Mr. Biz's Top 12 for '22

Mr. Biz's Top 12 for '22

Check out the latest episode below. Mr.Biz Radio provides business owners with the knowledge and insights needed to drive their companies forward.

Mr. Biz Radio: Mr. Biz's Top 12 for '22

Unedited transcription of the show is included below:


Welcome to Mr. Biz Radio! Biz Talk for Biz Owners. During the next half hour, Mr. Biz, Ken Wentworth, a leading business advisor, and two-time best-selling author will cover topics that'll help business owners run their companies more profitably and more efficiently. If you're ready to stop faking the fun and take your business onward and upward. This show is for you. And now here's Mr. Biz, Ken Wentworth.


All right, welcome to another episode of Mr. Biz radio. And we're still working on some kinks here, but I am happy to report that we are recording the show from the very first time from our brand spanking new studios here at Mr. Biz network and part of our new streaming channel. So it's our first Mr. Biz radio, actually our first recording. Let alone first Mr. Biz radio at the new studio, still working out a few kinks. I got some microphone issues. We'll get it work out and little bit lighting. I think it's generally okay. But we'll get it down and progress. Not my good friend. Jason Case always says progress, not perfection. So we're gonna, we're gonna make it happen today. And I'm excited about the topic because here we are, it's the beginning of 2022.


I'm sure a lot of you have goals, resolutions. I know a big thing this year has been, people were talking about they're having a work for the year that they're gonna focus on instead of resolutions or anything like that. I still think it's very important to set goals. And so what I wanted to do with this show today was to give you some, some tips to make sure that 2022 is your best year ever. And I'm calling it top 12 for 22, the top 12 for 22. So that's why you see, we got the, a, a fancy little background here for 20, 22 celebrating new year, but I wanted to get into that a little bit and talk about some of the things, again, these 12 things you need to do. Some of these are specific to business. Some of them are, you know, more on the personal side and then some of 'em are sort of a mix of both, right?


You can apply them to both your personal and business side of things. So with all that said, let's get going with the top 12 for 22. So the first one the first one I wanna mention here, and I got my cheat sheet notes here, but the first one is to, I think it's super important. And when you start the year and I tried to kind of make these in order, but it's difficult because they're also critically important, but this first one is to say yes to opportunities. And what I mean by that specifically is we oftentimes it's just sort of human nature. I think, honestly, especially as we age a bit that we become a little bit resistant to change, even how we try to fight that we become a little bit resistant to change, and that is not with the way we wanna be.


We wanna say yes to opportunities. You may, if you listen to the show often, you know, one of my Mr. Biz tips, the week that I use I've used for the last several years and we've shared it is to, to start with yes. And I that's what I mean by this one. So say yes to opportunities when someone presents you with an opportunity and it could be a, a myriad of different types of opportunities, not just on the business side of things, don't immediately think about how it won't work, think of how it will work. And then you can decide from there, what's it gonna take to make it work? And then maybe, maybe the answer ends up being no, but start with yes. Try to not say no right. Try to really keep it vocabulary at least initially. So that's the first one.


Probably gonna speed up a little bit, cause I wanna make sure we get through all 12 of these along the same lines with the start with yes. With opportunities and say yes to opportunities is don't be afraid to fail. And again, I, I hate to use that F word, not the F word, but the F word fail really failure or shortcoming shortfalls. I look at them as they're an ingredient of success. They're not a detriment to success, right? No matter how skilled you are, you are going to have setbacks, not everything's gonna go exactly as planned. You're gonna have setbacks and that's gonna lead you to success, right. Because you're gonna learn way to not do things. Oh my gosh, that didn't work. So let's try this. Right? So you need those shortfalls, those failures to get to success, ultimately. So, very important to keep in mind with that.


