TRANSFORM YOUR BUSINESS: How to double your income and double your time off in 12 months or less
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TRANSFORM YOUR BUSINESS: How to double your income and double your time off in 12 months or less
- 2. AGENDA
- 3. CONFUSION
- 4. CLARITY
- 5. WHAT’S YOUR BIGGEST CHALLENGE?
- 8. YOU’RE NOT GOOD AT EVERYTHING
- 9. YOU’RE SMALL
- 11. YOU’RE NOT RESPONSIBLE FOR BEING DOWN… BUT YOU ARE RESPONSIBLE FOR GETTING BACK UP
- 12. THE NEW WAY FORWARD
- 13. SUCCESS COMES FROM WITHIN
- 14. THE 5 KEY CAPABILITIES
- 16. FOCUS ON THE RIGHT THING
- 17. WHAT’S BEEN MOST VALUABLE?
- 20. EARN MORE - WORK LESS
- 21. 4 TYPES OF BUSINESS OWNER HIGH INCOME LOW INCOME
- 22. THINK AND GROW RICH
- 24. DESIGN YOUR ULTIMATE BUSINESS
- 25. TAKEAWAYS
- 26. THANK YOU
- 27. QUESTIONS?
Editor's Notes
- WELCOME EVERYONEIT’S GREAT YOU COULD MAKE IT… I KNOW IT’S A BUSY TIME OF YEAR FOR EVERYONE… BUT I KNOW THAT YOU’LL BE GLAD YOU MADE THE EFFORT.I’d like to do a quick shout out to some old friends….And I’d also like welcome, all of the new connections that have come in board just for this webinar…Before we start… please do yourself a favour and turn off your mobile phone, shut down you email and remove all distraction.This is your time… I want to make sure you get the most out of the next hour.To get the most out of today you need to PARTICIPATE… take heaps of note… and if you have a question…I MUST WARN YOU - I may tell some jokes here and there… but I am not a COMEDIAN… help me out by laughing
- WHAT WE’LL COVER…3 Fundamental Problems Small Businesses FaceNew Way ForwardDouble Your Income & Double Your Time OffAT THE END OF THE WORKSHOP I AM GOING TO SHOW YOU A PROGRAMME FOR TAKING EVERYTHING THAT WE’VE COVERED AND INSTALLING IT INTO YOUR BUSINESS SO THAT YOU GET RESULTS EVEN FASTERMake sure you stick around to the end, because I have a special free GIVEAWAY that will only be available to people on the webinar.
- I think one of the biggest challenges we face as business owners is confusion…We’ve got things coming at us from left, right and centre…We’ve got all these demands, problems and new developments to keep on top of…And there is SO much information out there on how to make sense of all this mess…Everyday we are bombarded with information on how to make our business better10 ways to engage your fans though facebook…5 reasons why your business should be in the cloudWhat’s the best exit strategyMost of it isn’t relevant to us, a lot of it is rubbish…. And all it does is just add to the chaos and confusion
- My promise to you today is to take all of this confusion and turn it into clarity…You are going to get clear about where you are now… where you are going… and what you need to focus on right now to get there.
- Write down the 3 biggest challenges that your facing right now…Circle the biggest challenge…
- What I have found in working with business owners is that all of these challenges are just symptoms to the 3 Fundamental Problems that all Small Business Owners shareThese 3 fundamental problems are the cause of all your issues and challenges… and only by addresses the cause will you get long term results and change.IT’S LIKE PEOPLE’S HEALTH ISSUES…Most people go to the doctor with symptoms… The doctor gives the patient some medication to address the symptom…The patient get temporary relief… but they haven’t fixed the cause of the issue (stress, diet, lifestyle)The symptoms just keep on coming back (often in another form)And it’s like that in business too…EG – Companies that use the strategy of reducing prices to win more sales. It doesn’t address the problem that they don’t know how to sell and, in the long term it does more harm than good.
