Ravil Gabidullin, President of the Financial Growth Academy, photo © Ravil Gabidullin
How to double your income
Ravil has two powerful business tools in his arsenal: Robert Kiyosaki's cash flow quadrant and his own kaleidoscope of money. These tools help determine the leverage that can be applied to double your income, whether you are an investor, a businessman, or a hired specialist. Here they are:
- For entrepreneurs: strong management, cost cutting, sales growth. You shouldn't track the work of every manager. It is better to start looking for new client requests and markets, developing programs that increase demand and average check. The CFO should be in charge of cutting costs.
- For investors: awareness (you need to strive to learn more), practice.
- For hired employees: vertical growth (to move up the career ladder), horizontal growth (to become a higher-paid specialist, while remaining in his position).
- For the self-employed: expertise (advanced training, training), honing skills (increasing the level of skill), recognition (promotion, public relations of goods or services).
Ravil Gabidullin is convinced that using these levers, income can be doubled in six months.
Ravil has powerful business tools in his arsenal, photo © Ravil Gabidullin
How to increase sales
There are five main approaches to increasing sales:
- Repeat purchases. You need reasons to encourage customers to purchase your product or service more often.
- Clients by recommendation. This strategy is used by network companies. They introduce referral programs, request lists of potential customers from existing customers and buyers, and display their product as recommended.
- Resale. For example, McDonald's successfully applies this strategic scenario: to the main purchase it adds some pleasant trifle, which cannot be refused, at a super price.
- Working with existing clients. With everyone who has made a purchase from you at least once, you can interact further: make them your subscribers, notify about new promotions, offer additional services, and so on.
- After sales. Your product should always have something that can be purchased at any time (for example, extending the warranty period).
Study at the Academy of Financial Growth, photo © Ravil Gabidullin
Common mistakes of entrepreneurs
According to Ravil Gabidullin, novice entrepreneurs make four main mistakes at the start of their activities:
- “I don’t want to work for somebody.” This is a motivational mistake. To build a business, you need a clearly formulated goal: I want to open the best car service salon in the city, I want to open the coolest spa in the area, etc.
- “You don’t need to pay yourself a salary, because you are the owner.” You have to pay. Exactly what you would pay a hired executive to run the company as efficiently as you do.
- Regional Entrepreneur Syndrome. It lies in the fact that the income is only enough to cover the costs. No profit. To overcome the syndrome, you need to: a) pay yourself a salary; 2) take a percentage of the income, even if the investment is still in the process of returning; 3) remove this percentage where it is impossible to get it quickly.
- Investing finances only in your own business. If your own business yields less than 15%, it is worth considering other investment options. For example, you can invest in a ready-made and operating project with a yield of 20-30%, and develop your company on credit at 10-11%.
Ravil Gabidullin knows main mistakes of entrepreneurs, photo © Ravil Gabidullin
Glass ceiling: how to overcome it?
Ravil Gabidullin believes that the way a person spends money depends on whether he will be rich. The stock of financial protection is where the path begins. Next comes financial independence, financial freedom and, finally, absolute financial freedom.
Of the two forces present on the path to freedom - pulling and pushing - a person, as a rule, chooses the second, that is, does only what he needs. However, you need to create tougher conditions that encourage you to work better. Using the pulling force means creating a vision of your ideal business in so many decades.
The stock of financial protection is where the path begins, photo © Ravil Gabidullin
The push tactic loses to the pull tactic, since current planning is always limited by the resources available here and now. This greatly inhibits development. If you plan from a dream, you can draw parallels with ideal conditions, focus on the best. Thus, your idea of a perfect business will expand, clinging attitudes will be removed, strategies will become more effective. For example, the strategic plan for the development of the Toyota brand is thought over 250 years ahead.