Matthew Pollard: Growing Your Business Rapidly

Have you ever worried about not having enough cash on hand? You know, I'm talking about. A line of credit from Financing Solutions is the ultimate cash backup plan because it costs nothing when not being used, and it's easy. Get in place. As a loyal listener to my podcast, if you visit fscreditline.com today and put Mike in the referral section, Financing Solutions will give you a $250 credit on file. You never know when you might have an emergency. You know what I'm talking about. Again, so don't wait. Get your line of credit in place today. And by the way, my name is Mike Malowitz, and I'm on a mission to eradicate entrepreneurial poverty. And we're going to be on this episode and every episode of Entrepreneurs, I take it, Jacked. Jeff. Jeff. Does that remind you of high school, Amy? When I used to get pumped up. Oh, totally. Once I.

In.

In high school, I was a little lacrosse field and I was waving to you, and you weren't paying attention. I start waving. Some guy decked me. I just want you to know that. Knock me out cold. Ye. It's all on tape. This is fiction, but, you know, it's not fiction. My sister went to the Oscars.

Yeah, tell us. Tell us how it went.

So I remember because she just got back last night. All I know is she was overwhelmed. She went as a vendor and you have to. Basically, you give away your bills. You don't. You're not selling anything. She makes this. This invention called the Cool Me scarf. And she got a booth there, and they put you in different sections. So she was, for women over 50, was the community she's targeting. So she gets in the women over 50. Yeah. Section. And then these celebrities don't go there. It's just like all their. Their helpers and stuff. But then afterwards, there's a party. They have these things called viewing rooms, and you get put in your section with the celebrities of that viewing room, people that couldn't get to the Oscars but are sitting out there. So she sat with the former actor of James Bond. Cool. But not, you know, Roger Moore or Sean Connory. It was this guy who did one movie, I think it was called In Her Majesty's Honor or something, was the name of the show. But she sat with him.

Cool.

So that was a big claim to fame.

Okay.

And she dressed up really nicely.

Isn't it true that those gift bags that they give out are worth insane amounts of money?

Yeah, tons of value.

The swag bag, that's What Chris just.

Did for the, for the Golden Globes isn't ironic.

The more money you have, the more stuff you get.

That's what he was saying. He's like, why do I have to give my product away to people who could afford my product? Why?

Well, the hope is right, that they'll wear it and you'll get some photograph with it, which you never.

He was amazed that, you know, the handlers wouldn't even let the celebrities come near them because they may.

The handlers. That's the word. It was all hand.

Yeah. And they may have like that celebrity might have a l' Oreal contract so they're not touching his product, you know, so all that stuff.

Well, today's episode, we're going to talk about rapid growth of the Oscars. It's amazing. Now in your business, how do you grow rapidly? And we have the expert on the category, his name. I'm looking right at him right now. Matthew Pollard is responsible for 5 multi million dollar companies. That's cool. When you're cool, you call Mel.

No.

Why do you. Why? We didn't know.

Just say million. Sounds uncool.

Multi mill. God. Bunch of jerks here. And he's the author of a wildly popular book called the Introvert's Edge. I know you've heard of it. Do you have a copy in your hands? If you don't get it right now. Which has received endorsements from the likes of Harvard, Princeton, Neil Patel and the fabled Marshall Goldsmith. So with no further ado, let's get to business here and talk about rapid growth. Welcome to the show, Matthew Pollard.

Welcome, Matthew.

Thanks for having me.

I'm excited to be here.

Do you see the veins, like bulging on my head when I scream?

Well, mate, I get in trouble for having veins as well. My wife keeps telling me not to be so serious, so I, I focus on trying.

You look relatively veinless. You have a. A perfectly eclipsing hairdo that, that swings down and blocks any potential veinage. It looks like gonna hide it.

Right. So that's, that's the whole point. And I was warned craziness of your shows. So I made sure that I covered every.

Right, right. Smart. You covered the. Because we would pick on your base. Let's pick on growing rapidly. That was a horrible transition. You have specific steps. So first of all, let me ask you, why do people want to even consider growing rapidly?

