Total Business Mastery Workbook - Brian Tracy

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BRIAN TRACY'S TOTAL BUSINESS MASTERY I BUILD A GREAT BUSINESS!

Introduction 1 2

Become Offer

a

3

Design

4

Create

5

1 a

Great

Great

Product

a a

Great Great

Generate Attract

and

Keep

7

Perfect

a

Great

8

Become

a

Great

or

Service

31 53

Business

Plan

69

Marketing

Plan

81

Great

6

Leader

Numbers Great

11 5

People

139

Process

157

Businessperson

175

Sales

9 Create a Great Customer Experience 187 10

Live

Summary Appendix

a &

Great

Life

207

Wrap

Up

219 229

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BRIAN TRACY'S TOTAL BUSINESS MASTERY I BUILD A GREAT BUSINESS! jp*\

• • • • •

Build a Great Business Zero-Based Thinking Quick List Method 10 Goal Method Major Definite Purpose

2 12 19 24 27

1 • Become a Great Leader 32 • Points of Intensity 39 • Business Skills Analysis - Key Result Areas in Business 44 • Results Planning Form 46 jpfev

SESSION 2

• •

Offer a Great Product or Service Areas of Excellence

54 60

SESSION 3

•

Design

a

Great

Business

Plan

70

SESSION 4

• Create a Great Marketing Plan 82 • Four Principles of Marketing Strategy 85 • The Marketing Mix 98 SESSION 5

• • •

Generate Great Numbers Business Numbers to Watch Profit Curve

11 6 120 130

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* * \

SESSION 6

•

Attract

and

Keep

Great

People

140

SESSION 7

• Perfect a Great Sales Process 158 • Sales Skills Analysis - Key Result Areas in Selling 163 • Sales Improvement Process 170 SESSION 8

• Become a Great Businessperson 176 • Management Skills Analysis - Key Result Areas in Management.... 183 SESSION 9

• Create a Great Customer Experience 188 • Getting Referrals 201 -**\

SESSION 10

• e •

Live a Time Self

Great Life Quadrants Evaluation

208 210 215

Making! Evaluation Planning

221 225 227

SUMMARY & WRAP UP

• • 0

Decision Seminar Action

APPENDIX

• Business Planning for Solid Growth 230 • Business Plan Te m p l a t e 242

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Brian Tracy's

Build a Great Business!

Introduction 9€s *k

Brian Tracy © Brian Tracy. All rights reserved. The contenls, or parts thereof, may not be reproduced in any form for any purpose without the written permission of Brian Tracy. (TBM/G-12]


NOTES

© Brian Tracy. All rights reserved. The contents, or parts thereof, may nol be reproduced in any form for any purpose without the written permission of Brian Tracy. [TBM/G-12]


NOTES


BRIAN TRACY'S TOTAL BUSINESS MASTERY I BUILD A GREAT BUSINESSI

You have special talents and abilities that you can use to achieve all your goals in life.

What are they?

NOTES

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NOTES



Clarify Develop absolute clarity about who you are, what you want, and the best way to achieve it

NOTES





Maximize Determine your special talents, abilities and strengths and focus on developing them to a higher level irj<;nni?l»vi '.F.vfi

NOTES



Multiply Leverage yourself and your business with other people's customers, knowledge, abilities, efforts, money and resources BRIAN TRACY'S TOTAL BUSINESS MASTERY

NOTES

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i. Do more of somethings 2. Do less of otherthings 3. Start doing something new 4. Stop doing something altogether

NOTES



Time Allocation Exercise I i•

Rule: You cannot save time You can only spend it differently. 1. What are you going to do more of? &

2. What are you going to do less of? 3. What are you going to start doing? 4. What are you going to stop doing? BRIAN TRACY'S TOTAL BUSINESS MASTERY

NOTES



Is there anything in your life that, knowing what you now know, you wouldn't get into again today, if you had it to do over? BRIAN TRACY'S TOTAL BUSINESS MASTERY

NOTES

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Continually conduct a KWINK analysis on every area of your business and personal life. Key Question: "Knowing ffihat I Now Know, is there anything I am doing today that I wouldn't get into again today if I had it to do over?" 1. Is there any relationship, business or personal, that you wouldn't get into again today? 1) 2) 3)

_

2. Are there any products that you would not start offering/selling again today, knowing what you now know? 1) 2) 3) 3. Are there any services that you wouldn't start offering again today, knowing what you now know? J ^ N



1) 2) 3)

4. Are there any markets that you wouldn't get into again today if you had it to do over? 1)

__

2) 3) 5. Are there any customers that you would not solicit or take on again t o d a y,

knowing

what

you

now

1)

know?

.

2) 3) 6. Is there any sales process or marketing method that you wouldn't start using again today, knowing what you now know? 1) 2)

. .

3)

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''**)


4^^

7. Is there any person in my business that you would not hire, promote, or assign to a particular task if you had it to do over again today? 1) 2) 3) 8. Is there any channel of distribution that you would not start using again if you were was starting over today? 1) 2) 3) 9. Is there any business process or method in your company that you wouldn't start using again if you had it to do over? 1) 2) 3) 10. Is there any advertising or marketing method or expense that you wouldn't start using again today, knowing what you now know? 1) 2) 3) © 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. [TBM/G-12]

1 6 B R I A N T R A C Y ' S T O TA L B U S I N E S S M A S T E R Y I B U I L D A G R E AT B U S I N E S S !

11. Is there anything in your current strategy that you would not start doing again, knowing what you now know?

12. Is there any investment of time, money or emotion that I wouldn't make again today, knowing what I now know? 1) Time? 2) Money? 3) Emotion? 13. Is there any part of your health, fitness, diet or lifestyle that you wouldn't start again today? 1)

.

2) 3) 14. Is there anything at all in my life that, knowing what you now know, you wouldn't get into again today? 1) 2) 3)

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15. What actions are you going to take, or stop taking, as a result of this exercise? 1) 2) 3) What one action are you going to take immediately?

g^\

1) How will you measure success?. 2) What is your expected date of completion?.

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Everyone is positive, committed to success • Share ideas and opinions openly • Ask lots of questions • Look for ways to help, encourage • Take turns, give each person chance to speak

NOTES



m B | &W1 ^""i

>

When you only have 30 seconds to write down your answers, they will be as accurate as if you had 30 minutes

I ■

BRIAN TRACY'S TOTAL BUSINESS MA5TF.RY

NOTES


20 BRIAN TRACY'S TOTAL BUSINESS MASTERY I BUILD A GREAT BUSINESS!

QUICK LOST When you have only 30 seconds to answer a question, your answers will be as accurate as if you had 30 minutes. 1. What are your three most important business goals right now? 1) 2) 3) 2. What are your three most important financial goals right now? 1) 2) 3)

3. What are your three most important family goals right now? 1) 2) 3)


7

BRIAN TRACY'S TOTAL BUSINESS MASTERY I BUILD A GREAT BUSINESS! 2] y^P^V

4. What are your three most important health goals right now? 1) 2) 3) 5. What are your three biggest problems or difficulties in your business or personal life right now? 1) 2) 3) 6. What are the three most important skills or capabilities that you need to develop in the future? 1) 2) 3) 7. What are the three most important goals that you would like to achieve in the course of your career? 1) 2) 3)



What one action are you going to take immediately as a result of your answers to these questions?




i. Where are you now? 2. Where do you want to be in the future? 3. How are you going to qetthere? BRIAN TRACT'S TOTAL BUSIN65

NOTES



1

10 Goal Method I ■

i. Writedown 10 goals 2. One year time horizon

i

■

■ ■ ■- • i

3. First person singular 5. Present tense 6. Positive statement filk 7' Seta deadline ■ SSJSi . KiiiiiiiiU ^laiiaiifiiiliiaittiiliilfl

1 1

NOTES



NOTES


26

BRIAN TRACY'S TOTAL BUSINESS MASTERY I BUIID A GREAT BUSINESSI

Write down at least 10 goals for the next twelve months - in the present, positive, personal tense: 1. 2. 3. 4. 5. '"%

6. 7. 8.

9. 10. 11. 12. 13. 14. 15. © Brian Tiocy. 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. [TBM/G-12]


mJfrma^Bk

I

Single minded focus on one goal, the most important/ simplifies your life and accelerates your progress

i

BRIAN TRACY'S TOTAL BU5INF55 MA5TERY

NOTES



^

You must know exactly what you want - more than anything else. "What one goal, if you achieved it, would have the greatest positive impact on your life?" 1. What is your most important goal in life right now?

