Fast Track To Wealth Is…

Fast Track To Wealth Is…

June 23rd, 2016 // 10:24 am @

Fast Track To Wealth Is…


Plain and simple. There is nothing else. The more investable money you have left over at the end of every month, the faster you can accelerate your wealth or reinvest into your business in order to continue to grow bigger and bigger by compounding your results and leveraging what you have built.

This is the purpose of every business. This is, by definition, the health of a capitalistic venture – to be paid for what you do and build a business that has as much profitability as possible so it can return capital to the investors, shareholders, constituents who have risk everything to make it possible.


For today, we are going to talk about the greatest leverage point to make your business more profitable. There is one and only one that trumps all the others.

That is Price.

The fee you get for the services or products you provide.

Here is the easiest way to understand this. Price has absolutely nothing to do, zero, nadda, zilch – to do with cost.

What it cost to build, deliver, get into the hands of the customer has no bearing on what the price is or can be. They are two completely separate things. Companies that grow and business owners that achieve real healthy profitability and thrive – they get this and they get it fast. They base every other part and decision of their business on maximizing this.

The greater the price, the greater the profit.

You control this formula.

I get asked all the time how should I determine my price point and my fees.

And I always say, well that depends on – how much money you want to make, how many people you want to involve in the process, and how much effort and work you want to put forth to get there.

In dentistry, we help our dentists achieve what we call value based dentistry. We avoid at all costs any type of volume driven objectives where costs rise with price because it is counter productive and detrimental for a ‘smaller’ business owner.

When you have time and physical limitations, then you have one answer for wealth building – profit building – that requires getting more money out of every customer.

Today I’m going to give you the quick action steps to price and we’ll talk more about it next week when we get to the real advanced concepts.

1st – The secret to price is to position yourself for profit, you have to know your business math formula that is going to result in you achieving your desired goals

2nd – We have to then reverse engineer and establish the price that will allow you to grow and not be inhibited by acquisition costs or investments into your marketing and customer experience

3rd – We then have to attract and build demand for the type of customers who you are going to be valuable enough to be worth the price, they need to be willing and able to afford investing the price that you require for your services

4th – Then everything else we do has to be designed around cultivating, nurturing and creating these type of customers and we never want to break congruence with it

You need the right customers who want you because of you (through differentiation and real legitimate value you provide), when there are enough of them you can require whatever fee you desire to have in order to make your money math problem work.

So many people waste (and I do mean waste) so much effort on trying to get more more more more more customers instead of trying to get more more more more more money.

There is a big and dramatic difference.

The more customers you need, the more you will have to invest in getting them. The more customers you have to service, the greater your overhead and threshold of revenue before you reach profitability will be.

I have to tell you, the secret here that I hope you grasp is your price must drive your profit and you want your business to be engineered to accomplish and do exactly this.

There are and will always be enough customers and money to go around, the secret is whether or not you know what to do with them once you have them.

We’ll talk about that next week.

Remember, profit dictates wealth acceleration; price dictates profit acceleration; demand dictates price acceleration; the deliberately controlled and purposefully engineered marketing, selling and customer experience to the right people through proper lead generation dictates demand acceleration.

You need them all if you really want to win and do this right. Playing big is relative, your definition of success is all that matters, but whatever your big money number is, the fastest way to get there is in bigger chunks at a time.

No matter whether you are the one producing or the one managing or the one owning or the one selling, everything ties together and no one will get further ahead than their price point will allow them.

The fast track to wealth in your business is…profit. Now get to work making more for yourself so you can keep winning bigger and bigger than ever before.

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