Unlocking Your Entrepreneurial Potential: The Power of Your First Hire

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As an entrepreneur, you wear many hats. You’re the visionary, the decision-maker, the problem-solver, and the driving force behind your business. But as your business grows, there comes a point when wearing all these hats becomes a hindrance rather than an asset. 

The question arises: Who should you hire first to propel your business forward? 

Is it an executive assistant, a salesperson, a project manager, or someone else entirely? 

Today, we’re here to break down this crucial decision and reveal why an executive assistant might just be the secret sauce to unlocking your entrepreneurial potential.

At the heart of this decision lies a fundamental question: 

How do we accelerate your journey to unleashing your genius within your business? 

You are the linchpin, the person with the deep industry insights, the invaluable connections, and the wealth of experience. So, it’s paramount to get you focused on what you do best as quickly and consistently as possible. 

The vehicle to this zone of genius? An executive assistant.

Let’s take a step back and compare the options. On one hand, we have an executive assistant available for $22 an hour, and on the other, a salesperson demanding a hefty $75,000 annual salary PLUS commissions. 

While the numbers speak volumes, it’s the nature of the work that truly tips the scale. 

Think about it – one hour spent on administrative tasks that can be easily delegated, or one hour investing in training a salesperson on the intricacies of your product, process, and market nuances. 

The answer becomes clear: an assistant’s hour is far easier to reclaim.

Beyond the financial aspect, consider the opportunity cost. 

Would you rather have your sales expert mowing the lawn or strategizing for revenue? Every minute spent on tasks that don’t align with your expertise is a minute lost in propelling your business forward. An assistant can take care of the routine, freeing your time and mental space for what truly matters.

Now, let’s address the notion that hiring a salesperson might seem like a revenue-generating move, while an assistant might be seen as a mere expense. 

It’s a common misconception. While an assistant does appear as an expense on the books, the real profit lies in what that relationship enables. 

By offloading administrative burdens onto your assistant, you can channel your focus towards revenue-driving activities: crafting compelling marketing strategies, engaging with clients, and refining your offerings based on real-time feedback.

Moreover, staying actively involved in sales, especially in the early stages, has immeasurable benefits. Your direct interactions with clients provide a goldmine of insights – understanding objections, gauging market trends, and staying ahead of competitors. 

This invaluable pulse check ensures you’re steering your business in the right direction, continually refining your product or service to match evolving needs.

But why does the assistant role shine so brightly in the first hire spotlight? 

Because it lays the foundation for growth. An assistant doesn’t just take tasks off your plate; they become your right hand, the gatekeeper of your schedule, and the orchestrator of your efficiency. They’re your accomplice in scaling your business, taking the operational load off your shoulders, and allowing you to focus on strategic endeavors.

In a landscape where roles like salespeople, project managers, and coaches all vie for attention, the assistant emerges as the unsung hero – the unsung hero who ensures the gears of your business run smoothly, propelling you toward greatness.

In conclusion, the choice of your first hire carries profound implications for your business journey. 

While it’s tempting to be swayed by the allure of hiring revenue generators, the true magic happens when you unleash your inner genius by partnering with an executive assistant. 

This pivotal hire grants you the freedom to focus on what you do best, all the while ensuring that the operational gears of your business move seamlessly.

So, if you’re pondering that first hire, consider this: An assistant is not just an expense but an investment in your future success. 

They’re the conduit through which you can maximize your impact, your innovation, and your entrepreneurial journey. 

As I’ve said before… “It will be the single biggest productivity jump in your entire career.” 

So, embrace the power of hiring an Assistant, and watch as your entrepreneurial dreams transform into a thriving reality.

Onwards and upwards

Tim 🙂

The Power of Raising Prices and Nurturing Relationships

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Welcome back to the second installment of our two-part series on a topic that’s all too familiar to entrepreneurs – raising prices. 

We’ve all been there. Those late-night worry sessions where you ponder over whether you should increase your prices, fearing the potential fallout. But what if I told you that raising prices could be the key to unlocking untapped profitability and building deeper customer relationships? 

The Fear of Raising Prices: A Familiar Tale

Let’s face it – raising prices can be intimidating. What if your clients stop booking calls or making purchases? These questions have haunted me for years. Yet, each time I’ve taken the plunge and increased prices, it’s turned out to be a pivotal step towards greater profitability.

In a world where the cost of living continues to rise, business owners like me have to adapt. The reality is, if we don’t adjust our prices to account for these changes, our margins will shrink, potentially putting our businesses at risk.

The Power of the Right Price Point

So, what’s the secret to raising prices successfully? It’s all about finding the sweet spot – that magical point where your customers see the value in what you offer and are willing to pay a bit more for it. Think of it as a delicate balance between providing exceptional service and ensuring your business remains sustainable.

Consider this: our company, Great Assistant, recently raised prices from $5,000 to $6,000 for our programs. This seemingly modest 20% increase led to a remarkable 40% boost in gross profit per client. That’s the kind of impact a well-calculated price adjustment can have on your bottom line.

