Find Out If You Have The Right People In The Right Roles…

Find Out If You Have The Right People In The Right Roles…

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Behavioral Assessment

As a business owner do you sometimes lose your patience and wonder why everyone is not like you? Why aren’t they all intense and committed?

You may ask yourself,

“If only they could be like me we would be 100% ahead of where we are!”

I’ve been in business and sales for over 20 years. As a hard driving, intense business man and entrepreneur.  I frequently forget not everybody is like me or should be like me for that matter!

But, the question is how do you build the right team around you?

Raleigh Wilkins from Ground Truth Sales and I sat down and chatted about these 10 questions we hear from sales leaders and entrepreneurs…

  1. Do I have the right talent?
  2. Do we have the right structure?
  3. Do we have the right product pitch?
  4. Has our selling strategy shifted?
  5. Are we focused on the right problems?
  6. Do I have the right compensation to motivate?
  7. Do I have the right people in the right job?
  8. Can I train people to be the right person for the right job?
  9. How much is employee turnover costing me?
  10. How do I break down the silos between employees and departments?

 

Dominate the Day,

Matt Linklater

▶︎▶︎▶︎Download the Podcast here: https://www.linkbizsolutions.blog/pod

▶︎▶︎▶︎FOLLOW ME ON: ★ INSTA → https://www.instagram.com/thelinklater/

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What Is The Stock Market Saying About Your Savings / Retirement?

What Is The Stock Market Saying About Your Savings / Retirement?

I started out my illustrious career in the financial sector back in June of 1999.  I just turned 22 and didn’t know a whole lot about economics, politics or the financial markets.  But, if you know anything about me I’m eager to learn and my wife and I are self-help junkies.

What has happened in the markets over the past 20 years?

When I started out the market was booming.  We had a tech boom.  Everybody wanted in.  I remember one of my 70-year-old CD clients wanted to buy the Munder Net Net Fund.  He wanted more.  He wanted the gains of the tech sector.

His 7% 1-year CD just wasn’t good enough.

What happened…

In March of 2000 the Tech Bubble Burst! 

That wasn’t so bad per say, the overall S&P was only down 9%, if you had a diversified portfolio you were okay.

But…

September 11 hit America and you were down 50% very quickly.  America rallied and so did your portfolio until…

The Accounting Scandals…

Enron

WorldCom

Arthur Anderson

Then we rebounded until the 2008 housing bubble collapse.  Again, our portfolios saw over a 50% drop from the top to the bottom.

What’s Next…

We have seen the longest bull run in history.  Nobody can ever call exactly when we will see a fall or the bottom, but we know it will be 50% plus drop when it hits.

The questions are…

Are you prepared?

How long will it take to recover?

What does it all mean to your retirement?

Is the market still worth it?

Yes and No!

During my 20-year illustrious career the Dow has increased 140%.  That is an annual growth rate of only 4.44%.

What do you think is a reasonable return in the stock market?

5%?

8%?

Or

Dave Ramsey’s expectation of 12%?

Keep in mind the Dow’s return was 4.44%!

These numbers do have a caveat, they don’t include dividends.  Do you own dividend paying stocks?  Dividends account for 70% of the total return of the market over time. 

The question is are you prepared?  Are you positioned for the upside?  Are you protected from the downside?

Dominate The Day!

Matt Linklater

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HERE ARE THE BIGGEST PROBLEMS PEOPLE HAVE WITH CASH FLOW

HERE ARE THE BIGGEST PROBLEMS PEOPLE HAVE WITH CASH FLOW

1- Don’t Know Your Numbers

Two CPAs that I was going to buy last year could not produce their numbers. They took over six months to produce accurate numbers on their business.

This is not uncommon. Your CPA is operating this way.

 One CPA wanted more money for his business but his numbers did not allow for it. He did not understand how his numbers should break down. So, not only did he not know his numbers, he didn’t know how to interpret his numbers.

A $1 Million office should have numbers like this…

  • 33% overhead
  • 33% employee costs
  • 33% to the owner

His employee costs were 48%!

When I brought this to his attention, he said, “I need those employees to deliver the services that I deliver.”

I did not disagree with him.

However, he was not delivering enough value to his clients. How could he deliver more value to his clients when he earns more money per client and therefore, his employee cost per client went down to service those employees.

Knowing your numbers isn’t enough. You also have to know how to interpret them

For him, he needed to…

  • Cross sell and upsell his clients
  • Provide more value or
  • Increase his fees

You can only increase your fees by providing more value. The only way you cross sell and upsell is by solving a client’s problems.

He didn’t know his numbers and didn’t understand how to interpret them, and it drastically cost him…

The amount of money he’s bringing over to his family, and I know he was working hard, and number two, it cost him by not understanding the value of his business.

2- Get a Handle on Fixed and Variable Expenditures

We all have fixed expenditures that are not going to change. Our rent, our utilities, whether that be in business or our personal lives. Our employee costs, our equipment costs, whatever that money may be, we have fixed expenditures.

