I’m Patrick Biddle your host of value
tainment and today I want to talk to you
about that one question that
entrepreneurs have in the back of their
minds when you buy yourself and you ask
that one question why is so-and-so
growing at a faster pace than me you’ve
asked that question before just so you
know that’s a question every business
always asks what can we do to be growing
faster because you speak to a lot of
people people so we know the the key to
success with this company is you have to
figure out a way to go faster you need
to increase your speed and so we take
notes and we say I’ve got to go faster
so we come back and we walk fast so
everything we’re doing faster and we
notice it’s still not exploding it’s
still not compounding well today’s
message hopefully will help out a little
bit because I’m going to clarify the
fact that there’s not only one speed you
may be constantly going back to your
business and only increasing the speed
of the one thing that all you know how
to increase so today we’re going to talk
about the four speeds and one of the
things I want to challenge you to do is
I want you to as I’m going through it
make notes of each speed you’re going to
watch this video two or three times
you’ll see by the time we’re done with
this is not at one time a type of video
you watch one time and you’re going to
want to share this with your team
because the moment you can figure out
how to grow much faster you’ll be more
competitive more profitable you’ll enjoy
your business a lot more it’ll keep you
more energetic and you will be more sane
than maybe driving yourself insane
because if there’s one thing all
entrepreneurs we all have in common we
definitely know how to drive ourselves
insane right so let’s talk about it four
speeds I’m going into the first speed
first speed what is the first type of
speed in business it’s called
functioning speed so what is functioning
speed functioning speed is what allows
for your business to function every
single month every single day so
functioning speed is the supporting cast
you provide for your clients
your agents for your employees for your
partner’s everything is about a
consistent functioning speed and if
there is any speed that has to be the
most predictable consistent is the
functioning speed let me give you an
example what functioning speed is so
imagine this is your business okay
this is functioning speed this needs to
be happening every day some business is
functioning speed is shorter where
they’re going like this because they
only have two assistants they only have
one assistant they only have three
supporting cast two supporting cast some
are bigger as you hire more employees
this thing gets bigger and bigger and
bigger
but if you all of a sudden say I’m going
to fire people because I don’t think I
need all these people that are working
for me right now anyways then you’re
functioning speed automatically drops
and it affects everything else your
customer service drops your relationship
drops with your clients your agents your
associates your partner’s everybody so
look at functioning speed if you and I
if I’m trying to be a body builder if
I’m trying to get in shape you ask any
personal trainer that’s an expert
personal trainer works at Equinox so one
of these celebrity personal trainers
they will tell you the most important
part of your body to work is what
everybody will tell you 80% will tell
you it’s your core your core your abs
how strong it is your lower back it’ll
allow you to do squats better or allow
you to do shoulders better everything
comes back down to your core you’re
functioning speed is the core of your
business okay just keep that part of it
because we’re going to come back to what
this affects every other side of your
business this is why sometimes you
notice a business it’s grown very fast
and it drops their functioning speed
drop second type of speed it’s called
process speed so what is process speed
very simple how quickly you take the
product from A to Z for instance
McDonald’s is not known for the most
incredible hamburgers McDonald’s is not
known for the most incredible many
things although the fries is definitely
incredible they put something in that
thing they want to keep going back to
their fries so why does McDonald’s do so
well look how efficient it is the
process McDonald’s the reason why
they’ve outgrown their competitors is
because they’ve done a lot of things
rabbit
there’s one part they paid attention to
is their process speed it takes a
hundred and eighty-nine seconds for a
person to go through drive-through to
order to getting the product 189 seconds
last year used to be 188 they’ve dropped
by second and say disastrous thing they
talked about from 188 to 189 but it
takes 189 seconds from the moment you
order the food to pick it up fast food
so as a customer’s thinking I will
should I go I don’t have a lot of time I
got to get home pick up my kids from
school I don’t want to go to McDonald’s
but it’s fast boom the decision was made
I want the best food the decision was
made what’s fast boom you go to
McDonald’s because Burger King is 198
seconds chick-fil-a is 204 seconds this
gives you an idea on process speed in
real estate mortgages process speed
would be from the moment I get the file
