What We Can Learn from Million Dollar Businesses with Elaine Pofeldt

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Elaine Pofeldt is an independent journalist, online editorial consultant, and speaker specializing in topics related to small business, entrepreneurship and careers. She is the author of The Million-Dollar, One-Person Business, a book that takes a deep dive into how entrepreneurs are achieving seven-figures in revenue without hiring employees. She is also a ghostwriter and senior editor at FORTUNE Small Business. Her work has been featured in multiple media publications, including Fortune Magazine and Forbes. Elaine has also appeared as an expert guest on several leading podcasts and talk radio stations, including the Bob Schmidt Show, Entrepreneur Network Podcast, and MoneyForLunch.

Elaine joins me today to discuss why your business plan is critical for achieving your financial goals and the lessons we can learn from million-dollar entrepreneurs to continue to grow our businesses through an economic crisis. We discuss how many million-dollar business owners are pivoting their business models and doubling down on their marketing, despite the coronavirus pandemic and current economy and why it’s critical to double down and continue your networking and marketing efforts. We also discuss the importance of your mindset during times of uncertainty, documenting your processes to increase efficiency, and why it’s crucial to keep your customers’ needs at the forefront of your marketing efforts.

“There’s something all of us can do in these situations if we think creatively and keep panic at bay.” - Elaine Pofeldt

In This Episode of The Sigrun Show:

  • The importance of creating a solid business plan and how it impacts your success
  • The value of integrating automation and hiring contractors
  • The common mindset among many seven-figure entrepreneurs
  • Why many seven-figure entrepreneurs practice meditation and focus on improving their mindset
  • How many million-dollar entrepreneurs are shifting their business models due to the COVID-19 pandemic and global economic crisis
  • The importance of doubling down on your marketing efforts, despite the novel coronavirus pandemic
  • Developing a payment plan with the companies and contractors you work with
  • The importance of keeping your customer’s needs in mind when selling and marketing your services
  • The importance of documenting your processes and creating Standard Operating Procedures to increase efficiency
  • Why it’s crucial to take time to reflect and focus on what’s important to you

Resources Mentioned:

Connect with Elaine Pofeldt:

  • Tiny Business, Big Money book - coming soon!

Turnaround resources

Here’s the truth: None of us have seen a global pandemic before. Some of us have gone through recessions and a few of us have turnaround experience. Personally, I've gone through two recessions that turned out to be great opportunities and was a successful turnaround CEO for a number of years.

It's become clearer what we need to do in terms of the Coronavirus - social distancing is the new way - and now the bigger challenge is the global recession where every individual and company will be impacted.

But the impact will be smaller the more you prepare and do now.

That’s why my team and I are here to help. We have put together the following resources to support you in these challenging times. Click here to view all the resources.

Please share, subscribe and review

Thank you for joining me on this episode of the Sigrun Show. If you enjoyed this episode, please share, subscribe and review on Apple Podcasts or Google Play Music so more people can enjoy the show. Don’t forget to follow and connect with me on Facebook, Twitter, and Instagram!

Click here to learn how to leave a review, then head over to Apple Podcasts for your chance to win a special thank you gift!

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