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Many entrepreneurs have a love/hate relationship with their businesses. They love the freedom it gives them, but they hate the fact that it steals all their time and energy. They love the fact that they can earn an unlimited amount of money in their own business, but they hate the fact that they constantly have to slave to create enough cash flow. It’s almost as if they got the new car, but it doesn’t have an engine.
Something is missing in your business, and I know where you can get it.
There’s the old story of the Indian Chief who saved for years to buy a car. When he got his shiny, new automobile, he sat in it and traveled slowly down the main street, waving to all the passers-by, well pleased with himself, and proud of his new toy. He had had six horses pulling the car along, because he didn’t know how to start the car or drive; two hundred horses under the hood that weren’t being used. Sounds like a lot of business owners I have met: they work far too hard and earn a a small percentage of their potential profits.
Why buy an airplane and learn to fly, when you can simply buy a ticket on someone else’s plane? It’s infinitely cheaper and easier, takes no time, and there’s no risk. Oh, you knew that? Then why don’t we do that in our businesses? Instead of buying and leasing and owning and risking, why not simply rent, borrow, or share something that is already paid for? Instead of working for minimum wage in your own business while your kids play ball, why not hire somebody and go watch the game? Do you think Donald Trump cleans the floors in Trump Towers? I was there, and I didn’t see him cleaning…. Oh, you’re not Donald Trump, you say? Well, you certainly won’t get to his level of accomplishment by being a laborer. You can read Rich Dad, Poor Dad, all day, but until you start acting on it and doing what rich people do, you’ll stay poor. I know people who’ve organized more cash flow games than I’ve signed checks, and they still work for a boss.
In order to turn that time vampire you call a business into a DollarMaker that spits out money while you sleep, you need to start learning about five things: Leverage, Duplication, Joint Ventures, Profit, and Value. That means that your dear ego needs to take an extended holiday while you take a good, hard look at the real situation in your business.
I told one of my clients, once, that his employees were stealing from him, and that he should start recording phone calls and set up CCTV. He was appalled. He was disgusted, shocked, and indignant. How dare I imply people would be crazy enough to steal from him? His brother turned to me and said, “We have caught a number of people stealing from him.” His ego was so out of control that this fool lived in denial and kept his brain pickled with alcohol over the weekends. You have to face facts if you want to change things.
Pretend your business is a Monopoly Game, and evaluate exactly where you stand. Look at all your resources, options, risks, costs, profits, ratios, and statistics. Look at the return on investment derived from your advertising. Be objective. You’ll be amazed at how many options you have available to you.
