BCS: 143 | Tips For Collecting Payments + COVID Positives
Business Coaching Secrets with Karl Bryan
BCS 143: In this episode, Karl answers questions about:
– Tips for collecting payments
– Coming out on top post COVID
Karl Bryan helps business coaches get clients. Period.
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EPISODE TRANSCRIPTION –
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[00:00:00] Karl: Welcome to business coaching secrets with Karl Bryan. If you want to attract new high-end coaching clients, fill live events and build a wildly profitable coaching practice where business owners pay, stay and refer. You come to the right place in this podcast. Karl provides his keys to the kingdom for finding insights. High paying clients and building the coaching business of your dreams. Here we go.
[00:00:40] Christian: Ladies and gentlemen, boys and girls coaches around the world. Another episode of business coaching secrets. It’s your boy road dog with none other than the man, the myth, the legend. What am I going to say? I was going to go with a lawyer, but I ain’t even know. Karl Brian Esquire. Are you there, sir?
[00:01:07] Karl: Let’s let’s consider running with it. I’m doing good road dog It was good. My brother, how are you doing bud? You’re a little bit colder than I, I know that.
[00:01:15] Christian: Why?.
[00:01:26] Karl: I’m going to do the weather joke. Relationship is unfolding because I’ve left Jen Nicole, their shoes apologize
[00:01:35] Christian: about.
Listen, if I want to talk about the weather, I’ll call, I’ll call my parents because if it’s not that they’re talking gas prices and it’s next level.
[00:01:46] Karl: Yeah. That should always be a great conversation with the parents about gas price.
[00:01:51] Christian: Hey, I’m a little concerned about what about some of your jokes are all revolving around. Alcohol, everything okay down there. Like, are you going into the realms of that much? Cause it’s just, you’re talking about the quarantine. It’s just like a regular martini but you drink in your house alone.
The average male walks 900 miles per year and drinks 22 gallons of beer. I, I do appreciate that. Figured out that the average male gets 41 miles per gallon. So that’s…
[00:02:25] Karl: You liked that one too. See, you’re reading. That’s what impressing everybody here that you’re reading them shoots. Well done. Took me awhile to get you on the, on the daily.
[00:02:35] Christian: I’m just trying to, you know what it’s to become better. You got a read on, unfortunately I’m reading your jokes, so I’m not sure if that’s, but but here we are.
[00:02:47] Karl: Shave a few IQ points. Shoot. So good, man. All good. Anyways, what do you got for us, man?
[00:02:55] Christian: We’ve got a whole bunch of questions per ring in well here’s, this is this one’s very, very interesting. This is actually a topic. In my, my, sort of the mentorship group, we were discussing a couple of weeks ago. But the question that came in is my coaching is bad at collecting money and keeps seeking new work slash jobs, any tips on a system to help them boy, I love this one, but this one. So how would you respond to.
[00:03:28] Karl: So you agreed that this is a look at, this is happening. I mean, this is the big rocket and you should be looking at nothing, but this psychology above all else, you know, and you want to, if it’s a business owner they’re looking for, what’s sexy, they’re looking for what’s new, right.
The four hour work week to secret and all that sort of stuff. So. To think about this and I could lay out a system for you, but to think that you’re not going to start with psychology would be a mistake. You know, it’s like kids that grew up adored, but ignored. Okay. So thinking like you know, somebody from an alcoholic family, that kind of thing, adored, but ignored.
They tend, they have some of the toughest flights, right. And they can be from middle-class or upper middle-class and better, you know? But you know what I mean, families with no short shortage of money and whatnot, and that’s 10 where it tends to happen. So adored but ignored. They can create some challenges.
So if you think that later in life you’re just going to fix something. You know what I mean? And then magically, they’re going to suddenly have all their ducks in a row. You got to go a little bit deeper. You’re going to have to go significantly below the surface in order to recalibrate or help that individual.
It’s a little bit here. That’s more of a dramatic example, but sites not think that you’re going to develop a system and then not start with psychology with. I, you know, air a mistake. I think maybe the raise their eyes, cause you start talking about this stuff. You’ve taken somebody from looking for Facebook ads and the secret and the four hour work week and the, you know, high ticket sales and, you know, do what you love and make millions of dollars type crowd that I don’t know fall for that, that they’re, you know, they’re are getting taken by that stuff.
You need to raise their eyebrows a little bit to get their attention. So my, a few of my canned examples of if you’ve listened to this for any period of time, you’ve heard me say, but, you know okay. So if your client has 20% margins and then they make a sale that equals $1. What happens will be answers and they keep 20 cents.
And then like 20% margins, 80% gets lit on fire by expenses. Right. So they make $1, they keep 20, make sure that then they’re like, oh, wow. I never thought about that. As you know, elementary as that, as far as my margins go. And then the other examples, but if we go to your profit and loss and we save you a dollar, how much you’re going to keep, and the answer is a hundred cents, there’s an 80 cent gap.
