The EntreMD Podcast

Unlocking the Million-Dollar Potential of Asking in Business

December 11, 2023 Dr. Una Episode 385
The EntreMD Podcast
Unlocking the Million-Dollar Potential of Asking in Business
Show Notes Transcript Chapter Markers

Get ready to supercharge your business as we reveal the extraordinary power of a simple act - asking! Imagine the possibilities if you dared to make seven bold asks that could potentially add a staggering million dollars to your revenue. This episode unravels how this often overlooked skill can persuade people to make a move, resulting in a significant uplift for your business.

We'll embolden you to step out of your comfort zone and voice what you want for your business. Let's explore if our very own Entrez MD Business School could be the perfect fit for you. Holding discussions about the importance of reaching out to your current and past clients, we'll encourage you to invite them to further or renew their partnership with you. As we navigate the world of entrepreneurship together, we'll stress the importance of extending invitations to top talent, ensuring their roles contribute positively to your profit margin.

In the final part of this transformative episode, we'll guide you through the realms of referrals and challenging your clients. Experience how relentless requests for referrals can trigger exponential growth and make your business go viral. We'll delve into the practice of asking more from your clients, pushing them to their full potential and achieving greater results. Using examples from diverse professions, we'll illustrate the power of 'the ask', preparing you to reshape your business approach and unlock the untapped potential of asking. So, are you ready to ask your way to success? Tune in now!

When you are ready to work with us, here are three ways.

1. EntreMD Business School Accelerator - If you are looking to make a 180 turnaround in your business in 90 days, this is the program for you.
2. EntreMD Business School Grow - This is our year-long program with a track record of producing physician entrepreneurs who are building 6, 7 and 7+ figure businesses. They do this while building their dream lives!
3. EntreMD Business School Scale - This is our high-level mastermind for physicians who have crossed the seven figure milestone and want to build their businesses to be well oiled machines that can run without them.

To get on a call with my team to determine your next best step, go here www.entremd.com/call

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Speaker 1:

