What You Must Do to Get New Clients (Grow Your Business 3X)
Hi my name is Max and today, we will talk about steps, to increase your sales by three times and grow your business, our guest is Logan, Wedgwood who, is the sought-after. Management. Consultant, specializing in, business sales, and marketing. He's. Also the author of the book called grow, 3x, increase, your sales with, certainty, if you, want to learn other business, tips then subscribe to this show now Logan, would you like to add anything else about yourself for your business, that. Was a perfect. Introduction thank you for that Logan, I'm always, curious how. Other successful, business owners separate so I can talk to them and you obviously have done a lot you've run, several, businesses, you published the book can you tell us what's, your morning, habits and what, do you do in the first couple of hours when, you wake up so I wake up I have two young boys. Both, of them. Toddlers, and thus I wake up relatively, early and it's needle has early driven by them and. I start my day by. Making breakfast, for my two boys and I, have a have a shower in the morning make a nutritious breakfast, and so I always make sure I have a good breakfast and then I pretty much leave. Early, and to make sure that I miss the traffic so I'll, leave by just after seven o'clock in the morning when I get to work I open. Up my computer I, think about the the most important, things that I need to do that day to have the biggest impact and, I prioritize, those and then I'll start, on a few of the meaningful projects, first and then I'll check my emails a little bit later after that just to kind of work out where the edges are in my day in what, I need to be aware of necessarily. How I start so that is no magic tactic, like doing meditation, or yoga or, anything like this it's just practical. Business. Yeah. I have. Attempted, meditation. Quite, a few times and I am a proponent, of it because I've seen other I've seen it work for other people however, I'm. But. Different, and there I am what you would call an active relaxer. So even if I am in Fiji, I'm not lying on the beach sunbathing, on, snorkeling. And diving and, fishing, and riding around on boats and jet skis and things and my. Way of relaxing, is to do very high intensity, workout. So I box regularly. A couple, of times a week and that kind of start I love very hard, training. Is what, allows, me to escape from my brain for, a short period of time so mad forty-five minutes, to an hour at a time I'll, do an intense workout and, that will help me escape and then when, I finished, working out my brain stroke they're calm to business talking about high intensity, you. Recently. Wrote a book, about. Growing, your sails by 3x. Why didn't, you decide, to grow it by 10x. Yeah. Good question we're not seeing about writing, this book I really. Wanted to write something inherently. Practical. That had real value, that a business owner could pick up dip, in and out of and go write I can see how I can apply this to my business what really annoyed me about, 10x. And you can find, or, twelve weeks or 20x to any of those bigger, numbers as you can find that there's a lot of books, and materials, that use that number and I believe that. Largely it's used mainly, to sell books not, actually, because that's the number that is achievable by the business owner timox, is achievable, when you have your hands, around a unicorn that is going to go because you've got you, know lucky and a few of the things that you did you did really well and, the other way to grow 10x is through. Investment, capital but, that's a totally, different journey, to. Traditional. Business which is a founder. Has an idea or something that they're passionate about and they decide to start a business so they get started and then they start growing and they win some customers, and they hire some staff and in the business, just starts to grow that's how most businesses, start the businesses, that start with with a with a you, know technical, unicorn, idea and funding, from investors and things as a lot rarer and thus I wanted my book to be something that your, average business.
