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A Business Success Formula That You Can Teach Your Kids

In our previous article we shared Sean Rasmussen’s teachings around developing a healthy self image. This article follows on from that discussion as we share more of his valuable teachings around being successful in business.

How would you like to know Sean Rasmussen’s Business Success Formula?

Teaching these understandings to your children will set them on the path to being successful entrepreneurs.

Sean introduced a simple formula that will get results in business. The formula is…

(Training + Tools + Team) X Time = Results.

This formula can fit all business models, whether it be Network Marketing, conventional business or an Internet Based Businesses. This fits with what we have read about Robert Kiyosaki and his Business Builder model (as opposed to small business). He describes building a business system that will grow itself. Sean’s formula formed the bases of the whole Boot Camp of which we were taught how to address each aspect through Internet Marketing.

In our recent article about David Wood we discovered that he also uses this formula for business success and he taught us how to apply it to Network Marketing.
Training: Attend the boot camps, join a program, find a mentor and study the business system.

Tools: Use the tools provided by the business system. Use the tools that work, don’t be a tool trying to work it all out for yourself! Or as David Wood says, “Use the tools, don’t be a tool!”

Team: Build a team of experts around you who build your business. In internet marketing it may be virtual assistants, ghost writers and marketers whom you can contract very inexpensively from counties such as the Philippines or India. With Network Marketing it will be the people in your upline as well as those in your own network that form your team. You help them build their business and yours will naturally become successful as well.

Time: Give it your all! Without putting time into your business initially it simply won’t be successful. With businesses that grow and generate a passive income the amount of time you need to commit it great to begin with and the income is small, but as your business grows your work time will diminish, but your income will continue to grow!

Results: Your income generated from your business.

Teaching Kids the Business Success Formula

The Business Success Formula can easily be taught to kids. Firstly help them get started with an enterprise. This way they will learn all about it. For example my son Flynn has learned a huge amount about bee keeping, harvesting and processing honey and then marketing it.

Next teach them how they can make their business easier by utilizing the right tools. In Flynn’s case it was about borrowing the right extractor equipment and using an expert’s advice (his Grandad) which saves him time.

Then investigate ways of putting a team together to make the process less work and more profitable. Flynn utilized his friends to help bottle the honey, he had people selling his honey on consignment and he found people to take his honey to the market. He wasn’t doing all the work!

Explain to your kids about delayed gratification. That is: put the hard yards in now for a financial reward later. Once they see a result in their wallets/purses then they will fully grasp Sean’s formula for business success. Flynn has realized this. He used all his own money to buy his honey and he also paid for everything he required to bottle and market it He understood that he needed to make his business work in order to get his money back with profit. Once he experienced a result with his first batch of honey, he became much more focused and determined with his second batch, which by the way he invested twice the capital!

Three Reasons Why People Are Not Making Money Right Now!

Sean Rasmussen also pointed out three reasons why people are not making money right now. He emphasizes the importance of “Action, Intention and Value”. When people use the Business Success Formula, and also attend to and are clear on these three things, they are perfectly set up to make money in their chosen enterprise.

Action

Action is obvious. Take action straight away whenever an idea or opportunity presents. As soon as an idea presents itself, build upon it. Avoid killing the idea with all the “what ifs”.

Intention

To illustrate the point about Intention, Sean had us all write onto a small card what our intent was for the three days at the boot camp, and then we put the card in our pocket to be carried around where ever we went. The idea is… we thought about and put out to the universe our intent without trying to force an answer or outcome. Amazingly, by the end of the three days the answers to our intention were answered! Intention can also be aligned with having a plan.

Value

He refers to Value as being your highest values. Sean Rasmussen explains that your highest values dictate what you focus on. So it is crucial to ensure that what you want, whether it be health, money, family or whatever, is high up on your value list, otherwise it simply won’t happen.

Our Money Mastery mentor, Paul Counsel, also enlightened us to this very important distinction. For us we struggled with putting business ahead of family as our highest value. Our kids have always been our highest value and consequently take up all our time and energy. So what we learned was that we needed to align business with our highest value of family. Hence we have done that with this very blog and with other enterprise we are pursuing. By aligning our highest value with business, we then have better focus and desire, and our enterprise is moving forward and so are our entrepreneurial mindsets.

So there you have it… Sean Rasmussen’s Business Success Formula.

Flynn celebrating his business success!

In our next article we will talk more about the wonderful personalities we met whilst on our Boot Camp and the sorts of things they are doing to inspire others about the tremendous opportunity for our kids (and us grown ups!) with building a membership site on the internet. The figures possible… are mind-blowing!

Tips To Improve Your Small Business

A lot of people have this perception that only crumbling businesses need to improve. Let me make this clear to you that it doesn’t matter whether you have a small business or a fortune 500 company, you still need improvement. Striving for change and improvement allows your business to grow and reach higher success. There are different functions of a business. You need to focus on the areas in your small business where you need help or are struggling. In this article I will be telling you about some tips to improve your small business which would make it possible for you to achieve your business goals.

Always know that you are in a competition. Every second you are sitting, relaxing and feeling that you have achieved it all, somebody else is trying create a new product or service to attract the attention of your customers. Improvements in your business on daily basis can help you stay ahead. A small business needs continuous improvement because that is the only way it will turn into a big business one day. Create the systems, processes and tools to provide the products and services to you customers on a consistent and cost-effective manner. So get serious and ready to make improvements in your small business to secure your future.

