By: James Goetz
Turning Concept to Profit-Flow’s Effects
By James GOETZ COMPANY
(New Jersey) Let us delve into your flow and how it specifically affects your business.
By now you should have an idea of what your passion is? If you do not, take some time to reflect. What do you enjoy? Going back to the age old question presented by guidance counselors in high schools across the country: If you never had to worry about money and all your needs were taken care of for generations to come, what would you do with your life? What idea comes to mind?
Now that you have identified your passion, lets fine-tune it a bit. Is it a product, service, e-commerce business, what exactly is it? Now how can you turn it into a business?
Let’s use baseball as an example. Say for instance your playing career is over. You gave the game one heck if a ride. You hung up your cleats and are still passionate about it. Take a look into the industry and see what is missing. Is it a clothing line? Is it a better bat, glove, or clean? Do the research to see what problem can be solved by you? Have the confidence to solve that problem! Yes, the thought of this reality can be intimidating. Keep your feet moving forward though. Even if only at a shuffles pace, you are still moving forward.
Planning and projections are road maps to your business. They help you see your business and products as a tool to make a profit. You predict is of course what customers (clients, patients, members, etc.) by so you make money and thus a living. *Note: If your business is service oriented, your inventory is your customers.
If you fail to plan you r plan will fail. It has been understood that those who put their plans to paper succeed far more than those who do not. Start building your road map (plan) to seize business success by putting it down on paper. Write down your goal, which must be objective (measurable). Ensure it is very specific. Then write realistic steps with specific time frames, to accomplish mini-goals on your way to tackling your main goal. If you are unsure on how to do this, look for a local chapter of SCORE in your area. This is a free and invaluable service that can help you along the way to seizing business success and guide you to turn your passion to profit.
When writing out your plan to success, ask yourself if you would use this product or service. If you would not use it, why would anyone else? Your product should be one that you fully stand behind and use daily. You should be proud of it, as it is your baby. Nurture this baby that you fully stand behind and watch your passion turn into profit. You will have seized business success and not even realize it!
By: James Goetz
You want to turn that passion into reality. You can taste it. You feel it. You know your passion will become reality but you are stuck. You have a concept but are stuck in turning the concept to profit.
Perhaps you are stick in getting a group to use your services. Perhaps your product is on the cutting edge of you industry. If no one knows about your service or product, your passion will be stuck at passion. Your concept will be just that…a concept.
Typically there is a gatekeeper to the next level. The gatekeeper could be the head of purchasing for a retail chain or it could be an influential leader in your community with a gog mouth. Either way, you need to get into the door.
The goal is to get a meeting with the gatekeeper. The key to opening the gate is an effective elevator pitch. An elevator pitch is a clear description of your business, concept or self to someone in the time it takes to ride in the elevator with them. When a complete stranger (or gatekeeper) asks you, “What do you do”? What will you say? Do you drive on? Do you pump your ego? Or can you articulate something that is unique or interesting enough to get you a meeting, where you can go into detail? Straightforward descriptions of job functions and titles will assuredly generate your plenty of yawns and disinterest. So what then is the secret formula to generate smiles and anticipation for more?
Some like to begin with a “Do you know” to identify the main point or need for product or service. This may be necessary if the individual you are speaking with is not aware of said need. An example of this coming from the creator of a new baby powder. Did you know the American Cancer Society who has attributed the use of talcum powder with cancer?
However, if your goal is to get a meeting from the president of a car company to sell them your revolutionary new brake pads, chances are the president already knows the problems or you can skip this generality to save the proverbial eye roll. Know your audience and be prepared for this ahead of time.
The second (or first step) is to tell your audience (gatekeeper of your reality) what you do. Give a clear and concise description of what you do. In the example of the baby powder he might say, “I have designed a baby powder that in non-cancer causing, safe and effective that is superior to any talcum-based production the market today. The brake pad in the world today. Slows vehicles 2 second faster and lasts longer than any current brake pad.
Third, after describing what you do; finish off with, “so that”. So that is the benefit. In the baby powder sales persons case, “I have designed a baby powder that is non-cancer causing, safe and effective that is superior to any talcum based product on the market today SO THAT babies grow up healthier, make mommy happier. In the brake example, “I’ve designed the most evolutionary brake pad in the world. It slows vehicles 2 seconds faster and lasts longer than any current brake pad SO THAT drive safety measures as does family safety and happiness.
Once you develop your elevator pitch, practice, practice. practice. Record the practice in front of a mirror until it becomes as comfortable as breathing. You are well on your way to turning your passion to reality and your concept to profit!
By: James Goetz
For some, passion may have to do with a particular job. It may have nothing to do with a service or product but a company or industry. There are many passions out in the universe. Your passion is unique to your reality. What a gift this truly is!