It's again, people look at failure to too too harshly, I think. And that's what makes people say no, going back to number one, one is they're afraid to fail. They're afraid to, to fall short. And so then they start saying no to things, right? Because they only wanna pick cherry pick things that they're really good at, or that they are sure. They're going to be successful. That doesn't get you outta your comfort zone that doesn't make you think outside the box that doesn't present new opportunities for you. Right. So you have to really think about that and don't be afraid to fall short, to, to fail, frankly, on some, some things, because it's going to happen, get your mindset wrapped around. It's okay to fail. Sarah Blakely, you guys have heard me mention her many times before. She founded spanks actually just recently with a couple months ago.


So controlling interest in it. She still I think is, is involved. But she talked about when she was a little girl that when they would sit down for dinner, that her dad would ask her and her brother, what did you fail at today? Now that seems to be an odd question to ask children, right? Because you want to promote positivity and success and all this other stuff, but he would ask them, what did you fail at today? And if they didn't have anything to, to present that they had failed at, or they'd fallen short on, he would challenge them. That means you didn't get outside your comfort zone. That means you didn't try new things. And I think it's an important lesson. Clearly it, I don't know, worked really well for her. She started spanks with $5,000, sold a really interest into it for over $1 billion.


Very successful person. If you don't follow her, by the way, on social media, her and her husband, Jessie strongly suggest that they are amazing people, amazing parents things they share on social media and everything. They're very transparent about their life, personal life, as well as business. Like matter of fact, they're probably a little less transparent about their business life than they are about their personal life and how they're parenting and their shortcomings and failings as a parent. So so that's, that's the second one and I definitely speed this up. <Laugh>, I'm gonna make up some time here, but the third one in the time, top 12 for 22 to ensure your success, and this was a business one specific, and some of you who have listened to the show before know this one. So I won't I won't belabor it too much, but is focus on eliminating the silent business killer for those of you who are not familiar shame on you, but you can go back, go out to our YouTube channel, go out to You can see some of the old videos that I've talked about, the silent business killer. I've been interviewed about it. A bunch of times, silent business killer is a product or service that you have that is at best breakeven, but in most scenarios, it is actually losing you money. Every time you provide that service, every time you sell that service as a product, you're actually losing money. I call it the silent business killer because of course, Mr. Biz, why would I purposely have a product like that? Well, you wouldn't purposely have it. That's why I call it the silent business killer. You don't realize you have it. And oftentimes that's, that's the situation where your revenue, your sales are going up, but your're losing more and more money. It's like you're running in quick set, right? It's terrible position to be in.


So really focus on that. And that all comes down to pricing. You really have to dig into your pricing and have a very, very detailed you know, conversation with yourself or analytical conversation, I guess, about every single product and service you offer to really look at what is, what are the profit margins for each and every single product and not just the gross margin. Again, people focus on gross margin entirely too much, in my opinion gross margin just real quick is, is your sales subtracting your cost to get sold, but it doesn't include all your other expenses, your overhead, your admin, your rent, your insurance, your marketing, your all those other things are not included in net. So it only shows you part of the picture. I'm talking about net margin, net margin, net margin is what ends up in your pocket at the end of the day, right after you have sales and you have all these expenses, what ends up in your pocket at the end of the day, that is what your net margin is that net income divided by your total sales.


That is your percentage wise, your net margin. That's what you need folks. So that was the top three, or I'm sorry, the first three numbers 12, 11 and 10 of the top 12 of 22. We're gonna get into these other nine. During the next two segments, we're gonna come back after the break. We're gonna break here. We're going to give the Mr. Biz tip of the week. We're gonna back into this message. But I had mentioned before we have a new streaming channel called Mr. Biz network. You can find that on all these streaming platforms on binge TV, go on binge TV and you can find Mr. Biz network, or you can go out to Watch we've got 15 plus hours of content already out there with more to come. We'll see you active rate on Mr. Biz Radio


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All right. Welcome back to the show, Mr. Biz Radio in the time for Mr. Biz tip of the week. And I, as you've been watching during the break, the video during the break here, if you're not listening, if you're watching the video, not just watching or listening to the audio I had a little bit of a chuckle cause I looked down to see what this week's Mr. Biz tip of the week is. And again, I say this all the time, this is absolute coincidence. I did not plan it this way. So I just talked to you about you know, the third top 12 of 2022 I shared was about silencing the, the silent business killer, right? Getting rid of it and talked about margins. Well, this week's Mr. Biz tip, but the week is how can you make more money with less sales?


