It's time to share some recent thoughts with you
Mike Foster
Business Mentor & Coach | Fuelling ideas and sparking plans for a better business
In this months news
In this month's update, as always, I hope you find some useful information to help you start, develop, scale or grow your own business.?Mike
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Influence or Accept?
Can we make it easier to scale and grow our business? For sure!
One consideration to improve our gross margin is by increasing each sale value which may mean changing our customer or the mix of our offering.
The objective of your marketing and positioning is to influence your Customer Make Up and Average Order value rather than just accept what it gives you.
After all I am a firm believer that we will primarily get what we market.
In my recent?article on LinkedIn I shared some thoughts around how to actively shape your customer base and increase your average order value for long-term growth.
Take a read at?https://www.dhirubhai.net/pulse/influencer-accept-mike-foster-jcvre/?trackingId=Wy6T253jIpkxoxGecdKRyA%3D%3D
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Just a thought?
Are you utilising the social media advertising algorithms to find more prospects?
Let’s say you want to work with trades people as a niche. Search for them on Facebook, Instagram, YouTube, etc and you will be served ad’s or related results.
Take a look at a few shown and then in the days following you will be served further adverts from similar others.?
Let’s get prospect list building!
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What is your biggest asset?
Many will say their house, the business, cash……etc
BUT it is your time.
Use it wisely this week
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What do you value most?? ?Take this test
Any serious entrepreneurial journey has clarity.
You’re more likely value your pathway and related activity if you have a clear why, purpose, direction and one that influences the utilisation of your resources including your time and money.
Here’s a little test for you.
& The 3 ways to understand what you truly value
As I do with all my clients, ask yourself what is important to you, what do you value most, what does your business mean for you?
Give it 3 weeks and review the following to see if you are committed to those things or whether they are just a pipe dream. Are you delivering or just talking the talk?
1. What does your diary say about how you spent your time? (More importantly reflect on how you spent the time not allocated in your diary!)
2. What have you spent your hard-earned money on? (Review your business and personal expenditure)
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3. Review your interruptions and establish how easy you were distracted and what caught the attention of your valuable time.
Now how do your findings of the three questions mirror what you say you value?
Just a thought!
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ChatGPT Prompt
Want to?Analyse your Business with Alex Hormozi’s Value Equation??Try this prompt suggested by the experts at Botters:
In Chapter 6 of $100M Offers, Alex Hormozi introduces the value equation. Most entrepreneurs think that charging a lot is wrong, but you should “charge as much money for your products or services as humanly possible.” However, never charge more than what they are worth. You must understand the details of value to charge the most for your goods and services. Further, you should price them much more than the cost of fulfillment. The Value Equation quantifies the four variables that create the value for any offer: The four variables that create the value is based on the perception of reality. Thus, your prospect must perceive the first two factors increasing and the second two factors decreasing to perceive value in their mind: The Dream Outcome (Goal: Increase) – “the expression of the feelings and experiences the prospect has envisioned in their mind; the gap between their current reality and their dreams”.
Perceived Likelihood of Achievement (Goal: Increase) – the probability that the purchase will work and achieve the result that the prospect is looking for.
Perceived Time Delay Between Start and Achievement (Goal: Decrease) – “the time between a client buying and receiving the promised benefit;” this driver consists of long-term outcome and short-term experience.
Perceived Effort & Sacrifice (Goal: Decrease) – “the ancillary costs or other costs accrued” of effort and sacrifice; supports why “done for you services” are almost always more expensive than “do-it-yourself”.
I am going to give you a business and niche. I want you to outline this value equation for this business. Do you understand??
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Catch My Latest Blogs
The content of my blogs has you in mind. I write to share my knowledge, experience and expertise to help you build your business
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My Weekly?Video 'snippets'
For a few years, I've been sharing a weekly video snippet, that I hope you find thought provoking. In total my YouTube channel has nearly 400 videos.
Each video snippet of 2-3 mins is a thought to help you in the development of your own business.
This month I certainly recommend a listen to 'Your Magical Number'
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It's on me!?
I want to help as many people as possible make improvements to their business. MY OFFER TO YOU:??Get 7 days, no obligation, access to my Online Business Builder Programme?via https://bit.ly/7FREE You can read more at https://entrepreneursmentor.co.uk/online-business-mentoring/ but use the link https://bit.ly/7FREE for complimentary 7 day access!
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Free Resources
My resources include something to read, something to listen to or something to watch including?my:
All designed to help you start, develop or grow your own business. I do hope they help you in some way.