19 October 10

The Old Economy VS The New Economy

Inspiring-Business-QuotesBefore I really get into the Old Economy VS the New Economy and how you can make some serious money and work towards freeing up your time. I’m going to share something with you that you may not have thought of…yet.

If you’re thinking that you’ll stand strong, hold your head high and stay loyal to the old economy let me share something with you;

There is no way around the new economy; it’s up to you to choose whether you’re going to stay ahead of the pack.

Take what you learn and combine it with what you know and make something great.

From the bottom of my heart I believe there has never been a more exciting time to be in business and I get immense satisfaction from developing, mentoring and watching businesses grow it makes my heart sing and feet dance. My passion lies with Small Business so what I really want to do is take the time and explain to you how and why the old economy is different from the new.

The Old Economy

1.     It’s all about scarcity and you must keep your cards very close to your chest you are extremely guarded in fear of other businesses seeing you as vulnerable or stealing your ideas.

2.     You get a great idea and to develop your idea you have to take it to a large business because they have power that the little guys (small business) don’t have.

The New Economy

1.     To have a successful business you don’t have to be massive, everyday entrepreneurs are everywhere and it’s all about action and abundance.

2.     Forward thinking developing alliances; a relationship with businesses to support, communicate, gather share & grow because you both understand that to collaborate is the fastest way to grow your business BUT most importantly add the most value to your customers.

STEP UP & KNOW WHAT WORKS

Once you push past all the theories on business you soon realise that it’s not to dissimilar to building a house. If you’re going to build a house you don’t just start building do you there are crucial elements you need to have in place to ensure your house is going to be standing for a really long time, of course you want it to look appealing to others and make sure there is room to grow when the time comes.

The crucial elements for longevity and growth

  • PLAN- You need a vision the why you’re doing what you’re doing. One of the entrepreneurs in my book Agents of Action says “You MUST have a 10 year vision” so think about 2020 what and where do you want to be, what and where do you want your business to be. Do you want the business to be working for you so you can lay on beach somewhere or do you want to be hands on creating a legacy? There is no right or wrong answer it’s just the message in your heart and one that only you can answer. Ultimately your aim is to be able to leverage yourself, impact your market and grow a sustainable business so you can then work towards accomplishing your vision.
  • LAY THE FOUNDATION- If you want your business to be in it for the long haul you must have a rock solid foundation. Much better known as a business model and it is vital it is crystal clear. Keep it simple stupid. We go through this vital step in detail and nail it my programs.
  • PUT THE FRAMES UP- Now this is where we take that 10 year vision and we break it down into yearly, monthly, weekly and daily tasks and do. We set about making “it” happen because “it” doesn’t just come to you. Before we get “it” we really have to know what ”it” is…..who are your customers? Don’t say everyone because it’s not and yes you get to choose. Really.

Creating and finding your target market it arguably the most vital element of your business success. The market match is the “who” you have to market your business too hence the reason why I say it is vital. It saves you time and money too many businesses throw their money into useless marketing campaigns trying to talk to everyone when everyone isn’t your customer. Once you completely understand this you’re on your way.

Target the right people, speak to them in the right language and you’ll increase your strike rate.

Pete Godfrey says: A clearly identifiable and affordably reachable group of prospective customers with definite known needs wants and desires that is well-matched to you and what you provide.

In the New Economy our customers have so many choices, this is why it is imperative you ensure your plan, your foundation, your frames are aligned with your market AND your message. Then overwhelm them with value and make their day. Give them a reason to love you and give them a reason for them to tell all of their friends.

If you’re been in business for a long time you would have several messages (target markets) however they are not all the same so when you market yourself to them ensure you speak to them in the right language…in other words market yourself accordingly/differently to each of your targeted groups so you are always speaking directly to them, you’re speaking to them in their language.

In the new economy people want to know the person behind the business the who, why, what and how. Build a relationship with your customers let them in and embrace them, let them be apart of your journey.

How bad to you want it?

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