A Successful Businessman By Insurance Lawyer
A Successful Businessman By Insurance Lawyer In 2023. Talk about something I have learned in business and I learned this for the first time from the Bernie Mac show. Have you ever seen that show? Who are you with America? I loved it I’ve watched every season of that not joking between 4 to 5 times.
When I was a kid my brothers and I would watch it all the time after I got married I watched it all the time my wife Tara has probably seen it every season at least twice because of me but it’s hilarious I loved his sense of humor it was great.
But there’s an episode I think it’s in season 3 might have been season 4 where Bernie needs to build a room in his house he needs to build out another room for a baby girl so he has his 3 kids, not his kids 2 nieces and 1 nephew Jordan there and baby girl needs her own room.
Cheap and fast
So a contractor comes over to the house and he meets with Bernie and his wife Wanda and the contractor is going overpricing what the room would look like and he whips this triangle out. But let me show you something you know when it comes to construction there are 3 things that people want they want it good, fast, and cheap.
The problem is you can only have 2 so if you want it good and fast it ain’t gonna be cheap. If you want it cheap and good it won’t be fast. Cheap and fast, guess what? It won’t be any good. See where I’m going with that?
Wanda goes we’ll take good and fast the contractor says alright that’ll be $50,000 Bernie’s eyes get really big $50,000 but they moved forward with the room and it was good and it was also fast. My point here is the first time I saw that I just thought it was hilarious.
I liked how the construction guy is going through good and fast not going to be that cheap and just going through the 2 options that you can have you can only have 2 of the 3 items so which 2 do you want? But as I thought about it.
Grow in business
I actually have grown in business and have really seen others grow in business there’s a lot of truth to this especially around picking the 2 options of the 3 what do most people select? If you were to pick 2 options which 2 would it be?
And this is just a personal question you to yourself. I would say most people would want cheap and fast some would want cheap and good a small percentage of people would actually select good and fast especially if you have to pay a premium for it.
Now convenience Amazon sells on convenience you could argue that they are good and fast they’re not always the cheapest but they’re good and fast so that convenience definitely sells if you are in business or if you are in sales taking that good and fast approach will go a long way for you and it doesn’t necessarily mean that you always have to charge an arm and a leg.
A long-term gain
For example, we sell high cash value life insurance at our company we can’t price it in a manner I could price it by increasing the base premium to generate a higher commission for my company and that could be referred to as the cheap model.
It would not be good for the consumer interested in maximum cash value but doing it good and fast that’s our mentality and you can call it we’re cheap to ourselves because we’re taking a lesser commission upfront but it’s a long-term gain.
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My point is to take the good and fast mentality for your consumers for those that you work with and you will do extremely well in business and sales. So with business do not be cheap invest in your company or if you are on your own invest in yourself and the tools and resources that can help you continue to move forward and not just fizzle out.
Going to seminars and events
So as an example of investing in yourself, I was listening to an individual I had read his book and then I started following him more he’s in his 70s now I think he has a company that’ll do about a billion dollars in revenue this year maybe it’s last year but a billion dollars in revenue you think he knows what he’s doing?
Yeah he does okay so he does about a billion dollars but he invests in himself and one of the things that he does and a lot of people don’t see the value in this is going to seminars and events. Now the last time that I went to a seminar is before COVID I’ve gone to virtual events.
Since COVID has hit but I would go to events and seminars and I will let you know that I cannot recall the theme the title of the different speakers of those events or seminars so did I waste the money even though some of them were very expensive? Not one bit.
Remember are the ideas and things
Going to those seminars while I don’t remember every detail I’ve got my notes that have a lot of information but what I do remember are the ideas and things other business owners were doing that I could then take and apply in my business.
And why I mentioned that individual that’s doing a billion dollars in revenue this year he mentioned that I was listening to a podcast he was on and he would talk about you know I would go to 2 to 3 seminars per year and really the reason I would go is to get ideas like when I went to a seminar there was never a time.
I didn’t leave without 2 to 3 new ideas that I could then use in my business. So a great example of investing in yourself is a seminar or maybe it’s a small event where you’re working with someone that is where you want to be if you want to get to that level and really call it buy time.
So you don’t have to learn by tripping and falling and making mistakes you can learn from someone who’s already made those mistakes by investing in yourself by networking or hiring someone whatever it might be this is an investment.
Spend money on additional equipment
It’s you can call it personal development or business development how can you learn or take ideas from others that have already done what you’ve done and they’ve made the mistakes you’re going to make unless?
You are told by them hey don’t do that because it’s just going to hurt it’s just going to cause pain avoid that altogether. Investing in employees is huge and this could mean directly increasing their pay or providing them with equipment technology.
For example, for our employees here including our salespeople I make it a point to really invest in them so we provide computers we provide cell phones office phones office space everything because I don’t want them to be burdened with having to spend money on additional equipment.
A lot of companies do that and there’s nothing wrong if you do that but my mindset is hey let’s set the commission rates and the payout rates at a certain level and then just provide everything that this person needs in order to move at the fastest pace possible.
Employees’ health and wealth
Then they’re as productive as possible they also have less stress which goes such a long way so you can call it investing in your employees’ health and wealth if you want to use that rhyme when I say wealth increasing their pay and such when it’s appropriate.
I want to add something here actually, especially when it comes to being good and fast do not be cheap when it comes to employees. In my industry, the financial services space is what I see so much and I was mentored and coached to do exactly.
What I’m about to tell you is hey when you are growing your practice your book of business Steve what you want to do is hire an assistant make them really good as time passes but pay them a small salary and then really you bonus them as your book of business.
Your practice grows so then they could be making you know $60,000 to $100 000 per year even more than that they’re going to be your executive assistant and that’s the mentality in my industry for the most part that I see.
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