 |
Learn how to Compress Time
In the popular 1980's movie "Dune," man learned that by "folding space" the distance between two points shortened and he could cover those distances faster. Around 1995, we found a substance that could bend time in the business community -- it was called Venture Capital. With enough of it, we could compress the evolution of a startup company from a few decades to a few years. Companies like Amazon, eBay and most recently Google showed us that billion dollar companies could be built in years, not decades. What was more interesting is that these companies began growing faster even as the venture capital markets dried up completely. They found a better approach to growing at a dizzying rate - by compressing time. Compression in Action Compressing time in a business means reducing the time between two salient points of development. For example, reducing the amount of time it takes to acquire a customer. Or reducing the amount of time it takes to service that same customer. Or even better, reducing the amount of time it takes to get paid by that customer! The bane of most business plans is that they quickly fall into the rut of doing what seems obvious, creating a sequential and time-intensive approach to growth. Amazon could have started out with one small store and then built that store out over time. Instead, they conceived (and built) the world's largest book store from the get-go, and then spent the rest of their time keeping that store in business. They essentially built their company backwards. Google and eBay took a different approach. They realized that in order to grow fast they would have to acquire customers at an alarming rate. They also realized that they would need to acquire millions of free customers in order to get hundreds of paying customers. Their models essentially gave the services away for free in order to compress the timelines of customer acquisition. With a huge network of customers in hand, they can now spend their time servicing the paying customers that shook out along the way. Squeezing out the Empty Space When I talk about squeezing out the empty space, I'm not talking about getting rid of the BizDev Team. I'm talking getting rid of the bloated, sequential processes that keep companies from growing faster. Let's start with a problem that just about every business faces - the time it takes to acquire and service a customer. With an eye on compression, the first thing we should do is agree on the goal. The goal is to get the customer to pay for your service. Everything else is just a means to that end. For our own purposes, we'll say we are a consulting company that sells it's time to clients for a fee. We may decide that we can condense our sales cycles by picking up work that other companies have sold and providing our people on those projects. Instead of spending time soliciting clients, we could spend our time billing them. Or we may decide that our sales cycle is efficient, but it takes too long to hire and train people. In this case we might decide to outsource the work we bring in, saving ourselves the time and expense of recruiting a team of our own. Once again we are able to compress the time it takes to collect our fees (and reinvest them) which ultimately grows the business faster. Don't Squeeze Too Hard Every lesson comes with a caveat, and this one is no exception. Compressing timelines just for the sake of going warp speed isn't always in your company's best interest. Some aspects of your business, like your corporate culture, benefit from developing over time. With each decision to speed things up, you must recognize which aspects of the organization may be strained as a consequence. Keep the Pedal to the Metal If you want to stay competitive your company simply cannot afford to waste time. Faster, more nimble companies are always breathing down your neck. Compression is a requirement, not a luxury. The reason the fastest growing companies have earned their positions is because they are concentrated on being fast growth companies. Their success comes from getting the most bang for the least amount of time. As your business evolves, new opportunities to condense your timelines will continually arise. Constantly challenge your team to look for new ways to compress their own activities. Each person that attacks their tasks with compression in mind helps accelerate the evolution of the entire company. Time keeps on slipping into the future If anything is in short supply for an entrepreneur, it's time. The beauty of compression is that it eliminates time wasted on tasks that aren't moving you toward your goal quickly. Compression reclaims all of this time and leaves it for you in a nice package at the finish line - ready to use for your next business challenge. - Wil Wil Schroter is a serial entrepreneur, author, and public speaker. Wil has been recognized as U.S. Small Business Person of the Year, twice as the Ernst and Young Entrepreneur of the Year (1999 & 2004), and is a member of the Business First Top 40 under forty. Connect directly with Wil at wschroter@yahoo.com. Visit http://www.goBIGnetwork.com.