Well, hello, hello, my friend, Welcome back to another episode of the Entranity podcast, um. I first of all want to start off by saying thank you for listening and for sharing and for subscribing Um, so excited that we've hit the four year mark. Um, most podcasts don't make it to the 10th episode and here we are at 385 episodes later, um. So, thank you, um, and you know, if you're one of the people who sent me a DM or a private message to tell me how much this has meant and the difference is made in your business and your life, well, thank you. That is so encouraging, and if it's not, you, um, that would be a nice story to share. Right, like, you can always DM or PM me on Facebook or Instagram. So we're going to be looking at something that is really really simple not easy, but simple. I'll make a huge difference in your business and I was something I want to challenge you to consider doing over the next 12 months, um, and I would love to hear the story afterwards. We're really going to be looking at um, seven asks that you need to make to add a million dollars to your business, right, a million dollars in revenue, and, um, this is something that I have had clients do. This is something that I have done. Um, these are things that you would be most likely to procrastinate on, but I want to challenge you to do it messy, do it scared, but do it consistently, um, and you'll be surprised, very, very surprised. Now, when it comes to the power of asking, um, we must remember that people do what we ask, and if you don't ask, people don't do. It's just, really, it's as simple as that. Like, you can have a post that you put on social media and you can have one that says please share, please bump, and you can have one that says nothing Same, exact content. The only difference is that one line and you will. You can easily have a hundred comments on the one that says please bump, and have three comments on the one that does not say please bump. So is it because they were inspired by the content differently and all that? No, it's because you asked right, same thing with sharing, same things with with reposting, and all of that. In fact, I heard Donald Miller, who is a really savvy entrepreneur, veteran entrepreneur, tell this story of a time when he was doing a talk and he was speaking to an audience of about 350 people and he got on stage and he told them okay, we're going to do something, I want everyone of you to follow me. And then he walks out of the auditorium, walks into the lobby or outside right, but basically outside the room where he was speaking and the people followed him. Now, this is 350 people, and he waited for every last one of them to come out and come to where he had moved to, and then he was like there's not really anything I wanted you to do here. I just wanted to show you the power of asking. And I asked and 350 of you are here and if I didn't ask, you wouldn't be here, right, and it's like look at how much you can influence people to do if you'll just ask, okay, so asking is really critical. Asking will change your business, change every aspect of your business, and so let's get into these seven asks that you want to make, and you can leverage it to add a million dollars in revenue to your business. Okay, now the first one is to ask people to work with you. Right, and you'll be surprised at the number of entrepreneurs who do everything. They do the cute posts, they speak on stage, they're guests on podcasts, they're sending out emails. They're doing events. They're even doing masterclasses, webinars and all of that, and when it comes to the asking piece, they check it out. They don't ask like invite people to come work with you, okay. Now, of course, for many, there is the mind drama around am I taking advantage of people? Am I manipulating people? I don't want to be seen as too pushy and all of that, but you do want to have, you do want to build confidence in the service you offer or the product you offer, such that you're very clear when you're inviting people to work with you. It is an opportunity. For instance, let me do a practical demonstration of this. You're listening to this podcast at the time it goes live. It is the end of 2023. And I want you to really stop and take. You know, take a look at what you've accomplished in your business in 2023. You may have set big goals. Maybe this was the year that you were going to cross half a million in revenue, or a million, or you're going to add a million. This was going to be the year where you're going to hire the team so you could buy some of your time back and you can actually increase your impact exponentially. This was going to be the year where you were going to, you know, turn your podcast into a quote unquote full-time employee in your business. You started this year so excited December 2022,. You were so excited because this was going to be the year, but now when you look at it, you're like it's, it's. I didn't quite hit it. I didn't stay in momentum. I wish I had the accountability, but I I didn't. I didn't do what I set out to do. I got some results, but I know I'm not close to what I wanted. And you know, like, if I had the right direction, if I had a mentor, if I had the accountability, if I had a community of people who believed in me and believed in my dream, I could bounce ideas off and I didn't have to look crazy. If I had someone to share the challenges with, I know I could have done so much better. If that's you, I want you to hear me. You have an answer already. Your answer is the Entrez MD Business School. Okay, that is your answer. It is a place for physicians, exclusively for physicians who want to build six, seven, a multiple, seven figure businesses and who want to do it and build their dream lives concurrently, or no longer willing to sacrifice what you really want and your family and your, your, your, your, ultimately, your freedom to build a business. You want to have both. We have stories and stories of stories of doctors who have done exactly this, who've built six figure businesses. Seven figure businesses, multiple seven figure businesses have brought their, brought themselves to a place where they are able to take a vacation, a quarter, with their family, or they're the best mental shape of their life or the best physical shape of their lives, and they're having such a huge impact, changing their world, um, being having, you know, like, serving their community at a level that they never thought they could. They totally changed their lives. Many of them say this like man, the only regret I have with the Entrez MD Business School is starting when I did. I really wish I started sooner, okay, so if that's you, what I want you to do is take the next step right. We've done this for 12 months, where here is time to take the next step, and that next step is booking a call on tremdcom, four slash call to talk with my team and they'll help you determine if this is your best next step and get you in Right, and that way we can finish out this year strong. We can start the next year with a bank. Okay, so go schedule that call. Okay, do you see that? Ask people to work with you. And do I have any drama around that? No, because I know that the Entrez MD Business School is a gift to the physician community, and the doctors who come in come in and their businesses and their lives are changed. Okay, so ask people to work with you. The second one is ask people to continue to work with you. Okay, so someone comes to work with you once. Remember that the acquisition cost for a new client is high. The acquisition