Think about that seems counterintuitive, right? You make more money with less sales seems, sounds crazy or right. The answer, mind your margins. That's literally what I just talked about. And again, very coincidental. We set out these tips. I promise you, we set out these tips for each of the 52 weeks of the year. We share one tip a week. We set 'em out to begin the year as matter of fact we just started you know, obviously this year, so we've got, 'em all laid out. So as up being very coin. So that'll oftentimes that the, the topic we're talking about or the guests, we have ends up being very analogous to the tip that week. So that anyway, that's Mr. Biz tip the week, let's get back into the top 12 for 2022. So we've shared three so far number or or number what 12, 11, 10, 9, I guess as we're counting them down, this is a simple one.


This is a personal one. This will help your personal life and your business life. You're ready for this one. Not gonna expect this. I don't think smile more smile. More research shows that when you smile, it opens you up to opportunities that puts people at ease. It makes you magnetic. I know that sounds a little bit cheesy, but think about it. Even when you're walking down a hallway in a building, you're walking down the street and you look up and a stranger's walking towards you and they smile at you. Think about what automatically your mindset towards that person. It could be someone who looks completely different than you. It could be a, a seven foot guy that has, you know, purple hair and earrings and tattoos and all kind of crazy stuff that maybe looks different than you. But he smiles at you has a genuine, warm smile.


Think about how that changes your mindset towards that person. Smile more when you greet people smile. Right? It's so, so important. I'm telling you, it sounds so cheesy, but I, I, I, I heard this less than a year ago. I heard someone speak and I can't remember who it was. I wish I wish I could. I had given credit and I tried it in the I'm telling you, try this smile at people, and you will see a noticeable difference on how you are received by someone, especially someone who is new, that you don't know, et cetera, but really, really important. So that is number nine. Number eight, as we're counting these down on the top 12 of 2022, focus on getting attention for your, for your business, for your brand. As some of you heard me say before on the show Grant Cardone is, is a champion of this, right?


As, as many of you follow him, know this, but he talks about the best known beats, the best product or service every time. And the one example I can give and is a bunch of 'em, but one example of I'm sure we'll hit home with people and resonate is McDonald's right. Is McDonald's super popular and they're ubiquitous right? Everywhere you go, every street corner seems like there's a McDonald's you can't, you can't throw a dark without hitting McDonald's. Well, is it because they have the best food? Is it because, well, they might have the best fries. Okay. I'll give 'em that. They have really good fries, but it's not because, oh my gosh, have the best hamburgers in the world. Right. They're everywhere. And they're the best known. And so that's a super important thing. Focus on getting attention Grant Cardone, and this kind of changed my mindset on this.


He said, you know, you grow up and your parents always tell you, you know, you know be humble and all stuff. And he not saying not, not to be humble, but he said that, you know, your parents say, don't treat your own horn. And his thing is, then who's gonna tune it. Why have a horn if you can't teach your horn, right? And again, it's not about being brag, ADOC or anything, but don't be afraid to get attention. You know, one of the ways I do that is through Mr. Biz radio is through now our streaming channel, Mr. Biz network. I do a lot of videos with our YouTube channel, Mr. Biz all these different things are ways to get attention. Again, it's not about bragging about yourself or anything like that, but don't be afraid to get attention for your brand.


