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109 views98 pages

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Rafael Aleman

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Brian Tracy’s

Business Start-Up
Success Made Simple
DO THIS FIRST!
FREE Entrepreneurial Skills Assessment:
Did you know that improving even just ONE area of your business can double your sales and
income? Do you know which areas are your strengths and which are your weaknesses?
When you take my FREE Entrepreneurial Skills Assessment, 30 different areas within your
business will be identified and assessed. You’ll receive a complete and personalized report
detailing which areas within your business have the most opportunity and which areas need
improvement.
To get started, go to: www.briantracy.com/startupsuccess

Business Growth Strategies Online Learning/Training:

A Proven System to Boost Your Profits in Any Economy!
You’ll also receive one month of FREE access to a personalized online learning program
tailored to your specific personal and professional growth needs.
This means you’ll have access to a comprehensive, customized 30 part learning program,
including high powered video lessons, action exercises, and business strategies –
ABSOLUTELY FREE.
Learn how to increase your sales, grow your business, and increase your productivity today.
To get started, go to: www.briantracy.com/startupsuccess to complete the assessment
before accessing Business Growth Strategies!
BUSINESS START-UP SUCCESS MADE SIMPLE

Notes and Exercises for review, reinforcement and continuous learning

TABLE OF CONTENTS

LESSON ONE
The Keys to Entrepreneurial Success ..................................................................... 1

LESSON TWO
Selecting the Right Product or Service ................................................................... 9

LESSON THREE
Planning for Profitability ....................................................................................... 15

LESSON FOUR
Marketing, Selling and Customer Service ........................................................... 22

LESSON FIVE
Winning the Hearts and Minds of Customers.................................................... 30

LESSON SIX
Selling Your Way to the Top ................................................................................. 35

LESSON SEVEN
Closing the Sale ....................................................................................................... 43

LESSON EIGHT
Becoming a Master Negotiator ............................................................................. 51

LESSON NINE
Financing Your Business ........................................................................................ 59

LESSON TEN
All Business is People Business ............................................................................ 67

LESSON ELEVEN
Improving Your Personal Productivity ............................................................... 75

LESSON TWELVE
Increasing Your Profits/Balancing Your Work and Personal Life .................. 82

© Brian Tracy. All rights reserved. The contents, or parts thereof, may not be reproduced in any form for any purpose without the written permission of Brian Tracy.
BUSINESS START-UP SUCCESS MADE SIMPLE 1

Notes and Exercises for review, reinforcement and continuous learning

LESSON ONE
The Keys to Entrepreneurial Success

There are certain things that you can and must do on a regular basis to start
and build a successful business.

1) Fully 90% of business failures, according to Dun & Bradstreet are the
result of lack of knowledge and skill on the part of the business owner.

2) Most people start a new business by plunging in and then learn all of
their lessons at a high cost in time and money.

3) The good news is that 90% of businesses started by people with

business knowledge and skill eventually succeed.

4) The most important word in business success is “clarity;” you must

decide exactly what you want in each area of your business life.

5) Successful business people are intensely goal oriented, working

toward achieving their goals every single day.

6) There are seven steps to achieving goals. Here they are:

a) Decide exactly what you want;

b) Write it down on paper;

c) Set a deadline, and if necessary sub-deadlines;

d) List everything you must do to achieve your goal;

e) Organize your list into a plan by setting priorities on the

activities;

f) Take action on your plan immediately;

g) Do something every day that moves you toward your most

important goals.

7) Write down a list of ten goals in the present tense to organize your
thinking.

8) Analyze your list and select the one goal that can have the greatest
positive impact on your business life.

9) Make a plan today to achieve that goal, no matter what happens.

10) The primary motivation for becoming an entrepreneur is not money

but freedom.

11) The first necessity for business success is the courage to take action
with no guarantee of success.

12) The second quality you need is unshakeable persistence until you
succeed.

13) Select a business, product or service that you like, enjoy and would use
your skills.

14) Do something that you enjoy, that interests you and that absorbs and
grabs your attention.

15) Be absolutely clear about your ideal customer for your product or
service.

16) Your product or service must be better in three different ways from
those offered by your competitors.

17) Do fast, cheap market research before spending money.

18) Find out every detail of the product or service before you invest in
bringing it to the market.

19) Ask a customer for his or her opinion about your new product or
service idea.

20) Approach your business strategically, as if you were a third party

consultant giving advice.

21) How does your product serve your customers better, faster or cheaper?

22) Determine your area of excellence, your competitive advantage in the

market place.

23) Identify your competition for what you want to sell.

24) Develop a complete business plan before starting.

25) Remember, everything costs twice as much as you think it will and
everything takes three times as long as you estimate.

26) Murphy’s Law: Whatever can go wrong will go wrong.

27) Think through every possible part of your business before you begin.

28) Avoid the mistakes that lead to business failure.

29) Two of the major reasons for personal failure are impatience and
greed.

30) The major reason for business failure is insufficient sales and loss of
momentum in the sales department.

31) The purpose of a business is to create and keep a customer; profits are
the result.

32) Focus on the five P’s of marketing: Product, Price, Place, Promotion,
and Positioning.

33) Focus single-mindedly on sales from the very first day.

34) Advertise your product or service continually.

35) Test every advertisement or offer before you use it on a large scale.

36) Focus your advertising on one specific benefit that the customer will
enjoy by buying your product or service.

37) Use the internet to boost your sales by becoming an expert in internet
marketing.

38) Become intensely action oriented. Keep moving toward your business
goals every day.

39) Learn how to get the money you need fourteen different ways, as
explained in this program.

40) Learn how to borrow money from your bank with the five C’s.

41) Make use of every technological advance possible for communicating

with your customers, making sales and accounting for them.

42) Always focus on the 20% of activities that account for 80% of your
results.

43) Learn and practice the A B C D E Method of time management.

44) Dedicate yourself to lifelong learning, at least 1 to 2 hours each day.

45) Hire slow and fire fast. Fully 95% of your success will be determined
by the people you hire to work for you.

46) Practice the seven secrets of success explained in this program.

47) Make a decision today that you are going to be a big business success,
and that nothing can stop you.

ACTION EXERCISES

1) Determine what business you are really in. What does your product or
service achieve, avoid or preserve for your customers?

a) __________________________________________________________

b) __________________________________________________________

c) __________________________________________________________

2) Identify your competitive advantage. Give three reasons why

someone should buy from you rather than from your competitor.

a) __________________________________________________________

b) __________________________________________________________

c) __________________________________________________________

3) Focus on sales every day. What could you do to increase the quality
and quantity of your sales today?

a) __________________________________________________________

b) __________________________________________________________

c) __________________________________________________________

4) Who is your ideal customer? Describe the characteristics of your ideal

customer in three ways.

a) __________________________________________________________

b) __________________________________________________________

c) __________________________________________________________

5) Develop a complete business plan. What three factors are most

important?

a) __________________________________________________________

b) __________________________________________________________

c) __________________________________________________________

6) Use your time well. What are the three most valuable things you can
do each day?

a) __________________________________________________________

b) __________________________________________________________

c) __________________________________________________________

7) What three activities could have the greatest positive impact on your
business right now?

a) __________________________________________________________

b) __________________________________________________________

c) __________________________________________________________

Notes and Exercises for review, reinforcement and continuous learning

LESSON TWO
Selecting the Right Product or Service

1) The key to business success is high sales; the reason for business
failure is low sales; all else is commentary.

2) Your product or service must be something you passionately believe

in, that you have the potential to be the best in producing, and which
is also profitable.

3) You should only offer a product or service where you have the
potential to be the best in that area.

4) In selecting a product or service, be sure that you like it and believe in

it yourself personally.

5) Think like a customer; would a customer like it? Would a customer

buy it? Would a customer buy from you?