Well, I think that a lot of people see rapid growth as what tech companies do. Right. So the business that started Facebook and now it's Huge. Probably Facebook's the wrong topic because some people love and don't love Facebook at the moment. But the average service provider business, if you like, a lot of these people think that rapid growth means having thousands of staff. And sometimes it can just mean the person that wants to build a great income doing what they love, that wants to make rapid profit growth in their business. So I think that firstly people see it as the wrong thing. It can be rapid growth in staff if you need that. But the real focus is profit, whether that means hiring more staff to facilitate the service or just making more, more money yourself. And who doesn't want to make more profit? I mean, that's what your book's about, right? To make more profit. So why not?

Now people want it, but admittedly you can't do well, maybe not true, but can you do in every field or some industries rapid growth doesn't happen. Like, I think manufacturing stuff. Is there some industries this won't apply to?

Absolutely not. I mean, I, I literally just got back from speaking at Dead Talks, which is the National Association Funeral Wash.

They call themselves Dead Talks.

They called it Dead Talks.

Morbid people. Yeah. Amy, Kelsey, everyone taking notes now.

Okay, I want to go.

So I'd have to tell you that most people, I think the biggest hurdle is they believe that rapid growth isn't possible in their industry. And I think that's because they focus on their functional skill and they're like, oh, I live in this commoditized world where my whole life is about hustling to find interested people, setting myself apart and trying to make the sale. And more often than not, they think that the fight is about price. So how do you grow in a commoditized marketplace place when your customers only seem to care about one thing? Well, the answer is that you've got a sidestep that commoditization. And that's really what I talk about. So many people come to me and say, matt, I need help with sales. And my book, the Introverts edge, it did 30,000 copies last year and it's listed as one of the top books ever written on sales. But more often than not, I'm first to say, well, if you're a service provider business or a product based business, a small business where you have control over your entire business, the last thing you want to do is with sales. I mean, if you start with sales, you can lose. And the truth is there's a lot of heavy lifting you can do before you get to that. That makes price the most irrelevant Thing the trouble is, most people are so focused on their functional skill and then go to selling only when they called to that they tend to forget all those things.

Okay, but I'm not clear on how to break out that price competitive thing, because that seems like the normal approach is if we do the exact same thing we have, whoever's cheaper is the better option. So how do you break out a price?

Well, the first thing is realizing that everybody's different. You know, the amount of times that I will sit down with, you know, a group of accountants, and they all think they're competitors because they're in the same city.

Right.

And then you realize they all have unique talents, unique experiences, unique past upbringings that perfectly qualify them to help a demographic of people. I mean, best example I can give you is I worked with a language coach out of California. And, I mean, she taught kids and adults Mandarin. And in this global competitive world, she had to deal with people moving into California that were willing to charge 30 to $40 an hour, people in China offering to do it on Craigslist and then these apps that, you know, I teach you Mandarin, you teach me English. We just won't charge anyone anything. She's competing against free. So she comes to me and she's like, matt, I need sales training. Can you help me to compete in this crowded marketplace? And I said, wendy, yes, I can show you some tactical things and give you a sales process to help you compete. But in truth, eventually they're going to go like, for, like, well, why am I paying $50 an hour more? So what I started to do is help her realize that she could avoid the battle altogether. So what I realized with her is she did three things for two specific clients, and these were executives being relocated across to China. Now, the first thing she helped them understand was this concept called galaxy, which for us means outer space, but in China, it's the word for rapport. So, like, in the Western world, if I was going to try and sell you something, I might, if I was a really bad salesperson, sit down with you for 45 minutes and then say, hey, do you want to move forward? And you would say, yes, no, or everyone's favorite. Let me think about now. If I came back a week from now and said, you know, Mike, do you want to move forward? And you still said you wanted to think about it, I might know my chances of getting that sale going down and down. When China, they're going to want to meet with you five or six times. They're probably going to want to see you drunk over karaoke once, twice. I mean, it's just who they are. But that's because they're talking about 50 to 100 year deals a lot of times, not the transactional or 12 month agreements we do here. So it's about the character of the person. I also helped her understand the importance of what she was sharing, which was the difference between E commerce in China and E commerce in the western world. And the third was the importance of respect. Like how to handle a business card in China. It's very different. We just throw it in our pocket. Exactly. I bought it like that. So the truth is that I said to Wendy, these are things that are well beyond language tuition that you're doing for these people. What are you doing? And just like everybody I speak to, they're like, oh, they're just a few things. I'm just trying to help. She was stuck in this functional skill. And I said, wendy, is it fair to assume as a result of this assistance these people are going to be more successful when they get to China? She's like, well, yeah, I mean, absolutely. That's the point. Why don't we call you the China Success Coach? Forget about Mandarin.

