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.
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.
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!
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 exploring the five critical keys to achieving lasting success in business. We’ll get into understanding the business aspects, identifying your role within your enterprise, mastering financial insights, and seeking guidance from mentors or coaches. You’ll also find out why success often hinges on continuous learning, staying humble, and being open to expert advice. Read on to learn the keys to a successful and thriving business!
One of the predominant culprits behind business failures is a lack of proficiency in the "business side" of the venture.
While you may be an expert in your craft, whether it's plumbing, culinary arts, or any other specialty, this expertise doesn't automatically translate into knowing how to operate a thriving business.
We must recognize the significance of acknowledging what we don't know and proactively seek support from mentors, coaches, or seasoned professionals who can illuminate the intricacies of running a successful business.
The bottom line here is: If you can’t do something well, either learn how to do it or hire someone who can!
If you find your business's growth falling short of expectations or profitability lagging, it's essential to understand that you might be the root cause.
If your business isn’t doing as well as you hoped, you are probably not making the right decisions about how to grow and scale. If you've never built or scaled a business successfully before, you haven't been able to learn your personal filter.
How do you fix this? Once again, bring in a coach or mentor who can help you learn how to make the right decisions, and who can make decisions for you until that happens.
Understanding your role and strengths within your business is a pivotal step toward success in business.
Many entrepreneurs mistakenly believe they can wear all the hats, from CEO to specialist, within their organization.
You must conduct an honest self-assessment and identify where you need to recruit talent to bridge gaps in your skillset. Your ego should not hinder the formation of a team with complementary skills and expertise.
Additionally, trying to do everything if your business means your success is entirely reliant on you. If you run out of bandwidth, so will your business.
The mastery of financials, particularly profit and loss statements (P&Ls), is paramount.
It's astonishing how many business owners, from fledgling startups to substantial enterprises, overlook this critical aspect. Your P&L is akin to a crystal ball that can foretell your business's future.
Regularly collect and analyze your financial data to make informed decisions and prevent serious financial mishaps. This key is egregiously overlooked. How can you expect to achieve success in business in the future without knowing the numbers you’re doing right now?
If you’re an entrepreneur, and especially if you’re a first-time entrepreneur, you must accept that you don’t know everything. But guess what? You don’t have to!
Seeking the advice of seasoned professionals can provide valuable insights and perspectives, contributing to better decision-making and success in business. Coaches or mentors can offer priceless insights and wisdom, enabling you to envision the bigger picture and make decisions that lead to triumph.
In conclusion, these five keys to success in business serve as an indispensable guide for both novices and seasoned entrepreneurs. Mastery of the "business side" of your enterprise, development of your personal filter, self-awareness of your role, vigilant financial management, and openness to coaching are all integral parts of attaining prosperity while circumventing the pitfalls that prevent business success. Take these lessons to heart and carve your path toward a prosperous business journey!
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 tackling a topic that often dominates our thoughts and ambitions, whether personally or in the context of running a business: money. For most of us, the reasons we venture into the world of entrepreneurship revolve around money. We want to secure our financial future, live a comfortable life, and enjoy the luxuries that come with it. Read on to discover the five stages of personal wealth, explore vital money rules, and examine how to ensure you always come out on top with your finances.
Embarking on the path to personal wealth is a journey filled with distinct phases, each with its own set of goals and challenges, from the initial struggle to cover basic expenses to the later stages of securing your own future, giving back to society, and planning for your heirs. Which stage are you currently in?
1. Pay the Bills Phase: This is where the journey begins. Your primary focus is to make enough money to meet your basic needs. You're starting a business or working hard to sustain one, and your objective is to ensure that you can cover your expenses. At this point, other luxuries are a goal for the future, not a current reality.
2. Accumulation Phase: Once you've successfully navigated the "pay the bills" phase, you enter the accumulation phase. At this stage, your income starts to grow, and you might be tempted to accumulate material possessions and indulge in some luxuries. This phase can be a thrilling ride, but it's important not to go overboard and put yourself back into stage 1.
