Optimizing Your Profit Drivers For Greater Business Profitability With Scott Hallman
You don’t want to sell your business too early because you never know how much more you can get out of your business. Optimizing your profit drivers is one way to increase your business profitability. These drivers are your marketing sales, conversion processes, or your client valuation processes. If you can just increase those things just a little bit, you will double your profitability. This can be done with little to no cost too. If you want to know more about this, listen to today’s episode. Join your host Mitch Russo and his guest Scott Hallman as they discuss more about this. Scott is the CEO of Business Growth Dynamics and several public companies. Join in and learn how you can maximize your company’s profitability today.
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Optimizing Your Profit Drivers For Greater Business Profitability With Scott Hallman
Welcome to this moment in time when you get to chill out, tune in and extract wisdom you can use to grow your business with your first thousand clients. I have something very special for all my coaches in the audience. As a coach myself, I realized that I had been spending about 30 minutes between sessions doing admin, five applications all open at the same time, one for note-taking, calendar, spreadsheet, browser and Zoom. All over these two large screens, I had all this stuff to conduct one session. I decided to get a professional coaching platform to help me.
That was an exercise in futility, five different platforms later, some of them are so complicated that I gave up after watching hours of videos, and others were so expensive. I could have adopted another child for the price of those. I said, “The world does need a low-cost, easy to use highly productive coaching software system for coaches to run their sessions.” While I’m at it, I think I’m going to embed some of the proprietary processes that have made me successful as a master coach for many years. That’s what you get when you go to ClientFol.io and for $1, you get to try it for fourteen days. If you like it, it’s $19.97 a month. For heaven’s sakes, you can’t get better than that. Go to ClientFol.io and give it a whirl.
Now, onto my amazing guest and his incredible story. This guy happens to have been a friend for many years. We worked together at the Tony Robbins organization. Going back, even before that, he started his professional life wanting to be a carpenter. That’s a creative job and nowadays a high-paying job, but instead, he joined the army. His intention was to go into the army so he could get a college education.
When he went in to negotiate, a scholarship wasn’t available, but he didn’t give up. He kept on negotiating and eventually ended up negotiating with the US government to get a college scholarship for $1. Right away, when I heard that part of the story, I said that explains my buddy. I know who he is. Later with the help of an influential professor, he ended up with another scholarship to USC and the Marshall Business School and what happened next was so cool.
He ended up going to work with a company. The company went under, but he picked himself up and started another company called HCC. Later, that company ended up on the Inc. 500 list as one of the fastest-growing companies, but he wasn’t done yet. In fact, he went on to run three public companies. Now this guy, I got to tell you a little amazing, incredible individual, super smart guy and my friend. His name is Scott Hallman. Welcome, Scott, to the show.
Thank you, Mitch. I’m happy to be here.
We have some history together, which is always fun. What you’ve established and done in your entire career is all about helping people generate profits. What I like to do, Scott is go back to the beginning and fill in some of the blanks that I left with your intro and tell us how this all started for you.
When I graduated from college, I went to USC, this school that we’ve never heard of but anyway. I went through the entrepreneur program. It was one of only four undergraduate programs at the time. You basically create a mock business. I created this mock business, and I did it with a little bit of laziness because I was working and going to school full-time. I worked for a company that copied medical records for attorneys and insurance companies for legal cases and insurance claims.Learn how to optimize what you're already doing. Click To Tweet
When I would go into the hospitals and the doctor’s offices, I would notice they were also copying as well. I came up with this concept of what if I did it for them. That was the business model that I created. When I graduated from college, I started that business on the side, working for my employer. I did it at night. I was so proud. I did all the proformas and all the stuff that I learned in school. I brought it to him after 4 or 5 months and said, “It’s working and let’s do this together as part of what we do. I’ll bring it into the company.”
He basically told me that I either turn it over to him or I’m fired. I politely told him to shove it. That’s how I got started in the business. It’s funny because you go through the entrepreneurial program. I’m telling everybody I’m going to be an entrepreneur, but when it comes time to take that step and go leave your cushy job, it wasn’t an easy thing to do. I got thrown out there. That’s how I got started.
