Money is a very important asset.
I understand the importance of money in our society in spite of my ramblings about “The five ways we get paid and the fifth is cash” and “It’s not always about the money.”
And my business is not a non-profit which may surprise you.
With that as preamble, I want to share an epiphany I had recently about losing money during one of my Titans Xcelerator calls.
I made the declaration to my virtual family of Titans that “I have never lost money while working in (and on) my business” …and note that is not the same thing as saying that I am a flawless businessman.
Even when the balance in my checking account is going down significantly…or when I send a huge payment because of some outrageous mistake I made…or when I have to send significant compensation to someone for an error in fulfillment…or a huge refund for promises made and not kept…or something else that caused me to send cash to cover up for my inadequacies…
…I still never lose money.
While I acknowledge that losing money, in a literal sense, defined as cash going out the door unnecessarily, does happen and it definitely hurts, I also realize there are upsides to all negative cash flow events.
Maybe I don’t treasure every one of them at the time they are happening but they are all part of my balance sheet (and that “balance” is not just financial).
I believe that when you look at your business through rose colored glasses (or any colored glasses other than green), with a mindset that focuses on value rather than cash, you can come to the same conclusion that I have…that there is never a situation where you actually lose money.
Do you want to try on my thesis by wearing any color but green glasses while focusing on value over money?
If yes, read on.
If not, use the time to make some money…but I warn you that you will then run the risk of losing some money in the process. 🙂
I know this all sounds like a wonderful rationalization for throwing good money after bad, on projects and business ideas that go south, and never suffering any consequences.
That’s not what this is.
And yes, bankruptcy is a real thing.
And no, I am not living in a fantasy world.
But without thinking about the by-products you create every time you “lose” (and I use the term “lose” loosely), you will always live in one of two camps, the winners or the losers.
And that doesn’t seem like much fun since there is so much more nuance to life…and business in particular…to only have those two choices.
Two quotes that I’d like to begin my thesis with are these, which I have used before, but not together.
1) From world champion dog agility trainer (and badass marketer) Susan Garrett:
“We win or we learn. We never lose.”
And despite winning dozens of gold medals on almost every continent, she hasn’t won every competition she has competed in which number in the hundreds (if not thousands) …so she has some serious street cred to say this.
2) From marketing guru, and one of my mentors, Jay Abraham:
“Get everything you can out of all that you’ve got”
Jay has made millions of dollars and lost millions of dollars. And whatever his financial situation has been throughout the 40 years I’ve known him, his mantra has always been about getting everything he could from every situation in the moment, whether he was crushing it…or getting crushed. He has been enormously successful over a long career and under any metric…so he too has a successful track record (with many failures sprinkled in) to back up his quote.
Here are a few examples of how never to lose money even while you may be bleeding cash.
Value over money
Cash may be king but value creation is emperor (or whatever is higher on the pecking order above “king”).
As cash is going out the door for a mishap, make sure you make copious notes about the value that was created by whatever mistake you made…and file that in the fireproof safe of intangible assets.
Bonus for doing this: Those assets will be immune to inflation. 🙂
It all sounds a bit fanciful I know…but you always get something for that payment, even if making the payment is extremely painful.
And no matter how trivial or meaningless the value you receive for that painful payment seems at the time, considering it a valuable dividend one that you must save, memorialize and honor.
That’s why you need to put those notes, dividends, receipts, or whatever, in a safe where they might not do anything for you immediately; but where they can still create compound interest over time without the need of a bank.
Document it all for the future.
Relationship capital over money
You knew this was coming if you’ve been in my online family for any length of time.
Even when you are paying out for self-inflicted indulgences or compensating for a perceived injustice, you can still make friends in the process.
Not all the time… but with money, even payments under duress can still create goodwill.
Cash becomes the past as soon as it’s paid…while your ongoing relationships are about the present…and the future.
Content over money
Content—which is always an asset—needs to be measured as you come up for air from every negative situation, even the stickiest ones where you lose money, your shirt or anything else which can be classified as a liquid asset.
Remember, we win or we learn…and relating what we learn when we don’t win is valuable content you can share with your online and offline families…and teach those lessons so others won’t make the same mistakes.
You’ll note when I wrote “The biggest mistakes of my career: Part one,” I led with Susan Garrett’s quote there too.
It’s all about “Reruns with a purpose.”
Or…you (and everyone else) will eventually get it right through repetition. 🙂
Community over money
I’ve often told you that you can remain on my list as part of my online family and never buy anything from me…and while it would be nice if you tapped into some of my educational products, it is far from a requirement.
Under that premise, why should it be a requirement to cut off people forever from your life who you’ve had “money issues” with—as long as things were resolved well for both sides?
And…when others in your circle see that you resolved your differences with someone else that way, they will be more secure in your community knowing that they can resolve any issues with you the same way should they arise.
Of course, not every negative business transaction ends in bliss—I am not that naïve—but in over 40 years in business I can safely say that I have only written off people from my community (whether from money issues or not) less than the number of fingers on both of my hands.
That’s not because I am any kind of expert negotiator either…in fact, I’m a wimp in most negotiations…but I also get 7 to 9 hours of peaceful sleep every night so that’s an asset for me to treasure…forever.
It’s all about what you hold on to and what you let go of…
…and how you don’t let money run (or ruin) everything.
P.S. No…you still don’t have to buy anything from me…ever.
How’s that for a sales pitch? 🙂
However, I want to alert you to the fact that I will be opening up seats in my Titans Xcelerator Mastermind soon…and today is the perfect time to put yourself on the waiting list here.
I know I am not objective…but Titans Xcelerator is the best mastermind anywhere in the world based on value for the price.
I am sure of this since I have explored them all and been a member of many.
It’s a place where you can contribute your own genius while tapping into 250 other like-minded entrepreneurs, multi-channel direct response marketers, media buyers and world class copywriters.
Everyone helps everyone else.
Yes, there are more “specialized” masterminds which are better in one area or another…but there is nothing like Titans Xcelerator that combines tactics, strategies, advice, interaction…with a ton of heart.
It’s all virtual (but still intimate despite no hugging), it’s affordable, and it overdelivers (to coin a phrase) every step of the way…but it is currently closed.
Go here to look at all you get over a full year…for less than a digital course you might buy (and never use or implement).
Titans Xcelerator is a “Netflix model” that allows you to give and take what you need and want–when you need and want it–and with just a little involvement, it will change your business and your life.
And I promise that if you put your name on the waiting list here, you will be alerted when seats open up before everyone else does.
PLUS, I will give you an additional discount and bonus just for joining off the waiting list.
Of course you can decline to put your name on the waiting list, never join, and we can still be friends for life.
But becoming an Xcelerator will definitely make us better friends…and I’ve also got 250 other people like you who I want you to meet…and they want to meet you too.