Through a coincidence of good timing, I am in San Francisco, where it is 65 degrees, clear, and absolutely beautiful while Washington is in a deep freeze. This was a long-planned trip, however, and the highlight was a meeting I had yesterday with Nobel-laureate Milton Friedman. Professor Friedman has long been interested in health policy and the importance of changes that will promote greater individual freedom.

I wrote to him and asked to meet to get his guidance on carrying
free-market ideas forward in what should be the best climate for
progress in well over a decade.

Professor Friedman invited me to meet in his spectacular condominium atop one of the tallest buildings on the highest hills in San Francisco. His view has to be one of the best on the planet, with a panoramic view that extends from the Bay Bridge to the Golden Gate. Magnificent! He reinforced his concern, detailed in an article he wrote in the Winter 2001 issue of The Public Interest, about government expenditures accounting for 45 percent of total health spending in the United States. “We are headed toward completely socialized medicine and are already halfway there, if in addition to direct costs, we include indirect tax subsidies.”

He insists it is important to stay focused on the big picture but admits that his policy prescriptions may not be politically feasible. He advocates repealing the tax exemption of employer-provided medical care; terminating the existing Medicare and Medicaid programs; deregulating most insurance; and restricting the role of government, preferably state and local rather than federal, to financing care for the hard cases.

He believes that realistic first steps should focus on liberalizing the
rules governing medical savings accounts, and allowing Medicare
beneficiaries to have access to the funds allocated on their behalf,
first to protect against catastrophic medical expenses, then to have
freedom in spending for routine care.

A strong advocate of MSAs, Professor Friedman was very interested to learn about the new Health Reimbursement Arrangements authorized by the IRS last summer to essentially give medium-sized and large companies the opportunity to offer MSA-like products to their employees. We discussed the need for either legislation or a new ruling that will allow employee ownership of the money they save in their HRA accounts.

Professor Friedman’s vision is as sweeping as the view from his balcony. Those of us who slog in the trenches of public policy details every day do well to be reminded of the goal: Individual control over health spending decisions in a free and competitive marketplace that responds to empowered consumers.

”’Grace-Marie Turner is founder and president of the Galen Institute in Alexandria, Va., which was started in 1995 to promote a more informed public debate over individual freedom, consumer choice, competition and diversity in the health sector. The Institute’s primary focus is sponsoring research and educational programs on the crucial intersection of health and tax policy. For more information, go to:”’ https://www.galen.org/ ”’To reach Grace Marie Turner, send email”’ mailto:galen@galen.org

John has been doing very well in sales. But he knew he could do
better. So he called me and asked for some help.

He was making a very good living, but felt that he wasn’t focused.
He wasn’t spending his time, effort and energy in the right places.
John was running on two cylinders — which weren’t running very
smoothly — and was still making $100,000.

For years he had said to himself: “Imagine what I could do if only
I could get focused and manage my time better. Then I could
make some ‘real’ money.”

*If you want help setting your priorities, getting focused and managing your time — so nothing slips through the cracks – you’ll enjoy my “Taking Control of Your Day” eBook. Here’s the link to order your copy: https://www.1shoppingcart.com/app/adtrack.asp?AdID=13334

One day, when we were meeting, I asked John what his closing ratios
were. He pondered that question for a few moments, and then said
that he didn’t have the slightest idea. He had never kept any kind of statistical records.

I asked him some more sales-related questions:

*What is the size of your average sale?

*How many sales did you make last year?

*What was your biggest sale last year? How much money did you earn on it?

*What was your smallest sale last year? How much money did you earn on it?

*What is your profile for your ‘ideal’ client?

*How many sales do you close on the first interview? The second? The third? The fourth, fifth, sixth, or tenth?

*What is your best source for leads?

*What are your sales, profit and income goals for this coming year?

John thought about these questions for a few moments, and with a
puzzled-look on his face he said in a soft, quiet voice, “I don’t know
the answers to most of your questions, but if you’ll wait a moment
I can dig up the answers to the others, I just don’t have that information at my fingertips.

