- Posted by Jeff Vacek
- On February 18, 2016
- 0 Comments
- Asset, Relational Capital
I get asked constantly, “Jeff, what is your secret to success.”
I usually say, “Well, there is no secret… Success is made up of a recipe of multiple things coming together over time.”
If that doesn’t make them mad and walk away, I’ll come back with what I think is a better question to ask me…
“Jeff, if you had to stat over again, what would you do?”
To me, that really tells you ‘the secret’ or somebody’s true path to success as most people just repeat what has worked in the past.
Now, before I answer what would I do if I had to start over, what do you think the typical answer is to that question?
In my experience, most people would answer with what they would do different from what they did before and NOT do things they regret doing.
Or, they would spout off a bunch of other kinds of businesses that in hind sight, they assume would work better.
I’ve asked that question myself to several successful people and a lot of them at the time of this writing say that they would get into selling physical products.
But frankly, I don’t really like any of those answers AND in my opinion those answers would be ‘putting the cart before the horse’.
There’s something else I would ALWAYS do first if I was starting over.
Want to know my answer to “Jeff, if you had to stat over again, what would you do?”
I would pick up the phone and call somebody.
Seriously, if I had to start over again, I would go through my rolodex and start “dialing for dollars”.
I would do whatever work, deals, consulting, coaching, etc. that I could find… Stock pile my money and then reinvest and start my own venture again.
And I’ve done that many times over and it works EVERY time.
So, the REAL question I have for you is this…
How big is your relational bank account?
My wife is a worrier. She asks me all the time, “Don’t we need more money in savings… Don’t we need more insurance…?”
My answer is always and firmly, “Nope”.
Because my Relational Bank Account is bigger than any financial asset, investment or whatever that I have.
Yep, I have a GIANT amount of ‘Relational Capital’.
If I ever need money… A favor… An introduction… A strategy session… A job… A client…
My ‘peeps’ will have me covered.
I’ve proven it over and over and over and over.
I’ve always relied on my relational capital to provide the most intangible security than anything else can provide. Couple that with my experience and there isn’t anything I can’t do.
Believe it or not… Same goes for you.
I don’t care what you’ve done, what you do now and what you’re going to do in the future, your relational capital will ALWAYS be there for you, to pick you up, motivate you, help you out or whatever you need at any given moment.
Here’s an example from my past:
A few years ago, one of my info publishing business was suffering. Frankly, our product was getting stale and had definitely reached saturation.
I was concerned about the future. And we kind of caught it too late and didn’t have the time or the finances to create a new product, invest in new traffic, etc.
I was about to lay people off and we literally had a few thousand dollars in the bank account (FYI our bank roll for that company was about $60,000 a month).
We were pretty much done if we didn’t do something fast.
So, what did I do… I called in a ‘lifeline’ to 2 guys that ran a high-level mastermind I was a member of.
I literally think the call lasted 5 minutes… One of the gentlemen said, “Oh man, we went through that recently, that’s easy… Just do a closing offer.”
I said, “a closing offer?”
He said, “Yeah, you have a subscriber list, right?”
I said, “Yes.”
He said, “Great, have they ALL bought this product that’s just about dead.”
I said, “No, only about 5-10% of them have.”
He said, “Great, then promote an offer telling the other 90-95% that product is closing and going away forever and they’ll NEVER have a chance to get it again… AND on top of that, give them a discount.”
I thought, “holy cow that is brilliant.”
So, what did I do?
Of course, the closing offer.
Here’s what happened…
Over the course of the next few weeks we put about $80,000 in profit in our pockets, had a whole new batch of customers and got a certain percentage of them to an event where we sold even more to them.
All-in-all, from that ONE phone call… I probably netted over $100,000 in 2 months.
That was THE catalyst to reinvigorate that business we needed and we’ve NEVER looked back.
Now, you might be thinking, “Well, I don’t have a subscriber list or even a product?”
You’re focusing on the ‘How’, NOT the ‘Why’.
It works… Get in communication… Get on the phone… Call somebody… Text somebody… Skype somebody… Facebook somebody… I don’t care.
When you authentically reach out from a humbled position… And you REALLY have a relationship with these people… Magic will happen… The ‘How’ will take care of itself.
So, let me ask you again…
How big is your relational bank account? How much relational capital do you have ‘saved up’?
If you’re low on relational capital, build it up now.
Get to events… Get others to make introductions… Do whatever it takes to invest in relationships.
They are priceless!