Tony Robbins and Chet Holmes
Business Mastery Notes
“In times of change, the learners will inherit abundance”
Decrease the chances of failing
- Know your basic strategy
- Have great tactics
- Money Management
- Business Awareness – where are u?
- Team Play – collaborate
Always minimize risk by having a great strategy
Tony Robbins – Business Mastery
– Mastering business starts with mastering yourself
– The business is a reflection of owners and leaders
– We all must be kids again. Get passionate about learning new things
– Business is a game of influence
The 3 decisions that we make every moment
- What should I focus on?
- Focus is a choice
- As soon as you focus on something then you will start to feel it. Start to feel it and you will you will get in action
- What does this mean?
- Is this the end or the beginning?
- What should I do?
- What action should I take?
2 Forces that influence our decisions
- State of mind – this changes from moment to moment
- Our Blueprint – our long term patterns or strategies
“It is our mission as a leader to find value out of every problem”
The purpose of enterprise is to add value to the loves of your customers.
Leaders are supposed to:
– Solve problems
– Maximize resources
How do you create a business breakthrough?
Answer: Solve Problems
The Cycle of Problems
Problem – ignore or blame
Solution – think
Change – execute
Problem Solution Change
The cycle of problems will last forever; embrace it.
If we solve problems fast then there will be more problems…faster. In business, this is the circle of life.
You must learn the value of problems or you will have a miserable life. Problems are a sign of life. If you want to be happy, you must find problems and solve them.
By pushing against resistance, it sculps our mind, body and soul.
“the challenges that we are facing are Historic but not insurmountable”
3 Mandates of Leadership
- See it better than it is
- See it better than it is
- Make it the way you see it
Decisions that will impact my business
– Decide to focus on building an effective team that will increase my personal production.
– I need to choose the most qualified people to be on the team and discuss with them what my expectations are of them. I then need to coach each of them to be superior in the task that I give them. I create my Best Business List and focus on that while they focus on others. I must create a pay structure that will reward them for production.
– The immediate impact would attract a strong cashflow which I can use to take advantage of the opportunities available in our market. In addition, it would expand my market share along with being an example to other agents in our office as to how to create a team and produce at a high level. These are things that I know how to do.
Make the decision to break down each company that I own and list all of the different impact points throughout the process.
The action I need to take is to list the impact points and evaluate the process and conversation that we have at each point. Look for ways to improve the message at every impact point. A slight increase in every impact point will make a major difference in the effectiveness of our company.
The impact this will have on my company will be extraordinary. Every system will run more effiecient will ultimately lead us to increased profit.
“Repetition is the mother of Skill”
3 Levels of Mastery
Level 1 – Cognitive Mastery
– You have intellectual understanding.
– Knowing is not enough.
Level 2 – Emotional Mastery
– You begin to link emotional consequences
Level 3 – Physical Mastery
– You embody it and own it in your physiology. It is your identity.
3 Ways to Motivate Others
- Having them be part of something where they can grow and Become more. Progress equals happiness.
Business Mastery is also about Modeling the Best
“If you know the road ahead then you have the power of anticipation which gives you Power”
The Parthenon of Power
7 Pillars to Business Mastery
- Take stock and define your ultimate business map.
- What business am I really in?
- Why am I in this business?
- Who am I?
- Where are you now in the business?
- Where do you want to go?
- Master Innovation and Marketing
- The core of your business
- Create the Ultimate Competitive Advantage
- How to go from $0 to $100 million…or billion
- Develop and Implement an Effective Results Management
- RPM and Value chain
- Maximize the Power of your People:
- Strategies for Training and Rewards
- Master the 7 Disciplines of Business Success
- Create a culture of added value
- The Seven ‘Musts’ of Marketing
- Selling Systems for Ultimate Mastery
- Recruiting, managing, and motivating your team
- Monitor, Manage, and constantly Improve Your Core Systems
- Cost control – legal ; Tech Systems
- Fulfillment systems
- Financial – Account Systems
Everyone of us have the resources to achieve any result
Effective leaders know that resources are never the problem; it’s always the question of resourcefulness.
– Creativity, commitment, certainty, determination, flexibility, compassion, connection, vision.
