Tag Archives: Dallas Small Business

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The Top 10 Business Growth Secrets!!!

Top 10 Business Growth Secrets!

Explode YOUR Business!

Using Make YOUR Mark’s TOP 10 Growth Secrets!

Secret #1: Many of us as entrepreneurs start our business with incredible passion and eventually end up doing operations, production and management tasks that we truly do not enjoy. Always be passionate about your role in your business and hire people to do the rest.

Secret #2: Always have a plan for your business. If you fail to plan, you plan to fail. What are your personal goals and the goals for your business? Always know why you are in your business and keep reminding yourself of your goals. In fact, I say call goals “promises” instead, as they have a much stronger emotional impact and meaning. Keep true to your promises to yourself!

Secret #3: Do you know your market? Who are you selling to? You cannot be everything to everyone. So, what niche markets are you after? You may have a few product lines and/or services and each may have their own or similar niche markets. Determine exactly what they are for your business!

Secret #4: Do you truly know what your cash flow is in your business… and I mean truly know?

At MYM we have a detailed 12 month cash flow analysis tool that lets us know exactly when our clients may encounter cash crunch or cash rich times in their businesses. Allowing you to relax and properly prepare every aspect of your business for growth this year.

Secret #5: Do you know exactly what your break-even is for your business?

The formula is very easy and is critical to truly knowing what revenue you have to make in order for your business to break-even every month. Take your revenue and minus the “cost of goods” from it and divide that number by the revenue again. This will yield your gross margin. Now, take your total overhead (salaries, expenses, rent, phones, etc.) and divide it by the gross margin and this is your true break-even.

Example: You sell computers for $500 each and they cost you $250. Your gross margin is ($500 – $250)/$500 = 0.50 (50%). If your salary and over head is $3,000 per month, your break-even is $3,000/0.50 = $6,000. This means you have to sell $6,000 worth of computers (product) just to cover your costs and only thereafter do you start making money!

Secret #6: Many entrepreneurs work extremely hard in the beginning of their businesses and do not take home any income. If you calculate your break-even above and do not include your income… you are truly not breaking-even. Always include your income as the company owner.

Secret #7: Always maintain full control over the bank accounts and cash in your business. Often we gain trust with our bookkeepers and start to let them take control. Here are the items to always control in your business:

  • Ensure that all cashed cheques that are returned to you by your bank are only opened by you as the company owner. This allows you to check all the signatures and ensure that each cheque is to a known vendor.
  • Never let anyone have blank cheques. Only give your bookkeeper the right number of cheques for each cheque run. Otherwise keep all cheques locked away.
  • Most important! If your bookkeeper will not take more than 7 days consecutive leave, this could be a flag that something may be up! Once a year hire a temp. bookkeeper that has no personal relationship with your bookkeeper to double check everything – very important!

Secret #8: In the 21st century many entrepreneurs and business owners want to give their key employees ownership in their businesses or have them earn a percentage of the company in order to keep them. Giving shares can become very complex especially if you start to have problems. Think of profit share which essentially gives them the same thing without them becoming a shareholder.

Secret #9: We are all in our own businesses to make money, change the lives of our family and most of all to have fun. When you first start out you are probably the most poorly paid person in your office, working many hours for very few dollars (working IN your business). With the proper plan in place you can see when this will switch over and give you incredible money for very few hours worked (working ON your business). Being in your own business is a tenacious game. Yet, with a plan in place and promises set, your future will be extremely exciting.

Secret #10: When putting your plan together always be looking at your exit strategy as the owner. If you are selling a product or service, how can you create an ongoing income stream (consumable or residual) that will build over the years so that eventually your monthly income is highly predictable and an easy asset to sell to a future buyer of your business? The key strategy here is that you should set your business up in the beginning with the intention of selling. Highly systematized business with good ongoing residual/consumables income is very attractive to a potential buyer.

Disclaimer: The views expressed in this report are that of Make YOUR Mark and not meant to be legal or accounting advice in any way or form. Please seek the correct advice from your local legal and accounting professionals.

you can email colin at Colinsprake@gmail.com

Author: Colin Sprake is the CEO of Make Your Mark, a Canadian company of live seminars, online entrepreneur academy and live accountability groups that have helped 10,000’s of Entrepreneurs achieve rapid results in small business growth and development. Colin is a best-selling author of ‘Entrepreneur Success Recipe’ and trains for BMO, Sun Life Financial, Scotia Bank, T.D. Bank and lives by the tagline Business With Soul – putting heart back into business!
.Click For Business Success.

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Learn To Grow Your Business Leadership Skill & Maximize Sales & Profit Growth…

Successful leadership in small business!

Quiz: What Kind of Leader Are You?