- YOU KNOW WHAT YOU KNOW, BUT YOU DON’T KNOW WHAT YOU DON’T KNOWWhen I first got into business, I thought I knew enough to be success. Studied business at University, worked in the family business growing up. But it wasn’t until I got into business for myself that I realised that there was so much I didn’t know… There’s a lot to know about running a business and you can’t know it all, but there are things that YOU NEED TO KNOW.KNOWLEDGE GAPS can cause you to make poor DECISIONS and prevent you from taking the right ACTIONS3 LEVELS OF KNOWLEDGENEED TO KNOW….. Essential to survival and success KNOW WHERE TO GO…. Where you go to find specific knowledge when you need itNICE TO KNOW… Useful info that’s not essentialIT’S LIKE DRIVING A CAR- NEED TO KNOW…. accelerator from the break….KNOW WHERE TO GO…. drivers manual, mechanicNICE TO KNOW miles per… gallon, zero to 100 etcNEED TO KNOWHow to get and keep customersHow to manage your financesHow to manage your staffHow to make or deliver your goods and servicesHow to manage yourself and your timeKNOW WHERE TO GOAdvisors, experts, training programmesEinstein's phone bookNICE TO KNOWHow to use Xero or MailchimpEG – My first 2 years I didn’t know how to manage my time effectively. I focused on delivery more than sales… I got a mentor that made me focus on sales first and foremost
- YOU’RE GOOD AT WHAT YOU DO… BUT YOU’RE NOT GOOD AT EVERYTHING…Being good at “WHAT YOU DO” is not good enough. To be successful in business, you need to be good at SALES, MARKETING, FINANCES, MANAGEMENT & LEADERSHIPOften the things we are not good at, we either do badly or not at allIT’S LIKE BASKETBALL – You can have the best offensive game in the competition. But if you’re not good at defensive game… you’re going down.DAN SULLIVAN - UNIQUE ABILITYGENIUS – EXCELLENT – COMPETENT – INCOMPETENTFocus on your unique ability – YES BUT – that’s fine if the other areas aren’t essential to your businessELI GOLDRAT – THEORY OF CONTRAINTS - Work on the constraint, the weak link in the chain, the think that’s holding you bat[DRAW 5 KEY CAPABILITIES TABLE][GET PEOPLE TO RATE THEMSELVES 1 TO 5]E.g.… When I first started out, I was great at Sales & Marketing, but crap at managing my finances… but I had to get good in order to survive
- YOU’RE SMALL BUT YOU HAVE TO DO IT ALLSmall companies don’t have the resources that larger companies have. We don’t have specialist people for specialist roles and because of that we end up having to wear lost of hats.IT’S LIKE….Playing a full strength Basketball team with only half the players THREE MAJOR IMPACTSWORK TOO HARDDROP BALLSDO A CRAP JOBMICHAEL GERBER – E-MYTHGreat exercise BUT does nothing to unload hats or fill gaps[Draw diagram]Work to hard + Do a Crap Job = JACK OF ALL TRADE BUT MASTER OF NONEWork to hard + Drop Balls = NEGLECT KEY AREAS, BUT YOU’RE TOO BUSY TO DO ANYTHING ABOUT ITDrop Balls + Do a Crap Job = LOST PASSION & MOTIVATION & YOU STOP TRYINGWork to hard + Do a Crap Job + Drop Balls = TRANSFORM OR DIETAKI MOORE“If you try and do too many things at once… you end up doing everything poorly”VIRGINIA“When you are busy doing one thing… there’s something else that you’re not doing”
- ASK YOURSELF… WHAT HAS BEEN THE IMPACT OF THE 3 FUNDAMENTAL PROBLEMS ON YOUR BUSINESS?They are the causes to the challenges you identified earlier…REAL IMPACT…SLOW YOU DOWN…STAND IN THE WAY…STOP YOU……. GETTING THE RESULTS THAT YOU WANT AND CAN ACHIEVE!
