Last week, we found out that we were sitting on a gold mine here at Elevate, and that if we mined 2000 pounds of dirt, we would get a few grams of gold, but if we worked hard and smart, hour after hour, we could make millions.
Caveat: the most important thing to understand is that you can’t stare at the dirt and hope gold ends up in your pocket.
So what’s the first step for running our profitable gold mine?
We should think about a proper return on investment and setting our goals appropriately.
First, with regard to return on investment, our Financial Adviser, Andrew Kahner, will tell you that you should never invest to breakeven and that you should always aim to make a multiple of your investment.
So let’s calculate our investment.
The membership fees here cost about $1,900 per year.
Next, we have to factor how much time we will have to invest.
In my case, as a hyperactive Elevator, I invest about 6 hour per week by:
- Preparing for this meeting
- Attending this meeting
- Attending the Membership Committee meeting
- Having a couple of 121s
- Leading our monthly PHD meeting
- Going to power team meetings.
And let’s say I value my time at $100 per hour, so 6 hours per week times 50 weeks totals about $30,000 in my time and fees.
If I want to breakeven, then $30,000 is my goal.
But I don’t want to breakeven. I want to make a multiple on my investment.
In my first year, I said that I wanted to make three times that number in sales, and I hit my goal with about $100,000 in sales.
Now nine years later, I’m on track to gross a million dollars in sales this year that I credit to Elevate.
So here’s your first action item: Figure out what your annual investment is time and money here at Elevate, and then set a realistic sales goal for your next year that gets you a multiple on your investment.
Now that you have your goal, you have to figure out which of Elevate’s power tools you can use to achieve that goal.
Here are the categories where you can be more effective:
- Our Weekly Meeting
- Networking with your fellow members
- Networking with our guests
- Social Media & Reviews
- Power team meetings
- Networking at MSP Meetings
- Networking at PhD Meetings
In the coming weeks, I’ll break down the tactics we can use in each of these areas.
Then it’s your job to put these tactics into practice, day after day, hour after hour so you can process that 2000 pounds of proverbial dirt.
And I guarantee that you’ll definitely get more referrals; get more gold and …and make more money.