The Greatest Return on the Smallest Investment

One of the most important business concepts that you can understand and act upon is "leverage".?

Leverage is all about using the smallest amount of effort or resources to achieve the greatest result.

The Pareto Principle says that 80% of our results come from 20% of our efforts.

Unfortunately, most business owners don't even know what the highest impact 20% of their effort is, so they become "reactive" business owners.

They spend their time focusing on putting out fires, and rarely invest intentional time in identifying their high leverage activities.

I'll give you an example.

I recently talked to a gentleman who was operating a new mobile audiology practice that was really struggling to gain traction.

He had only seen a couple of patients after being open for 3 months.?

He had invested about $5000 each month into direct mail and Google ads with minimal results.

So we talked, and I helped him identify some high leverage activities that he could take to immediately get new patient evaluations scheduled with little to no marketing spend.

(Hint...cold direct mail ain't the answer to success in this model).

As we talked more, it was clear that there were a number of fundamental problems in his current business model that were going to lead to even more pain as he started to see patients.

I could help him get those issues sorted now, before they became costly headaches.

We're talking HIGH leverage actions that would save:

• Wasted Time
• Wasted Money
• Excessive Stress

The program that I recommended for him would be an investment that he could make once, and that?would allow him to build a simple, profitable, scalable business for years to come...

...for about the price of ONE of those failed paid marketing campaigns.

So, let's think about the numbers here.

Let's assume one of those $5000 campaigns knocked it out of the park.

Let's say he got 30 calls.

Booked 20 for consultations.

15 had an aidable loss.

10 moved forward with hearing aids at an average revenue of $4500.

That's $45k.

Take out your cost of goods...$31,500.

Take out your marketing cost...$26,500.

Not bad!

But what if he invested that same money into a proven training system to teach him exactly how to successfully build and grow this specific business model from someone who has done it and learned the lessons already?

Now he's booking 20 candidates for hearing evaluations a month.

Converting half.

That's (still) $31,500 after cost of goods...but no marketing spend...

And it's happening every month.

That's $378,000 in net profit a year...assuming he chooses not to grow the business.

After 5 years, that's $1,890,000.

All off of that same initial investment.

Which would you prefer?

One (unlikely) knock-it-out-of-the-park marketing campaign success and $26k in net income?

Or a lifetime of successful business growth that's worth well over 7 figures financially and that's priceless psychologically?

Well...I can tell you what he did.

He decided that he wanted to keep working on it on his own, as he was "pretty sure" he knew what he needed to do next.?

I truly wish him the best...but I know that he is doing the 80% of the work that will produce 20% of his efforts?(if he's lucky).

Many of us think that we're smarter than that...

...but the reality is that,?without being intentional, we are all short-sighted and scarcity minded creatures.

So...be intentional.

Pay attention to what work moves your business forward, and what is simply busy work.

Block off time in your calendar for high-leverage activities.

They often don't create short-term gains, but they create long-term, compounding, sustainable and healthy growth.

Committing time to high leverage work (I call it Genius Time) is one of the most valuable things you can do in your business.

Dedicating some effort to assessing how you spend money in your business can have the same kind of exponential, long-term benefit.

Invest aggressively in the most important 20% and ruthlessly cut the rest.

______________________________________________________

I'm a Doctor of Audiology and a former private practice owner who profitably sold my practice in 2021. Now I love helping business owners turn their existing business into a dream business.

I also happen to specialize in helping audiologists launch mobile practices...so?if you're ready to make a high-leverage investment in starting, growing, or fixing your mobile audiology practice...send me a message and let's chat!