Rate yourself on a scale of 1-10 on how you live these characteristics of a leader:

Leaders take responsibility… they:

    1. Look for opportunities to be responsible.
    2. Are willing to be judged on performance
    3. Are willing to take responsibility for the actions of their team
    4. Do not blame of make excuses when things go wrong.
    5. Are accountable to their actions

Rate yourself on a scale of 1-10: _____

Leaders have clear vision… they

    1. Are clear about where they are going
    2. They know what they want from each situation
    3. They take action to make their vision come true
    4. Give a sense of meaning and direction to those around them.

Rate yourself on a scale of 1-10: _____

  1. Leaders have confidence… they
    1. Believe in themselves
    2. Say, “we CAN do it and we WILL do it.”
    3. Build confidence and bring out the best thing those who are on their team.

Rate yourself on a scale of 1-10: _____

Leaders are competent… they

    1. Have a high level of experience and a solid track record in their area of expertise
    2. Have a level of mastery that builds the respect of others and also gives leaders the ability to deliver on the things they promise.

Rate yourself on a scale of 1-10: _____

Leaders are action-oriented… they

    1. Are always in motion
    2. Usually doing more than one thing at a time
    3. Are very results-oriented
    4. Have a “ready fire aim” approach
    5. Take action even when they are uncertain

Rate yourself on a scale of 1-10: _____

Leaders and good communicators… they

    1. Make it easy for others to understand their current situation, their vision and their plan of action
    2. Communicate their message in a way that is clearly understood and that inspires those around them.

Rate yourself on a scale of 1-10: _____

Leaders and trustworthy… they

    1. Trust and are trustworthy
    2. They know that trust can take time to be earned but can be destroyed in a moment
    3. Value the trust of others and treat their leadership role as a privilege.

Rate yourself on a scale of 1-10: _____

Leaders make others feel important… they

    1. Are compassionate
    2. Are empathetic
    3. Care about people and have an ability to make people feel like they belong and that they are important and have something valuable to offer.
    4. Know that every person is special and unique and they respect each individual.

Rate yourself on a scale of 1-10: _____

Leaders are decisive… they

    1. Make decisions quickly
    2. They gather the info they need, trust their intuition and make decisions in a timely manner
    3. DO NOT PROCRASTINATE
    4. Prefer to keep moving now and make corrections later than to bring things to a halt while a decision is made.

Rate yourself on a scale of 1-10: _____

Leaders have strong commitment… they

    1. Are willing to take a stand for what they believe in

    2. Will do everything in their power to make things work

    3. Naturally attract followers because of their high level of commitment

    4. Are virtually unstoppable in reaching their goals.

Rate yourself on a scale of 1-10: _____

Now, look at the areas where you scored an 8 or above. These are the areas in which you excel the most. What are some examples of where you live these characteristics with your business?

Look at the scores where you scored less than 8. These are the areas where you could improve. Which areas need the most improvement?

How can you implement change in these areas?

What benefit would there be to your business if you were to practice these characteristics more regularly?

you can email colin at Colinsprake@gmail.com

Author: Colin Sprake is the CEO of Make Your Mark, a Canadian company of live seminars, online entrepreneur academy and live accountability groups that have helped 10,000’s of Entrepreneurs achieve rapid results in small business growth and development. Colin is a best-selling author of ‘Entrepreneur Success Recipe’ and trains for BMO, Sun Life Financial, Scotia Bank, T.D. Bank and lives by the tagline Business With Soul – putting heart back into business!
.Click To Grow Your Business Skills Today…

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Building A Powerful Mindset Is One Of The Key Steps To Creating Outrageous Results Within Your Business Success!

Entrepreneurial Success Mindset for Business

Do you have the Success MINDSET?

Your WORDS We Use!

It is really important as you start out your journey as an entrepreneur to really have your mindset in the right place. When I talk about your mindset I’m talking about the way that you think, because the way that you think will dictate the results that you get in your business. 95% of the failures that I see in business or with people who are entrepreneurs is that they have stinking thinking. There are some simple things that you can change in the way that you approach things and the most important one is to look at all the experiences or the choices that you make in a positive light. Let’s look at the three words below:

  • Right
  • Success
  • Good

What are the opposites or antonyms of these three words? Yes; wrong, failure and bad! There is one thing that I can guarantee you as you go out and start building your business there will be challenges along the way. It’s how you look at these challenges and the choices that you make from them that will dictate the results and success in every given situation!

So why not look at instead of using the words wrong, failure and bad, replace them with the word learning! You do not know everything when you first start out in business and it’s good to understand that you should not chastise yourself for every learning experience that you have. The most important part is to make sure that they are learning experiences, and you figure out what you have learnt from them in order not to make the same mistake twice.