2. What is your deadline for achieving this goal? ^ %

3. Determine the obstacles you will have to overcome, the problems you will have to solve, to achieve this goal. 1) 2) 3) 4. What additional knowledge, skills, and abilities will you have to acquire or develop to achieve your goal? 1) 2) 3) © 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. [TBM/G-12]

BRIAN TRACY'S TOTAL BUSINESS MASTERY I BUILD A GREAT BUSINESS! 29

0^\ 5. Whose cooperation, assistance, or support will you require to achieve your goal? 1) 2) 3) 6. Based on your answers to the above questions, what steps will you need to take to achieve this goal? 1) 2) 0P*\

3) 4) 5) 6) 7) What one step are you going to take immediately?

r

1) How will you measure success?. 2) What is your expected (late of completion?. © 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. [TBM/G-12]

30


* * \

^



© Brian Tracy. All rights reserved. The contents, or parts thereof, may not be reproduced in any form lor any purpose without the written permission of Brian Tracy. [TBM/G-12]


Your personal leadership ability is the major limit on what you can achieve

i ■:

NOTES



i. Leadership is the most important factor for business success 2. Leadership is the ability to get results 3. Leaders have a clear vision of the future 4. Leaders have the courage to take action with no guarantee of success BRIAN TRACY'S TOTAL BUSINESS MASTERY

NOTES



i. Set and achieve business goals

pp

2. Market and innovate-continually seek faster, better, cheaper, easier ways to create and keep customers 3. Set priorities and work on key tasks 4. Focus and concentrate where superior results are possible

NOTES

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5. Solve problems and make decisions 6. Lead by example, be a role model Ask: "What kind of a business would my business be, if everyone in it was just like me?'' 7. Perform and get results. Always ask: uWhat results are expected of me?" BRIANTRACY'

_^_ J

NOTES



BECOME A GREAT LEADER Leadership is action, not position. When you act like a leader, you become one. All leadership skills are learnable with practice. 1. What are your three most important business goals right now? 1) 2) 3) 2. What are three ways that you could market your products/services faster, better, cheaper? 1) 2) 3) 3. What are your three top priorities for yourself and your business right now? 1) 2)


^

\


4. In what areas should you focus and concentrate your time and resources? 1) 2) 3) 5. What are the three biggest problems or obstacles you are facing right now? 1) 2) 3) 6. What is the simplest way to solve each of the problems in #5? 1) 2) 3) 7. What are your three biggest, best opportunities right now? 1) 2) 3) 8. What one step could you take immediately to take advantage of each of these opportunities? © 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. (TBM/G-12]


1) 2) 3)

9. What three behaviors of yours are most important in setting a good example to others? 1) 2) 3) 10. What are the most important results that are expected of you? 1)

^

2) 3)

.

What one action are you going to take immediately as a result of your answers to these questions?

1) How will you measure success?. 2) What is your expected date of completion?. 1 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. [TBM/G-12]


What are the decisions or actions you take that have the greatest impact on other people and your future?

NOTES



POINTS OF INTENSITY There are certain things you do that can affect the actions of other people. These activities have high potential consequences in terms of time expenditure, cost and results. 1. What are the three things you do in general that have a substantial impact on the lives or work of other people? 1) 2) 3) 2. What are the decisions you make regarding your personal time usage that have a major impact on your income? 1) 2) 3) 3. What are the decisions and actions of yours that have a major impact on your customers? 1) 2) 3) 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. [TBM/G-12]


4. What are the career decisions you make that have a major impact on yourself and others? 1) 2) 3) 5. What are the financial decisions you make that can have a major impact on yourself and others? 1) 2) 3) 6. What are the lifestyle choices that have an impact on your family? 1) 2) 3) 7. What are the health and fitness decisions you make that can greatly affect how long and how well you live? 1) 2) 3)



8. What are you going to do differently as the result of your answers to the above questions? 1) 2) 3) What are you going to do first?


"*%



i. What are your key result areas? 2. What can you and only you do which, if done well, can make a real difference? 3. What is the most valuable use of your time-right now? BRIAN TRACY'S TOTAL BUSINESS MA5TERY

NOTES


44


**%

BUILD A GREAT BUSINESS

!S§ SKILLS ANALYSB KEY RESULT AREAS IN BUSINESS

Give yourself a grade of 1-10 to determine how well you are doing in each area. 1. Productivity -1 am highly productive and efficient and I get a lot done each day. GRADE

1

2

3

4

5

6

7

8

9

10

2. Marketing and Sales -1 have an aggressive, on-going and successful sales program in place. GRADE

1

2

3

4

5

6

7

8

9

10

3, Innovation -1 am continually introducing new and better products and services. GRADE

8

10

j

4. Organizational Development - My business operates smoothly and efficiently with good people in every job. GRADE

1

2

3

4

5

6

7

8

9

10

""N



45

5. Cost Control -1 continually monitor all expenses to assure the lowest cost of operations commensurate with high quality products, services and delivery. GRADE

1

2

3

4

5

6

7

8

9

10

6. Training and Development -1 am continuously upgrading my skills and the skills of my people. GRADE

1

2

3

4

5

6

7

8

9

10

7. Profitability -1 have a highly profitable business that is growing steadily in sales and net income. Ji*\

GRADE

1

2

3

4

5

6

7

8

9

10

Strongest area?. Weakest area? Action Commitment:

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RESULTS PLANNING FOR In business, results are everything. Some results are much more important and valuable than others. Your ability to select the most important result you can get at any time determines your productivity, performance, output and career success. A result has six characteristics: 1. A result is clear and specific; 2. A result is measurable; 3. A result is under your control; 4. A result is something for which you are completely responsible; 5. A result is time-bounded and scheduled; 6. A result is essential to your company and to your success. 1. What specific results are expected of you? 1) 2) 3) 4) 5) 6) 7) © 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. [TBM/G-12)

BRIAN TRACY'S TOTAL BUSINESS MASTERY I BUILD A GREAT BUSINESS! 47 jj&\

2. Law of Three: There are only three tasks or activities that account for 90% of your results. What are they? Question: If you could only do one thing all day long, what one result would contribute the greatest value to your business? Answer:

Question: If you could only do two things, all day long, what would be the second most valuable result you could accomplish? Answer:

Question: If you could only do three things, all day long, what would be the third most important result you could get, or the third most valuable contribution you could make? Answer:

3. Based on your answers to the questions above, write down the three most important results for which you are responsible:



1) 2) 3)

4. What actions could you take immediately to achieve your three most important results? Result #1: 1) 2) 3) Result #2: 1) 2) 3) Result #3: 1) 2) 3)



5. What is the most important single action you could take to achieve your most important result in each area? 1) 2) 3) What one action should you take immediately to achieve your most important result?



50


RECOMMENDED LESSONS:

ICOME A GREAT LEADER 1. How Excellent Leaders Lead: (SM>SMGS) 2. Becoming A Leader: (SM>SMGS) 3. Strategies for Effective Leadership: (SM>SMGS) To access these and other lessons, log on to Business Growth Strategies (www.bizgrowthstrategies.conri and type in the name of the lesson in the search window. BGS CATEGORIES - ABBREVIATIONS KEY: Leadership • Management Growth Strategies (L>MGS) Business Success • Profit Growth Strategies (B>PGS) • Entrepreneurial Growth Strategies (B>EGS) Sales • Sales Growth Strategies (S>SGS) Sales Management • Sales Manager Growth Strategies (SM>SMGS) Personal Success • Personal Growth Strategies (P>PGS)

' 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. [TBM/G-12]


51

© Brian Tracy. AH rights reserved. The contents, or parts thereof, may not be reproduced in any form for any purpose without the written permission of Brian Tracy. [TBM/G-12]

52




Session 2 Offer a Great Product or Service

Brian Tracy © 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. [TBM/G-12]


The quality of your product/service determines 90% of business success Quality is the key determinate of your growth and profitability It is the key determinate of your reputation

NOTES



■

How often customers say:

"This is a great product!" BRIAN TRACY'S TOTAL BUSINES5 MASTERY

NOTES



OFFER A GREAT PRODUCT OR SERVICE "Quality is what your customers say it is." Quality Rating: "What percentage of the time does your product or service do what you say it will do?'»« 1. What exactly do you sell - defined in terms of what your product/service does to change or improve the life or work of your customer? 1) 2) ■* * \

3) 2. What does your customer consider value, and is willing to pay for? 1) 2) 3) 3. What does your product/service achieve, avoid or preserve for your customer? 1) Achieve? 2) Avoid? _ 3)

Preserve?

© 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. PBM/G-12]

"*)

BRIAN TRACY'S TOTAL BUSINESS MASTERY I BUILD A GREAT BUSINESSI 57 40^

4. Which of your products or services sell the most easily and are the most popular? 1) 2) 3) 5. What are the best compliments that you receive from your happy customers? 1) 2) 3) 6. What do your products or services offer to your customers that make them superior to your competitors? 1) 2) 3) 7. 20% of your features and benefits account for 80% of customer satisfaction. What are those 20%? 1) 2) 3) © 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. [TBM/G-12]

58 BRIAN TRACY'S TOTAL BUSINESS MASTERY I BUILD A GREAT BUSINESSI

8. If your best products were perfect in the minds of your customers, how would they be different from today? 1)

.

2) 3) 9. What are the core competencies in your business that enable you to produce excellent products and services? 1)

.

2) 3) 10. What skills, abilities, knowledge or capabilities will you need in the future to produce great products and services? 1)

.

2) 3) 11. What products or services should you abandon or discontinue because you cannot achieve excellence in those areas? 1)

.

2) 3) BUM Tracy. All rights reserved. The contents, or pans Iheieol. moy not be reproduced In any form lor cny purpose wilhoul Ike wrlnen permission ol Brian Tracy. (TBM/G-12]

"^


12. What three things could you do, starting today, to trigger the response, "This is a great product!" from your customers? 1) 2) 3) What one action are you going to take immediately as a result of your answers to these questions?


© 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. (TBM/G-12]


NOTES


BRIAN TRACY'S TOTAL BUSINESS MASTERY I BUILD A GREAT BUSINESS! g] yf^^S

AREAS OF EXCELLENCE The market only pays superior rewards for superior performance. Determine the areas of operation where you are or could be excellent: 1. Product: My product is superior to that of my competitors in the following ways: 1) 2) 3) The ways in which we could be superior in the future are: 1) 2) 3) 2. Services: My services to my customers are superior in the following ways: 1) 2) 3) J00fi^\



The ways in which we could be superior in the future are: ; 1) 2) 3) 3. People: The people in my company are superior to our competitors in the following ways: 1) 2)

.

.

3) The ways in which we could be superior in the future are: 1 1)

.

2) 3) 4. Location: The places we serve our customers are superior to our competitors in the following ways: 1)

.