It's super important. If someone five states away from you is someone that you could help, or you have a product that you can help them with, but they don't know who the heck you are. You you'll never be able to help them. So think about that, focus on ways to get attention for you and your brand. All right. The next one supporting one here. Solo equals no go. All right. So this one took a while for me to get over as well. Brandon Dawson shared this with me. And at first I'm like, and what, what do you means by that? What I mean by that, I guess, and relaying it is that those of you out there are trying to bootstrap. I understand that you're trying to di why things in your business, you're a solopreneur. You're trying to do everything. You cannot scale with that.


It doesn't matter what you're doing. You cannot scale on your own. If you wanna scale and build a business and build a bigger business, you need people. Whether that means administrative staff, whether that simply means to start hiring a virtual assistant to help you with a lot of the administrative tasks. So you can focus on some of the bigger things that your expertise is in, and frankly, to free you up from things that you probably don't enjoy doing anyway. So about that solo equals no go think about ways to expand your business with additional resources. And again, I, I don't mean necessarily even hiring an employee. Again, you could have a virtual assistant, that's obviously part-time contractor. You could hire someone to do your website work, right? You could hire someone to help you with if you do videos, video editing, you know, producer Allen is a form.


You know, I, I, he, he works with me and he produces this show. I come in and do the show producer. Allen does all the hard work. Like I, I show up and talk, right? A bunch of hot air. He does all the hard work and making this the way it is. So that's another example, but solo equals no go do not do that. Number seven, I could have made this number one, but I wanted to, I wanted to say this, actually, I guess I'm counting 'em backwards, but seven out of 12 and we're counting 'em up. And number 12 actually is kind number one. But anyway, number seven is, take action. Take action, Gary Vanerchuck Gary V talks about this all the time. He said, ideas are crap. You didn't say crap. Ideas are crap. It's all about execution. And this goes back to some of the other tips I've already shared with you in the top 12 for 2022, in that don't be afraid to fail.


Start with yes. Say yes to opportunities. You have to do that. And along the way, you're gonna fail as we mentioned, but you gotta take action. And just like, I, it, and ironically enough, I didn't even think about it at the time. But when I started the outside of the show and I said, look, we're, this is the first time we're in the studio here. We still got some kinks to work out, got some bugs, but progress, not perfection. That is an example of that. I got here. Things were not the way I was expecting them to be. I, I had some bumps in the road that I'd already set up. We'd already got figured out. I get here. And somehow I got outta. Right. And I thought about, oh crap, I'll go back to my home office where I record the show from before.


And I'll do it from there. No progress, not perfection. I'm gonna take action. We'll figure it out. We'll learn from this. We'll, we'll work out some of the lighting kinks and you know, audio, microphone, all that kind of stuff. We'll figure that stuff out, but you gotta take action. Don't be afraid to take action. You're not gonna get where you want to go without taking action. Right? You don't shrink your way to success. You have to be able to take action, not just have great ideas. I'm gonna try to squeeze one in here. We only have a lot of minute but I wanna squeeze one more end. So I can just have four for the last segment, but lead with curiosity. And when you're curious, you're open to new ideas. It goes back to number one, let's say yes, opportunities, but it's, it's closely related, but lead your people with that.


Without curiosity. When, when someone on your team comes to you with an idea, the first thing you should do is ask more clarifying questions. That's showing curiosity that shows them as well, that you value their opinion and their ideas. And that's part of that saying yes to opportunities and not instantly being like, we're not gonna do that. That's not, we've never done that before. Don't do that. That's crap. That's not gonna get you where you want to go. All right. So that's the lead with curiosity. So we have four left in the top 12 for 22 to ensure that you have success and you have a kick ass 2022. So come back after the break and we will share the top four of the top 12 of 22.


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All right. Welcome back to the show. We are down to the final four final four on the top 12 of 2022 to help you make 2022 your best year ever. And so I wanna dig into these. We've got, we've got about nine minutes here to cover these these four, and they're super, super important. So I wanna dive into these this one is business related, financial related. You may have guessed this one was kind mean at some point, if you listen to the show at all before, and it's one of my three pillars of financial success for businesses, and that is you need to create a budget. As a matter of fact, since we're already a few weeks into 2022, at this point, you should have already had a budget in place. You should have been working on that in November, December of last year.


