Brian Will, Serial Entrepreneur & Industry Leading Business & Sales Management Consultant
This blog is based on the principles taught in my new masterclass, The Psychology of Sales Masterclass, which is now available on Skool! Join my community below and check out the first module for FREE!
The psychology of sales doesn’t just apply to the customer. For sales managers, it’s also about understanding the psychology of salespeople and motivating them to perform at their best. If a manager can find a way to align the goals of both their individual sales reps and organizational as a whole, they can help their team overcome the common barriers to higher performance.
Here are five essential elements to understand the psychology of sales management and help your team of sales professionals achieve their full potential:
Many sales managers assume that money is the sole motivator for their team. While compensation plays a very significant role, it isn’t the only factor that drives salespeople. In fact, the laziness factor is often overlooked. This phenomenon occurs when sales reps meet their personal financial goals and, instead of pushing for more, relax their efforts.
For instance, a salesperson who needs $100,000 annually to sustain their lifestyle may produce only at that level, even if they have the potential to make much more. Because their personal goals do not align with the company’s goals, this creates lost opportunities and results in diminished profits and wasted resources.
Sales organizations often exhibit a performance distribution where:
As a sales manager, your goal should be to move as many team members as possible from the 70% category into the top 20%, while addressing underperformance in the bottom 10%. You have to accept that the entire sales organization will never operate at a maximum like your top 20%, so you must decide what level of performance is acceptable. Once that decision is made, it’s essential to ensure that your compensation plans are structured in a way that pushes everyone to strive for more, not just your top performers.
One of the biggest challenges in sales management is creating compensation and incentive structures that drive consistent high performance. Many companies mistakenly use straight-line commission models, where a percentage of sales is paid across the board. This encourages the laziness factor and often fails to push sales reps beyond their comfort zones. They will perform the exact same each month to make just the amount of money they need, and their sales progress will plateau.
To overcome this, consider implementing tiered compensation plans. For example, a salesperson could earn 5% commission on the first $500,000 of sales, 10% on the next $500,000, and 15% on the next tier. This structure rewards higher performance without penalizing the company’s bottom line. By carefully aligning compensation with both individual and company goals, you create a system where everyone benefits. Your sales reps can still make the amount they desire, but in this tier system the company will also make more revenue and continue to grow.
Incentives are powerful tools when used correctly. However, to be truly effective, they must meet specific psychological criteria. Here are three key rules for creating successful incentives:
When properly structured, incentives can push your team to exceed expectations and boost company profits.
An essential part of sales management is goal alignment between the sales rep and the company. Every sales manager should sit down with each team member to understand their individual goals, whether it’s earning a certain income or advancing within the company. From there, managers can reverse-engineer those goals and create clear pathways for the rep to achieve them through weekly or monthly milestones.
Managers should also actively track progress, offering support and accountability. If you miss check ins for one week, you may lose your momentum for two. If you miss check-ins for two weeks, you lose a month’s worth of momentum, and so on. A consistent focus on goals ensures that your team remains motivated and productive.
Effective sales management requires a deep understanding of human psychology, goal alignment, and the implementation of strategic compensation plans. By focusing on overcoming the laziness factor, aligning team goals with company objectives, and creating motivating incentives, you can elevate your sales team’s performance and drive better results across the board.
Consistent goal tracking, regular check-ins, and structured rewards will ensure that your team stays focused, productive, and continuously motivated to reach new heights.
For a deeper dive into these principles and more advanced sales techniques, consider exploring The Psychology of Sales Masterclass, or reach out to me at questions@brianwillmedia.com for more information.
If you’re ready to break free from the status quo and join the ranks of the mavericks, the rebels, and the renegades who refuse to conform and instead build multi-million dollar businesses, subscribe to The Dropout Multi-Millionaire Podcast wherever you choose to listen!
Brian Will, Serial Entrepreneur & Industry Leading Business & Sales Management Consultant
This blog is based on the principles taught in my new masterclass, The Psychology of Sales Masterclass, which is now available on Skool! Join my community below and check out the first module for FREE!
Finding success in sales hinges on more than just knowing your product or service; it requires a deep understanding of human psychology. In today’s highly competitive market, top salespeople differentiate themselves by connecting authentically with their clients and guiding them through the decision-making process without resorting to high-pressure tactics or manipulative techniques. In this blog based on the newest episode of The Dropout Multi-Millionaire Podcast, I’m sharing my top three sales psychology tips that will help you move from being an average salesperson to one of the best in your field. These insights will empower you to navigate sales conversations with confidence, turning client interactions into meaningful, successful engagements.