He continued, “I was never much into record keeping. For the most
part, I’ve just been flying by the seat of my pants.”

If you want to be successful, you must run your business, like
a business. You need to know:

*Who your best — most profitable — customers are.

*Where they came from.

*How much they spent with you.

*What your most profitable products are.

*The average size of your sale.

*Your closing ratios.

You should have the answers to these questions at your fingertips, for without them, you’re like a sailor who is in the middle of the ocean without a compass, sextant, radio, radar or GPS (Global Positioning System).

You’ve no idea what direction you’re going. (Last week one of my clients told me that he ran out of gas while driving to an appointment. He had been looking at the speedometer. Unfortunately, he forgot to look at his gas gauge.)

Because John didn’t keep any records, he didn’t know where he was,
and as a result he didn’t know what changes he should be making in his business planning.

Over the next few weeks John started keeping sales records. He
recorded the names of the people he met with, what he thought they
would purchase, the dates he met with them, whether or not
they bought from him, and the amount of the sale.

As we studied his records, I noticed something very interesting in
his spreadsheet: He was closing about 23 percent of his sales on
the first interview, 12 percent on the second interview, and 6 percent on the third interview.

When he met with a prospect a fourth, fifth, or subsequent interview, only 2 percent of those people ever purchased. And those that did were his smallest — least profitable — sales.

John had been trained in the “everybody’s a prospect” school of
selling and had always followed the “I’m going to call on them till
they buy or they die!” sales methodology.

He had the persistence of a bull dog. He refused to let go.

But as John was reviewing his records he observed that he was closing 37 percent of his opportunities in either the first or second call, and only 8 percent of his opportunities thereafter.

As we pondered this interesting fact, we talked about how much time he was investing following-up on his opportunities. For the most
part, the people who bought on the first or second meeting were
rather easy sales. The people were fun to work with, and many of these customers became friends.

But the 63 percent who didn’t buy on the first or second call were
much harder to work with. They didn’t return phone calls or respond to voice mail or e-mail messages. They cancelled or postponed meetings. They weren’t easy to work with.

Then I asked John this question: “How much time are you spending chasing these people?”

John thought for a moment and said, “I’ve been spending almost 60
percent of my time chasing people who aren’t buying. And the few
that do buy aren’t usually worth the effort for they don’t become
long-term customers. It’s almost like they’re giving me an order just to get rid of me.”

As he spoke a light bulb must have turned on deep inside his head.
A big smile came across his face as he realized what had been keeping him from making a lot of money. He was wasting the majority of his time chasing people who weren’t going to buy from him.

We discussed a “novel” idea: Stop calling on a prospect after the
second call. If they haven’t bought, move on and look for a better
prospect. A prospect who is in the market to buy from you ”’today.”’

We spent the next few sessions working on John’s telephone techniques and helped him perfect his Elevator Speech.

*If you want to improve your telephone results, you need to have a ”’great”’ Elevator Speech. My best-selling eBook “Opening Doors with a Brilliant Elevator Speech” teaches you how to create more opportunities over the phone. Here’s the link to order your copy: https://www.1shoppingcart.com/app/adtrack.asp?AdID=7556

And we spent time improving his networking skills so when he went to business and industry meetings he could meet more people, make
more friends, find more opportunities, and close more sales.

*If you don’t have enough prospects, you probably need to improve your networking skills. My eBook “Creating Opportunities by Networking” teaches you how you to become an expert networker. If you want to get ahead in business — and in life — this is a must read. Here’s the link to order your copy: https://www.1shoppingcart.com/app/adtrack.asp?AdID=12494

Over the past few weeks, John’s results have been startling. Because
he’s more focused on finding people who are in the market today,
he’s not pushing himself on those that aren’t interested.

He’s using the telephone much more effectively to find prospects
and qualify them. His closing ratios have improved. He is making more money.

And best of all, he’s got more time for his friends, family and himself. He’s no longer working harder, he’s not just working smarter. He’s working less.

