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What Should Your Focus Be?

As a company owner/manager you often wear many hats… You wind up cleaning the floors, answering the phones, worrying about customer complaints, completing accounting statements, making deposits.

But most of us forget to focus on the most important part of our business… marketing and client retention…

In a couple of days I will share some marketing tips that came to me on a recent trip to L.A.

For today, I’d like to talk about creation of systems and delegating activities to increase your income.

First, I need you to stretch and take a deep breath, because what I’m about to say is going to be tough for many to grasp and agree with… It took me a lot to realize that some of the thoughts and statements of the Guru’s is right… no matter how much I wanted to fight that my way was right….. I continued to learn that it wasn’t—

First, take accountability! Make a “short” list of the things that you do best… Then make the LONG list of things that would be better for other people to do….. Then categorize the items based on the dollar per hour that you would have to pay someone to do that task. Whether it be mowing the lawn, dropping the deposit at the bank or getting a cup of coffee at Starbucks… calculate how much you would like to make per hour, then realize how much it would cost you to do a certain task if you were making that much…

The example that I heard several years ago is what opened my eyes… An attorney was talking to one of his friends and was instilling this same advice- The attorney explained to his friend that he had to have a talk with his assistant… His talk had to explain the importance of her new duties.. her new duties included:

Getting coffee at Starbucks every morning
Taking his car to the car wash
Picking up his dry cleaning
Etc…..

He had to explain to his assistant the value of time, and that it was better for him to give her a raise and a car allowance than it would be for him to spend the time doing it….
In his example he said, a cup of coffee cost him about $229… Wow… How could it cost that… the answer is simple- his billable hourly rate it $450 (+ $4 for the coffee) and he would have to spend about a ½ hour to park his car, get out, and wait in line for his coffee….

WOW!!! What an eye opener!!!

Now most of us, don’t expect our hourly wage to be $450 BUT— if you want to make $100k per year – that coffee will cost you $29 for your ½ hour….

The real problem lies in a recent study of executives… The study found that a high percentage of executives “Actual Work time” is less than 1 hour per day…

So if you’re actual work time is < 1 hour … then how much is that coffee really costing you?

Find a team and work it!!!

Find the strengths of the players and work their strengths, don’t try to make yours or your team member’s strengths into what you want them to be. Focus on the important aspects; trust, commitment and loyalty… The other skills are useless if you can’t count on them….

With these statements in mind, mold your day around your strengths. Mold your day around the activities that are income producing activities. Don’t try to find busy work, revert to your list of strengths and delegate the list of weak points….

Marketing and client retention should be at the top of the list, because without that you won’t have much else to worry about… now don’t say that you don’t need marketing because your business is based on referrals…

A business that is based on referrals is probably the most intensive marketing task… you must continue to WOW your referral partners and continue to provide excellent service to keep that flow of referrals coming….

Provide your clients with options that keep their best interest at heart… Find complimentary revenue generating opportunities… After all most of us didn’t tell our mom’s and dad’s “I want to own a credit repair restoration company when I grow up”
Many of us are transplanted from another business that has changed, and to many Credit is a tool for other sales…

It has been proven that it is far more cost effective to retain a client than it is to procure a client….. so, focus on ways to provide a valuable service to all of prospects that you come in contact with…. I certainly don’t want to stray you away from credit repair!!!!
I suggest having the answers to your client’s financial needs… that may be as simple as writing an article- or making a referral for another service….

The bottom line is- structure your time to focus on the tasks that create income for you. Delegate the tasks that cost less to complete than the hourly wage that you choose to earn…

Calculate your desired hourly earnings by taking the annual salary divided by 2080
Ex. $100,000 / 2080 = $48.08

Your friend in the credit biz,

Mike Citron

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  1. I have been in sales for years and understand the importance of constantly marketing. The webinar today is helping me understand I can help many instead of chasing I at a time.
    Thank you,
    Eric Rollings
    rollingse@gmail.com

  2. Ed Lopez says:

    Great article Mike. Hopefully the others are also as good as this one. The conference call was very good, however I expected some tips used by your friends who are signing up 1000’s of people every month. Please send me the power point presentation.
    Thank you.