One of the biggest obstacles in sales is overcoming the initial mistrust that clients often feel when engaging with a salesperson. This phenomenon is something I call the “Wall of Mistrust,” and it’s an emotional barrier that prevents clients from fully engaging in the sales process.
People typically operate in one of two states: emotional or logical. They cannot be in both states at the same time. When clients are in an emotional state, they are less likely to make rational decisions, and their mistrust of the salesperson can hinder productive conversations.
The key to overcoming this barrier is to guide your client from an emotional state to a logical state where they can make informed decisions. Start by addressing the client’s concerns and fears head-on. Techniques such as giving clients the option to say “no” upfront and explaining exactly how the sales process will go can help dispel their fear of the unknown. This approach makes clients feel like they are in control, giving them the confidence to engage with your sales presentation in a more thoughtful and logical manner.
Active listening is one of the most underrated yet powerful skills in sales. Many salespeople mistakenly believe they need to dominate the conversation to maintain control. However, the person who is listening often holds the most power in a sales interaction.
Passive listening—where you are merely waiting for your turn to speak—is ineffective and can lead to missed opportunities to connect with the client. Active listening, on the other hand, involves fully engaging with the client’s words, body language, and tone. It’s about asking the right questions and paying close attention to the responses, allowing you to gather valuable insights into the client’s needs, concerns, and decision-making processes.
By actively listening and making connective responses, you can demonstrate that you understand the client’s unique situation and position your product or service as the ideal solution. This approach not only builds trust but also empowers you to tailor your pitch in a way that resonates deeply with the client. It also keeps you from wasting everyone’s time by rambling on about your product’s details that are irrelevant to the client you’re speaking to.
Understanding personality types is another critical element of successful sales. Both you and your clients will fall into one of three primary personality categories:
The challenge arises when your personality style doesn’t align with that of your client. For example, if you’re an assertive driver pushing a hard sale with an emotional client, you may come across as overly aggressive, which reinforces the client’s mistrust. On the other hand, if you’re trying to appeal to a data-driven client with emotional arguments, you may seem unconvincing or unprepared.
The solution lies in identifying your client’s personality type early in the conversation and adjusting your communication style accordingly. This adaptability allows you to present your message in a way that your client will best receive and understand. Recognizing and modifying your own approach based on the client’s needs is essential for effective and persuasive sales communication.
Mastering these three principles—overcoming the wall of mistrust, practicing active listening, and adapting to different personality types—can dramatically improve your sales effectiveness. These techniques aren’t about pressuring or manipulating clients; they’re about facilitating the decisions they already want to make. By incorporating these psychology-based strategies into your sales process, you’ll not only build stronger client relationships but also significantly increase your sales success. So, refine your approach, connect authentically, and watch your sales soar.
For a deeper dive into these principles and more advanced sales techniques, consider exploring The Psychology of Sales Masterclass, or reach out to me at questions@brianwillmedia.com for more information.
If you’re ready to break free from the status quo and join the ranks of the mavericks, the rebels, and the renegades who refuse to conform and instead build multi-million dollar businesses, subscribe to The Dropout Multi-Millionaire Podcast wherever you choose to listen!
Brian Will, Serial Entrepreneur & Industry Leading Business & Sales Management Consultant
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In this blog based on the newest episode of The Dropout Multi-Millionaire Podcast, let’s dive into the world of entrepreneurship and ponder a crucial question: Should you be an entrepreneur? It’s a topic that sparks debate, and I firmly believe that not everyone is cut out to start their own business—at least, not right away. Moreover, some individuals who have already launched their companies may not be best suited to run them. This discussion revolves around the roles of being the top dog or potentially serving as second-in-command.
Reflecting on my own journey, I launched my first business at the age of 21 and spent the next 15 years as CEO. While I managed to make some money, it never quite reached the level I had hoped for. Despite selling a company for a million dollars, the funds disappeared quickly. Now, some might think I’m crazy for saying this, but unless you’ve experienced a million-dollar net worth, you might not fully grasp the financial realities. It wasn’t until I met my mentor and business partner, Steve, that I realized the importance of stepping back and learning. By observing and absorbing his expertise, I found myself in a more profitable position.
