Separation Saturdays on Elevate Springfield

Summary

In this episode of Separation Saturdays on Elevate Springfield, Robert Ferriell provides a comprehensive recap of the week's events, highlighting local musicians, community segments, and wellness discussions. He then transitions into a detailed exploration of the eight rules for managing targets in sales, emphasizing the importance of setting daily, weekly, and monthly targets, constant communication of these targets, and the necessity of understanding the math behind sales and leads. The conversation culminates in actionable steps for listeners to apply these principles in their own businesses.

Takeaways

• Adversity can lead to passion and success.
• Wellness inputs matter for overall health.
• Daily, weekly, and monthly targets are essential.
• Teams often forget targets without constant reminders.
• Understanding the 'why' behind targets is crucial.
• Sales math helps break down targets into achievable goals.
• Planning for breakage is necessary for success.
• Doing the math defines the path to achieving targets.

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Facebook:  @robertferriell   @elevatespringfield

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10X Health:  https://10xhealthnetwork.com/BIGDOG

This podcast is for informational and educational purposes only and is not a substitute for professional medical advice, diagnosis, or treatment. Always consult a qualified healthcare provider with any questions you may have regarding your health 

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. Hey, it was a great week on Elevate Springfield, but you know what? It's always a great week on Elevate Springfield. Quick recap of the week. Hey, we started like we always do with our weekly battle plan. Then on Monday, we had Robert Sampson in, local musician, doing some phenomenal things out there in the musical community. Hey, four-time finalist in the World Blues Challenge. How about that right here in Springfield? So hey, he's over at Full Gen Z every other Wednesday. Check him out over there and check out his story as well on that Monday episode if you haven't already. He dealt with a lot of adversity in his life, and it is truly a story of overcoming and passion for his craft. So check that one out. Then on Tuesday, of course, we had Ellie on our next gen segment. I had an idea for that one. I'd been noticing a lot of those 90s trends from when I was a teenager in the 90s that are coming back, specifically for some of the things that she's doing with some of the digital cameras and stuff that she's working with right now. I just find it funny that some of those trends are coming back around. Then on Wednesday, we had our communities grow together segment. That was a solo episode with me, and we talked really about how we talk about and teach 10x community, how some of those things are relevant within all of what we do here in the associations and nonprofits and all the different things we do community-wide, but looking at it through a lens of 10x community. Then on Thursday, we had Amy Peterson from Dan Deweis Painting and Finishing. Of course, she's from a great business from right here in town, but she has also become one of the de facto downtown supporters here. She does so much to spread the word about all the great things that are going on down here. So kudos to her. If you haven't checked out any of those episodes yet, hey, make sure you do so much gold sprinkled throughout the week. Then on Friday, we had our wellness segment with familiar face Kenny Hyde, your wellness guide, or hey, Springfield's wellness guide. We talked about how inputs matter. He talked about a conversation he had with somebody close to him about how they really don't think that inputs matter because they've seen really, really in-shape people have a heart attack or something like that. And we've talked about how people talk about how, oh, my grandpa smoked till they were 90, but they lived till 95, right? So we went into a discussion on how inputs do matter and how some of those small changes can make a significant impact on your health and wellness. If you want any help with that, just give Kenny a shout. He'll take care of you. But today, it is Saturday, y'all, and you're here for separation Saturdays. That time to separate yourself from the competition so you can continue to grow exponentially at that 10x level. So, what I'd like to get into today is the eight rules of managing targets by Grant Cardone himself. This is part of a 10X sales interactive presentation that we do through the 10x community. So let's get into it. What separates a sales team that hits its number from one that misses it by 20% month after month after month? It's not luck, it's not talent, it's not the economy, it's whether somebody in that organization actually knows how to manage that target. So that's what we're going to talk about today with those eight rules how to set, communicate, and actually hit your targets. If you're a leader, founder, manager, or anybody responsible for a number on a board somewhere, hey, this one is especially for you. So let's get into it. Rule number one daily, weekly, and monthly targets. They are a must. You must