6) What will your customers be wanting or buying in five years?

7) The best way to predict the future is to create it.

8) Imagine reinventing yourself and your business every six months.

9) There will never be an end to products and services needed to be

produced to satisfy unlimited wants and desires.

10) Read everything you can find to discover new products, new ideas for
products and services.

11) Attend trade shows, fairs and exhibitions in your field.

12) Look for new product or service ideas that are being featured as news
stories in the business press.

13) Keep your eyes open while you are travelling.

14) One of the major sources of new products and service ideas is
demographic trends.

15) Look into your own field or skills and experience for new product or
service ideas.

16) “Create a definite plan for carrying out your desire, and begin at once,
whether you’re ready or not, to put it into action.” (Napoleon Hill)

17) Once you have found a new product or service, determine exactly how
much it will cost to produce. (Phone or visit a prospective customer
for the product or service you are thinking of bringing to the market.)

18) Seek out people in the same business and ask for their opinion of the
product or service.

19) When you take your product or service to a woman, she will give you
an immediate, honest, accurate and intuitive answer about its
attractions and marketability.

20) Your product or service must be superior in at least three ways to any
competitive product or service in your market.

21) How big is your market? How much of your particular product or
service is already being sold? Find out exactly what your competitors
are charging, and what customers are paying.

22) Customers only care about what your product does to improve their
life or work.

23) What is to be sold?

24) To whom is it to be sold?

25) How is it to be sold?

26) By whom is it to be sold?

27) What marketing, advertising and promotional activities will you use?

28) How is the product or service to be produced and delivered to

your customer?

29) How will the customer pay for the product?

30) How will you service the customer after the purchase?

31) Is there really a market for what you want to sell, and is the market big
enough and profitable enough? Fully 80% of all products and services
in the market place today will be obsolete within five years.

ACTION EXERCISES

1) What exactly is your product or service, in terms of how it benefits,

helps or improves the life or work of your customer?

a) __________________________________________________________

b) __________________________________________________________

c) __________________________________________________________

2) Who is your exact customer, your ideal customer, your perfect

customer, in terms of age, income, location, position, education and
specific situation or need?

a) __________________________________________________________

b) __________________________________________________________

c) __________________________________________________________

3) How are you going to attract ideal customers in terms of advertising,

promotion and other lead generation activities?

a) __________________________________________________________

b) __________________________________________________________

c) __________________________________________________________

4) How are you going to sell your product or service in terms of

convincing a skeptical customer that he or she should buy from you?

a) __________________________________________________________

b) ________________________________________________________

c) __________________________________________________________

5) How do you produce, package, ship and deliver your product once
you have sold it, to ensure a high level of quality?

a) __________________________________________________________

b) __________________________________________________________

c) __________________________________________________________

6) How will you follow-up and service your customer to ensure a high
level of satisfaction and repeat business?

a) __________________________________________________________

b) __________________________________________________________

c) __________________________________________________________

7) What is your plan to develop or discover new products or service

ideas so that you can continually increase your sales and profitability?

a) __________________________________________________________

b) __________________________________________________________

c) __________________________________________________________

Notes and Exercises for review, reinforcement and continuous learning

LESSON THREE
Planning for Profitability

1) Before you do anything, you have to do something else first.

2) The highest paid work in business is thinking, because of the

consequences of doing it properly or not.

3) The purpose of a business is to create and keep a customer.

4) The key measure in business success is customer satisfaction.

5) The key requirement for wealth building and business success is for
you to add value in some way.

6) The key focus in business is the customer.

7) The key word in life, work and business is contribution.

8) The most important question you ask to solve any problem or

overcome any obstacle, or achieve any business goal is “How?”

9) The key strategy for success today is continuous improvement in

every area.

10) A key activity for successful business is sales.

11) The key number for you to pay attention to is cash flow.

12) The key goal for business must be continuous growth.

13) The key quality for business success is your level of determination.

14) The key result is to reach the point where you never have to worry
about money again.

15) You need clear, specific, written goals for your business, and every
part of your life.

16) Imagine today that you received $20 million cash in the bank, tax free,
but you only had ten years left to live.

17) What one great goal would you set for yourself if you knew you could
not fail?

18) Your business plan includes your top line, your middle line and your
bottom line.

19) You should conduct a profit analysis of every product and service that
you sell on a regular basis.

20) Determine – What business are you in? What business are
you really in?

21) Recognize – Who is your customer? Who is your ideal customer?

22) Know – Why does your customer buy your product or service? What
value does he or she seek?

23) Understand – What is your competitive advantage? What do you do

better than any of your competitors?

24) Realize – Who is your competitor? Who does your customer buy from
rather than from you?

25) Be Aware – What are the constraints that hold you back? What sets
the speed at which you achieve your goals?

26) Decide – What are the 20% of activities that you can engage in that
could account for 80% of your results?

27) Developing a business plan before you begin forces you to think
through every critical number and issue in your business.

28) Every minute spent in planning saves ten minutes in execution, and
maybe hundreds of thousands of dollars later.

29) A system is a step-by-step process, from beginning to end, that you use
to ensure consistency and dependable performance in every area.

30) You need a proven system that generates a steady stream of qualified
leads.

31) You need a proven sales system to convert interested prospects into
buying customers.

32) You need a proven system for producing a product or service that you
have sold to the customer.

33) You need a step-by-step system to fulfill orders and deliver the
product or service to the customer.

34) You need written policies and procedures for follow-up service to each
of your customers.

35) You need smoothly functioning accounting systems that track every
penny of revenue and expense coming into or moving out of your
business.

36) You need written systems that clearly describe each job and how it is
to be done.

37) You need to determine measures, metrics and score cards for every job
and every part of each job.

38) Your economic denominator is the critical number that determines the
success or failure of your enterprise.

39) Think about how you measure success at your job.

ACTION EXERCISES

1) Resolve today to begin the hard work of planning, thinking through

and writing down your answers to the key questions in this lesson;
what are the most important?

a) __________________________________________________________

b) __________________________________________________________

c) __________________________________________________________

2) Define your product or service in terms of what it does for your

customer, how it improves his or her life or work.

a) __________________________________________________________

b) __________________________________________________________

c) __________________________________________________________

3) Determine your key competitors and why it is that your potential

customers buy from them rather than from you.

a) __________________________________________________________

b) __________________________________________________________

c) __________________________________________________________

4) What are the 20% of your sales and marketing activities that contribute
80% of the value of all the work you do?

a) __________________________________________________________

b) __________________________________________________________

c) __________________________________________________________

5) What could you do, starting today, to become one of the very best
companies in your industry?

a) __________________________________________________________

b) __________________________________________________________

c) __________________________________________________________

6) Determine your exact cash flow projections for the coming year and
your cash requirements to stay in business.

a) __________________________________________________________

b) __________________________________________________________

c) __________________________________________________________

7) Think on paper. Take the time to sit down on a regular basis and
review the key numbers and data for your business What are they?

a) __________________________________________________________

b) __________________________________________________________

c) __________________________________________________________

Notes and Exercises for review, reinforcement and continuous learning

LESSON FOUR
Marketing, Selling and Customer Service

1) Everyone is in sales of some kind, from the time you take your first job
until the time you retire.

2) Everyone in a business is in customer service, no matter what else

you do.

3) The purpose of a business is to create and keep a customer.

4) How do you measure customer satisfaction? Answer: repeat business

from happy and satisfied customers.

5) Three goals: 1) Get the customer to buy from you rather than someone
else; 2) Get them to buy again; 3) Get them to bring their friends.

6) The most important person in your business is the customer.

7) Marketing is the process of lead generation.

8) Sales is the business of converting leads into paying customers.

9) The first P of the marketing mix is your product or service: you define
your product or service in terms of what it does to improve the life or
work of your customer.

