Rich's current Twitter status:My Dr. Can't believe how great all my bloodwork came back, maybe abusing my body is a form of exercise...
Hey Guys,
Rich Schefren here with a bold promise...
If you'll just answer one question a day for the next five days...
you'll experience bigger success this year than you currently believe possible.
I've been using this secret strategy for the past 4 years and the results simply speak for themselves.
I invented it after watching a movie.
Did you ever see the movie-
Groundhog Day?
Groundhog Day is a comedy starring Bill Murray, who plays Phil Collins a weatherman short on friends, long on ego and sarcasm. In a made for movie time warp, Phil Collins gets stuck having to relive the same day over and over again.
After a rocky start, Phil attempts to come to terms with this new reality by making each new day better than the day before.
His goal is to turn his day into a PERFECT day. And because each day is the same as the day before, he's got an edge...
Each morning Phil reviews the past day to determine what worked and what didn't.
Only then does he set out to repeat the right actions and change or eliminate the wrong actions.
What Does Phil Collins Know That You Don't?
It should come as no great shock that your current level of success (or failure) is primarily caused by the actions you did or didn't take up to this point.
It sounds like common sense, but it's not so common.
So if you're setting a new goal or dusting-off an old one wouldn't it make sense to take a look at what worked and what didn't?
Do you think most people do?
You would think so. I know I certainly would.
But we'd both be wrong!
Somehow, most people forget to review their past when making plans for the future.
They almost never take into account what's worked and what hasn't.
It's crazy, it's like we all experience an annual case of amnesia.
Each new year is approached as if we didn't already have the experience of what worked for us and what didn't.
But you can make a perfect day or year - just like in Groundhog Day.
How? You need to first look at what worked and what didn't - starting with 2006. This way you can change what hasn't worked and take the good stuff with you into 2007.
So How Can We Mine the Gold from Last Year?
The best way to get the information we need about what happened in 2006 is to answer a few simple questions.
Today we'll go over question #1 - In my next posts we'll go over the next 4 questions. We need them all to get where we want to go.
Before we continue let me first say that I am using the word "we" for a good reason. I have gone through the same steps that I'm suggesting for you.
In a moment I will share with you the results I got when I looked back on the last 12 months in my business.
First, though- let's look at what worked well in 2006.
Your First Big Question
Here's where you get to relive the glory days of the past year. Think about what you did right, what you're most proud of and what really worked for you in 2006.
Now's not the time for modesty. Think big when you reflect back on your brightest accomplishments from last year.
If it worked for you before, you'd be nuts not to put it to use again.
To give you an idea what I'm talking about, here are a few brief examples from my own list:
WHAT WORKED FOR ME:
Last summer I released the Internet Business Manifesto, The Missing Chapter and The Final Chapter. (If you haven't read them yet - you can get them right here: Get The Manifesto.)
These lead to me to open my coaching program, which took in $3.5 million in only 50 hours and 14 minutes. It set a new record for an Internet product launch, which surpassed the record held by my client Mike Filsaime with his Butterfly Marketing launch.
Niether Mike's record nor mine lasted long though, because another client Brad Fallon and his partner Andy Jenkins then launched Stomper Net, which grossed over $10 million.
Takeaway 1 - When you give away excellent content for free and give it away again and again, it's easier for prospects and customers to choose YOU when they make an investment.
Why? Because they get a sense of you and trust you. This is Business, not trickery- when you provide value - people get it.
I go over this in my Manifesto's Missing Chapter.
You must be the expert in your niche and you must be willing to prove it.
I've been teaching this crucial concept since day one.
Coincidentally, I just returned from a mastermind meeting where, I'm glad to say, everyone was saying the exact same thing. Only I was saying it last year. Now it seems my ideas are mainstream. Giving away great content is critical to your online success.
We're not only growing in cyberspace, but in the real world too!
We've Expanded Our Staff of Talented People!
If you've been with me for a while, you know about Dan and Sheila, two very special people greatly responsible for my success to this point.
And this year our projections show us above $10 million.
So I knew it was time to assemble a bigger team that could execute well and take us to the next level.
They would have to support me and Strategic Profits in all projects already slotted, and prepare us for even faster growth as market demand for our products has gone off the charts. Without the bigger team we were saddled with constraints.
Takeaway 2 - Who you bring on when you first start growing your business makes all the difference in your success. The right people, with the right skills and energy will make or break you.
As every farmer who wants to harvest knows, the right crop with no sun or rain, won't grow. The right people are like the perfect weather conditions...
A Quick SideNote: I had a head start on this one because of lessons I learned years ago when I started other businesses. Who you hire to work with you counts for more than you can imagine, and mistakes can be costly.
So as Strategic Profits started bursting at the seams, and I knew it was time to bring new people on board, I called an old friend, Paul. I asked him if he could spend the next five weeks recruiting the 'A' players for me that I needed to succeed.
Paul worked 6 days a week, 12 hours a day placing ads, conducting phone interviews and meeting with prospective team members.
