Leaving Nothing To Chance | Eno Eka | Business Analysis

 

In this episode, Eno Eka discusses business analysis and how to thrive, even in the face of challenges. Eno is a consultant, international keynote speaker, and the founder of Business Analysis School. She discusses the power of adaptability, explaining why successful companies are those that proactively embrace change, stay flexible, and continuously adapt to shifting trends and technologies. Eno also discusses the AI revolution and how entrepreneurs of all levels can understand, implement, and benefit from the transformative impact of AI. More than that, Eno also touches on building a people-first culture, the importance of research, overcoming mindset hurdles, and more. Tune in now!

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How To Avoid The 5 Top Mistakes When Starting A Business With Eno Eka

Welcome to the April 2nd, Leave Nothing to Chance podcast, a new friend of the show, and that is Eno Eka. She is the Founder of a Business Analysis school called Eny Consulting up in Calgary, Alberta, Canada. We’ll just start with sharing a little bit about who she is and what she does. You’re going to learn a lot today, my friend. Let me give the mission statement of her consulting company. The mission statement is to build a world-class business and technology consulting company with a vision to help businesses and professionals increase their revenue with their business analysis and agile project management. Welcome to the show. How are you?

Thank you so much. I’m good, John. How are you doing?

I am great. You have a topic that every entrepreneur needs to hear. Our audience range from part-time business people in the network marketing space. I’ve got insurance people that listen to us, realtors that listen to us, automobile salesmen, a variety of people, some that are older, retired, and they’re working on their secondary income during retirement years, some that are as young as 19 that are just getting started. We’re going to talk about the top five mistakes that entrepreneurs make when starting a business and how to avoid them. You’re the expert, I’ll ask the questions and I’ll let you give the answers. How does that sound?

That sounds great.

Let’s start at the top. Why initial market research is critical?

Initial market research is critical for entrepreneurs because you really want to get insights into your customers, who you’re going to serve, their demographics, their psychographics, why they want your product, their behaviors. How do they react to your pricing? What kind of promotional campaigns would work for them? What are their pain points? Why do they need your service or your product? It’s really important that you do market research. Within Business Analysis, we say market research, and then we also say benchmarking. Market research is, of course, finding out what your customers want, why they like it, what your pain points are, what keeps them up at night. What would they like to have more of? What would they like to have less of? Asking all those questions.

We also do benchmarking, which is looking at other people who are already in the market. If you are coming into an industry that you’re not the first person to do it, then there’s someone else in that industry, so look at what they already offer. Analyze their existing products and services. Then maybe use their products, use their service, or interview people who also use those products and services and ask them, “What do you like about XYZ products? What don’t you like about it? What do you wish was better?” You use all that insights to now enhance your own product, build your product, build out your service. That helps you to meet your customers where they are.

That’s why it is so important for entrepreneurs to do the market research, do benchmarking against other companies in your industry and continuously do it. When you’re getting started, you have to absolutely do it, but you want to do it as maybe every six months or every year you’re doing this. You’re gathering that data. It helps you to reduce your risks, helps you to reduce your losses, and it absolutely increases your chances of success within your business.

If you don’t know where to start, you don’t know where you’re going, right?

Exactly. It starts with the customers. Talk to the people first. Don’t just build something because you feel like people are going to love it. No, talk to the people.

Talk to the people first. Don't just do something because you feel like people are going to love it. Click To Tweet

What happens if you don’t have a business plan in place?

For entrepreneurs, it’s really important that we have a business plan. If you don’t have it in place, you might actually be building a business that might fail. It might lead up to failure if you don’t have a plan. They say if you fail to plan, you plan to fail. You want to have a plan, and that’s really just your roadmap for success of your business. It is more like a foundational document where you are stating why you’re doing what you’re doing, who your customers are, all the research that you have done comes onto that plan, how you intend to make money, what expenses are you going to have, how you’re going to hire, how you’re going to build your team.

