What's your recipe for success in 2014?

Whats your recipe for success?

Whats your recipe for success?

The holidays are almost upon us, and with it comes food!  I'm in party planning mode, and love doing recipe research.  Recently, I attended an event where Tory Johnson, of Spark & Hustle and Good Morning America fame, was the keynote speaker.  She took us through the recipe she used to shift her health (she lost 62 pounds in 2012) and how to apply it to business as well.  She is a multi-million-dollar entrepreneur as well, so she knows a thing or two about accomplishing goals.  I love to reinterpret recipes, so here is my spin on her five key ingredients to successfully reaching your goals.

Step 1 - Does it hurt enough to change?

Is your current business success recipe ready for the trash, or just in need of tweaking?  In your biz, maybe you’re not meeting your goals for money, visibility, credibility, or so on.  Maybe your biz is really strong in one area (like list size) but your pricing structure is limiting your income.  The bigger your pain, the more likely you are to do something about it.  What are the pain points in your business?  What is worth changing so you can meet your goals?  

Step 2 - What are you willing to change?  

Committing to a goal is a …. commitment.  When you add a handful of ground chilis to a dish, you generally can't un-add it if you change your mind (you can always ditch the dish, but it's more fun to make it work).  When you say yes to your goal, you need to say no to something else.   By saying Yes to bringing in more money, you may be:

  • Implementing new sales or pricing strategies
  • Launching a group program
  • Offering new package or programs to your clients
  • Speaking to sell
  • Investing in support to help you reach your goal
  • The list goes on...

In order to do any of these effectively, you need to say no to something else.  Or maybe say no to a lot of something elses.  You need time or money (or both!) to implement your great money-making ideas.  So, you might say no to:

  • All the ways in which you waste time (I’m sure I’m not the only one who falls down the rabbit hole sometimes when it comes to facebook and internet… am i?)
  • Investing in programs which will not help you meet your goal in the immediate future
  • Things in your life or your biz which drain your energy.  Do you say Yes when people ask you to help out, then regret it?  (could be a less-than-ideal client or a volunteer obligation in your community).  By saying No, instead of Yes, you’ll have more time and energy to devote to your goal.

Step 3 - You need a simple plan

What is your goal, how will you get there, in small steps?  Are you planning an exotic main dish, with 40 ingredients and 5 hours of prep work?  Or a simple 20-minute, 5 ingredient dish?  Both will fill your belly.  But one is much easier to prepare when you need to fill that belly fast.

Tory had 3 simple steps to her plan (eat less, eat smarter, and move more).  They played into every decision she made about her diet and exercise.  Her simple approach is after my own heart.  When it comes to your biz, the simpler your plan (and easier to implement), the more likely it is you'll succeed.  

In my Profit Sweet Spot program, we look at your annual income goal, then break it down into bite-sized pieces, by month.  We revamp packages and pricing, so that you need fewer, higher quality clients.  We add new income streams over time (not all at once), so that you can master each type before trying something new.  We coordinate your marketing with your profit goals.   Pricing x clients = Revenue.  Add up the months, and there’s your simple, annual plan.     

Step 4 - Accountability is your friend

Is your recipe dog-eared, with various notes on when you made it, adds or substitutions, or the guest reviews?  This info is key to whether or not you'll make it again.

Same goes for your business - make notes, keep records of what is and isn't working, and get feedback from your peeps.  You probably know it’s important, but how many of you actually stick to your plan?  Even a little?  There are a few options here:

  • Track things every day:  revenue, expenses, your time.  It’s easy to make changes when you know where you stand.  
  • Pick a business girl friend to buddy up with and share 1-3 things per week.  Schedule a call to check in and stick to it (the 1-3 items and keeping the call!)
  • My personal accountability trick is to keep track of my time every day – it’s a holdover from my days in public accounting.  Spend your time on money-making activities, you’ll see the results.  Spend time on non-money-making stuff?  There go your profits…  
  • Get support from a mentor or coach.  They’ll give you homework or make you report on your progress, and provide feedback to keep you on track.

Step 5 - Patience, my dear, patience!!

A watched pot doesn't boil (sorry, I just couldn't resist!).  This is the toughest of all (especially for me!). Some things will just not happen overnight!  You need to plant seeds in spring to harvest veggies in the summer.    So, some of your marketing efforts will take time to pay off.  Others will be faster.  Your results will depend on your level of commitment.

This is the second time I’ve heard Tory speak about her transformation, and I still can’t get enough.  I’d love to hear from you - what would need to shift in your business so you can reach your goals?