2) 3)



Our location/facilities could be superior if we: 1) 2) 3) 5. Convenience: It is more convenient/easy for our customers to buy from us because: 1) 2) 3) It would be easier for our customers to deal with us if we: i)

:

2) 3)

6. Responsiveness: We respond to our customer needs faster than our competitors in the following ways: 1) 2) 3)



We could increase our speed of response to our customers if we: 1) 2) 3) 7. Price: Our prices/charges/fees to our customers are superior to our competitors in the following ways: 1) 2) 3)

:

Our prices/charges would be superior if we: 1) 2)

.

3) 8. Quality: Our products/services are superior in quality to our competitors in the following ways: 1) 2) 3) ■* * \

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We could improve the quality of our products/services if we: 1) 2) 3) 9. Promotion: Our methods of sales and promotion of our products/services are superior to our competitors in the following ways: 1) 2) 3) Our methods of sales and promotion could be superior to our competitors if we: 1) 2) 3) 10. Processes: Our ways of doing business and processing customer purchases, needs, and complaints are superior to our competitors in the following ways: 1) 2)



We could greatly improve on our processes and procedures for dealing with customers if we: 1) 2) 3) 11. Reputation: Our reputation in our market is superior to that of our competitors in the following ways: 1) 2)

:

3) Our reputation would be even better than our competitors if we were to: 1) 2) 3) 12. If I could wave a magic wand and improve every area of my business, I would work to bring about the following improvements: 1) 2) 3)

© 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. fTBM/Gl 2]


13. The three most important/valuable improvements I could make right away are: 1) 2) 3) The one change/improvement I am going to implement immediately is:


j0^\


68



OFFER A GREAT PRODUCT OR SERVICE 1. Identify your Target Market: (B>EGS) 2. Pump up your Profits! (B>PGS) 3. Finding Ideal Customers: (B>PGS) To access these and other lessons, log on to Business Growth Strategies (www.bizgrowthstrategies.conri and type in the name of the lesson in the search window. BGS CATEGORIES - ABBREVIATIONS KEY: Leadership • Management Growth Strategies (L>MGS) Business Success • Profit Growth Strategies (B>PGS) • Entrepreneurial Growth Strategies (B>EGS) Sales • Sales Growth Strategies (S>SGS) Sales Management • Sales Manager Growth Strategies (SM>SMGS) Personal Success • Personal Growth Strategies (P>PGS)


" %


Your ability to plan and organize every ^ r detail of your business is essential to your success and profitability

NOTES



THINKING! The potential consequences of

I

yourthinking makes thinking the most important and valuable activity you engage in BRIAN TRACY'S TOTAL 81

NOTES



r

Normal Thinking Process: Stimulus I Response

SuperiorThinking Process:

M

Stimulus I Thought I Response

Key: Response-Ability

NOTES



i. Values: clear, core principles 2. Vision: ideal picture of the future business

II

3. Mission: goals to accomplish 4. Purpose: reasons why business exists At, BUSINE55 MASTERY

NOTES



Excellent leadership and management Excellent products and services Excellent reputation in market Solid financials

NOTES



DESIGN k GREAT BUSINESS PLAN The most important work you do is "THINKING,

55

The quality of your thinking about the key elements of your business has the greatest impact of all on your success. 1. What are the core values and principles that you and your business stand for and believe in? 1)

.

2)

__

3) 2. If your business was perfect in every way, what would it look like in the future? 1) 2) 3) 3. What is your mission for your business - defined in terms of how you want to change or improve the life/work of your customers? a) Your mission: "Our mission is to: <**%>


BRIAN TRACY'S TOTAL BUSINESS MASTERY I BUILD A GREAT BUSINESSI 77

b) Your method: "We achieve our mission by:

c) Your measure: "We measure our success by achieving these numbers:

4. Why are you in this business at all? What is your purpose or reason for being in business? What difference do you want to make? 1) 2) 3) J0^\

5. The three most important leadership/management qualities we have, or need to have, are: 1) 2) 3) 6. The very best, highest quality products and services we offer are: 1) 2) 3)


78 BRIAN TRACY'S TOTAL BUSINESS MASTERY I BUILD A GREAT BUSINESSI * * \

7. Because of our excellent reputation, the best things people say about us are: 1) 2)

.

3) 8. The three areas where we are, or should be, leaders in our market are: 1) 2) 3)

. :

9. The three most important areas of focus for our marketing and sales activities are: 1) 2) 3) 10. We focus intensely on serving our customers well by doing these three things: 1) 2) 3)



11. The three best qualities of our staff are, or should be, the following: 1) 2) 3) 12. We encourage people to open and honest especially in these three areas: 1) 2) 3) What one action are you going to take immediately as a result of these answers?



80



DESIGN k mm BUSINESS PUN 1. Planning For Success: (B>PGS) 2. Developing Your Business Plan: (B>PGS) 3. Create Your Business Systems: (B>PGS) To access these and other lessons, log on to Business Growth Strategies (www.bizgrowthstrategies.com) and type in the name of the lesson in the search window. BGS CATEGORIES - ABBREVIATIONS KEY: Leadership • Management Growth Strategies (L>MGS) Business Success • Profit Growth Strategies (B>PGS) • Entrepreneurial Growth Strategies (B>EGS) Sales • Sales Growth Strategies (S>SGS) Sales Management • Sales Manager Growth Strategies (SM>SMGS) Personal Success • Personal Growth Strategies (P>PGS)


*m.

BRIAN TRACY'S TOTAL BUSINESS MASTERY ! BUILD A GREAT BUSINESS!

Marketing Strategy: All business strategy is marketing strategy Your ability to attract qualified prospects determines your success in business N TRACY'S TOTAL BUSINESS MASTERY

NOTES



83

Marketing Strategy You are responsible for -4. * ■

making the critical strategic decisions for your business BRIAN TRACY'S TOTAL BU5IN(:SS MASTERY

NOTES

© Brian Tracy. All rights reserved. The contents, or parts thereof, may not be reproduced in any form for any purpose without ihe written permission of Brian Tracy. [TBM/G-12]


Your competition determines your level of ^

■

1 - ^^M

sales, the prices you charge, and how much money you make TOTAL. BU5INES

NOTES



IB

US

Your decisions in these four areas determine the success or failure of your business

NOTES



NOTES



This is the product, service, customer, market, area of technology where you focus all your efforts IAN TRACY'S TOTAL. BUS

NOTES



i. Your competitive advantage 2. Your area of excellence, superiority 3. Your "Unique Selling Proposition" Where are you or could you be "the best?" kMjU«4£SI*|ra«UiMKI*£ZV

NOTES



Who are those customers who most appreciate your area of superiority? i. What are their demographics? 2. What are their psychographics? 3. How would you describe your "perfect customer?"

NOTES



Where you focus your time, money and resources. i. What are the best possible ways to contact your ideal customers? 2. What are the best possible media? 3. What are the most powerful appeals? RACY'STOT

NOTES



i. Age? 2. Gender? 3. Income? 4. Education? 5. Occupation? 6. Location? 7. Family Status? BRIAN TRACY'S TOTAL BUSINESS MA5TERY

NOTES

© Brian Tracy. All rights reserved. The contents, or parts thereof, may not be reproduced in any form (or any purpose without the written permission of Brian Tracy. [TBM/G-12]

BRIAN TRACY'S TOTAL BUSINESS MASTERY i BUILD A GREAT BUSINESS!

i. Goals, ambitions? 2. Wants, needs, motivations? 3. Hopes, dreams, aspirations? 4. Fears, doubts, worries? 5. Problemsto be solved?

NOTES



Attracts a steady stream of qualified prospects Emphasizes your "Unique Selling Proposition" Positions your product as the first, best choice in the customers7 mind BRIAN TRACY

S MASTERY

NOTES



Your goal is to position MAlUttlSlf

■

II

VX«1I

K*~

as the wonly" choice for what you sell

NOTES



CREATE A GREAT MARKETING PLAN

FOUR PRINCIPLES OF MARKETING STRATEGY Your ability to think and plan strategically enables you to focus, concentrate and get better results at lower cost. 1. What is your area of specialization? 1) Product/Service? 2) Market? 3) Customer Type? 4) Geographical Area? 5) Outcome/Result? _ 2. If you were starting over today, where/how would you choose to specialize? 1) 2) 3) 3. What is your area of differentiation? Your area of competitive advantage? In what way are your products/services superior to your competitors?


96 BRIAN TRACY'S TOTAL BUSINESS MASTERY I BUILD A GREAT BUSINESS)

2)

:

3)

4. What is your "Unique Selling Proposition," the one value or benefit that makes your product or service more desirable than any other?

5. Segmentation - who are the customers who can most benefit and pay for what you do best in your area of specialization? "**') 1) 2)

:

3)

6. Concentration - on what customers should you focus your time, money and efforts? 1) 2) 3)



7. What are your three best and most popular products/services, based on the above? 1) 2) 3) 8. What products, markets, or customers should you abandon or discontinue, based on the above? 1) 2) Jp\

3) What one action are you going to take immediately, based on your answers to the above questions?


JP*\



Any change in the mix can change your sales and your results

NOTES

© 3rian 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. [TBM/G-12]


99

The Marketing Mix

■ 'S . *- 0„ Promotion 5. Packagi 6. Position 7. Peopl BRIAN TRACY'S TOTAL BUSINESS MASTERV

NOTES



Area of Activity

Improvement Cumulative

i. Product

10%

1.10

2. Price

10%

1.21

3. Promotion

10%)

i-33

4. Place

10%

5. Packaging 6. Positioning

10%

7. People

10%

1.61

10%

1.94

S TOTAL BUS'

NOTES



Product

'■;/,.

i. What do you sell? Describe it in terms of benefits, outcomes; '•-:

2. What does it achieve, avoid, preserve?

•■-■.-

3. How does it change or improve the life or work of your customer? Transform? BRIAN TRACY'S TOTAL BUSINF5S MA5TERY

NOTES

1 Brian Tracy. All righls reserved. The contents, or parls thereof, may not be reproduced in any form for any purpose without the written permission of Brian Tracy. [TBM/G-12]


i. What does it cost? 2. How do you charge? 3. How does the customer pay? 4. Could there be a better way to charge or pay?

