We did a quick poll to ask business owners what they would want more of in their business and the most frequent responses were to do with needing more revenue, more profitability and more free time.
Interestingly, there is a study, 5 regrets of the dying-research done by a hospice nurse and one issue that consistently came up in the replies was that they wished they hadn’t worked so hard, and they wished they had spent more time with the people they loved.
Which of the top 3 needs is your priority?
On the 3 things business owners want more of, many have them in the wrong order. Just a quick question; as a business owner, write down the order in which you arrange the quest for revenue, profits and free time. Have you been optimizing for free time? Have you been optimizing for profit? Or have you been optimizing for revenue?
Most people tend to target increasing their revenue first, then they look at how to increase profits, and finally they look for ways to increase free time.
If you remember the regrets of the dying, most people wish they’d spent more time with their loved ones, and so that will be our focus here. What has to happen for you to get more free time?
Work to live vs. live to work?
Do you work to live or you live to work? This metaphor from Australia highlights the ways in which people approach their lives. Those who live to work literally spend their entire waking moments working. Mentally, we say our families, God, community and so on are most important to us, but our actions show that work is the most important since it occupies us for most of our waking moments and we don’t have any special routines to get us pumped up for our families, God, etc.
Now we have to get into a pattern of working to live, not living to work. To do that, we need to determine how much is enough.
How much is enough?
I learned early in life from a seminar taught by my dad on how to live a wealthy life. In that course, people are asked to do the math and find out how much they actually need to live the life of their dreams. How much for the mortgage, second home, flying privately, driving that dream car, etc.
When approached this way, people soon realize that they don’t need as much money as they initially thought they needed. As one mentor put it, what you need is consistent cash flow to meet your needs, rather than a huge pile of cash. The cash flow is consistent or even grows, while the pile of cash dwindles with every dollar you spend.
According to a study that was done in the UK, people who earn less than what they need to meet their daily or monthly expenses are very unhappy. The researchers also found that for those who always want to make more and more money, their degree of unhappiness increased the more money they made beyond the level that is enough for them to meet their needs as per the calculation referred to earlier.
This particular finding is surprising because many people think that if they made lots of money, they’d eventually be really happy. Not at all!
The research shows that the people who made enough money to meet their needs, and just a bit more were the happiest of them all. The explanation is that the further you go into the zone above what you need, the money starts creating lots of pressure to keep all that money and keep earning more.
So, the big question is, how much do you need to make to be satisfied that you have hit your number for the day, month or year and then head home to spend time with those you love, engage in your hobbies, etc.?
I asked myself after reading that study, do I have to be stuck at making just the money I need rather than all the money I want? To get clarity on this matter, I went out looking for people who were living the life I wanted and my interest was in finding out how much money they were actually making.
I met a friend and he made $386,000 in one month, he was running at 83% profitability. This means that out of all the money ($386,000) in the month, 83% was just profit. More amazing was the fact that he took 20 days off work during that particular month!
I don’t know about you, but I was impressed by that and started studying a lot more people to see how they were producing such results while taking so much time off.
If you would like some assistance doing the math to arrive at your wealthy life number, I would love the opportunity to work with you. Comment “rocket ship 2021” and I will get back to you real quick with a link to a little form, or even get on a 15-minute call with you in which you tell me where you are right now, where you need to go, what you think the biggest obstacle on your way is, and what you are doing to solve it. If we can help with that, I will tell you how we can do it, and if we can’t I will let you know!
We actually need two more people to make a total of ten who we will work with for the next 12 months specifically on how to get more revenue, get more profits and get more free time. We are going to measure this every month, improve it incrementally, and we will find a way to help people grow this.
Our client of the year…
Speaking of growing in those three areas, I would like to take a moment to celebrate one of our clients, Barbara and Dean. These two amazing humans literally hold the record this year 2020 for business growth. In 2020, during a global pandemic, which is my favorite aspect of their story, they grew their revenue by 50% YTD (year to date), they grew their profitability by 171% YTD, and they grew their net profit, the take-home money in the pocket, by 195%! I love results like this!!
I told a team member today that I feel like a kid in a candy store when I help people get results like this. It is a deep blessing and I am super honored to be a part of it. If you would like to join this exciting journey with a few other people, simply type “rocket ship 2021” in the comments and we will get right back to you.
So, some homework here. I want to make sure that there’s something of value that you get out of this session here;
First, figure out what that green line (of the money you need) is. What’s your mortgage, what’s your rent, what’s your number of the money you need every month, and what would a little bit more be for you to live the way you want?
Once you know your number, you now have to set up a plan for how you are going to make that number happen. In the beginning, it might take you all 31 days of the month. But once you know that green line number, the goal is next month can you do it in less time? If you think about running in a foot race, this is how you get incrementally better and faster at running. You figure out how long it takes you to do it the first time, you put in place a plan to see how you can do it in less time during the next attempt.
If you keep improving each month, eventually, you will get 20 free days each month while making what you need to live the life you want. It is a simple equation, and the number one reason why most people don’t make it happen is that they don’t start out with a plan like this. I’d like the opportunity to help you get onto something like this. If you would like to get involved, just type “rocket ship 2021” and I will cycle back to you in a short while. Or, fill out the form below the video, let’s have a quick chat and let’s see if you can take one of the remaining six slots.
Do the homework, and I will be back next week with the next step!
To Your Success,