Sometimes, it’s crucial to acknowledge what you don’t know and let someone else take the lead. Serving as the second-in-command allowed me to accumulate wealth without the stressors of being at the top. However, I’ve also thrived as the CEO of my own ventures. That said, if the right opportunity arose today, I wouldn’t hesitate to step back into a supporting role. There’s an old saying about being the captain of your own rowboat versus the first mate on a battleship, but in my experience, the battleship is where the real learning happens.
Whether you’re the first mate, second mate, or even third mate, each position offers valuable learning experiences. This is particularly relevant for individuals who have already started their own businesses. Often, those who excel in technical or sales roles may not be the best fit for managing the backend operations. In such cases, bringing in a skilled COO can drive faster growth and smoother scaling.
In conclusion, entrepreneurship is not a one-size-fits-all endeavor. Whether you’re considering starting your own business or already deep in the trenches, it’s essential to evaluate your skills and determine where you can make the most impact. Remember, success in business isn’t just about titles—it’s about playing to your strengths and surrounding yourself with the right team. So, before you take the plunge, consider where you truly belong in the entrepreneurial landscape.
If you’re ready to break free from the status quo and join the ranks of the mavericks, the rebels, and the renegades who refuse to conform and instead build multi-million dollar businesses, subscribe to The Dropout Multi-Millionaire Podcast wherever you choose to listen!
Brian Will, Serial Entrepreneur & Industry Leading Business & Sales Management Consultant
Start learning how to significantly grow your business with Brian’s Sales and Negotiations Masterclass, now FREE when you use the code “PARTNER” at checkout:
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Hey everyone, Brian Will here, and I've got some exciting news to share with you. I'm diving into the world of authorship again, and this time, the inspiration struck like lightning. During a recent live session where I was discussing my previous book, "The Dropout Multi-Millionaire," someone in the comments threw out a gem of a title: "The Invisible Multi-Millionaire." It clicked, and just like that, a new book was born.
Now, let me give you a sneak peek into what "The Invisible Multi-Millionaire" is all about. This book is a direct follow-up to The Dropout Multi-Millionaire, focusing on scaling your business, preparing for a sale, and ultimately creating generational wealth. So, how do you become an "Invisible Multi-Millionaire"? It's all about scaling your business in a way that it doesn't need you in the driver's seat. In this blog based on The Dropout Multi-Millionaire Podcast, I’ll get into a few of the lessons covered in the upcoming book.
The heart of the “Invisible Multi-Millionaire” concept revolves around what I like to call the art of profitable delegation.
If you're eyeing a future sale of your business, there are certain steps you need to take. The value of your business in a sale often comes down to a multiple of earnings, and that X factor is what can make or break the deal.
The following factors will help boost the value of your business in the long term:
Just as all of these factors will increase your business’s value, not having one or more of these can significantly decrease it. You want to set up the business for a smooth transition to another owner, meaning you as the current owner can’t be too involved in its processes.
Creating a delegation plan to remove yourself from the business will not only make it more profitable, but also highly attractive to potential buyers.
1. Technical Phase
First up is the technical phase. Are you still doing the nitty-gritty work of your company? Whether you're a plumber or a software guru, it's time to stop doing the actual work and start hiring people to handle it.
2. Administrative Phase
Ever thought about hiring an administrative assistant? It's one of the first crucial steps in the administrative phase. Let them handle the $15-$20 per hour tasks so you can focus on where your time is best spent.
3. Marketing Phase
Are you the face of your marketing efforts? Time to outsource those. You can’t be the sole driving force of traffic to your business. Hire a marketing manager and/or a social media manager to take over for you.
4. Sales Phase
If you're the primary salesperson or in any capacity in sales in your organization, that needs to change. No one wants to buy a business where the owner is the main salesperson. Your goal should be to build a team that can keep the momentum going even if you're not directly involved.
5. Executive Phase
The final step is the executive phase. You need to replace yourself entirely. Hire an assistant for daily tasks, outsource marketing and sales, and bring in a Chief Operating Officer (COO) to handle the day-to-day operations. Your role? Providing strategic oversight from a 30,000-foot view.
Let's be real – implementing these changes might initially hit your productivity and profitability. But trust me, if you push through, the long-term gains are substantial. It's about thinking beyond today's profits and focusing on your exit strategy for a higher multiple later on.