from the client that’s interested
they’ve been approved for a loan then
they get approve ago do the underwriting
we go find a home appraisal inspection
you know everything is good signature
check funded keys boom that’s the
process how long does it take from
finding the house getting the loan to
getting the key that’s the process and
insurance would be gone meeting the
client first appointment I gather info
second appointment I present the product
get the paperwork come back submit it to
the insurance company they scrub it up
goes to the carrier carrier goes through
it underwriting what’s the deal with
this blood urine they do their testing
comes back on the writings good approve
we need this signature that signature
deliver the policy that’s the process
right that’s process speed that you have
now the third type of speed what is the
third type of speed the third type of
speed is a little bit difficult to
explain it’s called timing speed so what
is timing speed well remember how I give
you the example of body building the
most important part of your body is your
core you ever met people that go to the
gym and maybe you’ve done this before I
did this when I was 14 years old
thinking this is going to work and every
day what is a new person that has never
lifted weights what do they do every
time they go to the gym a new guy goes
to the gym what do they do they do cross
every day and they do benchpress every
day right they’re thinking if you do
every day your biceps are going to grow
and they wonder why it doesn’t that’s
the that’s the timing part where you’ll
learn your bicep needs 48 hours to rest
so it’s a better idea for me not to do
biceps again three days from now so I
don’t want to do squats every day
because my legs need to have a chance to
grow and recuperate the energy and come
back in business it would be you sir I
have ten thousand dollars of marketing
money how do i stretch this ten thousand
dollars of marketing money to create a
contest event initiative to get
excitement to my customers to get them
going
for example Amazon recently did
something against Walmart where they
came out with this prime day that they
did where everything was on sale and not
just regular sale you were buying a 40
inch screen TV for $79 or $99 they’re
losing money on that but why are they
doing that it gets they have to sit down
and say if we lose this money on this
but it brings a traffic to the website
and they buy other things because
generally the average person that buys a
product with us they tend to buy four
products at a time not one product at a
time we may lose 50 bucks on one product
but we’re going to make 90 dollars on
two other products we still gain to $40
it’s worth us stretching this money you
finding out how you take that money to
get the highest level of return
injecting enthusiasm a new initiative a
new contest a new exciting thing that
gets your team going that’s the timing
money and knowing what season to do it
and what’s needed during that time when
your business is struggling an area that
you want to inject that specific part
that’s the timing speed and timing speed
nobody can teach you anything generally
timing speed gets better by making a lot
of mistakes so don’t expect to be very
good at the timing speed that’s going to
take a long time for you to figure it
out but something is out sooner that’ll
be on you the last one the last one
which is the reason why coke is where
they are today right when you look at
coke where they are to be the reason why
these guys are where they are today the
reason why a guy like this writes a book
called good to great on how a regular
company goes from being simple small
to all of us and boom they have that
tipping point where a Walmart goes from
being small to all of a sudden they
explode and now they have the most
employees what is that part it’s called
expansion speed so what is expansion
speed expansion speed is how quickly a
real estate broker
I’m Coldwell Banker how quickly do I go
from hiring that new real estate agent
that’s being trained and educated to
learn the system to develop a new office
of a person running it by themselves and
it’s an independent office in a new area
that we expanded to for you would be how
quickly can I move a person out of my
office
to go out there and open up their own
agency if you’re in the insurance and a
financial industry how can I expand when
coca-cola have to sit there and think
about how can they expand their business
even more they said well we’re drinking
more selling more coke than Pepsi to
consumers what can we do and they bring
a new CEO on the CEO said out of
everything that a human being drinks
every day what do they drink now listen
to our strategic this is what do they
drink and they have to figure
percentage-wise they drink this punch
percentage of water this much orange
juice this much vitamin water this much
this this much debt so guess what
companies coca-cola owns the Sahni water
is a coca-cola product they were not
going to be where they were going to be
if they were not going to have a new
outlet Dasani
is a water owned by coca-cola Minute
Maid is owned by coca-cola if you go to
Vitamin Water is not owned by coca-cola
because they see we have to expand the
business expansion on how you open up