Who are going to be your first few hires? Who are the partners that you’re going to have in your business? Who are your suppliers? Who are your competitors? Why are you better than them? All those things that show that this business is sustainable. You’re looking at year one, year two, year three, year four, at least up to year five. What are the things that we’re going to do to grow every year? You have that plan, and it’s your roadmap to success. You follow that plan genuinely every day. When you start to hire staff, you go back to that plan, you review it, you show them how you’re going to make money.

The truth is, even if you’re going to raise funds, you’re going to get a loan, they want to see a business plan because they want to know how you’re going to make money to pay us back or how is our investments going to give us any returns. It’s really important, especially from the financial aspect. It helps to guide decision making. In the long run, if you ever needed any kind of financial support whether it’s a loan, a grant, or a venture capital, your business plan is what is going to sell your company to these investors.

It brings up another great question. You’re going to talk about, and that’s the lifeblood of any business, the cashflow.

Tell me about it. I was speaking with an entrepreneur who is in our mastermind. We have a Thought Leadership Business School, which is for entrepreneurs and professionals who want to build your thought leadership and your consulting business. We’re working on her business plan, actually, and we talked about her services, her packages, how she was going to market them. Then when we got to the cashflow, right, how she was going to make money and how money was going to continue coming into her business, I asked her, how are you going to reach this goal? What are the things you need to do every month, every day to achieve this goal? Because every business needs cash, you need cash to come in because it impacts your day-to-day operations. You, as a CEO, you’re going to get paid a salary or maybe a dividend. You’re going to hire people. You’re going to pay them. I actually broke it down for her and made her to see why she might not be profitable based on her current service offerings and how much time she was going to spend providing those services.

That’s why it’s really important that you review your business plan, and then you have a good plan for cashflow. Every successful company has recurring revenue. Every month, people are paying you for something. How can you ensure that cashflow is coming in? Avoid any financial crisis that you can sustain the business, you can take care of your monthly expenses, your operational costs, salary, and all of that. It’s really important that as an entrepreneur, you meet with an accountant or a financial planner. Walk through this. Thankfully, I have a financial background, so my clients are able to get, I’m not their advisor, but I can give them financial insights into what they’re doing in terms of how much you’re sending their services. Is it profitable?

A lot of times, I find that new entrepreneurs just pick out a price out of thin air without any data and any research. We had to go back to the drawing board and then we realized that she was going to be spending more than she was going to be making, so we had to revise her pricing to meet up to our expenses. It’s really important that you have that conversation. When you’re starting as a new business owner, the two people you need are accountant and lawyer, talk to them.

Let’s stay on this subject for a minute though. I’d be fascinated with your answer on this. In a marketing business where you’re selling something, like most of the folks that listen to our show, they’re selling vitamins or supplements or skincare or haircare, or like I said, insurance, real estate, etc. How much do you think is a good number for them to put back in their business on a monthly basis towards their marketing, their advertising, their promotion, their social media, all the other things that exist to reach people?

This is different for everyone. If you’re just starting out, you might not have the funds to put into marketing and that’s where social media comes in. Use your Facebook, your LinkedIn, your Instagram, your WhatsApp, talk to people. Go to events, host presentations. If you’re doing marketing, the cost is less there. As you start to make more money, I would definitely say 20% to 30% of how much you make should go back to marketing.

As you grow, that becomes also higher, but at least 20% to 30% as a startup entrepreneur of what you’re making should go back to your marketing. That’s where you can look at working with influencers, doing some paid advertising on Facebook, Instagram, YouTube, that’s where you can hire a business development person or a virtual business development rep or a salesperson to actually start doing a lot of outreach for you, or an influencer that can sell your vitamins or you start to pay for promotional posts on websites and blogs and social media. You want to look at least 20% to 30% should go back into increasing your revenue.

I imagine with what you do and everything that you’ve learned through doing it, teaching it, coaching over 20,000 people, by the way, congratulations. It’s a humongous number of humanity that you’ve affected positively. Does it drive you nuts when you see some of the people get on and be it on Shark Tank or Dragon’s Lair? I think you have there in Canada. I think I have named of the show right. Same show, same concept.

