White Zin & Lipstick

By , Money Strategist for Business Owners

Solo-E Certified Solo Entrepreneur Expert

Justin Krane, CFP - Money Strategist for Business Owners

Leverage your Assets

I had no idea about these two. The fact that they both can be used for something else. Maybe it’s because I’m a guy. And maybe it’s because I don’t really like cabernet wine – but I SO know others love cabs.

So check me out on this.

I’m having a drink with a client and he orders a cab. He tastes it and he really doesn’t like it. It’s too strong, too big, too much for him. So he asks the waiter to bring over a bissel (Yiddish for little) of white Zinfandel.

My client pours the zin into the cab, and oila! He said it tasted so much better. Even I tried it. It was pretty good. Vino baby.

I had no idea that if you put a little white zinfandel into a cab, that it takes the edge off and makes the cab taste better. Where did that come from? It’s nutzo.

Later that night, I’m in the car with some friends, we are running late to a dinner party.

All of a sudden, one of my friends starts putting lipstick on her face and then she starts rubbing it in. I’m like what! Lipstick on your cheeks? She says yes, when us women are in a bind, we use lipstick as blush.

Oh man am I out of touch. Where did that come from?

Got me thinkin. The little things in life. They can be used for more than one thing.

So why can’t we take our existing assets in our business, and leverage them and use them in other ways? To make more money and be more profitable y’all!

Zinfandel style. Lipstick style.

So here’s my list of some examples of assets you probably have in your business, that you can use in other ways.

1) Your content. Turn a blogpost into a podcast and throw it in iTunes. Convert a blogpost into a video and put it on YouTube.

2) Your relationships. Your network is your net worth. Go back through your Rolodex and re-establish old connections. Turn them into successful jv (joint venture) partners for you.

3) Technology. Are you using any type of CRM software? Where do you store your leads, prospects, and client info? My guess is that you are using some type of software, and that you aren’t using all it has to offer. Use Google analytics. Try Evernote. Check out DropBox. All of these tools could make you more productive.

4) Take advantage of the SBDCs (small biz development centers) in your area. They are organizations backed by federal money, state money, and private sector funds. Some examples are the SBA and SCORE. Did I mention that they are free?

5) If you have office space, sometimes you get free conference room space from your landlord. Make use of it and invite a group of people to do informal networking there. Make it a potluck thing.

6) Your vendors. They are really good relationships that you already have. Have them sponsor you/your company for something. Just pick up the phone and ask them for help.

7) Business books that you have already read. Go back and re-read them. You will pick up on new ideas and take action in different ways. I just re-read the “E-Myth Revisited.”

There are tons of other things you can do. Think about all of the things at your fingertips. Use them in new ways.

As business owners, we are all in this together. Sometimes I can’t even create my way out of a paper bag.

So…

Do you have any ideas that you can share with us? What are you specifically doing to get the most out of your business assets? Share with us!

Justin Krane is a money strategist for business owners. His mission is to help business owners understand the money side of their business. He teaches entrepreneurs how to be strategic with their business money so that they can grow their businesses.

Justin isn’t about cutting back and living a frugal life. Justin is all about getting the shoes, doing sushi, and living the best life today – while saving for the future.

He has been featured in CBS, Fox Business News, and MSNBC. Book a Free Strategy Session with Justin.

© Copyright 2013 Justin Krane, CFP
3 comments on “White Zin & Lipstick
  1. Cameron Weckerley says:

    Great advice except for the SCORE thing…I have tried using them in LA, Kern County and Santa Fe, New Mexico…it has always been a complete bust for myself and others who have tried it. Unanswered phone calls, no shows at meetings, negative attitudes….SCORE just in a terrible organization. Good article though…thank you.

    • justin says:

      Cameron – the bottom line is to take matters into your own hands, make decisions and rely on you, by being smart and implementing… if SCORE stinks, that’s a ok. so…. what is the first thing that you are going to do to leverage your existing assets? i hope you have a huge 2014!

      • Cameron Weckerley says:

        Ok, I can accept that on principle and let it go at that, except…I have never heard of a SCORE success story so why do they keep getting promototed. Maybe you have and I don’t know what I am saying. Actually, I would like that to be the case.

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