Separation Saturdays on Elevate Springfield

Summary

In this episode, Robert Ferriell discusses the highlights of the week on Elevate Springfield, including interviews with local business owners and insights from the 10X Business Summit. He emphasizes the importance of consistency, effective branding, and the challenges faced by small businesses. The conversation also covers key financial principles and strategies for achieving business success, including the significance of setting high targets and the role of people in business operations.

Takeaways

• The importance of showing up consistently in business.
• Branding and marketing efforts are crucial for growth.
• Small businesses face significant challenges, with many failing within five years.
• People are the number one problem in business operations.
• Investing a portion of income is essential for financial health.
• Setting high targets is crucial for business success.
• Mistakes in hiring and branding can hinder growth.
• Discipline and commitment are required to operate at 10x levels.
• Time and money are key factors in achieving business targets.

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10X Health Precision:  https://10xhealthnetwork.com/pages/precision-genetics?utm_source=robertferriell

Transcript

SPEAKER_00 0:00

Welcome to Elevate Springfield, where we'll dive into strategies and stories that help you rise to your full potential. Each episode, we'll talk about how you can take intentional steps to elevate your life and your business while making a meaningful impact on those around you. Along the way, we're gonna bring in the change makers from our community that are already elevating. We'll bring the actionable strategies, you bring the discipline and follow through, and together we can elevate Springfield. Alright, let's go, Springfield. Time to 10X your day, 10X your life, and all of us. 10X Springfield, hey, you are listening to the Elevate Springfield Podcast. Robert Farrell here, certified 10x coach, speaker, and mentor. Here to bring you actionable strategies. You bring the discipline and follow through. And together, we're gonna Elevate Springfield. Well, we are coming to you from the big dog construction studio in beautiful downtown Springfield. You are listening to Separation Saturdays on Elevate Springfield where you can separate yourself from the competition every Saturday morning now. We are every day with Elevate Springfield now, so you can start your morning every morning with a new drop from Elevate Springfield. And we are looking forward to having you. And we are thankful that you chose to listen to us. We're gonna get started after the break. Hey, Springfield, when it comes to reliable, high-quality roofing, you don't want to leave things to chance. That's why you should reach out to Acosta Angeli Ruffing, your local roughing expert serving Springfield and surrounding communities, from quick, dependable repairs to full replacement, from residential to commercial. They are your trusted pros. Call them today at 217-993-2748 or visit their website to book your free quote and inspection. Don't wait. A little leak now could lead to major damage later. Trust the local experts, protect your home, and get peace of mind with Acosta Angeli Roofing. And we are back. Well, it was another great week on Elevate Springfield. I personally spent the week uh down in Florida with the family, doing a little vacation and a little work. But hey, we started the week off as we usually do with your weekly battle plan on Sunday. Then on Monday, we had Zach Angeli in, one of the owners of Acosta, Angeli Roofing. You hear a lot about them on the podcast each and every day. Hey, had a great conversation with him. A lot of things we talked about, the importance of showing up consistently, hard work, how their branding and marketing efforts were crucial for their growth early on and through. And then also that catch-all system that he mentioned. Hey, that was one way for them to set themselves apart and really start growing and becoming a household name in our area. Then on Tuesday, we had our next Gin segment with Ellie. She was back in. We did our segment on at Disney. We talked a little bit about underrated, overrated, appropriately rated for some of these Disney rides. We've just been having a fantastic time here in Disney this week. Then on Wednesday, we had Terry Knoll in to talk a little bit about the history of Local First. As you guys know, I talk a lot about Local First Springfield on the show. Part of that is, of course, I'm a big supporter of the organization, but I just happen to be the board president right now, and I didn't have as much historical context as I thought I should for this organization. And she was there back at the beginning, so we talked a little bit about the early days of localfirst. So if you haven't checked any of those out, make sure you do. Then on Thursday, we had Brian Graven in from Wars Inc. talked a lot about the six generations of wars, how they have literally had six generations in our area, started over in Decatur, but then moved over to Springfield to expand that company. So a lot of great stuff from Brian. Then on Friday, we showed our episode from our friends over at the Designing Building Mid-Illinois podcast, One Home at a Time. They happen to do wellness episode where they talked about health starting at home and some of the things you can do to improve your air quality in your home, things like that. We always like partnering with our friends over there, as you know. Chris Hartsuck, my business partner in Big Dog Business Coaching, is one of the hosts on that show. So check that out and check them out every single week. Their normal drop days are Monday and Tuesday. And we just happen to be doing a dual drop with them on Monday. Chris and I are going to do an episode together from Florida. So check that one out as well. But then moving forward, make sure you're, of course, spending every morning with Elevate Springfield, but then check them out on Mondays and Tuesdays. They've got some other cool stuff coming up as well. So Chris and I on Monday are going to talk about the 10x business summit. So today, I wanted to give you guys a little bit of a taste of what the 10x business summit is all about. It is a three-day workshop focused on 10x methods and mindsets. I want to go through a little bit about what we learn at this conference, and we can actually bring some of this to Springfield, and we're going to be doing that soon. We're going to have a Springfield Business Summit. So let's touch on a few things that Grant likes to touch on at the business summit. So let's first go into stats of small businesses. There are 31.5 million small to mid-size businesses in America, but unfortunately, two out of three fail within the first five years. Of those 31.5 million small to mid-size businesses in America, 25 million of them only have one employee. Those are those solopreneurs. 