Practice Paradox | Going for Growth - Marketing Strategies | Communicat Careers Breakfast 17 June 2010 Brisbane
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This document discusses how to leverage opportunities to grow a business and career. It provides examples of leverage points like systems, training others, and selling additional products. A case study shows how a travel agency increased revenue from $800k to $3.4 million in 18 months by addressing negative beliefs about selling, lack of measurements, and developing sales skills. The document encourages readers to identify leverage points in their own work to multiply their value and worth.
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Practice Paradox | Going for Growth - Marketing Strategies | Communicat Careers Breakfast 17 June 2010 Brisbane
- 1. Going for Growth How to Make Your Business Fly and Your Career Take Off! Michael ‘MC’ Carter practiceparadox.com.au © 2010 Practice Paradox IP Pty Ltd
- 2. Introduction | Limitations | Leverage | Lessons | Action Plan Introduce yourself In the next 60 seconds • Find two people you have never met before • Shake hands, introduce yourself: • Your name • What you do • Exchange business cards © 2010 Practice Paradox IP Pty Ltd
- 3. Introduction | Limitations | Leverage | Lessons | Action Plan The Northern Pike Experiment © 2010 Practice Paradox IP Pty Ltd
- 4. Introduction | Limitations | Leverage | Lessons | Action Plan What Are You Worth? (In Annual Income) • Write down what you earned: • 3 years ago • This year • What you want to earn in 3 years time © 2010 Practice Paradox IP Pty Ltd
- 5. Introduction | Limitations | Leverage | Lessons | Action Plan Job Ad #1 Job Ad #2 Position Title Position Title Description of the Description of the role, responsibilities, role, responsibilities, tasks, conditions, tasks, conditions, career path. career path. Salary $X Salary $2X © 2010 Practice Paradox IP Pty Ltd
- 6. Introduction | Limitations | Leverage | Lessons | Action Plan Many of our limitations are self-imposed © 2010 Practice Paradox IP Pty Ltd
- 7. Introduction | Limitations | Leverage | Lessons | Action Plan Many of our limitations are imaginary © 2010 Practice Paradox IP Pty Ltd
- 8. Introduction | Limitations | Leverage | Lessons | Action Plan “Give me a lever long enough, and a prop strong enough, I can single‐handedly move the world.” Archimedes (c. 287–212 BC) © 2010 Practice Paradox IP Pty Ltd
- 9. Introduction | Limitations | Leverage | Lessons | Action Plan Output Force Input Force Lever The lever Fulcrum multiplies the output Archimedes (c. 287–212 BC) © 2010 Practice Paradox IP Pty Ltd
- 10. Introduction | Limitations | Leverage | Lessons | Action Plan In other words, leverage allows you to achieve greater results with less effort. Archimedes (c. 287–212 BC) © 2010 Practice Paradox IP Pty Ltd
- 11. Introduction | Limitations | Leverage | Lessons | Action Plan Some Examples: Plays vs Movies Hand watering vs Sprinklers Training Others vs DIY Systems vs Reinvention Growing Revenue vs Cost Cutting Archimedes (c. 287–212 BC) © 2010 Practice Paradox IP Pty Ltd
- 12. Introduction | Limitations | Leverage | Lessons | Action Plan Key Skill: How to identify ‘leverage points’ in your business Archimedes (c. 287–212 BC) © 2010 Practice Paradox IP Pty Ltd
- 13. Introduction | Limitations | Leverage | Lessons | Action Plan Lessons in Leverage from a Suburban Travel Agency © 2010 Practice Paradox IP Pty Ltd
- 14. Introduction | Limitations | Leverage | Lessons | Action Plan “We need more customers” © 2010 Practice Paradox IP Pty Ltd
- 15. Introduction | Limitations | Leverage | Lessons | Action Plan What you can measure, you can manage. What you measure, improves. © 2010 Practice Paradox IP Pty Ltd
- 16. Introduction | Limitations | Leverage | Lessons | Action Plan Our beliefs about ‘selling’ and ‘salespeople’ © 2010 Practice Paradox IP Pty Ltd
- 17. Introduction | Limitations | Leverage | Lessons | Action Plan Accommodation Short Tours Car hire Shows Stopovers Travel insurance © 2010 Practice Paradox IP Pty Ltd
- 18. Introduction | Limitations | Leverage | Lessons | Action Plan They were only selling the flights! © 2010 Practice Paradox IP Pty Ltd
- 19. Introduction | Limitations | Leverage | Lessons | Action Plan They weren’t travel advisers © 2010 Practice Paradox IP Pty Ltd
- 20. Introduction | Limitations | Leverage | Lessons | Action Plan They were order takers © 2010 Practice Paradox IP Pty Ltd
- 21. Introduction | Limitations | Leverage | Lessons | Action Plan Change management model Values Beliefs Behaviours © 2010 Practice Paradox IP Pty Ltd
- 22. Introduction | Limitations | Leverage | Lessons | Action Plan • Negative beliefs about ‘selling’ • Lack of focus on number of items per booking • Lack of measurement system • Lack of sales skills training • Lack of systems to support behaviour © 2010 Practice Paradox IP Pty Ltd
- 23. Introduction | Limitations | Leverage | Lessons | Action Plan Results we achieved • With only two leverage points addressed ... • $800k revenue when we started working together • Applying CPI = $1.24m in today’s dollars • $3.4 million revenue 18 months later • Applying CPI = $5.26m in today’s dollars • ... despite Ronnie’s initial request was, “Can you help us with our marketing? We need more customers.” © 2010 Practice Paradox IP Pty Ltd
- 24. Introduction | Limitations | Leverage | Lessons | Action Plan Results we achieved $5.26m • Without one extra ad (or even improved ads!) • Without one extra customer beyond their normal traffic • Without one extra team member $1.24m • Plus, Ronnie worked less! © 2010 Practice Paradox IP Pty Ltd
- 25. Introduction | Limitations | Leverage | Lessons | Action Plan $5.26m Now that’s leverage! $1.24m © 2010 Practice Paradox IP Pty Ltd
- 26. Introduction | Limitations | Leverage | Lessons | Action Plan How can you apply leverage? Create Look for You need to To increase more value leverage ➔ be more ➔ ➔ your value for the points you valuable business can apply © 2010 Practice Paradox IP Pty Ltd
- 27. Introduction | Limitations | Leverage | Lessons | Action Plan To achieve your worth 1. Look at what you wrote down as your desired income in 3 years time • Were you imposing imaginary limitations? 2. Multiply it by your employer’s benchmark (e.g. 3x) • This is your target revenue to generate 3. Look for leverage points in the business • Opportunities for improvement, multipliers! 4. Implement better ways of doing things; test, measure 5. You will ultimately be paid what you are worth! © 2010 Practice Paradox IP Pty Ltd
- 28. Thank you! How to Make Your Business Fly and Your Career Take Off! Michael ‘MC’ Carter practiceparadox.com.au © 2010 Practice Paradox IP Pty Ltd