10) Your price is the amount that you are going to charge for your product
or service, in all different ways.

11) Your place is where you are going to locate your business or offer your
products or services.

12) Your promotion efforts are how you advertise and attract customers
and how you convert them into buying customers.

13) Your packaging describes every visual element that your customer
sees in the process of buying from you or not.

14) Your positioning is determined by the words and the thoughts that
customers have when your name comes to their mind.

15) Your people, the seventh part of the marketing mix, are the ones who
actually interact with your customers on a day-to-day basis.

16) Your real business is the business of customer acquisition.

17) Determine how many customers you have to attract each month before
you break even.

18) The first key of marketing strategy is specialization, in a particular

product or service, market, or customer.

19) The second part of marketing strategy is differentiation; this is your

competitive advantage, what you do that makes you superior to any
other competitor.

20) The third key to marketing strategy is segmentation, determining the

exact potential customer who can most benefit and enjoy from what
you do better than anyone else.

21) The forth key to marketing strategy is concentration; this is where you
concentrate your resources of time and money on the very best
prospective customers in the existing market place.

22) Advertising is a form of sharing information to acquire potential

customers.

23) You should always test and measure your advertising efforts on a
small scale before you expand them on a large scale.

24) Identify the key benefit that you offer that causes the most people to
respond to your advertising.

25) In advertising, focus on one benefit that customers want more than
anything else, that will cause them to respond.

26) The three part formula for effective advertising is to describe the
problem, describe the solution, and then offer your product or service
as the best solution, all things considered.

27) Direct-response advertising means that people respond immediately

to your advertising. If they don’t come, stop doing it.

28) The purpose of marketing is to make selling unnecessary.

29) The selling process consists of everything you do to convert a prospect

into a customer.

30) The first rule of selling is prospecting, to spend more time with better
prospects.

31) The second part of selling is to establish rapport and trust so that
people like you and believe you when you speak.

32) The third part of selling is to identify needs accurately before you
begin talking about your product or service; you do this by asking
good questions.

33) The sale is made in the presentation, the fourth part of selling, once
you have established rapport and clearly identified what he or she
wants, needs and is looking for.

34) The fifth part of selling is answering objections; there are no sales
without objections or concerns.

35) The sixth part of selling is closing the sale, getting the customer to
make a firm commitment, sign the order, and give you a check.

36) The seventh part of selling is getting re-sales and referrals from
satisfied customers. The more referrals you get, the easier it is to make
sales, and the more money you make.

37) Credibility is the key to the sale.

38) Customer service and customer satisfaction are the keys to business
growth and profitability.

39) The first level of customer service is where you meet the expectations
of your customer every single time, both spoken and unspoken.

40) The second level of customer service is where you exceed

expectations, you do something above and beyond what
customers suspect.

41) The third level of customer satisfaction is where you delight your
customers, satisfying them at a higher level than anyone else.

42) The fourth level of customer service is where you amaze your
customers; you make them so happy that they want to buy from you
again and bring their friends.

43) The ultimate question in marketing is, “Based on your experience with
us, on a scale of 1 – 10, would you recommend us to others?”

44) Every customer contact is a “moment of truth” that determines

whether this customer deals with you again.

45) You must continually test and measure every part of your marketing
mix and customer service plan.

46) You need a customer service policy that spells out, on paper, exactly
how customers will be treated under every circumstance.

47) The key to business success is to give customers the services that they
expect, and then to constantly strive to exceed those expectations.

ACTION EXERCISES

1) Resolve to spend 50% or more of your time on customer acquisition

from now on. Make it a central focus of everyone in your business.
How can you do this?

a) __________________________________________________________

b) __________________________________________________________

c) __________________________________________________________

2) Determine how much you are spending to “buy customers” and how
much you can afford to spend. What are the best ways?

a) __________________________________________________________

b) __________________________________________________________

c) __________________________________________________________

3) Test and measure every advertisement and measure of promotion to

be sure that it is “free” in that it pays for itself in additional profits.
What are your best methods of advertising and promotion?

a) __________________________________________________________

b) __________________________________________________________

c) __________________________________________________________

4) Analyze your selling process and be sure that everyone who deals
with every lead or customer is thoroughly trained to convert as many
leads as possible. What are the key parts of your selling process?

a) __________________________________________________________

b) __________________________________________________________

c) __________________________________________________________

5) Create a customer service policy and be sure that everyone in your

company knows exactly what to do and say in every customer contact.
What are the three most important parts of a customer contact?

a) __________________________________________________________

b) __________________________________________________________

c) __________________________________________________________

6) Identify your most important competitive advantage, your “unique

selling proposition,” and build all your advertising, promotion and
selling efforts around it. In what ways is your product or service
superior to that of your competition?

a) __________________________________________________________

b) __________________________________________________________

c) __________________________________________________________

7) Determine what you will have to do to get your customers to give you
a nine or a ten score on the question, “Based on your experience with us,
would you recommend us to your friends and family?”

a) __________________________________________________________

b) __________________________________________________________

c) __________________________________________________________

Notes and Exercises for review, reinforcement and continuous learning

LESSON FIVE
Winning the Hearts and Minds of Customers

1) How customers think about you largely determines how easily you
sell, how much you sell, how often customers buy from you, and
whether or not they recommend you to others.

2) What words would it be most helpful for customers to think about and
use when they talk about your company?

3) The most important thing you do in determining your success is

differentiation from your competitors in some way.

4) Why do your customers buy your product or service rather than that
of your competitors?

5) What is it about your product or service that makes it more attractive

to customers than that of any competitor?

6) What is it that your product or service does to help your customers in

some way to improve their life or work?

7) On a scale of 1 – 10, how would you rank in terms of quality ratings in

your marketplace?

8) What can you do to improve your quality ratings in your market

relative to your competitors?

9) Your reputation is your most valuable asset; this is defined as “how

you are known to your customers.”

10) Referrals are far more believable and credible than anything that your
sales people can say.

11) “Determine exactly the kind of reputation that you want your
company to have in your market place, and then make sure that
everything you do supports and reinforces that reputation.”

12) Position yourself in a different way from the way that your
competition are positioned in this market; be original.

13) The first part of quality is defined as your product or service, it does
what you say it will do.

14) The second part of quality is defined by your customer service,

the way you treat people when you sell and deliver your product
or service.

15) Be sure that everyone that interacts with your customers is warm,
friendly and positive.

16) Your company brand is defined as the “promises you make and the
promises you keep.”

17) Consistency is the most important part of business success; you treat
your customers the same way every single time.

ACTION EXERCISES

1) Determine your reputation in the market place today. What do people

say about you, your business and your products or services when they
describe you to others?

a) __________________________________________________________

b) __________________________________________________________

c) __________________________________________________________

2) Decide upon the words that you want to own in your customer’s
minds when your name is mentioned. What could you do to ensure
that these words come to mind when customers think about you?

a) __________________________________________________________

b) __________________________________________________________

c) __________________________________________________________

3) Determine your quality ranking in your business or industry today.

On a scale of 1 – 10, with ten being the highest, what is your score
today and how could you improve it?

a) __________________________________________________________

b) __________________________________________________________

c) __________________________________________________________

4) What actions could you take or change that could begin improving
your quality ranking by one point?

a) __________________________________________________________

b) __________________________________________________________

c) __________________________________________________________

5) If your business were large, prosperous, and ideal in every way, how
would people talk about it in comparison with your competitors?
How would your business and products be better than others?

a) __________________________________________________________

b) __________________________________________________________

c) __________________________________________________________

6) What is your brand? What are the promises your customers expect
you to keep when they buy from you?

a) __________________________________________________________

b) __________________________________________________________

c) __________________________________________________________

7) If your business were rated as the best in your industry, what would
be different from the way your business is today? What changes
would you make?

a) __________________________________________________________

b) __________________________________________________________

c) __________________________________________________________

Notes and Exercises for review, reinforcement and continuous learning

LESSON SIX
Selling Your Way to the Top

1) From the day you start your business until the day you retire, you are
in sales of some kind.

