I’ve just taken part in a presentation by Alex Mandossian, who earns more money an hour than most of us do a year!
Two of the phrases he used that stuck in my mind are: Rich business owners focus on business and poor business owners are scattered!
Play the game to win, don’t play to not lose. He mentioned many business owners will do what they can not to fail, and lose sight of the end game, the goal of the business.
He also asked us how much time we spend on Marketing , Production and Operations. Most small businesses spend either 33% on each (because they were told they should) or about 50% on Production and 30% on Operations then only 20% on Marketing.
Keep admin costs low
He made the point that production and operations are costs to the business, but marketing should be an income as until people know you exist, you don’t have an income. He recommends therefore that admin costs should be kept as low as possible and the target would be only 20% of your time, the same with production, however marketing should be 60% of time
What’s your opinion?
What is your opinion on the time we should spend on these activities?
Please leave us a comment below, or you could ask me on Twitter at @Ask_Ken