As you embark on this delegation journey, keep the long-term in mind. That's precisely what "The Invisible Multi-Millionaire" is all about – reverse engineering your business for a future sale and creating generational wealth. I'm confident that "The Invisible Multi-Millionaire" will be my next Wall Street Journal bestseller. Stay tuned for actionable insights on scaling, delegating, and creating lasting generational wealth. It's time to make your business thrive without being tethered to it 24/7. See you on the other side of success!
If you’re ready to break free from the status quo and join the ranks of the mavericks, the rebels, and the renegades who refuse to conform and instead build multi-million dollar businesses, subscribe to The Dropout Multi-Millionaire Podcast wherever you choose to listen!
Brian Will, Serial Entrepreneur & Industry Leading Business & Sales Management Consultant
Start learning how to significantly grow your business with Brian’s Sales and Negotiations Masterclass, now FREE when you use the code “SALES” at checkout:
Take our FREE assessment to find out which Dropout Multi-Millionaire coaching program is right for you:
Embarking on the journey to success requires a nuanced understanding of a pivotal element often overlooked—failure. But contrary to what the online business gurus tell you, failure alone will never lead to success. This blog, based on the newest episode of The Dropout Multi-Millionaire Podcast, explores the transformative power of failure and the art of learning from setbacks in order to move forward into a successful future.
Contrary to popular belief, the road to success is not paved with endless failures because failure alone does not guarantee success. Rather, it's the ability to extract meaningful lessons from failures that forms the bedrock of a successful journey.
Central to your exploration of failure is the concept of a "personal filter," a mental framework developed through a series of successes and failures over time.
Your personal filter is shaped by your own experiences, and serves as a guide for decision-making and steering you towards informed choices critical for success.
A proactive approach to failure involves conducting post-failure analyses.
This insightful practice transforms setbacks into opportunities for growth by dissecting what went wrong, extracting valuable insights, and ensuring that the same mistakes are not repeated in future endeavors.
There are 100 lessons that every entrepreneur or business owner must learn in order to find true success, but these success stories often begin at various starting points.
Let’s say you grew up with money, had a solid education, and a supportive family. You may be starting at a much higher level on that list of 100 than someone who did not have those privileges early in life.
Whether you start from zero, less than zero, or with certain advantages, the key lies in understanding that failures are universal, and the lessons learned transcend individual circumstances.
Embracing the uniqueness of your journey is crucial for growth. It's not about the quantity of failures but about the quality of learning that propels individuals forward on their journey to success.
A huge step you can take in conquering those 100 lessons would be to seek guidance from those who have already successfully navigated similar challenges.
Hiring a coach or mentor provides a collaborative approach that is a powerful accelerator for growth, offering insights and strategies to avoid unnecessary pitfalls.
In essence, this exploration into failure invites you to view failures not as roadblocks but as stepping stones to success. By mastering the art of learning from failures, you can navigate the complexities of their journey with intentionality, ultimately achieving lasting success. Remember: Don’t just fail, fail, fail. You must fail, learn, fail, learn, fail, learn, and THEN you will succeed.
If you’re ready to break free from the status quo and join the ranks of the mavericks, the rebels, and the renegades who refuse to conform and instead build multi-million dollar businesses, subscribe to The Dropout Multi-Millionaire Podcast wherever you choose to listen!
Brian Will, Serial Entrepreneur & Industry Leading Business & Sales Management Consultant
Start learning how to significantly grow your business with Brian’s Sales and Negotiations Masterclass, now FREE when you use the code “SALES” at checkout:
Take our FREE assessment to find out which Dropout Multi-Millionaire coaching program is right for you:
Money talks, and in a world of flashy displays on social media, it's easy to get swept up in the allure of a “rich” lifestyle. We’ve all seen it – sleek cars, designer threads, and nights at the hottest clubs. In this blog based on the newest episode of The Dropout Multi-Millionaire Podcast, let's cut through the illusions and get real about money – who has it, who doesn't, and how you can secure lasting wealth and prosperity. Spoiler alert: That flashy lifestyle isn’t going to get you there.
Ever scroll through Instagram and see millionaire after millionaire, showing off their expensive cars, clothing, and vacations? Ever wonder, "How do they afford all that?"
