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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!

How to Recruit Top Talent for Your Team

Recruit

How do you recruit good people?

It’s one of the biggest challenges that our clients struggle with and why they come to us at Southwestern Consulting.

Recruiting is an important topic and it’s one of my favorite.

My start at Southwestern in college was catapulted because I loved and figured out recruiting early on and happen to break a 150-year-old record in recruiting.

Today, we see lots of different companies and industries that struggle to find top talent and team members.

So, how do you recruit good people? Essentially there are 2 key parts to recruiting that you have to do.

  1. Build the Magnet – This is that you have to do the work of creating an amazing opportunity for people. This involves strategic work with how the company is set up. And also involves the heavy lifting about how you present and position your opportunity.
  1. Build the Fishing Boat – This is that you have to do the work of creating a number of amazing systems and methods (ie. Poles in the water) for actually finding good people and then going after them to get them on board.

They both take a tremendous amount of skill, knowledge, discipline and work.

Typically, we spend most of our time training people and organizations how to build the Fishing Boat. In other words, we teach them about all of the different sources of where to find good people and then also the skills of actually how to recruit them.

How you recruit someone is about exactly what to say, what the process looks like, and what behaviors you need to take to convince someone to join your team.

[BTW bringing people to your company who currently don’t have jobs is hiring; that is not recruiting. Recruiting typically means you are recruiting someone away from some other opportunity that they are already (typically successful) in over to join your better opportunity.]

The “Building the Magnet” part is also critical though. This is doing the heavy strategic work of creating an attractive place to work. It really helps when you are out “fishing” for good people to have a highly compelling and appealing opportunity to be recruiting them for!

Here are 5 of the most important parts of “Building the Magnet” and making your opportunity a compelling and attractive one for people to join:

  1. MISSION – Your organization needs to have a crystal clear (less than 1 sentence), inspiring, statement about serving a human purpose that is higher than profit. And it needs to be repeated so often that everyone in the organization needs to be able to recite exactly what it is. Today people don’t just want to work somewhere to earn pay; they want to work somewhere to do good in the world. If you want to attract great people, you need to have a great why.
  2. CULTURE – Your organization needs to be a fun and enjoyable place to work. People have to look forward to coming there! That means you want a place that is positive, vibrant, innovative, inviting, and energetic. It also means you want a place where people feel recognized, valued, and important. Also, it helps to have a brand that is “cool” and fresh that people want to be a part of. Remember, part of people’s personal reputation and perception in the world is who they work for, so create something they are proud to be associated with and they will flock to you.
  3. LIFESTYLE – You want to spend a lot of time planning, strategizing, and being intentional about crafting what “a normal day in the life” looks like for one of your team members. You can’t just provide people a job anymore; you have to provide them a meaningful and uplifting way to use their life. Remember, people typically spend about ½ of their waking hours at work! Lifestyle is typically composed of: hours, pay, location, work environment, stress level, type of work, and of course the culture which is made up of the other people they work with.
  4. RECRUITING PAY – One of the simplest reasons why organizations don’t grow and recruit is because there isn’t any financial incentive to do it! Most people are simple creatures, we do what we’re incentivized to do. So if you’re not seeing the recruiting numbers you want, you might need to look at the incentives that are in place to do so. Also, recruiting (like selling and service) shouldn’t just be a department; it’s something everyone has to do!
  5. LONG TERM VISION – People want to work for a place that is inspiring and part of what inspires people is working towards a bright future. Your organization needs to talk a lot about what the future of the business is going to look like. What are the pursuits your team is looking to accomplish? What are your goals for who you’re going to help? What career paths are available to your team members? And what does their long term pay plan look like? What is the future of your company literally going to look like?

These are just a few of the elements that help you “Build the Magnet” and make your organization attractive. It’s only part of the battle because even if you have a great magnet, you still have to do the hard work of going out to “fish.” But those skills are longer than this post allows for.

If at any point, you would like to talk to us more about how we can help you with recruiting just reach out to me.

