Richard Branson Time and Future Revenue
Richard Branson Time and Future Revenue
In a recent interview with the Wharton School of the University of Pennsylvania, Richard Branson explained how he managed his time. The owner and founder of the The Virgin Group - an empire of 350 companies that includes Virgin Atlantic airlines as well as ventures in telecommunications, trains, cosmetics, credit cards and several other industries - said that he spends about a third of his time on trouble shooting, another third on new projects, both charitable and business, and the last third on promoting and talking about the businesses he has set up.
Let me repeat what Richard said:
1/3 on trouble shooting
1/3 on new projects
1/3 on promoting and talking about the business (i.e. marketing - this is a key point)
He also makes time for family and vacation.
Other research suggests that successful consultants and independent professionals spend up to 30% of their time in marketing related activities.
What does that mean for you?
Marketing takes time… and you must make time for marketing.
This is probably the most critical concept for a service provider to understand. Time spent on effective marketing ensures future revenues. Think of it as working “on” the business, rather than “in” the business.
If you have read my special report “6 Marketing Myths That Can Ruin Your Service Business” you will know why you cannot always get clients immediately when you want them. Advertising is not effective for every service business. And the more intangible your service is, the more time it takes for potential clients to understand what you do and to trust you.
So you must plan ahead.
As a starting point try planning to spend around 20% of your time on promoting your business. This means that out of every week you should be spending one day on marketing stuff.
OK – right now I know many of you will be saying to yourself – “Stuart doesn’t know what he’s saying. One whole day! Every week! What would I do with all that time?”
Think about this. Your marketing “stuff” could be:
Meeting new people/contacts/networking.
Writing information sheets, articles or newsletters.
Dealing with media contacts or event organisers.
Speaking with potential referrers and alliance partners.
Delivering presentations/seminars to industry groups and prospects.
Preparing material for new services or products you are offering.
Actively selling – meeting with prospects.
Fine tuning your web site (of course you have one, don’t you).
Working with your marketing consultant.
Spending one day per week is easy to do. It’s only 1.5-2 hours per day. That goes pretty quickly when you’re busy with the activities listed above.
Even if you start with only 1 hour per day – or half a day per week – you’ll be sowing the seeds of your future success.
Richard Branson Time and Future Revenue - To learn more about this author, visit Stuart Ayling's Website.
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I often speak with business owners who wonder how much time they should be spending marketing their business. Do you know how much is enough?
In a recent interview with the Wharton School of the University of Pennsylvania, Richard Branson explained how he managed his time. The owner and founder of the The Virgin Group - an empire of 350 companies that includes Virgin Atlantic airlines as well as ventures in telecommunications, trains, cosmetics, credit cards and several other industries - said that he spends about a third of his time on trouble shooting, another third on new projects, both charitable and business, and the last third on promoting and talking about the businesses he has set up.
Let me repeat what Richard said:
1/3 on trouble shooting
1/3 on new projects
1/3 on promoting and talking about the business (i.e. marketing - this is a key point)
He also makes time for family and vacation.
Other research suggests that successful consultants and independent professionals spend up to 30% of their time in marketing related activities.
What does that mean for you?
Marketing takes time… and you must make time for marketing.
This is probably the most critical concept for a service provider to understand. Time spent on effective marketing ensures future revenues. Think of it as working “on” the business, rather than “in” the business.
If you have read my special report “6 Marketing Myths That Can Ruin Your Service Business” you will know why you cannot always get clients immediately when you want them. Advertising is not effective for every service business. And the more intangible your service is, the more time it takes for potential clients to understand what you do and to trust you.
So you must plan ahead.
As a starting point try planning to spend around 20% of your time on promoting your business. This means that out of every week you should be spending one day on marketing stuff.
OK – right now I know many of you will be saying to yourself – “Stuart doesn’t know what he’s saying. One whole day! Every week! What would I do with all that time?”
Think about this. Your marketing “stuff” could be:
Meeting new people/contacts/networking.
Writing information sheets, articles or newsletters.
Dealing with media contacts or event organisers.
Speaking with potential referrers and alliance partners.
Delivering presentations/seminars to industry groups and prospects.
Preparing material for new services or products you are offering.
Actively selling – meeting with prospects.
Fine tuning your web site (of course you have one, don’t you).
Working with your marketing consultant.
Spending one day per week is easy to do. It’s only 1.5-2 hours per day. That goes pretty quickly when you’re busy with the activities listed above.
Even if you start with only 1 hour per day – or half a day per week – you’ll be sowing the seeds of your future success.
Richard Branson Time and Future Revenue - To learn more about this author, visit Stuart Ayling's Website.
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George LudwigGeorge Ludwig is a recognized authority on sales strategy and peak performance psychology. An international speaker, trainer, and corporate consultant, he helps clients like Johnson & Johnson, Abbott Laboratories, Northwestern Mutual, CIGNA, and numerous others improve sales force effectiveness and performance. Though it's George's strategies and processes that help corporations increase productivity and performance, it's his tremendous energy and dynamism that spark the transformation. Again and again, clients remark on his amazing ability to unleash human capacity and inspire men and women to break out of their comfort zones. The result is a whole new type of salesperson. His customized presentations teach achievers to make stunning advances in their lives. From helping salespeople realize cherished dreams to helping corporations exponentially accelerate revenue streams, George Ludwig leaves audiences and individuals empowered, emboldened, and clamoring for more. George is the best-selling author of Power Selling: Seven Strategies for Cracking the Sales Code and Wise Moves: 60 Quick Tips to Improve Your Position in Life & Business. - Visit George Ludwig's Website |
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John PowerJohn Power, founder of Biltmore Franchise Consulting, has extensive experience developing and marketing franchises and business opportunities. He has been in and around franchising for over twenty years. From 1980 through 1990 he conceptualized, organized, and developed the American Video Association. He grew AVA to 2,000 national members, before selling the company it 1990. It was later merged into another home video marketing company. From 2000 to 2005 he worked as a contract marketing and human resources consultant to several local and national companies. In 2005 Mr. Power began working as a franchise development consultant on a full-time basis. Since that time he has helped more than three dozen companies initiate and develop their franchising program. He notes that there are many companies interested in developing a franchise program, and who need his specialized assistance. Mr. Power is a “hands-on” franchise consultant. He said, “I am the ‘nuts and bolts’ person who tends to the details for my clients.” Mr. Power holds a B.S. degree with a major in Marketing. See: www.biltmorefranchise.com You may contact Mr. Power at: jpower@biltmorefranchise.co - Visit John Power's Website |
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