The Role of Customer Relationships and Content Marketing

Now, let’s shift our focus to the power of customer relationships. You see, nurturing genuine connections with your clients is more than just good business practice – it’s a key driver of growth. Think about it: 100% of the clients who responded to our price increase were loyal, long-term patrons. They knew, liked, and trusted us from previous interactions.

Content marketing, often underestimated, played a pivotal role in this. A potential customer might be quietly following your updates for years before finally making a move. This highlights the importance of consistency and quality in your content – you never know who’s quietly listening and preparing to take action.

Beyond the Sale: Building Lifelong Relationships

It’s easy to get caught up in the excitement of closing a sale, but true success lies in building a long-lasting relationship. The famous saying, “Make a sale to get a customer, not the other way around,” couldn’t be more accurate. Your focus shouldn’t solely be on the transaction; it should extend to providing ongoing value and support.

By fostering repeat business, upselling additional services, and nurturing your existing customer base, you’re essentially creating a self-sustaining cycle of profitability.

Looking Ahead: The Future of Entrepreneurship

As we wrap up this chapter of our journey, I invite you to reflect on your own business. What would it take for you to double profits without acquiring a single new customer? The answer may lie in nurturing your relationships, increasing the value you provide, and adjusting your prices to match.

Remember, mastering entrepreneurship is about more than just numbers; it’s about forging connections, adapting to change, and finding innovative ways to thrive. 

Onwards and upwards 

Tim 

How I Tripled My Sales Close Rate from 34% to 81%

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Today, I want to share with you a remarkable transformation that took my sales closing rate from 34% to a whopping 81% in just three months. 

My name is Tim Francis, and I’m the proud owner of Great Assistant, a company dedicated to helping entrepreneurs find the perfect assistant. Now, let me take you through the three key factors that allowed me to skyrocket my sales closing rate and revolutionize my business.

  1. The Right Sales Style

    One of the first lessons I learned was that the sales method must align with both my personality and my audience’s preferences. For small businesses like ours, the rigid, pressure-packed sales tactics of large corporations just wouldn’t cut it.

    Instead, I needed a more conversational, consultative approach—one that felt inviting and approachable.

    I discovered that asking provocative questions during the sales call helped potential clients see the value of our services more clearly. By focusing on finding the right fit, I could disqualify leads that weren’t suitable for our type of Asssistant, saving everyone time and energy.

  2. Knowing What Must Be True For Someone to Say “Yes”

    I had an epiphany when my sales coach asked me a simple question: “What would have to be true for someone to buy from you?” This led me to identify three crucial factors:

    Factor #1:  The client must genuinely believe they need an assistant and understand the benefits it brings.

    Factor #2: They should be looking for the kind of assistant we specialize in: someone based in the US or Canada, tech-savvy, and eager to become a valuable asset to the entrepreneur.

    Factor #3: They must want us to handle the assistant-hiring process for them, as we offer not just assistance but also training and support to ensure a successful long-term partnership.

    Understanding these criteria allowed me to quickly assess whether a prospect was a good fit, leading to faster and more effective sales calls.

  3. Weekly Call Reviews

    To continuously improve my sales technique, I started recording my sales calls and submitting them to my coach for review.

    Every week, we would both analyze the calls independently and then meet to compare notes and identify one or two key areas for improvement.

    The 30-minute weekly sessions were incredibly productive, allowing me to implement the suggested changes immediately the following week.

The Results: Closing Deals Faster Than Ever

By diligently following these three steps, I witnessed a stunning transformation in my sales process. Sales calls that used to take an hour were now wrapping up in just 35 to 40 minutes, resulting in a substantial increase in my close rate.

My journey from a 34% close rate to an impressive 81% was a transformative experience that reshaped my approach to sales. 

It taught me the importance of finding a sales style that resonates with both me and my target audience. I also learned to focus on the essential criteria that lead to successful partnerships with our clients.

I encourage you to apply these lessons to your own business and see what happens. Remember, it’s not about closing every deal at any cost; it’s about finding the right fit and building long-term relationships that benefit both parties.

I hope this has inspired you to rethink your sales strategy and embrace the power of authenticity and genuine connection during your sales calls. 

Onwards and upwards

~ Tim Francis, Founder of Great Assistant

Discover the Best Communication Platform for Entrepreneurs and Assistants

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Effective communication is vital for entrepreneurs and their assistants to work seamlessly and boost productivity. With numerous communication platforms available, it’s crucial to choose the right one to avoid distractions and frustration. 

In this blog post, we’ll explore the drawbacks of popular options like Slack and email, discuss the essential criteria for an ideal communication tool, and unveil the best platform we’ve discovered: Chanty.

The Downsides of Email and Fragmented Communication

Email, often considered an unlimited to-do list, is a major distraction for entrepreneurs and their assistants. With anyone capable of assigning irrelevant or unnecessary tasks, the email inbox becomes a wasteland of distractions. 

While completely eliminating email may not be feasible for everyone, reducing its impact on productivity is crucial. Fragmented communication across various platforms like Voxer, Slack, Facebook Messenger, or Instagram DMs can also hinder focus and efficiency.