Person, Who's passionate about their business and wants to know what to do and to grow can pick up my book read it and go right I can see how this could work for me that's what I wanted and I wanted the the target to be achievable, a hundred percent agree with you because there is so much hype, about gene, and Achieva and hassle, and you know you can sometimes, drive yourself, crazy if, you read all this beautiful. Stories. About million, years but in reality all we need is 3x and we're gonna enjoy a happy life and our business will grow I think there has been a shift in the in the market where we are, and, you're right - the media - paints a lot of positive, pictures about people, who make millions of dollars in business but they forget that they're actually just reporting, revenue, numbers and. I've. Heard a quote that revenue. Is vanity, in profit, is sanity, and when, you are saying that somebody's super successful because they've generated a whole lot of revenue that doesn't actually mean anything because, they might have sold all their products and costs and not even being able to pay themselves and these days with what I'm seeing with, my customers, certainly. Is a trend towards how, do I make, the business support, the lifestyle, that I want as opposed, to it being a you know multi-million. Dollar unicorn. How do I achieve. Balance, and how do I earn, a really good income without you, know earning, unnecessary. Amounts of money how do I pay my staff better those are the challenges that people are more interested in these days absolutely, one. Of the things that I noticed. In your book is that you talk about self-awareness. And. Some. Of the things that business, owners have to ask themselves, and, a theme could you tell us what, why, is it important, how a business, owner can, become self-aware somebody. That's with your, your, viewers looking up as simon. Sinek who's a proponent, of leadership. And leadership, is not my specialist. Area so I won't talk about it too much but it relates quite strongly to mastery, which is one of the one of the sections in my book for me personally than. Anything that I do I'm, always seeking mastery, whether I'm playing the guitar or the drums and I'm learning that I'm trying to be better at it every day whether unboxing, I'm trying to be a better box or every day whether I'm selling I'm trying to be better at selling every day Robert, Greene's book, mastery, is a really great one to read in it and it talks a little bit about the 10,000, hours rule that you would have heard you know stories about Jimi Hendrix and how before.
The Age of I think 17 had already done in thousand of hours on the guitar that's how he became such a superstar but mastery. Is actually something that all of us can, work towards, every single day and small incremental steps and inherently. It helps us get better at any pursuit, whether it's fitness or wellness or business or or anything playing a musical instrument or, learning a language so, the self-awareness. Component. Of mastery, is really, important, because if you're not constantly, questioning, what. You need to be working on to be better if you're not constantly, aware of what you are all really good at and how you can further develop those skill. Sets you're really missing out on identifying. The things that can help you move closer to mastery so some of it just takes time but the self-awareness pieces. Is, really, important, and the reason why I related that back to leadership is because, if you're a business owner and you're on a journey towards leadership. And you're wanting, to lead and run, a company your self-awareness and how you occur, to others knowing, your your values, and your your. Personality. Profile, are critical, to being able to connect with your people and understand, it profiles are and what their values are and whether there's a match and when you get those things right you're able to run a much more effective company another, tip. That, I. Read, recently about, self-awareness, was. Given by Gary Vaynerchuk who, it, was, well, he still another business, owner and he suggested, that you should ask your, friends. Or family members that you trust and ask. Them what are you good at or worried about it and, tell. Them that it's a safe environment you're not going to judge them and this, will give you another example, of. Who you are and what you're good at and what you should improve on so that's, really good advice but I'd add to that I would add to that advice and I would say ask your customers, because, simple. Reasons sometimes, friends and family can be nice. To you because they don't want to hurt your feelings and they want to see you succeed so they support. You and often. It's, actually the honest feedback that helps you develop not, the feedback that helps prop up your ego the other thing is there, are also family. Members and friends in your circle who are not business owners they're they they work as a salaried, employee and so in here me don't feel, the same level of risk as what, you as a business owner or an entrepreneur feel. So when you're a business owner and entrepreneur the, level of risk that you have to live with every day is much higher therefore, the way that you shape your decisions, is very different when you're a salaried, employee because, the salaried, employee, has job security you're not worried, about feeding the mouths of other people you're just making sure that you do a good job and get paid and that's okay I'm just saying that the empathy. That they have with you might not be as as high as if you talk to other business owners your customers, if you have a really great customer, is willing to tell you what you could do better they're absolutely, invaluable I've heard a statistic and I'm not sure how accurate it is, or what the source of that statistic is but basically 8. Out of 10 customers, that have a bad, experience, with your business will, just leave your business and not do business with you again and never tell you why only two of them will will actually tell you what you've done wrong and give you the chance to make it right so actually, talking to your customers, before, they leave in asking, what you could be doing better is a really great way to improve. The services, that you have as a company. And to. Ask what, you can work on to be better yourself, as an individual does that make sense. Similar. Challenge. And I'd. Like actually, would, like to know how, do you approach. This because when, you have dozens. Or sometimes even hundreds customers, and you are busy enough to look. After your current, job how do you manage. To, fill up with someone. That you know hasn't. Been talking, to you like the customers, that not, Lefty but the customers, that have forgotten, about you do you that's a business one I have to do themselves or can he outsource, it what's the system to, fill up with customers, that's a really really good question, and it's quite a quite. A complicated, one to answer it. Depends on a couple of things one, you have to consider the the wider strategy, of your business so if your. Business, is a few familiar with generic strategy, it's essentially that there's three strategies, that you can choose between. A business and that's how you give up the resources, and and, business, in order to to, deliver on your promises to your customers, so one, is operational.
