What are the activities commensurate with getting wealthy vs. getting rich as a business operator/owner?
“Rich” is different than “Wealth.” Wealth is creating passive income. It is income that arrives whether you’re awake or sleep, it’s constant. “Rich” is actively creating income from the value you create for other people, being personally productive. Getting “rich” is the high income from effective selling.
The crossover to wealth from rich is like building a plane and flying it all at once. Doing a smart combination of both ensures that you’re maximizing your personal production along with enterprise development for future freedom. It’s the place where your unique ability meets a unique process.
Unique ability is your most valuable personal asset to increasing your active earning power, your team and enterprise compose a unique process which is most potent asset to increasing passive income.
The path to creating extraordinary wealth can transform industries and sweep market share from your competition.
Below I’ve listed a set of habits and activities which are either rich-driven or wealth-driven. As you review them, take inventory of what you’re doing or not doing to move toward greater heights in both aspects.
Rich Driven Habits:
- Prioritizing preparation for sales encounters
- Asking for high caliber referrals systematically
- Creating value before expecting opportunity, just for the joy of it
- Launching marketing initiatives to cross-sell or resell your client base
- Procuring consulting agreements for extended periods of time
- Organizing your time to spend 80% of your working hours on your personal gift
- Focusing habits that inspire outside investment in you
- Creating ways to increase cash flow out of your current staff or clients
- Positioning a back-end to position clients to lengthen their frequency of re-purchase within a year
- Implementing a strategy to heighten each transaction size
- Designing and implementing a plan to increase your customer base over last year
- Cloning the process to your best customers and pursue a niche
- Managing you time around energy sustenance
- Staying within the lanes of what mattes to you, and jettison non-essential aspects
- Increasing your sales skills to close more business, faster, profitably and more efficiently
- Stop lowering your price to earn business; build more value
- Build a strong morning ritual first hour in the day and evening ritual last hour before bedtime
- Listening to others and pulling instead of advocating, presenting, controlling, and pushing
Wealthy Driven Habits:
- Putting a brilliant brain-trust around you to create and preserve wealth – CPA, Financial Advisor, Business Coach
- Delegating to employees, peers, and associates; putting them into their personal gifts
- Positioning hiring practices as the main item you will never ever delegate, and master predicting future performance.
- Scheduling and draw upon 1-2 blue sky days per month to build bridges to shoot for the moon, visit with and plan for Moby Dick ideas
- Increasing the free time your staff needs to rejuvenate and become more creative—they work a 46 week year, not a 48 week one.
- Making each staff-member’s position description in the company contain 15% of work product that is “blue sky time”. Essentially it’s their time to do what they want—play with what they want. These periods are for creative thinking and fiddling.
- Asking all staff members to bring 1 fresh, cool new idea out of this space each week that inspired them.
- Hiring Project Managers, Sales Managers, C-Level Managers, thinking of manpower needs 6 months ahead, to run your enterprises; replace yourself completely
- Paying yourself first, paying your company first, pay yourself a draw, the biz is separate
- Developing a powerful database and harvesting it
- Creating a repeatable business prototype-Packaging and selling intellectual capital
- Joint venturing with key partners you select carefully and wisely
- Prioritizing Time for documenting and indoctrinating automatic business systems
- Analyzing the effectiveness, efficiency, and productivity of your company to make it sustainable
- Buying assets with your company’s money such as buildings and leasing it back to the business
- Pay profit as a first item of expense
- Retire from the thought of retiring by factoring in retirement now in small increments.
- Pay down debt
- Letting go of pimp factor; an impressive lifestyle; embracing a fulfilling life
- Spend cash only; no credit card debt
- Dispensing professional role habitual judgment; stop thinking like a doctor, insurance guy, or whatever role you identify yourself with; be an entrepreneur with a medical specialty.
- Preparing your business for acquisition or merging
- Finding meaning in what you’re creating for the world—-aligning your life purpose with your enterprise’s path
- Taking out of any situation an asset that the future may need, nothing in the moment is the wrong moment, it is configured for a better future, as the future needs it this moment, but you must listen for the gem , harness it, trust it, and build upon it. Being present helps this capacity come to life.
- Firing the bottom 20% of customers in your enterprise who bring the most unnecessary work and headaches
The Wealth Test
Now, take an honest inventory of how many of these activities you’re doing presently. Identify 5 in each list that would be your greatest source of impact on the quality of life you seek to create within the next 12 weeks.
As a side-note, if you really want to measure just how wealthy you are, take another test: Count how many days you could take off without working per year. How many days did you buy yourself last year? Look at three aspects of power: time, money, and energy.
Time is money. This may be true for employees but not true for entrepreneurs. This is because entrepreneurs don’t earn by the clock, they earn by the opportunity and what results via the amount of value they and their organization creates for someone else. This illuminates an important principle of leverage—that you can create more value with the same or less amount of time. Whether it’s 10 hours or 10 minutes, the value is what counts in the endgame.
There are no entitlement attitudes allowed in the world of the entrepreneur. And this is the unfair advantage of an entrepreneur. This is also why only 5% of the population earns money this way. They pay to do this by taking risks that others in the security world do not. In the security world, time is traded for money. Harder work doesn’t earn higher pay, nor does lazy work.
But today there is no certainty. Everyone is truly turning into a free agent, who depends on creativity to marry utility with significance. In Hollywood, 160 composers are all jumping ball to have a shot at a soundtrack deal. Unlike 20 years ago, everyone has almost the same equipment and capabilities today. So who gets in? Answer: The one with the most spiritual punch (creativity; authenticity).
What is useful is what a person loves doing. This is called their domain of self-efficacy. And what matters to someone else may require the personal gifts of another to bring their desire to pass. This is what happens in film-making, where a unique ability is just right for the vision of a film yet to be created. This is where utility meets significance, where one person is brought into being their true self, and another is blessed with unique abilities that open the doors to what he can create as a film-maker giving wings to his sacred project.This suggests that what energizes you most (personal gifts and intrinsic desire) is where the world stands in need of your gifts.It would mean most work today to stay ahead goes to the right brain, not left. People who create business as art, win.
How bold are you about bringing what belongs to the world into what you were born to do? Whatever brings you most into aliveness is the secret to where the wild and precious gift of life is best directed. All monetary success can be to buy more space, time, and fortitude to stay in the lanes of this life work.
Unique ability then becomes the garden for hatching a unique process into any business enterprise one can occupy. The unique process is the one-of-a-kind art that’s expressed through the universal business process. This art totals the unique client experiences that the unique process delivers at all customer encounter points, and they cannot get it from anyone else except your enterprise.
The greater the art in an enterprise, the greater it has chances to go big, the greater chance for wealth. But to do that, the business must be economized well, and operate effectively. It involves the essential blend of YOU the leader as the economist, engineers, and artist all in one to bring creativity, leadership, and sustainable business into a bigger future than the past, to create wealth.
Read more insights in my book Stay Longer Listen Deeper, available here.