Are You On The Right Track
Join Nigel on his journey from Solihull to Southampton in this week's episode of our weekly podcast, Business Growth Central.
In any business, there are THREE really important foundations to ensure you're on the right track to making meaningful progress but the truth is, most business owners don't even consider them!
Nigel - Hi, welcome to Business Growth Central, where this week we're talking about 28. Before we talk about 28, just a quick little followup to last week's episode. Thank you ever so much, over a dozen members have messaged me around email, 'cause that episode was all about why email isn't dead and the huge impact it can have on people's businesses. And I'm particularly grateful to Rob Kimento who sells gym equipment. And Rob sent me a little message just to say, Nige, I just watched BGC, completely agree with what you say, that email isn't dead. And he sent me some numbers and just look at these numbers. This is the email contribution to revenue. So we're talking about here, you know, hundreds of thousands of pounds over the last three months of sales that came about because Rob is sending emails regularly, frequently, consistently, he's doing exactly what we talked about in last week's episode. And if you adopted that same approach, then your sales, they might not reach the hundreds of thousands or millions that Rob is in, but my goodness, me, they would go up. They would make a significant impact on your rhythmic acquisition of revenue. And indeed, profitability. Email is not dead, please use it. But this week's episode, the main topic, the big feast, all came out of a Mastermind session. Now don't forget, the people in my Mastermind groups, I mean, they invest quite a significant sum to be part of it. They are way, way brighter and smarter than average business owners are. And they are all of them, very focused, very driven on getting their businesses to where they want it to be. And almost all of them are making really tremendous progress in 2021, which is fantastic. But last week, we had a particular topic and an issue for a business that was a little bit stuck. What we had to do to help them get unstuck, was actually get them to the answer, which in their case, was 28. But in any business, there are three really important foundation steps which have to be in place. And the truth is, one or two, or sometimes all three of them are missing from a huge number of businesses, including perhaps your business. The three things that a business owner needs in order to make meaningful progress, the foundation blocks on which everything else is built. Is firstly, a proper understanding of what it is that you want. One of the most beautiful things about being a business owner is that we get to decide where we take our lives, where our businesses go, what our lifestyle is. And without an understanding of what you want your life to be like, well then, the business is just gonna be taken, like a little twig flowing on the river, you're taken wherever the currents will take it. But once you've got some clarity on where you wanna get to in terms of earnings that you need, cash that has to come out the business, amount of hours that you're prepared to put into the business. For instance, those sorts of things. Once you're clear on what you want, well then in most cases, almost every case, it's possible for the business to get you there. But that's the first foundation block. The second assessment then, having got an understanding of what we want. The second assessment then is an accurate understanding of where we are right now. Because to get anywhere, we have to know where we're starting from. The only reason Satnav works is because it knows where you are right now. I mean, the directions you take to get to Southampton are different depending on where in the country you're starting from. So we've got to understand where we wanna get to, in this case, Southampton. And we've then gotta understand where we're starting from, which in my case is Solihull, so how do I get my business from Solihull to Southampton? I hope this metaphor is working. I didn't plan this. I have no idea why Southampton came into my head but we'll roll with it and see where we go. Because the third foundation point then, is an understanding of well, what do we have to do to get to Southampton from Solihull? Now I do happen to know that what I've gotta do is head south on the M42, at junction four, gotta head down the M40, junction nine, I've gotta turn off on the A34 and head south and that will take me past Oxford and Winchester and off the M27 and straight into Southampton. And I genuinely did know all those roads off the top of my head, oh my God, this is serendipity at work in a Business Growth Central episode. But what has to happen in your business to get you metaphorically from Solihull to Southampton? And this was where our Mastermind member was stuck. They did have a good understanding of what they wanted from their business. It was driven in particular by a requirement to acquire a fairly chunky six figure sum of capital by Easter next year, in order to purchase a property that is gonna be available to them at that point, that's an important thing in their life. So they know what they want, is this big pot of cash by Easter next year. They know where their business is now, as it starting to come out of lockdown and open up again 'cause they've been affected by that. But what they did not have was that number 28, and the number 28 came about when we delved deep into what it would take to acquire the result that was required. IE, the chunk of cash that's needed by Easter next year, starting from now. And in this particular business, they need to make 28 sales a week. They make 28 sales a week, every week between now and next Easter, everything will be fine and they will achieve the goals that they have got. Metaphorically speaking, they are started in Solihull and they're gonna end up in Southampton. And just made me realise that, oh my goodness me, 'cause it was such a powerful thing. And they went away I mean, so focused now, 'cause everything they're doing is about the number 28. We've just gotta get 28 this week. It was then reinforced by a call I had with another Mastermind from another group and this guy, he's got the best scorecard I've seen all year. So we're into May now, we're into the fifth month and his scorecard is really, really simple. You can see it on the screen here. He just needs to get, he's set his target out, at four discovery calls a week. That's what he needs to have. He's tracking then from the discovery calls, how many clients come on board and he's tracking his growth in his monthly income. The end result, by focusing in his case on four discovery calls a week, which he's getting by making sure he's spending his money on marketing as you can see in that column there, but that's taken him from a 30% uplift in his recurring income already this year in just four months, because he's got focused in the number, which in his case was four. But in our hero's case, in the Mastermind group, their number is 28 and they are so focused now. And so pumped on the number 28, in the same way that if I was heading off from Solihull to Southampton, my focus would be on the M40, junction nine, A34, 'cause if I stay on the M40 to junction nine and then take the A34, I can't fail to end up in Southampton. And I know that might sound almost too simplistic if you've never ever experienced it, but I promise you, the truth is absolutely there and manifest. And it is alive and breathing, right throughout entrepreneur circle because the businesses that are making the big progress this year, are those that do understand the one or sometimes two numbers that will get them to where they want to be, and you need to work out what your number is. I'd love it if someone turned up on my marketing clinic next week with that question, 'cause we would be able to, in probably only a few minutes, drill it down and work out what your 28 is, what your Southampton is, but to work those things out, you have to have the first two foundation blocks. What is it that you want? Southampton, big chunk of cash next Easter. Where are you now? Solihull, small chunk of cash. What then do we need to do to bridge the gap? And it ain't no more complicated than that. And it's hard in a small session like this on a kind of monologue, to make sure that I kind of cover everything off in the right kind of way but that's why we have the marketing clinics. So please do use them if this has got you thinking but you're not sure, then jump on the next clinic and let me help you to get clarity on what your equivalent of 28 is, or of what four is or of what the A34 is, because 28, four and the A34 can actually change lives.
Matt the Butler - Nige, you did say junction seven, right?