Efficiency. And the, other is innovation. Or, product leadership in the other one is customer intimacy so if you're running a customer intimacy strategy. Your key, people. That front, your customer, have to be inside. The customers business regularly. Weekly, daily, monthly giving. To know them getting to understand, their business to the you know my neuters detail so that the. Customer knows you have an understanding of their business and you can deliver on that if you run a product. Leadership strategy, an apple would be a good example their, products are so good they're never going to discount their price they're never gonna they're, never going to really get to know you as, a as, a person, as a customer, you're a faceless, person that walks into a store and buy as a phone the only reason they have your data is because you know when you when you sign up through your, phone they capture that and they don't really know you they, don't know why you chose, the model that you chose and things like that if you're doing operational, efficiency. As a strategy, you don't have the resources to get really intimate with your customers, you can't spend, a lot of time in front of them you're too busy trying to run an efficient, operation so. Therefore the, the business owner is probably not the person they're spending a lot of time in front of the customers, and a customer intimacy, strategy. The business owner would be getting, around as many of the customers as often as they can and making sure that you hold that relationship, tightly I am. A proponent of, not. Just getting, in front of your clients, to do business and talk about business challenges. And issues and things that you're doing to support but. Actually, meeting your customers, there's, people I'm going out for lunch or grabbing, a coffee not because you've got anything you want to tell them or not because there's any piece, of work that you need to discuss but actually just because you want to check in with them as a human being the reason for that is twofold one like, people, and I like to get to know them but, two it's very hard for a customer, to fire somebody, that they feel as a friend if you're just a supplier.
There's Faceless, that they never see in there it just answers by email and then the product shows up at the door and when times are tough or when you're typing the wallet it's very easy for them to say okay, we'll just get rid of that supplier when you're somebody that meets regularly as, people and you each other's kids names and things like that it's much harder to let go of that person as a supplier so the more time you spend getting to know your customers, the closer relationship. You build and therefore the longer relationship, you had it is so true and we, experienced, it ourselves we, we, did even some, statistic, most of our clients, that support. Us are the people that we met so 80% of the income, come from 20%. Of the clients, that we knew, that, we meet, that we talk and this personal, connection is. Vital, it doesn't have to be in, our case regular. Monthly even, once a year to meet a person gonna, be very a good return on investment. Yeah it's, interesting you make you mention the 8020, rule as well because, I've. Seen that play out even. By mistake and, the most businesses, that I meet with have, that kind of relationship, with. Their clients where you've got a core, collection, of clients that make up most of your revenue and if you work out how to look after those customers. Really well and then when more customers, like them you, will be more successful a lot, of the other customers. That you that you pick up is really. Due to it's, maybe not the right word but it's kind, of laziness in the organization. Where you just sort of take whatever business comes your way because you want to make revenue, sales, but, actually. If you want a more profitable business focusing. On those those, clients. That make up that 20%, would, be a better return on your time log I'm talking about laziness. How, in, your book, you had an example of a, business, and a business owner that became. A lot more productive, by implementing. A very simple, impractical, strategy, that, example, was about Charles, Schwab. I hope, I pronounced, yes could, you tell us the story and what, happened and what everyone, can copy, from this example Charles. Schwab and a, number of industry, industrial, businesses, in the late. 18th, century I think it was and Ivy. Lee was a consultant, that, developed. A reputation at, the time in Charles. Invited him and to consult. To his business and he essentially, went round he, said give me 15 minutes with each of your staff member. And, that. Should do it and Charles, was quite, surprised, at that and said okay and he said well what am I going to pay you and I really, see you pay, me whatever, you feel it's worth after you've seen the result after I think it was a short amount of time maybe three, months or something like that he, wrote, a check for I believe for I think it was $100,000. Twenty, twenty-five thousand dollars which it was just, a ridiculous, sum of money back then for, a consultant, to spend 15 minutes with a group of his employees the technique that he shared was he, went around to all of their all, of child's, employees, and insid start, your day by choosing the three things that are going to have the biggest impact on the business do those three things first, and then whatever happens after that for the rest of the day doesn't matter and I've, taken that technique and built it into a, couple of the examples in the book and I've also voted. Into a piece of software that I've built which has a. Sales, growth tool and that I use with some of my clients and it's, an incredible. How effective. The technique errs it's. Mind-blowing, how effective, the technique is one it creates hassle. That creates a real bubbling. Kind, of energy, in the business of hustle because every day everybody's, turning up and they're just nailing, the three tasks, that they know are going to have a really big impact on the business to. Over time you start to get more focused. On what those tasks, are in the tasks that you choose become. More, effective because. You instead of just saying I you know I need to sweep, the floors and clean the factory you're saying actually the most important, thing that I can do is meet with that client in ask him if he can introduce me to that guy because that's gonna win me a hell.