Once I was out there, I had no money. I borrowed $5,000 from my landlord, who looked at me in the eyes and said, “Young man, I believe in you.” She lent me the money. By the way, this is the time when the interest rates were crazy. You and I both remember those times. It was a 17% five-year loan. I paid it back in four months and I was in business. As I started the business, we grew like crazy. We copied medical records, processed medical records requests for hospitals, inundated with requests from attorneys, insurance companies, doctors, etc. It took off.
We have 10, 40 and ultimately 500 hospitals in the nation, one in every nine in the United States. That scaling required a lot of cashflow, which I didn’t have. I needed to learn how to eke every dollar of profit of everything that I did. I became very systematic. I read the book, The E-Myth. I went to hire The E-Myth folks as well. I needed a system because I want you to think about it. We went from copying medical records at a hospital. When you’re doing this, you are touching confidential medical records.
You released the wrong information. Something gets out there and you’re liable. The people are copying about 20 million records a year. That was the business. It grew. It took off. It was very complex. The only way I could make that all work was through systems. I systemize everything way before it was a popular thing to do. I eked out every dollar of profitability I had to, by definition. As I’ve gone through business and moved into my world where I’m now coaching and working with people and teaching them my system, it’s all about optimizing what you’re already doing.
I got to tell you one quick story and then we’ll continue. It relates to this story you told. I was working as an intern at Northeastern University for a computer company. Most of the staff were senior citizens. They’re in their 50s and 60s working as engineers. There was a small group of us that were interns. We are all into the latest microprocessor stuff. This intern and I got together. We said, “Wouldn’t it be fun to take this huge mainframe? It was like 800 pounds, pillar of steel, costing 8,000 Watts an hour to run and completely transform it into a single board computer.” It was like a challenge that we set out to do.
I said, “I’m willing to stay late and do it with you if you want.” He goes, “Yeah, let’s do it.” We used this technology called bit slice. What we did is we took the instruction set of this computer and we emulated it with a bit slice. We were able to increase the performance by five folds using a board about the size of a pizza box on a power supply that ran on two amps of current. We could run side by side with this mainframe but outperform it by five times.
We went into the CEO’s office and he said, “I got something to show you here. You might be interested.” We explained what we had done. We lay it out. We ran the tests and he said, “You’re fired.” At that point, which was very funny, this other guy and I had prepared for this. He basically took the schematics. He ripped them upright in front of them, threw them on the ground. We walked out. Now that guy went out of business two years later. We could’ve saved the company if he wasn’t so pig-headed as your guy could have probably added $100 million to his business if he would’ve made you a partner and listened to you.
One of the greatest that you probably relayed to us, but one of the greatest calls ever was, we had a problem with some medical records. That led me to call him 4 or 5 years later. We’d have a conversation with him and say, “How are you doing?” By this time, they knew I was now the gorilla. It was one of those wonderful moments of you don’t have to say anything, it’s said automatically.
You progressed on. You built this company. What did you do with it?
It’s an interesting ride. I remember one day we’re growing like crazy and we’re adding offices. I now had twelve offices. We operate in 78 cities, dominated more than 50% of the market share in every market we were in. I never had any money, by the way, because when you’re growing at that trajectory, nobody will give you a loan until you don’t need it. Going back to the optimization piece, when I sold my business, it was $400,000 or $500,000 negative cashflow, even though we were making 16% profit.
We were doing well, but the trajectory was amazing. I ended up selling that business. To be honest with you, I was 29 years old. I grew up poor. I started working full-time when I was twelve years old to help pay the bills and do what I could. It’s not major stuff to buy my tennis shoes and help out with my mom. My dad left when I was 12. You made the reference about the carpenter. I brought that up because it was funny. After all, that was the big bucks.
Before I started about the school, I was like, “If I could just make what a carpenter makes,” because we were poor. When I went to sell the business, somebody came and offered me a big old amount of money. I knew I’d never had to work a day in my life again, I thought. I sold it out of fear. If I looked back now, I sold out of fear. They see so many entrepreneurs that come through my pathways that want to do the same thing. I didn’t have a mentor. I didn’t have a coach like you.