I see, yeah.

That we created a China Success Intensive which worked out to be a five week program to talk to executives how to be successful when they went to China.

I see how you repositioned it. True story. My old business partner was in China. We were negotiating a project. He gets to the table in China, you hand it over, you know, you hold a car, two hands. He sits down with his business cardio to ante up, everyone anti up and he did not get the project. All right, so second step. So number one is I can't compete in price. I love that strategy. What about once I have that defined, what's the next step for rapid growth?

Yeah, sure. So the first thing, I mean, what we've really done there is we've defined the unified message the China Success Coach. And we really have in a lot of ways to find the niche, which is executives being relocated across to China. However, the question is, who do you sell to? And when he was like, oh, well, obviously I sell to the executive. And I said, well, yeah, I mean I was terrified moving from Australia to the United States. Imagine going to a place where they don't even speak the same language. I said, it's not your ideal client though. And this is the problem. A lot of people go for the obvious customer. I said, it's not your ideal client. Who do you Think your ideal client is? Well, obviously, the company would pay. I'm like, yeah. I mean, the companies have a lot of times, got millions of dollars riding on a success, a successful placement of that executive. I said, it's still not your ideal client, though. So frustrated, she's like, well, who then? Wendy? Your ideal client's the immigration attorney. I mean, you go to China, you need to get a visa. You need to get your paperwork done. I mean, that business model is really interesting. I mean, they get a client, they'd be lucky to get five to $7,000. And, I mean, you'd be easily able to tell that's not profit. You got to get the customer. You got to do the bureaucracy, the paperwork, have an office. They'd be lucky to make $3,000. So I said, just offer them $3,000 for a successful introduction. They love the idea. They're like, well, who do I talk to about it, and what do I have to say? We said, well, executives going there for business, and all you've got to do is say, congratulations, you've now got your visa. I just want to double check you're as ready as possible to be relocated. And the executive would think the answer was yes. They'd say, I've got my visa now. Thank you. We're learning the languages. Kids are getting pretty good at it, too. I think we're set now. The problem was there was a lot more to it than that. And the immigration attorney would just say, I think there's a lot more that you need to understand. I think you need to speak to the China success coach. Now. Wendy would then get on this phone call with the easiest sale in the world. These people were terrified, motivated to pay organizations. She charged $30,000 for this platform minus a $3,000 commission. She made $27,000 for the easiest sale in the world. And instead of struggling every day with.

Free, she was competing as free before.

Well, that's the difference. And she had no competition in that marketplace. And, you know, I've seen so many people do it from the marketing world, where all of a sudden, they realize their primary demographic they're passionate about is health technology. We call them the mission maven. We focus on the health tech business. They go from making $30,000 a month to getting four clients. Sorry, making 30,000 a year to getting four clients that are paying $10,000 a month and then getting acquired months just because they stop commoditizing themselves.

Interestingly, this plays into Jeremy's idea. The North Korean success coach.

Where are the. Where Are the crickets. I didn't have that. Hysterical.

Yeah, clearly. Okay, so let's talk about the introvert. Introverts edge. You say that introverts have an advantage in this process and standing out, but it makes no sense to me.

Well, so I think that introverts, period selling makes no sense to people. I mean it's right, it's stereotypical, I don't have the gift of gab, I can't sell and it's just not true. The truth is an extrovert has advantages at the start, which is they can just strike up a conversation, but they have their own barriers, which some might say they don't make the best listeners. The difference is they'll go out and get training on how to do that. An introvert believes there's this barrier to sales and because of that they never try. So one thing that I've found is that introverts hate bulldog techniques and hard closing. But I mean, the reason why this book was endorsed by Harvard and Princeton is because it's this natural step by step process that leads to a sale without those bulldog techniques. But the truth is an introvert, because we suck at selling up front, we hold onto this process for dear life. And once we get better at it and better at it, we start to really get rid of that infrequency that an extrovert has. That roller coaster ride of oh, I'm having a good day, so I'm making great sales, I have a fight with my husband or wife or I'm making bad sales. An introvert. Regardless of how we're going in our personal lives, we understand a process, we practice the inclinations, we learn how to follow the step by step. Because of that, you know, day by day, an extrovert might outsell us. But month by month, year by year, we beat an extrovert hands down.

