Tag Archives: business

7 Levers of Business

This taken from 7leversofbusiness

1. Traffic
– advertise
– get leads/traffic
– from events,

2. Opt-Ins
– convert leads to real prospect
– phone/email queries, subscription
– offer something free to get in touch/follow up
– get minimum info – name, email or phone

3. Conversions
– testimonials
– guarantees
– money back
– payment options
– strong brand
– ask for the sale

4. Items per Sale
– offer add-ons – (e.g. date entry, website building)
– package the deal

5. Average Sale Price
– increase price. – give more value
– be a market leader

6. Transactions per Customer
– recurring bills
– repeat sales.
– sales other things – membership, info product
– sales same things again

7. Profit Margin
– decrease cost
– nego with suppliers
– improve product line. push for high margin products
– reduce expenditure
– reduce staff, automate things, find partners

Increase small percentage on each level will contribute significant improvement in business profit.

My personal notes on Rework book

rework

Rework is one of the best books I’ve ever read. It is short, simple, easy to read and most importantly very straight to the point and full of easy-to-follow advice.

Below are some key points that I would always want to remind myself about the lessons from the book.

 

  1. On Go
    1. Make a dent in the universe
    2. Start making something
    3. Start a business, not a start-up
  2. On productivity
    1. Interruption is the enemy of productivity
    2. Quick wins
  3. On progress
    1. Embrace constraints
    2. Start at the epicenter
    3. Be a curator
    4. Launch now
  4. On promotion
    1. Build an audience
    2. Out-teach your competition
    3. Drug dealers get it right
    4. Marketing is not a department

There are few other sections like Takedown, hiring, damage control, culture etc.

visit official page

Full list of chapters:

FIRST

  • The new reality

TAKEDOWNS

  • Ignore the real world
  • Learning from mistakes is overrated
  • Planning is guessing
  • Why grow?
  • Workaholism
  • Enough with “entrepreneurs”

GO

  • Make a dent in the universe
  • Scratch your own itch
  • Start making something
  • No time is no excuse
  • Draw a line in the sand
  • Mission statement impossible
  • Outside money is Plan Z
  • You need less than you think
  • Start a business, not a start-up
  • Building to flip is building to flop
  • Less mass

PROGRESS

  • Embrace constraints
  • Build half, not half-ass
  • Start at the epicenter
  • Ignore the details early on
  • Making the call is making progress
  • Be a curator
  • Throw less at the problem
  • Focus on what won’t change
  • Tone is in your fingers
  • Sell your by-products
  • Launch now

PRODUCTIVITY

  • Illusions of agreement
  • Reasons to quit
  • Interruption is the enemy of productivity
  • Meetings are toxic
  • Good enough is fine
  • Quick wins
  • Don’t be a hero
  • Go to sleep
  • Your estimates suck
  • Long lists don’t get done
  • Make tiny decisions

COMPETITORS

  • Don’t copy
  • Decommoditize your product
  • Pick a fight
  • Underdo your competition
  • Who cares what they’re doing?

EVOLUTION

  • Say no by default
  • Let your customers outgrow you
  • Don’t confuse enthusiasm with priority
  • Be at-home good
  • Don’t write it down

PROMOTION

  • Welcome obscurity
  • Build an audience
  • Out-teach your competition
  • Emulate chefs
  • Go behind the scenes
  • Nobody likes plastic flowers
  • Press releases are spam
  • Forget about the Wall Street Journal
  • Drug dealers get it right
  • Marketing is not a department
  • The myth of the overnight sensation

HIRING

  • Do it yourself first
  • Hire when it hurts
  • Pass on great people
  • Strangers at a cocktail party
  • Resumes are ridiculous
  • Years of irrelevance
  • Forget about formal education
  • Everybody works
  • Hire managers of one
  • Hire great writers
  • The best are everywhere
  • Test-drive employees

DAMAGE CONTROL

  • Own your bad news
  • Speed changes everything
  • How to say you’re sorry
  • Put everyone on the front lines
  • Take a deep breath

CULTURE

  • You don’t create a culture
  • Decisions are temporary
  • Skip the rock stars
  • They’re not thirteen
  • Send people home at 5:00
  • Don’t scar on the first cut
  • Sound like you
  • Four-letter words
  • ASAP is poison

CONCLUSION

  • Inspiration is perishable

RESOURCES

  • About 37signals
  • 37signals products

Lean Startup Notes

Some points from Lean Startup book

leanstartup

1. Eliminate uncertainty

Using the Lean Startup approach, companies can create order not chaos by providing tools to test a vision continuously.

2. Work smarter not harder

The question is not “Can this product be built?” Instead, the questions are “Should this product be built?” and “Can we build a sustainable business around this set of products and services?”

3. Develop an MVP

A core component of Lean Startup methodology is the build-measure-learn feedback loop.

  1. The first step is figuring out the problem that needs to be solved and
  2. then developing a minimum viable product (MVP) to begin the process of learning as quickly as possible.
  3. Once the MVP is established, a startup can work on tuning the engine.

4. Validated Learning

Principles

  1. ENTREPRENEURS ARE EVERYWHERE
  2. ENTREPRENEURSHIP IS MANAGEMENT
  3. VALIDATED LEARNING
  4. INNOVATION ACCOUNTING
  5. BUILD-MEASURE-LEARN

source: http://theleanstartup.com/principles

The rate of growth of any startup or business depends on three things:

  1. the profitability of each customer,
  2. the cost of acquiring a new customer,
  3. and repeat purchase rate of existing customers

source: https://selz.com/blog/lean-startup-5th-10-must-read-startup-entrepreneur-ebooks/

Engine of growth

  • sticky – attract and retain customers for long term (e.g. telco)
  • viral – customer MUST tell others to use/buy when they are using. (e.g. hotmail, tupperware)
  • paid – how much to acquire a new customer

Official blog | Official website

Books for startups

Some books recommended for startups and entrepreneurs.

  1. Crush It – Gary Vaynerchuk
  2. The Small Army Strategy – Srinivas Rao
  3. Think like a rock star – Mack Collier
  4. Blogging the smart way – Jeff Bullas
  5. The Lean Startup – Eric Ries
  6. 4 hour workweek – Tim Ferriss
  7. Rework – Jason Fried
  8. Secrets for Blogging Your Way to a six figure income – Darren Rowse, Chris Garrett, Problogger
  9. The $100 Startup – Chris Guillebeau
  10. The Art of the Start – Guy Kawasaki

Read detail reviews for each