A study analyzed 4,700 companies over the last three recessions, 91% of those either went bankrupt, were stagnant in revenue or lost revenue.
There were only 9% of companies that actually thrived during these three recessions.
So what’s the difference between the 9 and 91 percent?
In this week’s episode, you will discover the five things holding you back from doubling your company in this no-spend economy.
Whether you believe a recession is imminent or not, it’s always wise to plan for the worst while striving for the best.If you want to outsmart your competition today, tune in to the episode now.
Continued Learning: From Gift-Giving to Strategic Partnerships, the Ultimate Dream Deployment
- Want to know what’s keeping you from doubling your sales in the next 12 months? Take our quick QUIZ to get answers: Howtodoublesales.com
- If you’d like to have a profound breakthrough in your business, schedule your breakthrough call with a LIVE expert here: Chetholmes.com/Breakthrough
- Claim your FREE chapter 4 from the top 10 most recommended marketing and sales books of all time! Visit: Ultimatesalesmachine.com to find out how you Create 9X More Impact from every move you’re already making to win clients!
*this transcript was mostly generated by AI, please excuse any mistakes
Amanda: You got this wonderful book, the Ultimate Sales Machine. I met the original author, Chet Holmes, Jesus, 25 years ago. It’s hard to believe, and he was so cool and awesome, man, and he had great philosophies, right? I’m not afraid of the guy who could kick my ass 10 ways or something.
I’m afraid of the guy who’s practiced one way 12,000 times something, right? Yeah, yeah. He was so great and there are so many lessons in this book. Unbelievable. Now, sadly, he passed and his daughter Amanda, is here today and she has expanded the company, expanded the roles and dimensions of the company, has very big goals.
And she has the most positive energy source I’ve ever met, and she’s great. And this book has been expanded to reflect some of the new [00:01:00] dynamics of the digital world we live in. And so we are lucky to have her today. Welcome Amanda Holmes.
Here is your dose of the ultimate sales machine coming to you from the new edition, visit ultimate sales machine. com to get your copy or multiple copies. I am your host, Amanda Holmes, CEO of Chet Holmes international. What you’re about to learn has assisted a quarter of a million businesses to generate billions of dollars working faster, better, smarter.
Amanda: It’s a pretty wild thing it took me four years to write the new edition in my father’s book, and when I asked everybody what they wanted to see from the new edition, they said, nothing. It’s perfect. Don’t touch it. So you can imagine the, uh, freak out that I had to try and touch and upgrade a masterpiece.
Uh, but it means a lot to me to be able to share that story because, Uh, a part that really fuels me is the concept of I’d love you to double your sales and I’m gonna give you four strategies today on how to double sales, but [00:02:00] not at the expense of your health or at the time you have with your family. So I’m gonna give you those strategies that take wallet, I’m sorry, that take horsepower over wallet power, and can make quantum leaps instead of having to do double the amount of work and just get stressed out and burned out.
So my philosophy is let’s double our sales while cutting our stress in half. Uh, and I experienced it myself from watching my father pass at 55.
So we’re gonna cover the five things holding you back from doubling your company in the next 12 months. I just curious, a show of hands, how many of you would actually like to double sales?
Okay. That’s a good amount. That’s a good amount. I was keynoting last week and not a lot did. It was very odd. It was a very strange group. I’m like, we’re not gonna get along very well. ’cause that’s what I’m great at. Uh, so all, everything you’re about to learn today has been proven. [00:03:00] We have 70 different training products that have sold in over a hundred countries.
The book, I was just in Switzerland a month ago celebrating the book being translated into its 16th language, which was Italian. Uh, we have also assisted 85 of the Fortune 500 and assisted 250,000 businesses worldwide. So my father cold called his way into 60 of the Fortune 500 and realized, okay, to really make a difference.
In our economy, it’s really gonna be with the small to medium sized businesses. So we took what was working for the biggest and the best and gave it to those that can really move the needle with all of the staff that we have, that, uh, that hire 90% of our marketplace. So, majority of CEOs are worried about a recession.
