Dr. Steven Kirch is a successful entrepreneur, holds a Ph.D. in physics, and has over 20 years of experience in high tech. Today he shares his expertise with you. A trained facilitator of Steven Covey’s 7 Habits of Highly Effective People, Steven spends his days finding ways to dramatically grow your top and bottom lines. In this episode of the One Big Tip podcast, he shares actionable strategies that you can implement in your business to realize an increase in growth rate and profitability.
Steven became a productivity coach by default. While working at Intel, he was offered the opportunity to take a course, The Seven Habits of Highly Effective People, by Steven Covey. This course dramatically changed his life, so much so that when Steven retired from intel, he hung out a shingle as a productivity coach. The first thing he noticed as a productivity facilitator was how entrepreneurs underestimate the value of their time. People are so busy building their business and wearing 17 different hats that they lose track of how to focus on moving the revenue needle forward. That’s where Steven comes in. As a productivity coach, he teaches people how to run their businesses more effectively to focus on the things that matter.
At the beginning of their journey, most entrepreneurs make the same mistakes. They don’t realize the value of their time, and they try to do everything themselves. As far as efficiency goes, this is a giant misstep. It’s more efficient to take the time to train someone once or twice and hand off the tasks and projects that are automated easily. Using a systematic approach to productivity, Steven created a framework for his clients based on efficiency strategies that show them how their habits leave profits on the table.
The first part of the productivity system is the knowing-doing gap. Most people know what they need to do to move that revenue needle, but they don’t do it. Steven helps them put things into practice in their organization, whether it be assistance or different methods, to free up time so that they can focus on the important things. The second step in the system is finding three things that set your operation apart from the competition; what makes you unique? You may find a business that shares the first or second thing; that’s why Steven asks clients to come up with three. The last part of his productivity framework connects the solution you offer to your target audience’s problem using your uniqueness.
Steven also teaches his clients the conversion equation, which educates people on attracting customers and how to convert leads. It’s a four-part strategy: interrupt, engage, understand, and educate. You need to interrupt their thought process, engage with them, understand their pain points, and educate them on how your offer and uniqueness can make their lives better, easier, or more efficient. This is how you move that revenue needle in the right direction. As entrepreneurs, you need to be consistent about your offer. It needs to be something of value to your prospects.
Being more efficient as an entrepreneur is the best way to increase your profit margin. By handing off projects and assignments to others, you get to focus on building your brand and your company. Don’t leave money on the table in your business. Listen to this One Big Tip podcast episode and become more productive in your business.
In this episode:
[2:40] How one course changed Steven’s life
- You never know what will inspire you
- Efficiency is a skill that can be learned; put the time in and invest in yourself and your company
[5:36] Avoid shiny objects syndrome
- Most people know what they need to do, they just can’t implement it without outside support
- Many entrepreneurs leave a large number of profits on the table because they don’t want to relinquish control
- Outsourcing free’s up your time to do the things that drive profits forward
[9:45] Know what moves your business ahead
- Generate leads
- Maximize client value
- Know your unique points
[15:30] Conversion Equation
- Interrupt – know how to capture your audience’s attention
- Engage – create an offer that converts, start conversations
- Educate – connect your uniqueness to their pain point
- Offer – have your offer at the ready
[19:49] The Efficiency Roadmap
- Know what you want to achieve
- Create the roadmap you need, use reverse engineering
- Commit to making the changes