- IT’S NOT YOUR FAULT…THAT YOU ARE FACING THE CHALLENGES THAT WE IDENTIFIED EARLIERTHAT YOU HAVE KNOWLEDGE GAPS that are causing you to make the wrong decisions and taking he wrong actionsTHAT YOU HAVE SKILLS GAPS IN KEY AREAS…THAT YOU’RE SMALL AND WORK TOO HARD, DROP BALLS OR DO SOME THINGS BADLYBUT YOU ARE RESPONSIBLE FOR DOING SOMETHING ABOUT IT
- THE NEW WAY FORWARDThere is a new breed of Small Business Entrepreneurs’ that are overcoming the 3 Fundamental Problems & turning them into strengths & opportunities.Through Building Capabilities, Collaborating with Others & Focusing on the Right Things… small businesses can access the Skills, Knowledge & Resources they need to outcompete the big boys, whilst still maintaining the advantages of being small.IT’S LIKE…The EMINEM movie 8 MILEFinal MC battle with PAPA DOCTurns his weaknesses into strengths… White boy from trailer parkDestroys PAPA DOC[PLAY VIDEO]
- THE NEW WAY FORWARD STARTS WITH YOU….YOU’VE GOT TO MAKE THE COMMITMENT TO CHANGE & GROW[JIM COLLINS – GOOD TO GREAT – STORY OF THE EGG ON WALL STREET][DR NORMAN CHORN – FUTRIST MODEL][EXTERNAL SUCCESS – INTERAL CAPABILITIES GRAPH]
- THINK OF YOUR BUSINESS AS A HIGH PERFORMANCE SPORTS CAR…To get from A to B in the fastest, smoothest way possible, your car needs to be firing on all cylinders and functioning in a number of key areas…If you car isn’t functioning properly… it’s going to cause delays and you’ll eventually breakdownIT’S LIKE THAT FOR YOUR BUSINESS…Success in business has more to do with your internal capabilities that external factors…Develop Capabilities in the 5 Key Areas and you’ll survive and thrive regardless of what’s happening in the external environment
- Through collaborating with others, Small Businesses can tap into the skills, knowledge and resources they need to overcome the constraints of being small and out compete the big boysIT’s LIKE… JUMPING WITH SOMEONE ELSE ON A TRAMPOLINE.. IF YOU GET IN SYNC, YOU CAN JUMP TWICE AS HIGH AS YOU COULD BY YOURSELFWe need to reverse the Kiwi DYI attitude to businessIn each of the 5 Key Capabilities there are high level activities and low level activities where we can collaborate with others,SALES – HIGH = Acquisition, Retention & Growth…. SALES – LOW = Sales AdministrationMARKETING – HIGH = Marketing Strategy…. MARKETING – LOW = Executing Marketing CampaignsOPERATIONS – HIGH = MANAGEMENT…. OPERATIONS – LOW = DELIVERYFINANCES – HIGH = Analysing & Decision Making….. FINANCES LOW = BookkeepingLEADERSHIP HIGH = Dreaming, Thinking, Inspiring…. LOW = DoingINTERNAL = you and your teamEXTERNAL = You Mastermind Group, Advisors, Strategic Partners, Freelancers and SuppliersNAPOLIAN HILL – MASTERMIND PRINCIPLEPeople in a Mastermind Group can achieve more in 1 year than most people can achieve in a lifetime[3 circles model]MINDS of othersMastermind GroupsHANDS of othersOutsource or contract out lower value activities that need to get doneTAKI – “Pay lots for heads… pay little for hands & feet”HEARTS of others- Create a movement or cause that people want to be part of (not just a business)
- Your focus is limited. Try to do too much and you’ll do nothing well. Focus on the right thing at the right time and your can achieve big things.IT’S LIKE… HOW ILLUSIONISTS DO THEIR MAGIC. They divert your focus away from the “trick”, perform a slight of hand and “Voila”DAVID ROCK – YOUR BRAIN AT WORK – Multi tasking is a fallacy. Your attention is limited.THINK BIG – START SMALLPeople underestimate what they can achieve in the long term and over estimate what they can achieve in the long term[Ask people what box they fit in… get a shoe of hands}TAKI MOORE – Focus only on 3 projects. Say “no” to everything else.DAVID ALLAN – GTD – Have a “Someday Maybe List”
- In this next segment, I’m going to show you how you can double your income and double your time off by transforming yourself from an underpaid employee to a wealthy entrepreneur…Who likes the sound of that?Before we do, lets work out what your actually earning right now for the hours you’re putting in…
- Before we move on, I want you to check in with where you are right now and where you want to go…What did you earn from your business over the past 12 months?What would you like to earn in the next 12 months?How much time off, in terms of holiday’s did you take over the past 12 months?How much holidays do you want to take off over the next year?What’s the Gap?
