Had a great conversation with my friend Robbie Britton this week. He told me a story that I asked if I could re-tell. His son was having a bad day, so to cheer him up he pulled him aside for some one on one time to play some board games. The game he played was monopoly. Now because his son was having a bad day, he did not want to win, so Robbie had to pull together a strategy to lose. Here is what he did:
1. He didn’t invest in anything
2. He looked for only the immediate payoff
Guess what- his plan worked. In fact, his son gave him a whipping. His son went out and bought everything on the board that he landed on. By spending his money, it gave him focus on getting more money which allowed him to invest even more. Now Dad was stuck later in the game landing on his Son’s property and guess what happened to all the money that Dad was saving? It all went to his son so his son could, you guessed it, buy more properties. By investing in the short term (which meant he had to give up his money) he was able to win in the long term (which rewarded him with a return on his previous investment).
We started talking about how this analogy translated to business. In looking at our businesses, we obviously have to invest in the capital goods (the equipment, the inventory, etc…) but these investments do nothing but cost us money. Until we have customers who want to buy them, they are an expense. Here are three things I think you should invest in to make your business successful:
1) Marketing. The businesses who are good at marketing make money. Bottom line. Period. Done. If you are having struggles financially, the first thing I would look at is your marketing. It is hard to look in the mirror on your marketing though. Tune down your sensitivity dial and do it- your business will fail without good marketing. By the way- the scale of good is based on your bottom line, not your opinion. Everything begins (or ends) with marketing- make yours absolutely fantastic.
2) Yourself. You need to be constantly studying on how to improve yourself in your craft, your business skills and your overall well being. Read magazines that are geared towards your craft, read books that are written by the experts who can help you “tweek” your approach that will help you land more business, Study materials from the experts who can help you be a better person, father, husband, Mother, Wife, etc… that will truly complete your life and fill out who you are.
3) Your Purpose. Life is bigger than your work and bigger than you. Find the deeper meaning in your life that will leverage you in your business and personal development. Your Kids, your Family, Your Faith are all ideas that move you forward. Giving to the bigger and beyond causes of helping others and building up of ideas are examples of leverages which will help you to find the deeper meaning that you deserve. This is what will give you the truly deep down satisfaction.
By investing in these three areas you are insuring yourself of a better future. Your future is coming- how would you like it to be?
Until next week, Here’s to your Success!