Hi, it’s Siimon Reynolds again from The Fortune Institute and in this video I’m going to show you a really cool way to increase your profits very, very quickly.
What you do is you go online and look at the leading players in other English-speaking cities who do what you do. So let’s say you sell mattresses – you Google “mattresses Chicago” or “mattress stores London” and then pretty soon you will be able to see who the best players are – who the smartest players are – and you look at what they’re doing.
What way are they positioning themselves? What kind of sales are they coming up with? What different products and services are they offering that you could easily do because you’re in the same sector?
You know it’s absolutely phenomenal how many brilliant entrepreneurs there are in your industry in other countries, but so rarely do we study them and grab the best ideas and put them into our business. And that’s just crazy. You know some of the world’s richest people have become that way because they took ideas in their field from other countries and just spread them throughout the rest of the world.
There is a very famous business man by the name of Dietrich Mateschitz and he was in Thailand and he saw an energy drink that the Thais all loved, that kept them awake, and he just grabbed that idea and created Red Bull and became a multi-billionaire.
How many of your competitors that are overseas and doing what you’re doing, who have come up with ideas that you haven’t come up with, could you look at, evaluate, take the best stuff and then apply in your business?
If you do this, you will almost certainly see concepts that you haven’t used that you can apply immediately to make much more money in your business.