  3. Hi Mike,

    I would like to start off by saying that the webinar was absolutely AWESOME & you don’t talk to fast, haha. I would also like to say that I’m very excited to be part of a team that will show the public that their alot of good people/companies in the credit repair industry & that credit repair can be an asset to a persons life.

    Thanks For Everything
    Premier Credit Solutions
    Joseph De Marco

  4. Rory Broome says:

    Mike,

    This is good stuff, when you look at your time from that perspective it really does pay to delegate.

  5. Manny C. says:

    Hey Mike, how are you? Have fun out there in wine country. I had the pleasure (and I mean it) of listening to yesterdays webinar with yourself and Ron, it was really awesome. Extremely insightful, and the emphasis on educating and empowering the client is essential for the progress of this industry. I want to prepare myself with what would be the basic tenets and knowledge for making presentations and a reality for our organization. Yesterday’s webinar really solidified that as what will become part of our business model and commitment to forward thinking. I would greatly appreciate receiving the Powerpoint Presentation, Bio Template, and “The Think and Grow Rich” book by N. Hill. It is your effort and generosity in instances like this which set the groundwork and example for the benefits from this marketing approach. Awesome Job and Thank You Very Much. Yesterday may have just meant the difference between doing something else or forging ahead in what can be a very meaningful as well as profitable business. Thanks again, Manny C.

  6. Rafael Arce says:

    Mike,

    I think you make a really good point when it comes to delegating. making the most out of time and focus on what makes the bottom dollar. Being resourceful to clients and providing them with the right tools.

  7. Lewis says:

    WOW! This article rocks. I will value my time much more after reading this article.

    Lewis

  8. curtis weaver says:

    This article really brings you back to what's really important

  9. Keith Knapp says:

    Thanks for the presentation today. Found it very helpful and motivating – keep pumping out the goods!

  10. George Kennedy says:

    Mike your webinars at great as they offer much needed information that is vital to the business. The plus side for me is that I look forward to attending them as you often offer incentives and always tips that anyone can use. You really help the little guy level the playing field with key support tools so we are not out here wandering aimlessly without a marketing plan. Thanks, and keep up the good work.

  11. Jp Ology says:

    What Should Your Focus Be? It should be getting on the webinars on Thursdays, growing with the priceless inner circle of healers that Mike Citron has put together. He is wonderful example of paying it forward which is very uncommon these days. Thank you & your colleges for the boundless inspiration you so unselfishly give.

  12. Mike once again, you’ve nailed it! The webinar today was FANTASTIC!!! I laughed (you’re so silly, lol) and I ALMOST cried but I won’t tell you why, lol, but in a good way. Seriously, I’m just so grateful for you and the whole DisputeSuite team, it’s not even funny. And I don’t how I’m going to get to Bootcamp for sure but somehow I’ve gotta get there! Thanks Mike!

    P.S. – I’m taking off my “Sales” hat (sort of) and handing it to someone else. I’ve finally hired help … YAAAAY! Take care Mike! 🙂

  13. Blair Warner says:

    I with Yusheeka. I am going to try to get a sales person ASAP, and, I'm trying to get to Vegas…. 🙂

  14. Steve Leifer says:

    One of the first questions asked of my clients is "What are you trying to acheive and what do you think is possible. This gives us a great opportunity, once we have reviewed their reports, to set realistic expectations of results before they even enroll. We then discuss how the program works and what to expect regarding timeframes and their responsibilities.____Great Stuff.____Thanks Mike____PS- If Mr. Lucie would be so kind, please get me some info re new LLC__________________________________________________________________

  15. Cheryl d says:

    Mike:

    Another GREAT webinar as usual. Some answers I knew already and some I didn't have quite as good a "grasp" on it. Due to health issues I won't be able to attend Tampa's Boot Camp but plan on attending the next one wherever it is. I see Boot Camp as relearning the basic foundations and getting new business ideas. It's like when the football coach, Vince Lombardi, told his team every season (veterans and rookies alike) and introducing himself as he was holding a football, telling the players "This is a football". Obvious, of course, but everyone should get back to the basics at least once every year. AWESOME info as usual. I actually enjoyed getting writer's cramps, LOL! Thanks Mike for a great job.

