Business Building Corner

Review your past year and plan for the next

How is your LifePharm business doing? As the year draws to a close, there is no better time to start planning anew. This means taking stock of the past year, reviewing your current rank and status, and deciding where to take your business next year.

Conducting a year-end review has meaningful benefits for every Independent Business Owner — not least of which is planning for and positioning your business for growth in the year ahead. Take the positive outlook and focus on what you have done well. Entrepreneurs often tend to be hard on themselves, but a year is a long time in the network marketing industry, especially for newcomers, so remind yourself of your successes and consider ways to repeat them.

Take stock of key areas of your business building, including activities such as retail sales, prospecting, sponsoring and business finances. Ask yourself the following questions and your answers will help you determine your best course of action:

  • Which products are the most profitable? Most LifePharm IBOs start out with Laminine, but remember, there are three other products that people will be interested in. Everyone has different issue, so always keep all four on hand: Laminine, OMEGA+++, DIGESTIVE+++ and IMMUNE+++ and talk about them after you listen for the prospects’ areas of need.
  • If you are already selling all four products, are any of the products lagging in sales? Is there new information under Resources in the Virtual Office that you can use to educate and convince prospects to try the products? If you are not visiting Resources consistently, you are shortchanging yourself.
  • Are your products still aligned with your target market? Has your core customer base changed in the past year? For example, do you talk to fellow soccer moms more than anyone else? Do you talk to people who have elderly parents? Do you talk to athletes who want to enhance their performance? Do you talk with healthcare practitioners? Continually assess what your customers’ needs are and tailor your information and approach accordingly. Are you making use of the new Healthcare Practitioners’ website yet?
  • What can you do to optimize your costs? Do you invest in giving out samples? Do you host meetings in your home or rent space? Do you host alone or have downline partner up with you? Do you sell via your replicated site only or do you do face-to-face sales? Where can you realize efficiencies?
  • What do your customers think of you? How "customer-centric" is your approach to business? Successful business builders make buying product effortless and seamless. If any issues ensure, the customer never has to fret, because you will “take care of it.” This service approach holds true for how to treat downline until they become proficient business builders themselves.
  • How much time are you devoting to training? Remember that duplication is the key to growing your organization. Are you teaching your new enrollees how to sponsor their own prospects? Have you made sure each of your team members is on Auto-Delivery for at least four bottles monthly?

Every business is different so it's worth talking to your accountant about your individual circumstances. Make sure you are sticking to your budget and stay ahead of tax season, especially if you have been rising up the ranks quickly and are earning higher commissions every month. Keep track of what is tax-deductible and use it to your advantage.

From all of us at LifePharm to all of your, our beloved IBOs, Happy New Year!