Some people wait until they have the final, you know, information and final numbers for the prior year. And they work on their budget in January, but critically important to get that done and try to get it done by, you know, mid, late January. So that way you can start tracking it away, right? So you're January versus the budget. And what I find is when people wait too long to create a budget, sometimes they do that because they are faking the funk. And what I mean by that is they delay their budget. And next thing you know, it's, it's middle of February and they go, wow, I already know what my January actuals were. So I wanna make my budget what my actuals were now. And they might do the same in February. That's two twelves of the year. That's that's one sixth of the year, forget that, right?


You're losing the impact of a budget in a goal oriented budget. And like I talked, talked about before a budget is not a lot of people think of a budget as like a diet. It's not, if you're in growth mode, it's a budget will be built to grow your business. Right? When I build a financial budget for a business, we start with what's the sales goal or the revenue goal for the year. We start with that. And then we back down from there, how much we wanna reinvest back in the business. And so don't think of a budget as a limiting thing, think of a budget as a tool to help you get you towards your goals. So if you have a goal, a certain goal, you know, for sales or revenue in a year, you're monitoring that each and every single month. So, you know, and I'm just using revenues again, but you need example.


You need to track everything and track against everything every year, but using revenue as a goal, you know, you get through the end of February and you've got two months of actuals. Now you can, and you need to do this every single month, but you need to compare versus that where your budget is for the first two months, are you head, are you behind? Where are you ahead? Right? Maybe, maybe you have 10 products and six of them are ahead of budget. And four of 'em are behind. Why are the ones behind? Why are the ones ahead? Are there some things that you can learn from the ones you are ahead on ahead of budget and ahead, 'em on say else and apply those to the ones that you're behind, right? Hey, we use this strategy for these two products and it work really well.


Let's take these two that are lagging and try to, you know, apply that same strategy. That's one of the examples it gives you. The other thing is it tells you when you're behind our head. So, you know, man, we need to step on the gas pedal with X, Y, and Z. Maybe it's. If you have a, a sales team you want to emphasize maybe one of the products you're behind in is one of your higher margin products. Well, that's, that's not good, right? So maybe you wanna say, maybe you offer a for the next quarter, you offer a sales incentive, an additional sales incentive, or a sales contest related to, you know, one or two of your higher margin products that might be lagging. That's an example where a budget is super powerful. Helps you get back on track, not only from, you know, meeting budget, but for your profitability as well.


So that's number four, number three, only three to go three to go write down your goals daily. So not only do you create the goals, you need to write those bad boys down every day. So lemme give you a couple stats. I wanted to write them down so I didn't mess 'em up. So Harvard business school did this study. 83% of people don't even set goals. I was floored by that. I, I, I don't, I can't even imagine that. Like, I, I can't imagine they don't set goals at all. Like nothing, 14% of people set goals, but only in their head. All right. So they've done something which is good. However, get this, that 14% of people, they are 10 times, 10 X, 10 times more likely to achieve their goals than 83% that didn't set any goals. 10 times take it a step further.


We have 3% less, right? 3% set goals. And they write them down. Only 3% of people mind's blown. I don't understand that those people are three times more likely than a 14% that set them, but in their head. And which means they're 30 times more likely to achieve than the people who don't set goals at all. People. If this is no, this doesn't tell you to set goals and write 'em down. When I say, write 'em down daily, I got a prop, look at this, I use this bad boy. Look, it fits in my pocket. Right. Very convenient. But I literally come in and twice a day, sometimes three times a day, I will write down my goals and I try to keep them simple. So I'll write down I have three goals and there's, these are big goals. And I write 'em down at least twice a day in the morning and the evening sometimes when I'm having a crappy day and I need to refocus, I'm unmotivated or something, I'll do it in the middle of the day as well.


