In this week's episode Garrett is back from vacation and ready to share new insights on the topic of Profit from his experiences in Maui as well as the experiences from his past to shape the way in which he approaches making money now. It requires looking at profit from a different angle of making money and understanding its impact in our lives through the concept that dollars follow value instead of the other way around.
The following topics will be discussed every month:
Week 1: Power
Week 2: Production
Week 3: Profit
Week 4: Protection
In This Week's Episode....PROFIT
Golden Nugget #1: The Business of Profit
- The ultimate purpose of all business is to make a profit. In order to pull anything off inside of business, you have to actually give a shit about being profitable, and you must also be comfortable with the idea of being extremely profitable.
- The only game that exists is this rising, shifting experience of taking what was once a luxury and creating it as a necessity - expanding your standard for profitability inside of your business.
QUESTION: What was once a luxury for you that has now become a necessity?
Golden Nugget #2: Growth and Expansion
- Why do I keep pushing? The purpose of my life is to expand. The purpose of my life is to grow. It will never be enough. It’s not about the money, it’s about the growth.
- If you do not have large stockpiles of cash inside of the vault, and if you do not have recurring revenue coming in consistently every single day and every single month into your business - continually expanding the riverbeds - then what you are is a slothful businessman.
QUESTION: What's inside your vault?
Golden Nugget #3: The Discomfort of Profit
- There was a time when Garrett found all sorts of ways to give away and waste his money, finding ways to guarantee that he wouldn’t take home much money even though the business was doing well. He was uncomfortable with the idea of sitting on top of high level profitability in his business.
- The discomfort of profit becomes the constriction and suffocation of profitability. You will not continue to push if you are uncomfortable with the results of pushing - which is getting paid.
QUESTION: How has being uncomfortable with profit stifled growth in your business?
Golden Nugget #4: The Greatest Enemy to Profitability
- The fact and reality is this: when you don't come from much, it pushes you to produce and fucking hustle. Once you begin to build, you arrive at this second problem: abundance - where your 'fight or flight' mechanism is shut off.
- The greatest enemy of profitability is being ok with the status quo. Your company begins to implode itself out of boredom or you begin to destroy your business and life out of boredom. You begin operating from a weird, twisted sense of protection that no longer forces innovation and expansion.
QUESTION: What are the roots of your experience with money?
Golden Nugget #5: Profitability Linked to Value Created
- Dollars follow value, and your value is the ability for you to solve problems for people. If you want to deliver more value, you have to solve more problems more efficiently for more people. The end. It is not rocket science.
- People need simplicity. Speak to them in real talk terms around problems and painful consequences and pleasurable possibilities. Present many case studies that demonstrate how to go from pain to possibility. Results are inarguable.
QUESTION: If you were to expand the profitability inside your business, what would you actually have to do? What is the one big thing that must change inside of your business to maximize your profits?
If the King doesn't rise, the Kingdom dies!
Quote of the Week:
"Are you comfortable with being profitable, with being ok and unapologetic with the amount of money you spend, the lifestyle you live, the businesses that you build, the direction that you’re going, no matter if it means that the circle of influence that you’re currently with does not understand you, does not support you, and will not get you to the place you want to go - and know that you've got to let them go?"