Yeah, Dragons’ Den.

Does it drive you nuts when you see some of these people and here you have millionaires and billionaires that are willing to help them in their business that are actually interested in what they have to say, and then all of a sudden when they say, “Tell me your cost of acquisition,” and a person fumbles and said, “I don’t know.” It gets to be crazy. It must get your blood pressure up.

It does. It just goes to show that a lot of entrepreneurs need business coaching. They need financial coaching. A lot of people have great ideas but you might not be the right person to work out those numbers. Maybe you’re not data driven. Because I have a financial background, I am very data driven. Some people are not. They agree with the idea, the vision, but you need someone else to help you with that because you need to track your numbers. How many people saw your post or your ad? How many people clicked on it? How many people registered for your webinar? How many people were you able to sign on? How much is the cost of acquiring each customer?

Entrepreneurs need business coaching. They need financial coaching. Click To Tweet

Knowing those details is really important because like I shared with you, when we went through all those numbers, it’s going to cost her way more to acquire customers, and to spend towards the event she was planning compared to how much she was hoping to sell her services for. Having those numbers are so important. You want to look at your costs per lead. How much does it cost you for each lead that you get? Whenever someone gives you their name and their email, that’s a lead.

It can cost you $0 if you’re using just social media, but what if you’re paying someone to do that for you, to manage your social media? Then there’s a cost to that. If you are putting out a Facebook or Instagram advert, they’re going to charge you for that. Maybe it’s $1, maybe it’s $2. Maybe when that person also books a call with your sales team or with you, there’s a cost towards how much it costs each person to book a call with you. If you’re going to be spending an hour on a call with that person and your hourly rate is $100, that means it costs you $100 to talk to one customer at a time.

If you’re spending $102 to acquire each customer and you’re selling them a service that is $70, then you’re at a loss. If you’re selling them something that’s maybe $500, and it costs you $100 to acquire them, then your return is fine. These are the things you have to know and track to actually scale your business because once you know those numbers, then you can just repeat it. Now, it becomes a rinse and repeat system, and that’s how companies scale and grow once they get those numbers right.

I’m a Shark Tank freak. I love sports but if there’s a Shark Tank I haven’t seen on at the same time as there’s a football game, I’m going to watch Shark Tank. I love the dialogue and all of that. What we’re talking about here, very serious point, everybody, know your numbers and know maybe your cost of acquisition in the beginning is X, but you keep that customer and in our type of business, where a repeat customer is almost free business. It helps offset the cost. In the beginning, you may spend more for customer acquisition, but by keeping and maintaining and supporting, by the way, key word, supporting that customer, you’re going to wind up with a customer that buys again. When they buy again a year, two years, three years down the line, that’s almost three revenues.

Leaving Nothing To Chance | Eno Eka | Business Analysis

Business Analysis: Repeat customer is almost free business.

 

When you ask for referrals too, you get referrals, and that’s zero marketing costs.

We could talk all day just about how to get referrals properly. I love it. Let’s segue. Let’s talk about team building. We’re in a business that is so altruistic. You cannot succeed on your own. You could be the greatest sales person that has ever walked the planet. You won’t succeed in our business if you don’t learn how to not only teach other people, but to help coach and mentor other people. That’s probably true in every business out there. I’m not in those other businesses, but you are. You get a full spectrum. Would love for you to talk about how to build a successful team. Also, on the backend of that, how you’ve built your team with your company because you’ve been building your own team for a number of years.