Taking Things Personally

This is the most important skill that I had to learn in my own business. Recently, I had a few clients write to me that had some challenges with the groups that they belonged to as part of our company. You could simply say that they were disgruntled clients, which to me are one of the most important assets that you have in your business when you are first starting out. A client who voices their opinion is an asset because so many of them never voice their opinions directly to you, but yet they do it in front of other people and this harms your reputation and that of your business. If they voice their opinions directly to you, you could take the corrective action to put the steps in place to improve your business, improve your systems and overall make your client experience excellent.

I could have gotten very upset and have taking things very personally because of what these people had to say. It was also at the start of 2012 and my mind seems to automatically go to the place of WOW! What a way to start the New Year! I started to take things personally, and then I took a step back and said to myself “what am I meant to learn from these amazing clients voicing their opinions to me?”. The learning experiences I took from the situations have allowed me to make structural enhancements, improve selection criteria and systemization of our groups to a new level for 2012, and for that I thank them.

You see it is the way that you think and the thoughts that you have, that will either grow your business substantially or have it struggling and at worst run it into the ground. The above concept is very simple and sounds very easy to implement, my challenge to you is that you catch yourself in the process of negative thoughts and ask yourself what am I meant to learn from this experience, situation or choice that I made, in order to make my business stronger and dramatically improve my relationships with my customers?

Your customers can teach you a lot and one of the most important things to understand is that you need to take your own ego out of the equation, put it aside and listen to your prospects and clients. By listening to them you will grow your business faster and stronger and more sustainable than by not listening and not caring for your clients.

How Long You Hold Onto Things!

Taking things personally is one thing, but how long you hold onto these things is 100% your choice! You’ve heard many people say I am having a bad day. My question is does it have to be a bad day or can it just be a bad moment, a bad hour? It is truly your choice of how long you hold onto these given situations. In fact, taking the advice from earlier in the chapter you should be looking at it as not “bad” but what can I LEARN from these given situations?

A good example is when you got to visit a client and you anticipate taking their order or signing the contract, and things go not the way you thought they would. The client ends up beating you down on price, not giving you the terms that you want, or possibly just not signing the contract and you walk away with no order. For many people they take these situations extremely personally, when you should truly be asking yourself what can I learn from the situation and what was my contribution to the given situation? Simple things like the following:

  • How can I prepare more effective the next time?
  • What research could I have done to improve the situation?
  • What needs to be done to ensure it happens next time?

If you have done all of the above and you still don’t get the contract, do not beat yourself up but rather say “NEXT” and move onto somebody who has the greater potential of becoming your customer.

Well we really want you to get from this, is that how you approach every situation will determine the outcome and results you achieve. You can either look at everything as a learning situation or experience, or let your ego kick in and arrogance take over and not caring about what anybody has to say! From my experience this will be the demise of your business, because without clients you have nothing.

you can email colin at Colinsprake@gmail.com

Author: Colin Sprake is the CEO of Make Your Mark, a Canadian company of live seminars, online entrepreneur academy and live accountability groups that have helped 10,000’s of Entrepreneurs achieve rapid results in small business growth and development. Colin is a best-selling author of ‘Entrepreneur Success Recipe’ and trains for BMO, Sun Life Financial, Scotia Bank, T.D. Bank and lives by the tagline Business With Soul – putting heart back into business!
.Click For Your Business Success Today!!

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Transform Your Business With A Process That Works For All Types Of Businesses…

Entrepreneur Success Recipe

Entrepreneurial Mindset – Self-Awareness & Self-Observation!

Small Business Solutions…

I believe that your thoughts completely control your destiny in every aspect of your life. Thoughts are also energy whether conscious or sub-conscious and what you put “out there” will show up in your life. This is very much along the lines of the secret and the law of attraction.

There are some things that are so ingrained in us from childhood, whether it be the habits we received from our parents, siblings, etc. or just key experiences that have shaped who we are today. There are many life experiences as a child that dramatically impact who you are as an adult and how you approach things, even as an entrepreneur. We do cover a lot of this at our Business Mastery – Power in YOU! seminar and will be writing an entire book on the topic in the future.

Your thoughts completely dictate what is showing up in your life right now! At the Business Mastery 1 – Power in YOU! event we train people to be extremely self-aware and self-observant in what you say and what you think about the most.

I hear thousands of different life impacting statements every single day that are hindering people from achieving the success they deserve, and the sad part is most people do not even realize that they are doing it.

