Latest / The SmallBizChat with Melinda Emerson / Becoming Change Masters with Barry Moltz

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Becoming Change Masters with Barry Moltz · The SmallBizChat with Melinda Emerson

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  You've gotta be in extreme pain.
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  I mean, partnerships don't break up.
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  Marriage never break up.
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  People just keep going the direction they're going unless they're in a lot of pain.
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  So what's gonna make you make that change?
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  And then when you finally decide to make that change, it's very important to decide what's
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  the first part of the change you can make.
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  So many times, Melinda, people don't make changes because that first step is just way too
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  big.
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  What is the smallest thing you can do?
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  3210 ignition.
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  Ripped off.
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  Ending small business failure.
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  Welcome to the small biz chat podcast with a number 1 small business expert, Melinda
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  Emerson.
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  Melinda's goal is to end small business failure, and she'll give you the information
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  you need to succeed and live the life you dream of.
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  Now here's the small biz lady herself.
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  Melinda Emerson.
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  Hi, everybody.
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  I'm Melinda some small biz lady.
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  America's number one small business expert, and I am proud to welcome you tonight to small biz
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  chat podcasts, and I am so excited to be here with you tonight.
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  We have an amazing show in store.
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  Now here on the smallbizchat podcast, we talk about how to start and grow successful small
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  businesses.
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  And my guests amazing insight to share, and you're gonna get sage advice from multiple
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  perspectives is a peer to peer interview show.
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  That gives small business owners a way to get invaluable business advice.
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  And our mission is to end small business failure.
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  So now let me introduce my guest.
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  My guest is a long time business expert.
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  I gotta tell you guys He's one of my favorite business expert.
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  He is all about helping companies get unstuck.
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  He's the author of 7 business books, He's a family business advisor and a merger and
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  acquisition consultant.
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  His latest book is Change Masters how to actually make the change you already know you
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  need to make.
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  Very also post the small business radio show on AM820 in Chicago for more information, go to
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  barrybolts.com.
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  Hey, Barry.
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  Welcome back to the small biz chat podcast.
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  Oh, my gosh.
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  We're so happy to have you.
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  You know, I wanna go back to the beginning because this is story.
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  I wanna know how you became a business expert.
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  Well, I became a business expert because I had a lot of success and failure.
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  And so during the bubble of 2000, I mean, everybody thought, well, all I'm gonna do to
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  make a $1,000,000 is to scratch my business plan on the back of a napkin give it to a VC
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  firm.
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  They're gonna give you a $1,000,000.
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  And as you and I both know, it doesn't quite work that way.
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  So in my first book, you need to be a little crazy.
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  The truth about starting growing your own business, I really showed people the ups and
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  downs of things you go through as a small business owner.
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  How wonderful it is, but a lot of things you need to watch out for.
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  Tell us about your new book, Change Masters Really, what it is you want people to learn
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  from your new book?
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  Well, I think change is difficult for everyone, Melinda.
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  And the reason that I wrote this book is because I had a lot of clients who I would go
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  out as a consultant.
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  We'd sit down for weeks.
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  We decide what they need to change.
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  We put together a plan.
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  They agreed that this was the plan, and it was if they executed, they would make more money.
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  And then to my surprise, almost nothing ever happened.
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  And so I thought, well, why this so hard for people to make changes and how can I get them
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  to make the changes that they know they gotta make?
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  So that's why I wrote the book.
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  What kinds of things do people tend to struggle with in their businesses?
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  Well, I mean, listen, there are 5 major areas that people struggle with.
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  First of all, it's, marketing and sales.
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  Right?
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  A lot of small business owners never wanna do sales or marketing.
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  They're good at once.
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  Someone says, Hammers, your product.
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  They're not really good finding suspects.
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  The other is leadership and management.
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  Most of us have never learned how to be a leader or a manager.
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  I was lucky enough that I spent my 1st 10 years at IBM and when I become a manager, they send
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  me a way to a whole for a whole month to management school.
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  We call it charm school to learn how to be a manager It's most of us don't learn it.
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  The third thing is customer experience.
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  The 4th is really, managing money, cash flow, And the last thing is really productivity.
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  We get all these things to get in the way of us really doing the things we should be doing.
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  So that's where people mostly have problems around change.
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  So how can you train your brain to change?
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  Well, you know, you bring it up you bring up the brain.
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  I mean, we are biologically programmed not to change because our brain is all about survival.
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  And, Melinda, what your brain says is that if some thing has worked out so far and you're
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  basically not dead, you should keep doing the same thing over and over again.
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  I mean, and also as our brains age, we get lazy, right?
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  We wanna keep doing the same thing over and over again because it's difficult.
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  I mean, think about when we all used to go to offices, right?
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  We would get in our car and we would get to the office, and we didn't know how we actually got
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  there because your brain has this pattern.
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  And it difficult for your brain to change because it is a pattern making machine.
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  So you gotta have steps.
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  Right?
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  Of course.
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  There's only steps, and there's always, like, 10 or 20 steps, and we got 20 steps.
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  And it was and I gotta tell you, it was really funny.
