As one chapter draws to a close, it’s natural to sit back and take stock of the situation. We reflect on our successes, laugh at the funny times, fist-pump at the underdog moments, lament at the losses and then we all do one thing consciously or subconsciously – we set new goals and make a plan for the next season. Whether you’re charging ahead, excited about the next steps or feel a bit lost and unsure of the future, these tips might just help
1. Forget Plan B. While I always talk about the importance of being able to pivot and change direction if your Plan A isn’t working, don’t focus on your Plan B before you need it. New research by scientists at University of Wisconsin and Wharton University found that when participants were asked to perform a task while thinking about what they would do if they didn’t succeed, they were less successful than those participants who focused on Plan A 100 per cent; those who were ‘all in’.
2. Increase your Value. A study by Intuit found that 35 per cent of start-ups undercharge for what they do, which is a great way to get stage-one customers (because who doesn’t love a bargain!) but by relying on this strategy, your company will probably never reach stage two. As I write in one of my books (Money & Mindfulness), it’s vital that you calculate realistic margins for your products, even if it doesn’t undersell your competitors. I’ve even heard of entrepreneurs adding a 20 per cent ‘innovation tax’ to their margins to cover all their tough day and sleepless nights. Yes!
3. Go Back to School. As an entrepreneur, every day is a lesson and there is a general consensus in the entrepreneurial space that traditional educational methods are redundant. So, I’ve created a Digital Masterclass series to share my learnings and teach you my tips and tricks. My purpose is and has always been to help YOU all, our beautiful community, make your dreams come true. Take the next step in your journey with a range of online programs developed by me and my amazing team to ignite you, uplift you and help you to uncover your true purpose. With these completely self-paced courses, you can learn on the go and in your own time, accessing powerful learning tools in the comfort of your living room. My Digital Masterclasses are the perfect education instrument, whether you’re a seasoned entrepreneur or have a small flame of an idea inside you. All you need to do is take the first step.
4. Befriend Gen Z. They’re not babies anymore and, in the future, they could become your most powerful customer. What do they want? According to studies, the Millennials’ successors are won over by expert customer service, are more likely to save money than spend it and 77 per cent want brands to reach out to them, as outlined in a report by trendspotters Cassandra. Looking for a market to create products for or unsure who your market is currently? Why not try the new kids. The website AtoGenz even decodes ‘Gen Z speak’ for marketers.
5. Profit With Purpose. Don’t wait until you’re making millions to think about giving back. Instead, build philanthropy into your business plan today, to benefit the wider world and also your brand. It is empowering personally for an entrepreneur – when the days get tough, it’s good to know there are bigger causes associated with what you are doing. According to research, customers are far more likely to stay loyal to companies with a charitable ethos. More importantly, it’s also good for team morale, as a Nielson Report found that 67 per cent of people prefer to work for socially responsible companies. Think about what you can afford to give, whether it’s money, time or product. Then envision the day that you’re successful enough to join Bill Gates’ Giving Pledge gang.
Good luck for the next part of the journey. You’ve got this!