have daily, weekly, and monthly targets. Not one, all three. And here's why it matters. Most companies set a monthly target, maybe a quarterly target. And then they wonder on day 28 why they're behind. By then, it's too late. The month is basically over. So without a weekly target, a monthly target is just a hope. And with that, a weekly target without a daily target is still a hope, just a shorter one. The daily number is what makes it real. So think about it this way: if your monthly target is$100,000 in revenue, your weekly target is roughly$25,000, and your daily is around$5,000 on a five-day work wake. Now, every single morning, your team walks in knowing exactly what needs to be done before they leave today. And here's the magic: you can correct it immediately. You can correct it on Monday, you can correct it on Tuesday, you can correct it on Wednesday. You don't have to wait till the end of the month to realize you missed your target by 40%. Daily targets give you early warning. So, hey, action item for you now. If you only have a monthly number, stop this podcast right now and go ahead and break it into weekly and then into a daily target, and then hop back on and listen to rule number two, which is your team will forget the targets. Now I know you've announced it at your kickoff for when you put the targets out. You put it into a presentation, you sent an email, you wrote it on the whiteboard, and toward the end of the week, half your team couldn't tell you what the number is. By the second week of the month, you've had meeting after meetings, and people forgot the target. It's not a flaw in your team, it's just human nature. People get busy, they've got customers, they've got pipelines, they've got their own lives. The target gets buried underneath the noise. So your job as the leader is not just to announce the target once, your job is to announce it constantly in the morning meeting, in multiple emails, in the one-on-ones, on the wall all the time. This is drilling it in. Some leaders worry they're going to be annoying with this. But here's the truth: if you're not sick of saying the number, your team hasn't heard it enough. Remember, we've talked before about if you're not getting some haters and naysayers, you're not out there enough. This is along a similar vein here. If you're not sick of saying that number yet, if you're not feeling like, man, I'm getting super repetitive here, your team hasn't heard it enough. Rule number three, resell the why. We talk a lot about why on this show, why you're doing what you're doing. What is your big why? And what's your why behind the target? Repeating that target is step one of that, but people don't run through walls for a number. They run through walls for a why. So why does this target matter? Is it because hitting it funds a new product? Is it because it triggers a bonus? Is it because it means the company survives? Is it means the company is thriving and everybody is benefiting financially in a tremendous way? Is it for your family? Whatever the reason is, it has to be told and retold just like the target. So here's the mistake a lot of people have is leaders assume the why was obvious back when the plan was set. Might not have been obvious, and it's probably completely forgotten by this point. So resell it every week. Connect today's grind to tomorrow's payoff. Tell the story of what this means when you hit this target. What does this number unlock? That way the team knows what they're fighting for. And when you know what you're fighting for, you're gonna fight harder than the team that doesn't. Rule number four, the sales math. Now we're getting into a little bit of math here. It's super easy math, though, folks. Rule number four, the sales math required to hit the target. If your revenue target is$100,000 in a month and your average sale is$5,000, then the simple sales math is you need to close 20 deals. And here's where most teams make a mistake. They never do the math out loud. They say we need 100 grand and they leave it at that. Nobody breaks it down into deal count, how many sales you need to have. So now every person knows on the team how many sales they need to have or how many new clients they need to have, right? What happens is when you take this bigger number and break it down into chunks into those smaller numbers based on the number of people you have, that big, what could have been scary number to some of your people turned into a specific achievable weekly action. That's what the sales math does. So action item for you. Write your target on a piece of paper, divide it by your average sales size. That's your sales math. If you don't know your average sales size, you probably need to go figure that out because that is a very important piece of information. So go figure that out. Pause this and then come back for rule five. Which rule five is the lead math. So let's go one layer deeper than the sales math. We said earlier that we may need in this particular instance, you would need 20 sales. So what's your close rate? Let's say you close one out of every five qualified leads. That's a 20% close rate. If you need 20 deals and you close 20% of your leads, then you need 100 qualified leads in a month. That's