The 4 Risk Factors of Your Business

Whenever I facilitate my introductory workshops I always ask the attendees one question to focus their attention - "What is something you are not doing, that you should be doing, that if you did it would make the biggest difference in your business?"

Regardless of the niche market I'm working in, I receive very similar answers. I usually do these workshops in four primary niche markets, real estate agents, financial advisors, insurance agents and mortgage brokers. Here are the four categories of answers I get:

1) Managing my time
2) Prospecting, Networking & Marketing
3) Following up with prospects and current clients
4) Dealing with difficult prospects / clients

It's no wonder many business professionals in those fields are unfulfilled, stressed and overwhelmed. These four areas are the keys to running a successful, fulfilling and profitable business. Why is that:

1) Managing my time
Each of us is equal in just one area of our life. And that is we each have 24 hours in a day to choose how to use our time. Those that make effective decisions in how they use their time, and effectively set boundaries with themselves and others, will determine how they feel about themselves, and how effective they are in running their business.

2) Prospecting, Networking & Marketing
This is the life blood of any business. This is what fills the pipeline that will flow financial abundance into our business. You can never do enough of these three related activities. The more networking you do will bring you prospects to fill your marketing pipeline inexpensively, and is why one of the 8-Core Strategies of The Achievement Gym is "Creating a Low Cost Marketing Funnel." You are either working on your "Marketing Funnel" or you are working "in" your B.S. funnel (things that keep you busy, and distracted but create little in terms of opportunities to generate new business).

3) Follow up with Prospects and Customers
Once you have them in your sphere of influence you must treat them like gold, or you will lose 'em. Service them, Service them, Service them. When they call you, call them back in a timely fashion. If they ask for information, get it to them as soon as possible. If you don't have an answer, call them and give them a progress report. If you have bad news, deliver it sooner rather than later. There's too much competition out there, and it costs too much to obtain a prospect to let 'em get away because of the fear of an interaction.

4) Dealing with difficult prospects / clients
There is only one way to deal with difficult prospects, and that is to set the expectations up front as to how you run your business and what you expect from them, should they become clients of yours. Those expectations should be reiterated at the time those prospects turn into clients to ensure everyone understands and respects each other's boundaries. It is a good idea to occasionally evaluate you present client base and grade your clients A, B, C, D, and identify those you want to continue working with and those you would prefer to let go of. Keep the A's & B's, try converting the C's and let the D's go.

Simple solutions to four challenging business building issues. If you think about it, they all work well together. If you have an effective marketing funnel, you will be attracting more of the types of clients you want to work with, which will enhance your "time management" (if you set your business boundaries and parameters effectively, which a coach could help you with), and you will exciting to keep in touch with them all, regardless of what you need to communicate with them because you have built a quality, solid relationship with each of them.

Once you get it all flowing like that and these four factors working together, you will then be on an upward spiral towards creating the business you want to create. Good Luck, and let me know how I can help.

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