new outlets for you is very much closely
connected to one thing and you know what
it is you’re functioning speed because
when this drops this is what happens to
your expansion it drops it doesn’t
expand you have to this is why when they
say a business owner is not really a
business owner because the customers own
a business the employees own a business
the reps own a business the partner’s
own the business owner
is because this is what the business
owner has to do every day a business
owner needs to be running their business
every day if you don’t you lose your
momentum and this is why so many people
you notice in business they go like this
because they think oh I I just think is
going to take off by itself
no you’re functioning speed needs every
day attention not a one time attention
so if you put mention all these effort
you put into expanding your business at
all these hours you’re putting into
growing your business and then it drops
then you have to go and pick this thing
back up and start all over again to get
the speed going at the same velocity
that takes a lot of energy that’s why
it’s important to keep your functioning
speed high on a daily basis that’s why
these guys are called McDonald’s that’s
why these guys are called coke that’s
why all these companies that you know
about world
worldwide that are talked about in books
like this is because they’re functioning
speed never drop so go back watch the
video again it’s my challenge to you go
back watch the video again and write
down your speed and ask yourself which
of these things almost everybody that’s
watching this you’re going to do one of
the things right everybody is going to
do one of the things right everybody a
few of you will do two of them right
with your speed but you’ll notice and
say my area is the processing speed my
area is the expansion speed my area is
my functioning speed my area is the
timing speed I need to figure this part
of it I don’t put any money into my
business once you do that and come out
with a plan you will notice and by the
way you got inspected on a monthly basis
once you look at that and you come out
with a plan then you’ll notice your
business it won’t just grow 10% it won’t
just grow 20% you can grow your business
50% 60% 75% you’ll have a couple years
of a hundred percent if you pay
attention to all of those four speeds of
your business that’s my message to you
regarding speed and if you have any
questions about it comment on the bottom
if you want to share with your teammates
feel free to share it and if you haven’t
subscribed to the channel please be sure
to subscribe to this channel have a go
on you
tainment and today I want to talk to you
about that one question that
entrepreneurs have in the back of their
minds when you buy yourself and you ask
that one question why is so-and-so
growing at a faster pace than me you’ve
asked that question before just so you
know that’s a question every business
always asks what can we do to be growing
faster because you speak to a lot of
people people so we know the the key to
success with this company is you have to
figure out a way to go faster you need
to increase your speed and so we take
notes and we say I’ve got to go faster
so we come back and we walk fast so
everything we’re doing faster and we
notice it’s still not exploding it’s
still not compounding well today’s
message hopefully will help out a little
bit because I’m going to clarify the
fact that there’s not only one speed you
may be constantly going back to your
business and only increasing the speed
of the one thing that all you know how
to increase so today we’re going to talk
about the four speeds and one of the
things I want to challenge you to do is
I want you to as I’m going through it
make notes of each speed you’re going to
watch this video two or three times
you’ll see by the time we’re done with
this is not at one time a type of video
you watch one time and you’re going to
want to share this with your team
because the moment you can figure out
how to grow much faster you’ll be more
competitive more profitable you’ll enjoy
your business a lot more it’ll keep you
more energetic and you will be more sane
than maybe driving yourself insane
because if there’s one thing all
entrepreneurs we all have in common we
definitely know how to drive ourselves
insane right so let’s talk about it four
speeds I’m going into the first speed
first speed what is the first type of
speed in business it’s called
functioning speed so what is functioning
speed functioning speed is what allows
for your business to function every
single month every single day so
functioning speed is the supporting cast
you provide for your clients
your agents for your employees for your
partner’s everything is about a
consistent functioning speed and if
there is any speed that has to be the
most predictable consistent is the
functioning speed let me give you an
example what functioning speed is so
imagine this is your business okay
this is functioning speed this needs to
be happening every day some business is
functioning speed is shorter where
they’re going like this because they
only have two assistants they only have
one assistant they only have three
supporting cast two supporting cast some
are bigger as you hire more employees