What about in leadership capacities and other capacities outside of sales? Do introverts have an edge there?

So I think the biggest hurdle that everybody has as an introvert when they look at these so called extroverted arenas is they try to become more extroverted. You even hear some introverts saying, oh, I used to be really introverted, but I've been able to become more extroverted now and I'm succeeding. The problem is that that's forcing us to. I mean we feel inauthentic, it feels incongruent and it zaps our energy. So it's more important for an introvert to realize that we have gifts and that we literally Become our edge once we systematically approach those so called extroverted arenas and then we have amazing talents. Now if we look at some of the most common so called extroverted arenas, like networking people like Ivan Meisner, the founder of BNI Business Networking International. He is an introvert. He created BNI to use process in the act of networking. If you look at Zig Ziglar, the most well known sales trainer on the planet, he is also an introvert. I interviewed him on my podcast, the Introvert's Edge. I interviewed, sorry, Tom Ziglar, his son on my podcast. Zig wasn't available on podcast.

Yeah, yeah, yeah, yeah.

But when we interviewed, he talked about how his dad did exactly what I do. I mean, we were talking, you know, offline about how you and I speak on a lot of the same stages. Difference is you would probably be charged up by that and be happy to go out and talk to a whole bunch of people afterwards. For me, I can speak from stage and I'd like to think that people would see me as the best speaker that they've had or that they've had it for the conference. The difference is I'll go down and talk to people after the conference and then once I'm done, I'm not gonna want to go down and party or talk to a whole bunch more people. I'm gonna want to go home, put on a hoodie, watch a Netflix movie and recharge. So people have this wrong belief around introversion. It doesn't mean you can't speak. It doesn't mean you can't sell, network or lead. It means that you need to systemize those processes so that you feel comfortable and you can channel your natural self and your natural talents of introvert. And you need to manage your energy. You need to realize that it doesn't mean you can't run a meeting with a whole bunch of people. It just means after that you need to practice answering emails or having some form of downtime where you're not around a bunch of people.

Gotcha. All right. So introverts can build rapid growth companies just as much as anyone else, if not better. We got to start wrapping up here on time, but I want to know what's the first step people can take to getting their business fueled forward.

Absolutely. So there are two things that I'd really recommend. One is we talked about unified message and niching really quickly and a lot of people like, well, how should I work out my message? And then how do I pick that niche? Because the truth is That I would suggest the best thing to do to grow your business rapidly is create what I call your three core stories. But you've got to make sure that each one of those stories speaks to that niche market and identifies with the unified message. Now what I'd love to go through it today, people can do that exercise at home. There's a template that I have@Matthew Pollard.com Growth if you download that, it'll take you through five steps where you can actually create your unified message yourself and discover your niche of willing to buy clients. Once you've done that, the most important thing is to go to networking rooms and validate that. But you need to be able to communicate it. And the easiest way to do that is to say what are the three major problems that that niche has? And what are stories of people that have had that problem? That I have delivered a positive result. Especially for introverts, but extroverts too. We over complicate the sales process so much. We talk about our jargon in our industry. And the problem with that is it leaves the listener overwhelmed. I mean, you can't download 30 years experience into a customer in 30 minutes. So the best thing to do is to tell a story because people remember 22 times more information in a story. If you share a story as opposed to sharing data, what actually happens is the reticular activating systems of our brain synchronize, which actually means that you create artificial rapport that you can leverage into real rapport. And it short circuits the logical brain, which is the part of the brain that says this will work for me, that won't work for me. I don't have time for this, get out. Send me a proposal. So the goal is to create these stories. Now what I would suggest is most people's stories, the way that they look at them is they see them as customer wanted this, so we gave it to them. What I would suggest is you have to create it less like a case study and more like a character from a novel where you talk about the story like you are them and the story is about the decision maker, not the company. We always say, I work with this company. Companies don't have feelings. So the goal for you and you know in the book I talk about in chapter five, the four quadrants of the story process and talk about everyone stays in the functional elements. Imagine the story like the story of how you met your husband or wife. You know, the story the first time you tell it may have parts that get people to gloss over certain elements and you're like, you know what? I won't tell those next time. Then other parts people seem to really enjoy. So you embellish on those. I mean, the story of how I met my wife, same as everybody's, it gets to become this kind of theatrical masterpiece. I say this, my wife says this. We say this together. Know that's how you want to deliver a business story, but it's more about the people, not the company and the implementation. Nobody cares about that. They just want to know they work with you worked with someone just like them and you got them to an amazing result.

