Where to look first for the extra profits hiding in your business

Good morning. I'm just driving to go to a movie, but good morning. And here's the thing. Every Friday at 1pm I've been doing for the last 60 days or so a 50 minute profit finder workshop. And the whole idea is that we go through a process of finding the money that's hiding in your business right now. And one of those ideas is finding how high is high with your business. How much could you be doing? And there's a wonderful illustration that I've, I learned 20 years ago that has made an amazing impact on the way that we approach even looking at how to set up the marketing blueprint for taking advantage of all the opportunities in your business.

So today I'm going to share one segment of the 50 minute profit finder workshops that we do on Fridays. And my hope is that you will be able to join us this Friday at 1pm Eastern time. And we do a whole live process where we go through and find where the profits are hiding in your business. So enjoy this little clip and then join us on Friday. Okay, big idea number two is how high is high? We want to think we're here to talk about your business and we're here to find the extra profits that are hiding in your business right now. And this one idea will set the stage for how to think about your biggest ideas.

See, most people set a goal when they're thinking about their business for, you know, constant and never ending improvement. Just improving things 20% of the time. Slow and steady wins the race. But in 2006, I was introduced to an approach that I still think about to this day. Twenty years ago, an article in Business 2.0 magazine, which I don't even think is still around, but it featured a gentleman called Gamal Aziz. And Gamal was the head, the GM of the MGM Grand Hotel. He just moved over there from the, from Bellagio. And his first line of thinking when he went in was he looked at every line item, every profit contributor to the hotel.

You know, I don't know what the total revenue of the hotel was, but every line item, every category of revenue that came in restaurants, gaming, hotels, entertainment, conventions, all of those things independently contributed to the total revenue of the MGM Grand. Same thing for you. You've probably got different buy buttons that people pay you money for whatever your goods or products or services are. And we look at each one of those. The question that he would ask is, how high is high? What's possible here? So for instance, he would look at restaurants and he knew from sitting in the lobby of the hotel, greeting people in the entrance.

Night after night, he would see them getting out of the hotel, getting into limos or taxis. He'd say, where are you going tonight? And they say, we're going to Spago or we're going to Nobu or we're going to Cirque du Soleil. Wherever they're going, these are destinations that they're heading to. Now, when he looked at their restaurants, they had. Nobody was complaining about their restaurants. They had a flagship restaurant that was perfectly serviceable. They were doing $4 million a year in this. In this restaurant. And no, it was profitable. Nobody was looking at it as a problem. And nobody, you know, it might be reasonable to say, what can we do to improve the profits here by 20%?

But what Gamal did was he knew that if we had a celebrity chef and a destination restaurant, we could be doing $8 million a year in this same space. So he went to the board, he explained his idea to them. They agreed. They ripped out the restaurant. They partnered with Michael Mina, they opened Nob Hill in the same footprint, and when they were out the first year, they did $11 million. What a radical idea of not starting to look at just what can we improve, looking at what is possible. But the distinction is that when he saw that they could be doing $8 million a year instead of four, he booked that as a loss.

In his mind, they were losing $4 million by not having a person, not having a celebrity chef, having a destination restaurant. So we're going to apply that thinking to your business today. And so I want you to start thinking first, as a whole, what's possible for your business. I mean, look around what's possible. And by the way, you don't have to think about scaling beyond what you want. You're in control. It's your dream. You get to create any business that you want. We can focus on creating exactly the business that you want, but how high is high? What's possible with the same framework that you're doing right now?

And I think you'll see, if you start taking this and carrying it through, we're going to find some pretty big opportunities for you.

Every idea that I've had, every dollar that I've made over the last 30 years has gone through my brain, through my pen, onto a piece of paper in my journal before it went out into the real world. And if I can turn people onto that activity as a driver for what to do, what to think about, what to ask yourself to draw out, what the next most valuable action is for you and how to find the most profitable things that you can install in your business, I'm all for it.

So this Friday at 1pm, I'm going to do for the first time a 50 minute profit finder workshop. And you're going to join me live on Zoom. And we're going to go through a 50 minute exercise. Bring your pen, bring a notebook or piece of paper and I'm going to guide you through a thinking process that will help you identify where the lowest hanging fruit is in your business and maybe some fruit that you didn't even know was there.

But I'm going to show you where to look for it. So it's free. It's for you. It's Friday. At 1pm this Friday. Just watch.

Just go to 50minuteprofitfinder.com and I'll get you all the details and hopefully you can join us then. Friday 1:00pm.