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How to Save Your Company $1.5 Million in 3 Minutes

million

People often say that “time is money.”

They are wrong.

Time is not money.

Time is worth way more than money is.

In fact, via compounding interest, time is the one thing that takes money and effortlessly turns money into more money.

Money that is lost, can be earned back. But time that is lost is gone forever.

Which is why our team at Southwestern Consulting believes that the next generation of cost savings scrutiny in organizations will not be as focused on saving money as it will be on saving time.

Think about this… almost every organization in the world has an entire team of people whose job is solely dedicated to counting the financial costs of a business. This is the accounting department of course.

Yet almost no organizations have even a single person who monitors, tracks, and manages all of the different ways that people throughout the organization lose time every day.

Not even one person whose full effort is dedicated to figuring out detailed ways to save everyone time.

Why is that?

Especially given the fact that one of the most expensive financial costs to any business is human capital and the money we spend on our labor force in wages.

The Money Value of Time (MVOT) from Procrastinate on Purpose teaches us that regardless of how we derive income, we all have a calculable hourly rate of pay. And that we are always either paying someone else at their rate of pay or we are paying ourselves at ours.

Which means that every single task and every single moment costs money. And anything that wastes even a second of your time is a waste of your money.

So that means there is opportunity throughout the organization to save massive amounts of money by saving massive amounts of time.

But where might we find these massive time savings?

Is it in cutting insignificant projects and unnecessary meetings? Sure.

But an overlooked area – with perhaps even more opportunity – is cutting mere minutes or even seconds spent on repetitive tasks that recur on a frequent basis.

For example let’s say you have a task that a team of 50 people each do 10x a day that takes them 180 seconds each time. This could be something like copying and pasting and then sending an email to a prospect or client with an attachment or something.

That’s 1500 minutes total for the team each day x 250 working days in a year for a grand total of 375,000 minutes each year spent on that one recurring 3-minute task.

If the average person on the team makes $50k a year then that person has an MVOT  of $24.04 per hour or $0.40 per minute.

Which means that a recurring task that takes 50 people (who make $50k) just 3 minutes a few times a day could be costing an organization $150,000 a year!

Plus, keep in mind those are hard dollars being paid to real people which means there is a legitimate opportunity cost of using that money.

If a company could save that time, and instead invest that money then (using a simple investment calculator) we know that $150,000 invested one time at an 8% rate of return for 30 years would be worth $1,509,398.53!

Think about that…

A task taking people 3 minutes could be worth over $1.5 million in the long run.

Now think about this…

If you have a team bigger than 50 people…

Or

If you have regular recurring tasks that take longer than 3 minutes…

Or

If you have more than 1 recurring task a day that everyone does…

Or

If you have people in the organization that make more than $50k per year…

Or

If you could do better than an 8% return on your money…

Or

If you invested that money for longer than 30 years…

Or any combination of these factors…

Then losing that time could cost you even much much more than $1.5 million of opportunity cost over the course of time.

So, what’s the point?

The point is that we should place as much value on saving time as we do on making more money.

The point is that we are potentially missing out on millions of dollars in cost savings by looking at things differently.

The point is that we should potentially apply even a higher level of scrutiny to how we spend our time than we do with how we spend our money.

But most companies don’t.

Most companies track every single penny spent on paper clips and pens and completely ignore the question of “what recurring tasks are sucking up our people’s time?”

It’s a massive opportunity for profit growth in the future of business.

We believe that the future of cost savings is going to be more focused on saving time then it will be on saving money.

Which is one reason why we believe that there is going to be a continued boom in the world of workflow automation.

We believe, as mentioned in my Ted talk, that “automation is to your time exactly what compounding interest is to your money.”

Saving salespeople time by training them on the best communication strategies and interpersonal skills has always been a space that Southwestern Consulting has been known to specialize in.

But when it comes to saving salespeople time by coupling it with automating things like lead generation, lead tracking, workflow, pipeline management, customer follow up, CRM and content marketing, that’s also a service we provide for small and medium sized businesses.