But we also have variable spending. What if the HVAC goes down? What if we need to patch our roof? A family down the street had to patch a roof, or re-do a roof during Christmas time. Five thousand dollars. You know, that’s a tough hit. But, how do you plan for it?

I remember one time when I worked in the corporate world, I had a $5,000 transmission problem on my car. So, how do you plan for those types of things? They’re going to happen. So, how do you put them in your cash flow and how do you put them into your budget? Because typically we know where we are maybe on a weekly or monthly basis, but we don’t plan for those variable spending occurrences. And guess what? They can sting!

3- Get a Handle on Emotional Spending

The other day I was out, and I was paying a compliment to a guy who had a Breitling watch. $10 thousand…Very cool!

He should have a $10 thousand watch. But as soon as I congratulated him, he went into buyer’s remorse mode. He started defending his purchase and his emotional spending.

I think you should have emotional spending. You should buy ten watches. I don’t know what you can afford. You should get whatever you want. However, you should not feel bad about your purchase.

If you want a nice $10 thousand watch one time a year and you’re buying three and you feel bad about two of them, well, let’s figure out your cash flow. Let’s figure out your emotional spending.

And here’s the deal. If you don’t know where you’re spending, you can’t make better decisions. It’s just plain emotional. But then when you put some logic and you put some baseline numbers to it, you can start controlling that emotional spending and decide where you want to spend that money.

I talk about this with my wife. You know, she has some variable spending every month, but she deserves it. She’s in a job that requires her to look and act a certain way and that takes time and a monetary investment.

That takes some investment in herself and that is some variable spending that we needed to understand. When I showed it to her, we understood it and she still does it but by understanding it, we can understand that it’s an investment rather than variable or emotional spending and we have baseline numbers and we can make better decisions.

4- No Plan

When you have those goals and understand that when you have what gets measured, it gets done, you can reverse engineer your success and define your actions.

Dominate The Day,

Matt Linklater

 

 

 

▶︎▶︎▶︎Download the Podcast here: https://www.linkbizsolutions.blog/pod

▶︎▶︎▶︎FOLLOW ME ON:

★ INSTA → https://www.instagram.com/thelinklater/

▶︎▶︎▶︎ADD ME: https://twitter.com/thelinklater

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Websites: https://www.linkbizsolutions.com/​

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Contact

Phone

Tel: 312-330-5094

Email

Todd@LinkBizSolutions.com

Use This To Enter Into The Story That People Are Telling Themselves

Use This To Enter Into The Story That People Are Telling Themselves

Story Telling Is Magical Because We’re All Telling Ourselves One All The Time…

Let me tell you what happened with MJ. MJ, has a creative little mind, like all little boys do. He’s almost five. He loves monster trucks and cars. He’s always thinking about and telling you different stories that he has in his head. When he’s leaving the house, he says he wants to go see the monster trucks.

As a parent it’s easy to get annoyed. You’re going somewhere and you may not be in the playing mood that a 4 year old is, so you can get a little testy.

All you’re thinking is…

“Let’s get ready. Let’s go.”

You want to say…

“Look dude. There’s no monster trucks. We’re going to gymnastics.”

But…

It doesn’t work. He gets upset. He starts crying. He gets defeated.

Now I’m not saying, not to do that. I’m not saying, not to be a parent. What I found that works best, is…

Enter into the story in his head!

He doesn’t know where monster trucks are. He’s just having fun. It’s some game he’s playing in his head. He just knows that…

I see monster trucks on TV and on YouTube. I play with monster trucks. I want to go see some monster trucks.” Every time somebody approaches him head on, he gets mad.

Instead, I entered into the story in his head.

I ask him Socratic questions…

“MJ, where do you think we should find some monster trucks?

MJ, could you play with the monster trucks in your head and create the exact story that you really want to go see?

And then, maybe one day we could find it, if you can imagine it enough.”

His eyes de-focus and he started forming new connections and ideas. He started thinking about the story in his head and stopped crying. All I did is enter into the story in his head.

Ask yourself what story is the person you’re communicating with telling themselves?

The other day a prospect comes in and he said he was invested in 100% stocks. The partner that I was with started going through indexing strategies and indexed annuities to make his portfolio more secure, etc.

It wasn’t working, because we were meeting him head on. He doesn’t want to do that. He thinks his stocks are going okay.

What I always remind myself to do is take the conversation back to the person’s problems and goals. That is what is most important to them. Not some feature and benefit.

He was 71 years old. What do 71 year olds want to do? They want to spend more time having fun and typically want to decrease their risk.

The story in his head is a…

Retirement picture and taking chips off the table.

I asked…

“What is the goal of the money you have invested?”

“What do you and your wife want to do?”

“In 2008, how’d your portfolio do when the market was down 50, 60%?

How’d you feel about that?

How’d you feel about 2000?

God forbid we had something like 1929, where the market’s down 80%, how would you feel about that?”

Then he said…

“Actually, I was done $190,000 last October. It took me six or nine months to get back to even.”

I said…

“Yeah, you know what? What if we could hedge that? What if we can make sure that God forbid the markets go down, that you profit on that as well, and what if we can give you some more of the upside?”

