I am speaking at Alan Weiss’s Million Dollar Consulting® College in Rhode Island this week and advising global consultants on how they can build their business wealth and help their clients do the same.
Figure 146.1 Wealth Builder Pyramid
Personal Energy
I love working with elite owners of mid-market and small businesses because their energy, enthusiasm, and passion are second to none. They are focused on creating results for their customers and clients. These owners have high energy because of their clarity of purpose and because their business is aligned with their personal values. Energy requires power and power requires health.
- How strong is your physical, mental, and emotional health?
- What topics or pursuits are you most passionate about in business and in life?
Brand
Your brand is best described as your customers’ and prospects’ perception of your value. The best way to strengthen your brand is to be proactive with your customers and give them valuable advice that will help them to be more successful. This can elevate you from a commodity supplier or low-priced vendor to a strategic partner. I tell all of my manufacturing and service clients to think and act like a consultant that is hired to improve their customers’ profits.
- How do you help your customers to increase their profits?
Business Model
Your business model is about how you deliver your value to your customers. In today’s age of globalization and technology, every business can be a global business that provides customized advice remotely. In my business, I use Skype or FaceTime to have personal sessions with entrepreneurs and consultants in Europe, Japan, Australia, and all over North America.
- How can you leverage technology to provide value to more customers in more places?
- What product or service options can you create that give your customers more ways of doing business with you?
- How does your business model support your personal and professional goals?
Investments
In the age of gyrating stock markets, miniscule interest rates, and currency fluctuations, cash isn’t king any more; it’s the ace!
One of the largest investments in your portfolio should be your business. Your business needs to generate cash and pay it to you through salary, dividends, transfers to holding companies, insurance, and other investments that your financial advisors recommend.
I love the concept of your company paying you (or your holding company) a regular dividend. This shows your company’s financial discipline and meets your expectations as a shareholder for returns and growth.
- How is your business funding and increasing the value of your investments?
- How are you maximizing the value of your business in terms of business strategy, growth, customer relationships, management team, EBITDA, and freedom?
Goals
Your goals should always be driving everything you do. You are not the sole energy source for your business. In fact, your business needs to be a source of energy, reward, and cash for you.
- What are your personal goals in terms of health, family, and lifestyle?
- What are your financial goals for investments, lifestyle, retirement, and charity?
- How much progress are you making towards your goals every week?
I set my goals annually, revise them quarterly, and keep them in front of me constantly. (They’re on a 2×2 Post-it on my monitor and in my calendar.) If a new opportunity pops up, it needs to fit into my goals, be exceptional, or it doesn’t get pursued. My goals address health, business growth, brand, and lifestyle, as per the model above. I use this framework to help global consultants and business owners to quickly chart their personal course for the next year.
Tough Questions
How are your personal goals driving your business?
How is your business supporting your lifestyle?
From the Vault
Focusing on your goals takes discipline and courage because you’re saying no to other things that may still be interesting or useful; but you can’t do everything. You’ve gotten far and built a successful business by focusing on your customers. Now, apply that discipline to your own goals.
Future Events
Attention: Business Advisors
Phil will be speaking on Consulting to Small and Medium Enterprises at Alan Weiss’s Consulting Convention in Atlanta on March 11 – 13, 2015. This is one of the most cost effective events where you can spend three days with Alan, a group of his elite consultants, and special guest speaker Martin Seligman. Here is the link to Alan’s site: http://www.alanweiss.com/growth-experiences/million-dollar-consulting-convention/
More about the SME AdvisorSM services.
Who is this service for?
The SME Advisor has two distinct programs: one for elite owners of privately-held businesses (and their boards), and one for advisors to SMEs including consultants, accountants, lawyers, bankers, financial planners, insurance advisors, family offices and wealth advisors.
Our Offer:
For more information or a free SME Advisor assessment to evaluate your business, please contact me by email at [email protected]
Our Services
For more information on how to maximize your abundance thinking and increase your wealth, explore our Wealth Builder® services or give me a call at 306-992-6177.
SME Business Wealth Builder Resources
For more free information to help you grow your business and your profits, please click here.
If you’d like advice on how to dramatically increase your profits, give us a call at 306-992-6177.
A Gift For You
In appreciation of your continued support, we have a free gift for you. We hope that you enjoy our audio book, “The Four Pillars of Profitable Growth,” which is normally a $30 value. Just input the code “1Shoppingcart” when you check out. You do not need to input any credit card details when you use the coupon code. Click here
Have a profitable week!
Phil Symchych, C.P.A., M.B.A., is the president of SYMCO & CO., the founding partner of Builders Group Chartered Accountants, author of Phil’s Profit Points™ and co-author of the upcoming book, Business Wealth Builders, along with Alan Weiss.
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