.ACY"

NOT

© 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. [TEM/G-12]


T i

8$

i

'

w: "

*

0

0

1

-^

•

Promotion

B

How do you reach your customers? Marketing, advertising and public relations?

3- Sales strategies and methods?

t ff

5

4- What could you add, delete, improve, increase? BRIAN TRACY'S TOTAL BUSINE5S MASTERY

NOTES



Advertising and Promotion Creates an immediate response: • "That's for me!" • ul want that!"

^^^^J

• "How do you do that?" Goal: To get customers to want to buy what you are selling H i

R1AN TRACY'S TOTAL BUSINESS MASTERY

NOTES



i. Where do you offer your product/services? 2. Where else could you sell your product/service? 3. How could you change/improve the location of your sales activities? iRACY'STOTAL BU

NOTES



■ ■if ■it *

Positioning i. How are you talked about, thought about by your customers? 2. What words do you "own" in your customer's mind? 3. What words would it be helpful for you to own? 4. How can you get your customers to think of you this way? BRIAN TRACY'S TOTAL BUSINESS MASTERY

NOTES



Customers are 100% emotional How they feel determines their decisions Every customer contact must be warm, friendly, positive BRIAN TRACY'S TOTAL BUSINESS MASTERY

NOTES


BRIAN TRACY'S TOTAL BUSINESS MASTERY ! BUILD A GREAT BUSINESS!

•

1. Product 2. Price

" V

a. Product

A 10%

2. Price

A 10%

3. Promotion

A 10%

4. Place

4. Place

A 10%

5. Packaging

5. Packaging j 6. Positioning}

A 10%

7. People

3. Promotion

6. Positioning

A 10%

7. People



CREATE A GREAT MARKETING PLAN

As markets change, you must be prepared to change as well. A single change in one element of the marketing mix can change you sales and prof itability dramatically. 1. Product/Service: what additions or changes could you make to your product or service offerings to make them more attractive? 1)

__

2) 3) 2. Price: Are your products or services priced properly for the existing market? How could you change your pricing to be more competitive? 1) 2) 3) 3. Promotion: How could you market or sell your products or services more effectively? 1) 2) 3) © 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. [TBM/G-12]

">

B R I A N T R A C Y ' S T O TA L B U S I N E S S M A S T E R Y I B U I L D A G R E AT B U S I N E S S ! ] \ ]

4. Place: Where else, and in what way, could you offer your products/ services differently? 1) 2) 3) 5. Packaging: How could you package your offerings differently to make them more attractive, more desirable? 1) 2) 3) 6. Positioning: How could you position yourself more effectively against your competition so your product appears superior to theirs? 1) 2) 3) 7. People: Who are the key people inside and outside your business who most determine your level of sales? 1) 2)


11 2 B R I A N T R A C Y ' S T O TA L B U S I N E S S M A S T E R Y I B U I L D A G R E AT B U S I N E S S !

What one action are you going to take immediately as a result of your ^ answers to the questions above?



BRIAN TRACY'S TOTAL BUSINESS MASTERY i BUILD A GREAT BUSINESS!


1. Magical Marketing: (B>PGS) 2. Market and Sell Anything: (B>PGS) 3. Use the 7 Step Formula: (B>PGS) To access these and other lessons, log on to Business Growth Strategies (www.bizgrowthstrategies.com) and type in the name of the lesson in the search window. BGS CATEGORIES - ABBREVIATIONS KEY: Leadership • Management Growth Strategies (L>MGS) Business Success • Profit Growth Strategies (B>PGS) • Entrepreneurial Growth Strategies (B>EGS) Sales • Sales Growth Strategies (S>SGS) Sales Management • Sales Manager Growth Strategies (SM>SMGS) Personal Success -•;. Personal Growth Strategies (P>RGS)





Continual focus on your most important numbers changes and improves them

IAN TRACY'5 TOTAL BUS'


117


Fact: The potential profitability of your business is far greater than your current results

FUTURE Key: Focus on the key numbers in your business BRIAN TRACY'S TOTAL BUSINESS MASTERY

i 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. [TBM/G-12]


The Economic Denominator1 The one number that most accurately predicts business success or failure What is it for your business?

r



r

;|

—

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Business Numbers to Watch

1

i ;1

i.

Sales - of all products, from all services

!

2.

Other revenues - of all kinds

3-

Cost-of-goods sold-all inclusive

4-

Expenses - every cost of doing business

5-

Salaries and wages - usually the biggest

j

1

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single expense 1

:

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fini

6.

Lead generation - number and cost per lead

7-

Conversion rate - from lead to customer

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NOTES


BUILD A GREAT BUSINESS! I BRIAN TRACY'S TOTAL BUSINESS MAKEOVER

121

Business Numbers to Watch 8. Cost of customer acquisition 9. Average size of sale 10. Average gross profit per sale 1

*

0

11. Average gross profit margin as percentage 12. Average net profit per sale 13. Average cost per sale 14. Average number of times a customer buys

r

HAN TRACY'S TOTAL BUSINESS MASTERY



15. Lifetime value of a customer 16. Sales per employee-average 17. Sales per day, week, month 18. Sales per specific product or service 19. Average size of up-sell or cross-sell 20. Average number of referrals received 21. Average sales per square foot - retail

iRACY'S TOTAL BUSINESS MASTERY

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Business Numbers to Watch 29. Amount of debt or total owed by the business 30. General trend of sales numbers 31. Number of orders for future fulfillment 32. Number and age of bad debts, past due payments 33. Your "Economic Denominator," your most important number

What is it? IAN TRACY'S TOTAL. BUSINESS MASTERY

NOTES



GENERATE GREAT NUMBERS

BUSINESS NUMBERS TO WATCH 1. Sales - of all products, from all sources 2. Other revenues - of all kinds 3. Cost-of-goods sold - all inclusive 4. Expenses - every cost of doing business 5. Salaries and wages - usually the biggest single expense 6. Lead generation - number and cost per lead 7. Conversion rate - from lead to customer 8. Cost of customer acquisition 9. Average size of sale 10. Average gross profit per sale 11. Average gross profit margin as percentage



12.

Average

net

p r o fi t

per

sale

;

13. Average cost per sale 14. Average number of times a customer buys 15. Lifetime value of a customer 16. Sales per employee - average 17. Sales per day, week, month 18.

Sales

per

s p e c i fi c

product

or

service

19. Average size of up - sell or cross-sell 20. Average number of referrals received 21. Average sales per square foot - retail 22. Return-On-Investment (ROI) - return on money working in the business 23. Return-On-Equity (ROE) - return on owner's equity in the business 24. Return-On-Sales (ROS) - net profit from sales after all expenses


^\


25. Amount of receivables and how long outstanding 26. Amount of payables and when due 27. Amount of money in the bank 28. Amount of money drawn down on Line-of-Credit 29. Amount of debt in total owed by the business 30. General trend of key numbers 31. Number of orders for future fulfillment 32. Number and size of bad debts, past due payments 33. Your "Economic Denominator," your most important number



GENERATE GREAT NUMBERS Your ability to focus on certain numbers in your business can change your results. 1. What are the three most important numbers you watch in your business? 1) 2) 3)

;

2. What three numbers give you the best idea of the health of your 1 business? 1) 2) 3) 3. What are your primary sources and costs of leads? 1) 2) 3) 4. What percentage of leads or prospects actually buy? © 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. [TBM/G-12]


5. What is your average size of sale? 6. What is your average gross profit on sales? 7. What are the average costs of each sale? 8. What is your average real profit on sales and operations?

9. How often does your typical customer buy from you?

v 10. What is your "Economic Denominator/' - the one number that best measures the health of your business?

What action are you going to take immediately as a result of your answers to these questions?

1) How will you measure success?. 2) What is your expected date of completion?. © 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. [TBM/G-12]


Analyze and identify your most profitable products and services vACY-'STOTAL BUSINESS MASTERY



r



NOTES



A profit is a "gain, reward, increment of value" in a business or activity. Your goal is to organize your business to achieve the greatest possible profit or return from your investment of time or money. 1. What are your most profitable products/services? 1) 2) 3) 2. What are your least profitable products/services? 1) 2) 3) 3. What are your most profitable tasks and activities? 1) 2) 3)



4. What are your least profitable/productive tasks, and activities? 1)

:

2) 3) 5. What are your most profitable marketing and sales activities? 1) 2) 3) 6. What are your least productive/profitable sales and marketing activities? 1) 2) 3) 7. Who are your most profitable people, those whose contributions are the most valuable? 1) 2) 3)



8. Who are your least profitable people, those who contribute very little? 1) 2) 3) 9. What personal work activities give you the greatest pleasure and satisfaction? 1) 2) 3) 10. What sort of personal work activities give you very little pleasure or satisfaction? 1) 2) 3) What one action are you going to take immediately as a result of your answers to the above?

