Most people go into business because they are good at something, frequently a technical skill whether it be as a lawyer, an electrician, a vet or a builder.
Such people usually make what Michael Gerber called - The Fatal Assumption: if you understand the technical work of a business, you understand a business that does that technical work.
They are looking to sell a product or service they have, and hope to find a market for it.
But as the famous marketer Dan Kennedy said, “Hope is not a strategy!”
The problem starts with whether they asked the right question before they went into business? My guest today believes there is a million dollar question that most business owners can’t answer, that if they could answer it, it would literally open the financial flood gates…
The answering of this question is the reason most million dollar and billion dollar companies exist and enjoy the kind of success they have.
He say it works in any industry or niche…and it works for big business and small business…
My guest today is Mal Emery from http://www.malemery.com/
For those of you who don’t know Mal, as a Perth based entrepreneur, he won national recognition with his ‘Street Smart’ money making strategies, helping people in hundreds of different categories and industries to turn their businesses into money making machines.
In Australia, Mal Emery has been dubbed the “Million Maker” and the “Napoleon Hill” of the 21st Century for his uncanny ability to show ordinary folk where the money is in business.
Arguably he is responsible for helping create more first generation millionaires and multi-millionaires in business than anybody else in Australia.
Mal is a “self-made from scratch” multi-millionaire, bestselling author, business coach and mentor to 1000’s of business owners and Coach of the Coaches nationally and internationally.
He has raised himself to the top of 4 professions – marketing, sales, speaking, coaching, consulting and mentoring.
Well known for his remarkable ability to think outside the square, he ventured into his first business at the age of 22 when along with several other staff members he was fired from a job with ACI Crown Coning, which stifled and frustrated the already budding entrepreneur within.
This led to a discovery of a latent passion – for business! Over the last 42 years, he started, bought built and sold approximately 25 businesses using his proven potent style of marketing.
His latest entrepreneurial offering being a child care centre built from scratch in 2016, and more recently, one of the largest coaching and consulting business on the planet.
No one else in Australia can claim to have opened the door to the money vault and turned up the money metabolism for others more than him.
This is not just for braggadocio but to impress upon you the value of listening to Mal’s street smart marketing advice.
Besides, let’s face it, if you’re going to learn from someone, you have to know if they really know what they’re talking about.
He has had 5 books in bookstores that have sold like hotcakes including “Your Right to be Rich” and “EXPOSED – Zero to a Millionaire in Three Years or Less in Your Own Business!”, “EXPOSED – Recession Proof Your Business and Income”, “7 Keys To Making $100,000 in 100 Days” and “Your Marketing Sucks and You Know It”. Amway even made ‘Your Right to be Rich’, the book of the month & ordered 7400 copies.
Mal answered 4 questions on “The Million Dollar Question Business Owners Can't Answer but Must if they want to be Rich and Successful".
1. What is the million dollar question?
2. Why is that question so important?
3. What is the answer to the million dollar question?
4. What is the next step?
To get more information or resources follow Mal on his website at http://www.malemery.com/ and get his free report “How to get Hundreds of Thousands of Free Publicity for your Business”
The key question – what should a business owner be selling?
Prospects do not have system for buying, they only have a system for not buying – e.g. I need to sleep on it, or I need to ask a friend, I’m only looking etc.
If the prospect has a system for not buying, you need a better system for getting them to buy.
Rig for success by having a system for everything.
You need to sell the prospect what they want most, and not necessarily what you have for sale. You might need to create what they want most. Selling then becomes a whole lot easier.
So ask them, research, do a survey, and come up with the “unique customer buying advantage”. You need to point out the point of difference for the prospect.
Most people go into business for the wrong reason, e.g their passion, or their trade. People buy a solution to their problem, and not your product or service. With all the clutter and noise in the marketplace, this approach works less than it ever did.
You need to reverse engineer your business, based on what are the prospects biggest fears, frustrations, wants, desires and needs in your market, not necessarily what you have on display. These are emotional factors, and the most powerful of these is fear. Fear gets us into action.
Enter the conversation people are having.
When clients approach me for coaching, so often, they are not getting the clients they need, the right clients. Eight times out of ten this comes down to not knowing what is working, and what is not working, and why it is not working.
For more than 28 years I’ve been helping small business owners plug the profit leaks in their business and restoring their cash flows by assisting them understand where there profits really come from, where they’re leaving money on the table, and where their sales are costing them profits.
If you would like to discuss with me how you might do that, book a Strategy Consult here.
© Copyright 2017 Adam Gordon, The Profits Leak Detective
Some profit losses are pretty obvious - so you fix them.
BUT, what if you don't know profits are leaking, cash out the door?
Possible leaks could be anywhere.
Are there some clues or symptoms that are tell-tales?