If you’re interested in more on that, you can check out our free 1 hour training on turning your business into an Automated Revenue Machine.

But no matter who you are or what type of company you have, what we all need to know and understand is that time is not money.

Time is, and will always be, worth way more than money.

Make sure you’re valuing it accordingly.

Painless Prospecting and Conquering Call Reluctance with Dave Brown – Episode 195 of The Action Catalyst Podcast

Prospecting

Dave Brown is a Founding Partner of Southwestern Consulting and one of the driving forces in making Southwestern Consulting what it is today. He is a world leader in training people to eliminate their call reluctance through his award winning speech and book Painless Prospecting. He lives out the 160+ year Southwestern Principles in all he does. Dave is a sales and sales leadership practitioner first and everything else second. When he is not on stage or on the phone selling something he is spending time with his wife, kids, friends and dog. He is still very active with sports around his community and is a wine fanatic that is preparing the soil on his land outside of Nashville for their family’s future Tennessee Winery already named “Brown Family Sellers.”

Show Highlights:

Learn to say positive things about rejection. @davebrown_SWC

Pray for your nos. @davebrown_SWC

Asks everyone, even if they reject you, for referrals. @davebrown_SWC

When you’re rejected, you are intercepting the negativity for someone else. @davebrown_SWC

There are massive opportunities out there for us if we just reach out. @davebrown_SWC

You have to ask for what you want or you’re not going to get it. @davebrown_SWC

The reason we don’t ask is because we don’t believe we deserve it.  @davebrown_SWC

Be pleasantly persistent. @rory_vaden

Act your way into healthy thinking. @davebrown_SWC

It’s hard to be nervous when your hearts on service. @rory_vaden

Fear is self-centered. @rory_vaden

Change the way you think about “no.” @rory_vaden

 

The Action Catalyst is a weekly podcast hosted by Rory Vaden of Southwestern Consulting every Wednesday. The show is regularly in the Top 25 of Business News Podcasts, has listeners from all around the world and shares “insights and inspiration to help you take action.” Each week Rory shares ideas on how to increase your self-discipline and make better use of your time to help you achieve your goals in life. He also interviews special expert guests and thought leaders. Subscribe on iTunes and please leave a rating and review!

Letting Go of Sabotaging Self-Talk with Shelly Smith and Jennifer Bennett – Episode 175 of The Action Catalyst Podcast

Shelly Smith, a Professional Sales Coach here at Southwestern Consulting, is a natural encourager and loves to laugh hard while working hard. She honed her sales and recruiting skills working 9 years with The Southwestern Company selling door-to-door. She is passionate about helping people visualize where they want to go and holding them accountable on the journey there. She has experience in the travel and fundraising industries. Lately, she has been having a blast encouraging a new sketch and improv group that she directs.

Jennifer Bennett has been in the housing market for 25 years. She is currently working at Caliber Home as a Loan representative. Jennifer is dedicated to providing superior service and personal expert guidance throughout the home financing process.

Show Highlights:

  • We had to catch the negative self-talk and change the way she was thinking about her situation. – Shelly Smith
  • When you’re in sales, it’s hard to hide what is going on in your personal life. – Jennifer Bennett
  • Self-talk is the biggest factor in my positive results. – Jennifer Bennett
  • The talks I had with Shelly got me so grounded. – Jennifer Bennett
  • I was able to share what was happening both professionally and personally. Shelly helped to redirect my focus.  – Jennifer Bennett
  • I didn’t realize how many things I was telling myself internally. – Jennifer Bennett
  • It’s hard to realize that you are allowing your self-talk to become negative when you’re in the thick of it. – Jennifer Bennett
  • It is crazy, it won’t be soon and you now need to start acting as if it isn’t. – Shelly Smith
  • I felt a complete lack of control and desperation. -– Jennifer Bennett
  • Your thought process is so powerful and affects your sales process. – Jennifer Bennett
  • Slowing down self-talk was unbelievably impactful. – Jennifer Bennett
  • If you can’t physically change what is happening, then you have to change how you think about it. – Shelly Smith
  • Some people don’t change because their identity is wrapped up in the thing they are complaining about. – Shelly Smith
  • My biggest obstacle wasn’t my circumstances; it was me. – Jennifer Bennett
  • If you believe it long enough, eventually you don’t have to talk yourself into it anymore. – Shelly Smith
  • Decide in your heart that you’re willing to fight for whatever you’re after. – Jennifer Bennett
  • There is a direct connection between attitude and self-talk. @rory_vaden
  • Attitude is simply the way you choose to see things. @rory_vaden
  • You have to be able to imagine a life where the problem isn’t there. – Shelly Smith
  • Change does not come easy; you have to be willing to fight for it. @rory_vaden

