Are You Ready for More Revenue?
In this article, you’ll learn: How to fix your business.
Business is created when there is an exchange. Big companies like Toy “R” Us and iHeartRadio made a mistake. They are using a broken business cycle. They spend all of their money advertising to get leads. What happened is they couldn’t sell the leads when they got them. They get a lead but don’t know what to do with it when they get it. There’s no exchange.
Your Financial Statement
The most important element on a financial statement is the income—the top line. It only takes up 2 inches but the expenses and debt are 26 inches. See how powerful income is? It controls everything in the statement.
Your household is a business. You have income, expenses, and a net profit. If you bring in $6K but $6K goes out to cover expenses, you have no profit. That’s an income statement.
The biggest mistake I’ve made in my last 30 years was that I spent too much time on my bottom line. Don’t make the same mistake. You’re told by your mom to save money. Your attention is on expenses, debt, and leftovers. You try to lower your expenses instead of increasing income.
What is easier, to lower your $6K of monthly expenses or raise an additional $6K? You have to pay for rent, gas, groceries, etc… Even if you cut back on how much Starbucks you buy, you can only cut expense so much. You’ll always have to pay for your basic necessities.
If you want to 10X your business, you need to fix your broken business cycle by getting leads that give you money. How do you do that?
The 7 Steps of a Correct Business Cycle:
- Follow Up
You first have an idea. Say you want to raise $100,000. Most of you go from idea and get stuck with the business plan, accounting, or manufacturing. Go straight to funding by getting attention. There is no financial statement in the world that doesn’t list income first.
Focus on income—idea straight to funding.
Google and Apple’s Business Cycle
Google never launches a perfect product. How many problems are there with every new iPhone? Yet, Google and Apple are able to turn their idea (sell ads or a new phone) and monetize right away. The more time you take between idea and monetization, the more quickly you’ll increase your income.
Tips and Tricks
If you have a job, quitting should be the last thing that you should do. Get attention in the vehicle you are already in. Make the company need you more than you need them.
At the beginning of any sale, price is sensitive. The first rule of selling—agree with the customer. Agreement gets attention. You lose attention when you disagree. When you present your offer, give options and put people into brackets—A, B, and C. Most of you think that if you give too many options you’ll confuse your customer. You won’t.
Grocery stores have an average of 58,000 products! You don’t go into the store for all 58k. You go in for a frozen pizza, some toothpaste, and maybe a toy if your kid was with you. What am I telling you? You are not going to confuse people—give them options in your proposal. If you have an intangible product, take it out of the intangible universe and create physical mass.
Your Closing Ratio
When you close, your goal should be a 10% closing ratio. I don’t always hit that but I know it’s possible. I can close anyone but some sales take longer than others. One sale might occur years later. That’s where the follow up comes in.
Commit to the income, not the problem. Sales is what grows the top line and the top of a sales funnel is people. If my daughter wants some slime, skates, or a bike—she knows that she needs to get some leads. Leads are people.
A correct business cycle that follows the steps I outline will be the difference in you winning. People need to win. You can’t win if you’re broke. Make no mistake, if Lebron James is winning, he’s making money. Everything in life is a financial statement. Winning = income.
Make more money. Make 10X income.
Grant Cardone is a New York Times bestselling author, the #1 sales trainer in the world, and an internationally renowned speaker on leadership, real estate investing, entrepreneurship, social media, and finance. His 5 privately held companies have annual revenues exceeding $100 million. Forbes named Mr. Cardone #1 of the “25 Marketing Influencers to Watch in 2017”. Grant’s straight-shooting viewpoints on the economy, the middle class, and business have made him a valuable resource for media seeking commentary and insights on real topics that matter. He regularly appears on Fox News, Fox Business, CNBC, and MSNBC, and writes for Forbes, Success Magazine, Business Insider, Entrepreneur.com, and the Huffington Post. He urges his followers and clients to make success their duty, responsibility, and obligation. He currently resides in South Florida with his wife and two daughters.