There where’s a smarter place for us to start, or another example, you know, you’re driving traffic online and you’ve got a 2% conversion. You’d go to 3% on the surface. That appears to be a 1% improvement, but it’s not, it’s 50%, right. Or a 20% margins and you increase them to 30. That sounds like a 10% improvement.
Not very exciting for the average bear, but 20 to 30 is a 50%. So I don’t want to go to that example further. I’ve given it many a time. Like, you know, those types, you should have those in your back pocket canned and pull them out because I think that that will raise their eyebrow where they go. You know what, maybe I don’t know.
You know what, maybe the books that I’ve been reading have not been the best, or maybe again, I’m not get rich quick guy. And I don’t even realize maybe I’m following a little bit too much of the rich dad, poor dad stuff, which is great advice for the most part, but not, you know, ducks in a row, one foot in front of the other, in the trenches doing the work.
And before I undertook this, another thing that I would do road dog to make sure that the psychology’s jacked up and action plan. Right. So like go to their bank account and let’s say, In there, you know, in their bank account right now, they got $35,000, right. Might be 135 and it might be 5,000 doesn’t matter sake of the example.
They got $35,000 in their bank account. Now undertaking this process. I want you to revisit that bank account and look at what the, you know, look at what the balances and presumably it’s going to go from 35 to 55 might go from 35 to a hundred. You know, you know, you know, awesome world, you got it. And then you’ll have an example where you can anchor it.
Do you know what I mean? And that’s going to help you with the psychology. And I would do that with 30 to 45. Like when are you going to look at their bank account? Not in seven days, right? Like, you know, 30 to 45 days and put it on the calendar and make sure that you do. And then if it’s not increasing again, you’ve got some different questions to ask, remember the little red arrow you are here, right?
Like what are they doing wrong? Which the scoop are these just all bad debts. So they need to just wipe away. So what they’ve got to do though, Road dog game plan, itemize accounts receivable. You know, you’ve heard the saying cash is king never been truer than, you know, times like this, when the world is kind of a little bit crazy, your prospects and high-end coaching clients need to hunker down and like watch their cash because once cash has gone, it’s gone forever, right?
Like it’s wrote a pillow, wrote a book, accounting 1 0 1 for business coaches. And there’s a section in there that I wrote. Generalizations murder intelligence. Okay. Generalizations, murder, intelligence. Think about that might be worth a post-it note to go into your computer, but, your client likely has a line item on their balance sheet that says accounts receivable, where I guarantee they do, but the problem is it’s a single number guys.
Let’s assume it’s a hundred thousand dollars. In other words, they’ve undertaken work and are owed a hundred thousand dollars. If they haven’t been paid on. Zero like zero itemization and no single place for your client to go and see exactly who owes money and not how much. Right. So you’ve got to itemize that hundred thousand dollars and you know exactly.
So your client needs to create a list of people that owe them money. Okay. Called debtors right now. Boom. First thing they have to do collecting the money should not be delegated because the first thing they want to do road, dog and say, oh, like, who’s going to undertake. Boring task, right? No. I want the business owner to get on the phone and start calling around.
We’re presuming this isn’t a $10,000,025 million company, right? This is a, a one to five, less than a $10 million company, right. At a 10 million to get, I want the owner on the phone. Not just because he or she is going to be the best at getting the money, but I also want them to understand, like, why didn’t they get paid?
What do we got to change in the future? You know, so they, the owners got to pick up the phone, don’t delegate this pass, which will be their first inkling, their first, first thing though. There’s a good chance that they’ll try to do that. And there’s already somebody in church, right? So they’ll have, you know, a chapter that manager, whoever it might be, the guy, you know, a guy who owns the business and, you know, a husband, wife team and the wife’s in charge.
Right. Go and don’t muck about right. They need to prioritize now that they’ve itemized this, they got to prioritize that list. Maybe this should be the step before anybody got a prior prioritize the list for age. How is it? Thirty, sixty, ninety, a hundred and twenty or older days. Right? What’s the amount of the a hundred thousand let’s assume they got 10 people would exactly 10,000, which wouldn’t be the case, but let’s assume so they let her go down and then they get to know exactly how age that is the exact amount.
And then probably put a probability of collecting. If these guys are out of business. You got to call that a bad debt and you’ve got to move it across your balance sheet because you pay tax on that money. It gives you a false representation of where their businesses at, because it looks like this is the business that appears to be profitable, but they’re like, I got no cash.
Right. And as this has done, the process must be created to ensure that accounts receivable are tracked and kept current in the future. Right. So the whole undertaking is to make sure. You know, you’re allowed to make mistakes. You just can’t keep making the same mistake. Right. So if we play this out, your perspective, coaching client drive new accounts.
They follow up with the new accounts. Somebody closes quote, unquote, those new accounts. They pay commissions to their salespeople on those new accounts they fulfill on the accounts. They therefore pay staff presumably to undertake that pay for wear and tear on their equipment as the case may be et cetera.