“There are no limitations but the one’s you create for yourself”
The 3 Choices of Service – what is your true gift
- Artist , talent, skilled producer Tiger Woods
- Manager or leader Jack Welch
- Entrepreneur or leader –unbelievable vision Steve Wynn
Contribution is what gives our life meaning
Loving is what gives our life fulfillment
Most people have one dominate gift and then another that they may be fairly strong. By the way, you can become successful with any of the three gifts above.
Take the Love Test
- Time disappears – it flies
- You need nothing
- You disappear
What is the difference between work and play?
– Meaning and alignment with nature
Seasons of Nature
- Creation of something new
- High growth
- Hot time
- Coming of age
- Harvest, reap the benefits
- Autumn of life
- Slow down
- Together to survive
- Creation of space for new beginning
What season are you in at this time?
Real Estate Industry – Winter
Personally – Spring
Company – Winter
“For maximum results, you must learn how to balance flexibility and control”
10 Stages of Business Lifecycle
- Race for survival
- Hire someone
- Cash flow problems
- Business begins to grow
- Build team
- Everything accelerates
- More means better
- Believe your invincible
- Focus on growth vs profit
- Young Adult
- Focus on profit
- Focus on systems
- Settle down-get serious
- Redefine what equals success long term
- Teams knows their role
- Revenue and profits are both growing
- Mid – life evaluation
- Things breakdown
- Innovate or die
- Kept alive by systems
Each stage has its own characteristics
– Management style
– Reward systems
Becoming a Marketing Master
The biggest marketing challenge – The Clutter Factor
– People see about 30,000 commercials everyday.
Strategy versus Tactics
Tactical Approach – work harder
Strategic Approach – work smarter
3 Types of Executives
- Strategic Executive
- Big thinkers
- Not interested in details
- Strategic solution
- Tactical Executive (99%)
- Solution is to keep calling until you get more.
- Strategic and Tactical Executive
- Comes up with great ideas and implements them with passion.
- Requires procedures, policies, and training tools.
Tactics – ads, website, sales calls
– It is critical to always know what your desired outcome is with every sales interaction.
Educational Based Marketing
“People will come to you way faster and stay longer to learn something (of value) then they will ever come to you to be sold too.”
This is the way to attract clients fast.
Your Stadium Pitch is your Core Story
– What would you say if you could stand up and talk to 5000 possible clients for 3 minutes? That is your stadium pitch.
In sales, market data is way more motivational then product data.
Market data can build a serious case for almost any product BEFORE you even try to sell it.
“The ultimate accomplishment of the core story is to be able to charge for it”
“What I appreciate will appreciate. What I don’t appreciate will depreciate”
3 Things You can do to Increase your Business
- Get more clients
- Charge More per transaction
- Get clients to buy more often
3 Keys To Strategy Innovation
- Be just ahead of the trend but not the pioneer. Pioneers are arrows
- Ensure that there are infinite upsides
- Employ the 5 steps to innovate a company…
5 steps to innovate a company
- New voices – hire new people with new voices
- New Questions – new conversations
- “how can I become the intelligence that runs computers”
- New Perspective
- New passions
- New Experiments
- Keep doing what you are doing yet keep creating new opportunities.
Steven M.R. Covey
Book – “The Speed of Trust”
– Trust is a soft, nice-to-have ‘social virtue’
– Trust is slow
– Trusting people s risky
– You can’t teach trust
– Trust is a hard edged economic driver
– Nothing is faster as the speed of trust
– Not-trusting people is often more risky
– Trust can be learned
Warren Buffet has done deals within 30 days that were worth millions because of trust.
Trust is a way of doing business that create so much value
You don’t have to have ‘blind faith’ but don’t bring past experience to your new relationships.
“Trust is the Currency of the New Economy”
– The ability to establish, grow, extend and restore trust with all stakeholders, customers, business partners, investors, and coworkers – is the critical leadership competency of the new global economy.
– High trust is like a performance inhancer. It makes everything you do…better
– Disengaged people do not trust
– When you have high trust from your customers, they will buy more, pay more and sed more referrals.