The truth is, many are playing a game of financial smoke and mirrors. Sure, they drop cash and flex on their socials, but pull back the curtain, and you might find a different story.
In fact, most of these people make a lot of money, but the lifestyle they lead puts them one bad month away from having no cash and being in financial trouble.
The message here is: appearances can deceive, and financial security goes beyond flashy facades.
Let's settle the score between being rich and being wealthy. Making a lot of money might make you rich, but true wealth is about having the freedom to live without looking at price tags or constantly checking your bank balance.
It’s not just about income; it’s about financial security, the kind that lets you live your life without stressing over every penny.
If you become rich, especially if you started out broke, it’s easy to fall into the trap of excess.
In this week’s podcast, Brian shares his story of going from six-figure earnings to several million by selling the businesses he created. Sounds great, right? But after purchasing and maintaining a garage full of luxury cars, a boat, a plane, multiple houses, and gadgets galore, he was left crushed by the hefty price tag of it all.
The more “stuff” you have, the more it costs, and maintaining that lifestyle can drain your bank account faster than you think.
A great example of the pitfalls of excess are professional athletes. In a candid conversation Brian had with Terry Pendleton, the former Atlanta Braves baseball player, the question of why so many athletes go broke was answered:
A significant number of athletes lack a financial background and find themselves in uncharted territory after suddenly becoming rich.
The pitfall lies in athletes thinking they’ve become financial wizards, aiming to transform millions into billions through ill-advised and risky investments. In contrast, Terry had a straightforward strategy – his earnings were parked in treasury bills and bonds, ensuring financial stability post-retirement.
His mantra was clear – make money in your field, and safeguard it wisely.
Now that we know the difference between rich and wealthy, how do we actually become wealthy? Building lasting wealth isn't about overnight success or instant gratification. It's a journey that involves smart investments.
Whether it's in your business, in real estate, or in your skillset in some other field, the key is to make your money work for you. Invest in these assets first to accumulate wealth, and then move on to secure your future by investing in stocks and bonds.
In the end, it's about finding your balance. If you're starting from the bottom, the flashy lifestyle might be a tempting goal. But as you climb, don't let the toys take over.
The goal is lasting wealth, not just a fleeting moment of opulence. So, whether you're eyeing a new car or contemplating an investment, keep the long-term picture in mind.
This isn't about shunning the good things in life; it's about enjoying them wisely.
In the grand spectacle of financial choices, it boils down to this: flash might dazzle momentarily, but lasting wealth is the true star of the show. Don’t give into the temptations of a “rich” lifestyle, and don’t try to have everything you’ve always wanted all at once. Crack the wealth code, and you won't just have a momentary taste of luxury – you'll have a lifetime of financial security.
If you’re ready to break free from the status quo and join the ranks of the mavericks, the rebels, and the renegades who refuse to conform and instead build multi-million dollar businesses, subscribe to The Dropout Multi-Millionaire Podcast wherever you choose to listen!
Brian Will, Serial Entrepreneur & Industry Leading Business & Sales Management Consultant
Start learning how to significantly grow your business with Brian’s Sales and Negotiations Masterclass, now FREE when you use the code “SALES” at checkout:
Take our FREE assessment to find out which Dropout Multi-Millionaire coaching program is right for you:
In this blog based on the The Dropout Multi-Millionaire Podcast, we're diving deep into a crucial aspect often glossed over in the world of entrepreneurship. We're discussing why starting your own business may not be the instant ticket to wealth creation many claim it to be, and why not understanding business math could be seriously stunting your growth. Read on for a reality check on entrepreneurship and gain valuable insights to propel your business forward, including four fundamental questions that serve as a compass for the future.
Running a business is undeniably challenging. Far from the glossy success stories, the harsh reality is that most businesses fail. A staggering 20% fail in the first year, 30% in the second, and over half within the first three years. Businesses in the restaurant world face an even more daunting failure rate. Today, let's demystify the challenges often overlooked in the pursuit of the entrepreneurial dream.
Here are some thought-provoking statistics about businesses in America:
What do those statistics tell us? If you start a business in America, you are taking a huge risk compared to just getting a job. You only have a 40% chance of being profitable, and only a 6% chance of being profitable enough to sustain yourself and have employees.
While the common narrative glorifies entrepreneurship, it often fails to disclose these challenges. To succeed, it's essential to comprehend the business math, acknowledging the brutal truth – if you're not achieving your goals, it's likely because you don't fully grasp the math behind your business. But where do you start?
