The “OP” Factor
The buzz was “Other People’s Money”, OPM. Real estate empires have been built on it, credit card companies issued credit based on it and banks used our money as the basis for questionable loans. OPM created a financial disaster.
That doesn’t mean, however, that OPM is obsolete. It is still as valid today as it was several years ago but with a caveat…..understanding the consequences and proceeding with caution. OPM has in fact, opened the door to other OP Factors that are just as energizing and constructive as the original OPM.
Other People’s Energy-OPE
Building a business and growing a sales force takes lots of energy. In fact, it is nearly impossible to accomplish a successful empire without utilizing the energy of other people. In order to accomplish more, try delegating any tasks that can be accomplished without you. Conserve your energy for the most important aspects of the business.
In order to accomplish this, a business plan becomes the centerpiece of a successful business. Understanding the business’ goals, time lines, project designs, building a Professional Referral Source and other phases of business growth is crucial in placing those Other People into the right positions and tasks to make the overall business or sales team successful.
Other People’s Time-OPT
Every person is allotted the same amount of time, every day. Along with OPT, bringing in extra help when needed to expand the business. If paying someone can help you expand your business by two or three times, isn’t it worth it? Remember though, that if you are going to pay someone, the expectation is that they will improve the business, not hamper it. If an employee is causing problems, and not accomplishing daily tasks or creating distress within the ranks, perhaps removing them needs to be considered. The old adage, “Time is Money” has never been truer.
Other People’s Viewpoints-OPV
Consider the value in other people’s viewpoints, both in similar businesses and businesses not associated with your particular field. Every business has unique problems and struggles connected with it and sharing those issues with others can help sort out details. This doesn’t mean you are blabbing trade secrets but rather using other people as a sounding board for solving problems. Master Mind groups and networking groups that focus on business development can help any business entrepreneur in the further progress of their own business development. Bringing in other viewpoints that may be the key to unlocking challenges you are having.
Other People’s Network-OPN
The more people you know, the more possibilities and opportunities that can happen from the people that your people know. Joe Girard, considered the greatest salesperson, is in the Guinness Book of Records. He sold more cars than 85% of all car dealerships in the country five years in a row!! He is known as the creator of the “250 Rule”— most people know 250 people through the course of their everyday lives. If those 250 each referred one person to you, think of the string of leads that would continue to stream into your business. Joe used a friendly, simple message, on a monthly basis to all his clients that was intended to convey “I like you”. In his case, it was a simple card relaying sentiments of birthdays, anniversaries, ‘thinking of you’ or just plain ‘Thanks for your business’. Joe’s clients became friends. Friends refer friends to those they like.
Other People’s Knowledge-OPK
The car is giving you problems so you lift up the hood and stare. You touch a few things, squint, check the oil, move the fan belt and jiggle a few more things. You don’t have the knowledge to actually fix the car, and staring at it is not going to get the job done. Hire a mechanic to fix the problem. Seek others in areas that you’re not good at to save you time and frustration.
Other People’s Leadership-OPL
Any business is only as strong as the leadership. If you are the leader in your business you have a responsibility to your employees. That means the ability to make decisions, guide through procedures and to know when you need support from others. True leaders seek out the talents of others to help make their business stronger. That may mean taking part in coaching for yourself, looking to your superiors for advice and sometimes asking for assistance. There is no such thing as a single-handed success. When you include and acknowledge those in your corner, you propel yourself, your teammates and your supporters to greater heights.
Other People’s Wisdom-POW
Being a good leader also means looking to others for wisdom. Look to those in your life that have already experienced the life lessons you may be going through now. Wisdom comes through many sources….books, conferences, networking groups….but also through experiences that may be outside business. Older family members, friends and business associates have already lived through a number of life lessons and may be the best sounding boards for whatever challenges and failures you may be facing right now.
Other People’s Expertise-OPX
“The E-Myth”, by Michael Gerber, refers to the idea that most businesses fail because the founders are “technicians” that were inspired to start a business without knowledge of how successful businesses run. The technician then tries to run every facet of their business: marketing, HR, accounting, etc. Bringing in experts who are great at what they do will allow you to do the things that you are best at. Sales professionals love the game of prospecting and closing the deal, but need experts for systems and operations or they won’t be able to deliver what was promised. Use OPX to concentrate on areas that your strength and learn to rely on Other People’s Expertise to build your business stronger.
Utilizing the OP Factor will help strengthen your business, create better leads and provide the leadership and expertise to bring any business to great success. The basis for the OP Factor is dependent on giving up on the idea that you can do it all and finding the people and resources to become the backbone of your business. How you run your business, treat your employees and treat those around you measures the true success of every individual. Use the OP Factors to elevate you and your business to success.
Tom Ninness is Regional Sales Manager for New American Funding in Denver, CO. He is also the President of Summit Champions, Inc. and creator of the “The 90 Day Journey to Your Sales Success”, a powerful 90 day action plan for the sales professional. To learn more about The Journey and Summit Champions, go to www.summitchampions.com or contact Tom at firstname.lastname@example.org Office: 720-221-4396.