If you interested in a free 1-on-1 call with one of our Professional Sales and Leadership Coaches to help determine if this is a fit for you CLICK HERE.

The Action Catalyst is a weekly podcast hosted by Rory Vaden of Southwestern Consulting every Wednesday. The show is regularly in the Top 25 of Business News Podcasts, has listeners from all around the world and shares “insights and inspiration to help you take action.” Each week Rory shares ideas on how to increase your self-discipline and make better use of your time to help you achieve your goals in life. He also interviews special expert guests and thought leaders. Subscribe on iTunes and please leave a rating and review!

Life Story with Amanda Johns Vaden and Jim Cavale: Highest Use Of Time – Episode 147 of The Action Catalyst Podcast

time

As Iron Tribe’s President, Jim Cavale’s focus is scaling the Iron Tribe Fitness athlete experience throughout all of its gym markets, leading each of his departments to innovate new growth strategies and engage their respective teams to achieve the brand’s purpose of creating fitness communities that change lives. He is passionate about impacting lives in a positive way in every aspect of his life.

Amanda Johns Vaden is a Senior Partner, Million Dollar Producer, Business Consultant, Executive Coach, and Keynote Speaker at Southwestern Consulting™Her involvement in Southwestern Consulting™ started in 2006 where she traveled the country working with over one thousand U.S. based sales offices training them on best practices in sales and business.

Show Highlights:

  • As you grow you realize it’s tough to scale anything, especially culture. @JimCavale
  • When people are all about purpose and passion, sales sometimes becomes a dirty word. @JimCavale
  • At some point you have to say no and let go of controlling every aspect of your life. @JimCavale
  • Time management is a system that you use to manage your time, not a tool of productivity. @JimCavale
  • Are the items on your to-do list the most important use of your time? @JimCavale
  • Create more whitespace on your calendar to free up your mental and creative capacity. @AmandaJohnsSWC
  • When you go from one meeting, phone call, and project to the next, you don’t give yourself time to get real tasks done. @AmandaJohnsSWC
  • What do you do better than any one else in the world? Don’t get distracted by everything else and do that one thing really well. @JimCavale
  • What is your time worth today? @JimCavale
  • Put those goals into motion and figure it out along the way. You will never have everything figured out before you start. @AmandaJohnsSWC
  • I never want to look back and say, “I didn’t get the most out of myself.” @JimCavale
  • The more you help yourself and make yourself better, the more you can help others be better. @JimCavale

To learn more about Jim and Iron Tribe Fitness follow the journey and get involved at irontribefitness.comTwitter, Instagram, or Facebook.

If you are interested in partnering with Iron Tribe and opening up a franchise in your area, click here!

The Action Catalyst show is a weekly podcast that Rory Vaden of Southwestern Consulting™ hosts every Wednesday, which is regularly in the Top 25 of Business News Podcasts and has listeners from all around the world. The show shares “insights and inspiration to help you take action”. Each week Rory shares ideas on how to increase your self-discipline and make better use of your time to help you achieve your goals in life. He also interviews one very special expert guest and thought leader every week. Subscribe on iTunes and please leave a rating and review!

Servant Selling: How to Answer Objections without feeling pushy

Most people have fear about making change.