And. You know, creating all these new accounts, but they forget to collect the money. Right. And then get confused when their accountant provides them financials. Like I said, a minute ago, and that shows that they’re profitable and the guy’s like my account, this is unprofitable, but my bank balance is empty.
Right? Like where is all my money? If I. Got this profitable business and I got no cash. Where the heck is it gone? And then of course the phone rings and it’s the advertising sales guy or the new, you know, let’s run a Facebook ad, a YouTube ad, an Instagram ad, a tick talk ad. And they tried, they buy the ad to try fix their cashflow problems.
Right. Hello. It’s such a common mistake. It’s insane. And the level of stupidity, but think about it required to do this with consistency is mind numbing, but road Doug, you mentioned it earlier, right? Like this is something you’re dealing with. You know what I mean? Like speaking right now about it’s, it’s sadly very common.
Right? So, and it’s also why. You know, many businesses are tight on cash as their revenue skyrockets. So again, they look like they’re doing great. Their financials look great. Their salespeople are bringing in, you know, new accounts and everybody’s busy, especially the business owner. And it’s not good.
So, so bottom line is. We’re looking for a little bit of roadmap, right? You need itemization. So one would be, you need to create a list of people that owe money debtors right now. So a hundred thousand isn’t good enough. We need to have a list of the people who owe that a hundred thousand dollars need to prioritize that list for age amount and probability of collecting.
Okay. Somebody has got to pick up the phone. Ideally, the most important person in that company, as in the owner, picks up the phone and needs to collect it. And that is a step four we’ll call. As that’s done, a process must be created to make sure that this doesn’t happen in the future, because if it happened in the past, the best predictor of the future is the past.
Right. So that’s happened in the past, probably going to happen again in the future. Just can’t do it. So please again, just take a few minutes out of your day today. Contact local business owners go to the networking group, reach out to people that, you know, put it on Facebook, but, you know, help some folks, whether they pay you or not as like a community service undertaking, help them itemize that accounts receivable, because you’ll change things in a very real and tangible way.
So, so road Doug yet. And importantly as I started understanding. This is not about creating the system, although it is, but if you don’t start with psychology, I dare say you’re not getting anywhere. So that’s what I think. So
[00:13:48] Christian: now you, you have talked about this as well on the opposite. For accounts payable have also being equally mismanaged.
Can you, can you dive into that because as we’re going down this copy wise, we’ll talk
[00:14:01] Karl: about both that as well. Yeah. Nice one. Well, it’s so common, right, Doug, where it’s the same guy or gal, the same company with the same problem where they got an accounts receivable problem. They’re not collecting their dope.
But then accounts payable. They’ve got this attitude where, you know, they, they want to pay everybody immediately because they don’t like to be in debt. Right. So I call it sweetheart syndrome not a good one, you know, it’s a, it’s, it’s a very costly. And a mistake on steroids, right? So there’s just no way I can stress the importance and misunderstood nature of this one.
And it just accounts payable. Like people just don’t think of that as a line item or a place to go in a business where there’s. Right. And by the way, this is one that I didn’t really get for a long time. So I just say this, your coaching client tells you I don’t like it when I owe people money. So I just pay up front or I don’t like debt.
So I just pay everybody and prefer not to have to worry about it. They’re making a gasoline air. My harsher voice would say, they’re an idiot. Let’s go with that harsher voice, that harsher voice to the point, you know, lands solidly like those punches, you know, like I got punched to the nose and you make sure that you’re you’re on it, right?
Like businesses do not go out of business from running out of ideas. They don’t go out of business because they’d run out of opportunities. They go out of business for one reason and one reason only. And that’s because they run out of cash the ant, right? So being in a hurry to pay everybody and not, and that’s not to say that you don’t pay everybody.
Absolutely not. It’s not what I’m saying. It’s when you take on a new account, negotiating 30, 60, 90 day terms, if you can get 90 day terms out of a supplier, that is the same as going in and getting a credit card interest free. From the local bank, right? Like you get free money for 90 days to pay that on day one, because it’s normally, the reason is because you’re disorganized, you know, you don’t have those systems.
I talked about a minute ago and accounts receivable anyways. Yeah, I love it. Road dog. You know, it’s, you know, a lot of businesses could make up some lost ground right. In this Corona virus. And just the times, cause some, some are thriving, but let’s, you know, still some businesses are, are hurting wildly.
So I would, I would dare say that this is where they should. Accounts payable is not one that they’re looking at and they should think about it. And, and if you could pay up front a little bit differently, but related is that if you’ve got a client and they can pay. You know, like pay up for it because they’re cashed up and then they can pay up front and get a five, seven, a 10% discount, 2.5% discount if they’ve already got the cash, but this is an automatic return on your money.
Right. So they should really be looking at that as well. But if you get 30, but if you’re low on cash and you can get 60 day terms, they should be taking advantage of it. Remember apple doesn’t pay you until day 90. When you buy something from apple, they pay you on day 90, most cash flush business on the planet and bait their accounts payable.