Like you said, team building is really what separates the true entrepreneurs from solopreneurs. The truth is when you’re a solopreneur, there’s a cap as to how much money you can make, how fast you can grow and the impact that you can make as well. Earlier, you talked about the number of people that we’ve served, the thousands and thousands of people that we have served over the last six years, but I didn’t do it all myself. It came from building a strong team. The first thing is understanding as an entrepreneur, as a CEO, as a leader, “What are my strengths? What are the areas that are my strengths, and who are the people that I need to support my vision? What are the different skills and strengths I need within my team? Who are the people that can do that? What are the things that I can teach other people? What are the things that I have no idea how they work out, how it works? I’m going to hire someone who’s an expert in there to come in and support that vision.

Also, you want to make sure that they align with the vision of the company. They’re a good cultural fit too as well, and that they understand the culture. If you’re in a network marketing company, you know you have to talk to people. You’re going to be prospecting every day. You’ve got to be good in presentations and sales. Even if they don’t have that experience, are they willing to learn? Are they coachable? Those are the things I look out for when I’m hiring. When you’re also doing that and growing your team, you should do that.

Something that a lot of CEOs don’t do, and I made that mistake earlier, was really sharing the vision with my team, telling them, “This is what we’re going to achieve in the next five years. In the next year, this is how big our team can be. Benchmark against another successful team, another successful company. If they can do it, we can do it too. Here’s why we can even do it faster because we’re unique. We have all the skill sets. We have all of these that makes us different. Sharing that vision with your team and making them a part of that vision, celebrating the successes, doing things together, that always helps. The diversity of my team has really helped a lot because we have men and women.

We have people from different races, people with different skill sets that bring all those skills to the team. We’re very well rounded and we’re able to tackle problems as quickly as possible. Also, they start to think like me. They know, “Eno would do this. In this situation, what would Eno do?” My team members tell me that all the time, “I thought about what would Eno do? What would she say?” That’s what I did, and it worked out. I was talking with this prospect and I got this objection. I thought, “What would Eno say here?” I just told her this and I told her this story and all of that, and she was in. You want to make sure that you’re coaching your team and you are sharing that vision to them in a way that they start to sell that vision without you even being there. That’s how you can grow quickly. That’s what makes entrepreneurs stand out from people who are just regular solopreneurs.

Leaving Nothing To Chance | Eno Eka | Business Analysis

Business Analysis: Make sure that you’re close to your team and you’re sharing the vision to them in a way that they start to sell that vision. That’s how you grow quickly.

 

As much as possible, try to make sure that within your team, you are finding ways for the team to bond. There’s a bit of that work/life balance. Make sure that within your team too as well, you know how they’re doing, their birthdays, anniversaries, things like that. Make them feel supported. That really helps. People want to be in an organization where they feel loved and supported and feel like they’re part of a true family. Be transparent. I’m very transparent with my team, “This month hasn’t been good for us. What can we do next month to make it better? Or our goal was 1,000. We’re at 752. How can we get there? Can we challenge each person today to talk to more people, to post on their social media, to do this?” You’d imagine like everyone in the team outside of the sales team are doing all of that. Building that really helps.

I’m so grateful that even when I start to step away from the business, because I had a health challenge, the business was still going on. No one knew I was ill until I actually said, “Guys, I’ve been away for three months. I had a surgery.” “Really?” Everything was operating so smoothly. You want to make sure that you’re building that culture within your team and sharing that vision, and do things together, celebrate your successes, and work on that vision. That really helps with building that great culture within your team.

You know what I love about that? Because you built a team, you had a health issue. You had to step away for a few months to take care of your health, which is without our health, there’s not much worth in life. It reminds me of something that I read in one of Dr. Jim Collins’ books. I think it was Built to Last. He talked about the fact that the difference between building a timepiece, which would be like Big Ben over in England, versus building a watch, and that’s what you’ve done. Congratulations for that because to build a business and not have it go the wrong direction when the boss isn’t around, shows that you built not only great systems, but great people with great processes that continued on. “She’s going to be back. We’re not scared of her. What we want to do is we want to please her so she can concentrate on something.” Frankly, sometimes more important than our business is our health certainly.