MORE RESOURCES:
Business:Entrepreneurialism Articles from EzineArticles.com
03/01/2021 08:59 AM
|
The Downfall of the Stubborn Entrepreneur
|
Why You Aren't Getting More Clients and Leads (and it's not for a lack of trying). And it could be because It's Not About HOW; It's About WHAT.
|
02/08/2021 08:44 AM
|
Why You Should Write an eBook
|
Using an eBook to market your business is an excellent idea. It can be a great calling card for your business with proof of your expertise.
|
01/29/2021 01:19 PM
|
Tales From the Online Marketing Crypt 10 - Playing the Dangerous Comparison Game on Social Media
|
Before you start comparing your business to someone else's, realize you do not know the whole story. You do not know the trials and tribulations they've gone through, you don't know anything they are choosing not to disclose on social media.
|
01/27/2021 10:54 AM
|
How to Create a Buzz About Your Business
|
If you want to create buzz about your business, using social media is a great way to do it. Try these different ways and see what reactions you get. Keep doing new things as often as you can to keep the buzz going.
|
01/08/2021 11:42 AM
|
How No More Military PT Tests Are Hurting My Business
|
When I left the military I packed on 15 pounds pretty fast. My recent trip to the doctor's for the first time outside of the military was highlighted with the lovely comment from the doc, "You know, technically you're obese."
|
01/06/2021 10:18 AM
|
\"Learn How to Promote Digital Products and Earn Your First $10,000 Online."
|
You're invited to attend... Complete Access to TWO Separate Training Tracks: ClickBank Product Publishing & ClickBank Affiliate Mastery
|
12/23/2020 03:07 PM
|
The Power of the Hand Written Thank You Note
|
Why should you send a Thank You Note. What should you say. State a Call to Action closing sentence.
|
12/22/2020 10:08 AM
|
The Key to Continual Growth and Expansion
|
Growing and expanding requires self-awareness of what you are doing and what you're not doing to move forward. If you're succeeding, keep on doing what you're doing. If you're behind, it's okay; you just need to adjust.
|
12/21/2020 12:15 PM
|
Winning the War Over Loans and Debts As an Entrepreneur
|
Among the things that can make or mar a business is taking loans. People take loans to meet up with their expectations. However, it takes a wiser entrepreneur to decipher when to or when not to take a loan. Loans can do wonderful things for you when properly managed. It can help solve urgent problems, cater for substantial expenses and grow businesses. Though loans can work perfectly for those who have steady income, yet it has the propensity of entangling those who struggle to earn a living. It is very important for every entrepreneur to note that a mismanaged loan is hell.
|
11/16/2020 09:05 AM
|
How Can You Make Your Online Business More Successful?
|
Many entrepreneurs have gone before you and figured out how things work, so that you don't have to reinvent the wheel. You can follow what other successful online entrepreneurs have done and become successful doing it.
|
11/02/2020 10:01 AM
|
How To Develop The Mindset Of An Entrepreneur And Become Successful
|
Mindset Is Everything-You won't be awesome at being an entrepreneur unless and till you condition your brain for getting into business and then making the most of it.Any trade can be really tough to comprehend. However, if that is something somebody wishes to do, then how do you do that effectively? Here are a few great tips that I have come up with on how you are able to become that awesome entrepreneur as well.
|
11/02/2020 09:20 AM
|
Winning at the Proposal Game
|
Submitting bids and tenders is a great way to grow and expand your business and is a great way for a small company to become a much larger company. It can be frustrating and costly to bid, this work taking you away from other business activities. However, winning a bid gives you access to a new customer and other project opportunities. You also have to consider as to whether you have the financial standing and moral fortitude to undertake large projects so choose your opportunities with great care. Smaller projects can help your company grow efficiently and profitably with less drama and anguish. Here are a few pointers to remember when producing tenders.
|
11/02/2020 09:15 AM
|
There Is Such a Thing As Too Much Free Content
|
When you fundamentally reexamine your marketing strategy, it's very freeing. You can focus on what's most important.
|
10/22/2020 11:34 AM
|
The Pros and Cons of Working for Yourself
|
Working from home offers many benefits and even a few drawbacks. It's up to you to determine if you have the personality for it. You'll need to rein in family and friends who want to take advantage of you, as well as yourself, to stay on track for creating a healthy and profitable home business.
|
10/12/2020 09:53 AM
|
The Impact Trifecta: Make the Most of Your Impact Efforts
|
Impact can feel oddly unsatisfying. If you're feeling that your impact isn't fulfilling you, that's a clue. Maybe you're not having all the impact you want to have.