  16. Cheryl d says:

    What a great webinar! I especially liked your marketing ideas. Thanks for answering my question today (I asked about the Pacers' website). And thanks for giving us your new 30 page expose!

  17. Jim Hogle says:

    Great advice Mike, hard to do!! The "new rich" generation is all about time, their personal time. Doing your work WHEN you want to and have family time WHEN you want to. Good book is "the 4-Hour Workweek by Timothy Ferriss. This guy took outsourcing what he was not good at to an extreme! And he has his time because of it. Till next week!

  18. Debbie says:

    It is always worth the time spent on your webinar! I am new to the industry and am soaking up info like a sponge. Also, thanks for bringing on Ron Quintaro today, he is one of my favorite people and so full of life as well as vigor in the industry. I am looking for the opportunity to be confident enough to work with affiliates as well as the Pacer system you spoke of today. I missed the first part of the webinar due to technical difficulties so will have to figure it out on my own. I look forward to seeing you and the gang in Florida.

  19. Mike! the Bootcamp totally rocked! I am so glad I went to it. Even if it took me 2 days of flying all over the country to get there. Thanks so much. I can't wait to the next one.

  20. Hi, Mike. I loved today's webinar about the new laws. The free books and reports are amazing, and I'm looking forward to receiving them. This webinar each week is a great service you are providing to the industry, and the new non-profit is a great idea. Kudos for you for maintaining your focus of education. That's what I'm doing now. Since leaving Ox Publishing, my focus is now consumer education around credit issues, and also debt settlement. See you next week here at the same time, same station!

  21. Jaslyn Adric says:

    Aloha Mike! I am a new member of Dispute Suite. I just wanted to thank you for all the insight on information you provide. I've been reading up on alot of your tips and comments and just amazed with it. If possible could you please send me the Powerpoint Presentation and the Bio Template.

    I hope to make it out there to Florida to attend the Boot Camp all the way from HAWAII! Hope to meet the team soon!
    Thank you for all you do!

  22. Greg says:

    Nice Mike. Would love to see/hear more and more about the biz building aspects of things: systems, how to hire/train, etc. Thanks!

  23. DKeels says:

    Hi Mike! Great Webinar as usual. 4pm training calls have become a requirement for our leadership team. Today's webinar on B2B vs B2C sales & marketing was very informative and timely as we are revamping our sales and marketing strategies and focusing exclusively on b2b sales in 2010. Thanks for your insight and for freely sharing your knowledge with the CRO community.

  24. Samuel Gonzales says:

    Good stuff! I would also like to say “Mike and dispute suite have helped me to start and continually move forward in my credit repair business in every facet of my business. At first I was skeptical and now I have all confidence in Mike and the Dispute Suite team because I know that they genuinely care for people and more importantly care about my family and me. I really believe that Mike wants the best for us all and gives his all, providing great value”.

  25. Michelle Olson says:

    Mike, because of the knowledge and connections you (and DisputeSuite) have given us along with the training & Rondi's continued study of the laws & compliancy, we are VERY excited to work the forensic auditing side of the business. We truly enjoy working with cutting edge BK attorneys that "get it" who have already weeded out the clients that will be a good fit. We are also looking forward to continuing the 'white glove' service that no one else seems to offer as we get so many thankful clients!! It's very rewarding!!

  26. Carl S says:

    Mike,

    I really enjoy your calls every week as we begin our credit repair business journey. As a follow up to the call on 02/16/2011, which I thought contained excellent information (can't wait for part 2!), you mentioned leaving a comment to receive some additional resources. I couldn't find a post on this blog for that specific call, so I'm leaving a comment here.

    Thanks again!

    Carl

  27. zissy says:

    Great call today! Thanks for always providing great information

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