They don’t pay their bills for 90 days. Right. So that should, and local business owners are not thinking like that, doing that business coaches as a general rule are not. So there you go. Shoot. That’s my answer.
[00:17:19] Christian: Yeah. It’s pretty well, it actually, when you, when you, when you think about that, right, like I’m just, I’m trying to wrap my head around that because as a, as you’re talking and you’re like, well, if you got an extra 5%, like, imagine just doing this for your class, Okay.
You know, it help them negotiate. Well, if you’re going to pay everything at cash upfront and you’ve gotten a 5% discount, what does that actually do to your bottom line? Cause that’s 5% right, right there. Right. That’s crazy. Like that’s, you didn’t have to work for that. Like same thing. Now you did, you did mention COVID and a hot, hot topic, but obviously as we’ve seen holy smokes, you know, like some businesses.
Thriving. Right. And others are really hurting. So somebody wrote in and said, I’m struggling to see past this COVID crisis. Wondering if you can give me some positives that have come out as a result of it that I can’t wait to hear what you have to say. It just depends on what got it. Right. You see, you see dark.
You’re going to see dark. If you, if you’re looking for positives, those signs are all over the place as well. But what do you, what do you see in
[00:18:25] Karl: Carol?
Yeah, so you buy stuff, you end up with stuff. That’s what I would say, you know, and look at COVID-19 doesn’t as a general rule, it doesn’t spread outside. Right? Okay. So. Is that I dunno, like indirectly, that sounds like maybe somebody’s sending a message. Right. I remember when early on I sent a like a message out and it was like, if mother nature could speak to us, you know, she didn’t interrupt your shares.
Like the viral Facebook posts, the plane, social media, trains, automobiles, certainly the shaming, the judging the. You know, the, the meetings, the videos, the TV shows that the meeting specifically like just work, work, work, right. Live to work, work, to live, which one you know, the mall was the online shopping, the Amazon deliveries on a daily basis, you know?
And when somebody doesn’t look after their body, it responds with sickness. Right. It slows them down when they refuse to like, maybe the society, you know, it’s like, this is a, you know, as this is something that needed to happen. Right. But. How would we notice when we’re so busy? You know, what striving, grinding, you know, hustle, hustle, hustle, you know, ignoring what really matters and, you know, staring at our phones while we do it all in the interest of the illusion that we call quote, unquote, success, you know, success for the most it’s buying stuff.
You don’t need to impress people. You don’t like, and quite possibly don’t like you. Right. You know, and then and then, and then pay interest on it. So maybe mother nature has been trying to get our attention maybe a little bit. I mean, remember you know, 2018 summer of 2018 at 2 million people were forced to evacuate their homes for a torrential downpour.
That’s it. And by the way, sent a bill to the tune of billions of dollars in economic change. Maybe she figured the, you know, the billions of dollars would get her attention more than having to evacuate the homes. Right. We didn’t, you know, you grabbed your phone and ran out. What was it in air Asia? There was a flood at an airport that was literally flood proof.
Right? Think about that. It was literally built to be flood proof and a smell you later, when, you know, there was a typhoon. That had a, I don’t even know, 30 to $50 billion bill attached to it. A member of strike Australia is very close to my heart, lived there for a very, very long time. You know, like the, the country practically burnt down, you know, like it was just like, wow.
And as I say this, I know for a fact that even as I’m, you know, kind of going down this laundry list of like you know, of kind of. You know, we’re, we’re designed to get our attention. I’m like, wow. You know, that’s right. I forgot about that one. Right. And possibly the worst offense is, you know, friends, colleagues, family, and war veterans you know, been taking their lives in record numbers under the stress.
And then what do you think COVID done? I got a young guy that I used to coach in hockey. You know, no longer with us. And I remember I was, I was, I watched his funeral online, not, you know, I just, you know, just wanted to kind of tune in one to see his dad, his dad, well, you know, some comforting messages to do, to do, to do.
I got mentioned in the UN in the eulogy, which by the way, and I’m not so not expected in any way, shape or form, but it was just like, wow. And I mean, it’s been, you know, a long time since I. You know, I, I dealt with his family, et cetera, but it’s never I dunno, kind of wild kind of wild. Let’s put it that way.
Just the way that, you know, everybody just slow down and you know, what really matters and what kind of impact are you making on people? Is it last, you know, is it long lasting, et cetera? You know, and more often than not, these, these situations are just an inconvenience to business as usual, you know, our obligation.
It should be to each other, you know, and maybe that’s not the case. So we, we all got, you know, like beginning, we got sent to our room and Canada, this is kind of happening. You know, again how I find myself out of, not that I just, you know, outside of Canada right now, because I’m like, you know what, I just, I don’t know.