|
10/02/2020 10:22 AM
|
How To Show Your Expertise When You're Starting Out
|
To show your expertise when first starting out doesn't require you to have a huge client roster, or even a following yet. Use these tips to help you gain a following, improve search engine optimization (SEO) and build your business.
|
09/29/2020 09:03 AM
|
5 Things to Think About Before You Start a Business
|
Before you start a business and kick off your entrepreneur journey, you need to understand a number of things. Here are five to think about before you invest your money.
|
09/29/2020 09:01 AM
|
How Do You Create Multiple Streams of Income?
|
Here are just a few of the ways you can create multiple streams of income online. There are also ways you can do it offline such as savings, investing, rental income, and more.
|
09/28/2020 09:45 AM
|
Does Money Make You Successful?
|
When people want to become entrepreneurs they don't actually think about the work. They think about the freedom.
|
09/28/2020 09:43 AM
|
Your Fear Is a Valuable Messenger
|
I know you care about impact. Fear will keep you from it, if not by shutting you down, then by distractions. We all feel fear, so what can you do?
|
09/02/2020 01:33 PM
|
Discovering Lucrative Business Opportunities
|
There are several ways to be successful today but the most popular one is almost always acknowledged as venturing into a world of capitalizing on online business opportunities. People who are able to do this easily usually reap in the positive benefits many folds.
|
09/02/2020 01:27 PM
|
Ready To Position Yourself As an Expert?
|
Becoming an expert is a process. At first you will feel as if you'll never make it, but everything you do builds on the next thing and eventually it will snowball to true success.
|
09/02/2020 01:25 PM
|
It Will Take More Than Motivation To Make A Business Succeed
|
Many people naturally have the leadership abilities that are necessary to operate a successful business based on their family environment while they were growing up. Their basic character traits are often nurtured and manifested during these stages.
|
08/31/2020 09:26 AM
|
Are You Enough?
|
What would it mean if YOU were enough? All the things you need to have a successful business.
|
08/17/2020 12:59 PM
|
Postpone Your Impact, and It May Never Happen
|
When you postpone your impact, it may never happen. Life will always get in the way, if you allow it.
|
08/11/2020 11:45 AM
|
Do You Have What It Takes To Become An Succesful Entrepreneur?
|
Deciding to become an entrepreneur is just the beginning. You know you want to own your own business and control your fate, but you're not yet sure exactly what it is that you should do.
|
08/03/2020 02:42 PM
|
Do Your Prospects and Clients Really Know You?
|
People buy from those they know, like, and trust. How can you help them get to know your business? How can you build their trust?
|
07/24/2020 10:25 AM
|
Be Willing to Fall Flat on Your Face
|
Being the leader you want to be, to have the impact you want to have, will not always be well received. You might take that as a failure. But is it?
|
07/08/2020 09:48 AM
|
The Secret Shame Of Having A Full Time Job
|
According to experts, More than 47% of Americans today cannot pay $400 for an emergency without having to borrow that money. The secret shame is that most of that 47% had full time jobs when answering this question. That number is even worse today as millions have lost their jobs.
|
07/08/2020 09:48 AM
|
How Becoming An Author Builds Expertise
|
If you want a fast way to become an insider within your niche, push yourself to new heights, and become the expert you know you are, becoming an author will do that for you. But, you must get started and learn all you can about marketing once the book is finished.
|
07/03/2020 11:30 AM
|
How To End A Business Relationship Amicably
|
Ending a business relationship is never easy, but once you do let go of clients who aren't ideal, you're going to free up space to attract your ideal clients. Plus, once it's over you're going to feel so much better about your business and yourself.
|
07/02/2020 11:37 AM
|
Are You Honoring Your Values?
|
So much is going on in the world right now, that it can be difficult to focus on your business' values. You may be going through some financial challenges due to the pandemic, and even if that's not the case, it can feel hard to consider one more thing as you pivot and adjust. I have had to make conscious and sometimes difficult choices in my own adjustments to stay aligned with my values and those of my business.
|
06/30/2020 06:30 AM
|
You Are Made For These Times
|
Ever feel like you want to just leave everything behind and go elsewhere? I sure do. But we're here. How do we rise to these times?