Of A lot more business so the tasks start, to become growth orientated. Instead, of just business as usual orientated. It's, probably, one of the most impactful techniques, that I I've discovered. Because, my mantra was always in for a long time has. Been, prioritized. For impact, and this is what I have, aware has done before I discovered, that technique and what, that meant to me was every day I would turn up to work and I would go okay let's say that I only do 20% of my day-to-day and then I just forget, the other 80% you get nothing done I just do that 20% if I'm only going to do that 20% what. Can I do there, it's gonna have the biggest impact on the business nest the mentality, that I bring in every day so when I start the day I'm really effective, and I'm working on the things that are going to have the biggest impact that technique, is they're. Very similar, similar, technique, and they've start, a former mentality, of just really getting important, things done the problem that you see in businesses today is when. I work with a group of people I'll off often say hands, up who starts a day by checking their email it's almost unanimous, every time pretty much everybody will say I start, my day by checking my email what that actually means is you're starting. Your day in approaching, your day by, doing what everybody else is asking you to do instead, of what is most important, for you to do for the impact on the business so you spend your whole day bouncing. Around from urgent. Tasks to the next urgent tasks to putting out this fire to this customer, complaint to this staff. Issue and you just bounce around like. A pinball machine off the, expectations. Of everybody else if you start your day focused, on the very few things that are going to have the biggest impact on your business you, can deal with all of that stuff later and your business will be much more successful if you find this information, useful. You. Do not miss the, next interview. Logon let's, talk about the. Duty or networking.
Practical. Tips, yeah. Yeah, I'm, not a super strong networker. And that I don't tend to generate, business when. I'm networking, but a technique, that I use networking, is as I, genuinely. Try, to understand. How, I can help the person that I'm talking to so, if I go to a networking event in these I know 50 people and you're walking around the room and you're saying hello to everyone you're shaking hands and a lot of people just exchange business cards and, and and, try to find, a moment to talk about themselves what, I've always thought of as okay tell me about your business and then I'll listen very attentively and try, and really hear what's important, to that person at this time and then I think creatively, and go well who can I put you in touch with that, can help you with with with, what you're needing right now and if I can connect to people that can help each other both of those people. We'll remember that I was the one that connected them and thus, window going right I'm talking to this person and, I know that they need help with growing, these sails for some reason their sails of flatlined and they don't know what to do they, need to talk to Logan and then they connect me I seem, networking less about trying to sell yourself to that person right there and then and more, about understanding, how you can help more people and if, you help more people more people help you that is it, is quite uncanny how come comes, back around I helped, I gave, some. Of my time away a couple. Of hours to three different people before, Christmas and I spent a couple of hours with each of them and I did some consulting work with them and they. Asked me what, it was going to cost and things and I said don't worry about it and I just lifted it that it was Christmas time I went, on holiday I came back and, then literally I think it was three weeks ago all three, gave me a referral and, all, three, have turned into customers, that are really big customers, for me and I didn't ask for it all I did was help, somebody out so I think if you if you approach networking, with a good first, mentality, and look, to help other people first eventually, they'll, look to help you as well a hundred percent agree with you organ and I give give give and, then maybe, ask and, it works. In. Many cases, I believe, you are involved, in five. Different businesses, or five different projects, and we. Nowadays. There, is a mentality. Where people, and other business advisers say laser, focus, on one thing because if you do, many things you're, gonna you, know achieve nothing so you've got a different approach correct, me if I'm wrong how, do you advise. People, to tackle. This like if, you