2) Have you ever wondered why some sales people are more successful
than other?

3) Each person has the ability to become absolutely excellent in the field
of sales; this should be your goal.

4) Make the good decision, right now, to become one of the very best
sales people in your field.

5) Make a firm, unequivocal decision to be the best at what you do.

6) The Law of Incremental Improvement lies at the root of all great

success in life, including sales success.

7) Anything worth doing is worth doing poorly at first.

8) Commit today to read every book that can help you to become
excellent in sales.

9) Listen to audio programs in your car as you drive from place to place.

10) Take all the training you can get to become outstanding in selling.

11) You are the architect of your own destiny and the master of your
own fate.

12) You are paid in direct proportion to your performance and

your results.

13) Resolve today to be a master of change rather than a victim of change.

14) The Winning Edge Concept says that “small differences in ability can
translate into large differences in results.”

15) The highest paid salespeople have certain attitudes and qualities of
thinking in common.

16) A positive mental attitude is essential to success in selling.

17) Top sales people are ambitious; they are committed to be the best at
what they do.

18) Top sales people are courageous; they confront the fears of failure and
rejection that hold most people back.

19) Top sales people are completely committed to their companies, their
products and services, and to their customers.

20) Customers today are far more knowledgeable, sophisticated,

experienced and demanding.

21) 40% of modern selling is based on developing a high-quality

relationship with the customer before you begin to sell.

22) 30% of the modern sales process is in accurately defining the

customer’s real needs.

23) The most important part of modern selling is listening; listening

builds trust.

24) In the presentation part of selling, you clearly match the customer’s
needs to the features and benefits of your product.

25) The final point of modern selling is the confirmation of a closing

phase, which is quite easy if you’ve done everything else correctly.

26) Position yourself as a consultant in the sale; ask good questions,

listen closely to the answers and seek opportunities to help
your customer.

27) Specialize in type of customers, or products or services that you sell.

28) Differentiate what you sell by being absolutely clear about why and
how your product or service is superior to anything else being offered.

29) Segment your market by seeking out exactly those customers who can
most benefit and enjoy from what you do better than anyone else.

30) Concentrate your energies by focusing on your highest probability

prospects.

31) Your most valuable asset is your earning ability, your talent and skill
in your field.

32) Your most precious resource is your time; the quality of your life is
determined by the quality of your time management.

33) The 1000% Formula shows you how to increase your productivity,
performance and income more than ten times over ten years.

34) Read 30 – 60 minutes in your field, in professional selling each day.

35) Re-write your major goals in a spiral notebook each morning before
you start off.

36) Plan every day in advance, setting clear priorities on your activities.

37) Always concentrate on the most valuable use of your time, all
day long.

38) Listen to educational audio programs in your car as you drive around,
rather than the radio.

39) Ask two questions after every sales call; “What did I do right?
What would I do differently?”

40) Treat every person you meet like a million dollar customer, like he or
she was the most important customer in your market.

41) Resolve today to double your productivity, performance and output.

42) Set clear personal income goals for the next twelve months.

43) Determine your hourly rate by dividing your annual income by

2,000 hours.

44) Determine the most valuable things that you do to earn your
hourly rate.

45) Set specific sales and income goals for every week and every month of
your year.

46) Set personal goals that you want to achieve by the money that you
earn from successful selling.

47) Set clear, specific, written goals, with deadlines that you work on every
single day.

48) Set priorities on your tasks, and always concentrate on the most
valuable use of your time.

ACTION EXERCISES

1) List three reasons why a prospect should buy from you rather than
from one of your competitors.

a) __________________________________________________________

b) __________________________________________________________

c) __________________________________________________________

2) What are three things you could do each day to ensure that you
eventually become one of the best salespeople in your industry?

a) __________________________________________________________

b) __________________________________________________________

c) __________________________________________________________

3) What are your three most important goals in life, business and
personal, right now?

a) __________________________________________________________

b) __________________________________________________________

c) __________________________________________________________

4) What are the three essential tasks you must carry out each day to
ensure high levels of sales for your company?

a) __________________________________________________________

b) __________________________________________________________

c) __________________________________________________________

5) List three activities in the 1000 % Formula that you are going to
start doing.

a) __________________________________________________________

b) __________________________________________________________

c) __________________________________________________________

6) In what three ways could you position yourself as a consultant in

every customer conversation?

a) __________________________________________________________

b) __________________________________________________________

c) __________________________________________________________

7) What three skills would help you the most to increase your sales and
your income?

a) __________________________________________________________

b) __________________________________________________________

c) __________________________________________________________

Notes and Exercises for review, reinforcement and continuous learning

LESSON SEVEN
Closing the Sale

1) Closing the sale is the most difficult and stressful part of the sales
process, both for the salesperson and for the customer.

2) You can double and triple your sales results by using the methods
taught in this lesson.

3) Good salespeople are made, not born.

4) Before you close the sale, you have to do several other things first.

5) The first requirement for closing is enthusiasm, perhaps 51% of all

closing effectiveness.

6) You require the quality of an attitude of confident expectancy to make

a sale.

7) Qualification: you cannot sell a product until you know exactly what
the prospect wants and needs.

8) The prospect must want, need, be able to use and afford what you are
selling before you ask a closing question.

9) Each customer arrives at a state of tension and resistance at the

moment of closing the sale.

10) The major stumbling block on the part of the salesperson in closing is
the fear of rejection.

11) The best news is that rejection is not personal.

12) You should expect sales resistance at every stage of the sale; this goes
with the territory.

13) The Appointment Close requires that you develop a telephone script
that enables you to get appointments with qualified prospects using
the telephone.

14) When you are telephoning or emailing for an appointment, you sell
only the appointment, not your product or service.

15) Ask for ten minutes of the prospect’s time and say, “You be the judge.”

16) Be polite but firm in nailing down the exact time and date of the
appointment.

17) You use the Approach Close to get the prospect to agree that he or she
can buy a certain amount before you begin.

18) With the Demonstration Close you get the customer to admit that he
or she is in a position to buy if they like your offering.

19) You ask the prospect, “If I can show you the very best product in this area,
are you in a position to go ahead today?”

20) The Hot Button Close is based on your finding the key benefit that the
customer wants, needs and is willing to pay for, and then emphasizing
that benefit throughout your presentation.

21) The way you discover the hot button is by continually asking
questions about the various features and benefits of your offering until
the customer lights up with interest and desire.

22) The Trial Close is something that you can use and even if you receive
a “no,” it does not stop the sale.

23) You use the Power of Suggestion Close by creating emotions in the
prospect with words or pictures.

24) The Ascending Close requires that you ask a series of yes answer
questions of the prospect, ending with the close of the sale.

25) With the Invitational Close you simply say, “Why don’t you
give it a try?”

26) With the Price close, when the customer asks about price, you say,
“Mr. Prospect, the price is the best part and I’m going to cover that in just a
minute. Would that be all right with you?”

27) Always justify the price by emphasizing the value that the customer
receives from the amount that you charge.

28) In the Just Suppose Close, you say, “Mr. Prospect, just suppose that price
is not an obstacle and that we can deal with your price concerns to your
complete satisfaction, may I ask you a couple of questions?”

29) The Sudden Death Close is something you can use with a customer
who will not say yes and will not say no.

30) The Sharp Angle Close can be used to turn an objection into a reason
for buying.

31) The Instant Reverse Close responds to the prospect by saying, “That’s
exactly why you should buy it.”

32) The Change Places Close requires that you ask the customer to change
places with you in the sales presentation and answer his own
objection.