I just a show of hands again, how many of you are worried that we’re either in a recession or coming up to a recession? Not a lot. How [00:04:00] fascinating. Okay. Well, according to Bank of America’s small business report, in 2023 70 6% of, sorry, 72% of small business owners are worried about the impact of a recession.
However, 76%, oh, sorry. On the back end of that feel that they, it’s not gonna do anything that will put them out of business. They’ll be able to survive and make it through. Well, just to put this into perspective, 50% of businesses have delayed their plans for growth because of interest rates, and 49% of them have taken out a loan to be able to cover the higher cost because of inflation.
Does that feel like that’s more realistic? Yes. We’re seeing that people are taking out more money. Money? Yep. Okay. Well, regardless of if you believe that a recession is coming or not, let’s just plan for the worst so that we can make the best of it. Okay. So we did a study to analyze 4,700 companies over three recessions to realize what was the difference between [00:05:00] those that succeeded when it was a no spend economy versus those that didn’t.
And what we found was that 91% of businesses either were flatlined losing revenue, or going bankrupt. Bankrupt is only 9%. So just because I said it first doesn’t mean majority wouldn’t bankrupt. And then only 9% of those actually grew their revenue during a time when nobody wants to spend. So what was the difference between the nine to 91?
Would you guys actually like to know? Yes. Okay. So according to the data, this is what was shown. Number one, CEOs swooping in to solve the problems. And I know we have a combo here of some of you are one man armies.
Some of you have more staff. For those of you that are one man armies, if you’re selling to a C-suite.
They better pay attention ’cause this is what they’re up against. Okay? Have this in your back pocket to know what to talk to them about.
So CEOs are swooping in to solve the problems rather than delegating it to their teams. So you have to be agile when people aren’t spending [00:06:00] money in the economy. And if you have your team that’s on the front lines, being able to make decisions quickly, you will be able to pivot quickly.
So this is critical. Must delegate the authority. Number two, too much debt to survive. So this was Mueller’s study where he and I would recommend everybody do this, what is your total debts over total assets? And it could even be a practice that you tell CFOs to go through to see, okay, what is your percentage of debt to ra debt to asset ratio?
So Mueller found that it’s not that we have to have no debt. We just have to have a smaller amount of it. So on average, they found that 19.5% on the debt to asset ratio was okay. They could still sustain, but if you got up to the 38% or higher, so about double that, you were in for trouble. So you should really be looking at.
Okay, what can I sell? What can I cut as, as far as operations? And you know why? If you’re teaching this to A CFO that’s [00:07:00] important because you are educating them so that you are not the thing that they’re cutting. They’re cutting something else, right?
So we’re educating them on that. Obviously, there’s no magic numbers.
This is across many different industries, but just to give you a bit of a guideline here. Then number three is laying off staff may make it difficult to survive Now.
We just experienced, right? It was, um, oh man, I’m trying to remember if it was 21 million or 47 million, uh, staff that left their jobs during covid.
Do you, does anybody know off the top of their head? Ah, I’ll go and look and bring it back to you guys. We had more people leaving the workplace during Covid than at any time in history. So knowing that staffing is not as much of an issue, but if revenues start to go down and we start laying off. We’re gonna have real big problems to be able to survive past a recession.
So, um, yeah, during 2009, 2.1 million Americans were laid off. That’s [00:08:00] nothing in comparison to what we saw during covid of people voluntarily leaving their jobs. Now, Honeywell, for example, they saved 20,000 jobs because during the 2000 recession, they ended up firing them and they had the hardest time being able to ramp back up after the recession.
So in 2008, they learned their lesson. So instead of firing them, they just held their pay for let’s say a week or five weeks depending on what the reg regulations were, and they saved 20,000 jobs. Hello, Mr. C F O. Would this be interesting of you? Hello, Mr. Hr. Would this be interesting to you? Right. So I’m just educating you about this is the pain points that companies that you market to will be experiencing performance pay.
If any of you’re interested in hiring more sales reps, I would highly recommend looking at a performance pay type model that’s in chapter five of the book that you got. How can we make sure that their incentives are in alignment with what the company is trying to achieve? [00:09:00]
And then digital transformation.