1) How will you measure success?. 2) What is your expected date of completion?. © 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. [TBM/G-12]

136



GENEStATi GEtEM Ml 1. Focus on Financial Results: (B>PGS) 2. Budget For Your Business: (B>EGS) 3. Managing Your Information: (B>PGS) To access these and other lessons, log on to Business Growth Strategies (www.bizgrowthstrategies.com) and type in the name of the lesson in the search window. BGS CATEGORIES - ABBREVIATIONS KEY: Leadership • Management Growth Strategies (L>MGS) Business Success • Profit Growth Strategies (B>PGS) • Entrepreneurial Growth Strategies (B>EGS) Sales • Sales Growth Strategies (S>SGS) Sales Management • Sales Manager Growth Strategies (SM>SMGS) Personal Success • Personal Growth Strategies (P>PGS)


**S


137

S


138


**%

"*%


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BRIAN TRACY'S TOTAL BUSINESS MASTERY I BUILD A GREAT BUSINESS)

Attract a Your success in business will be determined by the people who work for you more than any other factor

NOTES



141

r Attract and Keep Great People i. All work is done by teams

^

2. The managers'work is the work of the team 3. Success requires excellent performance of each team member 4. The best businesses have the best people IAN TRACY'S TOTAL BUSINESS MASTERY

MOTS



Determine Your Hourly Rate

Divide your annual income by 2000 to calculate your hourly rate

^M

(Ex: $100,000 -r 2000 = $50 p/h) >ACY'STOTAt BUSINESS '



Delegate everything that anyone else can do at a lower hourly rate than you earn. Free up every minute possible for doing those things that only you can do. BRIAN TRACY'S TOTAL BUSINESS

NOTES



uDo what you do best; delegate or discontinue the rest." iiatdoyoudo best? .RACY'STOTAl BU.



y^V »J«. S'

Your ability to find and hire the right people is the key to leveraging and multiplying yourself

NOT

© 3rian 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. [TBM/G-12]


147

r How To Hire

*

i. Selection is 95% of success <

'

0

w*

2. Never hire as a solution to a problem Poor hiring is very expensive

*

r

f

:

(3-6 times annual income) &*

BRIAN TRACY'S TOTAL BUSIMF55 MASTERY

NOTES

r © 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. [TBM/G-12]


4. Thinkthrough the job a) Results expected? b) Skills required? c) Personality attributes necessary? .ACY'S TOTAL BUS'



5. Write out the job description - idealize! (as much detail as possible) 6. Casta wide net-tell others

NOTES



Interviewing process: a) Look for achievement history )) Sense of urgency c) Intelligent questions d) Rule of 3

NOTES



ATTRACT AMD KEEP GREAT PEOPLE 1. Determine your hourly rate by dividing your annual income by 2000:

2. What are the three activities that pay you your hourly rate or more? 1) 2) 3)

:

3. If you could only do three things all day long, what three things would they be? 1) 2) 3) 4. In what three areas are you excellent at what you do? 1) 2) 3)


BRIAN TRACY'S TOTAL BUSINESS MASTERY I BUILD A GREAT BUSINESSI 153 # i \

5. In what three areas are you average or not very good? 1) 2) 3) 6. What three tasks or activities at work do you enjoy the most? 1) 2) 3) 7. What three tasks or activities do you enjoy the least? j0p*\

1)

.

2) 3) 8. What three jobs or activities should you hire someone else to do? 1) 2) 3) 9. If you hire excellent people to do certain jobs, what specific people would you hire? /0^\



1) 2) 3)

10. Who are you going to hire, assign, delegate or replace immediately, so that you can concentrate on your top tasks? 1) 2)

__

3) What one action are you going to take immediately as a result of your answers to these questions?



;


^

\

155


ATTRACT, KEEP AND DEVELOP GREAT PEOPLE 1. Superior Selection Skills: (SM>SMGS) 2. Building Peak Performance Teams: (SM>SMGS) 3. A Great Place to Work: (SM>SMGS) To access these and other lessons, log on to Business Growth Strategies (www.bizgrowthstxategies.com) and type in the name of the lesson in the search window. BGS CATEGORIES - ABBREVIATIONS KEY: Leadership • Management Growth Strategies (L>MGS) Business Success • Profit Growth Strategies (B>PGS) • Entrepreneurial Growth Strategies (B>EGS) Sales • Sales Growth Strategies (S>SGS) Sales Management • Sales Manager Growth Strategies (SM>SMGS)

jfp\

Personal Success • Personal Growth Strategies (P>PGS)


156


■"*5%





Your ability to sell your product or service and to get payment is the key to your business future

NOTES



i. The #1 reason for business success is "high sales" 2. The #1 reason for business failure is "low sales" 3. "Nothing happens until a sale takes place" 4. Your primary job is to "create and keep a customer" '5 TOTAL BUSINE5

NOTES



i. Consistently converts prospects into customers 2. Creates a "great buying experience" 3. Sets the stage for resales 4. Generates recommendations and referrals

NOTES



i. Prospecting > 2. Establishing rapport and trust

0 # m

3. Identifying needs accurately 4. Presenting persuasively L BU5INE55 MAS1

NOTES



5. Answering objections effectively 6. Closing the Saleconsistently 7. Getting resales and referrals

NOTES



163

PERFECT A GREAT SALES PROCESS

S SKILLS ANALYSIS KEY RESULT AREAS IN SELLING

Give yourself a grade of 1-10 to determine how well you are doing in each area. 1. Prospecting -1 develop a steady stream of qualified prospects so I always have more people to see than I have time. GRADE

1

2

3

4

5

6

7

8

9

10

2. Building Rapport and Trust -1 quickly and easily build excellent relationships with my prospects. GRADE

1

2

3

4

5

6

7

8

9

10

3. Need/Problem Identification -1 ask excellent questions that enable me to identify the true needs of my prospects. GRADE

1

2

3

4

5

6

7

8

9

10

4. Presentation Skills -1 present my product/service clearly so that my prospect quickly realizes that what I sell is the ideal product/service for him or her. GRADE

1

2

3

4

5

6

7

8

9

10



■^ ^

5. Answering Objections -1 have well developed answers and responses for most customer objections. GRADE

1

2

3

4

5

6

7

8

9

10

6. Closing the Sale -1 close each sale smoothly and in a timely fashion. GRADE

8

10 |

7. Resales and Referrals -1 get a steady stream of repeat sales and referrals from my customers. GRADE

1

2

3

4

5

6

7

8

9

10

Strongest area?.

**%

Weakest area? Action Commitment:

^



PERFECT A GREAT SALES PROCESS Sales is the heartbeat of your business, the oxygen to the brain of your financial future. Fortunately, all sales skills are learnable - with instruction, practice and repetition. 1. Prospecting: who are the ideal customers for what you sell? 1) 2) J0I^\

3) 2. A good prospect has four qualities. What are they for your best prospect? 1) Problem unsolved? 2) Need unsatisfied? 3) Goal unachieved? 4) Pain to be taken away? 3. Trust and credibility are the "heart" of the sale. What do you do to build trust with prospects?



1) 2) 3)

4. Identifying needs accurately: What specific needs, wants of your ideal customer does your product or service satisfy? 1)

.

2) 3)

.

5. What is the most pressing, important need that a customer has that would cause him/her to buy your product? ***) 1)

_

2)

.

3) 6. Presenting persuasively - what are the three most important elements in persuading a prospect to buy from you? 1) 2)

.

3)



7. Answering objections effectively: What are the three most common objections you get as reasons for not buying? 1) 2) 3) 8. Why don't qualified prospects buy your product? 1) 2) 3) C 9. Why do your prospects buy from your competitors? 1) 2) 3) 10. What must a prospect be convinced of to buy your product from you? 1) 2) 3) 11. People only buy one thing: improvement.



What specifically does your product or service do to improve the life or work of your customer? 1) 2) 3) 12. Closing the Sale - what are the three best methods that you use to get the prospect to take action and to buy from you? 1) 2)

,

3) 13. Resales: What three things can you do before and after the sale to get the customer to buy from you again? 1) 2) 3) 14. What are three ways to follow through after the sale to assure customer satisfaction? 1) 2) 3) © 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. [TBM/G-12]

~>

BRIAN TRACY'S TOTAL BUSINESS MASTERY I BUILD A GREAT BUSINESS! ](fl

What one action are you going to take immediately to create a great sales process?


#*^.


170


1. Sales, revenue, cash flow are essential to the success and growth of your business. 2. There are four ways to increase sales, rev enue and cash flow: 1. Make more individual sales; 2. Make larger sales to each customer; 3. Increase frequency of purchases from each customer; 4. Do, offer, sell something completely different.

3. To increase your sales, revenues, and cash flow, you must accurately identify the correct reason why you are not sell ing enough at the present. Ask "What else could be the reason?" after every definition of the problem — until you find the real reason. Each definition of the problem suggests a different solution, and leads you in a different direction.

4. Initial definition of problem: "Our/my sales are not high enough."

SCORE

On a scale of 1-10, how would you grade yourself/your company? Possible reasons for this problem: 1. We do not have enough customers. What else is the problem? 2. Our customers are not buying enough: What else is the problem? 3. We are not converting enough prospects into customers: What else is the problem? 4. Our advertising and promotion is not attracting enough customers: What else is the problem? 5. Our sales are not large enough per customer: What else is the problem? Our customers are not buying frequently enough from us: What else is the problem? We do not have enough salespeople: What else is the problem? 8. Our salespeople are not selling enough to our customers: What else is the problem? © 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. [TBM/G-12]

B R I A N T R A C Y ' S T O TA L B U S I N E S S M A S T E R Y I B U I L D A G R E AT B U S I N E S S ! 1 7 1

# * v

9. Our salespeople are not trained well enough to sell in a tough, competitive market: What else is the problem? 10. Our customers are buying too much from our competitors: What else is the problem? 11. Our competitors are selling too much to our customers:. What else is the problem? 12. Our customers perceive greater value and benefit from our competitor's products: What else is the problem? 13. Our customers are not aware of how valuable our products can be to them in comparison with our competitor's offerings: What else is the problem? 14. We are not making enough profit on each individual sale: What else is the problem? 15. Our costs of making each sale are too high: What else is the problem? 16. There is not enough focus on sales and marketing in our organization: What else is the problem? 17. Our products are too expensive in comparison to our competitor's offerings: What else is the problem? 18. Our products are not perceived to be as good as those offered by our competitors: What else is the problem? 19. We do not have a distinct competitive advantage that allows us to stand out as superior to our competitors: What else is the problem? 20. The market has fundamentally changed and the demand for our product has declined permanently: What else is the problem? 21. We will have to create and offer newer and better products and services if we want to survive in the markets of today and tomorrow: What else is the problem? © 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. [TBM/G-12]


5. Select the one core problem that could be the major obstacle to your success in today's market "^%

6. Make a list of 5 specific actions you could take immediately to solve this problem or remove this obstacle: 1. 2. 3.

_

4. 5. 7. Select the one action you are going to take immediately to increase sales, revenues and cashflow:

ASK YOURSELF THE FOLLOWING QUESTIONS: 1. What are my most attractive and profitable products/services? 1. 2. 3. 2. What do my customers consider value? Why do they buy from me? 1. 2. 3. 3. What do we do especially well? What is our "area of excellence?" our competitive advantage? 1.