I had no mentor whatsoever. To me, it was a big old paycheck. I remember the day I sold the business. I got the big down payment. I went into my garage and I bawled for what seemed like half an hour like I lost my baby. There’s no game plan. It’s interesting because would you have sold it if he did it all over again? No, I would still have it now. We had a family of 800 employees. It was a wonderful experience. That was a tough learning lesson, but once it’s done, it’s done. You have that in your mind, “This is easy. I’m an entrepreneur. I haven’t failed. I was able to do this with a lot of hard work,” but let’s do it again. Trying to recreate that success is something most businesses find very challenging.
You’ve said so many things that I would have said myself because we are more or less in the same boat. The scale was a little different. I didn’t grow it to $800 million. Like you, when I finally agreed to sell it, I was depressed. Part of the reason why I was depressed wasn’t the money, obviously. You’re getting a bunch of money and that’s great. I was depressed because I didn’t know what I was going to do next. I didn’t have a plan. I never even thought past that.Throttle back on the leads that are not performing well and invest in the ones that are performing better. Click To Tweet
If you remember when you were in high school, you said, “I don’t even know what graduation looks like. I’ll never get out of this place.” In a way, I felt the same way about my business. Not that I wanted to get out. It was that I had never thought about what happened afterwards. We both went through emotionally, certainly the same process. What happened after you sold the company? How did that lead you to your next opportunity?
Before I transitioned, though, I will mention our division in my company called Your Big Payday. We work with companies to help them get ready for that big challenge. We have seven things that we take them through to try to help them increase the value and the salability of their company. The final one is all about mindset and it is about what is next. It’s life after the sale. If you don’t prepare for that in advance, you end up like you and I did. You always have to have something, something to do. I sold the business in I took time off. I sold the business initially. I’ll tell you about a fundamental mistake that I made to help other people avoid that mistake is that I agreed to stay for three years only if I liked it and if I was okay with it.
They wanted me to run the show and build it out. The gentleman who bought the company and I did not get along with him. He was very dominating. Here you go from selling your business and they were more of a family-oriented, connection-oriented culture. I’ll give you an example. We sold the business and it was supposed to take three months to close a sale. It took nine. In those nine months, it’s very disruptive. You went through it. You got your CFO working on things. You’re not focused on the business.
The business closes in November, December and historically in our business, it was cyclical. December and January were our worst months. We had a poor January expectedly, but it was poor than normal. I get a call. The guy goes, “You and Jim,” my COO, “down here tomorrow at 10:00 in San Francisco.” I fly down and walk into the room and there’s an old-fashioned easel with a permanent marker. It has $250,000 written on the top. He says, “Names.” I go, “What?” He goes, “Names. You’ve got to cut $250,000 of payroll a month, names.” Welcome to being sold. It was a big challenge.
I ended up resigning, leaving the company, which is a very stupid thing to do before you have all your money. They find every excuse they can and not giving your own money. It was very costly and painful. I took some time off and I decided that I had a golden touch. I went and started developing property, not in the city I was located in, a couple of hours away. I didn’t have the knowledge and the experience. I didn’t do all the things that you do in order to figure out your business and work through things before you build it. I lost a ton of money.
It was a very painful experience. I thought, “I might as well go back and do this all over again.” My non-compete was up. I now went back into the same industry, but rather than copying, processing medical records, a small percentage of what happens in a medical record department of the hospital, we outsourced the entire department, employees, IT and all of their budgets. We took it all over because we were so much more efficient.
That company again took off and grew like crazy. We made the Inc. 500 list again at 109 and sold it, and did it all over again. That was the journey that I had. I decided that it was time to give back. I went to a Jay Abraham seminar. You and I know Jay very well. I remember listening to this guy and taking notes like crazy. By the time it was all said and done, I had about it seemed like hundreds of pages of notes.
The last day I start walking around, I go, “Mitch, what do you think of this?” It’s great. I go, “How many hours a week do you work?” You go, “Like 70.” I go, “Do you know how to implement any of these things?” No, but it’s great. One person after another and I realized that this was great, brilliant stuff, but there was no system out there for how to execute and put this stuff into place. I’ve created a program called the Power of One. I did about nine months of research on what I thought were the twelve most common ways to grow a business. I created Steps 1, 2, 3, 4. That’s how I launched into the information marketing and coaching world.