- The great thing about being in business for yourself is the goal of Earning More & Working Less is a possibility that most employees don’t have.Too earn more… employees have to take on more responsibilities which mostly equates to longer hours. As a business owner, you can employ others to do the work for you while the business makes you money allowing you to sit on the beach working on your tanBecoming a wealthy entrepreneur is the ultimate end game for most business owners I talk to…[define wealthy entrepreneur] In fact, in accounting, they define the purpose of a business as “MAXIMISING SHAREHOLDERS WEALTH”Why is it that most business owners never get close to realising this ideal and often work longer hours and pay themselves less than their staff?THEY ARE FOCUSING ON THE WRONG THING FOR THEIR STAGE OF DEVELOPMENTIT’s LIKE GROWING UP…From infancy to adulthood we go through different stages of emotional, mental and physical development and our focus is different.INFANT focus is MUMCHILD focus is PLAYTEENAGERS focus is GIRLS ADULTS focus is CAREER
- DESCRIBE EACH BUSINESS OWNER..UNDERPAID EMPLOYEE – Works massive hours, earns a low incomeOVERLOADED MANAGER – Works massive hours, earns a good incomeEFFECTIVE LEADER – Works normal hours, earns a very good incomeWEALTHY ENTREPRENUER – Chooses their hours, earns a massive incomeAsk yourself… what type of business owner are you?
- THE THING THAT SPERATES ONE TYPE OF BUSINESS OWNER FROM THE NEXT IS THEIR MINDSET…THEIR MINDSET DETERMINES THEIR HOURLY RATE…UNDERPAID EMPLOYEE “The more you work, the more you earn”Works hard, but not in the right areasOVERLOADED MANAGER“If you want it done right, do it yourself”Works hard, mostly in the right areas, but is doing too much themselvesEFFECTIVE LEADER“If you want things done, give it to a busy person”Knows how to delegate to effective people, gets others to do the heavy liftingWEALTHY ENTREPRENUER“The more value you create (the more people you help)… the more you earn”Thinks big, creates a movement that people want to be part ofEG – Michael Hill and Richard BransonTheir visions are bigger than money… money is a buy product of their intention to help people and create valueTHE PARADOX- The other types of business owner… income is their primary intention, creating value come second.“If you think your can… or you think you can’t… either way your right” Henry Ford
- In order to focus on the right thing at the right time, you need to identify the areas you need to work on and the capability you need to develop in each areaIT’S LIKE… Going to school or university…The “AREA” your need to focus on is like the Subject or MajorThe Capability you need to develop is like the level or year.YOU CAN MOVE ONTO THE NEXT LEVEL WITHOUT GRADUATING THE LEVEL YOU ARE ONEG – There’s no point selling more stuff, if you are loosing money on each sale (you haven’t mastered Cash Flow & Margins)EG – There’s no point going out to get new customers if you can’t keep the one’s you’ve got (you haven’t mastered Retention & Growth)OTHER COACHING COMPANIES TEACH THE 5 WAYS MODEL (Leads, Conversions, Sale Value, Repeat, Margins)Only focuses on INCOMEStart with Lead Generation and end with Margins… which is the wrong way around.ASK YOURSELF, WHAT TPYE OF BUSINESS OWNER AM I?WHAT CAPABILITIES DO I NEED TO DEVELOP NOW & NEXT?
- THE WEALTHY ENTREPRENUER STARTS THEIR JOUNEY AT THE DESIGN STAGE. THEY CREATE A VISION OF WHAT THEY WANT THEIR BUSINESS TO BECOME AND WORK BACKWARDS TO TODAY.IT’S LIKE… FLYING A PLANEYou start with the destination “WHERE TO”You map out your course “HOW TO”Then you take off “Implementation”PLANES DON’T FLY IN A STRAIGHT LINE… they are constantly re-correcting themselves to stay on courseRICHARD BRANSON – VIRGIN ATLANTICMICHAEL HILL – 30 YEAR GOAL – GLOBAL BRAND 1000 STORES WORLDWIDEDAVID ALLAN – GETTING THINGS DONE – HORIZON OF FOCUSHigh Level to low levelUses plane analogy at different altitudes50,000 is big pictureGround level is the runway “here and now” actionsMost business owners are too focused on the ground level with no perspective of the big picture
- Where do you want to be 5 years from now? [big things, big future]Where do you want to be 12 months from now? [how much income, how much time off]What type of business owner am I and what do I need to focus on close the gap between where I am now and my 12 month goals?What are the 3 things I need to focus on in the next 90 days?What is the one thing I need to focus on now? [right things right now]Who can I collaborate with to get there faster?
- Picture of people clapping