Jaliel Thompson Joins Billion Dollar Company and Trains Entrepreneurs Wealth Principles
It’s no secret that to succeed as an Entrepreneur in today’s economy there is no magical formula to running a successful company. It takes hard work, patience, faith, business stamina, mindset and knowing the industry of your business. Knowing where to invest your money and get a return on your investment (ROI) can also be challenging. We are writing this article to talk about an Entrepreneur Jaliel Thompson who runs a successful chain of businesses that together produce 7 Figures Annually.
According to Dun & Bradstreet, businesses with fewer than 20 employees have only a 37 percent chance of surviving four years and only a 9 percent chance of surviving 10 years.
This made me consider why some small businesses succeed while others do not. Some may be a result of the experience and skill of the founder or startup team while others are heavily influenced by market factors, such as timing or chance.
Jaliel Thompson is an Entrepreneur with over 20 years’ experience running a Coaching Business, Real Estate Company, Network Marketing Company, Investment Company, and Clothing Company. He recently added to his portfolio of businesses and joined a Billion Dollar Network Marketing Company in which he had expediential growth and was offered a role to train other aspiring entrepreneurs the principles of wealth building. “The right way to build wealth is to have passive & residual income.” Thompson says. Thompson now shares those same wealth principles.
Jaliel Thompson has provided 10 lessons that has helped him survive and grow his businesses for the past 20 years.
1. Run your Business like a Business
Your time is their money so be efficient.
Many agencies use heavily designed presentations to report results or recommend strategies then bill the client thousands of dollars for design services. I typically supply these items in simple but detailed Word documents at no extra charge.
Additionally, if there is a miscommunication, leading to either work done incorrectly or outside of scope, I swallow the cost of the extra work. I consider this an investment in our relationship and a learning experience.
2. Your Network = your Net worth
This will help you generate new business opportunities.
When the Great Recession hit several years back, many of my client contacts were laid off. I devoted several hours each week to help place talented PR and marketing professionals in new positions. While this support was offered out of genuine concern for my colleagues, it has paid dividends with several new business opportunities coming from these past clients and colleagues.
Additionally, many of my former team members remain friendly and in contact as part of my business community. Some of my best client referrals have come from past employees.
3. Assemble a strong support team of talented professionals.
It takes a village to run a business so assemble a strong support team of talented people.
It is a pleasure and a professional asset to know a lot of talented people. I’ve built a modular team with experts dedicated to working with me on each client engagement. To make sure we are leaving no important ideas and opportunities on the table, I often reach out to other experts I know for functional expertise related to specific industries and business situations.
4. The fortune is in the follow up.
Just following up with customers who enjoyed your service or product over the past can substantially increase your product and sales. Sometimes a No is not a No, it simply is just a Not right now.
5. Invest wisely.
Avoid the temptation to overspend on luxury items, like office space, and try handling administrative tasks yourself if you are comfortable doing so. Look for opportunities to share the cost of tools and services. For example, I share a group subscription to databases and research services, which saves me hundreds of dollars each month.
6. Establish reasonable and manageable payment terms.
You shouldn’t be financing your clients. Over the years, numerous large corporations have asked me for terms beyond 30 days, stretching to 60 and 90.
I have held a line and even rejected business and RFP opportunities with prospects offering terms greater than 30 days. My time should be spent doing great communications work and not chasing receivables or paying interest to pay my own staff.
7. Don’t try to do everything.
Trying to be all things to all people just to land a new client distracts from your reputation and can dilute your focus on being effective within your core competencies and building your client base. Provide customers with what you do best and refer or hire others with expertise you need but don’t have.
8. Stay current with your professional tools.
Be sure whatever technology and services you use are up-to-date and compatible with your customers.
Throughout the past 15 years, my technology tools and capabilities have often exceeded those of my largest corporate clients. I make it a point to update my main office computer every couple of years, run the newest version of software available and have a recent model smartphone. I’ve also found it vitally important that I be able to access my company server remotely from tablet, laptop, smartphone and other desktops.
9. Be a valued team member.
Working as a valued team member enables you to be kept in the information loop so you can perform effectively.
Although I am not required to do so, I often sit in on client’s quarterly earning calls to be sure I am embedded in their organization’s information loop. I attend seminars in my client’s industry even if they have no staff going in order to keep both myself and the client abreast of the most current news and information in their industry. This helps me provide the best service and at the same time gives the client a feeling that I am more than just a contractor.
10. Knowing when to Rebrand your Business
You must know when it’s time for your brand to evolve. What worked the last 3 years may not work next 3 years. If a business owner is stuck to only the old way of running his or her company, they can be doomed with the economy shifts.
Jaliel Thompson HONORABLE MENTIONS:
-From Zero to 6 Figures in 6 months (Business Owner)
-From Minimum Wage to 6 Figures in 90 Days (Nurse)
-1 MILLIONAIRE Client
-$25,000-$100,000 Client Challenges
-Multiple 6 Figure Clients
-6 FIGURE Coaching Months
Over 10,000 Clients Served since 2012
Social Media Handle(s): IG @jalielthompson