7 Things An Entrepreneur Can Do to Respond to COVID19

7 tactical things that you can do right now

Apart from the very real health concerns raised by COVID19, there are very real financial and economic implications that concern business owners.

7 things business owners can do in response to COVID19

What do you when all your strategy and best-laid plans go out of the window? Strategy works when things are predictable, but in the current unprecedented situation, you need to get tactical.

This is not the time for strategy. This is time to get tactical.

If you’re a business owner or are working in a business that has been affected by the unwinding developments related to COVID-19, here are the 7 key areas you should be focussing on to safely navigate this period.

1. Manage cash-flow during COVID19

Work on maintaining cashflows. Keep a tight eye on this on a daily basis. Have weekly projections. Right now the situation is too fluid to get to grips with. Without this critical information, you are flying your plane blind.

First things first, like in a plane emergency you need to put on your oxygen mask first. Make sure that you have cash reserves to take care of your family for the next 3 to 6 months. Then do the same for your business. Identify fixed costs that are essential to keep your ‘doors open’. Next identify the variable costs and look at how you can minimise, mitigate or stop them to ease your cashflow. A penny saved is a penny earned.

2. Focus your bandwidth on Marketing, Sales and other Income Producing Activities.

It’s easy to get distracted by what’s happening around you. Your competitors are also scared and holding back on ad and marketing spends. This is the time to double down.

The question to ask and genuinely answer is how can you grow sales by 20% while decreasing costs by 40%? Asking a quality question will get you to focus on the right things.

Identify 3-5 things that can generate revenue for you. Don’t try and work on huge goals. Work on things that you can accomplish in the next day or two. Implement them and then see what’s working.

I’m setting up a virtual online marketing mastermind to help business owners generated quality leads. This is the best time to master this new skill. The world is going digital. Businesses need to go digital. You can set up a call with me to take you through the top 3 things you can do to upgrade your marketing. Click on this link to set up a strategy call with me.

Identify key measures that will help you understand if you are making progress. Is it the number of new leads, number of conversations or calls you need to have that can lead to new income.

It’s also time to cut those things that are not working.

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Why You Should Join a Mastermind?

17 Reasons Why Joining A Mastermind Group Could be the Best Thing For Your Business

A recent Forbes article says that joining a mastermind group might be the single most important thing you could do for your business. What is a Mastermind? How does a Mastermind Group work? How can a Mastermind help you accelerate the growth of your business?

What is a Mastermind Group?

“No two minds ever come together without thereby creating a third, invisible intangible force, which may be likened to a third mind.” — Napoleon Hill, Think and Grow Rich

A Mastermind Group is for business owners who want to improve their business and who are willing to put the effort in. A Mastermind Group is not a Networking Group or A Coffee Club – it is for individuals who are serious about growing their business and who have the discipline to follow through. 

Joining a Mastermind Group is also about giving back and helping others. When I first joined a Mastermind Group I was a little concerned that I would not have as much as some others to contribute to the group but it soon became clear I had skills and experience that others did not and vice versa. 

The common theme was that we were there to share and help each other and there is something quite amazing about witnessing a business problem solved by the group!

At Titan Masterminds we are on a mission to help Entrepreneurs to rapidly scale up to 10 crores of revenue and beyond. We aim to get there by helping others get to #10crores. It’s the classic Win-Win formula. Here are 17 reasons why you should join a Mastermind Group. (more…)

11 of the Best Business Lessons from Harsh Mariwala

A while back I had the opportunity to hear from billionaire founder of Marico Industries, Mr. Harsh Mariwala at the Ascent Conclave. He shared his 11 best business lessons from his incredible journey:

11 of The Best Business Lessons From Mr. Harsh Mariwala

1. Evolve the vision

You don’t have a clear vision initially. There is a negative in a tightly held vision. Be flexible and that allows you to pursue new opportunities. Your vision will evolve with time as you grow.

2. Work with best in class consultants or mentors

There are many parts to a business and you can’t be a master of all of them. Work with best in class consultants to help you.

