Hey guys welcome back so I have more business habits to implement in your life and for your business to see results fast.
Today is actually a special episode in my mind because I've officially hired a babysitter! I have someone here for four hours today. I've never had this before. So if you’re listen to the video or podcast, you're probably going to hear in them background, just a FYI.
Let's get started with habit number one for today. The 80/20 rule, also known as Pareto’s Principle. What that means is 80% of the results comes from 20% of the work. Another way to think about it is 80% of the traffic on highways is on only 20% of the highways. Another example is carpet, only 20% of the carpet in your house is walked on 80% of the time.
Now how to think about this from a business perspective. What activities are you doing that are bringing in the most income, it's highly probable that 80% of your income and your results are coming from 20% of your effort. If you look at your entire list of things that you do for your business, only 20% of those things are going to be really income producing activities.
If you have 10 tasks on your list, only two of those items are going to be revenue generating activities. I highly encourage you to go back to your list of things you do, and really hone in on those top 20%. Same thing goes for if you're working with a team. 20% of your team is contributing to 80% of your income. Identify who those 20% are and pour into those people.
The next one is track, analyze, and redirect if necessary. Think of this one as an airplane flying across the sky from point A to point B. On that trek, they are constantly tracking where they are with their altitude, speed, analyzing if that is the best way to get there, and if it isn’t, they make changes along the way.
Every single day, you should be tracking what you are doing, documenting what you did that day, what worked, what didn't. That way, you can make changes every single day., and in some cases, some of you can do this hourly. You can make these changes to your business, to your day, to the things that you're doing, including the Pareto Principle (the 80/20 rule from above), to get to your goals faster and more efficiently.
Next is networking. A lot of success in business actually is attributed to a network. Who you know and who you met along your journey. Now, it's not always what you know, what you have, or what you're capable of that will equal success. It's who you know that will add to what you know, that will get you to that success.
I highly encourage you to network every single day, meet new people, introduce yourself and not for the fact of what can you do for me, but what can you do for them. What can you do for them...for their business, for their life. How can you add value to them? When you're pouring into other people, when you’re giving value, even if they might not need you or your services, they will begin to know, like, and trust you. We know how important that is. Then they will refer someone else to you who might need your services in the future.
Next is building relationships. So often we forget that human piece and are so quick to get a buck that we really skip passed the relationship building piece; that connection. I highly encourage you to really step back and build those relationships with your customers, with your clients, with your team.
Really understand them on a deeper level, not so much as...what do you need from me, but learn about them, their family, their friends, what they do for work, what they love, what they're passionate about what their hobbies are, their kids, their birthdays, or anniversaries. Learn more about them as a person. When you do that, it will just be a compound affect how you're able to help them in the long term.
Next is add value. Add value anywhere and everywhere you can. I cannot emphasize this enough. If you follow Gary Vaynerchuk, he always talks about Jab, Jab, Jab, Right Hook, right? Give, give, give, give, give, give, and then ask for a sale or run your promotional material. You want to give value upfront so much that people think you’re crazy for giving away so much information for free.
The one thing that I love to think about this with is the acronym TINY. Their interest, not yours. What's in it for them? What value can I give to them? Not for me.
Next is ask questions. Children are so curious. I know my daughter asked at least 500 questions a day. But at some point in our lives, maybe our ego gets in the way, but we stop asking questions. We just think that we know all the answers. We need to step back, really look at things, and start asking questions.
“Well, what if I did it this way? Or this way? Or what if we try this instead of this?” Ask questions then think through what that would look like. This helps see your business from a long term perspective. You're able to see it at a bird's eye view that asking questions is so so so important. The last one today is journaling. I know a lot of you guys really aren't fans of sitting down and writing things out, but it is so important to get everything that's in your head out and on to paper. Some of you guys call it a brain dump but really getting everything that's in your mind...your thoughts, your goals, the process to get there...down on paper because you know what, that's going to be one of the only places that’s a feedback-free zone. It's just for you so don't censor yourself when it comes to these things. Just write down everything. You never know when you come back to it a year from now and you're looking back at your notes, and you may say, you know what, I was onto something there and now I'm in a place where I can try that and you can launch something new.
Those are my next seven business habits for you guys to start implementing this week. Pick a couple to implement into your daily routine. Let me know down below in the comments if you try one. If you already do some of these, I’d love to your feedback. If you feel someone would benefit from this, make sure you share it with them, and I’ll see you guys next week with seven more business habits for you guys.