Murray Smith 3 Things

Read this through an interview he did. Murray Smith has had great success building multi million dollar businesses. Here are 3 things he says a business should focus on

I have distilled down in business, that there are three questions you must ask yourself everyday, in order to focus on what the business needs you to focus on, and that’s the money aspect.

All businesses, except for those ones that have got a lot of money to start with, need cash flow. And cash flow comes from sales. And sales comes from more clients. And so the three questions that I ask myself everyday, as our company does, is first — how do I get more profits from existing sales? How do I make more money without any more effort, whether I increase the price, decrease the price, bundle the tax? There are several different strategies that you can affect that.

Second is, how do I get more sales from existing clients? How do I bundle different products with different experiences, so, without the added expense of more marketing, I can make more money from just by selling more products to existing clients?

And then the third, which is the big one, how do I get more clients? If I was to share with you that there are only 22 possible marketing strategies within the universe of all businesses. And there are more likely only six or seven that are unique to your business. You would want to know which six or seven that were unique to your business.

If I said to you there were only 11 possibilities of channels of distribution, the way in which your product gets to your customer, you would want to know the one or two that made more sense of the highest profit.

When you couple those together, what you do is start to focus on your highest productive activity, which allows you to buy back the time that you have typically spent in your business, looking for money elsewhere.

As most people spend most of their time trying to figure out how to generate more revenue. And if you simply knew the handful of ways in which you could do that, you could buy back your time, so you can spend more time on exercising, spend more time with your family, spend more time doing the things that create balance in your life. And that’s what we focus on.