3. Savings Phase: As your wealth continues to grow, it's wise to enter the savings phase. This is the phase where you’re building a financial safety net. You’re also building up your resources of passive income to allow you to earn more but work less. Your financial focus here is having enough passive income to maintain your current lifestyle if your primary income source disappears.
4. Charity Phase: Once you've secured your own financial future and your passive income is set in place, it's time to think about giving back to the world. The charity phase is all about using your excess income to make a positive impact, supporting causes you care about, and contributing to society.
5. Inheritance Phase: This last stage involves considering what you'll leave behind for your loved ones. Whether it's a comfortable nest egg, valuable assets, or a legacy, planning for your heirs is a crucial part of financial success.
Now that you understand the five stages of your personal wealth, let’s get into the rules when it comes to wealth in business. These three rules are essential to handling finances for your business:
Money, in both personal and business contexts, is a complex yet vital part of our lives. By understanding the five stages of personal wealth, you can make well-informed decisions about your finances. Embracing the money rules for business success, such as keeping cash reserves, preserving leverage, and paying yourself, will lead to a more secure and prosperous future. Protect yourself, build your financial safety net, and never become a financial statistic. Your financial well-being and the success of your business are closely intertwined. Remember these principles, and you'll be better equipped to master money in all aspects of your life.
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 breaking down the barriers to business growth and learning how to overcome the common challenges entrepreneurs face in their journey towards a booming, successful business. We’ll focus on delegation, overcoming fear, and gaining clarity to unlock your business's growth potential. We’ll also explore the three phases of stagnation in business and find out why working with a tactical coach can pave the way for transformative growth.
Is your business growing the way you want it to? Many entrepreneurs start their businesses with high hopes, but they often find themselves facing stagnation along the way. This stagnation, as we'll discover, is a problem with three distinct phases.
In phase one, we meet entrepreneurs who initially wear all the hats in their companies. They invest time and effort into their business, often working longer hours as they succeed.
However, this path eventually leads to burnout and growth plateaus. The owner only has so much energy and time to give to the business, and if the business is reliant on them, it becomes stalled.
The root of this issue? Lack of delegation. The entrepreneur who cannot effectively delegate tasks will eventually limit their business's growth. Consider how your business would run without you. If the answer is, “It wouldn’t” then you’ve got a problem.
Failing to delegate effectively is often due to building the business incorrectly from the start, so you may have to take another look at the way your business runs in order to break free from this phase. Learn to embrace the concept of scaling your business by adding tasks to others' plates, not just your own.
Phase two introduces the element of fear.
This phase occurs when entrepreneurs understand the need to delegate but are hesitant to hire or train new team members. This fear stems from concerns that new team members won't execute tasks as perfectly or as quickly as the entrepreneur would.
Moreover, there may be fears of loss of income if personal profit consumption is too high.
It is pivotal for these entrepreneurs to understand that effective delegation may temporarily reduce profit (hiring and training new members isn’t cheap) but this step is essential for long-term growth. The speed at which your business recovers from this profit hit depends on how well you’ve implemented your delegation strategy.
Phase three, the final stage of business stagnation, is characterized by a lack of clarity, especially in the long term plan for your business. Entrepreneurs in this phase know they need to delegate and they’ve gotten over their fear of delegating, but they still don’t know how to delegate.
Business owners with unclear long-term visions and undefined steps to achieve their goals are often paralyzed by fear. This fear is born from the unknown—uncertainty about why specific actions are necessary, how they should be executed, and what the consequences will be.
The solution to Phase 3 is different for every business owner, but the method to find the solution is one that works every time: reverse engineering.
Fear of delegation and lack of clarity both lead to stagnation. To map out how to overcome these obstacles, entrepreneurs must embark on the journey of reverse engineering.
Just like using a GPS to navigate a road trip, entrepreneurs need a clear plan to bridge the gap between their current state and their desired destination.Implementing this approach might initially slow down your business, but it's the key to substantial and sustainable growth.