And when he reduced each pool of applicants from five hundred or so all the way down to five - I conducted interviews with the five finalists. Then I did the second (and sometimes third interviews) with my top choices.
As I look around my office right now I can tell you that all that hard work was worth it. It has really paid off for me.
The first people you bring on to your team can either catapult your business to the next level or sink it. I've experienced both ends and know that you must absolutely spend the time it takes to find the right people.
I always laugh when I hear others talking about how hiring the right people is easy.
It's not. And anyone who tells you otherwise is either a fool, got lucky or doesn't know.
But there is a way to go about hiring the best and in future posts I will share what I've learned. I've put together effective hiring systems over the past twelve years of my business life.
Systems that have enabled me to hire well over 500 of my own employees, many of whom are now presidents or senior directors in companies like Diesel Jeans, Giorgio Armani, Dolce & Gabanna, Prada, E-trade, American Express, etc.
Enough about hiring winners. Let me tell you about the ones I snagged:
1. Brian - Brian was a corporate turnaround expert. He was the 'go to guy' that several major banks would bring in when one of their big loan clients was in jeopardy of defaulting on their multi-million dollar loans.
He would be the temporary CEO for a year or two and get the company profitable again, pay off the banks and ride away into the sunset with a very fat paycheck.
Where was Brian before that? He was in charge of the manufacturing and distribution of every AOL CD you ever got in the mail or found in your shopping bag at the mall.
Brian is now Chief Operating Officer of Strategic Profits, freeing me up from day to day responsibilities as he runs the company.
2. Dwain... I stole Dwain away from his position as the Managing Director of one of the best direct response advertising agencies in the country with clients like Weight Watchers, American Express, Time-Life Books, etc.
I was actually a client of his agency back when I was experiencing explosive growth with my chain of hypnosis centers. It's great to reconnect with Dwain because his proven track record provides a solid foundation as we build our new business.
In addition to these A-players, we've added even more talented people to take over in other critical areas.
How can I be sure they are so talented?
If you've already read The Missing Chapter then you won't be shocked to hear that we held AUDITIONS for these positions.
We brought in groups of people who had to try out, for up to two weeks at a time.
We then picked the cream of the crop and sent the others home with our apologies and their pay for the period they were here.
There's a lot to be said for try and buy. After DOZENS of people passed through our doors, we built a great team of winners.
They are:
Ken - Content creation and marketing copy expert
Peter - Content creation and research expert
Ricardo - Day to day in-office accounting expert
Carlos - Web, video and audio expert
Lauren - Graphic creation and design expert
Artie - World-class software developer
All of these new people barely fit in our current location.
So we signed a lease last Friday and will be moving into our new office in Delray Beach (just down the road from Agora's offices) in mid-February.
It's not soon enough - but getting it done the way we want takes time. Creating the right atmosphere, not to mention all the new technology connections takes the right timing. After living in cramped overflowing offices for a while now, we want our new 'home' to be done up right.
I'm actually going to be giving a presentation on what it takes to go from a one-man band to orchestrating a staff of close to 20 people for my coaching clients next month at our bi-annual seminar.
You too can get there from here!
Takeaway 3 - As Soon As You Can, Get Out of Your House
My super-successful client Mike Filsaime once asked me, "How much money do I need before I can move into an office?"
That's a very good question to ask yourself, too. Running a business from home doesn't work for most people. It's like the separation of "church and state." If your home is your retreat and resting place from the world, and it's also your office - hmmm. It only gets worse if your workstation is in your bedroom.
Sure it's been done, but it often creates an unhealthy mix for lots of reasons.
I'm not saying go out now and get an office if you can't afford it - but there's a lot to be said for aiming for that ASAP - your level of commitment and professionalism goes off the chart when there is the monthly lease payment to think about. No more playing at work!
When you really want to build and grow you can't assemble a staff like I have - and be working out of your home.
Mike took my advice and so should you.
We've learned from what our customers said they wanted and created a new improved eLearning platform for BGS. You can actually get to the next level easily at your own pace with our new platform and step-by-step approach.
Not only will you get what you need to know quicker and more intuitively, you'll have more time to think about what's next for you and then join my new Over My Shoulder Group coming soon to a web screen near you.
Takeaway 4 Create and Develop One Core Product that Makes You a Stand Out!
Most online business owners create one product and go on to the next and then to the next. But by developing a core product and constantly making it better, you can dominate your niche and totally eliminate your competition. It works!!!
Some marketers launch separate ventures one after another. Instead of perfecting and developing their one core product they leapfrog from one lily pad to the next - along with their competitors. Who wants to be in the 'me too' business when you could be the 'me only' contender in your marketplace?
More isn't necessarily better when it comes to product niches. Standing out in one field is where the money is.
Even I feel inspired by what worked for me in 2006. What about your 2006... Do some real winners jump out at you? If it's tough to look back on, that means you can't ignore it! More later...
In building your business in 2007, make sure you have everything that worked for you last year on your 'Victory' list.
That's why I'm here writing you today. Building on what works is the foundation for future success.
All the great athletes build their game around what works. That's the core.
