Tonight I was watching re-runs of the TV show “Airplane Repo”. It fits in with “Bounty Hunter” and similar high adrenaline shows that require a lot of out-of-the-box thinking.
It is thinking that is similar to what I do in my work with entrepreneurs to boost the bottom line of their businesses…minus the threat of bodily injury or death.
And watching that show there are a few key principles you can apply today in your business to see results fast.
Have a Plan
When the repo pilots head out to repo a plane for the bank, they don’t just show up, hop in, and fly it away. Now they have to have good intel to know where the plane might be kept (that intel is often faulty). They have to then get to that location (an airport or corn field, etc.) Then they have to break into the facility (usually gated with barbed wire). Then break into the hangar. Then break into the plane. Refuel it sometimes. Make last minute repairs. All while being undetected. And then fly that plane out.
When you run your business, do you have a plan? Do you break it down and make sure each step of your plan supports the whole? Do you plan for things to go wrong? And have ways to reach your targets anyway?
Have a Good Story
In repo work you must have a good backstory to get you out of sticky situations. Sometimes you’re an inspector. Other times you’re selling bug cleaning solution. Other times you’re just repo’ing a plane with all the paperwork in hand.
With a small business, a compelling story can often mean the difference between eating like a king and hunting for scraps. Do you have a rags to riches story? Did you find a missing link that prevented customers from getting the most benefit out of your competitors’ products and services? Do you have an interesting process? Do you travel the world for the best ingredients for your products?
Be Ready to Think On Your Feet
The greatest plans start falling apart when you get in front of real prospects and deal with the human element. You may have an awesome plan in the corporate office. But as soon as you start implementing it, you’re going to have to be ready to ad lib along the way. Or you’ll never get your project across the finish line or that product in your customer’s hands.
As soon as that plane’s engine starts, owners come running to find out who’s taking their plane. Or that ruse you used to get them away will only keep them occupied for so long. You have to get things done quickly in your small window of opportunity.
In your business whether it is closing the sale quickly, shutting your laptop, and getting the heck out of Dodge, speed counts. The speed of inventory turnover. The speed with which your clients pay their bills. The speed with which you complete projects. Your indirect/overhead costs you have to pay the same amount each month. Whether you complete 50 transactions or none.
That is also why you need to get your products to market quickly. Without waiting for them to be perfect. Because if you wait for perfection, you’ll find your competitors swoop in first and make your perfect product or service irrelevant or obsolete. The market will pass you by.
Leverage Your Time and Money
In the repo business you need to make sure you optimize commissions. You can get that $2 million plane that nets you a $200k payday. Or you could pick up the one for $150k that pays you $15k. If the $15k job is close by. Is a one man job. With little risk. Then maybe that’s the one you tackle. Instead of going after the $200k one that requires two pilots, and might take a few other people and a couple extra days to pull off.
In the same way you need to be constantly evaluating risk versus reward. You also need to look at what areas of your business have the most leverage potential. Maybe it is your excellent sales force that you can run other people’s non-competitive products through your sales distribution pipeline. Maybe it is your Wal-Mart contract that is worth it’s weight in gold. Or it is how you focus on upselling appropriately and constantly pampering your top 10% clients to ensure they have the opportunity to enjoy your product offerings to the maximum of their desire.
The Deal’s Not Done til the Plane is Delivered Back to the Bank
There are no points for “Almost”. You either get the plane home or you don’t. It is all or nothing in the repo business. You’re 100% commission. High reward for high risk. It is not a game for the weak of heart.
And it is the same in the business world. Only the strong survive. And strength and confidence come from success. And success is making things happen. Getting things done for the client. Being someone who can be counted on and who will deliver.
Is that you? Are you up for the challenge?
Need a kick in the butt? A little additional insight? Someone to bounce those profit boosting opportunities off of to help you find those best nuggets? Contact me to find out how I can help.
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Go tackle the world!