So rapid guys use those stories and they retain the info. It facilitates rapid growth. Perfect for introverts. We got a role. Matthew, where can our listeners learn more about you and your book, the Introverts Edge?

Absolutely. So one of the things, my publisher hates me when I say this, but you don't need to buy my book. I'm really focused on making sure say that.

Damn it.

So the thing for me is the first seven steps of the sales process outlined completely in the first chapter. And you can download those at the introverts edge.com if you do nothing more than grab those seven steps of the headings and then look at what you currently say and put it under those headings. Firstly, you'll realize a bunch of stuff doesn't fit. Stop saying that to customers. You shouldn't be saying it. Then you realize there's some pretty gaping holes. And what you'll realize is those holes around asking great questions and telling phenomenal stories. So what I would suggest is if you do that exercise, you double your sales in the next 60 days. And if you start by doing the five step exercise@Matthew Pollard.com growth, you'll make the whole sales process mapped at a niche market with the right message. Then you'll just get explosive growth.

Perfect, Matthew. Thank you for sharing that. We'll include the links in the show notes and we'll see you later. Thanks again. Bye bye. Hey. The audience goes wild. I like the sound effects. You really amped up that board, bro.

Thank you. You haven't even heard half of them yet.

I know, I know. I like it. I like the little melody.

Surprise.

I like the little melody. So we're going to recap what we learned from Matthew just now. And do we have a game for today?

We have a game and we have a caller.

Live caller. Okay, so let's get right to it. I. You want to give me a punch first? Because I want to thank our corporate partner.

I would like to give you.

I got. I gotta prepare you for some of these audios. You're gonna get used to it. Yeah. Gay. There you go. I call, you answer.

Yeah.

Next to my voice over IP phone system. Does everyone have their new phones that we moved into this new facility?

Yes.

Okay. Working well.

Yes.

Yeah.

I like your new nextiva phone.

I do. They have a nextiva phone.

It's no longer a branded phone.

It's their own branded phone. Yeah, it's really good.

Good.

And the headset's remarkable. It connects to my computer also.

You can walk around.

That came with the phone.

No, no. Amy. Gossip headset, too. But Next even provided it. I don't know if it's nextiva branded, but you can walk freely. It connects to the computer and the phone. And we are. We're gonna be getting their new CRM shortly.

Oh, great.

They've just released it in beta. The newest. Newest version.

Cool.

So you want to be part of the beta? I'm like, yeah, yeah. Jerry, what'd you learn? Oh, hit the button, I guess. Right?

Which one?

What'd you learn today?

What's the new.

Nice. Jeremy timing. Well done, dude.

I learned I want an Australian accent.

Yeah, I know any accent.

Also, I have one.

It's called America.

I know.

It's called annoying.

That's right.

I never thought that, you know, somebody would say that introverts have an advantage over extroverts. So I think that's really cool and unified message. I think that's really important. You know, keep it congruent.

Yeah. Okay. Good cows.

I loved when he talked about the unique context that makes you you. Makes you singularly effective for a certain market.

Right.

Rather than trying to fit into the mold of a commoditized market, figure out what makes you singularly important to a certain market and exploit that or maximize that.

Yeah. That was well put. Was good aim.

Yeah.

Can you top that one?

I don't think I could top it.

Get the hell out of here.

Get the hell out.

I loved. Are you looking at the right client? Like, I tend to think, like, when they're talking about the whole pricing issue and, you know, she's competing against free, and I get like, I don't even have a business, but I'm getting like this panicky sense, like, yeah. How do you overcome that? How do you overcome that? I love the looking out, you know, thinking outside of the box and. Are you looking at the right client? I think that's just genius to go, you know, totally different direction.

Well, your business is Taking care of the office here. So you do have a business.

Yeah.

Is loving on us and you do a great job at it.

Thank you.

Ideal client I liked, but I really like the core stories and the little tidbit he threw out. He said we retain 22 times the amount of information we hear it in story form.

Yeah.

Well, that makes sense a lot.

Yeah, it's a lot, right? I forgot the percentage, but I, I know that you always remember stories.

