Why should you pay $35K for 10 minutes?

Who would pay $35,000 for 10 minutes of … use your wildest imagination. Some may; some won't.

How about business? As a business owner would you pay $35,000 for 10 minutes of advice? What if it was offered for NOTHING? Here's the incredible story ...

At the time when Charles Schwab was president of Bethlehem Steel, there was a well-known efficiency expert named Ivy Lee.

Charles Schwab wanted to increase his own efficiency, and that of the management team at the Bethlehem Steel company. Mr. Lee approached and made a proposition Charles Schwab could not refuse. Here is the conversation:

Ivy Lee: "I can increase your people's efficiency – and your sales – … "

Charles Schwab: "How much will it cost me?"

Ivy Lee: "Nothing, unless it works. After three months, you can send me a check for whatever you feel it's worth to you. I will need to meet with each of your management executive for 10-minutes."

Charles Schwab: "It's a deal."

When Ivy Lee met with Charles Schwab's management executives, he told them: "I want you to promise me that for the next ninety days, before leaving your office at the end of the day, you will make a list of the six most important things you have to do the next day and number them in their order of importance."

Astonished Executives asked: "That's it?"

Ivy Lee: "That's it. Scratch off each item after finishing it, and go on to the next one on your list. If something doesn't get done, put it on the following day's list."

Each Bethlehem Steel executive consented to follow Lee's instructions.

Three months later, Schwab studied the results and was so pleased that he sent Lee a check for US$35,000. At the time, the average worker in the US was being paid $2 per day!

Today's worth? Considering inflation ... about $500,000 - $550,000 USD!

Here are some ways to increase revenues, upsurge efficiencies and reduce overheads:

•                Retain Outside Help: Just like having an accountant for tax season, hire an outside consultant, to help you see things from a totally different perspective. These professionals can help you to keep up with changes in your industry.

•                Constant, Continuous, Repetitive Training: Internal training is usually geared towards tasks and duties. Yet, business owners desire personal and professional display of skills and talents from employees. Your employees will only put out what is put in. Quality in; Quality out! Garbage in; garbage out!

•                Coaching & Mentoring: A JOHN MAXWELL Certified coach can provide powerful diagnostics to improve productivity and bring strength to your team.

•                Reduce, Remove: It takes 13 weeks to form a new habit. Get each employee to pick one thing that they need to work on for the next 13 weeks. Identify negative behaviors; replace with positive ones.

•                It’s Everybody’s Business: “Turn off the light”. Is it working? To maintain an efficient system – everyone needs to be on-board. There are some team members that act like owners, while others simply don’t care. At the time of hiring – do you hire square pegs to fit round holes?

•                Read Industry-Specific Media: How caught up are you with your reading of industry-specific journal or magazine? Most successful CEOs read at least 5 books per month, not including the magazine or journal that is specific to their industry. Stay on top of your game (business).

•                Hygiene & Business: All of us shower and brush our teeth at least once or twice per day (I hope). How is the overall hygiene of your business? Dusty products on even dustier shelves? Over-grown grass in front and rear? Peeling paint on the front and sides? Cracked, patch-worked entrance? Never take the image and appearance of your business for granted. Just like taking care of yourself – take care of every detail of your business.

•                Complaints = Constant Customer Feedback: When he opened his first store, Sam Walton, had a lot of complaining customers. But he realized that these ‘complainers’ were actually telling him what to do in order to be successful. He turned their “complaints” into reality and built Walmart from the ground up. Are your customers “complaining” or are they giving you free advice?

•                Adapt & Adopt:Change is a constant game of adapting to new ways of doing the same thing, and adopting ideas from other people and businesses. Change --- it never stops!

•                Innovation:When you allow your competition to access innovative products over you – it may spell trouble creeping up on you slowly but surely.

Thanks for reading and I do wish you much success as you successfully overcome the many challenges in your day!

For more on the above article, please visit blog at https://fastrac8.wordpress.com/2016/07/22/35k-for-10-minutes ; E-mail: [email protected].