”’Reprinted with permission from Jeffrey Mayer’s Succeeding In Business Newsletter. (Copyright, 2002, Jeffrey J. Mayer, Succeeding In Business, Inc.) To subscribe to Jeff’s free newsletter, visit”’ https://www.SucceedingInBusiness.com

Through a coincidence of good timing, I am in San Francisco, where it is 65 degrees, clear, and absolutely beautiful while Washington is in a deep freeze. This was a long-planned trip, however, and the highlight was a meeting I had yesterday with Nobel-laureate Milton Friedman. Professor Friedman has long been interested in health policy and the importance of changes that will promote greater individual freedom. I wrote to him and asked to meet to get his guidance on carrying free-market ideas forward in what should be the best climate for progress in well over a decade. Professor Friedman invited me to meet in his spectacular condominium atop one of the tallest buildings on the highest hills in San Francisco. His view has to be one of the best on the planet, with a panoramic view that extends from the Bay Bridge to the Golden Gate. Magnificent! He reinforced his concern, detailed in an article he wrote in the Winter 2001 issue of The Public Interest, about government expenditures accounting for 45 percent of total health spending in the United States. “We are headed toward completely socialized medicine and are already halfway there, if in addition to direct costs, we include indirect tax subsidies.” He insists it is important to stay focused on the big picture but admits that his policy prescriptions may not be politically feasible. He advocates repealing the tax exemption of employer-provided medical care; terminating the existing Medicare and Medicaid programs; deregulating most insurance; and restricting the role of government, preferably state and local rather than federal, to financing care for the hard cases. He believes that realistic first steps should focus on liberalizing the rules governing medical savings accounts, and allowing Medicare beneficiaries to have access to the funds allocated on their behalf, first to protect against catastrophic medical expenses, then to have freedom in spending for routine care. A strong advocate of MSAs, Professor Friedman was very interested to learn about the new Health Reimbursement Arrangements authorized by the IRS last summer to essentially give medium-sized and large companies the opportunity to offer MSA-like products to their employees. We discussed the need for either legislation or a new ruling that will allow employee ownership of the money they save in their HRA accounts. Professor Friedman’s vision is as sweeping as the view from his balcony. Those of us who slog in the trenches of public policy details every day do well to be reminded of the goal: Individual control over health spending decisions in a free and competitive marketplace that responds to empowered consumers. ”Grace-Marie Turner is founder and president of the Galen Institute in Alexandria, Va., which was started in 1995 to promote a more informed public debate over individual freedom, consumer choice, competition and diversity in the health sector. The Institute’s primary focus is sponsoring research and educational programs on the crucial intersection of health and tax policy. For more information, go to:” https://www.galen.org/ ”To reach Grace Marie Turner, send email” mailto:galen@galen.org