As you know, you and I are both friends with Jay. I met Jay for the first time through his newsletter. After I sold the company, it turned out that I finally had my new company’s money to spend on things like that at seminars. I signed up and went to a Jay Abraham seminar. Like you, I sat there. I took 30 pages of notes, and I came back to my company after that.
I literally ripped the sheets apart and started handing pieces to different people and said, “Implement this and this.” I got so much out of working and being with Jay that four-day time period. Later, when I finally met Jay in the green room, right before he went on at the Ultimate Business Mastery Summit event, which we created for Tony and Chet together.
It turns out that he smiled at me and said, “All these years, it’s so nice to finally meet you. You look like a happy guy.” I’ll never forget that. I don’t know why. I’m probably beaming year to year to finally meet one of my mentors, Jay Abraham. Since then, I’ve gone to work for Jay. I might be the only business coach in the world that he’s paid something. It was great. I enjoyed the time that we spent together but you did too.
I wouldn’t be where I was at with Jay. He is absolutely brilliant. He brought something to the entrepreneurial world that was so needed. He literally took the greatest growth concepts, meshed them all down, and said, this is what the big boys and girls do. This is how you apply it in an entrepreneurial world. It blew my mind. He called me at one point the Master of Implementation. I took what he did, used what I did to build businesses, and put it into more of that step-by-step process. It was a great platform.
Let’s get into some of that step-by-step process stuff. As a reminder, I have the incredible Scott Hallman, the founder of an $800 million company. As I said in the introduction, he went on to run several public companies as well. Scott has perfected this process. Scott, we’re in school, teach us. What do we get to do to maximize profit inside of any organization?
It’s interesting. I believe I take a different view than many people. I certainly took a different view years ago, which is when I go back to my original medical records business and I’m running around, as busy as I can be. We’re growing like crazy. I wasn’t looking for the big, giant strategy and swinging for the fence. I was saying, “How do we do everything a little bit better? How do we go from copying 11 charts an hour to 11.5 or 12?” They moved the rocks fast. What I also realized is if you can make small changes to 3, 4 or 5, what I call profit drivers. Think of these as things in your marketing sales, conversion process and client valuation processes.
If you can make small, incremental changes, 3% to 5% to maybe 7 or 8 of those, you can double your profitability. Once I realized that and I figured out that whole model, I thought, “This is awesome.” The number one thing you hear from people when they learn something new and go to implement it is, “It doesn’t work. I spent some money. We couldn’t figure it out.” Why don’t you start with optimizing and maximizing what you’re already doing in your business, generate more leads by making a few changes, not spending more money?
Just make a few changes and tweaks until you get a higher performance of leads. You are taking them all the way through the sales funnel. On stage, I was talking about a sales funnel. If you have a sales funnel like this, which is all the steps that you go through until you ultimately convert, and they fall through the bottom as a customer, client, patient or member. If we can improve each one of those, you can see how many more people or transactions fall through the center there.
It was all about creating a simple model that says, “Let’s define how you generate leads.” What are the steps you take them through to ultimately convert them to a client, patient, customer and member? Let’s work on making conscious improvements to each of those steps. It’s quite easy because you’re already doing it. This is a matter of going back and taking a look at it and saying, “How do we optimize those?” Let’s put in the tracking so we can measure how we’re improving and constantly be looking at how we can improve those. If you do those things, it’s the fastest way to generate additional cash and profits of anything I know to this day.
It’s very simple. I’ve watched you do this now several times. I’ve watched you do it with clients and Tony, Chet, and me. I know what you do, but let’s take someone through an example. If you don’t have an example, you could use my ClientFol.io strategy or the way I sell it right now, which is very simple. I drive traffic to the ClientFol.io sales page. What steps could I add or subtract necessary to make that better?People are so buried in their business that they need someone from the outside to come in and see things they can't see. Click To Tweet
You’re going to start off by saying we’re generating X number of leads at the ClientFol.io page. Let’s take a look at those lead sources and the language you’re using, the offer you’re making. Let’s look at your spends. If you’re spending money on some paid traffic, which one’s performing at the highest level? We should probably throttle back on the one that’s not performing well and invest more in the one that’s performing better.
