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Connect with the team

Here’s what we will cover today:

• Learn a simple, yet proven way to grow your business

• Learn the importance of naming your company properly

• Discover why you might want to grow your content brand with eBooks

Quote of the Day

“Motivation is the catalyzing ingredient for every successful innovation.”

~Clayton Christensen

Today’s Tip

A couple of years ago, a colleague of mine told me the following story. Is it true? Maybe. But even if it's not, it illustrates a critical point, and one that will significantly boost your success.

Here it is:

There was once a young man who had just graduated from college with an engineering degree. He did what most of his classmates did and got a job as an engineer. Within the next few years he got married and had his first child. And then another child.

But after working “for the man” for twenty years, he decided to start his own firm; an engineering consulting firm. While at first business was slow, over the years he built up his firm. In fact, 30 years after founding his company, he was generating millions of dollars in annual revenues.

But then, at the age of 72, he died.

And he left the business to his 71 year old wife.

Now his wife had never run a business in her life. In fact, lately, most of her days were spent at the country club golfing and dining with her friends.

But within a year, she doubled the firm’s profits.

How did she do it?

Simple. She visited the company a week after her husband passed and sat down with the management team.

And then she told them to do two things:

1. Make me a list of the 5 things that worked the best in the last 12 months

2. Make me a list of the 5 things that worked the least in the last 12 months

The list of things that worked included items like upselling current clients, getting new clients from partnerships they formed, and their program that hired and trained new sales reps.

The list of things that didn’t work included radio advertising, sponsoring trade shows, and a new service offering that just didn’t catch on.

So the widow made one demand. She said, “Do more of the 5 things that worked, and stop doing the 5 things that didn’t work.”

The management team listened. And within a year, the company’s revenues and profits both doubled.

Yes, it’s that simple.

But most of us don’t do this. Here’s why. Throughout our lives, we’ve been told to improve our weaknesses and never quit. So, in business, when something doesn’t work, our first impression is typically to fix it.

However, that’s generally not the best solution. Rather, the best solution is typically to do more of what is already working. Those are the things that are proven to work. So why try to fix an unproven concept, when you already have figured out a winner?

So, take out a pen and paper and:

1. Make a list of the 5 things that worked the best for you in the last 12 months

2. Make a list of the 5 things that worked the least for you in the last 12 months

And then make sure to focus the vast majority of your efforts on doing more of what’s worked.

Today’s Resource

How to Build a $10 Million+ Company

What’s the difference between successful multi-millionaire entrepreneurs and the typical small business owner just struggling to get by?

Well, there are a LOT of differences, actually…

But I’ve summarized the main differences on this page:

How to Build a $10 Million+ Company 👈 The really interesting part is that you don’t have to work yourself to death to grow a wildly successful, eight-figure business...

In fact, when you follow this formula, you can make much more by working less…

How to Build a $10 Million+ Company 👈

Trivia

Today’s Question: What do the initials S.O.S. stand for in the brand of steel-wool soap pads marketed under the same name?

Previous Question: Which now famous company's name was initially proposed as “Pequod”?

Previous Answer: Starbucks

Starbucks founders apparently had a thing for Moby Dick, as “Pequod” is the name of the main ship in the novel.

The original name idea was scrapped after someone close to the founders stated, “No one's going to drink a cup of pee-quod!” They settled instead on the name Starbucks, after Captain Ahab's first mate in the same book.

Make sure you spend time thinking about your company’s name and the names of your products and services. At the absolute minimum, make sure they are easy to say and spell. Ideally, your names are memorable and connote the precise image you are trying to portray.

Tools of the Day

DigitalOcean - the hosting platform we use for many of our websites.

Sixty AI - Enhance your store with an AI shopping assistant that comprehends your catalog.

News

How to grow your content brand with eBooks: insights from million-dollar authors

Americans use AI far more than people in France, England, or Japan. AI products like ChatGPT are much hyped but not much used.

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