33) The Secondary Close requires that you close on a small point in
the sale, when a yes answer on a smaller element means yes to the
larger sale.

34) The Preference Close is based on asking, “Which of these do

you prefer?”

35) The Assumption Close is used when you simply assume that the
customer is going to buy and go on to wrap up the order.

36) The Summary Close is used when you summarize all the benefits of
buying your product or service before asking for the order.

37) The Order Sheet Close is used when you take out an order sheet and
begin filling it out from the beginning of the sales conversation; this
makes it very hard for the customer to resist buying later on.

38) The Relevant Story close is used when you tell a success story of a
happy customer who bought your product or service even though they
were concerned about the price.

39) The Doorknob Close is often called the Lost Sale Close. When you put
your hand on the doorknob, on the way out, you turn and ask a critical
question.

40) The Referral Close is how you get a golden chain of referrals from
satisfied prospects and customers.

41) The most important quality for sale success is boldness; this is the
ability to ask for the order clearly and confidently.

ACTION EXERCISES

1) Think through your entire selling process, from getting the

appointment to closing the sale. How could you improve it based on
what you have learned in this chapter?

a) ___________________________________________________________

b) ___________________________________________________________

c) ___________________________________________________________

2) List three sales closing techniques from those described above that you
could adapt to your product or service.

a) ___________________________________________________________

b) ___________________________________________________________

c) ___________________________________________________________

3) What are three changes you could make in your sales activities to
increase your credibility with your prospects?

a) ___________________________________________________________

b) ___________________________________________________________

c) ___________________________________________________________

4) List the three best features and benefits of your products or services
that make them superior to those of your competitors.

a) ___________________________________________________________

b) ___________________________________________________________

c) ___________________________________________________________

5) List three ways to overcome initial sales resistance when you are
attempting to get the appointment.

a) ___________________________________________________________

b) ___________________________________________________________

c) ___________________________________________________________

6) Give three ways to reply when the customer says, “I can’t afford it” or
otherwise shows price resistance.

a) ___________________________________________________________

b) ___________________________________________________________

c) ___________________________________________________________

7) What are the best ways to reply to a prospect that says,

“I want to think it over?”

a) ___________________________________________________________

b) ___________________________________________________________

c) ___________________________________________________________

Notes and Exercises for review, reinforcement and continuous learning

LESSON EIGHT
Becoming a Master Negotiator

Your ability to negotiate well on your own behalf can save or make you 10%
- 20% on every transaction throughout your business life. Becoming a good
negotiator is an essential skill that you can develop through learning and
practice.

1) All negotiating skills are learnable. You can learn any skill you need
to learn to achieve any business goal you can set for yourself.

2) All of life is a negotiation. You are always negotiating in some way.

3) A product or service is only worth what someone else is willing to pay

for it.

4) There are no hard and fast rules determining buying or selling prices
for anything.

5) All prices are reasonable “guestimates” of what the market will pay.

6) All prices and terms are set by someone, which means that they can
also be changed by someone.

7) Everyone wants to improve his or her situation and get a better deal
than what is currently offered.

8) People always follow the line of least resistance to get the very most
for the very least.

9) You must position your offerings in such a way that your customers
perceive your products or services to be the easiest way for them to get
the benefits you offer.

10) People always choose to maximize their situation under all

circumstances.

11) Everyone wants more than they have today and are always looking for
a way to get it through negotiating.

12) The Expediency Principle says, “People act to get the very most of the
things they want in the fastest and easiest way possible without regard
to the secondary consequences their action.”

13) The Principle of Futurity says, “The purpose of a business negotiation

is to enter into an agreement such that each party’s needs are satisfied
and each is motivated to fulfill his or her part of the agreement and
negotiate with the other party in the future.”

14) In a successful negotiation, both parties are fully satisfied with the
result and feel that they have each “won” or no deal should be made
at all.

15) In business, you should only enter an agreement that is satisfactory to

both parties.

16) You can always get a better deal if you know how.

17) If you want a better deal, ask for it.

18) Whatever the offered price, react with surprise and disappointment.

19) There are four main issues to be decided upon in any negotiation;
everything else is dependent upon these.

20) 80% or more of the value of the negotiation will revolve around these
four issues.

21) People prefer to satisfy a want, need or desire sooner rather than later;
they are impatient.

22) Everyone is impatient to have more, faster and easier because time has
a value and sooner is more valuable than later.

23) Timing is everything in a negotiation.

24) The more urgent the need, the less effective the negotiator.

25) You resolve 80% of the vital issues of any negotiation in the last 20% of
the time allotted to the negotiation.

26) The terms of payment can be more important than the price in a
negotiation.

27) Never accept the first offer, no matter how good it sounds.

28) 80% or more of your success in any negotiation will be determined by

how well you prepare in advance.

29) You can negotiate successfully with the person who has the authority
to approve the terms and conditions you agree upon.

30) Putting yourself in the situation of the other person enables you to
prepare and negotiate more effectively.

31) The person with the greater power, real or imagined, will get the better
deal in any negotiation.

32) Power is a matter of perception; it is in the eye of the beholder.

33) There are five sorts of power that you can use:

1] The power of indifference

2] The power of authority

3] The power of expertise

4] The power of empathy

5] The power of rewarding or punishing

34) The person who most wants the negotiation to succeed has the least
bargaining power.

35) The more you can make the other party want it, the better deal you
can get.

36) People have a deep subconscious need to reciprocate for anything that
is done to or for them.

37) The first party to make a concession is the party who wants the
deal more.

38) Small concessions on small issues enable you to ask for large
concessions on large issues.

39) The Walk-Away Principle: You never know the final price and terms
until you get up and walk away.

40) The Principle of Finality: No negotiation is every final.

41) If you are unhappy with the agreement, ask to reopen the negotiation.

42) Use Zero-Based Thinking on a regular basis by asking yourself,

“If I could negotiate this arrangement over again, would I agree to the
same terms?”

43) Negotiating is a normal natural part of life that you owe to yourself to
become very skilled at.

ACTION EXERCISES

1) Make a list of the three areas in your business or personal life where
you negotiate the most often.

a) ___________________________________________________________

b) ___________________________________________________________

c) ___________________________________________________________

2) What are three types of power that you can develop in an upcoming
negotiation?

a) ___________________________________________________________

b) ___________________________________________________________

c) ___________________________________________________________

3) What are the three main advantages of preparing thoroughly in

advance of a negotiation?

a) ___________________________________________________________

b) ___________________________________________________________

c) ___________________________________________________________

4) What are three motivations that each person has in any negotiation?

a) ___________________________________________________________

b) ___________________________________________________________

c) ___________________________________________________________

5) List three tactics that you could use in a negotiation to improve your
bargaining position and the results you achieve.

a) ___________________________________________________________

b) ___________________________________________________________

c) ___________________________________________________________

6) Review the deals that you are in today and determine which of them
you should go back and renegotiate.

a) ___________________________________________________________

b) ___________________________________________________________

c) ___________________________________________________________

7) List three areas each day where you could continually ask for better
tables in restaurants, better prices when you are selling or buying, and
better terms in every purchase or contract.

a) ___________________________________________________________

b) ___________________________________________________________

c) ___________________________________________________________

Notes and Exercises for review, reinforcement and continuous learning

LESSON NINE
Financing Your Business

1) Everything in business can be expressed in financial terms.

2) Getting the money you need on an ongoing basis is a key

entrepreneurial function.

3) There are over a thousand businesses that you can start with
$100 or less.

4) Create your business plan before you try to raise money.

5) Your business plan will give you an assessment of the amount of

money you need both in the short term and the long term.

6) You must continually ask yourself the brutal questions about your
business and its potential.

7) You should calculate high, medium and low levels of sales and
profitability in your planning process.