I’m just going to get out of Dodge. But maybe the, you know, the you know, maybe it’s not the enemy. Maybe it’s more like a message. You know, we should all just stop rest and be grateful for, you know, what really mattered. I don’t know, like again, taken a philosophical view to this road, dog. You know, maybe the just mother nature says there’s no longer request, right.
Or again, whatever, you know, it’s the universe. It’s God. What is it that you believe, you know, is it mother nature, but it’s no longer a request. It’s like a man. You know, we should all consider closing our Facebook accounts, putting down our phones and enjoying the outdoors where COVID doesn’t spread.
So not to mention, but I don’t think that’s where the question was kind of, you know, meant to go. I think that it’s broken down a lot of barriers created some much needed change. Like medical regulations will relax. Just speed up the detection and immunization records or efforts, sorry. Right.
Insurance companies providing coverage and remote medical checkups, right. That we’ve never had before. And now all of a sudden this would have taken 10 years just due to the stupid red tape and the paperwork previously. And that remote coverage was executed in like, I dunno, it was a week, I think it was actually 48 hours, but it was almost instantaneous and it could have been right.
Everybody’s sitting on their damn hands, you know, the mortgage industry, allowing Metronic loans to be processed and paperwork suddenly, you know, doesn’t need to be signed in person. Was that ever the case? The archaic educational system has magically, you know, becoming more and more every day, significantly more online friendly.
How was that? Not a thing, right? Like are educators responsible for educating our children? 2021. They live in, in a reverse time war plan. I asked myself. Right. So, so I’ve been, you know, there’s some dramatic change, like again, regulation being softened and better, they call it deployment of services changed in 48 hours when it would have taken.
Lord knows how long to get it through. So the process hurts and it’s not fun. But these, these look, there’s some changes in the business world that are insanely positive. Just think of all the people that are able to work remotely. And how people have made adjustments. Bosses have made adjustments.
The companies have made adjustments to make that, you know, significantly more available. I think of the young mum, you know, she doesn’t want to go back to work. She doesn’t want to send her child to daycare her kids to daycare, but she doesn’t, haven’t had an option. Well now. You know, mums, nobody can multitask and get more things done than a young mum.
Right. So, or, or a mum for that matter. Right. They just got lots of things to take on. So, and then by the way, so with that, what needs to change for your high-end coaching clients? You know, your coaching clients making positive moves and reducing. Silly procedures. Like I mentioned earlier, you know, like red tape and silly procedures that would be holding them back.
They managed to work out a way that their staff to work virtually that they adopted that and they, they done have they done a hybrid. I like to use a professional football team or professional sporting team as an example. Right. Like, There’s a lot of plays that could be done on like a lot of training could be done on zoom, where you’re showing players you know, like different place and how we’re gonna defend against, you know, Tom Brady and the boys and the playoffs, and, you know, in different defense, this is how this defense lines up.
You don’t need to be, what do they do it, they do it in a classroom. Right? Do they, could they be at home with their families? They could get a one hour meeting virtually and then, you know, dad can be home with his kids before and after. And then he goes to the facility to do the physical stuff, but a lot of, you know, there can be cognitive training via zoom, the same way that our kids have recently learned how to do that.
So I again use, so you’re thinking about what’s the balance between virtual? I don’t the, world’s never, the world’s never going to work as perfectly virtually, right? Like there’s. There’s got a minute meetings that happened in the elevator and the washroom washing your hands as you’re walking through the hallway and you stop that just can’t be replicated.
You can’t do that virtually right? The same way that road, Doug. And I can’t go, you know, he can’t practice curling and I can’t practice hockey say, or play curling and play hockey virtually. You guys can’t do that. Right. I’m not interested in playing pretend hockey online, but it could certainly. A lot of instruction now, right.
Would that way, right. So, you know, what needs to change for your coaching clients? As a result of, you know, what’s going on and some of the loosening of the regulations and you know, the magic that zoom and a lot of other online platforms provide, like, are we in the pre-show road, dog? We were talking to Don there about group coaching software, like our group coaching, like say that it’s going, you know, You know, incredibly well with the understatement of the year from our coaches that are jacking it up.
And I, I truly believe without this, it wouldn’t be going quite as well. It wouldn’t have been adopted so freely. Right. So, so anyways you know, and, and, and are you, as in the business coach, you listening, you know, are you making positive news, positive, positive mood? For your business, right? One of the things we did, like we’ve always done business, coaching mastery, another example, we’ve done it.
You know, we normally do it in tanker and we’ve done it in Vegas and went to cannons and cool destinations, but Cancun’s kind of become our home away from home, but we launched a virtual business coaching mastery. And the only thing I left my, like I was left wondering after we did it, you know, but hundreds of hundreds of coaches in it.
It’s like, how did we not do this? Why was going through my head when I thought like this all needed to be done? Like the stuff that I, I didn’t think in that in that way, I just didn’t, I just figured it was a live event and it was always going to be a live event. And that was that. And necessity brought on the first virtual business coaching mastery and work.