the lead math. And this is where targets stop being abstract and they start becoming operational for your team because now you can look at your CRM on the 10th of the month and ask, hey, do we have enough leads in the pipeline to hit the target? You know, right now in real time, that you have a lead problem, not a closing problem. And those two problems get solved in completely different ways. So most teams don't figure this out until toward the end of the month. By then, you can't generate enough leads or generate them fast enough to save the month. So that lead math, run weekly or even daily, prevents that from happening. So, rule number six, more math for you. The activity math. One more layer down now. So this is the layer where most managers stop, and it's the layer where the professionals really live. So we said we need a hundred qualified leads in the month. Where do those leads come from? Activity, calls, emails, meetings, demos, outreach, even knocking on doors, whatever, right? So let's say historically it takes 10 outbound calls to generate a lead. So a hundred leads requires a thousand calls in a month. With 20 business days, that's 50 calls per day across the team. If you have five reps, that's 10 calls per rep per day. Now, what did that do? We went from hit your number or hit this target to, hey, you need to make 10 calls today. You need to make 10 outreach visits today, whatever the case may be, right? And this is specific, controllable, and quite frankly, pretty easy to do. So this is the part where managing targets becomes managing inputs instead of managing outcomes. You can absolutely control whether those 10 calls were made or whether those 10 outreaches were made today. If every person does their 10 calls or does their 10 outreaches, the leads will come. The deals, the sales will come, and the revenue will come. The math doesn't lie, it just requires the activity. Rule seven, the people math. So the people math is asking: Do I have the right number of people with the right skill doing the right things to physically produce the activity that I just calculated? If the answer is no, you have two choices hire more people or lower your target. And you know in 10x we don't lower targets, but you have to have the right capacity to be able to do it. And part of that might be just increasing the bandwidth of all the folks that you currently have. And finally, rule number eight breakage. Breakage is everything that goes wrong between the plan and reality. See, deals fall through, customers ghost you, people quit, sick days, holidays, prospect whose budget got pulled at the last second, contract that gets stuck in legal forever, right? Breakage is the gap between what you forecast and what actually closes, and every business has it. The question is whether you've planned for it. So build your targets and your activity at a multiple of what you need. If you need 20 deals, plan the activity for 30 or 40. Or if you need 100 leads, generate 150. You want three times, four times, ten times your target sitting in your funnel because a lot of it's gonna fall out. And that fallout is the breakage. The teams that consistently hit their numbers, they're not just hitting their numbers, they're overshooting their activity by a multiple. So things are gonna happen, but when those things happen, what's left is still enough. We've talked about those 10x targets, those 10x goals, right? It's about taking that massive action to reach that gigantic target. And even if you don't quite get to that massive 10x target, you're still higher than what you would have been in that average goal you originally had. See, breakage is gonna happen, so you have to plan for it. So let's bring it together. Eight rules. Number one, you must have daily, weekly, and monthly targets. Two, your team's gonna forget the targets, so your job is to repeat them constantly. Three, resell the why behind the target, not just the number. Four, do the sales math. Target divided by average sale size equals deal count. Five, do the lead math. That's the deal count divided by close rate equals leads needed. Six, do the activity math, leads divided by conversion rate equals calls, emails, meetings, etc. Seven, do the people math. Make sure you have the right number of people that can actually produce the activity that you need. And eight, plan for breakage. Build that buffer, build that 10x buffer in there. So here's your assignment. Take one number, your monthly revenue target, and run it through all eight rules on a piece of paper. By the time you finish, you will know with math, not hope, whether you can hit your target. Grant always says, do the math to find the path. And if the math says you can't, you'll know exactly what you need to change. And that's the difference between leaders who hit their numbers and leaders who don't. It's simple math on this one, folks. Do the math to find the path and have the discipline to create the activity to accomplish it. So, hey, hopefully that helped today. If y'all want any individual help with it, give us a shout. Over at Big Dog Business Coaching, we'd be happy to walk you through that. We'll be back after the break. 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