I've got a killer app for you. It's called Process Street. You know your business lives or dies by its processes. You got to do it right and you have to have the team following it consistently. We know that in house and that's why we implemented Process street and I encourage you to do the same. Process street is the easiest way to manage your team's workflows and recurring processes. In fact, it even comes with pre made templates for things like client onboarding, employee onboarding, sales processes, marketing processes, content publishing, promotion, customer support processes. You name it, the system has it. And now you'll have a consistent deliverable for your company. Do what we did and implement Process street in your business. Plus, I got a deal for you. If you sign up now at our link, you get 20% off. So go to mikemcalowitz.com processstreet that's mikemicalitz.com processstreet and if you're struggling spelling Michalowicz, you're not alone. Go to mikemotorbike.com Processstreet don't throw that superfluous slash at the end that messes everything up.

Up.

Go to mikemotorbike.com processtreet and get 20 off today. Let's see how well you guys remember a story. So I shared a story. I'm just gonna do a little action, see if you can remember the story.

Kelsey crawling through the office.

Yes. Story retention. That was 22 times the retention.

And that didn't even happen.

And it didn't even happen, dude.

It's only. You crawled into the office, the door opening.

Were you just like not even looking at the people on the webinar anymore and just like, like staring at the floor?

I started laughing because it's so ridiculous. I think the most, the, the loudest thing anyone can do or the most disruptive thing is try not to be disruptive and loud when people open the door. My, my pet peeve is someone that wants to knock on the door, but they knock quietly because they don't want to interrupt you by interrupting you. And you hear that?

I'm so gonna do that now.

I hate that I just lurk outside your door. Like, I feel like that's even worse.

Lurking. No, lurking's not bad. But you just want to knock. Just knock on the door. I just don't like to. People go. And you're like, did I hear something? And then you're like, no, no, it was my mind. And then I've been knocking for an hour.

Can I tell you that? So what happened on the webinar? Then the panelists popped back up somehow. I don't know how. So I was back in my office, and they all of a sudden, like, popped back on the screen, and I was like, what do I do? So then I, like, went back. I didn't know because I didn't want to disrupt again. And I was scared that he was going to do the same thing the first time as he did the second time, where it's like, well, here's Kelsey again, crawling on the floor. So I didn't want to. To do that. So I was, like, lurking outside your office, and I was like, what do I do? What do I do? Were you really, like, yeah.

How? The second time you came in, you were so, so low to the ground. Did you go behind the desk?

I went behind you.

Oh, yeah. You didn't go behind it.

Okay, okay, I went behind you. And the second time. So I thought he wanted them to go away again, so I went back in there. I was like, okay, I'm going to do it this time. And then, of course, he's like, oh, here's Kelsey again. I was like, cool. But then. Then he, like, kept talking to them afterwards. So then I was literally doing nothing, kneeling next to him. So he hands me a notebook, like, what are you doing here?

What he was doing.

So I just like, oh, thanks for that notebook.

The second iteration. So, like, I'm presenting, and all you see is this one hand sitting on my desk, and Kelsey's down there like this for, like, it must have been, like, five minutes.

It was a really long.

Right. And I'm like. At a certain point, I'm like, what are you doing? She's just sitting there, like, like, taking no action.

So you didn't tell the whole story during this podcast? The people that are listening have no idea what's going on.

No. They gotta listen to the last episode, Right.

Listen to the previous episode. If you. If you. If you're missing this.

Yeah, because that would so make no sense. Kelsey the lurker. Did we do all the what we learned. We did. We did.

Now we got a segment. I haven't figured out a jingle for it, but this is my do it Live.

I can. I'll write it and we'll do it live.

Oh, I like it.

Let's. Yeah, yeah, do it Live.

Let's do it live.

Okay. All right. So this.

Let's call it do it. Do we call it do it Live. We should call it do it Live.

That's what I'm calling it.

Do it Live.

So this gentleman, his name is Jono. He is Australian.

Are we calling Australia?

No, no, he lives in Texas.

Yeah, I love Texas. You say hi, right? Because I always get nervous about this.

All right.

How you doing?

Hey, what's up, Jono? How are you, man?

Doing well, doing well.

Good. Awesome. Hey, so I got Mike right here.

Hey, John O. Sorry. Good. How are you doing, sir? Doing well, believe it or not. Your broadcast live. This is heard nationwide by one person. But it's hard and we understand you have a question. What is it?

