One of the best ways to differentiate yourself in today’s ultra-competitive business environment is by giving yourself a competitive (and very real) edge over your competitors says Paul Haarman. There is absolutely no reason why your business shouldn’t be incredibly successful in light of the fact that more than 50% of all businesses fail within their first 3-5 years; only 6% manage to survive for over 20 years.
Let’s take a look at seven ways you can use your personal finances as a competitive advantage in business:
1) Live like a consumer by owning less than two weeks worth of living expenses.
2) Invest an abundance of time and energy into building exceptional personal relationships, even if they are not directly related to the success of your business (e.g., friends, family members, old acquaintances). All things being equal – people like doing business with people they like!
3) Spend the majority of your time building up your business, not just in it.
4) When you are negotiating with a vendor, speak to them as if they’d be more than willing to provide their products or services for free.
5) Give credit where credit is due and take responsibility when things go wrong. This WILL come back around at some point!
6) Actively search for opportunities that nobody else is pursuing. If there’s money being left on the table, it belongs to someone who wants it… but isn’t actively looking for it!
7) IF YOU DON’T DRIVE A FLASHY CAR AND LIVE IN A MANSION RIGHT NOW – IT’S NOT TOO LATE!!! You can still move your business to the next level if you’re dedicated and willing to do whatever it takes, just like 99% of all successful entrepreneurs who ever walked this planet!
Your ability to differentiate yourself in a world that’s becoming increasingly competitive depends largely on what you do with your personal finances says Paul Haarman. By taking the time and investing the energy into creating unique personal relationships and then leveraging them for increased business opportunities, you’ll take your market share out from under your competitors’ feet.
Q: How much money should I have saved before starting a business?
A: Having six months worth of living expenses in the bank is recommended. However, this largely depends on the nature of your business and what you’re comfortable with. If you don’t feel that six months is enough then start with three or four… just be sure to put away some sort of emergency cash for unforeseen circumstances!
Q: What do I need to know about capitalizing on my personal relationships?
A: The most important thing to remember is that networking doesn’t begin when you meet someone new – it begins day one! You can never go wrong by investing time, energy and effort into building exceptional personal relationships because all things being equal… people like doing business with people they like!
Q: How can I differentiate myself in business?
A: There is absolutely no reason why you shouldn’t be able to run a successful and profitable business given the fact that more than 50% of all businesses fail within their first 3-5 years; only 6% manage to survive for over 20 years. Your ability to differentiate yourself in a world that’s becoming increasingly competitive depends largely on what you do with your personal finances – by taking time and effort to build exceptional personal relationships.
Q: How much money should I spend on advertising?
A: As little as possible! You need to understand that marketing and advertising SHOULD be treated as any other expense; you always want to make sure that it’s generating significantly more revenue than it’s costing before the numbers begin to look favorable.
Q: How involved should I be with my customers/clients?
A: It depends entirely on what type of business you have, but generally speaking… the more time & energy spent interacting with your customers the better! If they’re paying good money for your products or services then why not give them a few freebies once in a while just to show them how much you appreciate their business?
As a business owner, it’s your responsibility to get out of ‘AUTOMATIC’. And get fully engage in every aspect of your life explains Paul Haarman. If you’re not willing to get up-close & personal with yourself then why should anyone else? You have an obligation to yourself to create the best possible version of YOU that you possibly can. Because no matter how hard you try, there will always be someone who’s willing to do it for less!