7 Levers to Endless Profits – In Just 7 Minutes with Jackson Millan

Resources/Links:

• Check out Jackson’s 40-point performance scorecard: https://bit.ly/AureusScorecard

Summary

Have you been struggling and doubting your cash flow? Do you feel like you’ve been investing more money in your business more than getting profits from it? Are you sure you’ve been maximizing you have been managing your money well, personally and in business?

Jackson Millan, the Wealth Mentor, has spent the last 14 years helping service businesses understand the language of money and manufacture financial freedom for themselves and their families.

In this episode, Jackson talks about the importance of knowing your money and cash flow. He also shares how to lessen your constant reinvestment into your business and maximize your profit so that you can enjoy your time and life!

Check out these episode highlights:

• 01:30 – Jackson’s ideal client: “We work with service-based business owners, coaches, consultants, advisors, agency owners, health and wellness trade businesses, and we help them remove cashflow bottlenecks, maximize their profits, and build personal wealth systematically.”
• 01:48 – Problem Jackson helps solve: “The big problem here is that most people don’t use their businesses as a vehicle. It’s basically become the destination because it’s the “be all and end all” of their existence.”
• 02:43 – Typical symptoms that clients do before reaching out to Jackson: “We find the vast majority of our clients have a proven business model. They’re making money. They’re doing multi-six figures, even seven figures. But the big problem and the big symptom here is that their businesses are a cash-eating monster.”
• 04:06 – Common mistakes that people make before they find Jackson’s solution: “The common mistake is that people reinvest constantly back into their business. Like how many business owners have you spoken to that’s “I’m reinvesting. I’m scaling. I’m scaling up. I’m reinvesting back into growth.” But that, I’ve often found, is an excuse for money mismanagement.”
• 05:33 – Jackson’s Valuable Free Action (VFA): “Parkinson’s Law for personal and business finances. So, Parkinson’s Law is a behavioral principle that states that as human beings we use the means we have. Like, think back to your first job. You probably earn cheap money, right? You were making a few bucks an hour and you survived.”
• 06:38 – Jackson’s Valuable Free Resource (VFR): Check out Jackson’s 40-point performance scorecard: https://bit.ly/AureusScorecard
• 07:40 – Q: What does financial freedom really mean? A: it means two things. Owning your home and paying it off in full and creating enough passive income where you’ve got the freedom to choose what you do with your time.

Tweetable Takeaways from this Episode:

“Make sure you get on the right path of financial freedom.” -Jackson Millan Click To Tweet

Transcript
(Note, this was transcribed using a transcription software and may not reflect the exact words used in the podcast)

Tom Poland 00:09
Greetings, everyone, and a very warm welcome to another edition of Marketing the Invisible. My name is Tom Poland, joined today by Jackson Millan. Jackson, good day mate. I can say that because you’re an ocker Aussie. And a very warm welcome! Now, this is going to be interesting, folks. You know, I always ask folks where they’re hanging out. Jackson, where are you hanging out?

Jackson Millan 0:27
I’m currently in a state park in a place called Coopernook, which is on the mid-north coast of New South Wales. And we are three weeks into a year-long trip traveling around Australia in a Toyota Troop Carrier with my girlfriend Anna and our two dogs, Dobby the boxer and Otis the pug, which are sleeping just over to the leftover here. So, we’re- it’s like we’re living the dream.

Tom Poland 0:46
I’ve just asked myself, “why am I not doing that?” Jackson has explained where he was and what he was doing 12 months around Australia, systemized business can run it from anywhere. And this is a part of what he teaches, folks. So, this is someone who’s walking the talk, or traveling talk, whatever you want to call it. So excited for the interview, Jackson. For those of you who don’t know him, he’s a wealth mentor, spent the last 14 years helping service businesses understand the language of money, which most of us do not understand, and manufacture financial freedom for themselves and their families. Excited to get cracking, Jackson! Our title is, “The Seven Levers to Endless Profits”. So, our time starts now. Question number one, sir, who is your ideal client?

Jackson Millan 1:30
Yep. So, we work with service-based business owners, coaches, consultants, advisors, agency owners, health and wellness trade businesses, and we help them remove cashflow bottlenecks, maximize their profits, and build personal wealth systematically.

Tom Poland 1:42
We’ve overachieved already. That’s question number two is what’s the problem you solve? Anything you want to add there before we go to question three?

Jackson Millan 1:48
I do. Yeah, the big problem here is that most people don’t use their businesses as a vehicle. It’s basically become the destination because it’s the “be all and end all” of their existence.

Tom Poland 1:56
Very well said.

Jackson Millan 1:57
And for this reason, they’re not treating their business for profit to fuel financial freedom, because that’s why we’re in business for the first place. So, we help them overcome that problem, supercharge their business and turn it into a vehicle that gets into manufacturing financial freedom in 10 years or less.

Tom Poland 2:11
You’re sharp as a whip, sir! And it’s clear that you’re not- you know, what I love about our direction so far is that you’re different. So, you haven’t done the whole marketing thing where you position yourself so that you will, you know, look like a bank or something or you look like- I mean, you’re you, right? And you’re doing your thing. I love that authenticity! So, let’s talk about these service-based businesses. What are some of the- I want people to know- kind of like I could get a heads up? What are the symptoms they’re going to be experiencing right now that give them a clue that they should be reaching out to you?

Jackson Millan 2:43
Yeah, we find the vast majority of our clients have a proven business model. They’re making money. They’re doing multi-six figures, even seven figures.

Tom Poland 2:50
Yeah.