You must be trusted as a Leader
You must ne trusted as a Company
“we are currently operating in a low trust world”
A Crisis of Trust
– Only 34% of Americans believe other people can be trusted
– Trust in many institutions is at historic lows
– Only 49% of employees trust their leaders
– Only 36% of employees believe top management work with integrity.
Trust – confidence, you know it when you feel it
Distrust – suspicion
The Trust Tax
When trust goes down, the speed of the project slows down and the cost of the project increase.
The Trust Dividend
When trust goes up, the speed of the project increases and the cost of the project decrease.
Question – how do you create a trust dividend instead of a trust tax.
2 Dimensions of Trust
- You must have both
5 Waves of Trust
– Do you trust yourself
– Are you a person that can be trusted
– Credibility – the ability to be trusted
Relationship Trust Organizational Trust Market Trust Societal Trust
4 Cores of Credibility
- Integrity – honesty, competence, congruent. Walk the Talk
- Intent – your motive. When you are seeking mutual benefit. You really care about others.
- Capabilities – are you improving. Have you shifted with the new market
- Results – your past and current performance.
Character = Integrity and Intent Self Trust = credibility
Competence = capabilities and results Relationship Trust = Behavior
“Trust is the best NO-COST Leverage”
There are always three types of people
- People who Make things Happen
- People who Watch things Happen
- People who keep having things happen to them.
Who are you?
You must look at yourself and ask what is my highest and best use?
If you do not innovate, your competition will.
Strategy is planning and organization of others to execute
Strategy is creating the leverage points in your business and tactical is the actual implementation of those points to create profit.
Fall in love with your marketplace and take care of their needs. See things from the client’s perspective.
The Strategy of Preeminence
– Consider yourself a leader
– Take a position – have a point of view
– Have a higher purpose
– Fall in love with your clients
– You have to feel what they feel so you can understand
– There is a big difference between giving information and giving advice
– “you’re not being told the whole truth. Here’s the truth as I see it.”
– Hopefullness – “My hope for you is…”
– Ask yourself, “If I were on the receiving end, why would I want this?”
– What do I have to give? What value do I have to give?
– Give people examples of how things work.
– “You matter”
“Don’t wait to start contributing to your clients until you get paid”
– You must learn the ability to put into works what people want and build on them.
– Your job is to be a problem solver
– When working with buyers, sell the experience of the purchase instead of the property
– There are so many impact points that we have on a client and when we improve at those points we can create a quantum leap in profits.
– You want your interactions to transform your clients.
The Maven Matrix
You want to be the Strategic Mentor for your Market
- Gain your markets trust
- Articulate your markets hopes and visions
- Establish Your Maven Persona
- Create a maven personality
- What do you want to be known for?
- Vision of the Marketplace
- The Creation Myth
- Predictable Behaviors
- Polarizing Point of View
- Special Phraseology
- Communications Channel
- Velvet Rope
- Customer Evangelists
- Mentors and Advisors
“Maven, Strategists, Marketers, Optimizers, are not born…they are Made!”
To grow your business
– increase your customer retention rate
– increase your conversion rate
The biggest lesson learned about growing companies is that it takes ‘Pigheaded Discipline’
Create a Core Story
Example – The 5 most Dangerous Trends Facing Realtor’s
Offer the ‘free report’ to your target market – email and mail
People call for the ‘free report’ and salesperson now need to sell them
Dream 100 Concept
– you have to create a 6 month campaign to get your dream client
– Best neighborhood strategy
- Do something special for your ‘best buyers’
You must commit to market to your Dream 100 for 6 months.
Tony Hsieh – Zappos
“The telephone is one of the best branding devices available”
– Every conversation must represent the image we want our clients to experience
– Customer service is the responsibility of the entire staff
Zappos Core Values
- Deliver WOW through service
- Embrace and Drive change
- Create fun and a little weirdness
- Be Adventurous, creative, open-minded
- Pursue growth and learning
- Build open and honest relationships with communications
- Build a positive team and family spirit
- Do more with less
- Be passionate
“It does not matter what your core values are as long as everyone is in alignment”
Decide if you’re trying to build a long term sustainable brand.
– Sometimes you have to give up short term profits to gain long term wealth