Let's shift our focus to the positive – how can we level up and navigate our business landscape effectively. It starts with answering four fundamental questions:
Recognizing your role as an entrepreneur, manager, CEO, salesperson, or technician is crucial. Trying to be all of them is a common pitfall.
2. Why should anybody buy your product, and why from you?
Understanding your unique value proposition is key to avoiding the trap of being a commodity.
3. What are your historical core metric trends, and what do they tell you about your future?
Utilizing pattern recognition on historical metrics is essential for informed decision-making.
4. Have you built your goal proforma, and what does it look like?
Creating a goal proforma provides a roadmap for your business, ensuring your growth is strategic and not left to chance.
If these questions leave you puzzled, it might be time to seek help. Scaling your business and making more money is not just about hard work; and sometimes you need to bring in someone with real experience who can help you answer the four fundamental questions and use them to build a roadmap to growth and success.
As a consultant and coach, I specialize in helping businesses grow, become more efficient, and increase profits. Check out my coaching programs here.
Starting a business is not a guaranteed shortcut to wealth. The numbers tell us that the road to success is difficult and in many cases it will actually lead to failure. However, armed with a realistic understanding of the challenges and a strategic approach to the business math, you can navigate the complexities and move towards sustained success. This is especially true if you bring in a coach or mentor who can keep you on the right track.
If you’re ready to break free from the status quo and join the ranks of the mavericks, the rebels, and the renegades who refuse to conform and instead build multi-million dollar businesses, subscribe to The Dropout Multi-Millionaire Podcast wherever you choose to listen!
Brian Will, Serial Entrepreneur & Industry Leading Business & Sales Management Consultant
Start learning how to significantly grow your business with Brian’s Sales and Negotiations Masterclass, now FREE when you use the code “SALES” at checkout:
Take our FREE assessment to find out which Dropout Multi-Millionaire coaching program is right for you:
In this blog based on the The Dropout Multi-Millionaire Podcast, we're revisiting a fundamental question that defines our journey as entrepreneurs and business owners: Why? Why should customers choose your product or service? Why should they choose YOU? Through compelling stories, we’ll highlight the need for a unique value proposition to stand out in the market and uncover why customers should choose our products or services and, most importantly, why they should choose us. Read on for actionable insights on business strategy, sales teams, and building a successful enterprise.
It's a challenge we've all faced—articulating why our offerings stand out. Let's be honest; it's a struggle for many business owners and sales teams. But it’s important to emphasize that answering this question is crucial for creating a unique position in the market. Are you just another commodity, or do you offer something distinct that sets you apart?
Today I want to share three powerful stories that, from my experience, perfectly illustrate the importance of answering the "why" question:
While working with an insurance sales agency, I was told by my client that he was facing the common challenge of gatekeepers obstructing access to decision-makers.
I asked him why companies should buy insurance from him and not someone else. I asked what made him stand out, and he answered with “We give the best customer service,” and “We really care about your employees.”
Those responses didn’t convince me one bit, and I could immediately see why they weren’t convincing those gatekeepers.
Any sales person can say they give the best customer service and they care about your employees– that doesn’t set them apart. You need to give your prospects a unique reason why your product or service is not only great, but better than the competition.
Picture this: I was in my hometown of Alpharetta, Georgia, sitting at a local restaurant, engrossed in a game. But instead of hearing the compelling announcers recount each play, the radio was blasting music.
A lightbulb went off in my head– I had identified a gap in the market.
I wanted to create a sports bar where sports enthusiasts could go to truly immerse themselves in a game, sound and all.
That is how the concept of Central City Tavern was conceived, and because I identified a clear “why” to my business, CCT has become a raging success as the preferred destination for sports fans in Alpharetta.
Trying my hand at the intricate art of writing and publishing my own book had me on a journey to find the perfect editor. Scouring the internet, I stumbled upon traditional publishing companies with steep fees.
Propelled by a recommendation from a trusted source, I connected with Hillary—an editor with a unique proposition. She unveiled the industry's secret: these companies acted as intermediaries, outsourcing work to individuals like her. Armed with this newfound knowledge, I strategically opted to bypass the middleman, trim costs, and establish a direct partnership with Hillary.