Here’s what is great about recruiting though…

You can recruit your way into a great organization!

If you’re just starting out, you can (quickly) build something great by recruiting great people.

If you’re an experienced but stagnant company, you can grow (dramatically) by simply starting to focus more on recruiting.

And if you’re in any kind of struggling business, organization, or enterprise you can recruit your way out of it! Recruit, recruit, recruit and it will help you turn around!

Good people changes everything.

Which is why a great leader is always a great recruiter.

Servant Selling

Don’t just be in sales; be on a mission.

Be so convicted in what you do that you have no choice to tell everyone you know about it.

Don’t just be closing deals; be changing lives.

Don’t just be pushing products; be transforming customers.

Don’t just be selling; be serving.

Facing Entrepreneurial Fears with Christy Wright – Episode 188 of The Action Catalyst Podcast

entrepreneurial

Christy Wright, both entertaining and inspiring, presents messages that educate and give hope to audiences nationwide. As the creator of Business Boutique and through her podcast and sellout live events, Wright has equipped thousands of women to successfully run and grow a business so they can make money doing what they love. Wright is a Certified Business Coach and Ramsey Personality. Since joining Ramsey Solutions in 2009, she has spoken to audiences across the country at women’s conferences, national business conferences and Fortune 500 companies. Her new book, Business Boutique, releases April 2017.

Show Highlights: 

  • When people know what selling really is, they can sell with confidence. @ChristyBWright
  • When you’re meeting people’s needs and solving their problems, the sale is natural. @ChristyBWright
  • Many people don’t have sales simply because they aren’t asking. @ChristyBWright
  • It’s easy for us to look in the rearview mirror of our life instead of through the windshield. @ChristyBWright
  • The best way to shift guilt is to focus on wherever you are at the moment. @ChristyBWright
  • My mom didn’t teach me persistence, she lived it. @ChristyBWright
  • More is taught than caught. @DaveRamsey
  • You’re not harming your kids by working hard, you’re helping them. @ChristyBWright
  • The number one thing that will hold you back is fear. @ChristyBWright
  • Fear isn’t a sign you’re doing something bad, it’s a sign you’re doing something bold. @ChristyBWright
  • The antidote to fear is action. @ChristyBWright
  • You always take the next affordable step. @TheSharkDaymond

Let Christy know you were listing by tweeting her at: @ChristyBWright.

Connect with her online at christywright.com or facebook.com/OfficialChristyWright.

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!

Don’t just work hard. Do the hard work.

work

Working hard is not the key to success; it’s merely the price of admission. 

Hard work alone isn’t enough to bring you everything you want. 

Because if you’re working hard at the wrong things then they won’t take you to where you want to go. 

You have to work hard at the right things if you want to achieve your desired destination. 

Which introduces a second element to the equation. 

Because not only do you have to work hard, you also have to work hard at the right things. 

So what are the right things?

 Actually it’s usually pretty simple to identify them. 

Typically the right things, the best things, the most significant things you can do to achieve your goal are often the things you know need to be done but you most don’t want to do. 

They are the things that nobody likes to do. 

If you’re trying to build muscle, it means doing pull ups or leg day. 

If you’re trying to lose weight, it means cutting your alcohol, carbs, or sugar intake. 

If you’re in sales, it is prospecting. 

If you’re trying to get out of debt, it’s making and following a budget.  

In other words, it’s not enough to just work hard.  

You have to do the hard work. 

You have to do the things you don’t want to do. 

You have to do the things that other people aren’t willing to do. 

You have to do the things that you know are good for you, but they are hard. 

You don’t do them because the goal is to make life as hard as possible. 

Quite the contrary, you do them because they ultimately make life easier.

But that path is predicated on the unpopular truth that the shortest most guaranteed path to a more productive life is to do the hardest parts of things as soon as possible!

You don’t just work hard. You do the hard work. 

And if you that… 

If you work hard…

And you also do the hard work…

Then you will start to find that eventually things get easier and easier.