|
06/22/2020 08:50 AM
|
5 Tips to Make Big in Business From the Expert Business Coach
|
Get tips to make big in business from the expert business coach Thamizharasu Gopalsamy. One can learn business basics with this pen work.
|
06/19/2020 04:19 PM
|
Honest Grant Cardone Marketing Mentoring Program Review
|
Do you know Grant Cardone? Do you strive for success? Are you passionate? If you want to learn from the best Grant Cardone is your guy. You are about to take a "DEEP DIVE" and become submersed into his Marketing Mentoring Program. We will take a look and I will help educate you on what I have learned, and where you will benefit by joining him on his mission to create success, and help you do the same.
|
06/15/2020 02:39 PM
|
When Celebrating Your Big Accomplishments Is Hard
|
Celebrating your significant accomplishments can stir up feelings and resistance. Here's how to deal with that.
|
06/15/2020 02:32 PM
|
What Exactly Is Passive Income?
|
Any income where the individual does not have to physically earn is called passive income. This of course is a very attractive way of earning an income and indeed those who are lucky enough to make a decent living this way are quite happy. Ways To Generate Loads Of Passive Income- There are currently some very popular and common ways to earn a passive income.
|
06/08/2020 09:13 AM
|
Find Your Fierce
|
You want to have impact with your business. You'll have a lot more impact if you get in touch with your fierce.
|
06/01/2020 08:48 AM
|
Are You Becoming the One?
|
Impact calls you on a deeper level. If impact were just about taking action, you would have had that impact already.
|
06/01/2020 08:43 AM
|
Respect Payroll
|
Entrepreneurs at times have such passion for their product that they overlook payroll. This article describes some common startup payroll problems, and their solution.
|
05/25/2020 01:14 PM
|
Your Relationship With Desire Shapes Your Impact
|
Your impact is a deep, unique expression of who you are. Diminishing your desire for impact rains on the parade of who you are and what you contribute.
|
05/18/2020 10:35 AM
|
Rethinking Your Business Plan? Be Sure to Include This
|
We're in the midst of a significant disruption of business. Creating a new plan focused on this one thing keeps you on track.
|
05/14/2020 09:50 AM
|
How To Handle Criticism In Business
|
There are essentially three types of critics. Each has a different agenda and all but one has something good to offer. It's important to understand and differentiate between these three types of critics so that not only can you quickly identify those whom you should listen to and those who you should ignore, but also so that you can learn to provide criticism yourself in a constructive and useful way.
|
05/11/2020 07:49 AM
|
Are You Afraid of Your Own Impact?
|
It's worth it to start to explore what's holding you back from the compelling, exquisite impact that you could have. Your impact matters.
|
05/05/2020 07:55 AM
|
Why Is It Easy to Fail at Your Pitch
|
The aim is to secure investors, and to achieve that, the pitch deck presented needs to make them sit up and pay attention. Do not become just another pitch they hear and promptly forget. Failure is not an option, and these are the common blunders that scream, "Fail":
|
04/07/2020 08:35 AM
|
Having Impact During a Pandemic
|
The Chinese proverb, "May you live in interesting times," was never more poignant than it is right now. Every single one of us is undergoing significant change, whether we want to or not. The coronavirus/COVID-19/SARS-CoV-2 pandemic (even the name keeps changing) is making sure of that.
|
03/28/2020 07:39 PM
|
To Survive, You Need to Follow the Bubbles
|
Whether you are an entrepreneur or small business enterprise, one thing is for certain, we are all experiencing some form of disruption in our business as a result of Covid-19. For a very small handful of businesses, this unprecedented change is a positive one for their business, while a significantly greater number have not been so fortunate.
|
03/28/2020 07:34 PM
|
Here's the Secret to Double Your Productivity
|
Productivity only matters in the context of what you ultimately want to accomplish. Being productive in service to your bigger goals and your impact matters.
|
03/19/2020 09:11 AM
|
Are You Prepared? Hint: If You Are, You'll Have More Impact
|
Preparation can be the bridge that brings you into greater emotional connection with your audience. With connection, you build impact.
|
03/02/2020 08:23 AM
|
Are We All Creative Or Is That Just A Myth?
|
Everyone is creative. But everyone is not created the same. There are many types of creativity.
|
|
 |
 |
 |
RELATED ARTICLES
How To Find Hot Online Business Ideas
Would you like to find the key that unlocks thedoor to a gold-mine of online response, sales and results for your business?It seems obvious that you would be able to see what the experts do differently when locating market opportunities, finding out what people want and quickly turning that into an online business generatingtruckloads of cash. The reality is YOU CAN'T!While the secret is massive in it's impact, it is so subtle - so subtle that you are sure to miss it if you don't know what to look for.
