Daily Business Tips Flashcards
How to overcome mistakes
Redeem the mistake and focus on what you’ve learnt from it. Don’t concentrate on what you’ve failed.
What not to say to an upset customer
Never tell them you understand them. Instead tell them how you’d feel in their place. Become an ally
How to Prioritize your time
Define money maker - the most important thing that every one on the team absolutely needs to do to not lose the company money. Defend money maker time, and prioritize accordingly the other tasks.
See yourself as an economic investment
Think of how you create money for others. If another company buys your service, how much are they going to make?
Why should marketing messages be short?
You should have one point in a marketing message. Anything above is a baggage and distractor.
4-step algorithm for hiring when growing the company
Hire a personal assistant to free up your time;
Replace freelancers with full-time workers;
Hire a chief of staff to duplicate yourself;
Hire a COO to put everything within a system and make everybody obey these rules.
Don’t be aggressive, be assertive
Don’t build up things inside you, don’t get angry. Don’t react emotionally. Stay calm and state facts, what you want to be done.
Marketing message that works
TWO parts: 1. This is the problem I solve, 2. This is how I solve it.
The message should be problem, the same problem said differently, problem, problem, solution, solution, solution. TWO ideas to communicate in email, ad, or elsewhere
How to predict future revenues
Identify lead measures that bring you to the lag measures. The revenue is a lag measure. Sales emails are lead measures.
Why not to give away a product
People don’t respect your product. Always charge for your products so that people respect your products.
Keep your company from crashing
Divide the expenses into 3 categories (airplane parts):
- Expenses on the product are the wings - future profit
- Expenses on the marketing and sales are the engine
- Overhead expenses is the body of the airplane - don’t make it too heavy
Managing company money
4 accounts - operational money, personal account, tax account, profit account. 95% of profit goes to the personal account
How to relate to your team
Use more positive reinforcement than negative reinforcement. 10-to-1 positive to negative. Even when talking to yourself.
How to talk about yourself
Talking about yourself by playing the guide, helping the customer win. Express empathy and authority, but focus on the problem and how you help them
What to do with BIG ideas
Hesitate the urge of telling everybody. Instead, discuss with 1-2 people and then come up with a roll-out plan
