You’re tracking your business information as we discussed in the previous article on how to “Survive & Thrive through T.I.M.E.”
Now let’s talk about the next step to ensure the permanence and growth of your business. It’s the “I”in T.I.M.E: Investing.
The “I” has nothing to do with ourselves, but rather investing in others. Sure, we of course need to invest invest in quality equipment, marketing and operations. But for sustainable success, you need to invest in people — the people you work for, and the people you work with.
Years ago I realized I was being stretched too thin. My work and my ability to grow was suffering for it. So I made the investment in people. And each year, I put my time and money into my team first. They are an extension of me and our business. I want them to be motivated and fulfilled. I believe culture is key and relationships drive business.
The fellow event professionals you work with are also part of your team. Invest in them, as it takes a team to pull off exceptional events and build a better business.
Exactly how do you invest in your people? The blanket answer would be to first invest in MORE people. Expand your team. Build a network of trusted pro partners. Hire consultants and contractors to assist on projects when needed. You can’t grow if you’re trying to do it all, so build a team and/or network.
Once you have that team and network, here’s how you invest in them. And it’s another “I” word…Individually. Each employee and colleague is motivated by different things. Find what they are. Start by having them take a personality test when you onboard them so you have a better idea of their styles. Read up on love languages and how they feel rewarded.
I actually have my team fill out a form when I onboard them about how they feel rewarded and recognized. Then I know exactly how to motivate and reward them. And that leads to more fulfilled employees, better retention, and better business.
Let’s not forget about our clients, either. There’s nothing out there that beats a past client’s referral. So ensure you’re investing time in them, also. Time during the planning process is the first and obvious step. Then take it a step further and create some client appreciation opportunities.
If you’re not familiar with the Pareto Principle, also referred to as the 80/20 rule, that’s something that will reveal itself in your tracking. What it says is that 80% of results often come from 20% of the efforts or sources. That’s likely going to be true for your colleagues also — that 80% of your business is coming from 20% of your lead sources. I know that’s true for us.
So when we decide who and what we’re investing in, we’re looking to that 20% of people who send us 80% of our business, and we’re focusing on them. So you’re halfway home to building a business that lasts through T.I.M.E. And I’m guessing it’s starting to feel a little overwhelming to implement, which prompts the perfect transition to the “M” in this acronym: MDBs, for my next article.
Troy Adams is the owner of Carolina DJ Professionals