Other than an elevator pitch, your resume is a tool to get you in the front door. The goal of a resume is to get the interview. What you do with the interview is…. well…up to you. But what’s the point of an interview if you cannot get to this point? Your resume is the tool to get you this interview.
There are three types of resumes. A functional resume shows your experience without dates. If there’s a gap in your resume for some reason such as unemployment, being in an unrelated industry or the unfortunate part all to common a prison sentence, this resume format should be considered. A chronological resume is just that, chronological. It follows dates for educational experience up until today. A narrative resume is much like a functional resume but with in a free flowing narrative.
Your layout should be visually attractive while maintaining professionalism. Font size should be twelve point and a Times New Roman or Arial fonts are typically the norm.
Use a headline. When looking through hundreds to thousands of resumes, yours must stand out without the use of pink perfume scented paper. Use a visually catching headline to grab the reader’s attention.
Know your audience. Who is this resume written for? Make sure you know the company executives and interviewer to create your resume and before your interview. You can use industry periodicals, blogs, journals, and networking as research tools.
Most resumes are submitted online. Human resources departments utilize keyword software to select resumes to review. Use keywords throughout your name that both signal you have what it takes to get the job done and that you deliver value. You may see a paycheck for your efforts. That company sees the paycheck as a financial investment for you.
Realize that 67% of hiring managers indicate there are 3-4 keywords they specifically search for in resumes. These keywords are typically nouns or noun phrases. They are located in position titles, industry names, skill sets, name brand, universities, degrees and technologies.
When looking at a job description, take a careful look and pick out the keywords being used. Then ensure these exact keywords are used as often as possible in your resume while still allowing your resume to flow. There are websites such as job-search-engine.com/keyword and wordlf.net that can help you identify industry keywords.
Be persistent, keep your head up, and your feet moving and you will see your passion has become reality.
By: James Goetz
(New Jersey) When deciding whether to turning your concept into profit, you must decide whether you want to succeed domestically or overseas. There are advantages and disadvantages to both, and no silver bullet to take advantage only of both. Once you decide what is best for your particular business, commit to it and succeed.
CLOSER WORKING RELATIONSHIP TO CLIENTS
While the world of online conferencing is very simple in this day and age, there’s still something to be said about being old school.
Shaking your clients hand, taking someone to lunch and getting to really know someone will greater solidify relationships and make clients more apt to do long-term business with you.
QUICKER LEAD TIMES
If you are selling a product, it’s all about distance. People want what they buy now. Waiting for it to travel 3,000 miles takes longer than 10 miles.
LOWER UNIT MEASURES
If you are selling a product, you will need to manufacture it. Chinese factories often want minimum orders in the thousands. When getting started, this is not always feasible. Domestic manufacturing helps keep cost down to lower minimums
ABLE TO VISIT FACTORY/DESIGN STUDIO
Visiting a factory, studio, marketing firm, etc., is for easier by car than airplane.
Taxes and fees are often higher domestically
NO ONE STOP SHOPPING
Domestically you may need to manufacture your product in one location, buy containers in another, labels another, etc.
Domestic equipment may be older
Enough said. Caveat: price does not indicate direct or indirect
Relationship to quality.
Longer lead times
-Shipping to you is a logistic challenge. It just takes longer.
Higher unit minimums
See domestic advantages
Higher shipping costs
Longer distance to you costs more
Lack of Communication
Language barriers must be overcome and often times are not. This
Plus distance makes building a relationship more challenging.
Payment Needed Up Front
Hopefully the factory builds your product exactly to your specifications If not, they got every penny of what they wanted.
By: James Goetz
(New Jersey) Everyone needs a brand to identify your unique story. It is who you are. However, if y our name is Yvgenia Khazikskov, the difficulty of language barriers could be a turn off. I’m not making this up on the fly either. A group of New Zealand researchers find people are less likely to trust others whose names they cannot pronounce. Trust is a key factor to building any relationship. You could be Mother Theresa herself, but with a name containing twenty-four syllables, not even sainthood will earn others trust of you.
There’s nothing wrong with shortening Yugenia Khazikskovb to Gene Khaz. Some positive examples to back me here: Gordon Matthew Thomas Summer (uses the name Sting. Stefani Joanne Angeline Germanetta is known as Lady Gaga. And famed designer Ralph Lifshitz is more popularly known as Ralph Lauren.
If you do insist on others pronouncing your two hundred-letter names, make sure you have a niche in your businesses making you an extremely indispensible asset.
In business, there are top tier players, general players, and players who are just there. These just there are easily chopped from any equation. General players solve general problems. Anyone can do that. Now top tier players are something special. They solve specific problems and thus makes them indeipensible because three of three. When problems arise, they are not general problems. Problems are specific. Become a specialist at something and become indispensable.