.

2. 3. © 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. [TBM/G-12]

BRIAN TRACY'S TOTAL BUSINESS MASTERY I BUILD A GREAT BUSINESS! 173 4. Is there any product or service that, knowing what we now know, we wouldn't bring it to the market? 1. 2. 3. 5. If our business burned to the ground and we had to walk across the street and start over, what products/services would we begin offering again immediately? 1. 2. 3. 6. If we were starting over, what would we not start up again? 1. 2. 3. 7. If we were starting over, who would we not hire, assign, promote, deal with or get involved with? 1. 2. 3. What specific actions are you going to take immediately as the result of your answers to the above questions? 1. 2. 3. What one action are you going to take immediately?


174



PERFECT k GREAT SALES PROCESS 1. Create Your Sales Plan: (B>EGS) 2. High Performance Selling (30 Lessons): (S>SGS) 3. Secrets of Success In Selling: (S>SGS) To access these and other lessons, log on to Business Growth Strategies fwww.bizgrowthstrategies.com^ and type in the name of the lesson in the search window. BGS CATEGORIES - ABBREVIATIONS KEY: ^

Leadership • Management Growth Strategies (L>MGS) Business Success • Profit Growth Strategies (B>PGS) • Entrepreneurial Growth Strategies (B>EGS) Sales • Sales Growth Strategies (S>SGS) Sales Management • Sales Manager Growth Strategies (SM>SMGS) Personal Success • Personal Growth Strategies (P>PGS)



Your level of skill and experience is the key factor in business success

NOTES



177

Become a Great Businessperson

.

'

0

jt

Your outer life and business is a reflection of your inner life like a mirror. Your life only gets better when you get better. BRIAN TRACY'S TOTAL BUSINESS MASTERY

NOTES

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. [TBM/G-12]


i. Intense, burning desire for success 2. Love the product/service they sell 3. Really care about helping their customers 4. They are in business for the long term 'ACY'STOT"

NOTES



179

Qualities of Top Businesspeople 5. Highly disciplined, focused 6. Expect to fail over and over 0

7. Love to sell, promote, persuade

0

8. They are incredibly persistent s

Failure is not an option BRiAN TRACY'S TOTAL BUSINESS MASTERY

NOTES



BECOME k mm BUSBNESSPEHSON When you think continually about the best qualities you could develop, you shape your own personality and become more like your ideal. 1. List three reasons why you want to be successful in your business: 1) 2) 3) 2. List the three things you love most about your product or service: 1)

.

2) 3) 3. List the three most important benefits your customers enjoy from using your product or service: 1) 2)

__

3)


BRIAN TRACY'S TOTAL BUSINESS MASTERY I BUIID A GREAT BUSINESS! 181 00^.

4. What would you like to be doing five, ten, twenty years from today? 1)

;

2) 3) 5. List the three best qualities or disciplines that you practice each day: 1) 2) 3) 6. List the three most important lessons you have learned from failure in the j ^ \

past: 1) 2)

;

3)

7. List the three most important things you do to promote and sell your product or service: 1) 2) 3)



8. What are the three most important benefits you get personally for being incredibly persistent? 1) 2) 3) 9. What three things are you going to do or change, based on your answers to the above questions? 1) 2) 3) What one action are you going to take immediately?



BRIAN TRACY'S TOTAL BUSINESS MASTERY I BUILD A GREAT BUSINESS! #^\

BECOME A GREAT BUSINESSPERSON

mmmi skills analysis KEY RESULT AREAS IN MANAGEMENT

Give yourself a grade of 1-10 to determine how well you are doing in each area. 1. Planning -1 have clear, written goals and plans of action for each part of my business. GRADE

1

2

3

4

5

6

7

8

9

10

2. Organizing -1 am well organized and capable of bringing together the #*\ necessary people, money and resources to achieve my business goals. GRADE

1

2

3

4

5

6

7

8

9

10

3. Staffing -1 am good at finding and hiring the right people to help me achieve my goals. GRADE

1

2

3

4

5

6

7

8

9

10

4. Delegating -1 delegate the right jobs to the right people, clearly and with complete understanding. GRADE

1

2

3

4

5

6

7

8

9

10

© 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. (TBM/G-12]

184


5. Supervising -1 regularly inspect what I expect and make sure everyone is doing their job to the expected standard and on schedule. GRADE

8

10

6. Measuring -1 set and explain clear measures and standards of performance and review them regularly. GRADE

1

2

3

4

5

6

7

8

9

10

7. Reporting -1 report my results clearly and regularly to my bankers, customers, staff and suppliers, so there is no confusion or misunderstanding. GRADE

1

2

3

4

5

6

7

8

9

10

Strongest area?. Weakest area? Action Commitment:



185

JP\


BECOME A GREAT BUSINESSPER! 1. Get the Most Out of Yourself: (L>MGS) 2. Pursuit of Personal Excellence: (L>MGS) 3. Seven Secrets of Managerial Success: (L>MGS) To access these and other lessons, log on to Business Growth Strategies (www.bizgrowthstrategies.com) and type in the name of the lesson in the search window.

^

\

BGS CATEGORIES - ABBREVIATIONS KEY: Leadership • Management Growth Strategies (L>MGS) Business Success • Profit Growth Strategies (B>PGS) • Entrepreneurial Growth Strategies (B>EGS) Sales • Sales Growth Strategies (S>SGS) Sales Management • Sales Manager Growth Strategies (SM>SMGS) Personal Success • Personal Growth Strategies (P>PGS)


186


*<*%,

•*"\

© Brian Tracy. All rights reserved. The contents, or ports thereof, may not be reproduced in any form for any purpose without the written permission of Brian Tracy. [TBM/G-12]


Brian Tracy's

*


Session 9 Create a Great Customer Experience

Brian Tracy e*.~ © 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. [TBM/G-12]


How people feel after they do business with you determines if they buy again 5 MASTERY

NOTES



What does it do? 1. Makes the customer happy 2. Builds, maintains loyalty 3. Generates repeat business BRIAN TRACY"

NOTES



What would have to happen? What is the most important thing you could do? What is the most important change you could make? ■

NOTES



191

i. You meet expectations "^

2. You exceed expectations 3. You delight your customers 4. You amaze your customers BRIAN TRACY'S TOTAl BU5INF5S MASTERY

NOTES



CREATE k GRIM CUSTOMER EXPERfENCE Fully 80% of the customer experience is determined by how customers feel after dealing with you. They say, "This is a great company!" 1. Describe your ideal customer, the one you most want and need to be nappy:

1) 2) 3)

;

2. Define your perfect customer experience; what has to happen to make your customers happy? 1) 2) 3) 3. What do you offer, or could you offer in terms of the features and benefits of your product or service? 1) 2) 3)



j0*i

4. What improvements could you make on the way you deal with and treat your customers? 1) 2) 3) 5. How could you improve your prices or terms to make your customers happier? 1) 2) 3) 6. How could you make the customer experience faster, easier, and more convenient? 1) 2) 3) 7. What three factors does your ideal customer want or value most in dealing with you? 1) 2)



8. What additional services do you need to offer to satisfy and please your customers? 1) 2) 3) 9. What are the three minimum expectations your customers have, and which you have to meet? 1) 2) 3) 10. In what three ways do you, or could you, exceed customer expectations? 1) 2) 3) 11. In what three ways could you do something unexpected to delight your customers? 1) 2) 3)


BRIAN TRACY'S TOTAL BUSINESS MASTERY I BUILD A GREAT BUSINESS! |95

12. What three things could you do that would amaze your customers? 1) 2) 3) What one change are you going to make to increase the quality of the customer experience?




NOTES



The true measure and purpose of a business is customer satisfaction. Your business goals are: i. To get them to buy from you first 2. To get them to buy again 3. To get them to bring their friends ■■ 1

NOTES



"Would you recommend us to others?" On a scale of 1-10? Your score predicts your future sales.

NOTES



A happy customer i

■ ''■'■'■'-". '■

10X easier to sell to than a new prospect takes i/ioth the time and cost BRIAN TRACY'S TOTAL BUSINB5

NOTES



!

■■

Referral Business

A referral isiox-isx easiertosell to

i

■

than a cold call or new customer - takes i/i5th the time/cost

NOTES



Your ability to get resales and referrals from satisfied customers is the key to your success. 1. Why do people buy from you in the first place? (What value do they seek? Expect? Hope for?) 1) 2) 3)

:

V 2. What do you do for your customers that no one else can offer? i)

:

2) 3)

3. If you could wave a magic wand and have your customers describe you in a particular way, what would you want them to say? 1) 2) 3)



4. What do your customers expect of you to be satisfied? 1) 2) 3) 5. What do you do to assure that you meet customer expectations? 1) 2) 3) 6. What do you do to exceed customer expectations? 1) . 2) 3) 7. What do you do extra to delight your customers? 1)

.

2) 3)



8. What do you do that is special, to amaze your customers? 1) 2)

.

