I recently had the opportunity to meet Kevin O’Leary and hear him speak about successful companies he’s invested in and his philosophy as an entrepreneur. You may have seen Kevin, or “Mr. Wonderful”, on the ABC reality TV series, “Shark Tank”, and if you haven’t, I recommend that you check it out. This businessman, investor, writer, financial commentator, and television and radio celebrity is full of great advice, and I’d like to share with you my top 5 takeaways from him:
1.) The most common trait of a successful business is time management.
The adage, time is money, is and always will be relevant for any entrepreneur. Kevin says that we need to value this commodity above all else. Know the value of your time and your employees’ time and use that knowledge to guide your employees to help them determine how to best use their work day. One tip that he picked up and I will pass along to you is to create a list of 3 things you need to get done before noon, no matter how simple a task, and don’t let anything interrupt you until those tasks are completed. This will help you stay focused on the task at hand and be more productive as well.
2.) Social media is the new broadcasting.
Social media is currently the biggest way to share news, information, ideas, and communicate with people from all over the world, that is why it is so important to have your business seen in the best light. Before you post think, “Is this going to help my business? Is it engaging?”. It’s best not to focus on how often you publish something, but rather on the actual content you are pumping out. Think quality, not quantity.
3.) The essence of good salesmanship is problem solving.
For someone to give up their precious time to speak with you about your products or services, they have to understand that you are going to solve a problem for them. The only way that you are going to be of use to them is by saving them money or making them money. Find out what problems they are having, what’s not working, and be ready to propose a viable solution.
4.) If your business is not growing, you’re not selling.
Kevin said, “Great leaders understand that they have to move people like chess pieces.” Meaning you need to be prepared to readjust for growth. Talk to your employees and agree on a quarterly goal, work with them towards that goal and start again. Set goals, achieve them, and when they’re not met, be honest. If the goals are not met after a few quarters, reevaluate that employee, are they in the right position? Can you utilize their specific skillset in a different aspect of your company? If not, then it would be best for both parties to let them go.
5.) Honesty is the best policy.
Be truthful about your business, products, and services, otherwise you will get called out on it and instantly lose all credibility. If you receive a bad review, work with that customer to try and see what went wrong, and if it was your fault, be upfront about it, explain to them what happened and in some cases you can completely change their mind about your business. Either way, it can be a learning experience for you or the disgruntled customer.
Josh Wilmoth
President and CEO, CTTS, Inc.
Josh.Wilmoth@CTTSonline.com