No matter what area of your life you are trying to improve — your health, your relationships, your business, your career — you need focus.
I was in Florida a few weekends ago at my Todd Brown Top One Mastermind.
One of my buddies, Tom Beal — a very successful digital marketer and performance coach — presented a very cool framework for focus.
Tom’s framework is called the “Quiver of Clarity.” I got massive value from it and I know you will too.
Anything you do in life will fit into one of four categories:
- What do you need to start doing?
- What do you need to do more?
- What do you need to do less?
- What do you need to stop doing altogether?
Whatever your goal or desired outcome, you can apply this. Health, wealth, happiness… whatever.
Because I’m biased, let’s look at this framework for buying a business.
1. What do you need to start doing?
If you are at the start of your business buying journey, there are things you must do that you probably aren’t already doing…
Including creating a deal specification. In other words, what type of business do you want to buy and why?
The type of business should be related to you in some way. Your skills, experiences and passions are good places to start.
And more importantly… why do you want to buy a business?
Trust me. What you really want is not to buy or own a business…
What you really want are the benefits of owning a business, like cash flow, pride, freedom, work-life balance, fulfillment, achievement, etc.
Make sure you fully document your what and your why.
2. What do you need to do more?
You are probably speaking to sellers and brokers in your pursuit of a deal. If not, you should start. This is a relationship business. Tell them who you are and what you want (your deal specification).
It is also a numbers game. You may have to look at 10, 20, even more opportunities to find your perfect business. Keep up the activity. Keep speaking to brokers and sellers, sending out letters directly to business owners, attending networking events and posting on social media for deal flow.
Do as much of this as you can and play the numbers game.
Use Excel, Google Sheets or a low-cost customer-relationship management tool to track your activity. If you speak to a business owner, you seed the thought of selling even if they aren’t ready.
So find them on Facebook and learn about them. Follow up periodically to keep building that relationship. When he or she is ready to sell, you will be top of their contact list.
3. What do you need to do less?
Time is a resource we all have the same amount of. What we choose to do with our time defines us and the results we get.
Years back I was addicted to box sets on Netflix. A good way of relaxing but not really of adding value to my life (unless I’m watching with my family).
Now I read instead for relaxation. I read books on business, psychology… and I particularly love biographies and autobiographies because success leaves clues.
I recently read about Uber founder Travis Kalanick in Super Pumped: The Battle for Uber. I love learning about successful people and modeling their qualities in my businesses and life.
What are you spending a ton of time doing that you need to cut?
Use that time instead to hunt for deals.
4. What do you need to stop doing altogether?
I’m a big believer in doing things in life that serve you and move the needle in the right direction on your wheel of life — toward the major areas of your life that you want to improve.
Every time I look to do something, I ask myself one question: Is this activity going to move the needle for me?
I was recently invited to go on a big hike with my CPA. I decided this was going to hit two of my growth areas…
One, it was good exercise and I can use some more of that right now.
Two, it was a chance to spend time with one of my most trusted advisers. I could inquire on potential new deals, ask questions about my business portfolio and continue to learn from someone I admire.
The alternative was to spend the time watching a soccer game by myself, so I went for the activity that was going to move two of my needles.
So for whatever goals you have — including buying a business in 2020 — use Tom’s four-part framework to make smart choices with your time, especially as you pursue deals…
Because you never know when the right one will come into focus.
Until next time, bye for now.
Editor and co-founder, Dealmaker Wealth Society
P.S. Please keep your notes coming! Reply to this email and let me know some of the tactics you use to stay focused. There are many different strategies out there — it’s about finding the one that resonates most with you so you will stick with it!