This decision not only resulted in significant savings but underscored the influential force of choosing the right service provider based on a compelling "why." She wasn’t trying to sell me her services at the time, but she gave me a good enough “why” that I decided to hire her over every other editor I spoke to.
That is the power of “why”!
Every entrepreneur and business owner should reflect on why someone should buy their products. Discovering and honing in on your "why" not only distinguishes your business but also opens the door to scalability. From navigating the complexities of insurance sales to envisioning and creating Central City Tavern, and finally, strategically selecting the right editor in the world of book publishing, each narrative emphasizes the importance of answering that fundamental question. As you continue on your entrepreneurial journey, remember that your "why" isn't just a tagline—it's the catalyst for scalability, success, and sustained impact.
If you’re ready to break free from the status quo and join the ranks of the mavericks, the rebels, and the renegades who refuse to conform and instead build multi-million dollar businesses, subscribe to The Dropout Multi-Millionaire Podcast wherever you choose to listen!
Brian Will, Serial Entrepreneur & Industry Leading Business & Sales Management Consultant
Start learning how to significantly grow your business with Brian’s Sales and Negotiations Masterclass, now FREE when you use the code “SALES” at checkout:
Take our FREE assessment to find out which Dropout Multi-Millionaire coaching program is right for you:
Many aspiring entrepreneurs dream of owning and operating their own restaurants, driven by their passion for food and hospitality. However, the reality is that running a restaurant isn't just about serving delectable dishes and providing exceptional service; it's also a complex business venture. In this blog based on the The Dropout Multi-Millionaire Podcast, we'll shed some light on restaurant operations by exploring common reasons for restaurant failure and providing guidance on overcoming these challenges.
We must begin by shedding light on the most common obstacle in the restaurant industry: the owner.
Many restaurant operators have backgrounds as chefs or managers, excelling in what's termed as "location operations."
However, their prowess in the culinary or service aspect often fails to translate to the business side of the restaurant operations.
It's vital to recognize that a restaurant is, at its core, a business.
Just as businesses in various industries sell a diverse range of products or services, restaurants sell food. This is a crucial distinction to make when navigating the multifaceted nature of restaurant operations.
Believe it or not, restaurant owners do not need to be present at their business at all hours of the day for their business to succeed.
Successful restaurant owners thrive on structured systems, well-defined processes, and established procedures. These systems extend to the restaurant's accounting department, where critical core metrics are diligently tracked.
By keeping a close eye on the metrics, restaurant owners can gain valuable insights into the financial health of their business and identify issues to make informed decisions without the need to be physically present in the restaurant constantly.
Remember– your restaurant business can’t survive if it falls apart when you’re not there.
Many restaurant owners remain oblivious to their financial numbers. This lack of financial awareness often leads to poor decision-making because it forces owners to be reactive instead of proactive.
If you know anything about restaurant operations, you know that finances are always fluctuating, so from weekly food orders to daily sales, track your numbers like a maniac. Your Profit and Loss (P&L) statement is your magic crystal ball. It will allow you to look into the future of your business and fix a financial crisis before it begins.
There is a lot of content out there claiming that restaurants can only expect to make between 2% and 10% profit, but that’s just impossible. Let’s break this down:
2% profit of a million dollars is a $20,000 in profit. Why would you run a million dollar operation for just $20,000? Your risk of loss is not only high, it is almost guaranteed.
You should be striving for a profit margin of at least 15%.
Take another look at your P&L and figure out how to make that happen, or hire a coach to do it.
To elevate restaurant operations and maximize profitability,seek assistance from a seasoned professional who has already owned and operated a successful restaurant.
A coach or mentor can provide valuable insights on optimizing operations, identifying and managing core metrics, and meticulously overseeing finances down to individual percentage points.
With their guidance, restaurant owners can boost profits while streamlining their time and effort investments in their business.
Achieving success in the restaurant industry demands more than just passion for food and service. It necessitates a firm grasp of the business side of restaurant ownership. This means understanding the numbers, maintaining healthy profit margins, and implementing efficient systems and processes. With the right guidance and a focus on the business aspect, restaurant owners can build a sustainable and profitable enterprise in a highly competitive industry.
If you’re ready to break free from the status quo and join the ranks of the mavericks, the rebels, and the renegades who refuse to conform and instead build multi-million dollar businesses, subscribe to The Dropout Multi-Millionaire Podcast wherever you choose to listen!
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