by Nathan Whittacre
Small business owners face a multitude of challenges and decisions daily. To navigate the complex world of entrepreneurship, they often seek guidance and inspiration from those who have achieved remarkable success. One such influential figure is Joe Polish, the CEO of Genius Network. At a recent conference I attended, Joe shared invaluable insights that can transform your approach to business. In this article, we’ll dive into some of the key takeaways from his talk, focusing on how the ELF (Easy, Lucrative, Fun) approach can help you build a successful and fulfilling business.
What’s In It For Them
Joe Polish emphasizes the importance of considering “What’s In It For Them” when approaching any business endeavor. Understanding the needs and desires of your customers, clients, or partners is crucial. By focusing on delivering value and addressing their pain points, you build strong and lasting relationships. This perspective shift can be a game-changer, leading to increased customer satisfaction and loyalty.
Joe’s recently released book of the same title details these concepts. I’ve been reading the book and so far, I am very impressed with the idea. From my experiences of over 28 years in business, I’ve seen these concepts work.
Think About the Dominos
Joe encourages entrepreneurs to think about the dominos that can lead to life-changing success. Just like a chain reaction of falling dominos, small actions can build up to create significant outcomes. Whether it’s a book that inspires you, a mentor who guides you, or any other catalyst, each piece can contribute to your success. By identifying these dominos in your life and business, you can proactively seek out and leverage them to your advantage.
ELF vs. HALF Business
Joe Polish categorizes businesses into two distinct groups: ELF (Easy, Lucrative, Fun) and HALF (Hard, Annoying, Lame, Frustrating). He advises small business owners to strive for ELF businesses, which not only provide financial rewards but are also enjoyable and satisfying to operate. The key is to create an easy, lucrative, and fun business, aligning your passion and purpose with your financial goals. It doesn’t mean your business is going to always an ELF business. There are always frustrations, roadblocks, and difficulties. The goal is to work through those times and set yourself up for achieving long-term goals.
Peer Groups
The value of the connections and insights gained through peer groups can be immeasurable. Surrounding yourself with like-minded individuals, industry leaders, and experts can elevate your business acumen and expand your horizons. In essence, it’s an investment in your growth and success.
People Are Investments, Not Costs
Joe Polish challenges the traditional notion that employees are costs to be minimized. Instead, he sees them as investments in your business. People can either be ELF or HALF. By hiring individuals who align with your values and vision, you create a team that is committed to making your business successful. Pay attention to phrases and actions that reveal whether someone is an ELF or HALF and make hiring decisions accordingly.
The Winning Strategy in Business
To succeed in business, Joe suggests adopting a winning strategy that is useful, grateful, and valuable. By focusing on providing value to your customers and clients, expressing gratitude for their support, and being useful in solving their problems, you set the foundation for a thriving business. These principles can guide you in building strong customer relationships and fostering long-term success.
Joe stresses the importance of fundamental business skills that can be applied across all industries. These include automating your sales and marketing systems, addressing your mental roadblocks, and taking actions that reflect your commitment to success. By recognizing and eliminating self-imposed barriers, you can propel your business forward.
Bill Gates once said, “Focus first on the user experience, and then you develop the technology.” Joe Polish echoes this sentiment, emphasizing the importance of understanding and meeting the needs of your customers before developing any technology or product. By putting your customers first, you create products and services that truly resonate with them, ensuring long-term success.
To build strong relationships and offer genuine help, Joe encourages entrepreneurs to be pain detectives. By asking, “How are you suffering, and how can I help?” you can identify the pain points of your customers and find effective solutions. He calls this being a “pain detective”. This approach builds trust and rapport, allowing you to provide the most valuable assistance.
Joe Polish advocates for the ethical treatment of employees, partners, and associates. Rather than using people solely for your benefit, he suggests utilizing their skills and expertise in a way that benefits everyone involved. A collaborative and mutually beneficial approach creates a harmonious and productive work environment.
Give, Don’t Want
“Life gives to the giver” is a fundamental principle that Joe emphasizes. It means that, before asking for something, you should first provide value to others. Never approach a business relationship with a mindset of “wanting” something from someone. Instead, focus on giving and adding value, which often leads to reciprocation and mutual success.
Joe encourages small business owners to evaluate their interactions with others. When you call or text someone, consider whether they are excited to hear from you. If you consistently bring value and positivity to your connections, people will look forward to your interactions, strengthening your relationships.
To build a strong and lasting relationship with customers, clients, and colleagues, start with caring. The most successful businesses genuinely care about their customers’ well-being and satisfaction. By demonstrating your concern and interest, you lay the foundation for a positive and enduring relationship.
The Power of Connection
Joe is a recovering drug addict and had a very hard early career. He incorporates his history into what he does today in business and life. He underscores the idea that the opposite of addiction is connection. In a fast-paced entrepreneurial world, some individuals mistakenly believe they need a break when what they truly need is a change. Entrepreneurs with tightly packed schedules may find it challenging to transform themselves. Stepping away and connecting with others can provide the perspective needed to identify and address areas of frustration or dissatisfaction.
Treating Yourself as a Valuable Asset
Finally, Joe leaves us with the analogy of treating yourself as a $1 million racehorse. As an entrepreneur, you are the driving force behind your business, and your well-being is paramount. Just as you would care for a prized racehorse, prioritize self-care, personal development, and maintaining your physical and mental health.
Joe Polish’s insights from his talk at the conference offer a refreshing and transformative perspective on small business ownership. The ELF approach, focusing on businesses that are Easy, Lucrative, and Fun, can guide your journey to success. By placing a strong emphasis on understanding the needs of others, developing genuine connections, and giving before receiving, you can build a business that not only thrives financially but also provides personal fulfillment. In the world of small business, these principles can be the keys to unlocking your potential and achieving lasting success.
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