When someone asks you what you do, what do you say? “Hi, my name is John Smith and I’m in advertising”. I’ve already forgotten who you are. When someone asks you what you do, what he or she is really asking is, “why do you matter”?
This is your chance to create and work on your elevator speech. “Hi, my name is Jim”. I optimize human performance using the most advanced research in the world today”> this spurs on communication. It’s memorable. It’s interesting. I could easily say, “Hi, I’m a chiropractor.” By saying that I’ve already forgotten myself!
The scenario is this. You step into an elevator with an individual who could help you along your journey in where you want to go. You two have never met. The trip will last only one floor. Your goal is to be memorable and get your foot in the door for a longer follow up conversation.
Who are you and what do you do? Go!
As Reggie Jackson knew hot to deliver his message, so too, must you.
You are special. Don’t ever forget this. Now be memorable and you will be remembered.
By James Goetz
(New Jersey) Starting a successful business is not an easy feet. Starting an unsuccessful business is simple. Failing in business is simple. By truly understanding the concepts previously discussed in turning concept to profit, you will be ahead of the game on your way to business success.
Once your business is open, knowing how to grow it while remaining true to your roots is an important task.
Ask yourself what does it take to be the best? What are you willing to do to be the best? Most are excited and motivated at first until adversity or everyday life sets in. There is no follow through. There is no resilience to build from the ground up when some difficulty usually within yourself, sets in. Are you up to the challenge? It’s your passion, not mine. Where will you be and what will you be thinking, laying on your death bed many decades from now when you look back and reflect on your life. No regrets.
Let us continue on this journey in turning concept to profit by understanding some basic vocabulary words that are essential to understanding business basics. If you do not understand a word, look it up. Keep quizzing yourself until you know the definition of each word and how it is applied.
Planning Questions Credit
Profit Flow Product
Failure Success Inventory
Structure Perspective Operations
Concept Supply Chain Culture
Market Share Customers
People Gross Margin Dollars
Gross Margins Roots
By: James Goetz
Unless you are simply reading these blogs in succession without truly soaking in the lessons within, you should be well on your way in turning your passion into profit. You should have a business that is founded on your passion and moving forward in turning this concept to profit.
Now that you are at the top or at the very least on your way to the top, how do you stray on the positive path? Let us not look to reinvent the wheel but utilize a key concept that is tried and true. You must follow market trends. Know your market; know what is out there. Know your customer and their likes and dislikes. If clothing is your passion and college students are your market, visit college campuses and see what is trendy in each region. If you are a physician, keep ahead of the learning curve and know what treatments and technologies are being developed. Stay ahead of the trend and you will remain relevant, because once you have achieved your goals, it becomes easy too lose focus of what got you there. By falling behind the trends, you will slip from the top of the mountain because you lost that focus.
JC Penney’s took a serious nosedive when they decided to ignore their customers to target an= 189-34 demographic they never had in the first place. They got rid of their high profit margin private label brand to replace it with Tommy Hilfiger clothing. They still have not recovered even after changing out their CEO. Instead of being true to their demographic and keeping focus of trends in their market, they lost focus and fell. Do not be a JC Penney’s and fall. Learn from their mistakes so you do not have to experience their hard lessons.
Business is like sports. Even the greatest of sports dynasties fall. They begin to lose. The competition improves. Players and coaches change. The once great team becomes disconnected and loses awareness. This same series of events happens not only to sports teams, but also to every company, both small and large alike.
Losing awareness and becoming disconnected decreases your business profit. Your concept must adapt. This is not to say your particular passion changes. The passion remains the same. How you implement and follow this passion is what changes. If it does not, your passion goes from current reality back to a dream.
What are the trends outside of my business?
What is hot?
How can I separate a trend from a fad?
What were last year’s trends?
What are my key points of focus?
Of your competition who is the leader?
Should I follow?
Keeping ahead of trends will ensure your passion remains relevant in your journey of turning your passion to reality and your concept to profit.
By: James Goetz
Work With Passionate People
Work with people who hold your passion.
What I just said holds true. Simply because others have your passion does not necessarily make them competition. Instead, they can be allies to help you along the way as likewise, you help them along the way.
If you work with people who share the same passion, but display a separate skill set, you may have a win/win situation. This is a prime example of seizing business success! No successful company in the history of the world has ever had a group of individuals running around chasing different passions. There’s no flow. People with one goal though who all bring a unique specialty working in unison as a well-oiled have a better than average chance of business success.
