Going For The Gold

My wife and I have been watching the Olympics and the thing that strikes me is the dedication athletes from around the world give to “Going for the Gold”.  As a businessperson, you also need to be dedicated to “Going for the Gold”, your gold medal is the long-term wealth you will have created at the end of the race.

goldI think at the core there are two characteristics that define the difference between the Olympian and the wanna-be-olympian; 1) willingness to seek, to listen to, and to use critical feedback and 2) persistence in practicing the skill sets based on the critical feedback until they have it mastered.

The Merriam-Webster dictionary definitions of critical is “inclined to criticize severely and unfavorably” and another is “exercising or involving careful judgment or judicious evaluation <critical thinking>  So for me, critical feedback is data you receive that provides you with the opportunity to make careful judgment and a judicious evaluation of your performance of a skill or skill set, which you can choose to use to determine if you need to modify your performance in order to achieve your goal. To consistently improve the Olympian accepts the need to get unfavorable criticism and to be able to move past the “bad feelings” they get when they hear it and make the necessary changes to fix what needs to be fixed.  The wanna-be-olympian basically does not want to hear critical feedback, because they choose not to move past those “bad feelings”.  In effect they delude themselves into thinking they are performing the skill or skill set at the competitive level and do not need to make any changes.

Michael Phelps, Gabby Douglas, and all of the rest of the Olympians have spent thousands of hours watching replays of their performances to see how they needed to change to be better, watching their competitors’ performances and thousands of more hours listening to their coaches tell them what they are doing wrong and how to change to do it better, and then spending hour upon hour of practicing that skill set incorporating those changes identified in the critical feedback in order to achieve perfection.  This is what it takes to “Go For the Gold”.

Just like athletes, business people are usually dedicated, focused, and determined to achieve their goals, the question is a particular athlete an Olympian or a wanna-be-olympian?  The same question holds for you as a businessperson, are you an Olympian or a wanna-be-olympian?  If you are going for the gold, creation of long-term wealth, like the Olympian you need to have a strong;  1) willingness to seek, to listen to, and to use critical feedback and 2) persistence in practicing the skill sets based on the critical feedback until they have it mastered.

For those of you who truly seek to “Go For the Gold”, and I hope you all do, the first thing you have to do is to stop deluding yourself that you are doing your best at the skills of being a businessperson, none of us are. But here is what you can start doing to strive to really perfect your businessperson skill set:

Step 1: Identify what you perceive is your strongest businessperson skill, Step 2: Video tape yourself performing that skill, Step 3: Watch the video 3 times, the first time just watch it, the second time identify what you could have done better, and the third time, when the video comes to one of those micro-skills that you need to “fix” stop the video and figure out why you chose to do what you did rather what you have been a better way to perform that micro-skill.

Then practice-feedback, practice-feedback, practice-feedback until you have the skill set down cold.

PDR Mobile…It Keeps You Pushn’

Pro Plan Update

In the spirit of our commitment to be a super value added partner, we are committed to FREE updates for all plan level feature releases. That is a promise. Not to mention, we will never the raise the price of any of our subscription plans. With that said, below is a list of our most recent Pro Level app update:

  • Full-vehicle price estimating: Super-fast way to write single price estimate
  • Additional vehicle colors: Added additional colors to the drop down menu
  • Official iPad/Tablet support: Download the app on your ipad or tablet with no additional cost
  • Support for company logo on PDFs: Customize your documents with a company logo
  • “Antenna” added to roof parts: Additional R&I and REPL part types added
  • Vehicle stock# added on PDFs: Stock number displays on your documents
  • Insurance info added to estimate: Easy to process insurance claims
  • Option to include/exclude photos on PDFs

Please note:
Some of these changes may require you to logout and log back into the app to take effect.

PDR Mobile – It Keeps You Pushin’

Growing Your PDR Business is a Choice Part II

In Part 1 of Growing Your PDR Business I used the metaphor of growing plants and what happens if you do not nourish them.  To continue with that metaphor; let’s say you plant one kernel of seed corn, you feed and water that one stalk of corn, what do you get?  Well, there is a good chance you will get a return on your investment from 1 kernel of corn that yields 972 kernels.

Out of those 972 kernels, you have to sell 955 kernels to pay for your costs of doing business (break-even), leaving you with 17 kernels of corn.  As your business goal is to create long-term wealth, you understand that the costs of doing business are going to go up each year and that your machinery will have to be upgraded. As a wise businessperson you create a retained earnings account to be used only for reinvestment back into the business.  As a corn grower who wants to grow the business you may put 15 kernels into your retained earnings account, 9 to be used to plant and grow 9 additional stalks next season and 6 to cover the increased expenses of adding those 9 stalks and to make a down-payment on a purchase of a more effective and efficient corn planter. The final 2 kernels go to your dividends account.

To state the obvious, the key is to increase revenues while maintaining the most appropriate level of efficiency and I would be surprised if any of you has not worried about how to increase revenues.  From a businessperson’s perspective there are only 2 ways to increase revenues; 1) increase market share and/or 2) diversification. Both take significant resources and serious planning to accomplish.

There are three major issues that a businessperson must grapple with in order to effect the growth of his/her business; sacrifice, risk, and planning.  None of which most of us are very good at.  Sacrifice means not giving in to those short-term satisfiers, such as the new Corvette, the 5000sq.ft. house in the burbs, or the 63” flat screen TV.  Those funds need to go into your retained earnings account in order to grow the business to achieve your long-term wealth creation goals.  To grow your business you have to take risks and by design most humans are risk averse, especially in the area of taking financial risk. But sacrifice and willingness to take risks in and of themselves will not generate business growth, you have to have planning, note I did not say you had to have “a plan”, but you had better have charted a course based on the best evidence, the best thinking, and business intuition that you can muster (in my next blog I will discuss the concept of planning).

In “Growing Your PDR Business Is a Choice Part I” I said you have three choices, if you forgo the first two and choose to grow the business, you need to ask yourself: 1) How much am I willing to give up the short-term return for the long-term? 2) How much risk am I willing to take? and 3) Am I willing to take the time and put in the effort required to adequately plan for the growth of my business in order to achieve my long-term wealth creation goals?

PDR Mobile….It Keep You Pushin’