Did you know that dolphins sleep with one eye open and one eye closed? I have to admit that I didn’t and to tell you the truth I’m not sure if it’s not just another folklore tale like Moby Dick.

Anyway, when you think about it, if the sea was home to me, I sure as hell wouldn’t sleep soundly knowing that at any moment some hungry sea predator could sneak up and turn me into sea poo. So at least if I can see ‘em coming, I’ve got half a chance.

You see, almost every business owner I speak to can’t answer a few basic questions that are absolutely imperative to their success. Questions like –

  1.     Exactly, who is your optimal client? Where do they live? What do they earn? Do they both work?
  2.     What are their biggest fears and frustrations, wants, desires and needs?
  3.     Who’s your biggest competitor?
  4.     How do they get clients and look after them?
  5.     What are the results of your advertising and marketing?
  6.     And why should they buy from you as opposed to everyone else in your industry?


They’re virtually doing business with their eyes closed and are easy “fodder” for a smart marketer (shark). Occasionally, I might strike someone who can answer the odd question with some confidence, but NEVER all 6 questions.

A great way to ensure that you don’t get “gobbled up” by some hungry “predator” (competitor) is to implement with speed and piercing accuracy. There are 7 keys for doing that, read on to discover all 7 keys in the rest of this rant…

The clock is ticking and action and implementation with piercing accuracy is what is called for, yet …

… People still cannot seem to get things implemented
quickly… if at all!

So here is how I get a lot done …

KEY #1 – Firstly, you’ve got to work fast! I work fast first and accurately by isolating myself. I have made a habit, when I want to master something, of taking myself off to a resort, where there are NO phones, NO faxes, NO mobile phone, beeper or email!

This works very well for me, I emerge a week or two later a whole lot smarter and rested to boot, firing on all cylinders.

KEY #2 – Secondly, I work fast by operating on the “good enough is good enough” principle! I refer to this as the GE spot. In my opinion, perfection is often overrated, mostly unrewarded and takes four times the amount of time!

Worse still, it costs you a fortune and “it” will never be perfect anyway.

KEY #3 – Thirdly, I work fast because I have good resources at my disposal. Here is an actual example of what I mean. A few years ago, I made a decision to go to the United States on a resources gathering mission.

It meant I had to leave 2 days later on the Tuesday night red eye flight to make the event on time. I also needed to return by the following Sunday due to previous commitments. I ended up travelling 36 hours one way and I spent $16,250 in the process.

I’m not advocating mammoth trips in record time here, but to be willing to do what it takes.

By the way, I got exactly what I was looking for and that decision has made me millions of dollars since.

KEY #4 – You must work on what is most important and most profitable! Even if this means you ignore other things! Right here is where most business owners leave the most money unbanked. The rest should be relegated to the “D” file (bottom of the drawer).

Every day I have what is called “10 number 1’s”. By that, I mean I am working furotiously on 10 of the most important things at any one time. There is no order with these 10, they are all as important as the other.

The number can be less than 10, but generally never more than 10. Most people on the other hand, work on one thing at a time in the misguided belief that there is some sort of sequence to all of this.

By having the list of your “10 number 1’s”, it stops you wasting time working on things that don’t make the list.

So what I do is, I put a brick (so they don’t blow away) in a metaphysical sense, on those things that didn’t make the top 10 list, then revisit them 6 to 12 months later and guess what, they are either fixed or gone away and never really qualified to be in the top 10.

How does something qualify to be in the top 10? You ask yourself this question “will…….. help me achieve my ultimate goal of…….. or not” and then only work on the ones in the top 10.

KEY #5 – You must be prepared to be “The unreasonable man”! Every very wealthy and successful entrepreneur I have ever associated or worked with, has made demands on others, notably employees and suppliers – for speed. Not always popular with either employees or suppliers but it sure gets a lot done and everyone knows where they stand.

I also have clearly defined work and play time and I don’t confuse the two.

I have often been described as a “Master Delegator”. Generally, I delegate to people who do a better job at what I am delegating, than I do anyway. “Lesser Mortal Stuff” (LMS) is the way I describe it.

