*Sign up here to receive Harv Eker's Million Dollar Life Lessons, event notifications, and special offers.
Part 2: Study Reveals The #1 Biggest Problem For 87% Of Business Owners. Are You Suffering From It Too?
The first step to change is awareness, so once you can pinpoint the #1 problem in your business, you can quickly and effectively solve it.
In this article, Josh Turner, Wall Street Journal bestselling author goes into detail about a study within his company that revealed the #1 biggest problem most businesses have.
We had such a GREAT response from Josh’s first article, so we asked him to do another one for you! Over 10,238 people viewed his first lesson, and Jesse and I personally think this one is even BETTER.
So ENJOY and make sure you comment below because we want to hear from you!
Part 2: Study Shows The #1 Biggest Problem For 87% Of Business Owners…Are You Suffering From It Too?
By Josh Turner
After years of hard work, sleepless nights, and too much stress, your business has become secure and stable. You no longer have to worry about how you’re going to pay next month’s bills or if your work is drying up.
Now you’ve got the time to look forward, to be creative and focus on growth, instead of scraping by and constantly riding on what I call the “Cash Flow Roller Coaster”.
How many small business owners are actually achieving this lifestyle?
In 2016, my company conducted a study of nearly 2,000 small business owners and entrepreneurs to gain a better understanding.
We discovered some amazing insights on what they’re struggling with, their goals for the next year, and how they’re planning to improve their business. We also discovered what separates the successful businesses from those who haven’t quite made it yet.
The evidence is quite overwhelming, and points to one specific thing that is keeping most businesses from realizing their potential.
In fact, the study revealed that 87% of business owners have recurring cash flow problems in their business.
At the same time, we found that almost none of those businesses have a system in place to generate consistent leads and appointments with qualified prospects.
Of respondents who said maintaining cashflow IS a consistent problem in their business, 77% also said they DO NOT have processes in place that consistently generate new leads and clients.
On the other hand, out of the 13% of business owners who report that they DO NOT have cash flow problems, 83% of these profitable, successful businesses DO have systems in place to generate leads and appointments consistently.
Clearly those businesses who are more successful have one thing common. They have systems in place to generate leads and appointments consistently. The key word here as Harv would like to say is SYSTEMS.
For the businesses who reported to struggle with cash flow, it’s clear that a lack of systems is creating significant problems and challenges.
When we dug deeper to discover why they have cash flow problems, it became quite clear. Most of these businesses rely solely on referrals and word of mouth.
As a result, 84% of responders say that their current lead generation strategies are NOT sufficient to reach their desired income goals.
Now, referrals are great when you get them – but you can’t rely ONLY on them, because you can’t depend on referrals waltzing through the door in a consistent stream day in and day out. It just doesn’t happen that way.
So you can’t just sit and WAIT for referrals… but you can do some things to GENERATE them.
One thing you can do is to make yourself super visible… be seen all over the place.
When you’ve created an, “I see your name everywhere I turn” type of presence, then YOU are the one your prospects think of when the timing is right.
When you quickly position yourself as a leader in your market, people will see you as the go-to expert.
Think about this: When you need help, who do you go to? Joe Schmoe from the phone book… or that person whose name you hear everywhere you look in the industry?
So how good are most businesses at this?
60% of business owners say they’re confident demonstrating what differentiates them from the competition.
But when you combine different pieces of data, a different story comes out.
Of respondents who said they have VERY FEW differentiators, 92% said they sometimes or consistently have cash flow problems.
Standing out from the competition is clearly a crucial step in the communication process that turns prospects into clients.
But how do you do it?
Years ago, I was staring at my computer screen trying to answer that exact question. I knew that I needed a way to stand out, and a way to bring in clients without having to spend a bunch of money on advertising and other old-school tactics.
Through trial and error, I stumbled upon a system that quickly positioned me as a leading expert in my market. This was amazing to me, because my business was brand new!
I was using the same online tools as everybody else (LinkedIn, Facebook, and email). But I was doing it in a way that was actually getting results. Not the fluffy social media bs that you see most people talking about.
Using my new system, I began getting even more referrals, leads and clients.
Before long, some of these clients started asking me if I thought this online marketing system would work for them too. That was 2011, and fast forward to today, and my company LinkedSelling has since helped over 7,000 clients and business owners get off the Cash Flow Roller Coaster using our proprietary client attraction system.
