By Matt Ayres
Why do 10% of people hold 80% of wealth?
The answer is that successful entrepreneurs know the rules to become a Key Person of Influence (KPI). That's according to Daniel Priestly, an entrepreneur and best-selling business author.
Having founded Entrevo (Entrepreneur Revolution), which helps entrepreneurs and leaders to build global small businesses, Priestly compiled the five key ingredients for scaling up a small business to drive profit and growth. The KPI method, as outlined in Priestly’s book Key Person of Influence, suggests that the modern technology at our disposal will only help businesses to facilitate their own success once these crucial KPI rules have been adhered to.
“Technology is not the conversation to be having,” said Priestly during a talk at Introbiz business exhibition in Cardiff. “A microphone can only help you as a singer if you know how to sing. If you can’t sing, a microphone does more harm than good.
“In the same way, businesses need both technology and a voice. The first step is to establish yourself as a Key Person of Influence.”
The five Ps
Once you can deliver pitches, publish content, create the right products, raise your profile and pursue joint ventures and partnerships, you will have the key tools that are needed to become a Key Person of Influence. Priestly says that these five Ps — pitch, publish, productise, profile and partnerships — are essential to any enterprise that wants to upscale and achieve greater profit margins.
“You can work as hard as you like, but if you’re not a KPI, you’re wasting your time,” Priestly stated. “If you can’t pitch, you’re dead in the water.”
The first of Priestly’s Ps suggests that all social change comes about from clear, concise communication. By changing your pitch to work better for you, more money can be made from less work — the right pitch can get the right person on your side and enrolled in your dreams, bringing with them the opportunity to achieve higher revenue and grow your business.
The second P, Publish, claims that those who get found are those who publish content. By publishing an idea you are showing ownership of that idea, giving you authority and greater influencing power. Well-informed articles, blogs and books are all examples of content that you can use to direct attention to your business.
The ability to create products is Priestly’s third P. Most businesses need a product ecosystem that can work together, benefit one another and, ultimately, make money.
“The more you productise intellectual property, the more money you will make,” said Priestly. “We can all unpack our ideas and turn them into new products. Things we do naturally can be turned into products; look within your business to find ideas.”
Build your profile
Getting above the noise of the notoriously busy digital environment is another essential rule for business owners, so the importance of raising your business profile is acknowledged by Priestly as P number four. “You are who Google says you are,” he said. “Nobody’s going to do a big deal with you without Googling you first.”
A small or bad reputation can raise doubts about your integrity, while an outdated online profile will cause others to form opinions based on obsolete information. Make sure your online presence is positive to ensure you influence others in the right way.
The final P on Priestly’s list is partnerships. Offering your services to others in a mutually beneficial partnership can also mean reaping rewards by leveraging the ideas of other influencers.
By bringing resources together, we can build bigger things. “Forget about splitting the pie,” said Priestly. “Build a business partnership where you can make lots of pies instead.”
What do you think about Daniel's five Ps? You can tweet your reactions to @freshbusiness or email firstname.lastname@example.org
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