Simple Tips, Smart Ideas summary

Say you own a picture framing business. What do you sell? Frames, mounts, glass – right?

But what are your customers really buying from you? They’re actually buying a way to preserve treasured keepsakes and important memories.

Let’s do a stocktake of your assets to see which of them is the most valuable. Is it your cash? Your stock? Your machinery and equipment? Your workspace? If you’re like most small businesses, the answer is probably none of these.

The key message here is: Your most valuable asset is likely to be your intellectual property.

Remember the story of David and Goliath? The nine-foot-tall Philistine giant Goliath challenges the Israelites: if even one of them can defeat him in battle, the Philistines would forever be enslaved to them. Only the boy David steps forward. Goliath is twice his size – hardly a fair fight. But David swiftly dispatches Goliath: he uses his slingshot to get the giant right between the eyes.

If you’re a small business competing with big firms, you might feel like your size is a disadvantage. But remember – you have the potential to be the David among lumbering Goliaths.

Think quick! What’s your business’s annual turnover? What about its profits? If you’re like most small business owners, you know these figures right down to the last cent.

Well, here’s another question: What’s your revenue model? In other words, what process – or what processes – need to happen for your client’s money to hit your bank account?

If you’re heading up a small business, you’ve probably put a lot of thought into your team. You’ve combed through résumés, conducted endless interviews, and thoughtfully assigned roles – all so that you get the best group of people to support your business objectives.

But don’t forget – you need to support your team just as much as they need to support you.

Flowers, chocolates, candlelit dinners – when you’re in the throes of new love, you will do whatever it takes to win over the object of your affections. Fast-forward a few years, though, and if you’re not careful, your romance could be replaced by routine. It takes real work to ensure a long-term relationship remains rewarding. Well, this also applies to your client relationships!

The key message here is: When it comes to your clients, you need to keep the spark alive!

“Once upon a time”: four simple words that bring back childhood memories of listening to wondrous tales about talking frogs and beautiful princesses.

Storytelling is powerful magic – and adults aren’t immune to it, either.