Jan 2

Success in Business Begins with Understanding Your Constraints

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    Today I’m doing things a bit different. It’s 2013 now, so why not? Why not start off the year with something totally different – an audio blog post.

    This blog post is on the topic of “constraints” and so it’s the perfect opportunity for me to post an audio since I was constrained by time today! Our team hasn’t transcribed it yet, so for now you’ve just got the audio, but as soon as the transcript is complete, I’ll get it posted here.

    We’re going to be covering this topic of business constraints in much more detail on this weeks webinar training, so if you’re not signed up yet, make sure and sign up here:

    This webinar is now part of our Insider’s Club vault. You can get access to it and over 100 hours of other topical Internet Marketing, SEO and general business training via a membership to the Insider’s Club. While this webinar is no longer available, you can sign up for our current webinar via the link below. Remember, we have live training every week on Thursday’s at 3pm EST and you can ask us LIVE Q&A as well – so check it out here:

    Register for current Webinar (click here) 

    You can listen to the blog post via the player below or you can download it here (right click and save as).

    Check back in a day or so if you would prefer the old fashioned “written” version – LOL… It will be done soon.

    See you on the webinar!

    (Here’s the transcript of the recording above in case you’d rather read it…)

    Troy Broussard: Before I dive into this audio blog post, there first thing I want to do is just take a minute and say Happy New Year. It’s amazing how fast the time goes by and I just can’t hardly believe we’re in 2013 already. Mike and I have a lot of plans for 2013 and our business, and I hope you have taken the time to step back and set your goals and objectives for 2013 as well, and hopefully, Mike and I can be a part of helping you achieve those in your business. If you need any help, make sure and reach out.

    Today’s blog post is about constraints. What do I mean when I say constraints? What I really mean is understanding your own personal constraints and how that impacts your business. If you’ve been on any of the webinars that I’ve held in the past or any of my training products that you’ve listened to, you’ve probably heard me say that your personal growth leads the way for your business growth. Or in other words, your business success will follow your personal development. What I mean by this is that your business is clearly a reflection of you, and understanding your own limitations and those constraints that you have within the way you can do business will impact your business in a positive way.

    So what I want to do today is step back and think about how we can apply the theory of constraints to our business, or to your business more specifically, and make improvements in this year for 2013. So, I’m not going to go into all of the theory and boring information about the theory of constraints because it can be a very long-winded topic. But it’s not really necessary that you understand every last iota of it in order to be able to put it into place in your business. What I’m talking about here today is very simple so let’s just skip all the theory and talk about the practical implications of applying constraints to the way you do business.

    Let’s just take the average person starting out doing business. The first thing that they normally do is look at niche selection and keyword selection. Those are some of the two most common steps that most new marketers practice when they’re first getting started. But the reality is those are not the first steps that you should be practicing. The first thing you should be doing is defining your unique selling proposition, or USP. I’m sure that you’ve heard about USPs and how to create them effectively and so on, so I’m not going to go into all the details around that. But the problem is, even starting with the USP is really a problem. You need to step back one step further and first start with defining the constraints that affect the way you do business, the way you CAN do business, and the way you WANT to do business. The constraints that I’m talking about are your personal constraints. So let’s dive into that for a minute.

    Today, we talk a lot about multichannel marketing and being able to market through podcasts, YouTube videos, blog posting, and all of those types of media and channels have a set of assumptions that go with them – a set of assumptions that you have certain skillsets. And in the beginning, you may not have those types of skillsets. So it’s important that you understand what skillsets you have and need to improve, because those are the operating constraints of your business in the very beginning.

    So for example, if English is your second language then doing an audio podcast may be a tough thing for you to accomplish, and it may not make sense, practically, for you to go at that. Likewise, doing a video is going to be a little bit different. It doesn’t mean that you can’t do the video. In fact, there are lots of great techniques that you could do for that video, even if you don’t speak well enough to record your own voice. So you could do a PowerPoint video, rather than a video of you personally appearing on the screen, then you can script out what you wanted to have said and pay somebody to read that back. You can go to Fiverr for example and get a five dollar gig for somebody to read your audio script, then create that into a video. So even though you’re constrained by the fact that English is your second language, there’s still a way for you to practice that multiple channel marketing video. And that’s just one example.

    But what is really important here is that you understand those practical constraints for your business, and work and design your business accordingly. So if you hate writing and it’s much easier for you to record audios than go out and create content and write it out every day, then embrace that. Don’t run away from it. Instead, embrace that as a way of doing business more efficiently and effectively for you.

    A few months back, I had the privilege of meeting an incredible entrepreneur, Pete Williams, a multimillionaire running several multimillion dollar businesses in Australia simultaneously. He does this by employing a very efficient workflow. Everything he does is streamlined. His time is streamlined, how he creates his content is all streamlined, and it’s all designed to minimize his input and time involved. During that interview, it was interesting because we talked about some of the things that he had special preferences that were very different than mine.

    For example, he does everything as audio. He doesn’t ever write anything. He passes an audio file, records it, and has a virtual assistant go out and create the edited content, because for him, it’s much easier, faster, and that’s the way he prefers to create content.