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  So I have this Changemaster worksheet.
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  It's actually in the book.
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  And when I was, you know, I wrote the book and I'm testing out this worksheet.
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  Of course, I give it to my wife's is one of the people I give it to.
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  Right?
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  And I say, listen, honey.
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  I'm writing a book on change.
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  Can you take the change master worksheet?
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  It talks about what change you wanna make and how twenty steps to make the change.
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  She looks at she goes, I don't need to make any changes.
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  I don't have to do this worksheet.
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  So that's about as far as I got with her.
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  But The first thing is you have to say to yourself what change you actually want to make,
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  and you have to be really very specific in this area and think about how you're currently
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  making that change.
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  And if you don't make that change, what are the consequences?
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  My belief is people only make changes if they have no alternative.
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  You've gotta be in extreme pain.
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  I mean, Partnerships don't break up.
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  Marriage never break up.
• 6:40
  People just keep going in the direction they're going unless they're in a lot of pain.
• 6:45
  So what's gonna make you make that change?
• 6:48
  And then when you finally decide to make that change, it's very important to decide what's
• 6:53
  the first part of the change you can make.
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  So many times, Melinda, people don't make changes because that first step is just way too
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  big.
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  What is the smallest thing you can do?
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  So for example, a lot of small business owners, as you know, don't read their financial
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  statements, right, And so you wanna make a change and you wanna read your financial
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  statements, but it's just too big that the information that I know is too much.
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  So the first part of the change is Can I look at next month what my sales were?
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  Just look at your sales.
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  That's it.
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  And then maybe 2 weeks later, you say, well, let me look at my gross margin.
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  Make very small patient error changes and those things get there.
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  You also need someone that's gonna hold you accountable.
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  I mean, I don't know if you're like me, but if I tell someone I'm gonna go do something, then
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  I actually have more of a chance of a college yet than if I just keep it to myself.
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  I get that.
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  I get that.
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  So what are the best ways to make, like, to encourage other people to make changes?
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  Like, what do you need to get your salespeople to make a change?
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  Well, the first thing you have to do is you have to set the example yourself.
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  So you've gotta show them that you actually can change yourself inside the organization.
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  As I said, you've gotta set the example, and then you have to make it worthwhile for them to
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  change.
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  I know for a lot of organizations, you know, Melinda, you and I deal with different CRM
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  vendors.
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  A lot of companies wanna put in a customer relationship management system.
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  But the problem is that no one in the organization actually wants to use it.
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  If you wanna make that change, you have to find out What's in it for them?
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  What pain is this change gonna solve for them so they can support that change?
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  That's really the only way to do it because everything being equal.
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  People are gonna do the same thing over and over again.
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  And, of course, Albert Einstein said, Einstein said, that's the definition of insanity.
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  Doing the same thing over and over again, expecting different results.
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  So if you wanna make a change in your customer experience, Is it is it the same kind of thing?
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  Well, the first thing you have to decide is what is the change you wanna make?
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  Be very, very specific.
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  Things that are way too broad, we never make those changes because it overwhelms us.
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  So what's the specific change do you want to make And the way that people usually do that is
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  they come up and they map their customer journey.
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  Right?
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  What are all the different touch points that you have with a customer?
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  And what are the results?
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  What are customers saying about it?
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  They're having a good and bad experience in each of those touch points and then choose one
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  of those touch points to make the change see how you do it.
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  Do you succeed?
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  Do you fail?
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  What do you learn from it?
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  And then try to make another change.
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  Now one of the key parts of making changes, if you're successful, and gotta give yourself a
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  reward.
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  For me, it's French fries.
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  Right?
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  We don't get enough awards as adults.
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  Right?
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  So if you do something good, give yourself an award, and then go on to the next change.
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  Very important.
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  No.
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  I want you to know.
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  I believe in that.
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  I I give myself all kinds of jewelry rewards.
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  That's right.
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  That's right.
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  Because we don't get the ribbons like we used to do when we were little kids.
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  We do not.
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  We do not.
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  And that You
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  know, it is a Jewish guy.
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  I never came in first or second or third place, right, except maybe like in the finance contest
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  or something like that.
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  But then the sports and those trophies were small.
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  Well, what kind of changes do people tend to need to make around money management?
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  Well, most people are crappy at managing money.
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  Mostly because they don't keep track of it.
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  I will tell you that most small business owners thinks being successful in business is making a
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  lot of sales.
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  You and I know that's not it.
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  It's your cash flow.
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  It's the money you get to keep.
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  That's really what success is.
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  And so how do I know if I'm not if I'm being do I have more money at the beginning of the end
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  of the month to happen at the beginning of the month?
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  You gotta know that.
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  And there are reports inside of your financial system that will tell you that or just never
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  taught it.
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  I mean, listen, One of my life's missions is to make sure people understand financial
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  statements because in 1999, when I sold my last business, and I had MBA from Northwestern
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  University.
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  I lost a $1,000,000 off the price of my business because I couldn't read a balance
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  sheet.
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  Now that's not an advertisement for an NBA Northwestern University.
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  I can assure you, but my job in life was really now.