You know, we’ll be doing those till the end of time. Anyways wrote dope, you know, and do you have a virtual assistant, you know, are you running webinars online and online training? Are you utilizing group coaching software to basically Jack things up big? You know, if you had to look at our group coaching software to see some of the magic that it provides, you know, you’re doing Facebook lives.
Are you doing live videos on YouTube? Do you have a YouTube channel, right? Have you launched your own podcast? You know, what, what are you, because again, you know, these things, but are you deploying on them? So, yeah, I dog, I dunno, man, a little bit philosophical there. But you know, I don’t know, you know, there’s some, I think maybe I’ll just close it with what changes are you making as a result?
The mayhem and the craziness and what’s going on. So what do you think shoots you? Like
[00:29:07] Christian: if you were here, it was a total hold hands and sing
[00:29:09] Karl: kumbaya.
Oh, this is kind of getting shots.
[00:29:15] Christian: You know, what if you want, I can down and we can, you know,
[00:29:21] Karl: I can use that.
[00:29:25] Christian: I’m going to get on my soap box here just for a second. And all I’m going to say is. The way that you do small things as the way that you do everything. So people’s reactions to all of this that I find absolutely fascinating is you can choose to be distracted or you can choose to be focused, but you have the choice.
So when you look at COVID, you look at anything. My big question is, cause there’s a lot of people. I don’t care what side of the aisle they’re on. Cause it’s you take the extremes from both sides. They’re so wound up and they’re so focused on this as if they’re personally going to change it. Amazing, but like mind bending to me.
Right. So I look at that. I think if you could focus like that inside of your business, how much further would you be ahead? Right. I, I’m not gonna, I’m not gonna lie, dude. Like I was distracted with this whole thing early on myself. The best thing I ever did was I, I was aware. I got focused. I apologize to my wife for bringing that much chaos into my home.
And then I got focused. And as a result, I don’t even recognize the version of who I am today than I even was six months ago. So like what, what’s the next level of distraction? What comes after COVID what’s the next thing that’s going to distract you and keep you from doing what you know you need to do.
Like that’s the big thing that I don’t understand is when is enough enough for you that you’re going to decide, okay, I don’t care. I’m not going to look at everything is bad and negative. How about you? Look at it, like, don’t get me wrong. There’s so much negative with. But from a pure business point of view, because this is a business podcast, where is the opportunity for you and where else, if you choose to always look at everything in the negative light, where else are you doing?
Right. Why not look for opportunity everywhere because bad times produce heck of oppor. We’ve talked about this before. We’ve talked about th the companies that were built. Carl we’ve talked that like, dude, when did you start? LPW
[00:31:26] Karl: a hundred percent Jared, 2008, maybe 2008.
[00:31:31] Christian: You know, like, it’s just, you got to look at this as a moment in an opportunity where you can bring some calm and some stability you have to leave.
Your clients into a better mindset. And the only way that you can do that is to live it yourself. So that’s my little soap box rant, but I feel very strongly about this because it’s not just COVID, it’s going to be the next thing. And then the next thing, and the next thing, you know, it’s like, when are you going to stop allowing yourself to be distracted?
And when are you going to actually do what you know
[00:32:08] Karl: that you need? Yeah, I agree. And by the way, two things road, Doug one, I have personally watched your transformation over the last, whatever it is, and it’s 18 months. And I am going to give you a high five, my brother, which we have talked about, and I hope that folks can take a bit of inspiration because everything that road dog.
Exactly. You know, he just, he just owned it. You know what I mean? He just said, look, I gotta make some changes. Both. You mentioned at home, but there was, you know what I mean? Like you’ve made your entire life has changed, man. You know, I think that marathon had something to do with it, by the way. But you know, I I’ve seen it, man.
I just wanna give you a high five and inspire everybody on that. And by the way, just so 2008, but we, again supporting coaches since the beginning of time, but what happened in 2008 is that. The entire business model 2008 happened topic for another day. But just like everybody, you know, there was total payoff.
And basically everything I did on that day, I said, I’m gonna tell you what I said. And back to my feet, I said, I’m gonna franchise we internet. That was, I was like, nobody else is doing it. That’s what I’m going to do. And as you look at what we have got today I just, I took everything cause I had, you know, it was, it was binders and audios and videos and CDs and DVDs, et cetera, you know, old school coaching, which was the go then huge binders 500 pages.
You know, step-by-step picture goal setting is intellectual property. It’s your time management, intellectual property. So we were doing it the old school way, 2008. The poopy hit the fan just no more, never again. And I just said, look, I am going to earn my income because I saw these other guys doing it.
And some of which I knew and some of which I didn’t, I’m inspired by all of them. And I just said, look, I am going to build an online company, but I wasn’t about to go sell eBooks. Right. Cause again, I understood it, you know, a thing or two about. Understood a thing or two about you know, profit margins and that sort of thing.