The main reason it’s been so successful, is that businesses like yours and mine can easily and quickly implement it and get big results. Without having a list, without needing a budget for ads or any of that stuff, and without having any special tech skills.
So how does it work?
It’s that 5-step process that I mentioned in my last article for you.
1. Laying the Foundation
You must build the correct foundation to assure you’re ready to launch and put your best foot forward from day one.
Just like any built structure the foundation is a key element to the sturdiness of the building. The structure is the determining factor of whether it withstands any turbulent times or not.
Once the foundation is built, then you will be positioned like a rock star. First impressions are VITAL to your success. You must be sure that your foundation is laid first.
2. Building Your Authority Leadership Platform
The social media platform that you pick is next. How do you pick it? Well, think about where your target customer is hanging out.
Is it Facebook or LinkedIn? It takes a bit of time to set up, but once it’s up and running, you won’t need to spend much time on it. The primary focus for this leadership platform is to eventually generate appointments, but it’s also great for the secondary purposes of general marketing, brand awareness, content distribution, and getting eyeballs to your website and so on. The main purpose is simply that you are running a Facebook or LinkedIn group, and the positioning that goes with it. Make sure to adjust your profile slightly on both Facebook and/or LinkedIn, to make it clear that you are the founder of your group.
3. Prospecting and Building Your Database
It’s now time to build your database with your ideal prospects and buyers. In my book I’ll show you the most efficient and effective way to pack your prospect database with warm, targeted leads any time you want to, so you can proactively pursue high quality clients every day.
Even if you currently have no list, no following, no nothing…this will work for you. In fact, many of our clients come to us with nothing. And using this process, they are able to create a database of hundreds of targeted, qualified prospective clients in a matter of days.
But here’s a quick tip. If you’re using LinkedIn, all you need to do is simply send connection requests to a large number of targeted prospects. You’ll use the advanced people search (LinkedIn’s search tool) to find qualified prospects and send them a connection request. You’ll want to send at least 300 connection requests in the initial database build. If you really want to go all out, you can send up to 1,500.
The key is including a personalized script in the connection request, which will typically get 50-70% of prospects to connect with you.
Here’s a simple example of what this script might look like:
Hey First Name,
I came across your profile here on LinkedIn and thought we could benefit from being connected.
Founder, Your Group Name
4. Creating Your Messaging Machine
Having a powerful messaging strategy to leverage and convert your database into leads and appointments on a regular basis is crucial to your success.
This is a critical step to getting off what I call the “Cash Flow Roller Coaster”. This is a system to consistently bring new prospects, leads and clients in the door. Without it, you’ll just be relying on referrals and the old methods that just aren’t working as well anymore. And your business will be stuck in neutral, if not sliding backwards.
Here are a few campaigns we teach our students and you can probably Google to get some ideas for yourself:
• Multi-Touch Point Nurture Campaign
• Referencing a Shared Connection
• Request for Call Right After Connecting
• Re-Engaging Existing Connections
• Asking Permission to Send Your Lead Magnet
And so on!
5. Using An Email Blueprint Strategy
This strategy will allow you to integrate what you’ve built on Facebook or LinkedIn and take it up a notch or two, generating an ADDITIONAL 10-20% more appointments.
Over time, this adds up to a significant source of new clients! As the saying goes the money is in the follow up so this is all about having a system to keep you in front of your prospects mind at all times.
And that’s it (in a nutshell). Doable? I know so.
If you’re in a place where you’re not sure where your next client is going to come from, then I highly suggest you look into implementing the ‘Booked’ system right away.
The Booked Quick Start Kit includes everything you need to begin putting the pieces in place, including:
– A complete audio walkthrough of the Booked system. Yes, this is the exact system that my company has helped thousands of businesses implement to bring in 10+ appointments per month, and many millions in sales and new clients.
– A blueprint of the process, to take out the guesswork.
– A free video training series, going in depth on the entire process including examples, case studies, and more how-to instruction.
– The Booked Quick Start WORKBOOK, which will allow you to start mapping things out and implementing this system in YOUR business.
This is the blueprint for getting off the Cash Flow Roller Coaster for good.
Click here or the image below to get it now!
Josh Turner is a Wall Street Journal bestselling author and the Founder of LinkedSelling, one of the fastest growing coaching and consulting businesses in the US (according to the Inc. 500).