Once they’re landing on your sales page, now what we want to do is we want to take a look and say, “What are you doing to get them to take the next step of your process?” If the next step of your process is, you want to watch a video. Now what we want to do is the baseline is 20% of the people coming to that page are watching the video. We think to ourselves, “How can we get this to 25 or 30?” That’s what it’s all about. Once you’re doing that, what would the next step be? Am I going to go to the order page? What happens?
In our case, they go to the ClientFol.io sales page. There is the sales copy. All of the elements that most coaches would care about as to how this might affect their business, they could watch an explainer video, which is very simple. They could then read about the testimonials, see how all of the productivity drivers of the software would help them. They’re asked to make a big decision. Do you want to spend a dollar or not?
In fact, we don’t even ask them. We just said, “Get started now.” We literally go in and set up their account as they’re entering this information. Finally, after the setup, which is three steps, we give them a chance to spend $1 and move on to the usage of the platform for free. That’s the entire process. The conversion rate from trial to paid subscribers is 66%. It’s darn good. What we are trying to continue to do is make the conversion from hitting the page to wanting a trial even higher.
The reason that conversion is so high is that you’ve got a great product that is not out there, and in such demand, need is probably a better word. I’ve looked all over the place for something like that and they’re complex or you got to spend a lot of money or to combine multiple pieces. If you do that, then trying to teach your team how to do it, it’s impossible. It’s very difficult.
For everybody out there, the whole process, you all have different steps in your sales funnels. If you are a brick and mortar or whether or not you are an infomercial, which is only usually a couple of steps. I think you’d mentioned 3 or 4 steps when you come. The first thing is to identify what those steps are. The next thing is to identify how many people are moving from step to step.
Once you have that, we’ll call it your baseline. Now we begin brainstorming about how we can make improvements. It’s interesting because once you understand the model, you have intelligent people that are working with you or supporting you that can come up with many of the ideas. This is not the rocket science part of the ideas.
The actual key is having a system and the discipline to work through and constantly be looking for improvements. They can be dramatic. I remember a story I can tell because it’s being told so publicly. One of my clients is Mindvalley. Vishen Lakhiani, who’s the CEO, was out in San Francisco at a Ryan Deiss event. They had 6 or 7 other people there. I was doing my initial process. I do with all my coaching clients a deep brainstorming session. We’re going through all of the profit drivers and looking for an opportunity.
I said, “Tell me what your number one selling product was.” He said, “This is what it is.” It’s a meditation. What they did is they basically sold meditation digitally. It used to be CDs. Maybe before that, it might even have been cassettes, I don’t know. I said, “How do you sell it?” They won’t give you an example. They pulled up this video. It’s an eighteen-minute experience where you got to go and get in your Zen moment and you’re going to do this whole experience.
They’re going to basically give you a demo. I said, “Let’s watch it.” “You’re going to watch it right now?” “Let’s watch it right now.” We did the whole thing. I watched it, I’m taking notes and we get to the end. I said, “There’s no call to action until the very end.” They said, “Yes. We don’t want to interrupt the Zen.” I said, “I get it. What percentage of the people watch that entire video?” They had an analyst that they knew everything, 21%.
I said, “Set another way, 79% of the people never see your offer?” He said, “Yes.” I said, “Let’s rewind and watch this again in about 2 minutes and 15 seconds.” I don’t remember exactly what it was. I said, “Can we put a little soft call to action for the people like Scott who were impatient?” I got an email from Vishen when he got back to Malaysia, which is where their home office is. He said, “We’ve been doing this for two weeks,” at that time. Conversions are up 42%.
Now this owning multi-million-dollar product with no actual production costs. To give you an example of how dramatic it can be, we were also close to our business, we’re all buried in our business. No matter how much we try to step away, somebody from the outside can come in and see things we simply can’t have. That’s why everybody needs a coach. Every coach needs software to be able to be efficient with their operations like what you provide.
