I like to end my week with a Follow Friday suggestion. I enjoy sharing someone I know that I believe can make a difference in your life.
This week, I suggest you connect with Ralph Quintero. He was our guest on Social Geek Radio and discussed The Great Business Project and the 5 Pillars of Business. If you listen to the podcast you learn that I absolutely love his digital publication The Great Business Project. The third edition will be out September 1st and I can’t wait to receive it!
The 5 Pillars of Business
Ralph told us that there are 5 pillars to every business and addressing each one is important. We asked him to share what the pillars are and why are they so important.
Ralph said, “Knowing what the 5 pillars of your business are and addressing each one will be critical to your success. I ultimately believe that you can only be truly successful if you address each one. Individually they can each help your business, but they can’t sustain your business long-term without each other. The five pillars are mindset, sales, marketing, business development and strategy.
Let’s review each one of these:
Mindset: If you are not mentally and emotionally charged to take on your business, you will never succeed. When I think of mindset I not only think of motivation. That’s just one part of it. In mindset we talk about coaching, about mentoring, health, personal development, life balance, etc. Unfortunately, for many entrepreneurs, life balance is out of whack. I believe this happens because some of the other pillars aren’t being addressed.
Sales: Without sales and revenue you don’t have a business…you have a hobby. Your business needs revenue to survive and the way to get it is through sales. I have a very simple trick to make money: Pitch something every day! If you are not pitching your product or service every day you are leaving money on the table. Everyday. The money in your pocket is directly proportional to how much you pitch. If you do just one thing today for your business, please sell something. Make it a habit. Start your day off with some kind of sales pitch. The more you do it, the better you will become I promise. We spend a lot of time with our clients helping them develop solid sales programs and very simple techniques to make the sales process easier and more efficient.
Marketing: Marketing goes hand in hand with sales. But marketing is commonly mistaken as the buzz you generate for your business. Again, that’s only part of it. Marketing should permeate every area of your business down to your products. The best marketing you can have is having a great product or service that people can’t live without. If you focus on making your product exceptional, it will just about market itself.
Business Development: This pillar covers the other areas of your business. Systems, Finance, Administration, etc… This is one of my favorite pillars because it is the one that helped me scale my first business to $35 million in revenue. We did it through systematization. We created a simple to follow system for every single aspect of our business. Once we did this, our employees were happier, our clients were thrilled and it finally allowed me after many, many years to spend more time working “on” my business instead of “in” my business.
Strategy: Strategy is all about where you’re going long-term. The problem that most entrepreneurs face is that they are so entrenched in the day-to-day operations of their business, that they can never spare a moment or two for anything, much less strategy. Like I said before, systematization can help with that by freeing up your time. But what ever you do, you need to thing strategically. Otherwise, you may find yourself 4 or 5 years down the line wondering how you got to where you are.”
Ralph shared this special link to the Social Geek Radio listeners. It provides access the VIP list MagCast system before the public announcement. If interested in creating your own digital publication visit the Website to connect with Ralph and his team: http://thegreatbusinessproject.com/magcast-vip/
Ralph’s social links can be found on http://about.me/ralphquintero. And I have one more special treat. Below is a short video of Ralph explaining what it means to “know your customer”.