8) Attach a probability of success, your confidence level, to each of your

high, medium and low projections.

9) You should be profitable even at your lowest estimated sales potential.

10) There are fourteen different methods that you can use to raise
money. The first and most common source of startup funding is your
own personal savings account.

11) One of the ways that you can raise money is by selling some of your
assets.

12) You can sell your home, your car, your motor home, your boat or some
of your furniture.

13) A common source of money for entrepreneurs is credit cards.

14) You can start and build a business by taking out personal loans based
on your current job, your past credit rating and your character.

15) The rule for building your credit rating is to “borrow big and pay
back early.”

16) The goal of the loan officer or the bank manager is to make good loans,
not take financial risks.

17) You can borrow money by taking out what is called a “collateral loan”
against something that you own.

18) The primary source of money for most new businesses is what is called
“love money.”

19) Banks thrive on making good business loans, but only to businesses
that have been around for two or more years.

20) The five factors that banks look for in lending money are “cash,
collateral, credit rating, capital, and character.”

21) Borrowing money from banks involves a progressive series of financial

transactions, building trust and credibility over time.

22) You can finance your business through leasing or renting rather than
buying.

23) One of the most popular and effective strategies to start and build a
successful business is called bootstrapping.

24) When you are forced to bootstrap and build your business slowly you
have no choice but to replace money and investment with hard work
and creativity.

25) A popular way to raise money is to finance your business by what is

called “customer financing.”

26) A way of customer financing is to request a 50% deposit on an order

when you make the sale.

27) Some companies make the sale and then ask the customer to pay for
all or part of the sale when the order is placed.

28) You can then sell the product, get paid for it and then turn around and
pay your supplier before the bill becomes due.

29) Another method of customer financing is the sale of newspapers,

seminars and subscriptions of any kind.

30) Direct mail marketing is another form of customer financing where

you take the orders before your fill them and deliver the product.

31) You can use customer financing by licensing the rights to

manufacture and market a product that you own and control in
exchange for a royalty or fee.

32) You can use customer financing in consulting by operating on a

monthly retainer basis.

33) Multi-level marketing is another way of customer financing.

34) You can use banks or specialist companies to factor your receivables,
your purchase orders from customers.

35) You can use franchising as a form of customer financing.

36) A franchise is a proven success system that enables the purchaser to

immediately make steady, predictable cash flow.

37) Some companies are financed by venture capital, sophisticated money,

managed by experienced people.

38) Venture capitalists will invest in a business only when it has three
things going for it: a proven track record, a complete business plan,
and a competent, experienced management team.

39) The Small Business Administration (SBA) will often help you
underwrite your business and support you while you get going.

40) You can sometimes raise money through Small Business Investment
Companies (SBICs).

41) You can issue a public stock offering by going public on the market.

42) To go public, you must have a successful track record of two or more
years, and positive cash flow.

43) You can raise cash for your business with what is called supplier
financing, or delayed billing from your suppliers.

44) Smaller companies are much more likely to offer you better credit
terms than larger companies.

45) You must develop a high degree of financial literacy with regard to the
key numbers in your business if you are going to be successful.

46) The only two numbers that count in your business are revenue
and expense.

47) Run your business like a turnaround.

48) If there is anything that you would do in your business to

survive sometime down the road, do it immediately before you
have no choice.

49) Be wise in all your financial decisions.

50) As you develop more experience with money and business, you will
attract more money and greater opportunities.

ACTION EXERCISES

1) Develop a complete business plan that shows your cash requirements

for the next twelve months. What are they?

a) Monthly? ___________________________________________________

b) Quarterly? __________________________________________________

c) Annually? ___________________________________________________

2) Develop high, medium and low sales estimates for your business for
the next twelve months. What are they?

a) ___________________________________________________________

b) ___________________________________________________________

c) __________________________________________________________

3) Determine three different ways that you could get the money you need
based on the ideas discussed in this lesson.

a) ___________________________________________________________

b) ___________________________________________________________

c) __________________________________________________________

4) What three methods could you use to finance your business with other
people’s money, such as your customers or suppliers?

a) ___________________________________________________________

b) ___________________________________________________________

c) __________________________________________________________

5) What could you do today, and for the indefinite future, to achieve an
excellent credit rating?

a) ___________________________________________________________

b) ___________________________________________________________

c) __________________________________________________________

6) What are three of the key factors that banks look for when deciding
whether or not to lend you money?

a) ___________________________________________________________

b) ___________________________________________________________

c) __________________________________________________________

7) What are three of the key numbers that you should have every day in
the operation of your business?

a) ___________________________________________________________

b) ___________________________________________________________

c) __________________________________________________________

Notes and Exercises for review, reinforcement and continuous learning

LESSON TEN
All Business is People Business

1) The people you meet will determine your success as much or more
than any other single factor.

2) To be really successful, you need the help of lots of people, both inside
and outside of your business.

3) Network with others regularly; join local business associations and

attend meetings regularly

4) In networking, ask what they do and about their business rather than
trying to sell anything yourself.

5) The key to impressing people, by the Law of Indirect Effort, is to be

impressed by them.

6) Right after you meet someone at a business meeting, look for a way to
send them a customer.

7) When you network, make no effort to sell your product or service, at

least at the beginning.

8) When you start your business, you will be alone, and you will have to
do every single function of the business.

9) Make it a habit to form mastermind groups with two or three other

entrepreneurs who can give you ideas and the insights that can help
you in your business.

10) When you get together with other entrepreneurs, ideas will come out
of the conversation that can save you years of hard work.

11) Invite two or three business people in your community to get together
with you for lunch or breakfast to form a mastermind.

12) The key to masterminding is to make sure that each person gets a
chance to contribute and to share his or her ideas.

13) As soon as you begin growing your business, you will need to get staff
and outside help to perform all the functions.

14) In hiring, make a list of everything that you want the person to be able
to do at the job.

15) Calculate your hourly rate by dividing your income by the number
2,000 to determine how much you are worth, and how much you can
pay for others to do lesser tasks.

16) There are only three things that you do in the course of a week or a
month that pay you your desired hourly rate; delegate and outsource
all other tasks.

17) The golden triangle of hiring consists of three things: results, skills
and personality.

18) Make a list of every result that you want a person to get in the job.

19) Make a list of all the proven skills that the person will have to have in
order to get the results that you desire.

20) Make a list of the personality characteristics that would be most

compatible with you and your business.

21) Practice the Law of Three in hiring; interview three different people, in
three different places, at three different times, and have them
interviewed by three different people.

22) Never hire a person all by yourself; ask for the opinions and inputs
of others.

23) Check at least three different references on the background of the

person before you make a hiring decision.

24) Use personnel or placement agencies to find you people who will work
for 90 days on a trial basis.

25) When you hire a new person, start them off strong, working full-time,
over their heads if possible.

26) Delegating is essential to business development.

27) Be sure that you delegate the right task to the right person in the right
way at the right time with the right schedule.

28) There are five ingredients to managing and motivating people.

29) Make sure that the work is interesting, that people feel “in the know,”
that you create a high trust environment, that you are a caring boss,
and that you give good pay and opportunities for advancement.

30) Money only motivates people to a certain extent; after that it is the
emotional and psychological factors.

31) Building a Peak Performance team is the key to business success.

32) Top teams need shared goals and objectives that everyone knows.

33) They need shared values and principles that everyone agrees upon.

34) They need shared plans of action so that everyone knows what
everyone else is expected to do.

35) You as the leader must go out in front and become a role model for
everyone else.

36) Top teams need continuous review and evaluation to see and know
how well they are doing.

37) Hold regular staff meetings to bring your team together to talk and
share ideas and experiences.

38) Have members of your staff be in charge of the staff meetings on a

rotating basis.

39) Fully 85% of key people are found through referrals and word
of mouth.