I’m going to boil this down to an even simpler formula. I certainly love the way you described it, but here’s what I got. When you look at anything, look at the individual pieces, go deep on each one and think about each individual piece with the idea of how do I improve that. You and I both have been hammered by Chet many times. I once told Chet, “We had a 91% conversion on that last offer.” He went dead quiet and said, “What happened to the last 9%? Get on the phone and call them. I’m not going to tolerate a 9% drop-off rate. You get those people.”
I said, “Okay, I guess,” but I think he was right. Every single thing needs to be completely analyzed. I think what I’m hearing is don’t accept the fact that the sales page and the conversion are working. Go even deeper into each piece and see if you can get an extra 1% out of every element in the chain. Maybe it’s 2%. That’s where these huge increases come from. Would that be another way to see it?
It’s a great way to see it. I’ll give you an example that’ll drive that point home. My friend and a former coaching client, Bill Harrison, calls what I do the boring way to riches. The example I would give is that suppose you have a business. They have a certain number of overheads. They’re sending money on marketing. They do $1 million a year. They’re not making much money. Maybe they’re making $20,000 or $30,000 because they got a lot of overhead.
If they sell their product at a 50% gross margin and take out credit card fees, etc., supposed they have a 50% profit. When they go from $1 million where they’re not making much money to $1,000,001. It’s a boring jump. They add 50% of that $100,000 to the bottom line. When you talk about, “Yeah, I need to improve. It’s no big deal,” people think, “Yeah, I have that. I got that figured out and tell me something new.” That’s a no, no. I need you to get it in your brain and you need to get in your gut.
What you’re going to learn is when you run the exercise, take people through what we call our Profit Calculator, which creates our Profit Acceleration Blueprint and they see, “Are you telling me if I make these 4 or 5 or 6 changes to my business, I can add 25%, 30% or 50% to my bottom line profitability? By the way, it dramatically increases the value of my company?” Now you have it and understand.
Bill and I worked together as well. He was my client back in 2013. I love the way Steve would create little notes and stick them on all the different pages. It was a great process. I loved how he was doing it. We’re talking about Steve and Bill Harrison. They worked very closely with many famous publishers, including Jack Canfield, Chicken Soup for the Soul. I’ve been to Jack’s house for a mastermind as a guest from Steve and Bill as well.When you look at anything, look at the individual pieces with the idea of how to improve that. Click To Tweet
They’re terrific guys. They have run a great program. If you help them increase the profits, then that’s fantastic. I tried to help them see things from the standpoint of a longer-term training program versus a campaigner, one shot at a time email. They loved it. We ended up working together for a bit. The most important part here, Scott, is the idea that profits can be improved. I think what I’m getting out of this and I hope if you’re reading to this, you’re getting this too, is that there’s always something you can do to improve profits by carefully analyzing the steps in your process, even if you’ve done it before.
Maybe you did it months ago. The other thing Scott that you said, which is absolutely fantastic, “Don’t do it alone.” Get some other bright people in the room with you, do it together or get them to do it separately so that you get ideas you didn’t have before. I think that’s gold right there. We’ve covered a lot and I enjoyed this. It’s time to transition to what I call my favorite part of the show.
The reason I do is that this is the part where we get to know a little bit more about Mr. Scott Hallman himself. Let’s start with my first question. I have been told it’s a silly question, but I also have been told it’s a very revealing question. Here it is. Who in all of space and time would you like to have one hour to enjoy a walk in the park, a quick lunch or an intense conversation with?
There are several people. I’ve had the privilege to have that experience that I could mention, but it would have to be Jesus. You look at the impact on the world. We look at the world we’re in right now. I have so many questions to get clarity on. That would be what it would be. I know that might sound like maybe a popular thing and for some people, that unpopular thing. I can’t envision a more incredible experience.
You would want to ask Jesus what the heck is going on in this crazy world right now? I got to tell you, a lot of people have said Jesus, but everyone has a different reason for saying so. Even with other popular answers, like Leonardo da Vinci, people named these amazing people, but I think everybody’s interested in what they would want to talk about is the revealing factor. What I’m hearing is Scott, you’re not very happy with the state of the world right now or the condition of the United States.
