How to Think like a Millionaire & get your Agency to the Next Level
In this podcast, you’ll get a peek into the habits, thoughts and actions of self-made millionaires as I talk with Jaime Tardy whose website, podcast and book all titled Eventual Millionaire have been guiding and inspiring entrepreneurs for years. She shares insights into what makes them tick and how you can position yourself into millionaire status.
What Are Some Common Habits of Millionaires?
After interviewing over 200 millionaires Jaime says there are three common habits among them. Surprisingly, none of them have anything to do with daily routine such as diet or exercise however, she does find that they rarely watch much TV or movies – although, I am definitely the exception to the rule 🙂
Instead, she has found common themes in their approach to business (and life):
- No Excuses Approach – To be prosperous you can’t let your excuses stand in your way. We all have our reasons not to do something (no money, no time, etc.) but these are solvable. The millionaire gets it done despite their reasons or excuses.
- Continuous Forward Motion – Successful people aren’t afraid to make a move – even if it’s the wrong move. A lot of us are afraid to fail and let that hold us back. Some millionaires have had success right away but many fail 3 or 4 times before reaching success.
- Well, Jaime didn’t actually get to divulge the third habit but you can read about it on her site.
Fearing the Tall Poppy Syndrome
It happens. When one person does really well people tend to wind up feeling bad about themselves. The typical reaction is resentment and oftentimes colleagues or peers will attack, criticize or “cut down” the tall poppy among them. Don’t let the fear of the tall poppy syndrome stop you. Succeed anyway.
Jaime believes people with integrity should be the ones with money and influence as they’re the ones who can do the most good with it. Jaime finds self-made millionaires are appreciative and humble. The stereotype is that the wealthy are also very greedy. However, the vast majority she talks to are some of the most giving and generous people she knows.
Live the Life You Want
Jaime learned the lesson the hard way with her own career. At a very early age she had a six-figure corporate career, expense account, big house and expensive car. Sounds awesome! But she hated her job and dreaded Sunday nights because they marked the end of a weekend and start of a new work week. In time she changed all that but admits it can be difficult when you don’t have much cushion in your budget. She implores us to have the life we want and then consider money.
“I made one decision in my life based on money. And I swore I would never do it again.” ~ Brad Pitt as Billy Beane in Moneyball
Never make decisions based on money alone. I know what you’re thinking: “Sure, it’s easy to turn down money when you already have it.” As an agency owner you have responsibilities and pressures like payroll and other fixed costs. You might be tempted to take on some of the wrong clients just to pay the bills. I strongly caution you against this. Bad clients may pay you but the long term expense of having them will far exceed the short term fix they give you in your cash flow.
Bad clients drain your time, your resources and your energy. No one can run a successful business in that state.
Calculate the Opportunity Cost
Instead of taking on the wrong clients, take time to determine the opportunity cost. I looked at my own opportunity cost in January. By eliminating the wrong clients, I brought in an additional $35,000 in revenue. Here’s the breakdown:
With my screening process, I turned down 20 “wrong clients” for a $1,000 program. At a 75% close rate I could have closed 15 of them and made $15,000. I would have spent one hour with each of those 20, but I utilized those 20 hours differently. By re-allocating those 20 hours I worked on a program that made $50,000. The difference in how I spent my time brought in an incremental $35,000!
How Highly Successful People Face Challenges
Demands On Your Time: Many business owners get stuck in the daily operations of the business – dealing with challenges and putting out fires. And, in many cases the owner is also the salesperson. So if their time is focused on operations, sales tend to suffer. Jaime’s advice? Hire a salesperson – or if sales is your passion, hire someone to handle the fires!
Measuring Your Monetary Goals: Most CEO’s set business goals but often get too busy working the business to check the numbers and measure against the goals. Jaime advises to set monthly goals and then break them down into daily tasks. For example:
Goal: $500,000 annual revenue = $42,000 monthly revenue. Take $42,000 divided by average sale = the number of clients you need to close each month. If you know your close rate, you’ll even be able to determine the number of prospects needed to get you to your goal. Then, go do it!
Staying Focused: Running a business is hard and there are a lot of demands on your time and energy. To overcome demands that distract you from focusing on your business growth, I tell my clients to make 90-day goals and figure out which tasks will get them there. Then, make a list of tasks that will not get them there and commit to making those the secondary priority. These tasks (like needlessly checking and replying to email) make you feel good in the short term but don’t get you anywhere in the long term.
“F.O.C.U.S. means Finish One Commitment Until Success” ~ John Lee Dumas of Entrepreneur On Fire
You’re an entrepreneur which means you’re inspired and motivated. It’s easier said than done, but try to harness your idea overload and FOCUS on one great idea at a time.
It doesn’t mean you can’t pull the trigger on that great idea you just had… only that you should put it on the back burner until you succeed at what you’ve already started.
Need help identifying ways to make your MILLIONS?
I’ve set aside some time to talk to you, personally. And during that time, I’ll evaluate your business and work with you collaboratively to create an immediately actionable plan to increase your sales and profits. Click here to get my help.