this thing gets bigger and bigger and
bigger
but if you all of a sudden say I’m going
to fire people because I don’t think I
need all these people that are working
for me right now anyways then you’re
functioning speed automatically drops
and it affects everything else your
customer service drops your relationship
drops with your clients your agents your
associates your partner’s everybody so
look at functioning speed if you and I
if I’m trying to be a body builder if
I’m trying to get in shape you ask any
personal trainer that’s an expert
personal trainer works at Equinox so one
of these celebrity personal trainers
they will tell you the most important
part of your body to work is what
everybody will tell you 80% will tell
you it’s your core your core your abs
how strong it is your lower back it’ll
allow you to do squats better or allow
you to do shoulders better everything
comes back down to your core you’re
functioning speed is the core of your
business okay just keep that part of it
because we’re going to come back to what
this affects every other side of your
business this is why sometimes you
notice a business it’s grown very fast
and it drops their functioning speed
drop second type of speed it’s called
process speed so what is process speed
very simple how quickly you take the
product from A to Z for instance
McDonald’s is not known for the most
incredible hamburgers McDonald’s is not
known for the most incredible many
things although the fries is definitely
incredible they put something in that
thing they want to keep going back to
their fries so why does McDonald’s do so
well look how efficient it is the
process McDonald’s the reason why
they’ve outgrown their competitors is
because they’ve done a lot of things
rabbit
there’s one part they paid attention to
is their process speed it takes a
hundred and eighty-nine seconds for a
person to go through drive-through to
order to getting the product 189 seconds
last year used to be 188 they’ve dropped
by second and say disastrous thing they
talked about from 188 to 189 but it
takes 189 seconds from the moment you
order the food to pick it up fast food
so as a customer’s thinking I will
should I go I don’t have a lot of time I
got to get home pick up my kids from
school I don’t want to go to McDonald’s
but it’s fast boom the decision was made
I want the best food the decision was
made what’s fast boom you go to
McDonald’s because Burger King is 198
seconds chick-fil-a is 204 seconds this
gives you an idea on process speed in
real estate mortgages process speed
would be from the moment I get the file
from the client that’s interested
they’ve been approved for a loan then
they get approve ago do the underwriting
we go find a home appraisal inspection
you know everything is good signature
check funded keys boom that’s the
process how long does it take from
finding the house getting the loan to
getting the key that’s the process and
insurance would be gone meeting the
client first appointment I gather info
second appointment I present the product
get the paperwork come back submit it to
the insurance company they scrub it up
goes to the carrier carrier goes through
it underwriting what’s the deal with
this blood urine they do their testing
comes back on the writings good approve
we need this signature that signature
deliver the policy that’s the process
right that’s process speed that you have
now the third type of speed what is the
third type of speed the third type of
speed is a little bit difficult to
explain it’s called timing speed so what
is timing speed well remember how I give
you the example of body building the
most important part of your body is your
core you ever met people that go to the
gym and maybe you’ve done this before I
did this when I was 14 years old
thinking this is going to work and every
day what is a new person that has never
lifted weights what do they do every
time they go to the gym a new guy goes
to the gym what do they do they do cross
every day and they do benchpress every
day right they’re thinking if you do
every day your biceps are going to grow
and they wonder why it doesn’t that’s
the that’s the timing part where you’ll
learn your bicep needs 48 hours to rest
so it’s a better idea for me not to do
biceps again three days from now so I
don’t want to do squats every day
because my legs need to have a chance to
grow and recuperate the energy and come
back in business it would be you sir I
have ten thousand dollars of marketing
money how do i stretch this ten thousand
dollars of marketing money to create a
contest event initiative to get
excitement to my customers to get them
going
for example Amazon recently did
something against Walmart where they
came out with this prime day that they
did where everything was on sale and not
just regular sale you were buying a 40
inch screen TV for $79 or $99 they’re
losing money on that but why are they
doing that it gets they have to sit down
and say if we lose this money on this
but it brings a traffic to the website
and they buy other things because
generally the average person that buys a
product with us they tend to buy four
products at a time not one product at a
time we may lose 50 bucks on one product
but we’re going to make 90 dollars on
two other products we still gain to $40
