Money is unlimited but time is not.  So when you have a decision to make in regards to money and time which one is more important?

I watch people negotiate on a number of different paths of their wants to save money and to get a good deal.  That is not only because they value their money, but they also realise that to get money takes time.  You hear people say “I have worked hard to achieve this, it has taken me a long time”.  That is a statement in reflection of the time it has taken to create wealth, to purchase something that means a lot to an individual.

Sometimes however people get that concerned about money that they lose the capacity to judge its value.  In essence they lose the meaning of time.  There is one clear message to realise is that money can be re-earned, time cannot.  How much time people spend on negotiating and dealing in direct proportion to the result that they have achieved in time can sometimes be wasted money 

How valuable your time is when you are using it to build wealth will only be determined by whether you believe you are better at creating wealth than you are at defending the wealth that you have got. 

Time is a much greater asset than money.  The only thing I know is that money can’t buy time.

This is one of the key areas of a leading businessperson.  So much of our business success rests on the ability of us individually to make proactive client and sales related calls.

I admire business people and salespeople who have the ability to be routine in their follow up with making phone calls.  They build trust, they build confidence and ultimately they bond the relationship.  So why do so many sales orientated people not follow up?  It is linked to perceived failure and also involves self talk regarding the call before the call is made.  The best way to get around call reluctance is to either have a set script or to have three set questions.  When you go to a call centre there is no call reluctance.  Why?  Because the caller has a set script to work from and the call becomes routine.  It is easy to do, you know what direction you are heading and you know how the call is to be finished.  Most of us are not call centres, most of us are people in business trying to generate more business. 

When we establish a routine in making phonecalls then we are guaranteed that business will be generated.  In the cycle of the sales process there are two parts to making telephone contact.  The first is where you are calling a client to either establish a relationship or to sell a product.  The second part is the follow up call to either ascertain where the business is up to or to close the business.  Making telephone calls is the fastest way to generate new business and to make appointments.  Going from part contact to full contact is the reason why we make phonecalls.

Three things to remember to avoid call reluctance: 

1. Set a routine time every week to make your calls.
2. Know who you are going to call and what you are going to call about.
3. Promise that you will be making a follow up call.

With these three components making phone calls will be successful. 

PERSONAL TIP : If you are serious about phone contact get yourself a headset you will find they have many benefits for you.

How do you market a business, a product or a service successfully while keeping in line with a marketing budget?  The first thing is to work out your marketing budget.  I was fortunate to be taught early in my career about percentages.  Understanding of total revenue base and how a business can maintain a profit by working in percentages. 

I was with my friend this morning and he has a car wash business.  He will have an annual turnover of about $300,000 per year.  He has run this business for just on 3 months.  What should he spend on marketing? What marketing should he do? How does he measure the results? 

When you take into account a business and the three key costs which are generally labour, premises and marketing, usually labour will be approximately 45% of total turnover, premises 5%, and marketing should be no more than 4%.  The balance are generally sundry costs which add up to around 20%.  This gives the business a target of 25% gross to net profit.  If we quarantine marketing then he has a total spend available of $12k.  It doesn’t seem much but there again he is in the business of making people feel good about their car 

What we all know is who our customer is.  80% of his customers are known.  So immediately he has a target but if he can only spend on average 4% of his total turnover to attract a customer then where does he target it? 

The best form of marketing for his business is brand marketing through the customers that he currently is getting.  Emphasising loyalty and referral will be the best way for his business to continue to grow at a steady rate.  Remembering that the customer of his business will always want their car washed.  The question for him is “will they come back?” 

It is important to know the percentages within your business, they are standard and how you market your business or your product, linked with your service, is a key to new customers and customer retention.  In our business of real estate, generally the focus is on the product and rarely on the brand but with many businesses the focus is on the brand and then it drills through to the product.  My recent experience at looking at cars shows an emphasis on the brand which then provides the different products within that brand.  How much do you spend on marketing and is it at the 4% level?

Our newspapers every day are full of headlines about the economy, crime, the political scene and other world events and you read those articles and that is what makes up our news.

When you go to the airport and you are going through the process of boarding a plane, leaving aside the sometimes frustrating experience that surrounds the process, when you look around at airports, they are an incredible place in the fact that the real news within us could be seen at an airport.  Rarely any other place will you see the emotion of families about to be separated and how that is expressed.  Conversely in the arrivals hall the joy that people have in being reunited with friends and family.  It really is amazing that the real news of the day can be seen at an airport. 

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There is a lot of hype surrounding social media. 

I read a statement recently that social media is the new high ground for successful business leaders.  I would strongly debate that under the basis that social media falls into the non- contact mode.  I would agree with the commentators that say that having  a social media position is vitally important, but in saying that, I would strongly disagree with any business leader who believes that social media is the new high ground. 

There has always been two forms of high ground in business.  The first is recognition and the second is reputation.  There is an old saying that “charity begins at home”.  The high ground in business is with your own people.  I have on most occasions been able to keep the high ground in recognition.  I am not saying that this is unchartered territory but I would stand by two disciplines that I believe will serve any business leaders or person in sales better than social media presence will ever serve.

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