Online entrepreneur Josh Rhodes of Groovy Marketing and Big Lead Gen Inc. taught Forge members How To Go From Entrepreneur to CEO at our February Business Breakthrough Session. Josh has great advice on sales funnels, metrics, profitability and much more! Watch the video here.
6 Reasons Entrepreneurs Stay Stuck:
1. They don’t think sales first.
Sales is the oxygen of your business! You need sales to reach your goals. You don’t have to perfect your product before putting it out there.
2. They try to do too much.
You can’t be all things to all people! You need to know your strengths and stick to it. For example, Chick-Fil-A sticks to chicken!
3. They never identify the life cycle of a business and where they are in it.
4. They don’t understand risk.
Treat risk like an asset to leverage!
5. They don’t establish metrics.
Metrics give you control. When you have metrics and know them and they’re accurate, you have control over the velocity and trajectory of your business. Find the things you can measure every week. For example: respond to every customer support inquiry everyday by the end of the day.
To grow any company, there are three primary metrics: new customers, average cart/transaction value and customer lifetime value.
6. They don’t keep the company’s core values in mind when hiring.
Big Lead Gen Inc. knows their core values and only hires people who align with that. If an employee is amazingly smart but not coachable, it will sink the ship. Hire slow and fire fast!
So you may be asking yourself “What now?” Josh says now focus on perfecting your sales funnel! We will bring you more information on that soon! Also check out this section of his website where he linked several of his resources and helpful books.