5.3 million of them have two to eleven employees, and 600,000 of them have 12 or more employees. Now, top three reasons that most of them fail within the first five years. Number one, lack of product and service demand. Simply, people do not want their product or service. Number two, can't find great people. That is a huge issue right now. People trying to find great people for their business. Or number three, they can't get financing. They don't have enough capital to continue. And part of that, too. Grant always talks about businesses fail because they can't sell their product quick enough and in quantities large enough to be able to sustain themselves. So that's the landscape we're looking at. Now, Grant always says the number one problem in your business is people. The number one problem for people is money, and the number one cause of disengagement of your employees is due to money. So let's go through some of Grant's money principles. He's got twelve of them that we talk about in the business summit. Number one, never spend money until it is banked. Number two, invest 40% of your total gross income and live off the rest. The idea is not improve your living standards, but improve your assets. Number three, if you can't write it off, don't buy it. Number four, if you can't buy two of them with cash, don't do it. Number five, use the one to five rating system for using money. So how important is it to you? Number six, rent and lease. Don't own the cars, homes, and offices. Number seven, stabilize first flow before starting a second flow. Grant talks about this a lot. He talks about how people are too quick to try to move into that second flow before that first flow is fully stabilized. Number eight, second flow, that's your second income flow, should be connected to your first flow and not require extra time. So it should be something that is connected and runs parallel to that without extra time. Number nine, the one day, one hour rule. Invest in yourself, even if it violates rule number four, which is if you can't buy two of them with cash, don't buy any at all. So one day, one hour. So that's if you're gonna spend one day working for somebody else, spend one hour actually investing in you. Number ten, never lose money, never gamble, invest in sure things only. Number eleven, target passive income to equal earned income. That one's gonna take a little bit, but you'll get there. Number twelve, use good debt to scale yourself, your department, and your business. Now that last one some people can shy away from sometimes, but Grant always says debt is vital to wealth creation. It's virtually impossible to create wealth and freedom without using some debt. So some of the benefits of good debt, and most of what he's talking about, is real estate. Number one, fully tax deductible. Number two, use to improve you. This could be training. Number three, use to improve your people, again, more training. Number four, use to expand marketing campaigns to drive your product, your service, your brand deeper. Number five, use to increase inventories. Number six, it's the fastest way to scale and expand. Number seven, these are the benefits of good debt. Creates massive levels of income. Number eight, creates net worth. Number nine, allows for acquisition of other businesses, and number ten, buys second flows of income. So we talk a lot about targets. What are your targets right now? Unfortunately, people typically set their targets too low. Now we go through an exercise in the business summit talking about how are you going to add ten million dollars to your top line. The reason people won't get there is because they have wrong targets, they have the wrong staff, they have wrong expectations, wrong products, wrong offers, and wrong think. But all of that can be fixed. We can do a little millionaire math. So how many ways are there to ten million dollars? Hey, you can get one person to give you ten million, you can get ten people to give you one million, you get a hundred people to give you one hundred thousand, or you could go all the way down to one million people giving you eighty-three cents per month. There's a lot of ways to get there, but you gotta have the right targets, the right staff, the right expectations, the right products, the right offers, and the right think in order to get there. And we talk a lot about the 10x sales wheel. We start with the idea or the target, move on to getting attention. That attention brings leads. Then you gotta go into your lead management, then sales, then managing the money, then scaling. We're gonna get more onto that in a future episode. So let's end with these last couple of things. GC talks about his biggest mistakes that they have made in their business. He's got eight of them here. Number one, stayed small for too long. Number two, didn't understand their brand. Do you understand your brand? Number three, ignored social media for too long. Number four, did not invest to learn social and marketing. Number five, operated with the wrong technology. Number six, hired the wrong people. Number seven, did not invest all their money in promotion and branding. And number eight, should have bought connections and collaborated much, much earlier. The first thing to all of it is that commitment to operating at 10x. Now the reasons you might not be operating at 10x right now in your business, hey, maybe you got a larger business and and executives and leadership are settling now. Or maybe got the wrong targets, or maybe you've made some hiring mistakes, or maybe your staff's disengaged right now, or maybe sales is not a priority, and there's no commitment to training and no future commitment, no forward thinking. We can change all that. Those are things that you can change. Your business can change to be able to get to those 10x levels that you're operating at 10x levels and therefore going for 10x targets, taking 10x massive action in order to get there. Because hey, all commitments, they just require a couple of things. All targets can be achieved with the right amount of time and money, y'all. So, hey, we're gonna have a 10x business summit in Springfield sometime soon. But hey, if you want to learn some more about this, give us a shout. Over at Big Dog Business Coaching, we would love to have a discussion with you. See how we might be able to help in your business. Hey, just give us a shout. Be right back after the break. Looking for expert tree care with hometown integrity, look no further than Sangamon Tree Service. They're your trusted local pros, delivering quality workmanship, exceptional customer service, and fair, honest pricing. Every time. Whether it's trimming, removal, or storm cleanup, their team brings professionalism and care to every job, big or small. Call the name your neighbors trust, Sangman Tree Service, or visit them today at Sangamontreeservice.com. Sangaman Tree Service, rooted in quality, built on trust. Well, thank you for joining us today, everybody. Appreciate you making us a part of your day. Hey, don't forget while you're out on social, check ours out. You can check my personal one out at RobertFarrell at everywhere. Check out those Elevate Springfield pages, those big dog business coaching pages as well. Check us out over on YouTube. Give us a subscribe, give us a like or a follow on any of those channels. We would certainly appreciate it. So, hey, take what you learn today. You bring the discipline and follow through and together, that's right, y'all. We're gonna elevate Springfield. Be great. 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