3) 9. What do you do to get referrals from satisfied customers today? 1) 2) 3)

# ^

10. Why do you especially deserve referrals to new customers? 1) 2) 3) 11. If you could no longer advertise and prospect, what would you do to sell "by referral only?" 1) 2) 3)



12. What could you start doing immediately to double the number of referrals you get? 1) 2)

___

3) What one action are you going to take immediately to increase your referral business?


© Brian Tracy. Ail rights reserved. The contents, or parts thereof, may not be reproduced in any form for any purpose without the written permission of Brian Tracy. [TBM/G-12]


RECOMMENDED LESSONS: Et

1. Serving Your Customer: (B>PGS) 2. The Customer Is Always Right: (L>MGS) 3. Customers For Life: (S>SGS) To access these and other lessons, log on to Business Growth Strategies (www.bizgrowthstrategies.com) and type in the name of the lesson in the search window. BGS CATEGORIES - ABBREVIATIONS KEY: Leadership • Management Growth Strategies (L>MGS) Business Success • Profit Growth Strategies (B>PGS) • Entrepreneurial Growth Strategies (B>EGS) Sales • Sales Growth Strategies (S>SGS) Sales Management • Sales Manager Growth Strategies (SM>SMGS) jp^

Personal Success • Personal Growth Strategies (P>PGS)


206


^^\

NOTE



BriaivTracy's


Session 10 Oa.'^C ,,

Live a Great Life [■'-

•CSn•■ is-4, ■

Presented by



The aim and purpose of working is to enable you to create a high quality of life for yourself and your family

NOTES


(0 >

cu

^cu 03

LJ o-.

cu

E o u

n--

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X ocu i n

f > -

C U 4-'

u_ JZ CD

nj o


Time Quadrants URGENT NOT URGENT

MPORTANT

1

2

NOT IMPORTANT

3

4

■

1

KJ71 NOTES



211

LIVE A GREAT LIFE

1. What are the Urgent and Important activities that take up much of your day? 1) 2) 3) 2. What are the Not Urgent but Important activities that can have a major impact on your future? 1) 2) 3) 3. What are the Urgent but Not Important activities that sidetrack you during the day? 1) 2) 3)



4. What are the activities that are neither Urgent nor Important that you can eliminate entirely? i) 2) 3) 5. What specific activities are you going to do more of in Quadrants 1 and 2 to increase your productivity? 1) 2) 3) 6. What activities should you stop doing altogether? 1) 2) 3) 7. What changes are you going to make in your time usage based on the above? 1) 2) 3)



What one thing are you going to start doing or stop doing immediately?




Achievin The Law of the Excluded Alternative "Doing one thing means not doing everything else atthat moment." ♦ Practice ''creative abandonment" • Create a unot to do" list I

:■ STOTVH. BIT

NOTES



LIVE A GREAT LIFE

1. What three things do you enjoy doing the most when you are not working? 1) 2) 3) 2. What are your three most enjoyable vacation destinations? 1) 2) 3) 3. If you were forced to take a day off from work, what three things would you do? 1) 2) 3) 4. What are the most enjoyable leisure time activities you engage in with your family or friends?



1) 2) 3)

5. How would you spend your time if you only had six months left to live? 1) 2) 3) 6. If you had $20,000,000 in the bank but only 10 years left to live, what would you do differently? 1)

"^

.

2) 3)

7. What actions are you going to take immediately to increase your time off? 1) 2) 3) "*%



What one leisure time activity are you going to plan for right now?


JP?\


218


" * \


BRIAN TRACY'S TOTAL BUSINESS MASTERY 1 BUILD A GREAT BUSINESS!

Brian Tracy's

Total Business Mastery Build a Great Business!

9 P0tfi

Summary & Wrap up Decision x - :

Making!

■« •

5^

Or**]

ialS9lfl3ill]


220



LI

GMM LIFE

1. Get the Most Out of Yourself: (SM>SMGS) 2. Pursuit of Personal Excellence: (SM>SMGS) 3. Balancing Your Total Life: (SM>SMGS) To access these and other lessons, log on to Business Growth Strategies (www.bizgrowthstrategies.conri and type in the name of the lesson in the search window. BGS CATEGORIES - ABBREVIATIONS KEY: Leadership • Management Growth Strategies (L>MGS) Business Success • Profit Growth Strategies (B>PGS) • Entrepreneurial Growth Strategies (B>EGS) Sales • Sales Growth Strategies (S>SGS) Sales Management • Sales Manager Growth Strategies (SM>SMGS) Personal Success • Personal Growth Strategies (P>PGS)


^*^

BRIAN TRACY'S TOTAL BUSINESS MASTERY I BUIlD A GREAT BUSINESS!

The most important part of this day is what you do afterwards. Action is Everything. IAN TRACY'

NOTES



DECISION-MAKINGS 1. What one change are you going to make in your work?

2. What one change are you going to make in your family life?

3. What one change are you going to make in your financial affairs?

4. What one change are you going to make in your health and fitness activities?

5. What one subject are you going to learn or improve in?


^


6. What one activity are you going to engage in in your social and community life?

7. What one activity are you going to engage in to improve your spiritual life?

What one thing are you going to do first?



224


-**^.

OTES


225


TOTAL BUSINESS AAASTERY

Date:

Name:

We would appreciate your cooperation in helping us to improve this program by sharing your opinions and suggestions with us. What is your overall evaluation of this program? (Please mark with an x) EXCELLENT

GOOD

20 19 18 17 16 15 14 13 12 11 10

FAIR

8

POOR

6 5

Why did you rate it this way?.

What ONE idea will you apply immediately as a result of this program?.

Which guest speaker provided the most value to you? Of the sessions Brian taught, what specific topic did you like the most? (Choose one only) O Become a Great Leader

O Attract and Keep Great People

O Offer a Great Product or Service

O Perfect a Great Sales Process

O Design a Great Business Plan

O Become a Great Businessperson

O Create a Great Marketing Plan

O Create a Great Customer Experience

O Generate Great Numbers

O Live a Great Life

Are there any topics that were not covered that you would have liked Brian to talk about?

JP^N



Do you feel that you received the intended value for what you paid for the seminar? ■' O YES O NO If no, what would have made your experience more valuable?

Why did you decide to attend this program?

What improvements would you suggest for future events?

Please list anyone you know who would be interested in attending this program: Name:

Company:

Email: Name: Email: Name: Email:

Phone: .

Company: Phone: Company: Phone:

THANK YOU! Your feedback is greatly appreciated!

© 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. [TBM/G-12]


227

DATE # GOAL OR ACTION

COMPLETION DATE

2 3

5

^

\

8

10 12 13 14 15 16 17 18 19 20 © 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. [TBM/G-12]

228



C3S so

% %

O0

I B R I A N T R A C Y ' S T O TA L B U S I N E S S M A S T E R Y I B U I L D A G R E AT B U S I N E S S !

BUSINESS PLANNING FOR SOLID GROWTH 1 here are several indispensable financial tools which every business . must have. The attention to the detail of developing these tools on an ongoing basis often makes the critical difference between profits and losses, growth and decline, success and failure. The Business Plan — Your Blueprint for Success The business plan is as essential to business success as a blueprint would be in the construction of a building. Lack of a clear, detailed business plan leads to a lack of direction, inaccura cies, confusion and wasted resources. The existence of a plan, and the pro cess of developing it, contributes to clarity of focus, teamwork, organized effort and profit growth. A Business Plan Consists of the Following Ingredients: Mission Statement - A statement of your overall objective or goal, your reason for being in business, what you want to accomplish, achieve, and preserve. Strategic Objectives 4 The goals you must accomplish to reach your overall objective.



Tactical Objectives The activities you must engage in to accomplish your strategic objec tives, in order of priority. Strategic Variables A) Product Policy Characteristics, design, mix of products/services offered. B) Customer Policy Specific types and characteristics of customers to whom products and services will be offered. C) Distribution/Promotion Policy I How do you move your products to the end user? Advertising, sales, outlets, locations, delivery, etc. D) Competitive Emphasis I What do we do better than our competitors? Where can we develop excellence?



E) Pricing Policy ■ How do we charge for our products or services? ■ Consider discounts, quantity purchases, commissions, etc. F) Financing Policy ■ Where and how to obtain short-term and long-term capital? ■ Personal assets, friends, banks and investors. G) Investment Policy ■ How to allocate available funds. ■ Product Development Research Sales Promotion Facilities H) Also, Divestment Policy ■ How do you decide what to get out of, sell off, or discontinue?


BRIAN TRACY'S TOTAL BUSINESS MASTERY I BUILD A GREAT BUSINESS! 233 JP*N.

Guide to Preparing a Business Plan Table of Contents EXECUTIVE SUMMARY SECTION 1.0 The Concepts SECTION 2.0 Objectives SECTION 3.0 Market Analysis 3.1 General description of the entire marketplace, for the product or service 3.2 Precise description of segment(s) to be pursued /Jp*N

3.3 Description of intermediate influences on buyers such as dealers, distributors, sales representatives, associates, etc. 3.4 Competitive Conditions — Present and anticipated 3.5 Pricing Conditions — Present and anticipated 3.6 Governmental Influences — Present and anticipated 3.7 History of similar products, services, or businesses 3.8 Break-even point estimates, i.e.; How many units and/or how much of the market has to be sold to cover costs?