And just selling a $47 ebook was never going to be my gig. So anyway, so yeah, that’s an interesting, you talk about transformations. I went through one in. 2008. Ma’am so there you go. Here we
[00:34:20] Christian: go. And there it is, right? Like it’s I was just, just thinking about as a, there’s been a lot more dark in your garage, obviously with you not here, but typically when I drive by your garage lights, always on, I thought about like the hard times, like Amazon started in a garage, apple, those guys only could dream of starting in a, in a garage like yours that you have now.
[00:34:44] Karl: Yeah.
[00:34:46] Christian: It’s pretty amazing. I still want to drive a car on it because I have a feeling it would not go very well. But anyways, it’s yeah, no man, like this, this whole thing, the, the thing is the opportunities that are here as a result of this, you know, like it’s, it is truly incredible, right? Like the things that you can help your clients with.
No, no more than now. Like tell me another time where, where there’s so much uncertainty and chaos that people are looking for. New ideas and new ways of doing business. Talk about the golden opportunity for business coaching right now. Like it’s just, it’s incredible. We’ve got supply chain issues. We’ve got all sorts of uncertainty about, is there going to be a new variant of concern?
Is there not, are we going back to normal? What does the new normal look like? Nobody knows.
[00:35:40] Karl: And it’s beautiful, right? It’s absolutely. So, so again, so it just comes back to a question road belt, right? We got coaches listening. Everybody knows that the magic is in the question. You know, the question is what opportunity exists now that didn’t exist before, you know, here’s, here’s a question from my mentor what don’t I see, what am I not seeing?
Right. Like that is like the number one question. What don’t you see? Right. Like if you want to convenience, you own seven 11. And you’re losing a lot of money. The guy who’s putting the Gatorade in his pocket and walking out and your staff members, that’s the thing that you, that’s an example of. Very I don’t know, dramatic, but you know what I mean?
Like a very black and white. But that’s what you don’t see, right? Like when your bookkeeper steals a million dollars from you, it’s something you didn’t see. So a question, what don’t I see And if you go and show up, you go, oh my gosh, I really liked that question. So what a power in that? I want to give you an answer data.
Okay. You won’t see the Gatorade going unless you’re managing your inventory. Right. So data. So if you liked that question and I hope you do I want you to go to the. Part two of that part, two of it, or the answer to it is going to revolve around data. And I dare say this data that you’re not getting, that your coaching client is not getting.
And that is why. You know, they’re battling, so it’s accounts receivable. It’s like, what don’t I see, they don’t see because they can’t read financial statements and they, they say that they’re not a good numbers guy or gal. That’s why they don’t read financial statements, but by not reading their financial statements, they didn’t see the accounts receivable problem until it was a huge error.
Right? So your job, your undertaking as a business coach is to help them with. And I got to tell you million times easier than you probably think just accounts receivable, eviction issue. But the problem again is you look at a balance sheet and I said this, but I want to hit it hard it’s accounts receivable with a one number of a hundred thousand dollars beside it.
That’s not good enough, right. At needs to be itemized the way that I said. Right. You gotta itemize it right age, you know, the name of the company, the amount of bail and the, you know, the age of it is a thirty, sixty, ninety, a hundred and twenty or older, but older than 120 days ago, bad news. They’re not collecting it.
So what you gotta do is write it off as a bad debt and move it to the other side of the balance sheet because what’s happening is they’re paying tax. So imagine having a hundred thousand dollars that’s owed to you. But you’re not going to get and then paying tax on it. Okay. Imagine the cat and people wonder why they’re short of cash.
Let me tell you that’s what happens when you don’t take a bad debt or you don’t take accounts receivable and one that you’re not going to collect and move it across into a bad debt. They pay tax on the bloody money, right? So more of a cash flow issue you know, itemize. Accounts receivable. If anybody just takes that away as a game plan to go help people and you don’t need to be an accountant, you don’t need to be intelligent.
And I don’t mean to it just, you don’t need to have an accounting degree and you don’t need to study the counting at any stage of your life to not be able to go and help them with this. Is what don’t I see question and drill down and spending a little bit of time. Either you go in and help them, or you manage their psychology so that they get pumped up about doing and, you know what do I call it?
Correcting their accounts receivable problem, which is going to be very hard to do because road dog, ain’t excited about it. I ain’t excited about it. Nobody’s excited about it, right? But what they are excited about is seeing their bank balance go from $35,000 to what did I say? A hundred thousand dollars.
That’s exciting. That’s the sexiness that that’s where you get their attention. So, so there you go.
[00:39:23] Christian: I love it. I just want to say one other Carl, and that is give yourself permission to just go out and talk to people like stop, stop looking for that next coach guru mentor. Hang on butcher baker, candlestick maker.
Stop looking for the next stop or stop looking for answers and start asking better questions. So close us out, men. What’s what’s one thing, is it just that, just ask, ask better questions, like, is that it, is that the one thing that people should be taking from.
[00:39:59] Karl: Yeah. I mean, I think they could take that from any episode by, you know what I mean?