Why all businesses must adapt to changes in the market? There are so many changes going on. Right now, with wars and economies and presidential election coming up here in the US, and all the other stuff that we both know are going on as to our audience. How do you do this in today’s marketplace to make sure that you continue on, that you have continuance and do what you can do under all those given circumstances?

The most successful companies are companies that are adaptable, flexible, reacting. They’re proactive. They’re not reactive. Like you said, the election. They’re looking at the wars that are happening, inflation, there’s projected recession. As we know, there’s the emergence of artificial intelligence that we’re seeing that’s causing all these layoffs. Companies are now focused more on reducing their costs, increasing their profit. Profitability has now become a major issue for stakeholders, and you’re saying reduce your costs, moving to automation and AI. Any company that’s going to last tens of years and hundreds of years is an adaptable company that is flexible. We’re not saying this is how we did it in 1985. We’re going to still do the same thing in 2024.

Understand that customer’s preferences change. People would always change the things they like ten years ago. As I grew older, I started eating healthier. I started taking my supplements and my vitamins, all those things. We change as we have kids. Things change. Our travel changes. As we grow every day, our preferences are changing. You want to make sure that you’re aligning to your customer’s preferences as they evolve, and that’s where that research comes in, looking at what’s happening in the market, asking them questions and making sure that you’re aligned with what your customer’s preferences are and what they like, what they want.

Leaving Nothing To Chance | Eno Eka | Business Analysis

Business Analysis: You want to make sure that you’re aligning to your customers’ preferences as they evolve.

 

We can’t deny the fact that every business is supported by technology right now. Thanks to technology, we’re having this amazing conversation. There’s a lot of rapid technological changes. We’re going to be seeing that in the next ten years or so, and it’s going to disrupt a lot of industries. Knowing if your industry is going to be disrupted, everyone is going to be disrupted by AI. How can I get ahead of AI? How can I include AI into my current solutions? How can I ensure that maybe whatever I’m providing to my clients, if I can make sure that it’s up to standard, or can I partner with a bigger company that has those solutions?

Thinking about how you can adapt to all these rapid technological changes is really important. We’re seeing AI creating graphics, making videos, doing things that were basic skills that people used to pay people to do. Writing copy, writing email, creating websites, coding, solving coding problems, and engineering problems. You’re like, “Oh my God, what’s going to happen to these roles?” Staying ahead of the technological changes is really important for you to grow and sustain your business. Every time you’re looking at your competitors, “What are other people doing in my industry? How can I improve my value propositions to my clients? How can I tweak my strategy?” Even if you had a strategy that you started, you had for the mid-year, you should be open to change at any point in time if anything happens. Staying aware and being very adaptable and making those rapid changes really helps you as a business owner to adapt to market changes.

Also, something to note is the global space, economic conditions, like the war, we didn’t see it coming. Like the pandemic, we didn’t see all those things coming. The companies that were able to still maintain their business and not shut down were the ones who are able to quickly adapt, leverage technology, understanding the shifts within the demographic, the preferences of their customers, the emerging trends in technology, and also maybe providing services that are probably niched into where your customers are right now.

These are all the things that you can do that are helpful. At every point in time, I always host workshops for business owners, where I share with them strategies that they can employ. I talk about the triple triangle, the triangle of business: people, the process, and the technology. I teach that all the time because one, you need to have the right people. We talked about that. Two is process. What are the processes you have in place and how can these processes be automated? How can you improve them? Three is technology. Right now, as a business owner, you cannot have a business and not have the right technology. How can you actually adapt AI into your business?

I have this workshop that I do for business owners that I help them to see those three areas where they can improve and how they can make it better. If anyone is interested in that, you can always check out the website, Eny Consulting Inc., EnyConsulting.ca, where I have all these sessions I do with business owners. It’s really important to stay ahead. At this time, we cannot stick to the old things. We have to stay ahead of all these changes.