cost for a client who has already worked with you is lower. Right, and asking people to continue to work with you is something that creates what, in the Entrez MD Business School, we call second generation revenue. Right, like in the sense that they've worked with you once, now they're working with you again is just so much easier, right, and these are people who already know you, they like you, they trust you. So, yes, but if you don't ask them, they won't. Okay, so this could look like if you're a coach and you have three month contracts, six months contracts, one year contracts, you ask people to Continue, like at the end of the contract, like, hey, we've accomplished one, two, three, four. What are your next set of goals? Okay, so we can work on that. You know, let's do another six months or whatever that is. If you're private practice, that's kind of like making sure everybody's leaving with their next appointment scheduled, right, so you can look all kinds of different ways. If you have a product, is this something that people could use on a subscription basis, as opposed to getting it just once, or is it something you have your email list and just reach out and say, hey, it's time to order again, right, but either way, ask them to continue to work with you, okay, so that is number two. Number three ask people who have stopped working with you so pass clients and pass patients to work with you again. Right, and so these are I mean, the online world will call those reactivations, right, like, so, these are people who are no longer clients, right, and so you have them in the loop, you have them on your email list, all of those kind of things. Some people do exclusive events for them, like alumni events, and you can bring them back in and you're like, hey, let's do this again, right. And again, there are many of these people who have problems that you solve, because this is the thing with business, right? The reward for solving problems is new problems, and so the fact that somebody has worked with you does not mean that you cannot continue to help them, right? And so, you know, we experienced this in the on-termity business school, where we started the on-termity business school and you know, in the beginning we're working to get people to their six figures, their seven figures and all of that. And then we started having a significant number of people crossing the six, seven figure mark, and now they're having a new kind of problem, right? Like more problem with team, more problem with maximizing profits, more problem with building systems, because as you get bigger, all the systems fall apart. And you know, planning, long-term planning, like all of those kind of things, and what we had to do is to build a new tier that would cater to those new problems, right? So when you help somebody, do something, don't make the assumption that you can't continue to help them, right, like don't make the assumption that they no longer need your services, like look at that, right, and then you can invite them to continue to work with you, right? Okay, so that's the third thing. Right, it could be. If you're a private practice, that could just be patients that fallen off, like they haven't seen you for three years, and all of those kind of things. You may make the assumption they don't want to come. But we don't want to make those assumptions. We want to reach out to them, right, and say, hey, you know, we just opened up X number of spots on Dr XYZ schedule and all those things We'd love to have you in. It seems like it's been a while since you've been in with us, right, and yeah, and have them come work again. We'll come work with you again, okay, so that's number three. Number four now. Number four is a lot of fun. Ask eight players to join your team, right, ask eight players to join your team Now. In the beginning, when you started doing this, what I see a lot is a lot of entrepreneurs do not think that they're worthy of the eight teams they secretly desire, right, and so they won't make offers, they won't invite the people to work with them. They'll make the assumption they, you know, like those people, they will not be able to afford them and things like that. But you wanna be objective about this, right? Like, take a look, what can I afford to pay somebody If this role is monetized, how much would this role bring into the company? Right, because everybody should be able to pay themselves and pay their overhead and bring you some profit. Right, that's the way it works, that's the win-win-win situation. And so, really, because ignorance creates fear, right. But when you stop and you think about okay, how much could I pay them, how much could that role bring in? Maybe I can't compete because somebody else will offer them much better than I can. What kind of creative offer can I make that will make them come in and say yes, and things like that? Right. But if you can get into this habit of asking eight players to join your team, the person with the best team wins. Right, these are the people who you don't only outsource tasks to. In fact, you don't outsource tasks to, you outsource outcomes to. Right, they are the people who will create exponential growth in your company. And so you wanna be somebody who asks them like, dare to ask, dare to write out the job description. Like, maybe you've been looking for you run a private practice, you've been looking for a practice administrator or another doc. That'll be like the face of your practice or any of those kinds of things. Like, don't hold back. Like make the job description, decide that I'm gonna hire this person, start interviewing people, come up with creative compensation packages and all of those things. But if you can build an eating, oh my goodness. Everything changes right. Everything changes Okay. Number five. Number five ask for a higher price. Ask for a higher price. Now, a lot of entrepreneurs like so this is cash-based, maybe not so much for private practice, except you have other verticals that are cash-paid. But a lot of entrepreneurs most of the entrepreneurs I talked to inside and outside of medicine undercharge, right, like undercharge. And it's just because they're scared to ask for higher. And sometimes I would sit with them and I'm like listen, the math is not math-ing. Like, I know this is what you wanna charge, but we live in an economic world and math is the rule of this game. The math is not math-ing. Like, if you have the number of clients you want and you're charging them what you're charging now, you do not come out ahead Like you can't. And if the math doesn't math, you have to shut down the business. And so we wanna get in the habit of asking not for what we're worth, okay, our worth is priceless, okay. So some people are like, charge what you're worth, you can't, nobody can afford that. Okay, but what are your services worth? What is the outcome worth? Right. And so you wanna think about that, like, for instance, at the time of this recording cause it's gonna be different really soon but at the time of this recording, the yearly tuition for the Entremde Business School is 25,000, right, and but with 25,000 for a year, what you're doing is you are acquiring the core skills that are required to make you a successful entrepreneur and you're getting the framework, the same framework that I and many clients have used to build seven multiple, seven figure businesses. And so, when I think about that, the ROI is insanely huge, insanely huge, right. And so, for me, I'm not afraid to charge that and I'm not afraid to take it to 