This week on The Flip King CEO, Joe Evangelisti delves into a concept that you’ve maybe heard about, but never quite knew how it worked for you. Maybe you’re looking to be more efficient or maximize your work time as either a business owner or an employee. The 95/5 principle, simply put, is spending the majority of time on high-gain activities: The things that help you focus on growing revenue, or hiring or growing. If you feel like you’re stuck in the quote-unquote hamster wheel, trying to grind through transactions without being able to take the time to focus on the big things your company needs, then 95/5, and this episode are going to blow your mind.
If you’re a business owner, 95 percent of your time should be focused on increased revenue, increased opportunities and increased sales. Anything that is about contributing to and improving your bottom line—that includes training your people—that’s what 95 percent of your time should be devoted to. The challenge that a lot of business owners have is they find themselves getting sucked into responding to emails or getting bogged down in admin activities. As Joe says on this episode of The Flip King CEO, he moved his office to his home office so that he wouldn’t get swept up in the day-to-day. As he says, “You can run a business without being in the business.”
So what do you want to be concentrating on for that 95 percent of your time? You want to be thinking about increased sales, increased volume, simplifying business processes. You need to focus on all of the things that will make your business more efficient and, in the end, more profitable. As a CEO, we should be constantly thinking about how much our teams produce, and then how they can do that more efficiently and more quickly. If you’re struggling to come up with the time to go over these big-picture, essential aspects of your business, you need to listen to this week’s episode of The Flip King CEO.
Once a day, Joe holds what he calls a “huddle call,” with his team. It’s only 15 minutes, and it allows everyone on the team to say what they’re working on, what’s being purchased, what needs to be purchased, etc. You need to identify the peak performance indicators for your business, and then focus on those. So, what do you do for the five percent of the time? That’s when you go over your books and make sure they’re copacetic. Don’t get bogged down in checking on every check. As Joe likes to say, “delegate and elevate.” There are loads of great tips in this week’s episode of The Flip King CEO.
Don’t get caught up in the drama. Whatever is happening in personal lives or in the gossip corners, stay out of it. There’s no time for that. What you want to be focused on in the 95 percent of your time is the data. If someone complains that a client hung up on them, that’s drama. But why the client was upset? That’s data. Stay focused on the data, and not the drama, for 95 percent of your time. If you find yourself getting caught up in too much drama, or too much small, transactional tasks, you need to listen to this week’s The Flip King CEO and get motivated.
This week on The Flip King CEO, Joe Evangelisti welcomes Ray Gonzalez, a friend from many Mastermind groups, to talk about raising private money. Ray tells Joe about how he raised $110,000 just from one phone call before coming on the show. And as he says, it’s not about the opportunity so much as it is about the person. Ray says not one lender has ever lost a dime when putting money into one of Ray’s projects, and so making the lender feel like they know, like and trust you can make all the difference. And of course, doing right by them, as well. Ray is a goldmine for this type of information, and if you’re looking to raise a little capital, you have to listen to this episode.
So much of what Ray says on this episode of The Flip King CEO is so important for anyone at any stage of the game to hear. But if there’s one big takeaway, it’s this: Play the long game. Make the right deal for the lender. Don’t try to nickel and dime them, make a deal that is a win-win for both sides, and they’ll come back to you again. You need to learn the people who are investing with you, learn what makes them tick and what they want so that you can build a good relationship for both of you. And you need to have the mindset, as Joe says, of protecting that private money like it’s your children.
After talking with Ray about raising money, Joe shifted the conversation to how you can make more money in your business. As Ray says, you need to find and focus on your unique ability. There are all sorts of business advisors and mentors that you’ll listen to, but if you try to copy them, it’ll never work. You need to take the lessons you learn and apply them to your unique abilities. And it’s not just about making more, it’s about doing less to make more. You have to become more efficient. And again, as Ray says, it all starts with mindset. If you’re looking around and wondering how to take that next step, you have to hear what Ray has to say on this week’s episode of The Flip King CEO.
Ask anyone about their taxes, and you’ll notice a pattern: They’re reacting. It’s so easy to think about taxes as something that happens at the end of a quarter or after a transaction. But what Ray really emphasizes on this episode of The Flip King CEO is having a tax plan. And if you think there’s no way for you to grow your wealth without leaving buckets of money for the tax man, you need to listen to this episode. Ray walks Joe through how to use certain accounts to grow your wealth and invest in your future tax-free. It’s powerful stuff.
Everyone wants to grow their business and grow their wealth. But how do you actually do that? How do you add to your team, or step up from where you are now? Ray drops so much knowledge in this week’s episode, from raising private money to being more efficient, to understanding the ins and outs of the tax system. All of these add up to growing and opening up more of your time. This episode of The Flip King CEO is a bit of a Swiss Army knife with tons of great advice in all of the areas you’re thinking about right now.