This conversation wasn’t about any product or solution. It was about entering the conversation and story in someone’s head.

There’s a heuristic model that I teach for this and it’s adapted from Neuro Linguistic Programming. It’s about controlling the conversation around the Problems & Goals of the person your communicating with, but being flexible enough to dive down into the details without losing the client.

For him I had to get back to his problems and goals. 71 year old guy, has some goals. Sure, he doesn’t want to lose money at 71. His problem is, he’s leveraged in very few biotech and technology stocks. Very much like 2000 and 2001. I had to enter in the conversation in his head. To enter in the conversation in people’s head, instead of hitting them head on, you have to tell a story. You have to come up with story to get them to their problems and goals, because if you go right at them you will create an adversarial relationship or a combative conversation.

Just like MJ. What are his problems and his goals?

His goals are, he wants to see a monster truck. His problem is, he’s not going to get a monster truck right now and doesn’t want to do what we are asking him to to. That’s what is in his head. By telling him no, you’re not helping that out at all.

You have to get into the story in people’s heads, and then take them back to their problems and goals. Wrap your stories around and an event that leads the conversation to their problems and goals.

The bottom line it’s much easier to communicate with business partners, clients, prospects, spouses and kids if you enter into their story, tell a story around their problems and their goals of what they’re trying to accomplish.

You will find it easier to lead them where you want to go! But you first have to know the story in their head. That story is always attached to their problems and goals.

Dominate The Day,

Matt Linklater

 

 

 

▶︎▶︎▶︎Download the Podcast here: https://www.linkbizsolutions.blog/pod

▶︎▶︎▶︎FOLLOW ME ON:

★ INSTA → https://www.instagram.com/thelinklater/

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Facebook: https://www.facebook.com/thelinklater

Websites: https://www.linkbizsolutions.com/​

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Contact

Phone

Tel: 312-330-5094

Email

Todd@LinkBizSolutions.com

Pay Attention To Maximizing This To Relieve Business Stress and Family Stress

Pay Attention To Maximizing This To Relieve Business Stress and Family Stress

Over my career, I’ve had many business successes and many business failures. And the number one stress for me has been cash flow management.

I used to work in the corporate world, and I didn’t have somebody outside of what I was doing to help me manage my cash flow while I was out there raising money for large insurance companies.

Then as I went in and became a real estate entrepreneur, my biggest stresses were managing cash flow. The hard part is how to manage cash flow and then do all the business activities that you need to do?

1. You’re hunting down business

2. Delivering your products or services

But who’s managing the cash flow?

I designed this Cash Flow is King process to fix my own issues and my own problems because I knew that doing the small things is what makes you successful in business.

WHEN I GOOGLED WHAT THE NUMBER ONE CAUSE OF BUSINESS FAILURE WAS?

The result…

Inadequate or non-existent planning and inefficient decision making. The most common reason for business to under perform or fail is poor cash flow management.

How do you maximize your cash flow in your business each day, each year?

How do you make sure that you’re meeting those goals and that you’re measuring them successfully?

WHEN I GOOGLED THE NUMBER ONE CAUSE OF DIVORCE?

The result…

Cash flow.

More than cash flow, it’s communication about money.

I know all the time in the past when my wife and I would communicate about money, it would become a stressful conversation. The reason it was becoming stressful is because we didn’t have a baseline understanding of what cash flow meant and what we were trying to do ultimately with our cash flow and our savings.

Although we had clear cut goals, what happened was, we did not have a visual of our household profit and loss, or income statement, so we could have a baseline for that conversation.

When you’re talking numbers too much it becomes an esoteric subject. I’ve found out that most people can’t hold a lot of numbers in their head – it makes it difficult to have a fruitful conversation.

What we did to make sure we maximize our communication and maximize our cash flow and maximize our communication around cash flow and money is, we began understanding…

• What the income sheet of the household was

• What the money coming in and the money going out was and where that money was going

In our Cash Flow is King process we take you through the processes behind…

• Maximizing communication

• Maximizing cash flow

• Maximizing the results that you’re seeing in your business and in your household.

That’s where the money is going to, and to provide a better life for your family. Maximizing your cash flow is about maximizing your communication with your significant other.

Dominate The Day,

Matt Linklater

 

▶︎▶︎▶︎Download the Podcast here: https://www.linkbizsolutions.blog/pod

▶︎▶︎▶︎FOLLOW ME ON:

★ INSTA → https://www.instagram.com/thelinklater/

▶︎▶︎▶︎ADD ME: https://twitter.com/thelinklater

Facebook: https://www.facebook.com/thelinklater

Websites: https://www.linkbizsolutions.com/​

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Life is About Conditioning Yourself To Great Rituals...   Every day is a fight against doing what is easy versus doing what is hard.   Bad Habits are hard to break!   Good habits are hard to start and keep!   Your ability to condition yourself to good habits show up...

Contact

Phone

Tel: 312-330-5094

Email

Todd@LinkBizSolutions.com