125 – Wealthification Part 8 – Action

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Tweetables:
Action is turning potential into actual. [Click To Tweet].
Construct an effective project stream. [Click To Tweet].

Deadlines make things happen. [Click To Tweet].
Run meetings to align projects. [Click To Tweet].
Know your top numbers. [Click To Tweet].
 
Do you prefer text? Here you go…

James Schramko here and this wealthification module is all about action.

Opportunity is just that, it’s just opportunity until you realize that opportunity into something certain by taking action.

Put a heavy emphasis on action because this is what turns potential into actual and you really have to drive this stuff.

 
Why Having A Dashboard Helps

Probably the single best thing to get action happening is to have a dashboard where you manage your activities from one place.

 

 

This reduces your need to receive a lot of email and it increases your ability to have output or capacity to take action.  The sort of things I have on my SpeedDash (SpeedDash is available to members of SuperFastBusiness), which is the special software that I use for my dashboard: my unread emails, the sites that I need to visit everyday, or every week or every month. I have RSS feeds bringing me news and anything that’s important from sites that I’d like to go and visit, I’d rather have them come to me via RSS. I like to have my task list which I run from Google, and I like to have reporting metrics. Even things such as the time are handy, but I also want to know the leads and the sales percentages. I want them all in one place and that’s what SpeedDash does.

 
The Use Of Project Stream

Once you’ve got that step, then you’re ready to start some serious action on your business and I use project stream to do this.

Project stream is just a way of looking at the project as a stream that flows.  And the whole concept is that you put your project in at the start and move it through each step of the project stream.  It’s literally like going down the stream.  It goes with the flow.

The first step is you have an idea and you put all your ideas into that step and then you move that idea through to the research phase.

The research phase is where you look at the target market – the fears and frustrations.  You go through all of the things we cover in the marketing module: You name your products, you come up with offers, and you create the hook.

Once you’ve done your research, the next phase is your go/no phase and that’s where we decide if we really want to move ahead with this.

We weigh up and see if it fits the rules that we’ve set for our business. We talk about the business model and see where its fits into our strategy. We make sure that it is complementary to our customer-centric chocolate wheel. And once we decide that this is definitely a go, and then we’ll move to the set up phase, where we start to set up domains, websites, products, designs, stock.

We get content, prepare all sorts of materials, and resources and services for the cost of goods sold.

And then it’s time to send traffic to our offer and we learn from that traffic what is happening to the offer.

This is our build-measure-learn loop.

Another way to learn is conversions.

We can really work on adjusting and measuring that traffic to see that we get the optimal outcome for everything we send to our offers.

And then we leverage it, we grow it, we report on it, we see what it’s telling us.

We pivot, we persevere, we conduct our wealthification analysis and decide on the next action and eventually, we may exit the business and take our money and there is the power of the wealthification program.  It’s having a very effective project stream to get the best result from each project.

 
The Power Of Deadlines

Something crucial for action is a deadline.
 

 

A deadline is what really makes things happen. This is what needs to get done, by whom, by when. And the when is crucial. We all know when we were a child we put in our homework on the last day and we’re just like that as adults. So set hard deadlines and work yourself to it.  Keep in mind Parkinson’s Law which says that your work will expand to fit the time available.  So if you reduce the time you have and you work to short product cycles, you’ll get more done.

 
Make Checklists

When you’re doing your campaign, make out a map or check list and just go through the steps.

 

 

Tick, tick, tick… and checklists are the secret.  You can run checklists in any type of system.  In the systems module we talk about the different programs and software you could use but you can simply do this in Evernote.

 
Why You Need Meetings

A great way to keep your projects aligned is to run meetings. You should run them often.  If you have a team, do it daily and make the meeting short and have an end time.  The purpose of the meeting is to communicate where each person is up to, what they’re doing today, and making sure that it’s still in alignment with the project.

 
Reporting Is Crucial

Of course the thing that drives the result is reporting.
 

 

This is the crucial thing that most businesses lack.  You need to know your numbers, you need to have the top few numbers displaying in your dashboard on a daily basis. And you certainly need to sit down at least once a month and do an analysis on what has happened over the last 30 days and reassess your campaign and your project and your business strategy according to what happened, and dial in the inputs so that you can have a better result in the next month.  Retro analysis and decision making is where the full power of decisions are realized.

When you’re doing your reporting, your business is well and truly on track for growth.

 

Wealthification is just one of the many courses inside SuperFastBusiness.com. Join me inside this Internet Business coaching community so that I can help you profit faster: Click Here

 
Next Module: Part 9 – Cashflow

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