Money Miniseries Bonus 1
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☯ Yin and Yang of Growing Businesses ☯
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Back when I was in college, I had my own official courses on Integrative Medicine and Chinese Medicine. 350 other undergraduates, and the occasional graduate student, packed the lecture hall every week and took my courses for credit.
During that time, I also enrolled in an Acupressure licensing program at a nearby local school. Unlike the other students who were there to become acupressure therapists, I was there simply to continue the education from my childhood and learn how the terminology had been translated into English (I had been taught in Chinese by masters and Chinese Medical doctors).
Despite the fact that I never intended to go into the business of acupressure, I was still required to take their course on starting and setting up a business.
I debated skipping the class, since I wasn’t really after a license anyways…
But I’m glad I took it.
It ended up being one of the most fascinating classes. And it introduced me to the Yin and Yang of Growing Businesses.
And while it was introduced to me in the context of business, the same concept can be applied not matter which of the 4 Ways of Making Money we engage in.
So keep reading even if you are not engaged in business.
No matter what we talk about, we can always split the topic into its Yin and Yang aspects. The same is true in business.
The way the Business world tends to think, as well as the Western world in general, is very Yang driven. In business, this translates into advertising, marketing, and tactics to close sales. These days we hear about it a lot in terms of social media, viral marketing, and buzz.
In this approach, we actively seek out potential buyers, and deliver promises of incredible value and promises of problems solved to entice them into the business. People with no prior relationship to the business are drawn into the door.
The Yin approach, not surprisingly, is the polar opposite. Rather than using glitz and promises to attract clients, it focuses on the field of dreams mentality: “build it and they will come.”
In this approach, the philosophy is that delivering incredible value, solving problems, and creating the right environment will naturally cause clients to patronize the business. Clients come via word of mouth and general appeal and attraction to the business.
I’ve often heard it said that in the world of the internet, “build it and they will come” never works. The world is too big and no one will ever know about it.
This type of mentality comes from a misunderstanding about the use of the Yin and Yang of Growing Businesses. Like all things, optimal growth comes when there is a balance.
To effectively grow a business, you need the right blend of both the Yin and the Yang.
I’ve broken this balance into this simple concept:
The Yang is for getting customers into the door the first time. It’s for creating the awareness of your existence.
The Yin is for getting the customers to come back over and over, and causing them to spread the word to their friends and families.
A business that is all Yang, gets tons of people into the door. But if it doesn’t deliver on the promises that enticed the customers to come in, if it doesn’t deliver value and solve problems, if it doesn’t create a pleasant buying experience, then it will always have to find new customers. It will continually face a cold market, the toughest type of selling.
On the other hand, once a business that is all Yin gets customers, it is very good turning that them into repeat customers. The trouble is how do you get the first customer? Usually through friends or blind luck. A business purely focused on the Yin approach will grow slowly – often times too slowly for the business to survive.
So remember, to effectively grow your business, you need both the Yin and the Yang… and to use them appropriately.
But, this concept isn’t just for business. It’s for all 4 Ways of Making Money.
As an employee, are you the type who is always in the boss’s office singing your own praises and hinting at raises and promotions?
Or are you the type you keeps your head down, works extra hours, puts out the best work possible, but stays in the corner and keeps quiet?
How can you find your balance between the Yin and Yang approaches?
May you find balance in each of the Ways you Make Money!
Kane
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