35. But I'm not afraid to take it to 50, but I, you know like, but I have to, I have to be willing to do the work over time of asking for a higher price, right. And so, for you, I want you to think about it, the price your, your services, are at. Is it because you're too afraid to ask what you know what it's really worth, because this is the deal. For your business to be stable, your pricing structure needs to be appropriate, right. And what I want you to think about is imagine, if you know, let's just play, I'm going to use, you know, random numbers with lots of zeros and ones, because it's just easy to do the math. Okay, but let's say you're a coach and you're charging people a thousand dollars a month to work with you, okay, and you have five clients, and so that's five grand a month, that's 60 grand for the year. Okay, but you know that you're undercharging, okay. And if you're at a thousand, I'm not saying go by these numbers, I'm just giving examples. And so you're like, yes, you know, what I really need to do is to work on the real price, which is $2,000 a month, and you decide to do that. Now you go from 60 grand a year to 120 grand a year, just like that. And if, for any reason, you doubled the number of clients, you go from 60 grand a year to 240 grand a year. I want you to think about it. That's a four X growth just because you decided to price your services appropriately, okay, and so pricing can be like seven podcast episodes, but I just wanted to mention that here and give you a few examples so you can kind of lean in with that. So, whether you're a coach, whether you're a consultant, whether you're a DPC, whether you're a concierge doc, whether you have, you know, like you run a private practice that's insurance based, but you have some verticals that are cash. I want you to think about asking for a higher price, okay, and when I say higher, appropriate, okay, all right. Number six number six is fun, fun, fun, fun. Asking for referrals. Now, when you bring in this ask and you do it at the right volume and you do it consistently, what you end up with is exponential growth. Okay. Now, with referrals, you're asking people to send you people. And if you are an evangelist, right. If you're a crusader, if you are a brand ambassador for your brand and you consistently ask for referrals, there will be so many conversations happening everywhere with your name on it and people telling other people about you, who are telling other people, who are telling other people, and this really becomes this viral phenomenon. This is something that we're going to be paying a lot of attention to in 2024. And I want to invite you to do the same, but asking for referrals, asking, asking, asking, asking, telling people what you do, telling them who you do it for, telling them what a great referral be making it easy for people to refer people to you Again, whether your private practice or your coach or whatever. This is fantastic. This is something that will create so much growth. Now the question is when do I start asking for referrals? When you get your first client. So for you that's yesterday, that's a while ago, but you want to make that into a system. You want to do a lot of asking. All right, number seven Number seven is the one that will require the most courage and that is asking for more of your clients, asking them for more. And I'll explain what I mean by that. I will use a few examples. So let's say you are a primary care doc and you work with a lot of patients who you're an obesity doc, right, and so you do a lot of them. They wanna lose weight and all of those things. People come in and they set their own bars and they cannot necessarily see further Like this is all I can do and things like that. But you're the visionary, you're the one who's given your life to when I say giving your life, I mean like you've put a lot on the line to be able to help them, and all of those things Inspire them to do more than they think they're capable of. Inspire them to do more. One because you can see it. You can see further. But two, because the bigger the results they get, the more everything works. So, first of all, you're there because you wanna help them. So the bigger their results, the bigger the fulfillment you get right, the bigger the satisfaction you get. But the bigger results they get, the easier every other ask is they will continue to work with you. They will tell other people to work with you, they will agree to your higher price they would like. Everything works when you help your clients get bigger results. But the starting point of that is asking more of them. Okay, let's say that you're a coach Like so, for instance, for me, I would have people who are like oh, I only wanna do this and I will inspire and challenge them to do more. Not because this is not about grabbing and having everything and all of that. No, it's not about that. It's about understanding the human potential. We are capable of so much more than we know and a lot of times. We just need somebody who believes in us and who can show us the way and who can hold space for us and who can tell us we can do it and we rise to the occasion. Okay, I do this a lot. When I started my fitness journey about seven weeks ago, my personal trainer was like, okay, we're gonna do this routine. And I'm looking at him like he has lost his mind. I'm like I can't do that, like my body cannot do that. He's like oh no, you can. Now the idea is, even if you do it messy, just don't stop. The more you do it, the better you'll get at it. Now he started telling me this from the beginning, but now, seven weeks in my goodness, there's so many things. When I'm doing it, I'm like how is my body working like this? What was the deal there? He required more of me, and so I wanna challenge you to do that with your clients, with your patients. Require, ask for more of them, ask for more. They will love you for it. I cannot tell you how many times I've had doctors in tears walk up to me and they're like I did not think I would be the person I am today. I did not think I would be the kind of entrepreneur I am today. I did not think I could generate this amount of money. I did not think of the ripple effect it will have on my family, the impact it will have on my marriage, the impact it will have on my mental health. Like everything is better and they're like. I did not think I could do this. I just believed in your belief in me. Give your patients and your clients that gift. Give them that gift, but it starts with you being bold enough and courageous enough to ask for more of them. Put that vision in front of them, put those options in front of them, put that preferred future in front of them and support them along the journey. So seven big asks ask them. Sometimes it's uncomfortable because a lot of times we are good at giving. Asking is about receiving right and it's not a muscle the average person has really taken time to build. And so create a little challenge for yourself and just ask, ask, ask, ask, ask. And if you will do these seven asks, you can put yourself in a position to add seven figures to your revenue. And oh my goodness. Well, I love to hear all about that. Okay, all right. So go ask away and take this episode and share it with every physician entrepreneur in your life. Tell them this will change your life, this will rock your world, and I'll see you on the next episode of the Ultra MD Podcast.

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Asking for Referrals, Challenging Clients
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