Financial Freedom! Who don’t what it? Let’s take a look at Eventual Millionaire interview by Jaime Masters with Damion Lupo. We all gotta love Jaime and her wonderful podcasts.
6 Core Values of Finance – Damion took 24 hours to create this list…”This core values4U!”
- Self-responsibility – It’s All Your Fault! When something goes right, you can take credit, maybe 20/80. Acknowledge your team for making your operation a success. But if something goes wrong, you must be the one to keep everyone in line & make corrections as necessary. Better to catch it early (now), rather than later, when the problem gets out of hand.
- Relationship – You want to befriend your customers, team and advisors. No one wants to be treated cold, like they are just another number, transaction or sale, like they get treated by Wall Street. They want to feel important… that you care about, listen and understand them.
- Transparency – Give them the fees upfront, not hidden. Fixed upfront and fixed annual.
- 10x – All about Thinking Big! “What would it look like if you were to make 80% or 10x your income for your company?
- Candor – say what has to be said. People need to hear honesty, have a candid conversation with them. Even though people may not want to hear it because it’s painful, but it’s real and people trust it.
- Growth – The Universe is based on this, as is business & life, ever expanding and growing. Sit on your ass & watch Amazon eat your lunch.
The WHOLE PURPOSE of Core Values is To Know Why your making your Decisions or hiring based on. Values act like a filter, allowing your personal values to align with your business values.
If you have employees, best to empower them with information so that they can make choices and be in control of their Financial Future not just throw them into a 401k w/mutual funds. It’s about relationships.
Fastest way to your million: hire a multi-millionaire coach/mentor that will tell you your next step today is to look at your numbers today. You can’t hide, you’ve hired this person to be there with you, be real, it will force you. It’s about feedback and having someone there that tell you to take action & then you must GO!
It’s about getting outside of your comfort zone and taking a DEEP BREATHE and saying “I can do THIS!”
Net worth is not spendable. CASH FLOW is what FEEDS you! We all have to put supper on the table (don’t call me late for supper). You can go Bankrupt having a beautiful Net Worth.
Question: Do you have MONEY in your Bank Account? If not, maybe you need to take a closer look.
Its really about the CASH, cashflow, the cash that’s coming in that you can SPEND. Think about it… if you want groceries and there’s no money in the bank and no cash in you pocket… What you goona do?
3 Key Factors to Focus on when it comes to Cash Flow
Three Primary Numbers to be focused on in your Business to know how you’re doing.
- What’s driving people in (new customers
- What’s the conversion from where they come in to where they buy
- How long are they staying or are they leaving right away? (take care of your people that are in. They will take care of bringing other people in) World-Class Service instead of crap service.
- Have someone audit you…someone neutral (not emotionally/ego involved) – like a CFO or your coach/mentor. They can make you accountable for your expenses. I.e Justify what we are spending $1,000/month on phone expenses, what is it doing to drive our ROI?
- What are we spending on Marketing? 1%-3% … Admin & overhead will KILL you. People get attached to it.. their phone system, their office, you know what… use your cell phone and work out of your car. Focus on your revenue or go out of business.
Track your baseline and trends to be able to spot fluxes, seasonal ,etc. Maybe do a Deep-dive once/month. Use a spreadsheet with a graph to know what direction your heading.
- Ratio of expenses/revenue i.e marketing/revenue… is percent change increasing? Maybe marketing is all jacked up.
- Spreadsheet template for tracking – email Damion@TotalFinancialControl.com and he will send you what he uses!
- Focus on 6 Things ,not 600 things. You do 10 things and do it 10,000x’s and you kick but.
- Ask yourself… “What are your highest Leverage Points? Squirrel-brains stop wasting time! Where are your top two Revenue sources going to come from over the next 12 months?” Be honest. Again it’s the CORE (one or two things) that will drive your business, not the secondary.
- I.e being a R.E Flipper, apartment complex developer & tax liens… where’s the money, where are you going to have the deepest impact? Curiosity killed the cat. Dangerous unless compliments the primary.
- What are the top 2 things that you bring to the table? Get rid of the other 8 things, start purging. Most people, even UFC fighters only are really good at maybe 6 moves, punches, styles. What is your best bang for your buck?
- What is the ONe THINg? CONSTANTLY ASK: What is the one Focus, what is the one business? Then Really Crush It! (because we don’t have $700 million in the bank, where we can hire CFO to run each of our businesses)
- For the WEEK, know exactly what the outcomes are going to be. Focus on maximum of 3 things and be accountable for your entire team. Do these 3 things in the beginning, don’t wait until Friday to get them done.
- Daily – use Grant Cardone’s 10x Planner. Starts with ‘Top 5 Goals’ in my life which determine outcome for the day. What am I doing that serving those goals? Those goals are populating my chunks/hour blocks of time. Whole day is planned, minute by minute, no guess work. If people call, unless it’s super critical, they don’t get to mess w/my calendar. Know WHY you’re saying no. You have a DREAM and deserve a fantastic future. People need a level of pain to know where to set those healthy boundaries. I.e “No, I don’t want to take that on.”
- As the OWNER/CEO of your business you want to ask, “What are my big 3 focus for the week?” i.e Key relationships, All the other things are for someone else to do. I.e phone call, check bookkeeping and laundry.
- Your team can use SMART SHEET to populate your next month of everyone’s 7 BIG THINGS to get done. Have a couple of things for the week, then you know what resources and conversations you need to do for the day to get those things knocked out.
- Have something visual to keep you accountable. Also realize you’re the leader, and if you don’t do what you are supposed to do, will your team do what they need to?
- Be specific in what it is that you need to get done, be accountable to, have a metric or be able to check it off or maybe embarrass the person, have them sing in front of the team.
- How to see the forest for the trees? Maybe switch around coaches so it’s not the same one. Also who do you hang around with? Is it people talking about hard-core metrics or just talking about the past or fluffy future, but not hard core about the reality. We become like the influential people we hang out with.
- What should a coach ask you on a regular basis? “What do you think?” So they build up your confidence, so you feel you have the ability and are capable. Let them develop wings, figure it our for themselves, they will learn. And at some point, maybe when they are having only 10% growth, it’s set them free…end of coaching with them.
Go take a look at your current goals are that you wrote down today and then add a ZERO to everyone of them, 10x them. Figure out how that stretches you. How are you going to do that in the next 12 months from today?
It will force you into different networks, technologies & mindsets that will knock your business into overdrive and LAUNCH YOU.