But what if you don’t know how to create a roadmap out of business stagnation? The answer is simple: find someone who does.
Tactical coaches, unlike relational or technical coaches, specialize in operations, sales structure, and actionable steps to advance your business. Their expertise lies in driving your business forward based on universally applicable operational principles. They know the exact steps to break through business stagnation and get you back on track.
If you’ve never worked with a tactical coach and you’re experiencing business stagnation, now is the time to start.
Don’t think you need coaching? Tim Cook is the CEO of Apple, one of the world's largest companies, and he still recognizes the need for guidance. Tim Cook benefits from both a board of directors and one-on-one coaches that use their expertise to grow the company exponentially year-over-year.
The lesson here is clear: if you're an entrepreneur looking to unlock your business's growth potential, it's time to consider seeking mentorship or coaching from an expert who’s been there and done that.
Breaking through business stagnation requires entrepreneurs to address the three phases of the problem: lack of delegation, fear of delegation, and lack of clarity. In addition, working with a tactical coach can provide invaluable guidance to facilitate growth. By adopting a reverse engineering approach and learning from leaders like Tim Cook, entrepreneurs can build a resilient business that thrives and flourishes.
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 the fast-paced world of entrepreneurship and business, goal-setting is the compass that guides us towards success, but there are a lot of misconceptions on how it should be done. In this blog based on the The Dropout Multi-Millionaire Podcast, we're taking a fresh perspective on setting goals in business, one that's practical, effective, and will help you achieve remarkable growth without the unnecessary stress. Read on to find out the 5 essential guidelines to setting goals.
It’s great to seek guidance when you’re trying to set the right goals for your business, but unfortunately the most common advice you’ll get will miss the mark.These common phrases about goal-setting sound good on paper, but not so much in practice. Let’s find out why:
Common Phrase #1: If your goals don't scare you, they aren't really goals.
Common Phrase #2: If you can conceive your goals, they are too small
Now let’s get down to the real business of goal-setting for success. Remember that success is a progression of thoughts, ideas, and execution, and it doesn't happen overnight. Here's how to set goals that drive success:
1. Begin with Realistic Timeframes
2. Find the Right Vehicle
3. Create a Detailed P&L
4. Back It Up and Cut Back
5. Set Short-Term Obtainable Goals
This progression of short-term goals is like building blocks. It keeps you motivated, ensures consistent wins, and prevents the feeling of constant failure. Going from 1 to 2 is easier than making a giant leap from 1 to 10. These short-term goals allow you to see progress, build confidence, and ultimately achieve the long-term success you desire.
By setting achievable, realistic, and motivational goals, you're on the path to reaching new heights in your business. Start with a clear plan, stay consistent, and watch your business flourish, one goal at a time.
In the fast-paced world of business, goal-setting is often misunderstood. Setting overzealous goals that leave you in fear of failure isn't the answer; it's about crafting motivating, realistic, and achievable goals. The path to success is a progression of thoughts, ideas, and actions, taking one step at a time. Start with practical timeframes, assess your vehicle for success, create a detailed roadmap, break your ultimate goal into smaller milestones, and set short-term, attainable targets. This progression leads to constant motivation, and before you know it, you'll reach the pinnacle of success, one goal at a time.
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 venturing into the complexities of sales management. We'll shift our focus from the core mechanics of sales to the strategic and motivational aspects of managing a team of sales professionals. You’ll learn how to unlock your sales team's full potential, enhance their close ratios, and create a work environment that fosters growth and prosperity for both your salespeople and your organization.
While it's common knowledge that money, rewards, and incentives are significant motivators for salespeople, it's essential to recognize that motivation runs deeper than monetary gains.
Let’s delve into the complex relationship between a salesperson’s performance, their financial rewards, their individual self-worth, and their personal aspirations. That’s how we figure out our sales team's drivers, which are often mislabeled.
It’s true that some salespeople are just lazy, but more often than not, the perception of "laziness" is actually a product of their self-worth and their perceived basic needs.