We cannot stick to the old things. We have to stay ahead of all these changes. Click To Tweet

It’s such a great point that you’re saying. I’m a whole lot older than you are, probably old enough to be your dad, maybe even granddad, but anyway, let’s stick to dad. I remember it was about 1991, I was living in New York State at the time. I remember I got a fax machine. The people I was working with know I had a fax machine. I lived in a very small place at that time, and I had it in my kitchen. I would be eating dinner and all of a sudden it would go off. I’m thinking to myself, “How in the world have I survived without a fax machine?” Since then, we’ve had the cell phone going from a thing that was like a walkie-talking to this size, and now a big shuttle off of this, and now AI.

Let’s stay on the AI subject for a minute because you referenced it several times. When we look at our kids, you grew up with a cell phone. I didn’t, but my kids have to some degree. Their kids are going to grow up where AI is going to be what they talk about, what they use to start businesses, to run their finances, to run their lives. How do we as entrepreneurs right now, whether you’re an old guy like me, a young person like yourself, or a really young person like my 19-year-old, how do they look at AI and not be scared of it, but apply it and learn what to do for their business and for their life? Because technology is part of our life. It’s not just our business now.

Yeah, it is part of our life. That’s a great question. What we’ve seen is technology keeps adapting. Like you said, the next generation, everything’s going to be AI. The things that we’re fascinated about right now, like the cell phone and the laptops, and all those things, digital cameras that we are now using compared to what we used 10, 20 years ago, it’s going to be all driven by artificial intelligence. What we need to do as entrepreneurs is one, get the knowledge. Learn more about it. Don’t shy away from it. Take a course on AI, attend events or seminars where this is being discussed by thought leaders and speakers. Get that knowledge that you need.

Two, I would say, is hiring an AI consultant. There are AI consultants right now that you can hire. They can come in and look at your business and advise on areas that you can implement AI right now into your current business. That’s another way that you can get ahead of AI is by getting the knowledge and also hiring someone who can come into your business, look through it. That’s something we’re doing for clients right now because we’re seeing a lot of increase in clients asking this AI thing, how can we get ahead of it? Now, we’re getting requests from clients who wants us to come and do a training for their staff on how they can leverage AI in their business, or even just come and do an audit of all their systems and processes, and make recommendations on how they can leverage AI and possibly help them with an implementation.

Those are ways that as business owners, we can implement it. Even if you’re not a business owner and you’re listening to this, then you want to make sure you’re at least doing some research. You’re reading about it and learning how you too can even just implement AI into your daily life. AI can create health plans, workout plan, vacation calendars. It can help you plan out your vacation. I’m going to Rome. What are the things I can do there? All of those fun things, “Create a dinner menu for me. I have these ingredients in my fridge right now.” It’s so cool how you can even use it in your personal life. Embrace it. It’s here.

You even have your AI assistant on with the call today.

Yeah, it’s taking notes and it’s going to create a summary of our conversation, which is actually very spot on. I love the AI assistants because they’re doing the work of a regular secretary would do back in the ‘90s.

It was so cool. We’re waiting to start to call everybody, the AI assistant was telling me that you were coming. It was great. Anyway, it works, and it’s exciting. Folks, don’t be afraid of this, I guess, is the real point. Embrace it. Learn about it, which is a great advice. Let me throw one other question at you. I know you’ve got a busy day. Let me just throw one other quick question at you because you referenced it earlier about people’s birthdays or anniversaries or significant things in their life. They have a baby, for example, and you’re doing business, and this is something I can do a whole lot better than I don’t, frankly, in my business.

I think back, one of my many interviews over the last four years was with a guy who now works for the Og Mandino Foundation. He used to work for GE, and he actually was one of Jack Welch’s assistants. He told me an interesting story, and I’d love your thoughts on this. Here’s the CEO, you look in the Guinness Book of World Records, the all-time CEO, Jack Welch. Nobody did it better. Mr. Welch, when he was running GE, was in a board meeting. I’m repeating this story for our audience and for your reference point. He was in a board meeting. I can’t imagine who’s on the board of GE, but some pretty serious, wealthy, sophisticated investment types.

