The Business End

Yesterday, I invited two friends to lunch up at the Tower Club in Dallas. We started talking about a number of subjects. Jeff brought his daughter Sarah. In the conversation we talked about being an entrepreneur and that Jeff would like Sarah to be interested in one day running her business. Right off the bat I was quick to say what most would not. It’s not for everyone. If you are not cut out for it, there is no shame in that. There is something for everyone. If it is your thing, it can be the best and worst thing to ever happen to you.

Along the way I had talked to Jeff about how to keep track of his clients and some ideas to keep tabs on them. As I listened to him talk I realized that he did not have a CRM tool. I looked at him and asked him:”Do you have a CRM package?” He looked at me puzzled and said: “A CR what?”. The cool thing about this is that Jeff is highly successful in his own right, He does not NEED anything to make a sale. The question is, how much is he missing by not having all of this crucial information right when he needs it.

I told him that I know exactly what my time is worth on a minute by minute basis. As of last week my calculations stated that between those hours from 8-5, my time is worth exactly $2.74 per minute. That’s up from $0.33 just a year ago! Consider it my personal stock ticker. If someone is willing to pay me consistently for $2.74 then that is what I am worth. For the hourly only persons that’s $164.40 per hour.

Who cares about me, what is your time worth? Do you even know? Sarah his daughter asked the best question:”Yes, but how does it tell you that?” (She was referring to the CRM tool.) I can look at my pipeline and it tells me what will close, what might close and what will definitely not close. Simple mathematics tells you what your close rate is and what your hourly income is. So if I invest in a lunch with some friends for 2.74 per minute for 1.5 hours, the cost is: $246.60. Then add in the cost of lunch. (Maybe it was $25.) That means that I invested $271.60 in myself and those who visited with me. Was it worth it? Well my friends Jeff and Cliff are probably worth double that. So I got a 50% discount on their time. I also got a bonus to meet a new person. There is no telling where a new relationship will take you. NEVER take any introduction for granted. Not just that but we will refer business to each other and that will equate to a return on investment.

We talk about making investments in property and even stocks/bonds. Do we really think about the investment in time as an investment in ourselves and others? It is something that should be researched. There are time wasters that will rob you, are they worth $271.60? Probably not. The other reason I analyze my time in minutes is because I have the ability to change from the mistakes from hour to hour versus month to month, quarter to quarter or even year to year.

What is your time worth? How much time did it take for you to read this article? Was it worth it? If your homeless with no income, you broke even.

(But then how are you on the internet…Ah, i digress)

As many of you know, I leave twice a year to West Texas on my motorcycle in search for some of the most beautiful scenes that you can find. I have been in photography since age 12. As with anything, with practice you get a certain eye for things. I have found some of the most amazing colors in these West Texas skies. Now I am inviting you in a rare oppurtunity to see these pieces.

I was invited by a group of other artists to bring a few select pieces. There will be several other pieces from other Dallas Artists here at this event. The work has primarily been on display in my private home. I am bringing a few pieces out this NOVEMBER 14th 2008. I am inviting you to come out friday November 14th at 6:00pm to catch a glimpse of these works.

These works will go on display November 14th 2008 for one night only. They will then return to their private resting place not to be shown publicly or even sold for at least a year! Please come by and meet some of Dallas’ top artists and business professionals. Here are the details:

WHERE: 1309 Main Street (Davis Building Downtown Dallas) Penthouse
CODE: Please RSVP and you will be given a private all access code for entry.
RSVP: Just leave comments below or call 214-432-4405
DATE: November 14th 2008
TIME: 6:00PM

Hors ‘d orderves and Wine will be available

If you wish to purchase any artwork on display, Cash/Debit and Credit Cards are accepted.

I love to walk into Starbucks in between meetings. I think that its probably one of the best inventions next to the Smartphone. You have the ability these days to bring your work anywhere. If you need a change of scenery then you just grab your laptop and your Smartphone and away you go! The idea of working from home is nothing new, many people in some of the world’s largest corporations do it every day. My wife works for Microsoft and she does have an office but she works offsite much of the time depending on where her meetings are. No doubt technology has given us choices.

How do those choices affect customers and prospects? When you work for a big company like Microsoft and Intel you have the cloud of a big company to protect you. What if you’re a Solo-prenuer? Many people have expressed distress about being home for days on end alone. Sure you are working from home and it keeps the small business overhead down but it’s not always what it’s cracked up to be. When I first got into business, I would jump out of bed grab the laptop and work from the couch. I did fine for a while but there was a productivity curve that slowly made my work drive disappear.

I think people like me in those early days went to Starbucks to have that office like feeling. When you go grab a coffee at Starbucks, you have to get dressed, lock up the house, drive and be pleasant with people. I think that technology is great since it allows us to do whatever we want. I think that it hurts business when we don’t know how to handle these sorts of decisions.

I remember Owen Hannay from Slingshot told me that he was buying a new building downtown. He took me to this dreadful site. It was awful, but he along with developer Reed Berry completely turned that junk hole to one of the coolest buildings in the West End. It just turns out that he was also trying to lease space. When I was asked to lease space in his building I told him flat out that I didn’t need a office cause I worked from home. I will never forget his comment. He looked at me and said that once you get a office your customers look at you different and the prospects that you don’t think you can close will see you as a respectable company now. Now, bear in mind that I’m sure part of him was thinking that he needed to pay off this debt service. The other was really true. Probably 3 months after getting settled in my office I was able to close some really big contracts. My mind was completely blown.

Financially, I was not spending that much money. I was happy with what I was doing. It seems these days there are more people with “side jobs” that there has been in a long while. If you don’t believe me, stop into Starbucks at about 10am and look around. People meeting each other, people writing emails and setting schedules. It’s not all bad. It is a great way to make that first step to see if your company has any kind of legitimacy in the marketplace.

Recently, I was on my way to Starbucks and I saw a buddy of mine reading the New York Times. He was telling me about this building he has downtown. He has 10,000 square feet on the TOP floor where an ad agency used to be. His idea was to take all the Starbucks guys and give them that cloud I discussed earlier. What the Starbucks-prenuer don’t have is a conference room, fax machine, copy machine and most importantly, AN ADDRESS! My buddy Bob has solved this problem. I can’t go into the details about exactly what he is doing but I think it’s a great way for people to get an office and an address for just a little more than what they pay for coffee.

If you are one of those kinds of guys/gals that loves being remote but still feels that you are lacking on that next step. Basically what I am saying is that you can’t be with the big dogs and pee in the tall grass until you get off the porch. If you want an introduction to Bob, I would be more than happy to connect my readers with anyone that can help them grow their business.