Picture this:
A team member is absolutely crushing it for two to three weeks. They hit their sales goal early and then all of a sudden, they back off. They take some vacation time, they slack off, they come in late, and they stop pushing themselves.
Have you experienced this scenario with your sales team before? Have you ever wondered why?
Let’s break it down:
If you’re a salesperson and you’re making $200,000 a year, with a lifestyle built around that amount, you’d be pretty happy with that. You also know that you need to be making at least $16,600 a month in order to keep that lifestyle up. So on January 1, you start cranking out sales to reach that goal and by January 20, you have hit your $16,600 goal. Now you have the opportunity to take off the next 10 days of the month to kick back and take it easy because you’ve already made the money you need to make. You already have what you need, so there’s no motivation to push for more.
This becomes the sales manager’s challenge: how do we motivate salespeople to max out their potential?
In order to find out how to best coach the members of your sales team, you need to find out which level of performance they fall under. Here they are on a 1-10 scale:
As sales managers, our goal isn't just to have salespeople meet their basic financial needs; it's to encourage them to surpass these needs and strive for excellence.
Those team members that are in the below 5 range may still be happy with the money they make if it fits their self-image and their basic needs, but unfortunately their personal goal is not in alignment with your corporate goal.
For sales professionals falling below 5 in their performance level, there's immense potential for improvement. This category actually holds the biggest opportunity to fix your organization.
There is one prerequisite for this to work: They must be coachable.
If they are coachable and if we can get them to want more, we can make amazing transformations in their production, their personal income and overall productivity for the company. In fact, we can even go so far as saying we will change their life.
On the other hand, if they're not coachable and they're not willing to listen and improve, it’s probably time for them to go.
The highest-performing salespeople, the 'nines and tens,' serve as benchmarks for the rest of the team. Their remarkable success serves as an inspiration and motivates others to reach for new heights.
The achievements of your top performers can create a culture of continuous improvement which elevates the entire team's performance, but there must always be a balance.
Within every sales team, there's a group of middle performers who consistently meet their basic needs but possess the capacity to excel further. They actually make up around 70% of most sales teams, which is a huge source of untapped potential.
As a manager, you have to find the best way to motivate this group and nurture their potential to join the ranks of your top performers.
Incentive programs are powerful tools for stimulating sales teams. However, setting them up correctly is crucial. A good sales manager will build an incentives program that follows at least these basic guidelines:
Following these three basic guidelines will set you up with an incentive program that will increase in production from the status quo, motivate everyone on the team to strive for more, and take effect quickly and efficiently.
Effective goal setting goes hand-in-hand with a good incentive program.
As a sales manager, you must be willing to sit down with each individual on their team to discuss their goals. Keep it reasonable, but encourage them to push past their initial comfort zone.
Then, take it one step further and memorialize those goals. Write them down. Consistently refer back to them as the sales period continues. Then bring in the incentives when the goals are met.
To keep track of progress and identify areas for improvement, you’ll need to be familiar with the concept of a core metrics chart. This tool provides a comprehensive overview of each team member's performance and helps sales managers manage their teams more effectively.
First, decide on the core metrics for your sales team that will allow you to keep track of their goal progress. Pop them into a spreadsheet and consistently fill in the metrics as the weeks and months go by. You can use this chart to guide performance discussions and highlight underperforming areas that require attention.
Incorporating these strategies into your sales management approach is a transformative journey, but it does require an unwavering consistency. Missing even a single week of implementing these practices can set you back significantly.
With consistency, you'll witness remarkable results that uplift your sales team and drive overall success.
In the role of sales manager, your primary goal is clear: to make your sales team better. In this blog, we unveiled a range of strategies, from motivation to coaching and goal setting, to achieve this goal. By paying attention to the unique needs and motivations of your sales team members, you can create an environment that fosters continuous improvement and ensures both personal and company objectives are met. While establishing effective sales management systems may require time and effort, the results they yield are well worth the investment.
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!
Copyright © 2023 Brian Will Media. All Rights Reserved.