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  I wanna make sure people understand it because it's not It's not natural.
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  Right?
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  It's not intuitive.
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  And, unfortunately, I don't believe accountants do enough, Melinda, in teaching people,
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  actually, what's important on a financial statement.
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  So that's what they really gotta get to know, but start small.
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  I mean, even if you just open up your bank statement at the beginning of the month and
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  see, do I have more cash at the end of the month or the beginning of the month?
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  That will tell you if your cash flow positive start there.
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  Right.
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  Right.
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  No small changes.
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  I couldn't agree with you more.
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  And when we come back, we're gonna be talking more with Barry Mould about how to make the
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  changes, you know, you really need to make in your small business.
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  I'm Melinda Emerson, the small business lady will be right back.
• 12:01
  Hi.
• 12:01
  I'm Melinda Emerson's small biz lady, and I wanna welcome you to small biz lady university.
• 12:06
  Our mission here is to end small business failure.
• 12:10
  So all of the courses here are about 2 things, how to become your own boss, or how to make
• 12:16
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• 12:17
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• 12:19
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  Commerce, you might wanna jump into our how to sell and market online course.
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  Either way, if you want to learn how to become your own boss and do it well, I have everything
• 12:39
  you need here at smallvislatinguniversity com.
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  If you have any questions or have any technical problems getting signed up, just email us at
• 12:48
  support at melindamerson.com.
• 12:51
  Take care.
• 12:54
  Hi, everybody.
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  Welcome back to the small reach chat broadcast.
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  I'm so excited to be here with all of you We are talking with small business expert, Barry
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  Moulds, about the changes we know we need to make and how hard that is.
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  And he's got a brand new book, Change Masters, teaching us all what we need to do to make
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  change in our business.
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  So, Barry, how can we be change masters for other people?
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  Well, again, I think, Melinda, you have to send an example and then you find out what is the
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  biggest pain that people have and you work on that change because that's gonna motivate them
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  to make that change.
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  If they're not in pain, my experiences, people won't make a change.
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  And then how can we change our personal productivity, though, to, like, manage our time
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  better.
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  This is an excellent question because people use time as an excuse in not getting things
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  done.
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  It's not about time.
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  It's about focus.
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  Most people for human beings, our our natural focus is 7 seconds, and that's like squirrel
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  Right?
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  We have to make sure that we shut out whatever the distractions are and focus on the things
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  that make a difference in our business in that day.
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  It's not about time.
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  You just use it.
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  People just use it as an excuse.
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  And then what is the best business advice anyone has ever given you?
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  The best business advice that I ever got was business is not about the ideas.
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  It's about the execution of those ideas.
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  So since they're about the execution, it's really about the people that you're doing it
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  with, not what you're doing.
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  I learned that the hard way.
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  I I know that you have.
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  Well, well, thank you so much, Barry.
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  I really appreciate your valuable insight on how to make chain habits so that we don't hurt
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  ourselves and our businesses.
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  What is your favorite podcast?
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  Very well,
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  I gotta say it's yours, Melinda, if I can't choose mine.
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  So it's definitely yours.
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  I'm glad I got to go first on that one.
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  Well, thank you, Barry.
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  I appreciate it.
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  I actually love your podcast too.
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  Barry Moulds.
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  What's your favorite app?
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  I could have some say mine is very practical.
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  It's Zoho sign.
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  I finally got to sign so many things, and we used to print the document, sign it.
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  Right?
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  And then scan it.
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  It's in the back.
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  Now you could just do electronically and zoosignments perfectly.
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  Love it.
• 15:12
  Love it.
• 15:12
  Love it.
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  Favorite old school, Mark, you tip.
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  I would say to try to get to a yes or a no.
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  Of course, yes is the best answer when trying to sell something, but no isn't bad because
• 15:23
  when someone gives you a quick no, It releases that opportunity and you can go on and move to
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  other opportunities where people might say yes.
• 15:31
  What is the best business book you've ever read?
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  Best business book you've ever read?
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  I would say love is the killer app.
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  I love that book because it really talked about how important relationships are in business.
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  And I thought, I think that Tim Sanders really got it right, and that book's gotta be at least
• 15:49
  twenty years old.
• 15:51
  Thank you all for joining me for this episode of the small business chat podcast.
• 15:55
  If you're still working on your digital pivot, please take advantage of small bizlating
• 16:01
  university.
• 16:01
  We have 4 courses available for you to take your business to the next level, and I wanna
• 16:07
  invite you to check them out because everyone deserves to make the money that they work so
• 16:12
  hard for.
• 16:13
  So listen, a mission of small biz chat is to end small biz this failure.
• 16:19
  I'm Melinda Emerson's small business lady, your host, and I will leave you with this.
• 16:23
  You never lose in business either you win or you won.
• 16:27
  She liked everything.
• 16:31
  Thank you for listening to the Small Biz Chat podcast with Melinda Emerson.
• 16:36
  For more resources and small business success strategies, visit succeed as your own boss.com.
• 16:42
  Subscribe to this podcast wherever you listen to podcasts and join us next Wednesday.