The 4 Formulas for a Star Business

Can Your Business Be a Star? Take the Simple, 10-Question Quiz www.StarPrinciple.com   Mel,   Most companies will not "ring the bell" on the Star Report quiz. As Richard Koch, the genius behind The Star Principle, explains in the book of the same name, only 25% of start ups are niche leaders and only 20% of those are growing fast enough to be called "stars". That means only 5% qualify as true stars right from the beginning. However, if your business doesn't "ring the bell" it doesn't mean you should bail on your business and go hunting for another. Plenty of non-Star business can provide comfortable revenue for years to come.   But, if your company does not ring the bell, you SHOULD be hyper-alert to ways make your business more Star-like. Your score should inform how you prioritize your objectives. According to Richard, there are Four Systems or Formulas, that every business must have in place to move in the direction of "Star".  So, take the Star Principle quiz and then ask yourself... 1. Does my business have a Customer Attraction Formula? Do I have a reliable way to get ever-increasing volumes of profitable business? 2. Does my business have a Commercial Formula? Do my costs and prices LOCK IN fat margins? Do I know them cold? 3. Does my business have a Delivery Formula? Do I have a "machine" for delivering increasing quantities of high-quality product/service? 4. Does my business have an Innovation Formula? Do I have a way to make innovation and improvement routine?    Which of the four is most lacking in your business?  What can you do NOW to construct or bolster that system?  That's your $10,000/hour work for this week. And on September 28-30, Richard will be in Chicago to deliver his insight into 80/20 and The Star Principle to a very select group of entrepreneurs. This will be one hundred thousand dollar/hour, possibly even one million dollar/hour work, for some attendees.   It's by application only, apply here. Carpe Diem, Perry Marshall     ***NOTE: Please do not reply directly to this email, instead go to http://support.perrymarshall.com     Free Video We manage our emails with Infusion. This Guide and Video explain my secret marketing sauce. If you no longer wish to receive our emails, click the link below:  Update subscriber options   Perry S. Marshall & Assoc 159 N. Marion Street #295 Oak Park, Illinois 60301 United States (312) 386-7459   Having trouble viewing this email? Click here

When $1,500.00 per hour is Merely a Good Start

Mel, At Renaissance Club Roundtable in February (my top level private coaching group) one member took the hot seat and explained that he'd grown his business more than 10X in the last year and was looking for the next breakthrough to take his business to the next level. At the time he was spending much of his time interacting directly with customers and talking to them on the phone. I asked him how much he thought he was making, per hour, selling to those customers. "$1,500 an hour, I think." Not bad for an hour's work, eh? I said, "OK, now you spent a lot of time last year improving your marketing so you'd have these people to talk to. How much do you think that time earned you - doing marketing instead of talking to customers? He thought awhile and said, "Maybe $2,500 per hour." $2,500 an hour is definitely better than $1,500 per hour, isn't it? But it doesn't stop there. If you spend an hour on the phone and make $1500, you've got a high hourly rate but no leverage, no scalability. The time he spends on marketing will continue to become more and more valuable because it pays dividends month after month. If I asked him the question next year he might find the marketing efforts paid $4,000 an hour not $2,500. I asked him if there was any way he could get somebody else to do that phone selling so he could spend his time on marketing instead. He was concerned they wouldn't be as effective as he was, which is probably going to be true. But we tossed around some numbers and figured out that no matter how he slices it, he can make a lot more money if he stops selling on the phone and works on his marketing. He went home and did it. He implemented this with total dedication, hiring a company to take the calls and spending more and more time on marketing development. The result? He's increased his income again - it's roughly double what it was this time last year. I asked him how he felt about this new role. He said, "It's weird! I'm not yakking on the phone all day anymore, in fact the phone isn't even ringing. It's quiet in here and I have time to study, plan and implement all these new strategies I'm learning." He and his son both had a serious case of bronchitis last week and they both had to spend some time in the hospital. Because he had put these things in place, his business ran uninterrupted with record sales the whole time. It doesn't make the bronchitis go away but it sure is nice to not be worried about the biz when you have to be away, isn't it? Perry Marshall **NOTE: Please do not reply directly to this email. Instead, visit http://perrymarshall.com/support with any questions or concerns.  Update subscriber options

Perry S. Marshall & Assoc
159 N. Marion Street #295
Oak Park, Illinois 60301
United States
(312) 386-7459