He’s in the meeting and he says, “Gentlemen and ladies, I need to stop for about five minutes because I need to make a phone call.” He picked up the phone on the desk and he called one of the managers in GE who had negotiated a price decrease in a raw material. I couldn’t tell you what division or who it was. I don’t remember. He said, “I need to call to congratulate this guy.” The guy knew the call was coming. He had all of his assistants, employees, secretary, all the various people in that department there for the call with Jack Welch. Jack Welch called just to congratulate this guy, and they hooted and they hollered and they loved it. They saved the company money, and blah, blah, blah.

I can only imagine Jack Welch’s schedule, talking to everything from presidents to prime ministers to CEOs, God knows who. If he could do that, how does a person like me with obviously a much smaller business or most of our audience with much smaller businesses in General Electric to run every day, how do we get better at that?

Even for me as a business owner, I wouldn’t say I’m 100% perfect in doing that. I’m knowing my employees or being there, congratulating them, and things like that. What I decided to do was just having a process. Right now, for birthdays, anniversaries, things like that, for my company, we have an HR system that we have all the employees’ dates for all the milestones and major life moments. We have it in there. Our HR makes sure that she’s looking at that calendar and we’re preparing for that. That’s a way that I’ve been able to hand that and delegate that to someone. Who is involved in that? Of course, we make sure we celebrate that person, send something over to them and all of that.

For our senior members of our team who I know personally, I’m able to do all those things. Then I have an assistant who I’m ensuring that she knows the process, it’s their birthday, it’s Father’s Day, it’s Mother’s Day, Christmas, things like that, that we have a process of sending out those gifts, maybe giving them a call, sending them a card, those things. They really do help. I know that we’re so busy that we tend to forget these things, but we can train people around us too to ensure that we don’t miss it out. We can have a process around it, which is something that I have and that has really helped me so that we can stay on track with supporting our staff and customers too, and showing them that love.

That story about Jack Welch shows he’s truly an exemplary leader for him to do that. It goes a long way to show how much when you really care about your people, you would make sure that no matter what, you’re getting it done. I’m actually encouraged and inspired by what he did. Maybe I should even pick up the phone more and give my staff calls once in a while.

Me too. Let me ask a last question here. Advice to our audience, what three things should they stop doing, and what three things should they start doing today to advance the momentum in their business in 2024 and beyond?

Good question. I’ll start with what you should start doing. Start, one, doing market research, talking to your customers every day, make sure that you have someone. If you already have an assistant or support specialist, outreach specialist, you have someone who is in a customer-facing role, make sure that person is taking notes on the type of questions and queries that are coming in, complaints, all of that. That’s research. That person has a feedback form, a feedback survey. You’re doing that no matter what, even if it’s just a phone call, a sales call, an event, make sure you have some sort of feedback form or survey. Doing that research, getting feedback, start doing that if you haven’t or if you don’t do that consistently.

Two, start tracking your numbers. You have to be data driven. If you’re not, hire somebody who is, because when you have the numbers right, that’s how you scale. If you can do something over and over and you have the same results, then you can do it ten times and get more results, so track your numbers. The third thing is even if you are a small business or you’re a solopreneur right now, I recommend that you create an organogram for your organization and for your team. Even if you’re not going to fill all those roles right now, that helps you to see who are the key people you need to hire.

Then you can plan towards that and having goals as to when you’re going to fill those positions, because at a certain point in time, you can do everything, even though you feel you’re great at everything right now, create an organogram for your company, for your team, and make sure that you build it out in a way that it matches the vision that you have. If you want to have VPs and directors and managers and team lead, you can have that. View that out and have that where you can see it somewhere so you know what you’re driving towards is that you’re building a global organization at a certain point in time. Start doing all those things. Then of course, start to build your team, hire the right people. One is customer research. Make sure you start doing that. Two, tracking your numbers, the data. Three, the team building, creating that vision for your team.

