It fails the business owner too. In fact, it fails all round. When a service provider is unable to respond to the needs of their clients in a timely way, the client is left waiting. When a service provider has too little time to provide the level of service required, the quality of the service plummets. The reputation of the service provider plummets, too. This leads to low levels of client retention. And very few, if any, referrals.

The most successful business owners know how to avoid this from happening. Here’s what they do.

They charge a fair fee / price, which allows them the time needed, to provide the availability and quality of service required, to delight the client. They then develop outstanding client relationships. They enjoy exceptionally high client retention and are inundated with great referrals.

That approach sounds obvious. But just look at how few service providers get it right!

Willingness

Being available is absolutely essential. But it isn’t enough.

We need to inform people of our willingness. And then demonstrate it. After all, a disinterested person who contributes nothing to a project is technically available. We call those people RHINO’s… Really Here In Name Only.

What’s the best way to establish our willingness?

I’ve found the most effective strategy is to let everyone on the project know you’re willing, from the start. Right at the beginning. So don’t keep it a secret. Tell them you’re eager, motivated and happy to help.

Here’s a very recent, real-world example of what this looks like.

I joined a new client’s Basecamp group this morning. The very first thing I did was introduce myself to the team and encouraged them to bring me their problems and ask me questions. There’s no ambiguity there. I made my genuine willingness clear, so they can feel 100% comfortable asking me anything.

As things progress, we demonstrate our ongoing willingness to delight our clients by being consistently proactive.

Many service providers are reactive. They wait until a client contacts them. Some even see it as a win, if they don’t hear from a client for a long time! That’s a short-sighted approach to building a successful business.

If we haven’t heard from a client in a while, we need to reach out. I do this by sharing useful information with them or simply ‘checking in’ to see how things are progressing.

In short, availability and willingness don’t get mentioned much. But they’re essential components for delighting your clients and developing a highly respected, successful business.