KEY #6 – You must have deadlines within deadlines and keep the (boundaries) pressure on yourself and others. Whether you like it or not, our lives revolve around the time clock and rely on deadlines! You must be acutely aware of the ticking of the clock and make others aware as well!

KEY #7 – Here is something else I observe in the very successful entrepreneurs I deal with. They are…

Constantly trying to figure out how to do less, how to
be more efficient and they are willing
to trade $$$ for their outcome!

Frankly, the ultra successful types are 100% LIBERATED FROM THE HOURS- TO- MONEY RATIO THING. So should you be! You should thoroughly, creatively and exhaustively examine ways to make money more effectively.

Your job in your industry, in your market
is to be predictive, not reactive!

You must be able to see the dangers and the opportunities on the horizon and prepare for them, so that when they do arrive – and arrive they will, you are either ahead of them or at least in a position to respond effectively and successfully.

Understand this: You are going to pay for your education one way or another! The price you pay will EITHER BE IN MONEY YOU ARE WILLING TO SPEND OR MONEY YOU ARE UNHAPPY TO LOSE!

Choose your tutor wisely!

Before I go on, I want to underline and emphasise one thing. There is a big difference between those who are willing to teach and those who are qualified to teach! It’s your responsibility to distinguish between the two.

But if in the past you have made the wrong choice, take it easy on yourself. There is a proliferation of amateur phoneys only too happy to bill themselves as experts. View your experience as just another part of your education.

Let’s face it, there are plenty of fat doctors who smoke. You’ll learn who walks their talk; who is qualified to give you sound lessons and who is not. I strongly suggest that before you hire a consultant, attend a seminar, buy a product or act on advice received, ask yourself…

To whom am I listening here?

Learn to separate the wheat from the chaff as you seek out who you will learn from. For instance …

Never take financial advice from someone who is not making
several times your income!

Your accountant and your lawyer are not competent to teach you how to make money, although I certainly regularly seek the advice of both professionals on matters they are qualified to give advice about.

I read that the average accountant makes approximately $60,000 per year and the average lawyer $80,000. Would you be willing to listen to them give you advice on how to make money? On the same note, this also applies to your friends, your co-workers and your family! IF THEY AIN’T WEALTHY, THEY AIN’T QUALIFIED!

By the way, you should understand that MY OWN QUALIFICATIONS ARE ENTIRELY “STREET” ACQUIRED. I possess NO formal degrees and I served NO recognised apprenticeship. Neither do I belong to any association in the consulting world or hold any kind of certificate which states that I became a Consultant on such and such a date.

I’m not saying all the “alphabet soup” after your name hurts. But if you think about the titles awarded by such institutions as Universities or associations, it’s really all about money!

In many cases ‘certification’ has been the title chosen by some canny entrepreneur, in order to extract money from vulnerable people craving approval and validation, when they are unable to provide these things for themselves.

But you can look at me for …

Ironclad proof that none of these ‘titles’ are necessary
in order to create a very large income!

Frankly though, in a marketing sense, and this will sound harsh, MOST BUSINESS OWNERS DESERVE TO STARVE! In the past three months, NOT one single business I have patronised has taken my name and address to send me anything, whether a thank you or an offer.

Yet most spend money each and every week on advertising in one form or another! It’s thanks to the PREVIOUS vitality and generosity of our economy and to the ignorance of their competitors, that they stay in business!

I say “PREVIOUS” here because the rules of business and success have changed and it’s not a passing fad

The old ways of doing business aren’t working anywhere near as well as they use to and they are not going to cut it in the… NEW CHAOTIC ECONOMY

If I have just described your competitors and you are not “kicking butt”…

SHAME ON YOU!!

