Page 113 - Business Mastery for Exponetial Profit make more work BW 15102021

invented tension! At the beginning of the year, he would announce
to the market that the price of his car will be reduced by $50, This
amount was such a big deal 100 years ago. After the
announcement, he would call his management and tell them about
his public announcement of the price. He would then say, now that
we have announced a reduction in the price of our cars; if we
cannot find efficiency savings, we are going to be making losses
on those cars for the next one year. So now there is an urgency to
find efficiency savings, they never failed to make a profit. The
interesting part is that next year, he would do the same thing and
for like 7 years in a row. Henry Ford was one of the cleverest
entrepreneurs of all times and I have learned a lot from his
methods. So, you are not making cars, of what use is this concept
to you then? The way to create your tension is to set aside a
percentage of your revenue and put it into an account called profit
account. The moment you get paid, that percentage goes straight
into the account. You will not access or withdraw from the account
except at the end of the year. You will be amazed at how much will
be accumulated at the end of the year. When you check your bank
balance as you usually do, the frequency of hitting the panic button
increases and then your productivity too. It is a commonsense
approach, some of the clients that I share it with were surprised;
they wonder how something so simple could make such a big
difference in their business.
This approach also reduces wasteful spending, if the money is not
there, you are unlikely to behave recklessly. It is human nature to
use more resources than we need when it is there. A mundane
example is when you get your brand-new toothpaste, you put as
much as you want on your brush without thinking about it. When it
is getting to the last bit and you haven’t got the time to go buy
another, then prudence suddenly emerges, and you put just
enough for you to brush. Please test the ‘profit first’ method and
watch your profit grow and efficiency rises.
Implementation – stop reading now and go online to open a profit
account and decide on the percentage profit that would go into the
account as soon as you get paid. Remember when you were in
employment, the government takes the PAYE before the money
gets to you otherwise, you will agonise about paying it every
month. So, treat the money going into your profit account in the

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