When the Economy Shifts
No matter when you are reading this, I am sure that the economy is shifting or in a state of flux, and you need to know how to monetize in this is ALWAYS the new norm.
And yet, even though the economy has shifted, think about it — there are people and companies that are doing great! Right? And there are also people and companies who are doing average or failing.
How can that be? How can some companies do great (even in the same industry) and others fail miserably if they are all working under the same economic conditions?
Take a moment to really think about this. No matter where the economy is, there are people who are monetizing, even making huge profits. So is it the economy that is ultimately going to determine whether or not a person or business is a success? Absolutely not!
Ok so now what?
So here is what you should be asking yourself right now: If it’s not the economy, who or what is it? What is going to determine someone’s monetization success?
Yes, you are right, it is the leader or entrepreneur that is ultimately going to determine his own success! Yes, this is you! And the skills you have and the actions that you are willing to take using these skills will be what set your success apart from other struggling businesses.
The Reward is simple…
And what does the world reward – information or action? Yes, action!
That is why you need to take action now, consistently, and always!
It is important to focus on what you want and make sure you consistently take deliberate actions towards achieving your goals.
Here come some acronyms
Because, as entrepreneurs, we are easily affected by the Shiny Object Syndrome (S.O.S). While it may feel like ADD or ADHD, it’s not quite it! S.O.S is where a new idea captures your imagination and/or attention and you become distracted from the bigger picture and go off on tangents!
With all of the new gimmicks out there, it is easy to become distracted by S.O.S’s latest fad, gimmick, or short-term idea. Do you know anyone like this? Do you know them intimately?
Yes, it is a challenge to avoid going off in a million directions when there are so many opportunities out there. However, what happens when you give in to the S.O.S. temptation is that you never really complete anything. Shiny Object Syndrome and the inherent loss of focus may very well be costing you hundreds of hours a year in lost opportunity, productivity, and lost hours, not to mention what this can mean financially!
Why is this such a draw for an entrepreneur?
There’s great energy and excitement in something new. Plugging along with a proven, consistent system can seem boring in comparison. So we hear of a new product, a “ninja” marketing idea, a new online marketing method, or a powerful new closing technique, and POW! We are off to the races! Well, at least for a short period of time, until the next shiny idea comes our way and we steer off course to chase that next best thing.
The challenge with S.O.S is that many things get started, while few of them ever get finished. In addition to things not getting completed, precious time is wasted on the tangential item, technique, product, or service. And how many of these shiny objects are truly beneficial for our businesses? Lack of focus and being overwhelmed can be paralyzing!
Now, just so you know that we are not picking on the creative-thinking business person, S.O.S is not just an affliction of entrepreneurs. This phenomenon crosses over to every industry.
For example, many people have started blogs and abandoned them almost as quickly! Why do they quit? They quit because they got tired of writing posts — or worse, no one was reading the posts because they didn’t know how to market it to attract readers’ attention and drive traffic to their blog.
When we have so many very cool ideas coming our way, it’s a challenge to not get excited about them. After all, that’s what drives us, right?
So, what can you do to monetize? How can you continue to be energized by all the possibilities without robbing your business of your time, talents, and ultimate success?
Start with a vision, goal, and plan, and make sure each tactic that you implement is tied to furthering your overall monetization strategy!
With any new idea, tactic, or tool that you’re presented with, you must stop and ask yourself, “Is this in line with my business’s vision, goal, and plan?” If it’s not, you must pass on the “opportunity,” or at least put it in a parking lot of good ideas to be evaluated later.
Let the habits begin
So get in the habit of asking yourself the following set of questions before implementing something new in your business:
- Is this idea, concept, product, or service right for my business?
- Is this something my target market wants?
- If yes, are they willing to pay for it?
- Am I willing to invest what is needed to make it successful?
- Is there a return on investment for the time, money, energy, or resources I will spend?
- Do I have room on my plate to take this on?
- Do I have the resources to manage it or can I easily acquire them to make it a success?
- What can I remove from my plate to take this on?
There’s nothing wrong with loving innovation. You must constantly monetize your business to make it successful! You just need to do it wisely and strategically to make sure that you don’t lose focus on what’s important.
Ready to Monetize?
By the way, if you are ready to monetize your business more effectively and accelerate your business results, let’s connect. I know we can help.