How Much Money

4 Step Process to MIYB

Posted by Andrew Baird on November 30, 2010
Business, Travel / No Comments

Wow what a busy month it has been – I’ll tell you about it quickly so I can cover MIYB and how it can help you.

I started the month with the release of the last videos in our Business Profits series and spending three days at a Wealth Mastermind at Couran Cove Island Resort.

This island resort is amazing and I’m looking forward to going back there with the family, it’s located on South Stradbroke Island and the only way in is by boat.  Once you’re on the island you have free bike hire to get around; from the surf beach to just to cruising through the bush.

While there I got to spend time with a ton of business owners working on their businesses to make more while working less, some of these guys have been in the mastermind group for 4 years and have got great results.  From selling their businesses and taking time off to increasing their profits by a factor of 8 times.  Exciting stuff!

I got back to my business fired up with ideas for what we’re going to do next year – and happy with the big things we’ve done this year.  And it got me thinking how I could help you sooner in your business, so if you’re interested in cashing in your business, or increasing your profit next year – then this is the blog post for you.

I’m about to give you a simple 4 step process to Mastermind In Your Business (MIYB) – and I want you to actually walk through this now.  Just quickly jot down two or three ideas for each section, this gets your brain thinking and gets you in action to moving your business to where you want it to be.

A Four Step Process to Mastermind In Your Business

Step 1: What do you Want?

Work out precisely where you want to go in your business, how many hours do you work?  How much money do you make?  Who do you help in your business, who do you want to work with?  What is different from how your business is now?  It’s okay if you don’t know HOW you’re going to do it, first work out WHAT you want.

The more precise you can be here the better – and make sure it’s achievable for you.  You don’t want to set yourself up to fail – but don’t think too small either, you want your outcome to excite you.  Maybe you want to make an additional 50% profit and work 10 hours less a week by July 2011.  Work out what it is YOU want.

Step 2: Create Space for It

In order to get what you want you need two types of Space:

- Strategy

- Action

Strategy Space is where you work out HOW you’re going to achieve what you want.  This is looking at the big picture and the details and working out what needs to change to get there.  Do you sell different products?  Do you have different systems in place?  What is it that you will change to achieve the desired result.

And you need to work out specifics of what Action you will take to make these changes.  Now if this gets you thinking  ”I don’t know how to change it, or even what to change?” then don’t worry we’ll cover that in Step 3.  Write down exactly, step by step, what needs to be done to move your business to where you want it to be.

Action Space is time you set aside to put your strategy into action, to make the changes to shift your business to where you want it to be.  You should have a list prepared from your strategy time of exactly what needs to be done and you simply focus and complete the list.  If you hit any roadblocks in putting the strategy into action you’ll see how we handle those in Step 3 and 4.

The fact that you need space to change your business may seem obvious but it’s easy to get caught up in the busyness of our business so you need to specifically set it aside and schedule it in.  I know it’s one of the things I struggled with in my business, and I can also tell you doing it makes a massive difference to your business.

Step 3: Ask for Help

In the mastermind process you will come up against problems that you’re not sure how to solve, this is where you need to ask for help.  And no this is not a subtly designed sales pitch to get you to call me – I’m simply telling you it’s okay to ask others for help AND you should do this.

In the mastermind that I attended in Couran Cove they get together multiple times during the year, either in person or on the phone to help each other.  To listen to each other’s problems and offer potential solutions, or to critique their sales copy or marketing campaigns.

In my business I have the following people that I ask for help or advice:

- Expert Accountants (I have a number that I use, not just one)

- Accountant

- Mentor

- Business Coach

- Mastermind Group (3 high achievers in business I asked to Mastermind with me)

- My Network

I’m not calling these guys every 5 minutes because I can’t make a decision or I need a crutch to lean on – I call these guys when I’m stuck and I need help.  In Australia/New Zealand we have a great “I can do it” mentality, and this works for and against us.  It’s great that we believe we can do things (it helps us do them ;) ) – but we shouldn’t let it stop us from asking for help.

Step 4: Measure and Refine

At regular points during putting this into practice in your Action Space you’ll need to review what you want, where you are, what has changed and are you on track?  Is it working?

It’s okay if it’s not, taking action (as long as it’s not a fatal action for your business) is better than trying to come up with the perfect plan for your business.  You want some strategy and some action.

There’s a great story in Red Dwarf about one of the characters studying for an exam.  He spends all this time drawing up the perfect study plan, but once he’s finished drawing up the plan, he’s used up a lot of time in the plan (drawing up the plan) so he has to draw a new one.  This continues until he only has a few hours left to study for the exam and he continually fails! The point is – have a balance between strategy and action.

You measure and refine where you’re at, but don’t change directions all the time. Often in business you need time to build mass and momentum – but try and be certain you’re not flogging a dead horse and headed in completely the wrong direction.

If you’ve built a mastermind group around you (as I have) then you could get together with them to discuss how you’re tracking.  Often an external viewpoint will be much clearer than your own – put together the best group you can, and getting advice is not about removing responsibility, it’s about opening your mind to new, different possibilities.  About getting the best action to take – not the best one you know.  About solving problems in the best way possible.

And that’s the four step process.

I hope you’ve made some quick notes on what you’d like to change in your business and some ideas on how you could do it, and people you can ask for help.  If you’ve scheduled time for strategy and action (or you already have this in your business) then congratulations you’re well on your way to shifting what is possible for you and your business.

I really hope you follow through with this process and use it to improve your business – let me know if you do as I love to hear about people winning in business.  Finally keep an eye out on the blog because we’ll have another free training for you in December.  And this is going to be something special, something out of the box – so keep your eyes peeled!

Andrew.

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