40) Advertise in newspapers and the internet, in Craig’s List,

monster.com, and careerbuilder.com.

41) The rule is to “hire slowly and fire fast.” The best time to fire a person
is the first time that it crosses your mind.

42) Ask yourself of every staff member, “If I had not hired this person,
knowing what I now know, would I hire him or her back again today.”

43) Learn how to terminate employees with calmness, kindness and low
stress/no stress.

44) Think through the severance package that you will give a person
before you sit them down and let them go.

45) You always attract into your life the people, ideas and resources in
harmony with your dominant thoughts.

46) When you are new and inexperienced, you will make lots of mistakes;
these are unavoidable.

47) As you develop your leadership skills through time, learning and
experience, you will hire better and better people, and get better and
better results.

ACTION EXERCISES

1) Identify three different business groups or organizations that you can

join, and attend regular meetings. Make networking with business
people a regular part of your business life.

a) ___________________________________________________________

b) ___________________________________________________________

c) ___________________________________________________________

2) Take the initiative in forming a mastermind group. Which three or

four other people, either in your business or other businesses, could
you invite for lunch at a casual restaurant?

a) ___________________________________________________________

b) ___________________________________________________________

c) ___________________________________________________________

3) Write out three things that you could do to improve your interviewing
and hiring of people in the future. Like a checklist, follow it each time.

a) ___________________________________________________________

b) ___________________________________________________________

c) ___________________________________________________________

4) Determine your hourly rate and identify three or more jobs that could
be done by someone else who earns less than you.

a) ___________________________________________________________

b) ___________________________________________________________

c) ___________________________________________________________

5) Look for persons with successful track records doing key jobs that you
have to have done. How could you attract them to work for you?

a) ___________________________________________________________

b) ___________________________________________________________

c) ___________________________________________________________

6) Conduct a values clarification exercise with your entire team. Then

mutually agree to live and work by the common values. What do you
think they should be?

a) ___________________________________________________________

b) ___________________________________________________________

c) ___________________________________________________________

7) Begin holding regular staff meetings to bring everyone together to talk,

share and integrate as a team. What could you do to make your staff
meetings more enjoyable and effective?

a) ___________________________________________________________

b) ___________________________________________________________

c) ___________________________________________________________

Notes and Exercises for review, reinforcement and continuous learning

LESSON ELEVEN
Improving Your Personal Productivity

Your ability to manage your time well is one of the critical skills for personal
and business success. Here are some ideas that you can use to dramatically
increase your productivity, performance and income.

1) Remember that time management is a skill that can be learned, with

repetition and practice.

2) Time management is really life management.

3) The quality of your time management determines the quality of

your life.

4) Select one area, one time management skill, and then concentrate on
that for a month.

5) The fact is that you will never get caught up; you have too much to do
and too little time.

6) The only way that you can get control of your time is by stopping
doing certain things so that you have more time for others.

7) 20% of your products or services will contribute 80% of your profits.

8) Always concentrate on the 20% of the activities that will give you 80%
of your results.

9) The very worst use of time is to do very well what need not be done
at all.

10) Set both priorities and posteriorities on your activities each day.

11) Make a list; you increase your productivity by 25% when you start
working from a list every day.

12) Organize your list by both sequence and priorities.

13) Select the one thing that you would want to complete before you left
town for a month.

14) Use the A B C D E Method of time management.

15) An “A” task is something that you must do.

16) A “B” task is something that you should do.

17) A “C” task is something that is nice to do.

18) A “D” task is something that you can delegate to someone else.

19) An “E” task is something that you can eliminate to free up your time
for more valuable activities.

20) Practice the Law of Three in your work every single day.

21) There are only three things that you do that account for 90% of the
value of all of your work. What are they?

22) If you could only do one thing all day long, which one activity would
contribute the greatest value?

23) Keep asking, “Why am I on the payroll? What results are expected of me?”

24) Ask, “What can I, and only I, do that if done well, will make a real
difference?”

25) Keep asking; “What is the most valuable use of my time right now?”

26) Use the TRAF System to handle paperwork:

T stands for “toss,”

R stands for “referral,”

A stands for “act,”

F stands for “file.”

27) Learn to manage tools such as the internet, the Blackberry, PDA, and
online tools to increase your efficiency.

28) There are only four ways for you to change your life and your work,
and to get better results.

29) You can do more of certain things.

30) You can do less of other things.

31) You can start doing something completely new.

32) You can stop doing certain things all together.

33) Get better at your key tasks.

34) Profit from the learning curve.

35) Hire competent people to whom you can delegate smaller and lower
value tasks.

36) Do things faster; pick up the pace.

37) Work longer harder hours.

38) Do more important things.

39) Do things you are better at.

40) Do things together using the power of teamwork.

41) Delegate and assign all lower-level tasks.

42) Eliminate all low-value or no-value activities.

43) Single-handle every task. Once you start on a task, concentrate on

completing it until it is 100% finished.

44) Close your loops. Develop a habit of completing what you begin.

45) Whenever you complete an important task, you’ll get a rush

of endorphins.

46) The great truth is that no one is smarter than you and no one is better
than you.

47) You can become more efficient every hour and every day of your
working life. There are no limits.

ACTION EXERCISES

1) List three important principles of time management as explained in

this lesson.

a) ___________________________________________________________

b) ___________________________________________________________

c) __________________________________________________________

2) List three reasons why you will never get caught up and be able to
complete all your tasks.

a) ___________________________________________________________

b) ___________________________________________________________

c) __________________________________________________________

3) What are the 20% of your activities that account for 80% of your results
and rewards?

a) ___________________________________________________________

b) ___________________________________________________________

c) __________________________________________________________

4) List the three most important things you do; those activities that
account for 90% of your value.

a) ___________________________________________________________

b) ___________________________________________________________

c) __________________________________________________________

5) List the three most important questions you can ask to keep yourself
focused on your contribution.

a) ___________________________________________________________

b) ___________________________________________________________

c) __________________________________________________________

6) List three things that you can do to use technology more effectively to
organize your time and your life.

a) ___________________________________________________________

b) ___________________________________________________________

c) ___________________________________________________________

7) List three ways you can change your life and make yourself more
productive starting today.

a) ___________________________________________________________

b) ___________________________________________________________

c) ___________________________________________________________

8) List three ways that you could increase your productivity,

performance and output immediately.

a) ___________________________________________________________

b) ___________________________________________________________

c) ___________________________________________________________

Notes and Exercises for review, reinforcement and continuous learning

LESSON TWELVE
Increasing Your Profits/Balancing Your Work and Personal Life

Increasing Your Profits

1) Your ability to generate profits in your business is the critical

determinant of your success.

2) Begin by imagining that it is possible for you to double the profits in

your business, and then double them again.

3) If you can be clear about the profits that you want, you can then look
around and find another company or companies that are earning that
level of profits.

4) Every business performs a series of functions that create or add value

in some way.

5) Each part of the value-creation chain consists of an activity of

some kind.

6) Begin by determining exactly what your customers want, need and

will pay for.

7) Resolve to improve by 10% in each of the critical things that you do in

your business over the next year.

8) The cumulative effect of a 10% improvement in each area will be

to double your productivity, performance and products over
twelve months.

9) Make a plan to improve in the seven key result areas of selling.

10) Resolve to improve by 10% in the seven key areas of managing.

11) Begin by determining exactly where your profits are coming from at
the present time.

12) Each business has core products and services that it is built around,
and which are most profitable.

13) There are three ways to increase your sales: 1) Increase the number of
individual sales; 2) Increase the size of each purchase; 3) Increase the
frequency at which customers buy, and buy again.

14) You can increase your sales by entering into joint ventures and
strategic alliances with companies that sell non-competing products
and services to the kind of customers that buy what you sell.

