“The only thing that’s keeping you from getting what you want is the story you keep telling yourself.” — Tony Robbins
For as long as I can remember, I’ve always felt uncomfortable about sharing what I know, and I have often resisted contributing to a group discussion. While I can’t completely recall specific instances where I was ridiculed for answering questions incorrectly or for making contributions in a class discussion in my primary and secondary school days, I recall it was common practice for kids to ridicule other kids. I was involved in this and I was also a victim. We all participated in it. It was a fun thing to do, we thought at the time. …
“You don’t buy life insurance because you are going to die, but because those you love are going to live.” — Unknown author
While the perception of the insurance industry is getting better each year, the industry still has a serious public relations problem.
If you are an insurance agent, have you ever been asked what you do for a living and found yourself hesitating before answering because you suspect that mentioning that you are an insurance agent may be a conversation stopper?
Why is that the general public now views insurance professionals as negatively as other alleged bottom feeders: bankers, lawyers, politicians, real estate agents, and now journalists? …
If you listen to mainstream media, you will agree that debt is a big topic, particularly household consumer debt. And in many cases, you will find experts hammering on not just consumer debt, but also on all types of debt.
While I totally agree that incurring unnecessarily high consumer debt is a bad idea, I don’t agree that all debt is bad. In an article I wrote recently titled, “Debt Is Not the Problem, You Are!”, I discuss this issue in some details so you can check it out.
Using debt or financial leverage will allow you to build financial freedom faster. It will allow you to shrink time. The key is wise leverage. If used correctly, it has the potential to increase your wealth and improve your life. …
As business owners, we often focus on new business. And this is particularly true for businesses that have developed marketing and sales funnels for attracting new clients. They focus excessively on generating more leads for their business.
While it is essential for every business to attract new customers, care must be taken not to do so at the expense of maintaining existing relationships.
Very often, we fail to invest in existing client relationships. …
Today, I reach my 150-day milestone here on Medium. To celebrate this milestone, I want to honor an icon, a true visionary, a trailblazer, and a role model for every Black Business Owner and Black Entrepreneur.
Tyler Perry made history about a year ago when he opened the largest privately owned motion-picture studio in Atlanta, Georgia, set on 330 acres. By building this $250 million studio, he became a major real estate investor in Atlanta. Last month he made history again by receiving the prestigious Governors Award at the 72nd Emmy Awards.
By owning his own studios, he now has more control over his business and has also added multiple revenue streams to shelter his business from failure. More importantly, his business will have a significant impact on the local economy and on the lives of many people in Atlanta Georgia, particularly, many Black families living in poverty in the area. …
“I am not afraid of tomorrow, for I have seen yesterday and I love today.” — William Allen White
Fear is a major hindrance, not only in business but also in all aspects of life.
In your professional career.
In raising your family.
And in your faith.
Although fear has a negative connotation associated with it, we must recognize that fear is a necessary part of life. In fact, fear is one of the major contributors to progress and development in our world today.
The fear of dark and wild made fire important. The fear of invasion led to the building of the Great Wall of China. And the fear of death and misery helped in making medical advancements. …
If you run a business, one of the major challenges you have to overcome is how to differentiate yourself in a noisy marketplace.
Most times, the lack of differentiation in the marketplace is a slow killer of business. It leads to you competing based on price and this is always a bad idea for any business.
As a traditional Chartered Professional Accounting (CPA) firm, we offer services that are generally commoditized — tax return preparation; bookkeeping services; financial statement reviews and audits; etc.
With the saturation of CPAs in the marketplace, it is harder to differentiate yourself as there is plenty of noise with everyone fighting for the same business. So, it is easy to fall into the temptation to compete based on price. …
In the real world, Business failure is a harsh reality.
According to a stat by fundera.com, 20% of small businesses fail in their first year, 30% of small businesses fail in their second year, and 50% of small businesses fail after five years in business. Finally, 70% of small business owners fail in their 10th year in business.
While 80 percent will make it past that first-year mark, the rate begins to drop off substantially each year thereafter. Only about two-thirds of all businesses with employees are able to survive their second year. The fifth-year? Just half. Ten years out? Just 30 percent. …
Most people will agree that without an effective marketing system, your business will stall and eventually die. Often times, we jump into a new business without asking two critical questions:
These are two critical questions that in my opinion should inform your marketing plan. They should inform how much you should invest in building a blueprint for generating and tracking new customer leads to your business.
When my business partner and I initially started our accounting firm seven years ago, I recall we considered the second question but not the first. …
I have always loved business and since 2006, I’ve been doing business. I started doing business on the side as I had a full-time job. I tried my hands on many different businesses, many of which failed.
My primary motivation for going into business in the early years was money. I wanted to make more money to achieve financial freedom. Now, while making money is still important, it is not always the primary motivation for me again. Now, I go into business to do things I love, to learn, and to serve.
Looking back to my experience trying my hands on different businesses, I’ve now found that you’re more likely to fail in business if you’re working in a business you don’t love. You’re more likely to get frustrated if you’re working with people you don’t like. …