That should always be on the the hit list. I think sweethearts syndrome is maybe one which we have covered in the past. Hopefully that provided some value though, for everybody where sweetheart syndrome is, which they tend to come together where that is, where they have an accounts receivable problem.
As in they’re doing the work, paying the commissions, paying their staff, wearing down their own equipment and whatnot, and then not collecting them. And then the same person that’s normally disorganization. If you go to the root cause what’s the big rock, the root cause of that is disorganization. Right.
And a belief, you know you know, the little conversation in between there. That’s constantly going, saying that I’m just disorganized and accepting it. And then the other one was accounts payable coming with the accounts receivable problem, which normally happens with the same individual because they’re disorganized.
So now they w they like to pay everybody straight away, upfront, because they don’t like to owe money, or they don’t like debt. Right. Because somebody told them in a kitchen table you know, 35 years ago, 50 years ago that that’s that’s bad. So they think they have to pay everybody immediately. Right.
Those two things again. How often do you hear from a business owner? Very common. I’ve got a profitable business. But I where’s my cash. Right. Well you know what I mean? This is the there’s the end and there’s some other stuff where you’d go to inventory. Obviously. You know, revenues expenses like the expense line on a profit and loss.
Again, look at their, if, if that’s too much for you, like, oh my gosh, what’s that just look at their credit card statements line by line with them and just watch the money that you can save them and help them with. So, anyway, so accounts receivable, accounts payable. I’m going to go there. Road dog is our last thing just getting, and that would be the beginning because I hope I’m inspiring.
You. Right to go, oh, I’m going to do this. And then what you do, you be on your way to becoming more comfortable reading financial statements, which as a business coach, I got to tell you remember, I’m not an electrician. I walk into a room and it’s dark. I need light. Okay. So I hit the switch. I’m not an electrician.
I don’t need to be an electrician to hit the switch and let there be light. Right. But at some stage, and about the age of 40, you learn how to turn the lights on at all. Right. To read fine. You don’t need, I’m not telling you to create the financial statements I’m telling you. You need to be able to read the financial statements.
And the good news is that there’s not an enormous amount that you need to understand about the, you know, the big three financial statements that you need to know. So there you go. Shoot. That’s what I got for you. That’s my answer.
[00:42:43] Christian: I love that. You know what? You don’t need to understand how electricity works to turn on the light.
You just stay till you have to flick the switch. That reminds me one of my old one of my old mentors. And he always just said, you know what? You just don’t need to know that that’s just PFM. And we’re like PFM. It’s just like pure math. That’s
[00:43:01] Karl: it.
There you go. There’s our last big, pure magic,
[00:43:13] Christian: but you’re just pure magic in a little tiny ball. It’s amazing. That’s what it is. A little
[00:43:21] Karl: body approaching 200 pounds, by the way.
[00:43:26] Christian: Lifestyle is being a little too generous for you. There are shoots. So you might want to, I don’t know, like get off the horse and maybe walk the horse I’ve
[00:43:35] Karl: lifting. I’ve been lifting.
My sciatic nerve is finally, I had had sciatic nerve folks that would be bring tears to the average man’s eyes. Oh my God drove me nuts for a period of months. I’m good shoot. So I’m back in the gym every day, man. Twice a day, actually. So there you go, man. So there’s a bit of muscle.
[00:43:55] Christian: Is that also your wife?
Does she also call you her? You’re you are her sciatic nerve your
[00:44:03] Karl: yeah, yeah.
[00:44:08] Christian: Welcome Tammy, if you’re listening. So there you go. Anyway, we got to wrap this up, but again, thanks for tuning into another episode of business coaching secrets. With the little sciatic nerve king, Carl himself. And if you’re not on the inside and getting access to the pre-show or you aren’t getting Carl’s daily emails, or want to learn more about the group coaching software or anything else that that LPW provides go to focus.com subscribe today.
And again, if you enjoyed the podcast, please share the fellow coach or someone you think might make a great. And of course, as always, we’d appreciate it. If you’d rate the episode, as we know that all those streaming services gave a Humel humongous amount of weight towards. That’s it for another week.
Folks, remember progress equals happiness. We’ll see you in the next episode. Take care. Everybody.
[00:44:55] Karl: Carl Brian built profit acceleration software. 2.0 to train business coaches, how to find any small business owner more than $100,000 in 45 minutes. Without them spending an extra dollar on marketing or advertising.
This becomes a business coaches superpower. So as a business coach, you’ll never, again, have to worry about working with business owners that can’t afford your high-end coaching fees. Check us firstname.lastname@example.org.
Karl Bryan, creator of Profit Acceleration Software™
Karl is the Founder and Editor-in-Chief of The Six-Figure Coach Magazine and Chairman of Focused.com, home of the largest private community of Business Coaches (24 countries and counting) in the world. His goal is straightforward… to help serious coaches/consultants get more clients. Find out more at focused.com