Birthdays and Predictable Revenues

I was listening to Dan Kennedy’s Phenomenon podcast the other day where he talked about the concept of Present vs Future Banks

So basically, when you take an action, are you just trying to make some money now (income), or are you also investing in your future (equity)?

If you’re just depositing into income, you will find yourself spinning in the same place.

Why?

Because Income gets spent.

While only equity builds wealth that can change your life and secure your family for generations.

It’s why you hear so many stories of professional athletes or lottery winners making millions, then becoming penniless and struggling to keep a roof over their heads.

It’s the same risk for many of us entrepreneurs.

We might have cash rich businesses that are allowing us to live in a bigger home today, but if we are not building any equity we will never get off the hamster wheel….

A spinning wheel of constant scrambling to earn income tomorrow to pay yesterday’s bills.

So what does it mean to be able to take an action that deposits money both in your present bank and future bank.

Dan’s example was a savvy restaurant owner.

The one who collects not only your name for the reservation, but also your birthday.

Why your birthday?

Because it allows him to give you a special promotion around the time of your birthday to entice you to celebrate it with your family and friends in his restaurant.

And let’s say 25% of his customers take him up on his promotion?

Then that birthday date he collects one day for your meal will give him a future reservation – without having to advertise or pay extra to get it.

And so he collects birth dates form hundreds of patrons that span the entire calendar year.

To create a system that fills his tables consistently throughout the year.

And he avoids the stress of having to worry every day how he’ll go out and fill those tables?

Instead he starts the day with tables booked before he even walks in the door.

Which feels a lot better than starting from zero.. no?

How about you? What can you do with your interactions with customers and prospects to ensure that you can deposit money in both your present and future banks?