say you've got different projects, you've got if a business owner wants to do many things how, does. A business, owner approach. You know when when there are many options to do for. Me personally I, have, very supportive. Friends and family. There's. Not a lot of people, that demand a lot from. The outside, of the things that I do for the business so I'm very lucky to have a very supportive group. Of family and friends so, you can't underestimate how, important, that is because if you if, you have a lot of business projects, on the go you're gonna work a lot of hours I work a lot of hours I genuinely do, my, day, so, it starts, early. Sort of 6:30, a.m. when my kids wake up by seven o'clock I'm on the road either, off to see a client or to my op one of my officers and then I work until five. Or six, and then I go home and I do my routine. With my boys again where I feed, them gonna do their bath time routine and read them a story before they go to bed so my kids are down asleep. By about 7:30 and then I'm back on my computer working and talked in 11, o'clock at night that's most nights and on the weekend I'll do at least six hours of work on the weekend too when, my when, my kids are asleep so I, do a lot of hours but I think, my, the. Reason why I was able to write a book and manage, it or, work with a couple of businesses of my owners that I'm very very disciplined, every, single day my day is not much different I eat very similar food I dress. Very similarly I'm not very creative with what I wear I'm. Not creative with my routine I stick to a very consistent. Routine that allows me to operate at my best most of the time and I'm, very, very disciplined, with the things that I choose.
To Put my energy and effort into this is the things that I don't think, it's Warren Buffett has a quote which is the, difference between successful, people and very successful, people as, very. Successful. People say no to almost everything so while I have and so what you've said is true if you if. You really, really want to grow and scale a business it's probably, best that you just focus on that business the businesses, that I'm involved with have, synergy across, them I've had some that didn't work and didn't take and you could argue that perhaps, my focus was split and maybe they would have if I'd put the energy into them but at the same time my other ones have and so then they demanded, more energy of me so maybe it was more like. Malcolm Gladwell's tipping point you know you you get a concept, or a business or an idea to a certain stage and then when you see evidence that it's going to tip over that's, the one that starts to demand the energy of you so. I've had a couple that didn't go anywhere I've got a technology, a couple of Technology plays at the moment that. Are only really at the start line so they're not very demanding of me it like, my consulting, workers super, demanding, when I work with clients you know I really weird their emotional, turmoil, I really where their business challenges, I really take that stuff home with me and live with it in my head because I'm because, you. Know my job is to help them and so that's very demanding of me my book work is quite demanding of me with the media and schedules, and things like that but, my, marketing, company that I started with my wife has has been running for eight years now we have a general manager who's amazing, and I really only get involved at a strategic level through. Our planning cycles and if they need me for a big pitch or you know with an important client or something and yeah. So it's. Really, again it's that month that mentor of mine prioritized.
For Impact what's going to have the biggest impact spend, your time there let other people deal with the stuff that that, is not critical to your skill set. Links. To. Your book to your, useful. Sale, to so, people can check, them out later welcome. How can people contact you later if you want if they want to know more about you, Langton, is a really good way to contact. Me so if you find me on LinkedIn that's. That, is the social media platform, that I spend. Time engaging with I don't really engage with the realist you can find my book at growth. 3 XCOM. And you, can message me through that you if. You google logan which would you'll find that find, most, of my businesses, and contact. Forms for all for all of those and you might come through to one of my administrators, he'll put you in touch so yeah just google logan which would and you'll you'll find what you find and i'm more than more than happy to to, catch up and have coffees with people you never know what what comes out of having a conversation you can welcome thank, you max. You.