I do indeed. So I have 1 and 2 if you like me.

Okay.

The first one is I run run currently a supplement company which we have one product and looking to. To expand that line so to service our customers and provide as much support as possible. And currently it is my side hustle, not my main gig. So I'm wondering what your thoughts are on completely delaying. I love the profit first system and plan to use it to get out of my main gig, but wondering what your thoughts are on delaying the profit first system besides the tax requirement. If it is my side hustle that.

I want to grow quickly, I gotcha. Well, what kind of. Do you know what kind of revenue you need to achieve in order for you to leave your business? Your. Your. Your other.

Yeah, I have worked back from it and it is. It. It's a nice amount.

It's a nice amount. Okay. And do you know the. From that revenue number, the percentage that needs to be your profitability?

Yeah.

Okay. Yeah, yeah, yeah. So here's what I would challenge you to do. Do not, not do profit first. Because the most consistent thing I hear is if I skip profit first, well, I'll grow faster. And it's actually the reverse. Now we have over 300000 businesses have implemented with thousands of case studies and I didn't expect to discover this, but this is what we're discovering. Businesses that take their profit first start concentrating on what is driving that profitability and concentrate their efforts in a more focused arena. So maybe you may want to introduce A second supplement and a third of those three, one may be the most profitable. And maybe it actually does serve you better. Only have two or maybe just one. But by taking your profit first, it'll force that consideration and you'll have established the happiness, the habit. So my challenge to you is don't fall for that belief that it takes money to make money. Don't fall for that belief that you need to plow back cash to grow. I want to challenge you. Take your profit first. And why I wanted to know those numbers is you have a percentage already set. Take that percentage starting today with your business as it is today. So you build that habit going forward. And we do have time for a second question, but you got to fire it off quick. That's cool.

Love it. And just a few follow up there. I would always want my profit to be a little bit more than say the 5%, 10% allocated just to grow the company. Is that okay? If my. This income I'm putting aside is absolutely great for me if it turns out to be.

Yeah. So can you take a higher percentage of profit? Is that what you're asking?

Yeah. Like do the percentages matter or does it just matter that I'm paying myself, I'm saving for tax, there's profit there and all expenses are paid.

Good question. Yeah, the percentages do matter, but they don't. They're not the most important thing. The habit matters most. So businesses will tweak the system. So if you think you can take increased profitability, we always push for that. But at times you will say, I do need to reduce profitability because I can put it in the opex. And I know with confidence that by spending a little bit more here, I'll make a lot more there. If you have that strong degree of confidence, that's when we adjust profit. But never go zero on profit. You always need to be taking a percentage. All right, Jonathan.

Hey, thank you.

My pleasure, brother. Thanks for joining us.

And thanks, Johnny.

We'll catch you around.

Thanks.

Round.

All right, Jeremy, you know, you know what time it is now. It's time. So this game or we have. I should just let the whole thing play. I don't know why I shut it off.

It's right.

So we have dead or alive 5.

Yeah.

Or we have fake products.

Oh, do I get shoes?

You get to choose.

I like to play. Fake products. That's my favorite thing.

Fake products.

Yeah. That wins over our guests every single time. Yeah.

So what is this?

So. Yeah, yeah. I had you started out. So what? Yeah. Yeah, yeah, yeah. So what is you do the. Yeah, yeah, yeah, yeah.

All right, I'm gonna go with the first.

Okay, so how many products?

Three products.

Okay.

One is fake, take two are real. All right, product number one, the bulletproof suit. Ever have the fantasy of being James Bond but the lack of skills to dodge bullets? Have no fear. Introducing the bulletproof suit. Now you don't have to choose between being safe tactically and looking like a gentleman. Made of space age materials, the suit can withstand a 223 or a 5, 5, 6, NATO round from 50 yards.

So can I say I thought you heard said soup. I'm like the bulletproof soup. I thought it was like the coffee. You know how they pour all that butter in it?

Yeah.

And I'm like, this makes no sense. Now I understand. It's a shoot, not a soup.

Next product, motorized ice cream cone.

Oh, I like that.

Do you love ice cream but are too lazy to turn the cone in your hand or do you hate having it melt too fast? Well, now your fat little fingers have to just push a button in our patented ice cream cone motor. Spins the ice cream for you. Just hold out your tongue and let the ice cream come to you.

