Why small companies need a great business plan with Brian Tracy.
Why small companies need a great business plan with Brian Tracy.

 

Summary:

In this week’s episode of the CEO Warrior Podcast, Mike Agugliaro interviews Brian Tracy. Brian is the chairman and CEO of Brian Tracy International, a company specializing in training executives and individuals for success. Brain is an author, keynote speaker, teacher, and so much more.

Main Questions Asked:

  • What do you see as the problem in small companies today?
  • Do great leaders create great culture?
  • How should we develop better leaders?
  • What would you say to someone who thinks they don’t have enough time?
  • What do you think business owners should pay attention to over the next few years?
  • Can you share some wisdom around hiring and recruiting?

 

Key Lessons Learned:

Small Business

  • Online networking is not working, small business needs to get out there and sell their product.
  • Most people think they can sell a customized product the same way they can sell a transactional product.
  • You need great leadership, someone with a clear vision and the responsibility for getting things done.
  • You need a great product, 90% of success is due to having a great product. Increase the quality of your product first.
  • You need a great business plan.
  • The majority of small businesses don’t have any of those.
  • Ignorance of the laws of business results in bankruptcy.
  • Keep current with what’s happening in the world of business and your industry especially.

Leadership

  • Leaders are developed, often self developed.
  • Most large businesses spend a large amount of money training their leaders.
  • Successful leaders learn constantly.
  • If you emulate the great leaders, you can get similar results.
  • The first job of a leader is to set business goals, you must have clarity. Clear goals and objectives, clear measures and standards, clear deadlines and schedules, and finally reward high performers well.
  • Solopreneurs have to sell all day, every day.

Marketing Plans

  • The value proposition is the heart of your business. It’s not your product, it’s the effect and emotion and how it can change the life of your customer.
  • Marketing is not sales.
  • Your value proposition should be explained in less than 12 words.
  • Your marketing should connect with your customer’s emotions.
  • Marketing leads to selling, selling is a process. Focus on helping your potential customer and they will want to buy your product.

Time Management

  • You have enough time, you just have to make it a priority.
  • Say no to everything that doesn’t make a big difference.
  • The average person spends too much time on Facebook or email.
  • Plan your day the night before, set your highest priority and then work on that in the morning, turn everything off until 11am.
  • If the motivation is high enough, you will find the time.
  • It takes about 17 minutes to get back on task if you allow yourself to be distracted.

Goals

  • Goals that aren’t written down are wishes.
  • Rich people have goals that they work on nearly every day.
  • Work with clarity, write your blueprint and work from it.

Hiring

  • We can only hire people who are as good as we are.
  • The best way to find better people is to improve the quality of the leader.
  • You can’t recognize someone that is above your own level.

Success

  • Successful people have rituals. Successful people tend to get up early and exercise, then get ready for the day.
  • How you dress is how you think about yourself. Don’t look like a bum.
  • Start on your most important task for 90 minutes, take a break, then do another 90 minutes.
  • Check your email for no more than 21 minutes each day.
  • It takes an average of 22 years to become a millionaire, from the moment you decide to become one. If you want to earn more money faster, sell more stuff.

Final Tips

  • Leaders are developed, how about yours.
  • Create a performance culture.
  • Read everyday.
  • Plan your day in advance and work on your highest priority.
  • Make more money by selling more stuff.

Thank you for listening! If you enjoyed this podcast, please subscribe and leave a 5-star rating and review in iTunes!

 

Links to Resources Mentioned

The Psychology of Achievement

Change Your Thinking, Change Your Life

briantracy.com

 

P.S. – Are you SERIOUS about no longer treading water and MOVE your business forward WARRIOR STYLE? Find out more about Mike’s Warrior FAST TRACK Academy!

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