TES 002 - The 5 Keys to Mastering Your Business - a podcast by Mel Abraham

SUMMARY:

There are basic fundamental principles about business that you need to understand. Mastering your business requires mastering the basics. It will drive your business and escalate your success. There will be changes and shifts in market dynamics, legislation, preferences and other factors that influence a business. If you build a strong foundation for a business, we can easily respond to the changes that enable us to handles the downslopes and take advantages of new opportunities.

Business Mastery Roadmap Framework

When it comes to business, five basic things must be figured out.

1. Marketing: Every business needs marketing and sales process. This is the process by which you will reach out to your customers.

For marketing, these are required:

 

·       Customers: Who are your customers and what do they really want? We need to identify their habits, demographics, location and every other specific detail.

·       Communication: Create messages that allow you to communicate with your target market from a logical as well as an emotional stand point.

·       Connection: Understand how you will connect with your market. It is necessary to connect with them at a visceral emotional level by understanding every little detail about them.

2. Mechanics: Mechanics is about the business and how you run it? It is about the roles, rules and reporting around your business.

 

·       Roles: When you start a business as a solopreneur, you play all the roles but after a certain point—even if you don't want to—you will have to let go of control and transfer your roles and it might be difficult. It is very important to know how to delegate the right roles to the right person.

·       Rules: There are several rules for play in a business. You will have to understand and know all the legal rules and they are different everywhere.

·       Reporting: These reports tell how good the business is doing, your accounts receivable and your profit and loss reporting.

3. Money: If we do business correctly, money will just follow. It deals with:

·       The Flows: How cash is flowing in and out from your business.

·       The Financial Statements: Understanding the financial end of a business. Learn financial terms, ratios and how to read financial statements like the balance sheet, profit and loss statement, and the cash flow statement.

·       The Finale: Know your end game. Do you want to sell, pass on, continue to run or let go of your business at some point?

4. Mindset: Mindset is all about- Why we do business? It is about three things:

·       Identity: Who are we and where do we stand in the marketplace?

·       Influence: Understanding the dynamics between customers, team members, vendors and other people.

·       Impact: The higher purpose of your business. Having impact with your product and services, creating a value that is greater than just goods and services, and creating something mission driven for the community.

5. Model: This is the business model itself. It is how you create, capture, campaign and cultivate value. Value is created by exchanging products and services. Create value for your customers, team, vendors, staff, management, executives, investors and for yourself.

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ABOUT MEL ABRAHAM

Mel is the founder of Business Breakthrough Academy and Thoughtpreneur Academy where he helps entrepreneurs bring their businesses to the world and build the lifestyle that they want. Mel is one the most sought after entrepreneurial mentor and strategic thinkers of our time. Unlike many other so called “business coaches”, Mel has lived everything he teaches and continues to do so. Mel has built, bought and sold numerous multimillion-dollar businesses for himself as well as his clients. As the author of The Entrepreneur’s Solution: The Modern Millionaire’s Path to More Profit, Fans & Freedom Entrepreneur, Mel’s strategies have helped build thousands of businesses and have generated hundreds of millions of dollars for his clients, ranging from large corporations to startups and small family-owned businesses.

Mel is a true believer in the entrepreneurial way of life and says that this “new frontier” is the paradigm that will shift society from simply existing to living life bigger, bolder and on their own terms.

Meet Mel at http://melabraham.com/

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THE ENTREPRENEUR'S SOLUTION

The Entrepreneur's Solution is a weekly entrepreneur, business, wealth and lifestyle show where entrepreneur, speaker and author Mel Abraham reveals all of his business and entrepreneur building strategies. Mel is one of our time's most sought after mentors and speakers that not only teaches but also lives what he teaches. Discover how to design, create and build your business so it gives you the life and lifestyle you want.

Subscribe to the free entrepreneurial podcast here: http://melabraham.com/podcast

The Entrepreneur's Solution Blog on Tumblr: http://melabraham.tumblr.com/

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