Mastering Your Business for Maximum Profit & Success

Date: July 12, 2014

Name: Mastering Your Business for Maximum Profit & Success

Presenter: Colin Sprake

Colin Sprake is a driven individual who encourage business owners to exceed their potentials. Sprake believes people cannot break their limits usually the problem is within themselves. The number one thing to grow business is all about networking and the number one thing to fail business is pre-assume judgment.

In networking, people can classify as 3 different categories: connectors, collectors, and jerks. Sprake emphasizes comfort zone is equal to killing zone, which means it is important to continue learning. Learning comes from visual, audio, kinesthetic, and sensory. The quickest way to learn is from kinesthetic, which involves engagement and involvement. Therefore, action is everything and the way you see things is everything.

“More successful you are, more you assist the community”

“Bigger the network, bigger the success and more profit”

Toxic Ingredients

Toxic ingredients are things that prevent people to be successful. There are five important toxic ingredients that need to address.

Toxic Ingredients # 5: Misguided Arrow

Misguided arrow means people do not have a clear target of their businesses. Wrong targets or directions can misguide people to something they do not want.

This toxic ingredient can be addressed by VDT, which is “Vivid Vision”, “Dynamic Focus”, and “Tenacity”.

Vivid Vision is to have a crystal clear of the business vision and the vision what the business looks like in five years. Dynamic Focus is to ensure not to do anything outside of the business plan. It is not necessary to waste any time on activities that are not aligned with the current vision. People need to ensure they have five years vision and one year plan because plan can change.

Activities can be either dollar making or non-dollar making. People spend time on activities that are not aligned with productivity. Business people consider that as ADD, which represents Another Darn Distraction. It is important to know the intention and the purpose of any activities. Moreover, people should attend to meeting that is income producing meetings/activities. In business, by adding more product or services will dilute business time; unless, the existing products are successful.

Tenacity is to ensure people will do what it takes to accomplish the vision no matter what.

“Vision without action is hallucination, and action without vision is clueless.”

Toxic Ingredient # 5: Ineffective Networking

Without proper ways to network in meeting can create ineffective networking. Ineffective networking waste business time and reduce productivity.

This toxic ingredient can be addressed by WIN, which means “Where”, “Intention” and “Need a message”.

People need to know where they should meet the right network. Many business people are in the wrong meet up group. A rule of thumb is to go to meetings where successful people hangout and hangout where business potential market hangout.

This can be divided into two Vs: victors and victim. Victor means to grow together and Victim is to stop growing together.

People need to know what their intention to attend those meetings. Successful people are out in the meetings to make money and build up businesses. They focus only on money because nice people do not pay the bills. Successful people always have the mindset of going out there and make money. It is acceptable to go and build relationship, but it is important to put the element of money in the process.

People need to know what their message is. It is important to emphasize that “solution creator” is the main message. Elevator pitch is not always effective because it does not explain to people the message. People need to create something that people will capture their attention for more detail. Therefore, people need to craft a message that is out of conventional way of thinking.

Businesses only have 2 rules: your rules or customer rules. Successful businesses set from your rules, not customer rules. Clients respect businesses that run in business owners’ rules, not clients.

“Any clients will remember you on how they experience with you and how you make them feels”

The 4 steps to create an effective message:

1)     Do not mention your company name

2)     Do not mention your title

3)     Create “I want that, but I do not know what it is “ to clients

4)     Expect only 2 people to response

In business, rules should be broken and it takes creativity to make money.

Toxic Ingredient #3: Poor Follow Up

People tend to forget it is very important to retain the clients’ database with proper follow-up.

There are two ways to convert prospects into clients: referrals and outrage offers. By creating outrage offers, it will build up credibility. Outrage offer can be created by very set rules and extreme well communication. It is important to know who can give the outrage offer to. These people can help business to get on board with more creditability. People with great attitude tend to have greater success in business.

It is more difficult to convert prospect to clients than receive referrals from existing clients. Current clients bucket list can leak, so it is important to retain and follow-up. Reputation is everything in business.

“You are a solution creator, not “can’t” installer”

Toxic Ingredient # 2: Wrong Focus

Typical business people tend to have the breakdown of 25% production, 65% operation and 10% sales/marketing. However, successful business people have the breakdown of 25% production, 10% operation and 65% sales/marketing.

Typical business people tend to focus on operation because it is their comfort zone. Nevertheless, successful business people will focus on sales and marketing.

Typical business people think it is significant to have the best system in place, but sales will fell apart. In addition, successful business people will think it is important to have the best sales because if business generates enough sales to hire others to do the operation.

“In your income hours do income earning activities”

Toxic Ingredient # 1: You

People can do anything if they put their mind into it. People should stop focusing on excuses and focus on results because people tend to have pre-excuse before the real excuse. People should think about rewards instead of penalties. Most people are pessimistic. However, what people fear of will expand. Therefore, people need to put positive energy and overcome the little voice in their mind.

“The biggest challenge in your company is you”