Posted on April 18, 2011 - 06:26 PM

- Updated on April 18, 2011 - 06:26 PM


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bob n

bob n

  i have found that advertising is not working.there seems no reason or patern to busines principles. i cant find anyway to make headway. no rime or reason to thing at this time.
Apr. 19, 2011, 8:53 AM · 

Marion

Marion

  Wonderous as always Mal I have loved your rants as long as i can remember and appreciate you as a human being very. very much.
Apr. 19, 2011, 9:41 AM · 

tims

tims

  Hi Mal,In all your rants you indicate that if we are not wealthy we need to change the way we THINK. Is this why some people are born to be successful with-out changing.I have been successful but I now need to change the way I think.I attended a recent Mal seminar in Perth-I'm the dickhead when asked by you if you & me were to go to a restaurant and had crocodile what would it taste like, I answered crocodile- NOT thinking right. Retail is crook in Mandurah. Tim
Apr. 19, 2011, 9:54 AM · 

Anthony

Anthony

  Hi Mal,

Nice Post. I have some useless information on the Dolphin's sleeping patterns!

Okay, they get a full 8 hours - as all is good mammal's should, but... it turns off one hemisphere of the brain while the other one is awake and looking out for those predators you mentioned. It then changes sides for two hour then repeats the process to make 8 hours!

There we go.

Anthony.P

Dolphinologist
Apr. 19, 2011, 11:01 AM · 

Michael Yardney

Michael Yardney

  Great info as always Mal.
especially the 6 questions - I will share them with my team
Apr. 19, 2011, 11:05 AM · 

DavidMeidling

DavidMeidling

  Hi Mal. Thank you - that was very enlightening and will help me going forward. Best wishes
Apr. 19, 2011, 11:33 AM · 

Peter B Butler

Peter B Butler

  Mal, I remeber you sharing this with me a while back. Brilliant advice and something I personally took on board and apply as a work in progress. Still love your 'stuff' after all these years.
Apr. 19, 2011, 12:44 PM · 

Arthur

Arthur

  Hi Mal,

Knowing what you don't Know is Important,but only 10% of the picture.This is the first Hurdle.

Taking Action and Implementing Quickly is 90% of it. This is the biggest and toughest Hurdle.

Time is our most important resource and your Rant is agood reminder to maximise our efforts.

Key#1 - By working faster we are likely to achieve twice as much, at least.

Key#2 - Good
Apr. 19, 2011, 3:49 PM · 

Shane Sorokoput

Shane Sorokoput

  Mal, You are Awesome! THANK YOU FOR YOUR GIFTS THAT ARE EASY TO UNDERSTAND (even for me)
Apr. 20, 2011, 5:16 PM · 

Aaron Flanders

Aaron Flanders

  ....Key #1 with #3....

I listen to CD's every day to give me the edge
Apr. 20, 2011, 9:28 PM · 

nancy buttarelli

nancy buttarelli

  HI MAL, I READ YOUR EMAILS AND LINKS WHEN I CAN. I WAS AIMING AT BUILDING A BIG BUSINESS AND BECOME SELF SUFFICIENT AND WEALTHY AND HEALTHY, BUT SOME UNSCRUPOLOUS AND UNCONSCIABLE BROKERS AND ACCOUNT MANAGERS FROM A FINANCIAL COMPANY HAVE DONE THEIR WORST TO TRY AND TAKE ALL AND PAINT ME A BAD PERSON. I AM NOW COUNTER CLAIMING WHAT THEY TOOK BACK......NANCY B.
Apr. 22, 2011, 12:14 PM · 

kamil kazmi

kamil kazmi

  Yes I am totally convinced that knowledge plays a small part and application of that knowledge is the master key to open the door of success. Even after knowing this I do not practice this. Why?

Can anyone help me to find an answer to this question. It will change my life for ever.

Kamil
Apr. 24, 2011, 6:27 PM · 

spella

spella

  Mal. Cool TV ad, but unfortunately somebody has spelled millionaire
May. 15, 2011, 9:21 PM · 

Iwona

Iwona

  One of the smatrest thing I read over last couple of weeks. I am one of the people who overrate perfection. And to be honest I found it couple times after I spend time trying re-do my projects I ended up taking the first result as the best option anyway. I also agree that to succeed we need to pay one way or another! Having a coach and mentor much more wealty than I am, and with the knowledge I needed to expand my business made all the change.
Jan. 26, 2012, 9:54 AM · 
 
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