3. Have a burning desire to succeed

You need to have a burning desire to succeed and so do the people you work with. This is the key to recruiting people. Passion + perseverance = grit

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[VIDEO] How to Design Systems That Make Your Business Scalable

5 Steps to Design a Business That Can Grow Without You

Do you have repetitive tasks that are key to your business? Then you need to design systems so that these tasks are done with consistent quality, speed, and efficiency.

Here are 3 systems that every business should have. Design systems so that your business operates without you. The fastest way to grow your business is to systemize your business.

Here are 5 steps that will help design systems so your business can grow without you.

Every system should document the following:

  1. What needs to be done? E.g. Raise an invoice.
  2. Why is it important to get done? E.g. If we don’t raise an invoice we won’t get paid.
  3. Who needs to do it? What is the title of the person responsible for doing this job?
  4. When does the task need to be done? Each company could have its own accounting rules about when to raise an invoice.
  5. How is the task done? If some software is used then make a screen video of how the task is done. Include what are the do’s and don’t’s so that the task is done well.

The system should be stored in an online system like Evernote or Google Docs so that it is easy to share with the relevant person.

“85% of problems in business are systems problems, 15% are people problems,” according to management guru, Peter Drucker.

Why do you need systems in your business?

  1. Systems free the business owner up and make the business independent of the owner. Are you able to take 4 weeks away from your business and it still grows? If not then you need this 5 step formula to create awesome systems that make your business scalable.
  2. Systems are necessary if you want to delegate effectively. Systems help your business grow faster. They make your business more predictable.
  3. A systematic business is a valuable asset that can be sold for a huge payday someday.

So what are you going to systematize first in your business? Comment below.

[VIDEO] The #1 Hiring Mistake Stopping Your Business Growth

Do this instead and your will be able to hire right

  

Hiring the right people is a key part of growing a long term and profitable business. Hiring the wrong people is not only frustrating but also costly for a business owner. Here’s what you need to do before hiring your next employee.

Setting up systems will help save you in making costly hiring mistakes. Learn 3 key systems a business needs to grow here

Comment below are you busy ‘fire-fighting’?

Check out titanmasterminds.com for more help on how we can help you grow your business to the 10 crore mark per year and beyond.

[VIDEO] What Type of Entrepreneur Are You?

Are you like Jeff Bezos or like Harsh Mariwala

Knowing your entrepreneur type can make you a fortune. Are you like Jeff Bezos or like Harsh Mariwala? Both are billionaire businessmen, but they have made their fortunes in 2 very different ways.

Find out what type of entrepreneur you are so that you can play to your strengths and grow your business faster. You could be a visionary type or an integrator type of entrepreneur. Find out by watching this video.

Watch this interview with Harsh Mariwala or this blog to read about his 11 success principles.

Comment below what type of entrepreneur are you?

The Ultimate Guide – How to do Epic Goal Getting

7 Steps to Set & Achieve Big Goals & Enjoy The Process

One of my keys to success is having an annual goal getting system. I share a simple framework to set SMARTER goals and some of the common mistakes in goal setting and what you should do instead. I share a vital distinction between 2 different types of goals you should have – habit goals and achievement goals. Finally, I share a video of a 7 step-by-step annual goal-getting process to create unstoppable momentum for your goals in 2020. Read the blog first and then watch the video. Clarity is power. Clear goals lead to a happier and more meaningful life. (more…)

The Ultimate Guide - How to do Epic Goal Setting

Top 3 Things Entrepreneurs Need To Know Before Starting

There are a lot of entrepreneurs who get into a business venture but, they really don’t know how to begin their journey.

Top 3 Things Entrepreneurs Need To Know Before Starting

Challenges are part and parcel of the entrepreneurial journey.

If you follow these 3 things, you will handle the challenges, thrive, and enjoy the journey too.

The first thing that is going stop you from succeeding in your business, or in your life, is “YOU”.

The True Entrepreneur is a Doer, not a Dreamer

 

Entrepreneurs need to know these 3 things before they start upon their entrepreneurial journey. (more…)