I would have much deeper conversations about more meaningful things than that initially. As you asked me the question, and I think about where we are right now, it’s a confusing time for so many people. Trying to get some wisdom and clarity would be a valuable thing.
There’s an interesting book written about many years ago called The Fourth Turning, which predicted all of this is going to happen and almost exactly to the timeframe that it is. This author claims that these turnings go in series of four, and they’ve been going on since the beginning of civilization. I think the book was written in 1995. He’s described what’s going on right now in more and better detail than I’ve ever heard anyone else predict.
If you’re reading this and interested in this topic, go check out The Fourth Turning on Amazon or any place where you like to shop for your books. Scott, here is what I call the grand finale. It’s the change, the world question. What is it that you’re doing or would like to do that truly has the incredible potential to literally change the world?
I’d love to give you something deep and mystical, but I’ve had the answer to this question since I started off doing what I do now, which is I realized that most business entrepreneurs and people, I won’t say they live paycheck to paycheck, but they make money but they’re not able to create wealth. I thought, “If I’m able to give them some simple tools that they can apply, that will change their circumstances even a little bit, it has a dramatic change.”
I use the example of a rice farmer over in another country who makes a small amount of money. They make $100 a month, just picking a number. I think if I can show them how to make $150 a month, I believe that’s life-changing for them. I believe that the set of tools that I’ve created and developed have a much broader impact and can have a much broader impact on all the world by helping them improve their economics. Therefore, improve many areas of their lives. It goes way beyond that because when I created the technology, you take it to how you can improve every aspect of your life, but that would be my big answer. It may sound like a business answer, but it’s more of a quality of life and transforming people’s lives answer, from my perspective.
Money may not make the world go round, but it sure can improve life at the right time and in the right amount. If you have the ability to help people improve what they earn and what they get to keep and take home, if you did that across the world, the seven continents, I would say you are a candidate for changing the world. I’d love to see you do that. Thank you for your answer.
Now we get to hear more about your giveaway. I know you have something special. I’m going to foreshadow your free gift. Readers, Scott wrote this amazing book. It’s called The 7 Success Drivers to Hypergrowth. When that book came out, it caused Scott’s business to explode because so many people read that book and said, “I got to work with this guy.” We could talk all about the value of books and everything else, but it’s the value of this book. Scott, what do you got for our readers who have enjoyed hearing our conversation so far?
The comments I got from this book are all about that it’s interesting. What I did was I wanted to write a book and capture the success secrets of entrepreneurial businesses, not VC businesses, not private equity businesses, true build-up from the bootstrap entrepreneurial businesses. I sought out and interviewed twelve founders of Inc. 500 ranked companies like mine were. I had a criterion that says, “You have to be on the list three times or more.” That’s called a sustained ongoing success, not a one-and-done.
I wanted to learn their secrets. There are seven success drivers in here. I wanted to learn what do they do about building teams and culture? What do they do about optimization and systems? What do they do as far as strategy goes or what I call your secret sauce? I wanted to look at all the elements, including the last one is an all-around mindset. What could I learn by interviewing these folks that I could put into seven common success drivers that are part of successful businesses?
The neat thing was, is these were all businesses that none of them got seed money. They all grew by the bootstraps, and the stories are absolutely fascinating. Rather than thinking about it like this is a book where I interviewed people, put it in there. I interviewed them like you’re interviewing me, which is I share, and then you share your perspective.
The learning lessons that are in there and how I cross relate those to multiple different industries is what people say is the most valuable, practical and tactical. How do you learn a lesson and be able to take action on it? I’m going to give that away for free, a PDF version. You can read it right on your computer, Kindle, or even your phone, although I have a hard time doing that. I want to give you that gift. It’s a fun read. It’s done in an interview style. It’s light at the end of each chapter. I will build on one of the profit drivers and leave you with, “Here’s some action you might want to think about taking to produce some results from what you just learned.”
It’s a fantastic gift. Scott, thank you for that gift. Thank you for your time. I enjoyed our conversation, as always. I can’t wait until we get a chance to talk again soon.
- Scott Hallman
- The E-Myth
- Chicken Soup for the Soul
- The Fourth Turning
- The 7 Success Drivers to Hypergrowth
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