Check on Cash Flow

A small business should be concerned about every cent that is getting spent and is earned. Due to lack of financial management skills, owners sometimes are not able to keep proper financial records and organized track of the cash flow of the business. If you are one of those business owners, then it is time that you hire a financial accountant for yourself who would be able to prepare a Statement of Cash Flow for you on the continuous basis. This will provide you with a clear and definite idea of how much cash is getting in and how much is getting out. It will also allow you to manage your expenses in such a way that your revenue always exceeds your expenses.

Stay Up-To-Date

Always stay connected with you customers and industry. Analyze every change occurring on a local, as well as on the international level to see whether it has an impact on your business or not. If you think that a trend or issue in the country or world could impact your business then start planning on how to counter it. You need to be proactive. Prepare a contingency and risk plan for it, so that when the effects start to appear, you are ready with a strategy to respond. Moreover, always keep an eagle eye on your competitors and never underestimate them. Always try to find out what they are up to. Make strategies and take calculated decisions, so that you will stay ahead of the game.

Motivate Your Staff

It is a well-known fact that motivated staff plays a vital role in the success of a company. But it is you, whose behavior will either demoralize them or motivate them to move mountains for you. Introduce handsome commission plans for them based on performance, so that they will be motivated to achieve their targets for additional cash or non-monetary incentives. Consistently appreciate and acknowledge their good work. Be nice to them and respect their feelings. This will result in a great team effort which will ensure the success of your business.

Debt Collection

In some situations, you will sell a product or service by taking payment through another method other than cash on completion. Sometimes you have to sell by credit as well. You need to devise a plan about debt recovery so that it will not affect the financial position of your company. Use statistical and financial data to analyze how long it takes on average for you to collect payment from a debtor. Try to decrease this time period by ten to fifteen days. Develop strategies and process for payment to ensure quick processing and follow-up. A well-defined payment and debt collection process will provide clear expectations for your customers.

Don’t Reinvent the Wheel

As an owner of a small business, you should evaluate what options and tools there are already available in the market to support your business. This will prevent wasting valuable time, money and energy. This will allow you to adopt the best practices available to you. If you feel the need to re-invent the wheel, thoroughly evaluate the time and costs involved. Small businesses are typically more agile and flexible to pursue new opportunities. Everybody wants to provide something that separates them from all other competitors but there may be other alternatives to achieve it. Only be creative when you can afford to be creative.

Customer Support

One of the things that actually make a business stand out is its customer support. If you don’t have it already, then plan to introduce customer support for your business. Mention it frequently and to use as a selling point. Having a customer support system and process in your business increases the trust and confidence of a customer in you. If you could offer 24/7 customer support for your business, that would give you an incredible edge over others. It may happen that after purchasing a product or service from your company, a customer might not face a problem for the next ten years. However, ensure that his call will be answered whenever he would have a problem. This will be a key feature for a customer to choose your company over others.

Get Organized

If you are one of those people who are not able to find an important file that they put somewhere ten minutes ago, then either you need to eat almonds daily to improve your memory or you need to get organized. Always think that the most important client of your life is going to walk into your office the next minute. What sort of impression do you want to give him? Everything should be in an order and you will feel that you have improved your performance by saving valuable time. So always stay organized and manage everything brilliantly.

3 Critical Reasons to Brand Your Business Email

Branding your business includes your website, logo, brochures, t-shirts and all of the fun things we order online. Have you ever considered that your email account is included as a portion of your brand. As a business owner, establishing your business brand is extremely important. Along with your business brand, decisions will need to be made with regards to the e-mail address you plan to use for your business. Some will refer to this as branding your business email account. Of course, before many business owners got started, they may have had their favorite email service provider such as Gmail, Yahoo, or AOL. However, when it comes to business, you’ll need to make a decision as to whether you want your e-mail to reflect your business or a third-party provider.

So I’ve included 3 Critical Reasons to BRAND your business email:

1. The importance of branding your business e-mail account will fall in line with the overall brand of your business.

So, when you send people e-mails from your business, you’ll want them to immediately identify the e-mail with the business in which it was sent from. Quite frankly, too many business owners make the mistake of not understanding that their e-mail address is just as important as the name of their business, their products, and the services they provide. With this in mind, your e-mail address will play a huge role in establishing credibility and rapport for your business.

2. When marketing your business, having a branded e-mail can sometimes make the difference between success and failure.

The reason for this is quite simple. When people receive an e-mail address from a specific type of business, they almost expect that e-mail to have a domain that reflects who that business is. Most of the time, when a person receives a message from someone identifying themselves as one thing, and your e-mail address is something else; they will more than likely delete that e-mail before even reading it. The other important factor you will need to consider is who you’re actually marketing. Are you marketing a third-party’s e-mail address, or are you marketing your own?

3. When it comes to small business owners, it’s even more important that you establish yourself from the onset.

This simply means that regardless of the name of your business, you will need to establish an online presence in that name. In addition, you’ll need to establish an e-mail address that utilizes that domain name. For instance, you don’t want an e-mail address that begins and ends with . However, instead, you’ll want an e-mail address that begins and ends with . This is extremely important when it comes to small business, and vitally important when it comes to big business anywhere.

The bottom line is, your e-mail address should be branded to your business. This will establish credibility and rapport among your current customers, as well as any future potential customers that you acquire down the road. A self-branded e-mail address will help people recognize who the business is, as well as who owns the e-mail address attached to the message they’ve received. So you’ll need to start using a self-branded e-mail address so you can begin promoting your own domain name. This will allow people to learn what your business name is, as well as providing them with a professional business image.