Now, to stop doing, one, stop comparing your business of five years old to a 50-year-old business. They’ve come a long way. They have an email list of hundreds or millions of customers. They have built a brand for so many years. Don’t compare yourself to a global multinational company that has budgets of millions and billions of dollars for advertising and marketing. Don’t ever do that, so stop the comparison. That’s really important.

Two, stop saying that people are not buying. Stop saying that. Stop believing that people are not going to buy what you have to offer. Stop believing that there is no money out there. There is. Stop believing that people are not spending even with everything that’s happening. Stop doing that. People are still spending. You have to make sure that you’re adaptable, you’re changing your marketing message. When things like this happen, your marketing message has to change. You need to educate people more. You need to show empathy. You need to provide several ways people can purchase from you. Give people several options on how they can work with you, how they can purchase with you. Give people that flexibility in payments and things like that. Stop saying that people are not buying from you. Don’t have a negative mindset at all.

The third thing is stop saying you don’t need help. Everyone needs help. You need coaches, you need mentors, you need people to guide you. Stop saying that there’s no one to help you or you don’t need anybody’s help. You absolutely do. Find mentors and coaches, people who have done it before you. Seek ways you can get mentorship from them. I pay for coaching. I pay for mentorship, and it has helped me significantly because I’m learning from people who have 40, 50 years of experience, and they’ve made all the mistakes. I’m basically just learning from their successes and are giving me the blueprint. It’s way easier, and I can grow faster. Find people who have gone ahead of you, whether in network marketing, whether in eCommerce, whether in coaching, whether in consulting, whether in direct-to-customer service markets, whatever you do, find someone who has that kind of success. Seek ways that they can mentor you, they can coach you, and then attend events.

I love conferences. I love events. There’s something that it does. It lights a fire up in you. Then you also network with other people, and then you see people’s successes, you see people on those stages, and you aspire to be there too. Stop saying you don’t need help. Stop saying there is no help available. Find those opportunities. Find ways to get the help and support you need. Trust me, if you can do all of these to start those things and stop those things, then success is imminent for you.

Great advice. I don’t want to forget because you did say it earlier, but let people know how they can get ahold of you. I think you’ve got a course that they can take, and there are multiple forms they can sign up for. Ben Franklin said many years ago, “Take the coins in your purse, and invest them in your mind, and your mind will refill your purse many times.” Mr. Franklin was right. How do they get ahold of you to utilize some of your vast amount of services?

It’s been great having a vision with you, John. For anyone in our audience, my name is Eno Eka. Once again, I am the Founder of Eny Consulting. We are a boutique consulting company. We help professionals and business owners to grow their income. If you’re a professional and you want to start a consulting company and grow it, reach out to us. We’re here to help you.

If you’re already an existing business owner and you want to grow and scale, you need to hire the right people. You need to improve your processes. You need to leverage technology and you need the coaching and the guidance, then reach out to us. Our website is EnyConsulting.ca. Also, if you are a corporate professional or a business owner, and you want to become a thought leader within your industry, an authority, a speaker, you want to grow your own coaching and consulting company. We have a thought leadership business school where we focus on building thought leadership with our Business with Thought Leadership. Head to ThoughtLeadershipBusinessSchool.com and fill out the form there. We’ll be happy to have a conversation with you.

If you’re reading this right now, and you are a career professional, you want to move into a higher-paying salary, and you want to transition careers, you want to move into tech, you don’t know how to do it, the Business Analysis School is available for you. We have courses and coaching programs. We have masterclasses. We have live events that you can attend. Visit BusinessAnalysisSchool.com. I have books as well that you can buy and read. I have multiple resources available for you. Reach out to us. We’re always happy to help you and assist you. On social media, if you search Eno Eka on LinkedIn, you’ll find me on Instagram, Facebook too as well. You would find me over there. I’m happy to provide you with any insights or tips that you need to help you grow in your career and business.

Thank you so much for being a guest. It’s been a pleasure. I learned a lot. I’m sure our audience have too. Thank you again.

 

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