Which is another reason why prospects need a sales professional.

They need us not only for the purpose of giving them expert information about the product or service they are considering…

They need our assistance in helping them develop the courage to make a change!

You may have not have ever thought of your role in that way, but that is how Servant Sellers think. They realize that sales is less about convincing a stranger and more about helping a friend develop confidence.

There are several decisions that need to be made by a prospect before they can buy.

Of course they need to decide they like the offer but that’s not it. They also need to decide that they’re actually willing to take the risk of making a change. As the sales professional you have to be equipped to serve both of those needs for them.

Helping a prospect “increase their confidence” is actually what happens when we are “answering objections”. We are encouraging them, inspiring them, and motivating them to make a decision that will be in their best interest in the long term even though they will have to sacrifice something (at least money) in the short term.

But the phrase “answering objections” implies that you are doing something to them whereas “increasing confidence” suggests you are doing something for them.

Servant Sellers are exactly that: they are SERVING the person they are talking to. They are there to help, to support, to advise and to advocate for. They are not there to manipulate, pressure or over-persuade.

Admittedly, it can be a thin line between helping a nervous prospect increase their confidence to decide on a change that is best for them and pressuring someone into something that they don’t really want to buy.

The only real difference between the two is determined by the honest intentions of the sales professional and the actual needs of the prospect.

A Servant Seller will be committed to doing the right thing for their Prospect regardless of if that means making the sale or not.

Sometimes that actually means letting – and even encouraging – the prospect NOT to buy if it isn’t the best thing for them.

But it also can mean telling the prospect they NEED to buy if they really do need it but they are just hesitant about making the change. That is the case when we are helping them “increase confidence” about a decision they know they want to make but they just are afraid.

The defining delineation is simply whether or not the salesperson is serving the client first or serving themselves first.

And so your delicate role as a Servant Seller is to delineate between a Prospect who wants to buy but is afraid to make a change, and a prospect who doesn’t want to buy and is simply afraid to tell you no.

Keep serving and you will keep selling.

Servant Selling: The 2 Part Art of Hearing “No”

Ultra-performing servant sellers have become comfortable with a word that most of us are not.

That word is: “No.”

To a servant seller, “No” isn’t necessarily good but it’s also not really bad.

“No” certainly isn’t as bad as “maybe.”

“Maybe” is what prospects tell us when they are too afraid to tell us “No.”

And “Maybe” is what we salespeople accept because we are too afraid to hear a “No.”

“Maybe” kills your business. “Maybe” steals your time and drains your energy as you get caught up in an impossible game of cat and mouse.

But “No” is something we can live with.

“No” just means next.

“No” means we have closure.

“No” means we can move on.

“No” is freeing.

Ultra-Producing Servant Sellers are not afraid of hearing “No.”

And they know that allowing their prospects to live with “Maybe” is a disservice. Because it is enabling the person you’re serving to move on without resolution.

Indeed, the first art of hearing “No” is realizing that while “No” is not as good as “Yes”, it is certainly better than “Maybe.”

Servant Sellers are also aware of the matter of fact reality that not everyone will buy from them.

And, so at some point in their career they have an important realization…

Which is that if you are inevitably going to hear  “No” from time to time, then you might as well learn to flush out the “No’s” as fast as possible.

The second part of the art of hearing “No” is realizing that a fast “No” is always better than a slow “No.”

Being willing and unafraid to hear “No” does not make you a weak salesperson.

Quite the contrary.

A skilled salesperson has a variety of questions to use and an uncanny ability to read people. When a skilled salesperson sees that a prospect isn’t really interested, rather than trying to talk them into something they don’t want, they instead extend a graceful invitation for the prospect to say “No” quickly.

Becoming a servant seller is a realization of abundance. And it’s a choice to value your time enough to stop chasing the “maybes” because you know there are plenty of “yeses” out there waiting for you.

You thought that being better in sales was all about being better at getting “yes.”

But perhaps your next level of growth has much more to do with your comfort level and your ability to hear the word “No.”