How To Create Your Own 10X Growth Fund
You have spend money to make money. This is a proven fact.
Moreover, you have to leverage money's most important companion: Speed. You have to invest a potion of your money rapidly into those activities and facilities which increase exposure, client acquisition, better services, and revenue.
"Everyday is a bank account, and time is our currency. No one is rich, no one is poor, we've got 24 hours each."
The Word "Budget" Kills Motivation & Execution
I would tell you to establish a sales & marketing budget, but I have found that the word "budget" evokes negative thoughts and limiting concepts.
"It's not in the budget" is so often thrown around as a reason to convince oneself and others that money is the prime barrier to their growth. In fact, 99% percent saying this false statement possess no written budget in hand. How can it "not be in the budget" when you have no budget? It's a lie they are telling themselves and to others.
The expression is a knee-jerk, reactionary statement. Unfortunately, it then becomes a self-fulling prophecy.
We keep telling ourselves that we don't have the money, and guess what - we don't have the money.
Change Your Words, Change Your Life
"The words that come out of our mouth go into our own ears as well as other people’s, and then they drop down into our soul where they give us either joy or sadness, peace or upset, depending on the types of words we have spoken."
I was speaking to a group of realtors about putting aside 10% of their earnings; investing that 10% back into positive actions (e.g., advertising, social media, video marketing, CRM, emails, events, etc.) which would generate future leads and new customers. But they all agreed that the word "budget" was negative, immediately evoking that self-restraining concept, "It's not in the budget."
But when I told them to transform the word budget into their "10X Growth Fund", their faces literally changed. They brightened up and began to see what could happen in a positive light. 10X being representative of investing 10% of their earnings back into their growth.
We conducted a simple mathematical exercise. They could make a $15,000 commission on a home sale, as my workshop was being conducted in Seattle, WA where home prices are much higher than the national average. I asked them, "What would happen to your sales funnel if that $1,500 was spent on Facebook ads which then generated an additional 100 buyer leads - just that first month?"
"Oh, I'd be busy and selling more homes." Now you sell two more homes from those 100 leads, and you now have $3,000 for the next month. Exponential growth could be conceived of when we evolved the word BUDGET into 10X GROWTH FUND.