So if you're like me, you'll take a good hard look at the list of great things you've done in 2006 and make sure you keep what works in your plans for this year.
Then put your list in a safe place until you return to this same web site. You will need it when we continue with your plan to make this year the best it can be.
Your Success in 2007 Depends on You - and What I Have For You in My Next Installment
We started with the good news: Your Successes in 2007.
We'll give you a day or so to think about your accomplishments - because the next question will matter more. You know my view on constraints.
To Higher Profits,
Rich Schefren
Strategic Profits
P.S. I'll be letting you know a little more about my new Over My Shoulder Group that is sure to give you the an edge eliminating your business problems in 2007.
Link to this post: If you found this page useful, consider linking to Part 1- A Surefire Method to Avoid Repeating Last Year’s Disappointing Results ...
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I’m really ashamed of what I was doing last year. I should’ve read the Manifesto trilogy several times to get the message of this post.
During the month of December alone I visited this blog several time hoping Rich would do every body else are doing. Giving away something for christmas.
What I’ve done then in the year 2006? Bloating my harddrive with ebooks I would probably never read? Oh my god! Thanks Rich. I’ve just got by for the right timing. I won’t treat the year 2007 the same as 2006.
Love the blog Rich, keep giving us the great advice, Lord knows I can use it.
Thanks Rich.
Good idea about hiring someone else to assist you in screening and hiring processes. Would love to hear more about your and Paul’s experiences and systems.
Interesting note - I recently read a book by Ricardo Semler. He is the only person who I am aware of - who has made a company succeed by using democratic rules.
His employees can chart the success of his business. They can decide what they want to work on and how long they want to work. And they can work from anywhere. They also decide how much they should get paid!
http://en.wikipedia.org/wiki/Ricardo_Semler
He has a very contrarian outlook for hiring and managing employees - and yet his company seems to be growing very rapidly… am wondering if his systems can be incorporated to make a co. more flexible…
Rich can you tell me what software you used to do the graphics in the manifesto?
thanks.
Rich,
I met you at the World Internet Summit last September (2006) in Las Vegas.
I\’ve been following and hanging on your every word. The advice you gave to me, personally, at the Summit has utterly transformed my business!
Comparing 2006 - the \”pre-Rich Schefren days\”, to 2007, the \”following-Rich\’s-advice days\”, is like comparing a paper airplane to a Supersonic Jet.
Thanks for the advice; thanks for the emails; thanks for the blogs; thanks for being you!
William Sinclair
# 1 Giving away free content works in so many different niches and industries.
I’ve used it to help clients in the financial sector, business networking, yoga training, childhood obesity, online marketing, weight loss, various health and even my own copywriting services with my report 3 Secrets of online copy at…
http://www.freelanceonlinecopywriter.com/3SecretsOfOnlineCopy.pdf
Giving high value free content is great advice and a very pleasant way of doing business.
# 2 Some people may not realize you can also build a dream team by building relationships and doing joint ventures with the best talent you can find.
You can also employ subcontractors and freelancers.
You don’t necessarily have to have employees as your dream team (some of the best talent won’t be willing to be employees.
# 3 “It only gets worse if your workstation is in your bedroom.
Sure it’s been done, but it often creates an unhealthy mix for lots of reasons.”
Couldn’t agree more. Howard Hughes might have been successful running multiple businesses from his one room adobe but he also turned into a crazy loony bin.
#4 - Create and Develop One Core Product… that Makes You a Stand Out!
This is really, really great advice that makes sense from a moral, developmental, marketing and split testing stand point.
Thank you for such a fantastic post Rich. Your insights are superb.
Kindest regards,
Andrew Cavanagh
Working at home in pajamas is the ultimate dream for many people. It was mine for a long time. But I’ve come to see the importance of getting out of the home. I worked for years in my bedroom. Man, does spending the entire day in your bedroom sure ruin its restfulness at night.
A few months ago, I set up an actual office in a recently vacated room of one of my kids. The change in how I feel about my business is amazing! It feels more real.
But I see I eventually need to take the next step of getting my business out of my house entirely, to a place that will accomodate employees so I can focus on what will build the business instead of on playing at it as a one man show.
Love the insights, Rich! keep it up!
As simple as these ideas sound, I’m glad you wrote this article Rich. Everyone keeps looking for some magic pill or secret that will provide them everything they need to succeed but as you point out so well the way to success is to track your results, see what works and what doesn’t and make the necessary adjustments.
I really like how you framed this with what the accomplishment was and what you took away from it.
Thanks for posting this!
Michael
I’m relatively new to Rich and am amazed at how differently I’m approaching business already.
If you’re new to Rich’s teachings here are a few things to grasp:
- process mapping (from the Manifesto)
- get momentum (the toughest bit of advice* but so important)
- once you’ve got momentum, focus on employees/outsourcing and customer service (followup)
* I should know because I turned a quarter million dollar year in affiliate marketing commissions into a relatively flat year this year!
Mike Corso
Cool Site of the Day
http://www.coolsiteoftheday.com