Jackson Millan 2:50
But the big problem and the big symptom here is that their businesses are a cash-eating monster. If you feel that there is an asymmetrical relationship between the amount of effort that you put into your business, the hours that you work, and the revenue that you have, and the return that you get as an individual from your business by way of both your income and your profits, because you should receive two pay checks as a business owner, not just one, then there is something wrong. And that is the most common symptom. People come to us because like, “Jackson, I’m working my ass off. I have a team. We’re signing deals. We’re closing clients. We’re delivering a shit ton of value. But I’m just not making the money that I feel I deserve to earn. I’m not even in the house that I want. I’m not going on the holidays I want. I’m not sending my kids to the school that they want to go to. I don’t have options. And for that reason, I have to choose one or the other.” It’s scarcity! And in business, we should be all about abundance. I believe in having your cake and eating it too.

Tom Poland 3:43
What’s the point of having a frickin’ cake if you can’t eat it, right? Well said! Alright. So, we’re talking about smart people. They’ve got revenue coming in. There’s not enough coming out of the business to support their personal lifestyle and aspirations. They’re going to try stuff. So, question four, and we’ve got four and a half minutes left, what are some of the common mistakes that your clients tell you they made or you noticed they made before they’re working with you?

Jackson Millan 4:06
The common mistake, Tom, is that people reinvest constantly back into their business. Like how many business owners have you spoken to that’s “I’m reinvesting. I’m scaling. I’m scaling up. I’m reinvesting back into growth.” But that, I’ve often found, is an excuse for money mismanagement. They’re investing money back into the business typically to cover cash flow shortfalls, and they’re not really investing back in growth. They’re rolling the dice, they’re putting their money on red, and they’re basically closing their eyes and hoping that there’s a good outcome. And what we believe is that business owners should have a systematic way of putting money into their business and getting an ROI out. And if there is not a way to do that, we should be positioning your business as, basically, a cash generation machine that doesn’t require us to reinvest money back into it, that allows us to take chips off the table, and build wealth outside of our business. Because there are ultimately three ways to make money in this world. There’s business, if you know how to do it properly, there’s property and there’s shares. And if we can’t get the first one right, then we need to work on the other two. It’s a really simple system.

Tom Poland 5:04
So, Perfect. Thank you, sir! Haven’t heard it particularly like that. We all know we need systems to get the business in the door, to keep customers happy, but we also- you to adding to that system to get money out of the business, so that you can enjoy the rewards of all that hard work, and the risks that folks take as well. So, three minutes left, sir. Question number five, one valuable free action. This is where we can give listeners an idea, an actionable idea that will actually take- not going to solve the whole problem, but it might take them a step in the right direction.

Jackson Millan 5:33
Yeah, Parkinson’s Law for personal and business finances. So, Parkinson’s Law is a behavioral principle that states that as human beings we use the means we have. Like, think back to your first job. You probably earn cheap money, right? You were making a few bucks an hour and you survived. You might have eaten like Meegeren noodles and, and cat food for dinner, but you got by. But as your income continued to increase, your lifestyle increased proportionately, right? So that is Parkinson’s Law playing out. So, we need to use the principle of paying yourself first. We need to limit the means the business has and that we have to use by taking chips off the table and then surviving on what is left. And it’s by this simple principle that we’ve taken businesses from burning huge amounts of cash flow every month. Some clients have come in with $30,000 a month losses, and we’ve been able to turn them around to 27% profits by a simple fundamental principle of paying yourself first. So, reduce the means. Reduce the means you use.

Tom Poland 6:26
And you get smarter with what’s left.

Jackson Millan 6:28
Correct!

Tom Poland 6:28
And if you don’t do that, you get lazy.

Jackson Millan 6:30
Absolutely.

Tom Poland 6:32
So, one and a half minutes left, two questions to go. One valuable free resource we can direct folks to that’s going to help them even more.

Jackson Millan 6:38
Yeah, I developed a 40-point performance scorecard for business owners who want to manufacture financial freedom. And it’s basically the top 40 things that you need to do to work out how you’re tracking to financial freedom. Average score is about 18 out of 40, which is a bit scary. But what we’ve been able to work out is that it doesn’t matter what your score is. Now that you know what the No’s are out of those 40, you can typically increase your score by 10 in 30 days or less. So, there’ll be a link in the resources in the show notes. It takes you five minutes and you get some clarity around what the next best steps for you are.

Tom Poland 7:06
And for those of you just listening to us on our podcast and there was a link under the video on the website, but it’s- go to a bit.ly. That’s B-I-T.L-Y/Aureus, A-U-R-E-U-S Scorecard. So, it’s bit.ly, bit.ly’s, you guys probably know, /AureusScorecard. Go there. I’ve checked it out. It’s very clever! You’re going to get a report which, frankly, your consultant would probably charge $1,000 for. Half a minute left, sir. What’s the one question I should have asked you but didn’t?

Jackson Millan 7:40
Question I’d ask is, “What does financial freedom really mean?” And fundamentally, it means two things. Owning your home and paying it off in full and creating enough passive income where you’ve got the freedom to choose what you do with your time. Every business owner should create it and should be on a path to create it. And if you’re not, then cost correct. Make sure you get on the right path of financial freedom.

Tom Poland 7:58
Perfect! Jackson, thank you so much for your time.

Jackson Millan 8:00
Thanks. Bye.

Tom Poland 08:01
Thanks for checking out our Marketing The Invisible podcast. If you like what we’re doing here please head over to iTunes to subscribe, rate us, and leave us a review. It’s very much appreciated. And if you want to generate five fresh leads in just five hours then check out www.fivehourchallenge.com.