Here are a few key examples:

  1. I am not good at that.
  2. It’s tough in our industry right now!
  3. I cannot remember names.
  4. I hate looking at my numbers.
  5. People never return my phone calls.
  6. I am not good at doing videos.
  7. It’s hard to find profitable clients.
  8. Our business is seasonal and we are slow in…
  9. The economy has changed.
  10. I don’t like sales or selling.
  11. I keep on getting tough clients!
  12. I don’t have the success formula.
  13. What you teach does not work in my industry.

It’s very simple, until you start reframing these statements you will continue to attract them into your life and business and will keep achieving the same results. Because your mind does not know right from wrong, it will just give you what you say and think about most.

If you say you cannot remember names, guess what, you will never be able to remember names because you keep on reinforcing your mind to think you cannot remember names, every time you say it. The more you say self-defeating statements the more you ingrain them into your being.

There are simple steps you can take to improve the situation and the most important is being self-aware and catching yourself saying or thinking statements that are self-defeating and not enhancing or adding to your life or your business.

When you catch yourself doing it you cannot just switch them automatically and go from one extreme to the other, by saying I am great at remembering names, because your mind will sub-consciously say “bull shitter” and you will revert back to your common belief.

What you need to say is “I am in the process of remembering all names”. Your sub-conscious mind can accept this as it is plausible and the more you say it the more you will believe it, and the better you will become at remembering names.

Now, you can use this in every aspect of your life and business. The more self-aware and self-observant you become about what you are saying and thinking about the more you will increase the success in your own life.

If you are continually thinking about the debt you have or the lack of results, guess what they will continue to show up! You have to really start to reprogram yourself and get into new supportive success statements in all areas of your life.

Be careful though as you do not want to focus on what you don’t want. If you keep on having difficult clients, rather than saying I am finding fewer difficult clients, say I have amazing money making clients coming my way. If you say I am finding fewer difficult clients, your brain is still focused on the difficult clients and they will continue to show-up. In the movie the secret this is clearly explained by the late Mother Theresa who always said she would go to a peace rally but never an anti-war rally – if you focus on anti-war you get war! What you resist persists!

you can email colin at Colinsprake@gmail.com

Author: Colin Sprake is the CEO of Make Your Mark, a Canadian company of live seminars, online entrepreneur academy and live accountability groups that have helped 10,000’s of Entrepreneurs achieve rapid results in small business growth and development. Colin is a best-selling author of ‘Entrepreneur Success Recipe’ and trains for BMO, Sun Life Financial, Scotia Bank, T.D. Bank and lives by the tagline Business With Soul – putting heart back into business!
.Click For Your Business Success Today!!

http://events.mymsuccess.com/a/register_here

What Is Stopping You From Your Business Success Today! Join Us & Learn The Keys To Creating Massive Growth Within Your Life Today!!

Entrepreneurs are Addicts!

Small Business Solutions…

I believe that we are all creatures of habit and that our lives are made of habits; some extremely supportive towards success and others that impede us from getting where we want to be! In order to move your business to the next level and change the results you are achieving you have to significantly change your non-supportive or negative habits.

I call them addictions because you may be holding on to what you believe, and feel they are aiding you, but from the outside others can see that they are habits that will never build success. This is very much like being an alcoholic and until you decide to check-in for rehab you are not going to ever get yourself out of the poor non-supportive habits. I joke with many of our students as a lot of our courses are called Warrior courses or have the name Warrior in them and I have the plan in the future to add Intervention Warrior, to really get business owners and entrepreneurs to check-in to business rehab so that we can eliminate the non-supportive habits from their lives and businesses.

Do you have addictions and habits that are non-supportive and that are holding you back from achieving greatness in your business and life?

The biggest part to addictions is to first admit that you have a problem and from there take the necessary action in order to overcome the challenges. Sadly, most business owners and entrepreneurs never acknowledge that they have addictions to certain non-supportive behaviours and habits that keep them in the same place achieving the same results.

Below are some key addictions that I have experienced in my decades of working with entrepreneurs and some that I have had to overcome myself:

It’s good to be aware of what addictions are stopping you from achieving your greatness and finding the right places and programs in order to overcome them and get yourself to the next level.

It will take work to overcome some of the challenges and what you need to decide on today is where you want to be 12 months from now and what you are going to do to get there, and what new supportive habits and addictions are you going to create that build you up and create more success in your life?

you can email colin at Colinsprake@gmail.com

Author: Colin Sprake is the CEO of Make Your Mark, a Canadian company of live seminars, online entrepreneur academy and live accountability groups that have helped 10,000’s of Entrepreneurs achieve rapid results in small business growth and development. Colin is a best-selling author of ‘Entrepreneur Success Recipe’ and trains for BMO, Sun Life Financial, Scotia Bank, T.D. Bank and lives by the tagline Business With Soul – putting heart back into business!
. Click For Your Business Success Today!!