Entry & Exit Strategies
Do you have a good “Entry strategy” and “Exit strategy”?
The first time I heard this statement I was taking a stock (as in stocks and bonds) course.
I was asked how I choose my stocks? Was it someone’s hot tip? (yes, I’ve done that)…. Or, I read the papers and liked something I read (yes, I’ve done that)….or a stockbroker suggested something (and yes I’ve done that).
Maybe not a strong entry strategy (not hardly!) but we’ll let that go for a minute and buy in that it is a strategy. I did way better on the next question, and was pretty proud of myself. “What was my exit strategy to sell the stock?”
The answer is obvious isn’t it…when the price is high!
Of course that doesn’t always pan out quite the way we think it might (unfortunately). Take for example my 100 shares of “Red Hat” that I purchased for about $20 per share. It ran itself up and split at $100 per share and then ran up again to $80.00. I was ecstatic. How far would it go….. I didn’t realize that the techno bubble was about to burst.
It didn’t “go” any further…unless you count how far it could go down …down…down… and me with no exit strategy other than “when the price is high.” I just watched it from the side lines frozen in disbelief with no plan in place.
Hard lesson yes….but it did get me to the stock course and now when I purchase a stock I have a solid entry strategy and a solid exit strategy regardless of which way the stock ends up going.
Once I saw how well entry and exit strategies worked in my stock portfolio I began to think about what kind of exit and entry strategies I used in my business. It didn’t take long to realize that often (too often) I was flying by the seat of my pants – rather like “selling high” – and didn’t always have a clear exit and entry strategy. Let’s look at the holiday season that’s upon us for an example.
How have you planned the month? Are you burying your head expecting or hoping (pushing?) everyone will work? Or have you already given up thinking that no one will do much because it’s December? Are you dreading the January doldrums and how difficult it is to get people back to work?
Or do you have a good plan for yourself that you can share with your downline? What’s a good plan? A good solid, steady work program right up until whatever date you want to stop….Period. How do you do that?
This is your December *Entry* Strategy
- Decide what you want to accomplish in the month of December that is reasonable for the amount of time you want to work.
- Lay out exactly what kind of activity you think you need to do to in order to accomplish your December goal.
- When your last day of work for December rolls around s-t-o-p working. If you’ve done the activity as you planned you should be guilt free.
This is your December *Exit* Strategy
If you go back to work between Christmas and New Year make sure you follow the same three steps.
This is your January *Entry* Strategy
- Take a look at January right now. Decide when you want to plan your first, second and third money making activity for the month.
- When you’re speaking with someone who puts you off till the New Year (because they’re so crazy from the holidays
(aren’t you glad you’re not ‘cause you’re scheduled!) book them to your January schedule.
What this does is keep you working right up until the appropriate time through December…and it gets you back in motion – on schedule – in January.
How do you get your team on board? Ask them if they have a good exit and entry strategy to keep sane through the holidays as well as keep their business momentum. When they say “no” give them this link www.SavvySponsoring.com… and we’ll send them this ezine. Use us for your third party validation.
Help everyone have
Speaking about great starts and out the gate… Most of you know that I built a six figure Excel business along with another six figure multi level lead business. But before an overall entry and exit strategy for my business that ultimately spanned a year, three years and then five years I was unable to keep the money or sustain my business over time.
And it was not about sponsoring. Sponsoring skills alone will not keep you afloat. I know. Talking to people was something I learned to do. I could sponsor…I did sponsor…but they didn’t stay.
Why?
In order to build a successful network marketing business you need planning and preparation to build an organizational structure and systems from which to operate your business. Without foundations in place, sponsoring skills are not going to keep your business afloat.
My day-to-day activities did not correlate to my year. Sometimes I was prepared for the day ahead but I wasn’t consistent. That meant I wasn’t well prepared for the year ahead. I just didn’t have good entry/exit strategies.
Do you relate?
Check out my Year In Gear starting in January. If you want to head into 2007 feeling confident about where you’re going and how you’re going to get there… I believe Year in Gear is a great way to start!
The first 25 people save $100 on their
registration fee, there are a few spots left at this
special price… so act now!
I only do this once a year… if you’re ready to stop getting in your way and are ready to “catch your truck” see you on the Year In Gear.