    He takes that even to the point of creating presentations or videos. Rather than sitting down with a screen capture and recording a video and creating a PowerPoint, he’ll create an audio file and then turn around and use a virtual assistant to then take his notes that he prepared for that presentation and use them to create the PowerPoint slides for the video. It’s a different way of doing things, rather than having to go through the whole process of creating the PowerPoint slides first, then record the video, and edit it and so forth, his time is limited to just a few minutes, or an hour, or however long the presentation is of the actual recording of the presentation audio and nothing more.

    The reason I bring that example up is because it’s a very different approach. Personally, I type very quickly. I type about 100-120 words a minute, depending on how much Brazilian coffee I’ve had at the time. That might have some impact on my typing speed. But I played piano for 12 years so typing comes naturally to me. So for me, I enjoy creating by writing. Well, usually. Today, I’m making an exception.

    The point is, when I go through and create a video, for me, it’s easier to create the Keynote presentation and not create notes. I don’t actually go through the effort of setting up notes and slides. I do that on the fly as I create the PowerPoint presentation. I actually do it in Keynote on the Macintosh instead of PowerPoint. But the process is the same. The point of the matter is, that’s my skillset. That’s my constraint. I’m a former programmer and software developer, so technology comes really natural to me and easily. So for me, it’s easier to just knock out the PowerPoint instead of doing notes. That’s the way I do it.

    But what I want you to take away from this audio blog post is that you need to look at the way you do things in your business and ask yourself, are you doing it in the most efficient way? Are you doing it in a way that aligns itself with your own individual constraints in your business, or personal habits and tendencies?

    Now, I want to step back and think if you were starting from scratch and designing your business today, you’re going to have a set of constraints. I want you to take five minutes and write out what those constraints are. For some of you, you may be limited by working full time at another job and only being able to put in two hours a day. Or maybe it’s only being able to work on Saturdays. Well, that’s a limiting constraint for you. Other constraints may be budgetary constraints and may mean that you have to do certain tasks that you would normally desire to outsource if you could, but because of monetary constraints, that confines the way you operate.

    But I want to take it to the next level. When you start to think of creating a business, you need to think of the monetization of that business. How you intend to make money from it. I think that so many people miss this. They jump right into keyword research and niche selection, and totally miss the boat on the whole monetization approach, because that’s very critical.

    You can get into a niche that has great traffic and is easy to rank for and get a lot of visitors to your site, but if there’s no way to monetize it, what good is it? Unfortunately, too many people make that mistake. So I want to encourage you to take a different approach and instead of going right into keywords and niche selection, let’s start out first with monetization. What are some of the different forms of monetization?

    Affiliate marketing is one form of monetization. As you use affiliate marketing to find a site and keywords that are making money, well then you want to expand into creating your own informational products because you can make twice the profit on it instead of just taking a 50% affiliate commission, now you can get the full income profit from that product.

    But the question is, does it work for your constraints? Are you good at info-product creation? Or instead, do you acknowledge that in order for you to go that route, that you can outsource product creation. You’re going to have some ideas and pay a few hundred dollars and let somebody else create that product for you when the time comes. Those are the types of questions you need to ask yourself. Those are the constraints that will govern how you monetize your site.

    But there are a lot of other choices when it comes to monetization. Adsense is a form of monetization, and so are info-products. Products and services – if you’re creating a service, that’s something that is a possibility, but again, you have to dive into the right constraints. You have to understand whether that makes sense. If you’re not a good people person, if you’re not organized, if you’re not good with following up with customers and clients, then acknowledge that from the beginning and just say, “You know what? This is a constraint that I have to acknowledge in how I design my business.” That’s the approach that you need to be taking so that you can create the ideal business that aligns with your expertise, knowledge, skillsets, and your passion, but not only that. It aligns with the constraints of the lifestyle that you want to create and your individual skills. That is the way to have the proper blueprint for a successful business before you even get to the niche selection or keyword selection. So that’s what I want to encourage you here today. Take the time, write down those constraints of how you want to do business and operate your business, and let that guide your path towards creating the ideal business for you. Or let that guide the path to how to refine your business in 2013 to make it align with you better.

    Lastly, I just want to close by saying that’s exactly what I’ve been doing. In 2013, I’m going to be focusing on some of the things that I enjoy the most and derive the most passion from, and that is podcasting, YouTube videos, and writing in the form of Kindle books and other books. So the advice that I’m giving you is not just something that I’m throwing out there to you. It’s something I apply as well with my own business, and today, this blog post is an example of me applying that constraint as well. Today, I’m constrained by time, so rather than not getting this content out to you, I’ve decided to just do it different and go out and create and audio blog post instead.

    I hope you’ve enjoyed it. This is Troy Broussard with TopMarketingStrategies.com, and that’s a wrap.

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      About Troy

      Troy Broussard is an avvid writer, co-founder and regular contributor to sites such as TopMarketingStrategies.com and TroyBroussard.com. Troy also enjoys creating information products and is a regular speaker at many Internet marketing events. Follow Troy at Google+
      Posted in General Business | Tagged | Comments are closed

      3 Responses to Success in Business Begins with Understanding Your Constraints

      1. Desiree April 16, 2013 at 5:23 pm #

        Thank you, quite nice article.

        • Mike April 18, 2013 at 11:05 am #

          Thank you too

      2. Jacob Becker November 25, 2013 at 2:57 am #

        I do admit, I can struggle with this… but I am trying to get better and have a better understanding of my constraints and weak points.