The 11 Criteria for the Perfect Communication Tool

After evaluating 30 different communication tools, including popular options like Slack and WhatsApp, we identified 11 key features that define an exceptional platform for entrepreneurs and their teams:

  1. Limited Access: The tool should be exclusive to internal teammates, preventing outsiders from disrupting workflow.

  2. Focus-Promoting Interface: A distraction-free interface is essential to maintain concentration and productivity.

  3. Perpetual Message History: Storing message history allows easy access to past conversations and valuable information.

  4. User Management: The ability to add or remove users easily supports team growth and efficient collaboration.

  5. Message and Keyword Search: A search feature enables quick retrieval of specific discussions or information.

  6. Teammate History Research: Accessing teammate conversations aids in emergencies, dispute resolution, and seamless continuation of work.

  7. Multimedia File Transmission: The ability to share documents, images, and other files simplifies collaboration.

  8. Cross-Platform Compatibility: Web-based and cross-device functionality ensures seamless communication across different operating systems and devices.

  9. End-to-End Encryption: Robust security measures protect sensitive information and discussions from unauthorized access.

  10. Intuitive User Interface: A visually appealing and user-friendly interface enhances ease of use and navigation.

  11. Do Not Disturb Mode: The option to turn off notifications when the tool is not in use prevents unnecessary interruptions, allowing flexibility for late-night or early-morning messages.

Introducing Chanty: The Ultimate Communication Tool

Among the evaluated platforms, Chanty emerged as the best communication tool, meeting all 11 criteria. 

While lesser-known compared to Slack, Chanty surpasses it in terms of functionality and features. By opting for Chanty, entrepreneurs can create a focused and productive environment for themselves and their assistants. The scalability of Chanty makes it suitable for expanding teams, and its affordability adds to its appeal.

Choosing the right communication platform is paramount for entrepreneurs and their assistants to maximize focus, productivity, and collaboration. 

Tim

Boost Productivity and Build Trust: The Power of the Four Question Daily Report

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Are you tired of constantly monitoring your assistant’s work progress? 

Do you want to establish a strong foundation of trust without resorting to invasive monitoring techniques? 

In this blog post, I’ll introduce you to a simple yet highly effective solution: the Four Q Daily Report. 

This powerful reporting system will enable you to stay informed about your assistant’s activities, provide timely support, and foster a relationship built on trust. 

Let’s dive in and explore how this daily report can revolutionize your workflow.

The Dilemma of Monitoring without Babysitting:

Many entrepreneurs face the challenge of ensuring their remote assistants are productive while avoiding the need for constant supervision. Traditional methods, such as screen capture software, often lead to strained relationships and a lack of trust. Here’s a better approach that encourages autonomy and accountability.

Introducing the Four Q Daily Report:

After extensive research and testing, we discovered a game-changing solution to the monitoring dilemma—the Four Q Daily Report. 

Rather than invasive surveillance, this lightweight reporting system allows your assistant to share key information while promoting transparency and trust.

The Four Q Daily Report consists of four essential questions, with an optional fifth question, that your assistant answers at the end of each working day. 

These questions provide valuable insights into their progress, challenges, and future plans.

Question 1: What did you do today?

This broad-stroke question gives you a high-level overview of your assistant’s daily activities, ensuring you stay informed about their progress without the need for minute-by-minute updates.

Question 2: Where did you get stuck?

Discovering areas where your assistant encounters obstacles presents an excellent opportunity for targeted training and support. By addressing these challenges daily, you can help them overcome hurdles quickly and facilitate their professional growth.

Question 3: How can I help you?

This question goes beyond identifying obstacles and opens the door for your assistant to seek assistance on various matters. By offering support and guidance, you demonstrate your commitment to their success and well-being, fostering a positive working relationship.

Question 4: What are you doing tomorrow?

Encouraging your assistant to plan ahead enhances their productivity and decision-making. By aligning priorities, you can ensure everyone is on the same page and working towards shared goals.

Optional Question 5: Did you track your time?

Implementing a forcing function, this question reminds your assistant to accurately track their time each day. By maintaining accurate records, you can streamline payroll processes and eliminate unnecessary headaches.

The power of the Four Q Daily Report extends beyond mere reporting. Here are some key benefits you can expect to experience:

  1. Enhanced Trust and Autonomy:

By demonstrating trust in your assistant’s abilities and fostering open communication, you establish a strong foundation of trust. This trust empowers your assistant to take on more responsibilities and make independent decisions, ultimately driving business growth.

  1. Continuous Learning and Support:

Daily insights into challenges and training needs allow you to provide targeted support and ensure your assistant’s professional development. Regular interaction and guidance enable rapid growth and increased efficiency.

  1. Clear Prioritization and Alignment:

The question about tomorrow’s tasks helps align priorities and maintain a clear focus. By clarifying expectations and adjusting plans if necessary, you create a harmonious workflow that drives productivity.

Incorporating the Four Q Daily Report into your assistant’s routine can revolutionize your working relationship. 

This lightweight reporting system enables you to stay informed, provide timely support, and build trust without invasive monitoring. 

By implementing this approach, you empower your assistant, foster growth, and create a productive and mutually beneficial partnership. Embrace the power of the Four Q Daily Report and unlock a new level of alignment, trust, and productivity in your business.