I recently read an article about humans and how they handle their money.
‘Humans are notoriously irrational when it comes to money we spend too much and don’t save enough. We buy shares in GameStop at the top of the market and sell them when they go down.
Here are some behavioural tricks to get your financial life under control.’
It goes on to list 7 small, simple inch by inch steps that we can all take to be much more successful in our finances on a day-to-day basis.
And it struck me that these same steps also apply to how to run a team or a business.
They are, after all, simply common sense … and, therefore, not surprisingly, they comply with the principles of Slow Selling.
So, I thought it would be helpful to share the 7 small, simple inch by inch steps with you and also to compare them with the same ideas focused on running a team or a business.
Step 1: Save a bit daily.
‘Studies show that we find it easier to set aside £5 a day than £150 per month- even though it’s actually the same amount of money.’
The same issue applies to running a team or a business: it’s much easier to work on systems, processes and behaviour little by little, week by week, day by day, than it is to take large steps or try and change things all at once.
Step 2: Use your birthday.
‘People often assess their lives on their birthdays. They are a beautiful opportunity to make long term beneficial financial changes.’
This is the same as the principle of building in a review date to all your processes and interactions with your people. Yet this simple step is so often left out and, because of this, processes and people performance start to drift…
Step 3: Turn inertia into an asset.
‘Once you start making pension contributions they continue until you stop them, so getting started is the key.’
It’s the same in business: once you start a few simple habits and steps of effectiveness, they continue until you stop them.
Step 4: Get instant feedback.
‘Download budgeting apps that send alerts when you’re spending more than you intended. ‘A nudge’ is maybe all it takes.’
At Slow Selling we are consistently encouraging people and businesses to get continual feedback and to put this to good use to improve customer loyalty, develop systems, innovate, and generally improve.
Step 5: Compartmentalise.
‘Put your savings account in a different bank to your current account so that it’s harder to syphon off money.’
One of the key skills of effective people in business is the ability to ensure that you compartmentalise your time effectively. In particular, to get time that is undisturbed in order to work on important projects, innovation and relationships. This is a massively important skill and process.
Step 6: Cool off.
‘Before you make an impulsive purchase, leave the shop – or website – and take a little walk. A cooling off may help keep you from your worst instincts!’
The same principle applies to handling complaints, dealing with feedback, holding people accountable, planning projects, negotiating, and all vital business communication!
Step 7: Picture yourself in a hot air balloon.
When you visualise your life, you tend to make more farsighted financial decisions, preferring large, delayed gains over small immediate ones.
I couldn’t have put this better myself! The key to successful businesses is the ability firstly to see, and then act, driven exclusively by the long term desire to build customer attraction, reputation and loyalty . Far too often the short-term actions can get in the way of this!
I hope you’ve enjoyed these simple tips. They are of course all included within the Slow Selling system and processes.
Please click on the links below to get more engaged with Slow Selling and find out more.
And let’s finish off by converting the initial quote into a quote for business:
‘Humans are notoriously irrational when it comes to running businesses and leading teams. We act too quickly and don’t stop and think enough. We spend money on sales and marketing yet don’t invest in reputation and loyalty.
Here are some business tricks to get your professional life under control.’
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Slow Selling is a UK based not for profit organisation for leaders and managers in independent businesses.
Our systems deliver peace of mind and confidence to caring leaders and managers who have limited time and resources, and want to grow their business … all without sacrificing principles or profits.
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