Momentum, Trust & Missed Deals: A Lesson on Time

Originally sent exclusively to The Letter subscribers on April 4th. Want to be the first to get my personal newsletter in your inbox every Monday at 7am? Subscribe for free here.

Time kills deals and time in the game makes people do business with you.

Time is our most precious commodity.

Whether you are a prince or a pauper, we all have the same amount of time in a day.

How you use your minutes dictates your results in the pursuit of success in life.

Spending your time effectively leads to breathtaking results.

I flipping love the word "effective."

I also love effective people; spending time with them is a very good use of time.

We humans respect the time that goes into mastering a skill - like a talented pianist who tickles the ivories with their eyes closed, we value historical handmade objects, works of art, or a spectacular decorated cake.

We gather around the campfire and listen to tales of old, eager to hear stories of times gone by.

We respect time, yet we can often waste it in equal measure.

Time is something that gives me anxiety.

The thought of it running out or being wasted frightens me immensely - I am desperate to use my minutes effectively and get things done.

Business success is often defined by what the owner or leadership does with their time.

The quote that’s almost gospel is this:

“If you want something done, ask a busy person.”

I also know that establishment is what humans respect and trust.

We loved our Queen Lizzy, because she was always there; we never imagined any different.

People cheer success for those that can say "We’ve been married for 20 years" or "Our family business has been established for 100 years".

Trust is given to those who have time in the game.

If you’re in business, being aware of this is particularly handy - said a bloke named Harry.

I have found content marketing to be a great way of building trust with people, whether through this newsletter, my books, podcasts, or videos.

The minutes people spend consuming your thoughts turn into hours, weeks, months, and now years of getting to know me before they even meet me.

When they do meet me, they greet me like a family member they haven’t seen at a wedding for years.

We move to friendship very quickly. I have invested a lot of time into this, allowing me to establish relationships that would usually take years to build.

Handy Harry, indeed.

When I go to buy businesses and make deals, the content has helped far more than any money I make directly from sponsorships or seminar tickets.

Right gang, so we now know that "Time in the game" helps people trust your business, but time can also kill deals.

Time can kill deals like smelly breath on a first kiss.

If you are buying or selling a business and a deal has been agreed upon, it’s your job to maintain momentum.

Don’t dilly-dally, or you’ll see the deal fall over.

I lost a deal this year because I didn’t push it quickly enough, and the seller pulled out.

I was so upset.

The legal processes on both sides moved like the M25 at "five thirty-five" in the afternoon.

I had other projects on, so I was laissez-faire about the momentum; the buyer had time to ponder and decided they wanted to keep the business.

I know that in reality, it’ll come back, but it’s very frustrating.

I forgot the line - if it’s to be, it’s up to me and to keep the thing moving at haste.

On the other hand, I was selling something recently, and the deal has taken so long that I’ve had enough.

Like moving house, if it takes too long, you may as well stay put.

Momentum is so important. Lose it, and someone can just wake up and think, "Nah, this isn’t for me, me old china."

Time can also kill the precious leads you get in your business.

You must respond to enquiries quickly.

Answer the phone, reply to the emails, reduce the queues, and make your website easy to use.

Make it easy to do business with you when people want to do business with you.

Shoppers that inquire need your business to respond in lightning-fast time.

Research shows that businesses are poor at this and hugely miss out on invested marketing spend due to inadequate follow-up.

In an instant world, instant responses are a fast way to grow sales.

When I was running my entertainment agency, I found that many folk made inquiries late at night.

I responded as soon as possible and secured numerous bookings confirmed out of hours.

Most of our web orders for our attractions came in after children’s bedtime when people have free time.

Time needs to be a key factor in your business thinking. Spend it wisely, and you’ll reap the rewards.

In other news, I had six yoghurts for breakfast yesterday - I was mullered.

To your continued success,

James

PS. Want to spend an evening with me in London? I’m hosting a show at the Leicester Square theatre on the 9th June, it’ll be a laugh. Tickets here.