George's Business Tips wk. 5/25/22

 

Are You Teaching Your Team to Be the Best?

The leading cause of overwork among business owners is not teaching your team! For example, a law firm where the best attorney is the owner is not a successful law firm. You’d rather not be the greatest attorney and instead, hire dozens of phenomenal attorneys. And keep teaching them all the things they need to learn for you to have a phenomenal law firm. Being the best is not a smart business strategy. Instead, you want to teach the team. So be a smart business owner. Get help from us, get help from someone else, it doesn’t matter. Just learn how to teach your team! 

 

How Many Marketing Strategies are You Using? 

If your answer isn’t 8-10 strategies you need something to change. You see every marketing strategy you have should generate around 10% – 15% of your leads. If you have 10 strategies always running, then it won’t matter when one or two start to decline because you still have the other 80%. Then you have the freedom to change the ones that are failing without having the dead space in between where you aren’t getting leads which means no customers!

Most small businesses rely on one strategy like referrals to grow their business but with just one strategy what happens when it starts to fail… so does your business. Implement 8-10 strategies in your marketing so you don’t fail! 

 

 

Are you leveraging other people’s money?

 

It may seem like an intimidating concept but you’ve probably been leveraging OPM your whole life without even noticing.  When you buy a house with the bank you are leveraging other people’s money.  After all, it’s far safer to use other people’s money than your own. 

Business is no different, you should be leveraging OPM. There are various ways to spend OPM like Equity investors, government grants, vendor, and landlord financing. The key to finding OPM is getting people to believe in your business. This should be easy because you wouldn’t have customers if you didn’t know how to make others believe in your establishment enough to give you, their money. After that, you can rest easy! There’s a certain calmness you have investing money that’s not yours.

There’s tranquility knowing you’re not at any risk of losing your own money. If that weren’t the case, we’d all be in Vegas every weekend.  Your goal in business should be to make lots of money without ever having to spend lots of money. Saving money while making money is the name of the game.