it’s worth us stretching this money you
finding out how you take that money to
get the highest level of return
injecting enthusiasm a new initiative a
new contest a new exciting thing that
gets your team going that’s the timing
money and knowing what season to do it
and what’s needed during that time when
your business is struggling an area that
you want to inject that specific part
that’s the timing speed and timing speed
nobody can teach you anything generally
timing speed gets better by making a lot
of mistakes so don’t expect to be very
good at the timing speed that’s going to
take a long time for you to figure it
out but something is out sooner that’ll
be on you the last one the last one
which is the reason why coke is where
they are today right when you look at
coke where they are to be the reason why
these guys are where they are today the
reason why a guy like this writes a book
called good to great on how a regular
company goes from being simple small
to all of us and boom they have that
tipping point where a Walmart goes from
being small to all of a sudden they
explode and now they have the most
employees what is that part it’s called
expansion speed so what is expansion
speed expansion speed is how quickly a
real estate broker
I’m Coldwell Banker how quickly do I go
from hiring that new real estate agent
that’s being trained and educated to
learn the system to develop a new office
of a person running it by themselves and
it’s an independent office in a new area
that we expanded to for you would be how
quickly can I move a person out of my
office
to go out there and open up their own
agency if you’re in the insurance and a
financial industry how can I expand when
coca-cola have to sit there and think
about how can they expand their business
even more they said well we’re drinking
more selling more coke than Pepsi to
consumers what can we do and they bring
a new CEO on the CEO said out of
everything that a human being drinks
every day what do they drink now listen
to our strategic this is what do they
drink and they have to figure
percentage-wise they drink this punch
percentage of water this much orange
juice this much vitamin water this much
this this much debt so guess what
companies coca-cola owns the Sahni water
is a coca-cola product they were not
going to be where they were going to be
if they were not going to have a new
outlet Dasani
is a water owned by coca-cola Minute
Maid is owned by coca-cola if you go to
Vitamin Water is not owned by coca-cola
because they see we have to expand the
business expansion on how you open up
new outlets for you is very much closely
connected to one thing and you know what
it is you’re functioning speed because
when this drops this is what happens to
your expansion it drops it doesn’t
expand you have to this is why when they
say a business owner is not really a
business owner because the customers own
a business the employees own a business
the reps own a business the partner’s
own the business owner
is because this is what the business
owner has to do every day a business
owner needs to be running their business
every day if you don’t you lose your
momentum and this is why so many people
you notice in business they go like this
because they think oh I I just think is
going to take off by itself
no you’re functioning speed needs every
day attention not a one time attention
so if you put mention all these effort
you put into expanding your business at
all these hours you’re putting into
growing your business and then it drops
then you have to go and pick this thing
back up and start all over again to get
the speed going at the same velocity
that takes a lot of energy that’s why
it’s important to keep your functioning
speed high on a daily basis that’s why
these guys are called McDonald’s that’s
why these guys are called coke that’s
why all these companies that you know
about world
worldwide that are talked about in books
like this is because they’re functioning
speed never drop so go back watch the
video again it’s my challenge to you go
back watch the video again and write
down your speed and ask yourself which
of these things almost everybody that’s
watching this you’re going to do one of
the things right everybody is going to
do one of the things right everybody a
few of you will do two of them right
with your speed but you’ll notice and
say my area is the processing speed my
area is the expansion speed my area is
my functioning speed my area is the
timing speed I need to figure this part
of it I don’t put any money into my
business once you do that and come out
with a plan you will notice and by the
way you got inspected on a monthly basis
once you look at that and you come out
with a plan then you’ll notice your
business it won’t just grow 10% it won’t
just grow 20% you can grow your business
50% 60% 75% you’ll have a couple years
of a hundred percent if you pay
attention to all of those four speeds of
your business that’s my message to you
regarding speed and if you have any
questions about it comment on the bottom
if you want to share with your teammates
feel free to share it and if you haven’t
subscribed to the channel please be sure
to subscribe to this channel have a go
on you
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