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Thursday, October 31, 2024
Michael Smith
In sports, more games are lost than won.
Most of the time, what separates the winners from the losers was NOT an inordinate amount of talent or skill on the side of the winning team.
Instead, the outcome of the game is often determined by the losing team's inability to execute the fundamentals.
In football, blocking and tackling are two fundamentals. Screw these up and it's hard to win. You practically give the game away.
The same holds true in business.
If a business owner ignores the fundamentals, sales and profits are lost. You hand over clients and money to your competition.
For business owners, time management and goal setting are two fundamentals.
If your business sells over the phone, making calls is fundamental.
To increase your sales and profits, don't go hunting for complexity.
Complexity is the enemy of execution. If it's too complex it won't get done no matter how brilliant the idea.
Stick to the simple fundamentals.
1. Time management - Your time is your most valuable resource. What are you spending it on?
2. Goal setting - Do you have specific, quantifiable goals?
3. Project management - Turn your goals into projects. Applying solid project management to your goals makes you more effective.
4. Customer service - Without customers, you don't have a business. What are your customer service standards? How do you know they're being met?
5. Sales skills - How is your business overcoming objections and increasing conversion percentages?
6. Financial management - Using financial data to project cash flow and make important decisions.
7. Marketing - Generating leads from strangers, referrals, and repeat clients. Positioning yourself in the minds of your prospects as their best logical choice.
8. Digital presence - What happens when a consumer searches online for you or your category?
9. Problem-solving - Develop critical thinking to find simple solutions.
10. Decision making - Are you "winging it" or do you have a proven method for making decisions?
11. Delegation - Not only is it vital to delegate as a business owner, you also have to inspect what you expect.
12. Employee training - Even the best sports teams and players practice. They drill on the fundamentals and run plays. No matter how good your staff is, they need regular training to stay sharp, keep up with changes, and improve.
13. Legal compliance - Profits can come to a screeching halt if you don't meet the legal requirements for your industry as well as federal, state, and local governments.
14. Stress management - Stress is a killer. Medical research and data prove it (Click Here To Read The Report). Do not put yourself and your loved ones through the pain of you suffering from a stroke, heart attack, diabetes, Alzheimers, and any of the other diseases related to stress.
15. Perseverance - What are your strategies to stay resilient and keep pushing ahead when you encounter setbacks and challenges?
Overwhelm is the cousin of complexity.
And like I said earlier, if it's too complex, it won't get done - and if you feel overwhelmed, you won't even start.
Seeing a big list like this can feel a bit daunting.
But the truth is that consistent, increasing improvement in one or two of these 15 fundamentals can make a huge improvement in your business and life.
Don't put this off and suffer by missing out on the benefits. Keep it simple.
* Don't worry about the entire list. What is one fundamental that, if improved, would make the most impact in your life and business right now?
* What would your life look like if you and your business improved in the execution of this one fundamental? (This is half of what compels you to get it done.)
* What would happen to you and your business if you ignored this fundamental and your execution of it declined? (This is the other half.)
* Set a time for 3 minutes and jot down everything that comes to mind regarding this one fundamental.
* What are 1 to 3 things you can do right now to take action?
Here at Mortgage Systems USA, we buy into the idea of keeping things simple.
We've created a simple, turnkey profit center for non-mortgage business owners, like you.
You make money by offering mortgages, home equity loans, and reverse mortgages to your clients.
It's simple and easy because:
1. It's easier to sell to client than strangers.
2. Your clients already know, like, and trust you.
3. Many of them are going to apply for a mortgage anyway.
4. No prior mortgage experience required from.
5. You don't have to become a mortgage expert.
6. You won't need to hire any new employees.
7. You won't have additional management headaches or frustrations because the program is dirt simple to run.
We call it the Mortgage Facilitator and for many businesses - such as insurance brokers, divorce and probate attorneys, trust and estate planners, tax professionals, financial planners, real estate brokers and agents - this is the ideal cross-industry expansion.
If you want to read up on it (and cross-industry expansion), check out one of these blog posts:
How Cross-Industry Expansion Can Double A Business Owner's Income
4 Steps To Killer Profits Without Adding A Single New Client
Expand Smart: 7 Fatal Mistakes That Could Sabotage Your Expansion
If this looks interesting to you and you'd like to talk with us about it, click the button below.
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This is not legal or tax advice. Consult your attorney about legal matters. Consult your tax professional about tax deductions. Consult state licensing authorities about licensing matters. Earnings and income statements are estimates based on our experience. There is no guarantee you will achieve similar results. Any earnings or financial benefits can vary based on your individual circumstances, skills, and the specific actions you take. You should always conduct your own due diligence before making any financial decision.
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