Backups Secure Business Sustainability, According to Latest News Update from James Schramko

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Business expert James Schramko shares another set of tips and tricks for entrepreneurs in his latest video on This week’s business update tackles measures to avoid sales mistakes, ways to meet influential people, the importance of keeping backups, and more.

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James Schramko - Business Expert

You want multiples. Multiple staff and multiple ways that people can pay you and multiple customers who pay you in multiple ways. That way you’ve got a solid, reliable, sustainable business.

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In his latest news update, online business authority James Schramko stresses the importance of keeping backups to ensure sustainable operations. He also discusses five other tips for greater success in business, beginning with advice to help entrepreneurs avoid mistakes in sales by asking customers regarding their needs before delivering a sales pitch.

Schramko states that it is important to “ask before you tell” as this can prevent sales persons from pitching to the wrong customer. The business and marketing expert explains why: “If you put the wrong pitch to the customer then you blow your chances and you’re not going to make the sale.”

In addition to pitching proposals to the right customer, Schramko also places great emphasis on meeting influential people through a common friend.

“Find someone who really knows them and have them introduce you,” Schramko asserts. “That is far more powerful than a direct approach or a cold call.”

Schramko then proceeds to discuss maintaining business sustainability through backups. He states that providing alternative strategies can help keep a business up and running in times of emergencies or when issues with communication arise. Schramko adds that this safeguard against unexpected problems should be applied not only to important files and documents, but also to employees, the customer base, and the method of payment used by the company:

“You want multiples. Multiple staff and multiple ways that people can pay you and multiple customers who pay you in multiple ways. That way you’ve got a solid, reliable, sustainable business,” states Schramko.

The business expert also tackles the value of money over time and its importance in long-term business transactions. According to Schramko, “Money today is more powerful than money in the future. So whenever you’re looking at doing transactions or deals or calculating the lifetime value of a customer, remember that whatever it’s worth today is probably the high point. Take today’s money as the highest possible value and discount future earnings for contingencies or problems or just inflation.”

Schramko then follows this advice with a valuable tip for effective training:

“When you’re training or consulting, you want the minimum effective dose. That is the no fluff, no filler, no bonus stack version. Just the meat and potatoes. What the people need to know and nothing else. Give them the minimum so that they can implement and get the maximum result,” Schramko states.

With regard to highly specialized tasks, Schramko suggests hiring skilled specialists rather than self-study. He explains that the former allows entrepreneurs to gain progress much faster, while the latter will take a long time:

“Sometimes it’s not worth learning to do something yourself. Taking that time and energy to invest in learning… it might be a year away until you’re very good at something,” states Schramko.

“Consider instead hiring specialists. If there’s a specialist who’s the best at this certain task and you can just hire them today, pay what they charge, get the result done, and move forward way faster,” he adds.

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