I like that they insult you by saying, you fat little fingers.

Yes. Yeah.

They don't say you're fat. Long fingers. Your fat big fingers.

Yeah, fat little fingers.

Okay.

All right. The last product, self driving bicycle. Using a sophisticated gyroscope to keep the bike upright, our self driving bicycle lets you ride around hands free. Using a linkage to the front wheel. The gyroscope detects lean in the desired direction and adjusts the steering automatically. The bike is powered by a lithium ion battery with enough charge for 50 miles. Not for use by children unsupervised.

Oh, okay. These are good ones. So we had the bulletproof suit, not soup. We had the motorized ice cream twirler and we have the self driving bicycle. What do you think?

Fake? Fake bulletproof suit.

Yeah. Okay.

I say the same thing and I.

Say the same thing. So we got a triple.

You're saying the bulletproof suit is the fake?

Yeah. I was like, there's no way. Because. Because first of all, I've heard of.

A bulletproof suit before.

We're wrong.

We're all wrong.

Tell us more about this.

Are you sure about that?

I swear. So I. The company is called Bespoke Suits, I believe. And it's a legit thing. They, they have armor in built into the. Yeah, it's real into the suit. It's real. You said it was fake.

Oh, I thought we were picking the real one.

I picked the fake one.

There were three.

Oh, here he's two fake, one real, one fake fake.

No, it's one fake. Oh, see, now you're confused.

We always did two fake, one real.

Right? God, he's the worst.

I switched it up.

You told me as soon as you want to play this game in the first place, I think it's stupid.

So wait, wait, wait. You were saying that the suit was fake.

Yes, I thought the suit was fake and it's real.

And that's how it's real.

Yeah, it is real.

Okay, so Kelsey. So either Kelsey's a manipulator or you are. No.

Even before he announced it, I said I thought it was real.

No. So what's the fake one?

One is there's only one fake.

The theme song says which one's fake? It's in the theme song.

I need to hear a theme song.

So now I think it's motorized ice cream.

I think it's a self driving bicycle.

Wait, I hear. I hear a theme song. This is good. This is good. It's well done.

Yeah. So what is.

What's the fake one? It is in the theme song. It's in the freaking theme song right there. Okay, so I still think so. So I picked the bulletproof suit. So we played by the rules. Amy and I did. You broke the rules.

Yeah, but you guys know that you're wrong now.

Now we know.

So now you get deducted.

Yeah, we do get deducted too. So of the two remaining ones had.

A legitimate stutter then I wouldn't make.

Fun of you behind your back. I would, but not to. If there's so of these two, one of them's real, one's fake. So now we identify which one's fake.

Correct.

So we guess we all got to go again.

Okay. Yeah.

Yeah. Okay. I think now this self driving bicycle is fake.

Fake.

Copycat.

I think the motorized ice cream thingy is fake because if it was real, I would have found it.

That's a good one, Amy. That's funny.

Self driving bicycle. Yeah.

Okay. It is the self driving bicycle.

Nice.

Fake one.

So that my ice cream is out there.

It's out there.

My. I can go find it.

You can actually buy that on Amazon.

I think it's a great. I think it's a great idea.

It's a plastic cone and there's a spinner.

Yeah. Yeah, that's smart.

Yeah.

When you get soiled, like how do.

You clean that yeah, that's what.

Yeah.

I wish it was just a holder for the cone.

Right. I want a loop that holds the.

Cone because I like the cone. I don't really want a plastic cone.

Wait, a holder for the cone?

Yeah, it comes from.

Oh, and it spins the whole.

Spins the whole thing.

Yeah.

Oh, that's. That's ridiculous.

Now we've passed a lot. Now we've. That's past the line of.

Well, I'm so happy that we keep these podcasts under 20 minutes total.

All right, wrapping it up.

Yeah, let's get out of here. Right? We're good?

Yeah.

Okay. Hey, there's one more thing we'd like you to do is go to mikemotorbike.com we have tons of tools for you. I got a brand new book that is coming out on April 28, so about a month away. It's called Fix this Next. Actually, you can reserve your copy on Amazon or Barnes Noble if you wish right now, but Definitely go to mikemotorbike.com Click on Get the tools, and we'll hook you up with some juicy, juicy free stuff. All right, see you guys in the next episode of Entrepreneurship. Elevator. Good.

Oh, nice.