When leading any organization, understanding your people is like understanding you’ll Woo! Yeah, that is deep. Remember your company is a direct reflection of you. How you turn your passion into reality is unique to you. Without understanding your employees and customers/clients, you may be missing a disruption of your flow. By having an open door policy you may be reducing this flow and keeping constant your flow.
When someone shares an idea, no idea is a bad idea. Keep this in mind.
It may appear ludicrous now, but ruling it out completely may burn you later. This idea may seize business success down the road.
Your company should be unique to you and a direct reflection of who you are. It should express a culture in itself. Make your people an important part of this culture. Let them see it, feel it, and be this culture. Employees will take pride in their work and customers will display confidence in your product or service.
Issues within your corporate climate may arise. Work through them. Families grow closer when you work through issues that may arise. In a way, the people you have surrounded yourself with, flowing with you, sharing your passion, are like a family. Embrace this. A good team becomes great when they overcome diversity together and achieve positive results.
Allow people to challenge you. Step out of your comfort box. Think out of your box of normal. Turn your passion to reality. Seize business success. Achieve greatness. Be great.
By: James Goetz
I was reading the book, The Rise of Superman, where the main topic is discovering super human performance. The book described story after story of how people were able to extrapolate that little extra something special, turning a good performance to one only believed the son of Jor-El superman himself could defeat.
This idea is often called, “being in the zone”’ in sports. Ironically, in the Rise of Superman, it was referred to as “flow”.
Athletics are often believed as being transferred into all other aspects of life. Passion of something we love, determination to accomplish this passion, hard work and persistence on a daily basis and team work are all characteristics present in both a board room and on a field of play. Turning passion to reality to seize business success will assuredly turn your passion of concept into profit.
Seizing business success is something that must be worked on daily and cannot be an intermittent concept. It’s a concept that must flow. When your day is interrupted, when things go awry, when you fail to plan, there is no cadence. Cadence must be defined and maintained to you may find your zone, remain in this zone, and flow with your passion, seizing every successful opportunity that is applicable toward seizing business success that began with a passion deep within.
Part of flow is ensuring your company, (and yourself as your company is a direct reflection of you) is accountable and authentic to everyone it touches. Lack of accountability not only disrupts your flow but also tarnishes your character, which at the end of the day is what defines you when no one is looking. Business success and accountability go hand in hand.
When you are in flow and your company is in cadence, allow customers/clients get the full experience of your organization. When they know what you are all about, you are seizing business success as they are now in flow with you.
Make your flow unique. What separates you from another company who is successful? A customer/client may fully experience your company and others like it, but what defines your flow from theirs? Be unique. Make the idea your passion fueled yours because the right product or service keeps the customer coming back. This is what will help you seize business success. Flow like superman and your concept will become profit.
By: James Goetz
Those who follow their passion and reach the pinnacle of their success typically do not roll out of bed at 1 pm on a Monday, grab a pack of smokes while they drink a Pepsi. Rid yourself of negative influences, instead opting to surround yourself with positive, like-minded , individuals who share the same passions.
Follow these tips:
1. Give Thanks
Before grounding yourself by placing your feet on the floor that morning, take a few moments to focus on these things you are thankful for and why. They can be anything. They can be anything.
Trust me that even in the darkest of times, you can find three things. Do the same thing before going to bed that night.
A study in the Journal of Clinical Psychology discovered that health care workers were less stressed and less depressed when they kept gratitude journal.
Start the Day off Right
2. Make your bed
Sound like something your mom may have said when you were eight? Creatively speaking, rumpled bedding is correlated to the first challenge of your day. Are you going to leave challenges unfinished each day or conquer them? Your mom will be so proud!
3. Brain Sweat
A study from the Netherlands identified morning workouts Improve self-control and the ability for your brain to focus. Now how do we convince our brain to push one more set?
Organization is Key
4. Proper Planning
You have a passion. You have a goal to attain. Now you must seize this success on a daily basis. Before heading out the door, pick out one long-term goal you have set for yourself along the way. Now write out the tasks that will help you to work towards this goal. This will help keep you focused and diminish distraction. Think big.
6 Steps to Turn Passion into Reality
1. Passion (comes from the heart & guts, not our head)
2. Believing (believe there is more than one way to be successful)
5. Perspective (positivity-shout it out)
Do you have one?
To be successful, everyone needs a villain to beat. Every business has an enemy to take down.
Own the story, be the story, live the story.
It’s not necessarily knowing how, it's knowing when.
How do you become the best?
Be better than the rest!!!
James "Jim" Goetz, affectionately referred to as, "Dr. Daddy", is a leading global expert in the field of health, fitness and wellness having spent many years as a strength and conditioning coach, completing his national chiropractic board exams and authoring numerous articles on the subject. He currently explores the unknown in advancing human performance through scientific research.