15) You can create host-beneficiary relationships in which you offer a free
gift or a special bonus to the customers of another company.

16) Each product or service that you sell yields you a specific amount of
net profit. You must first determine the rank order of profitability of
every product or service that you sell.

17) Analyze each of your administrative expenses and add them to each
product or service that you sell.

18) Increase your profits by eliminating low-profit, no-profit items.

19) Remember, 80% of your profits will come from 20% of your products,
services and activities.

20) As soon as you discontinue the low-profit 80% of your products and
services, you also eliminate most of the expenses associated with
keeping them in your lineup.

21) Develop the courage and decisiveness to lop off all non-performing
parts of your business.

22) The first Law of Holes is, “When you find yourself in one,
stop digging!”

23) Keep asking: “If I was not now doing this and I knew what I now
know, would I start it up again today?”

24) There are key variables that ultimately determine your level of
profitability.

25) Lead generation is the process that you use to attract interested
prospects to your business.

26) Lead conversion is the process by which you convert leads into paying
customers.

27) The number of transactions is the number of individual sales that you
make to each customer that you acquire, and that you make each day,
week and month.

28) The size of transaction is the size of the sale and the profit that you
earn from each sale.

29) The profit margin per sale is the gross profit that you make from the
sale of each product or service.

30) The cost of customer acquisition is the amount that you have to pay to
acquire each paying customer.

31) Referrals are the customers who come to you as the result of satisfying
your best customers.

32) It is fifteen times easier to make a sale from a referral from a satisfied
customer than it is to advertise, promote, cold call and prospect to find
a customer.

33) You can increase profits by eliminating costly services and activities
that your customers really do not value as much as they cost you
to offer.

34) You can increase profits by outsourcing business activities that any
other company can do at a lower cost than you. This frees up you and
your staff to do higher value activities.

35) You can increase profits by reducing people costs, by consolidating

and condensing more jobs into a single person and reducing the
number of people you have on your payroll.

36) You can reduce fixed costs that you incur each month whether or not
you sell a single item of your product or service.

37) You can increase variable costs, which are those that you incur only
when you make a sale.

38) You can reduce your breakeven point, the number of items you must
sell each month to break even and start making a profit.

39) You can increase your profits by raising your prices by 5 or 10% across
the board.

40) You can identify the constraints that are holding you back from
achieving the sales and profit goals that you desire.

41) Think continually about how you could bring about marginal cost
reductions or revenue increases to improve your profitability.

42) Whatever ideas you have, try them out on a small scale before you
commit whole-heartedly.

43) Study your financial statements each month and focus on the
biggest numbers.

44) How could you improve them? Think about and talk about
profitability all the time.

ACTION EXERCISES

1) Identify three ways that you could increase the number of leads
coming into your business, right now.

a) ___________________________________________________________

b) ___________________________________________________________

c) ___________________________________________________________

2) Identify three ways that you could increase the conversion rate of the
prospects you attract through your lead generation activities.

a) ___________________________________________________________

b) ___________________________________________________________

c) ___________________________________________________________

3) List three ways that you could increase the size of each sale by selling
more expensive products or by up-selling and cross-selling.

a) ___________________________________________________________

b) ___________________________________________________________

c) ___________________________________________________________

4) How could you decrease your costs without lowering your sales or
levels of quality?

a) ___________________________________________________________

b) ___________________________________________________________

c) ___________________________________________________________

5) What companies could you enter into strategic alliances with to sell to
their customers and invite them to sell to yours?

a) ___________________________________________________________

b) ___________________________________________________________

c) ___________________________________________________________

6) How could you get your customers to buy from you more often?

a) ___________________________________________________________

b) ___________________________________________________________

c) ___________________________________________________________

7) What could you do to increase the number of referrals you receive

from satisfied customers?

a) ___________________________________________________________

b) ___________________________________________________________

c) ___________________________________________________________

Balancing Your Work and Personal Life

1) The whole purpose of succeeding in business is so that you can be

truly happy, and that you can enjoy all the other parts of your life.

2) Begin by making a commitment to achieving and maintaining balance

in every part of your life.

3) If your life is out of balance or out of alignment for very long, your
relationships and your work begin to suffer.

4) Your overall goal in life should be to be happy, to be calm, confident,

relaxed and to feel in complete control of your life.

5) The wonderful thing is that balance is the norm in your life; your body
has a natural bias toward health and energy.

6) The Law of Correspondence says that your outer world will be a

reflection of your inner world.

7) This law explains why things go right in your life, and why things
go wrong.

8) Your normal, natural, healthy state of being in life is to experience joy

and laughter in most of what you do.

9) You can maintain better levels of balance by developing the habit of

looking for the good in people and situations around you.

10) The two areas of life that you need to be concerned about daily are the
physical and the emotional.

11) The Alameda Health Study identified seven keys to a long, healthy,
happy life.

12) The first of these seven habits is to eat regularly, rather than
sporadically through the day.

13) The second habit it to eat lightly rather than heavily.

14) The third habit is no snacking between meals.

15) The fourth habit for longevity is not smoking.

16) The fifth habit identified in the Alameda study was moderate to no
consumption of alcohol.

17) The sixth for longevity is sleeping seven to eight hours each night.

18) The seventh habit identified in the Alameda study was regular
exercise. If you don’t use it you lose it.

19) Two other keys to longevity are wearing seatbelts in your car, and
deep breathing every day to improve your digestion and increase the
flow of oxygen to your brain.

20) Take a few moments to breathe deeply before any situation that causes
you stress or concern.

21) The fact is the “psycho” (the mind) makes “soma” (the body) sick.

22) Wherever you feel unhappy, stressed or frustrated in your life, this is
an indication that you are out of balance in that area.

23) Your self-concept is your bundle of beliefs about yourself that

determines how you think, see, feel and react to your world.

24) You have a mini self-concept for every area of your life that you
consider important.

25) Your self-concept is made up of three parts: your self-ideal, your

self-image, and your self-esteem.

26) Your self-ideal is made up of your dreams, hopes, wishes and the
ideal person that you would like to be some time in the future.

27) Your self-image is made up of the person that you see yourself as
being in the present, and the way you think others see you.

28) Your self-esteem is determined by how you feel about yourself, the
emotional component of your personality.

29) The key to high self-esteem is for you to achieve alignment between
the person you feel you are, your self-image, and the person you
would most ideally like to be sometime in the future, your self-ideal.

30) In each case, you achieve a better sense of balance by first of all
determining your values in each part of your life.

31) All problems in your life can be resolved by a return to your

core values.

32) The truth is the solution to all your problems.

33) From this day forward, make sure that everything that you do on the
outside is in complete alignment with what you consider to be
valuable and important on the inside. This is the key to happiness.

ACTION EXERCISES

1) What are your three most important personal values? What do you
stand for and believe in?

a) ___________________________________________________________

b) ___________________________________________________________

c) ___________________________________________________________

2) What are your three most important business values?

What principles do you practice with your customers and in
the operation of your business?

a) ___________________________________________________________

b) ___________________________________________________________

c) ___________________________________________________________

3) What are your three most important business goals, right now?

a) ___________________________________________________________

b) ___________________________________________________________

c) ___________________________________________________________

4) What are your three most important personal and family goals,
right now?

a) ___________________________________________________________

b) ___________________________________________________________

c) ___________________________________________________________

5) What are your three most important health goals, right now?

a) ___________________________________________________________

b) ___________________________________________________________

c) ___________________________________________________________

6) What three virtues, values or qualities do you want to be known for

at some time in the future?

a) ___________________________________________________________

b) ___________________________________________________________

c) ___________________________________________________________

7) What three specific actions are you going to take immediately based
on the answers to the above questions?

a) ___________________________________________________________

b) ___________________________________________________________

c) ___________________________________________________________

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