Write 'em down exactly the same. Every single time, write them down. It gives you an constant reminder. What you're working towards, get you back on track. I'm telling you. And these things are, you know, I don't know what this thing is like 75 cents or something. I have like 20. I use these all the time. Super powerful write 'em down every single day. Alright, we've got two to go. And we got about three and a half minutes, right? <Laugh> do this. Number two on the top 12 and 22 is two invest in yourself. I I'm gonna challenge you right now. And there's a lot of different forms of investing in yourself. I don't mean go out. I guess it could mean that I don't mean go out and buy, you know, a new dress or a new suit or whatever that could be part of it.


If you need to SP up your, your wardrobe a little bit to, to feel good about how you look at things like that and, and build your confidence. But people focus too much on, oh my gosh, for example, ah, man, that book's 30 bucks when I buy books and I read a ton of books and I listen to a ton of books. I don't focus on a $30 cost. I could get one idea out of that book. That's worth $10,000, a hundred thousand dollars, a million dollars. Who knows? I don't focus on the 30 bucks. Right. And I'm I pick 'em I choose them carefully. I don't read just anything. Make sure they're recommended. I, I take from people who tell me like, oh my gosh, you got, you got this book, et cetera might be an author. I know, but invest in yourself.


Find a conference, find a, a, a speaker that you like and invest in yourself right now, go out and find one of those for the remainder of the year. Book, it invest in yourself. That is the highest ROI investment you can ever make investing in yourself. That's why number two. So what is number one? What is number one? All right. Number one on the top 12 of 22 is, is to give daily. I don't mean money. Doesn't have to be money. Matter of fact, I just had this and this is what prompted me to have this. I wanna read this and I don't wanna mess it up. Lemme see if I can get this bigger here. All right. So give giving op opens up the doors to receiving. You have so many opportunities to give every day. So this is an example, not just money, give kind words, give a smile.


Talked about smiling earlier. Give appreciation of love. Give compliments. You can give courtesy to other motorists while you're driving. Instead of getting off that someone pulled out in front of you. Hey, you know what? Maybe that guy's in a hurry. You've probably been in hurry and done that before yourself. Give a little bit of grace. You can give a smile to a parking car parking attend. You can give a warm greeting to a newspaper stand person or the person who makes your coffee. You can give by allowing a stranger to go ahead of you into an elevator. And you can give by asking which floor they're going to and pressing the button for them. Easy giving do this. I'm telling you it's so powerful. If someone drops something, you can give a helping in and pick it up for them. You can give one warm embraces to those you love, and you can give appreciation, encouragement to everyone.


There are so many, many opportunities for you to give and thereby opening the door to receiving. This is so powerful. I'm telling you right now, here's, what's the most powerful for me and what I find it's most powerful when I'm having a absolute crap day. When I start doing things like that. And I'm very purposeful about it. The intangible feeling that you get back for giving to someone and give, showing that gratitude and showing appreciation, I'm telling you it is well worth it. That is why it is number one on the top 12 for 22. If you follow those, you are going to have an amazing 2022. Send me, send me, DM me, send me some notes. I want to know which ones you found the most powerful, which ones you are committed to following and how you're gonna fall like to invest in yourself.


Tell me the conference. You you're gonna do go to the 10 X growth con. I'll be there. Mr. Biz is gonna be there in March down in Miami, but you have to do that. That is top 12 of 22. Appreciate you guys listening as always again. Go check out Mr. Biz network. You've go on streaming apps and find binge TV. And then within that, you, you can find a Mr. Biz network or you got, our YouTube channel, Mr. Biz, follow us on social media all over the place. Really appreciate you guys, watching, listening, whatever you might be doing. However, you're consuming this content. And as always, don't forget, cash flow is king.


This has been Mr. Biz radio. To learn how to become part of Mr. Biz nation. Visit for access to free weekly content. Subscribe to the Mr. Biz, YouTube channel and follow him on Facebook, LinkedIn, Instagram, and Twitter, to listen to archive shows. You can find them on the Mr. Biz solutions website.

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