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Minnesota Real Estate Investors Compound Effect: Work ON business Vs. IN business

Minnesota Real Estate Investors Work ON the Business Vs. IN the business

One of the most important business audios or books that you can learn from is the Emyth from Michael Gerber.

Based on over 3 decades and possibly 100,000 businesses he teaches what he’s learned about working on the business vs. in it.  Work on the system, where you can put different people in place of others within your system.

You want to always be looking from a higher perspective about how can you do something cheaper and more efficiently.  After all your business is a system, and to stay competitive you must always be improving and optimizing your systems.  The mistake I see most people make is they are too busy all week working IN their business and doing and there are no daily habits or no systems in place.

Because of this there are no predictive analytics and each day they are reactive, have no focus, and don’t know where to align their energy.

Be in building mode, building systems, building relationships, building pipelines, improving copy, improving conversions, improving retention, improving time efficiency, improving recurring income, improving profits.  The more time you have to step out of your business and let others run each component the more time you have to focus on improving the system.  Franchises use systems.

You don’t just want to work 60 hours a week owning 1 franchise, you want to own many franchises, and continue to own and buy them and scale up with a system that works.

Minnesota Real Estate Investors

Always Be Optimizing the System

The formula you will see me share often I heard from Perry Belcher and Ryan Deiss in different videos and it’s the 76x formula of 3x the leads, 3x the conversions, 3x the profit margins, 3x the frequency = 76x the results.

You want to focus on results.  You can’t afford to spend all of your time in the business ONLY focusing on just conversions, or only on selling or only on leads.

Then you are neglecting the other parts of the business that are very important like receivables, retention or referrals.

You need to have an overall holistic view, you need to think like an entrepreneur and leader in today’s world.  For example I know a lot of people invest all their time online figuring out how to optimizing 100’s of things to eventually figure out how to get 3x the leads, but then they are ONLY in the online world, and don’t understand clients and how most of the systems are offline that need the real improving.

The leads is such a small part of it, eventually you work to get leads that are of higher quality, who are much further in the funnel.

Minnesota Real Estate Investors

Micro % Gains and Lifts Really Multiply Big

A lot of people know there are many tweaks you can do online to get you improvements such as the right headlines, or the right keywords, or the right copy, or follow up, autoresponders, headlines on facebook, headlines on email, single opt-in, double opt-in, ways to get more reach on facebook.

So many tweaks, well each one of those tweaks with 1% , 5% or 10% improvement along the way actually isn’t added together they are Multiplied together and the % increase can be quite large, and even larger when you have a big profit margin, big sale, or big price of a product or service such as a large lifetime value of a customer.

For example with a real estate client who has potential for $5000 commissions, I could be 15 steps into the funnel and we have someone talk to the credit guy, something as simple as 6 people in 1 week not showing up for appointments is real life, and if it ends there, so does your chance at $30,000 in commissions many months down the line.

This is just 1 part in the system that has to be improved from confirmation of showing up, emailing, texting, giving directions, confirming the day of, whatever someone needs to do for follow up to improve this conversion to 3 of 6 showing up or 6 showing up.

After all you do this every day and every week, improve it until you get the results you want and always be measuring and develop great daily habits.

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