Protect Your ASSets in Business
Many people are starting an online business without a thought about the danger this may pose to their personal assets. The type of protection you need depends upon the nature of your business and the amount of your personal assets.
Business Is No Guarantee of Riches
Q: I'm thinking about starting a business since that seems to be how most rich people get rich. I don't have any business experience or much money, but I'm a fast learner and have lots of energy.
Can a Microbusiness Help You Enjoy a Better Retirement?
Not having enough money for a comfortable retirement tops thelist of financial concerns among aging Americans, according to a recent Gallup Poll. It even outweighs peoples' worries about having a serious illness or accident.
Used-Book Case Study
Dwight Payne and Gary Heap reside in Santa Barbara, CA, where they attend college and pursue their mutual hobby of science-fiction book collecting. They pooled their book collection of over 4,000 volumes, and sci-fi magazines going back over twenty-five years.
Youve Found Your Guru, Now What?
In my last article, "Follow That Guru", I told you about the one (1) simple technique I used when starting my home business, "A Name".Now everyone wants to know what to do next.
Realism vs. Optimism in the Business Plan
The most important function of a business plan is to create interest among investors so that they write a check. In achieving this goal, business plan writers are often challenged by determining the proper level of optimism in their plan.
Determine Your Niche & Be Successful
What's a niche?Dictionary.com provides a great, twofold definition:"A situation or activity specially suited to a person's interests, abilities, or nature.
Secrets of My Favorite Government Auction
I love bargains. And there's no better place to find bargains than an auction.
Identify the Growth Factors
In "The Incredible Hulk", mild-mannered scientist Bruce Banner discovered that when he was exposed to "gamma rays" he was transformed into a massive beast that could ferociously muscle his way to victory in any situation. Other than being disfigured, green, and in nothing but his boxer shorts, the Hulk discovered that a single growth factor could drastically change his ability to handle his problems.
The Business Leader as Ultramarathoner
Have you ever heard of an ultramarathon? A standard marathon isjust over 26 miles. An ultramarathon is usually on the order of50 or 100 miles, though there are some that span one thousand! Imagine the endurance required to run such a race.
Is Now the Right Time to Become An Entrepreneur?
A number of economic changes are magnifying the role of small business and creating the impetus for entrepreneurship.In the past, many people perceived small business owners as shopkeepers - the mom 'n pop shops.
An Entrepreneur Is
An entrepreneur is an innovator. She sees a need in the marketplace and creates something new to fulfill that need or improves upon an existing mechanism that already fulfills that need.
Isnt it Time You Started to Fly?
I am going to begin this article by sharing a shocking fact..
Focus is the Key to a Successful Startup
The definition of a startup means you have very few resources to employ and little time to get them to do something valuable. The clock is always ticking, and the money (if you even have any) is running out by the day.
Key to Starting Your Own Clothing Company
Starting your own private label clothing company is not as difficult as you may think. I assure you that the founding members of Volcom, Paul Frank, Hurley and Von Dutch, are not mad geniuses of fashion.
Bonsai Marketing
Site location analysis of regional service areas and planning for mobile businesses is just as important as choosing a fixed site for any business. The region must be scouted out whether you are simply adding another service unit or deciding to open an entire new marketing area.
Double Down on Marketing
If you want to compete in the world of high growth startups, you better know how to play the marketing game. Marketing has become a big stakes game where companies are betting fortunes on the success of their products.
7 Small Business and Self Employed Law of Attraction Principles For Success
It is widely held that one of the most important ingredients in small business success is perseverance. Deciding on a strategy and sticking with it.
Franchises-Exit Strategy
At an International Franchising Symposium in London, Peter Holt made the bold statement to his audience of Franchisors that they needed to understand that their business would fail, and in fact all businesses are bound for failure. Needless to say, there were a few shocked faces in the crowd.
|