John has been doing very well in sales. But he knew he could do better. So he called me and asked for some help. He was making a very good living, but felt that he wasn’t focused. He wasn’t spending his time, effort and energy in the right places. John was running on two cylinders — which weren’t running very smoothly — and was still making $100,000. For years he had said to himself: “Imagine what I could do if only I could get focused and manage my time better. Then I could make some ‘real’ money.” *If you want help setting your priorities, getting focused and managing your time — so nothing slips through the cracks – you’ll enjoy my “Taking Control of Your Day” eBook. Here’s the link to order your copy: https://www.1shoppingcart.com/app/adtrack.asp?AdID=13334 One day, when we were meeting, I asked John what his closing ratios were. He pondered that question for a few moments, and then said that he didn’t have the slightest idea. He had never kept any kind of statistical records. I asked him some more sales-related questions: *What is the size of your average sale? *How many sales did you make last year? *What was your biggest sale last year? How much money did you earn on it? *What was your smallest sale last year? How much money did you earn on it? *What is your profile for your ‘ideal’ client? *How many sales do you close on the first interview? The second? The third? The fourth, fifth, sixth, or tenth? *What is your best source for leads? *What are your sales, profit and income goals for this coming year? John thought about these questions for a few moments, and with a puzzled-look on his face he said in a soft, quiet voice, “I don’t know the answers to most of your questions, but if you’ll wait a moment I can dig up the answers to the others, I just don’t have that information at my fingertips. He continued, “I was never much into record keeping. For the most part, I’ve just been flying by the seat of my pants.” If you want to be successful, you must run your business, like a business. You need to know: *Who your best — most profitable — customers are. *Where they came from. *How much they spent with you. *What your most profitable products are. *The average size of your sale. *Your closing ratios. You should have the answers to these questions at your fingertips, for without them, you’re like a sailor who is in the middle of the ocean without a compass, sextant, radio, radar or GPS (Global Positioning System). You’ve no idea what direction you’re going. (Last week one of my clients told me that he ran out of gas while driving to an appointment. He had been looking at the speedometer. Unfortunately, he forgot to look at his gas gauge.) Because John didn’t keep any records, he didn’t know where he was, and as a result he didn’t know what changes he should be making in his business planning. Over the next few weeks John started keeping sales records. He recorded the names of the people he met with, what he thought they would purchase, the dates he met with them, whether or not they bought from him, and the amount of the sale. As we studied his records, I noticed something very interesting in his spreadsheet: He was closing about 23 percent of his sales on the first interview, 12 percent on the second interview, and 6 percent on the third interview. When he met with a prospect a fourth, fifth, or subsequent interview, only 2 percent of those people ever purchased. And those that did were his smallest — least profitable — sales. John had been trained in the “everybody’s a prospect” school of selling and had always followed the “I’m going to call on them till they buy or they die!” sales methodology. He had the persistence of a bull dog. He refused to let go. But as John was reviewing his records he observed that he was closing 37 percent of his opportunities in either the first or second call, and only 8 percent of his opportunities thereafter. As we pondered this interesting fact, we talked about how much time he was investing following-up on his opportunities. For the most part, the people who bought on the first or second meeting were rather easy sales. The people were fun to work with, and many of these customers became friends. But the 63 percent who didn’t buy on the first or second call were much harder to work with. They didn’t return phone calls or respond to voice mail or e-mail messages. They cancelled or postponed meetings. They weren’t easy to work with. Then I asked John this question: “How much time are you spending chasing these people?” John thought for a moment and said, “I’ve been spending almost 60 percent of my time chasing people who aren’t buying. And the few that do buy aren’t usually worth the effort for they don’t become long-term customers. It’s almost like they’re giving me an order just to get rid of me.” As he spoke a light bulb must have turned on deep inside his head. A big smile came across his face as he realized what had been keeping him from making a lot of money. He was wasting the majority of his time chasing people who weren’t going to buy from him. We discussed a “novel” idea: Stop calling on a prospect after the second call. If they haven’t bought, move on and look for a better prospect. A prospect who is in the market to buy from you ”today.” We spent the next few sessions working on John’s telephone techniques and helped him perfect his Elevator Speech. *If you want to improve your telephone results, you need to have a ”great” Elevator Speech. My best-selling eBook “Opening Doors with a Brilliant Elevator Speech” teaches you how to create more opportunities over the phone. Here’s the link to order your copy: https://www.1shoppingcart.com/app/adtrack.asp?AdID=7556 And we spent time improving his networking skills so when he went to business and industry meetings he could meet more people, make more friends, find more opportunities, and close more sales. *If you don’t have enough prospects, you probably need to improve your networking skills. My eBook “Creating Opportunities by Networking” teaches you how you to become an expert networker. If you want to get ahead in business — and in life — this is a must read. Here’s the link to order your copy: https://www.1shoppingcart.com/app/adtrack.asp?AdID=12494 Over the past few weeks, John’s results have been startling. Because he’s more focused on finding people who are in the market today, he’s not pushing himself on those that aren’t interested. He’s using the telephone much more effectively to find prospects and qualify them. His closing ratios have improved. He is making more money. And best of all, he’s got more time for his friends, family and himself. He’s no longer working harder, he’s not just working smarter. He’s working less. ”Reprinted with permission from Jeffrey Mayer’s Succeeding In Business Newsletter. (Copyright, 2002, Jeffrey J. Mayer, Succeeding In Business, Inc.) To subscribe to Jeff’s free newsletter, visit” https://www.SucceedingInBusiness.com