What is your Product?

I recently had the honor of meeting with Nicole Newman, President of Newman Networks and Diversephilly, an awesome woman might I say. As I listened to her presentation; two things became relatively clear 1) not only had I thought of remarkable business system several years ago as described in my unfinished business plan 2) I had lost sight and not clearly defined MyBizNext, LLCs product (not service).

Hmm. I thought, what is my product? I mean I have services that I deliver to clients for a profitable fee. However, what is the one product that is clearly defined and could successfully stand within the concept of "income autopilot" as discussed in the 4-Hour WorkWeek by Timothy Ferriss.

Consequently, it was time to assess and redefine (if needed) the deliverance of products and services (thanks Nicole).
After spending my weekend working, I thought I would share my lessons learned:

1. Assess situation and Evaluate business system


2. Be honest? Even if you are acheiving monthly sales, what it the trade-off? cost-benefit? and opportunity cost?


3. If needed, rethink and redesign all business activities (within scope of mission, capacity, and business concept)


4. Plan outcomes. Set new goals and benchmarks if neccessary.


5. Define exit strategy. Will you franchise concept or system, sell business, etc?


6. Don't just let revenue determine your succes... Make sure you are heading in the direction of your vision to ensure longevity.

This process which is relatively small is very powerful. As society and the economy changes (even life demands), it is imperative to consistently reassess your purpose and the road you are taking to get there...

To Master a System is to Master Success

Do you remember the all too common question - what do you want to be when you grow up? Most of us faced this question in our youth. Society (including parents) then convinced us that all we had to do was get good grades, graduate from school, go to college, and then land the perfect job. Well that is and was society's system; where others like Roberty Kiyosaki expands on that cycle and calls it the "rat race."

Systems while redundant are POWERFUL!

This concept may be applied to your personal or business affairs. A system isn't anything more than setting goals and then the action steps to get there. Once that "system" is designed all it requires is DISCIPLINE. Thus, "to master a system is to master success."

To get stared in your new journey of success, start with the following:

1. Establish your Vision. Ask yourself: "Where do I see myself in the next 20 years?" Contrary to most, start with the expected outcome(s) and THEN identify what is needed to get there.
2. Identify your Mission. What characteristics, products or services must you incorporate to your daily livelihood to accomplish your vision.
3. Set Long Term Goals. Once the vision is established, (even if it is not in line with your current activities); THEN ask yourself what do I need to do to get there. Try and set 5 major milestones to acheiving your goal. Those milestones may mark year 1, year 3, year 5, etc.
4. Establish Short Term Goals. Short term goals are more defined in terms of action items. What do I need to do today, in three months, six months and 1 year to accomplish my year 1 milestone.
5. Write Daily "to do" Lists. Establish no more than 6 tasks daily. Prioritize those actions. Remember, keep your short term goals in mind, but don't spend too much time focused on the future (such as your vision). At this point, you know where you are headed; just focus on putting those plans into action.
6. Revisit your Plans. Revisit and assess your accomplishments. Refine your tasks and goals as needed. My rule of thumb is; "as long as I am working towards my vision within the scope of my mission and I have acheived half of my goals - kudos to me!"
7. Celebrate. Take the time to celebrate the mini successes in life. No matter how big or small, acknowledge you deserve a pat on the back. Treating yourself can be as simple as a day off, long hot bath, the enjoyment of a book or magazine, listening to your favorite CD with candles. My point: Always treat yourself to a day of escaping from the hustle and bustle!

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MyBizNext, LLC is now using technology to reach a broader audience. This blog will serve as an information resource center for entreprenuers and small businesses seeking to start or expand a for-profit or non-profit enterprise.


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