SECTION 4.0 Production 4.1 Equipment Requirements 4.2 Facility Requirements 4.3 Raw Material, Labor and Supplies Requirements and Sources 4.4 Quality Control, Packaging, Transportation, etc.; Requirements and Sources 4.5 Program for Initial Time Period 4.6 Schedule — Who is to do what, by when (Exhibit) 4.7 Budget (Exhibit) 4.8 Results Expected (Exhibit) **% 4.9 Contingency Plans SECTION 5.0 Marketing 5.1 Method(s) of Selling and Advertising to be Employed 5.2 Product of Service Features and Benefits to be Emphasized 5.3 Program for Initial Time Period 5.4 Schedule — Who is to do what, by when (Exhibit) 5.5 Budget (Exhibit) 5.6 Results Expected (Exhibit) 5.7 Contingency Plans © 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. [TBM/G-12]


SECTION 6.0 Organization and People 6.1 Who is accountable for whom, for what. Structure (Exhibit) 6.2 Staffing Program for Initial Time Period 6.3 Schedule (Exhibit) 6.4 Budget (Exhibit) 6.5 Results Expected (e.g., brief position description) 6.6 Contingency Plans SECTION 7.0 Funds Flow and Financial Projections 7.1 Complete statement of expected sales and expenses for the next sales period (Exhibit) 7.2 Pro forma Profit and Loss Statements (Exhibit) 7.3 Pro forma Balance Sheets 7.4 Program for Monitoring and Controlling Funds With People and Systems Included in the Organization Planning SECTION 8.0 Ownership 8.1 Summary of Funding Requirements 8.2 Form of Business — Partnership, Corporation, etc. 8.3 Program for Raising Equity and/or Deft Money required, if any 8.4 Projected Returns to Investors © 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. [TBM/G-12]


Note: If technology is an important ingredient in the success of the enterprise, a separate section, Technology, should be included in the Business Plan. Such a section would include details on staffing and methods of inquiry and testing as well as schedules, budgets, results expected, and contingency plans. A section on Technology would normally be inserted after Section 5.0, Marketing.

Developing Pro Formas for Financial Analysis Every business decision is based on a consideration of the costs and risks compared with the potential gains. Every allocation of funds must be preceded by an analysis of possible re turns on those funds. The basic Pro Forma must be developed before an informed or intelligent opinion can be reached. The pro forma becomes the basis of the business budget and is a critical tool for managing the enterprise. The Business Budget Consists of the Following Information:

l

Estimated Gross Revenues The dollar value in total of your product or service that you reasonably expect to sell in a given period (month, year).


"*%


2

Total Expenses Every single cost to you of providing the product or service to the market; for example: ■ Cost of goods sold (wholesale cost plus freight) ■ Salaries and wages ■ Rent and utilities ■ Office supplies and equipment ■ Accounting and legal ■ Advertising and promotion ■ Telephone and postage ■ Printing and stationery ■ Travel and automotive ■ Insurance, taxes and licenses ■ Interest and bank charges ■ Other and miscellaneous



Net Revenues or Losses The figure you arrive at when you subtract total expenses from gross revenues. Return on Investment Expressed as a percentage calculated by dividing net revenues into total costs. This tells you what your return will be, allowing you to compare it with other investments to evaluate risk and return. Risk Factor Always present the probability that you will not achieve the return projected. The business of business is to maximize profit and minimize risk. This is accomplished by: A) Careful and complete market analysis to assure accurate estimate of gross revenues; Most businesses fail on this account. B) Careful and complete strategic and market planning. C) Careful and complete budgeting and cost control. D) Focus on results throughout the business. © 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. [TBM/G-12]

BRIAN TRACY'S TOTAL BUSINESS MASTERY I BUILD A GREAT BUSINESS! 239 jff^V

6

Profitability This must be compared with all other business opportunities available to determine whether this business, product or service, represents the very highest and best use of your time and money. Example - Widget Company Gross Revenues $100,000.00 Less: Total Expense (90,000.00) Net Revenues (or Losses) $10,000.00 R e t u r n o n I n v e s t m e n t ( R O I ) 11 % The budgeting process should be done for each month, 12 to 18 months ahead to arrive at an annual operating budget and financial plan. This financial plan, taking seasonal fluctuations of business into ac count, will be the most important document required by your bank or other lenders. ■ Strive for maximum accuracy in every calculation. ■ Check and re-check; be prepared to back up your figures. ■ Be conservative in estimating your revenues; liberal in estimating your expenses.



Yearly, Monthly, Weekly Sales Projections Annual Sales Volume (Estimated) Monthly Sales Volume (Divide by 12) Weekly Sales Volume (Divide by 52) Daily Sales Volume

Banker's First Loan Requirement — Cash Flow Projections Your cash flow projections are calculated by preparing a pro forma budget for each month for 12 - 18 months ahead. At the end of each month, especially with seasonal fluctuations, you should have a profit or a loss. These profits or losses are accumulated along the bottom to indicate when you will have cash surplus and when you will need cash inflows. Your maximum line-of-credit request to your banker will be determined by the lowest point in your business cycle. Your ability to analyze your business objectively and project your cash requirements accurately will have a major impact on your business success. © 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. [TBM/G-12]


Basic Rule: In business start-ups, you should double or triple the estimated time period between commencing business and positive cash flow. Overoptimism in this area is a major cause of business failure and often an indi cator of managerial incompetence. Break-Even Analysis — Getting into "The Black" A business "breaks even" when the total revenues from sales are sufficient to cover all the costs associated with making the sales, including costs of goods sold, administration, advertising, overhead, interest, salaries, com missions, etc.



BUSINESS PLAN TEMPLATE "Failing to plan is planning to fail." (Brian Tracy) "If you don't know where you're going, any road will take you there." (The Mad Hatter in Lewis Carroll's Alice in Wonderland) There are a lot of Mad Hatters living in a form of "Wonderland" who are trying to build successful businesses. Be sure that you are NOT one of them. Your ability to decide what you want to accomplish in every area of your business and personal life will dramatically increase your results and re wards. When you make clear, written plans with measurable standards and sched ules, you increase your probabilities of success many times over the person who is vague or unsure. In this lesson you will learn: ■ How to determine what you really want in life ■ The key steps to creating your business plan ■ The importance of your values, vision, mission and purpose ■ What you must do to achieve business success



The purpose of your business life is to enable you to enjoy your personal life. Fully 85% of your happiness will come from your relationships with other people; only 15% will come from external achievement. "The man who knows both himself and his enemy will be victorious in a hundred battles." (Sun Tzu)

Decide exactly what you really want in life. 1) What are your personal values? What are your business values? Personal Values?

Business Values?

1.

1.

2.

2.

3.

3.

2) What are your three most important goals in life, right now?



3) What would you do immediately if you learned today that you had just won $20,000,000? 1. 2. 3.

4) What would you do, how would you spend your time, if you learned today that you only had six months to live? 1. 2. 3.

5) What have you always wanted to do but been afraid to attempt? 1. 2. 3.



6) What sort of activities give you the greatest sense of fulfillment, satisfaction and self-esteem?

7) What one great thing would you dare to dream if you knew you could not fail?

Strategic and Business Planning 1) VISION - if your business was perfect sometime in the future, how would you describe it?



2) PURPOSE - why have you decided to get into this particular business? a. b. c.

3) MISSION STATEMENT-describe what kind of a company you plan to be in the future, based on serving and satisfying other people in some way. Start with the words, "Our mission is to ..."



^ Develop a strategic plan for your business. ±s This plan is composed of the following parts: 1. Your vision, purpose and mission statement. 2. Your goals and objectives. 3. Market analysis. 4. Production and products. 5. Marketing strategy. 6. Organization structure and people. 7. Funds flow and financial projections.

Determine your strategic business goals. What are your sales and revenue goals for the future? Year

Sales

Profits



Analyze your market thoroughly before you begin business operations. 1) What is the size of the current market for your product or service?


Determine your selection and mix of products and services. 1) What are the three most important products/services you offer in your market?

2) What are the three most important services you offer to your customers?

3) What are the three most important considerations or problems in creating, acquiring or producing your products or services?



4) What are the essential people, equipment and resources you need to produce or acquire your most important products or services?

Determine exactly how you market and sell the quantity of products or services you described in "C." 1) What methods of advertising and promotion do you use to attract customers?

2) What benefits or competitive advantages do you emphasize in your marketing?



3) How do you sell and take orders for your product or service?

4) What is your budget and expected sales from your advertising and sales activities? a. Budget? $ b. Expected sales? $ c. Schedule and timelines?

Decide upon your organizational structure and the essential jobs to be done in each area. 1) List the three most important functions or jobs in sales and marketing.



2) List the three most important functions or jobs in the production, or acquisition, of your products or services.

3) List the three most important functions or jobs in the management and administration of your business.

You must provide for the funds you need to operate your business successfully. 1) List your three primary sources of funding.


253


/^^

2) Describe your expected sales and expenses month-by-month for the next 12 months. Example*: Month Sales

January

February

March

Totals

$100,000

$150,000

$200,000

$450,000

Less cost of goods

$25,000

$37,500

$50,000

$112,500

Expenses

$75,000

$85,000

$100,000

$260,000

Misc.

$10,000

$15,000

$20,000

$45,000

($110,000) ($137,500)

($170,000)

$417,500

Total Profit (loss)

($10,000)

$12,500

$30,000

$42,500

Cumulative

($10,000)

$2,500

$32,500

$42,500

* This is a simple example of a profit and loss statement. In re ality, you should detail all items in "expenses," and create this statement for the next 12-18 months.

3) Who is responsible for the accounting and bookkeeping functions? a. b. c. © 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. [TBM/G-12]


Your ability to ask and answer these questions will give you an outline of the key issues you must address in the development of your business plan. Failure to think through, understand and make plans in any of these areas can lead to business failure.

Action Exercises

IWhatachieve, business areoryou reallyfor in?vour What does your product/service avoid oreserve customers?

Who is your ideal customer? Describe the three most important characteristics he/she would have.



What does your ideal customer consider value? Why would he/she buy from you?

What is it that you do especially well, better than 90% of your competitors?

What are your three most important business goals right now?


What one action are you going to take immediately as the result of your answers to the questions in this lesson?



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Total Business Mastery Workbook - Brian Tracy

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