So many of us went online after Covid, right? It was unbelievable. For those that haven’t gone online yet, this next recession is really it. You just won’t survive. So if you’re talking to any companies that are having that problem, they should really get ahead of it. And according to Katie George, a senior partner at McKinsey, they’re saying digital comp, digital transformation, or sorry, digital technology can help cut those costs.
So we should really be automating as many tasks as possible and adopting data-driven decision making. How many of us make decisions in business just based on hearsay or what we think or what we feel? This is really coming down to the brass and ax where we need to know. How many leads are you generating a month?
How many of you know how many leads you generated in the last 30 days?
Okay. Alright. All right. But everyone should know that number, right? How many leads did I [00:10:00] generate? How many have I booked the first appointment with how many of my closing? We need to know these numbers so that we can make sure that we improve them step by step.
I filled this quote by Henry Ford.
Stopping advertising to saving money is like stopping your watch to save time. Yes. Thank you for the laugh. So as competitors are cutting back, you should really be doubling down on what you’re doing with marketing. So at the height of the pandemic, the cost for marketing lowered by 47%. However, case after case shows that those that spend money on marketing during recessions will grow by 20% in revenue compared to pre-recession.
So I highly recommend, but what, what do we have to do when we’re thinking about acquiring new clients? We have to, instead of slashing marketing budgets, we really have to focus on,
optimizing for low cost high. R o i.
Optimizing their spend by shifting dollars into high R O [00:11:00] i tactics.
How many of you like high R o i? Tactics? Okay, great. That’s what I’m gonna show you today.
So I love this quote by the CEO of Walmart. When he was asked how he, what he was going to do with the current recession coming up, he said, well, I thought about it. I’m sorry, my clicker will only allow me to be so far away from it.
Um, he answered, I thought about it and decided not to participate. So I am another one that is opting out of the next coming recession, and I’m bringing you all with me. So, The five things holding you back from doubling your company. Based on knowing what’s going on with our current economy. You need to avoid swooping in to solve the problem.
If you’re the CEO and you need to delegate your authority, you need to look at your debt, try and pay it off, sell it, cut it. Uh, too many layoffs make long-term survival difficult. So make sure that you get creative performance pay, uh, you know, paid time off, partial [00:12:00] part-time off digital transformation.
How can we move towards data-driven decision making and automating tasks, and then investing in low cost high r o i tactics and you’ll be up 27% over the market. Okay,
so never let a good crisis go to waste. I love that. Winston Churchill.
So what we’re gonna cover today is how to get four times more clients without spending more.
Does that sound good? From your same efforts, would you like to get four times more clients? All right. Um, a case study,
I’m gonna show you how one of our clients generated 42 million in seven months without. Was spending less than 50,000 on advertising, which was actually an 83000% r o i. I wish all of my investments gave me that kind of r o i.
Uh, I’m gonna cover the fastest, least expensive way to double sales and how to win up to seven times more clients without feeling salesy or pushy. Are you guys in the right room? Okay. [00:13:00] Good. And all of this is based around frameworks that have worked in every industry you could possibly imagine around the world, bigger or smaller.
So if you have questions, I am not a robot, you can ask me questions. I’m happy to answer them so we can find out how you can have a breakthrough today, something you could learn something today that could completely change the course and direction of your life. I’ve had a couple of people come up to me and say, okay, man, you better play it full out.
You know, you better give it. Give me all you got. I will give you everything I’ve got. That is no question. The question is, are you gonna play full out to listen, to write down what’s important to you and to take that step to turn ideas into action steps. How many of you wanna take the ideas you learned today and turn them into dollars in your bank account?
Sure. Yes. All right. Only some of you, you raised your hand, but I didn’t hear any like chutzpah behind it.
How many of you want to actually turn the ideas you learned today into dollars in your account? Let me hear you say yes. Yes, yes. Alright. [00:14:00] Okay.
So like I said before, these take brain power, not wallet power.
It’s all about outsmarting what’s happening in the economy and what’s happening with your competition. So I went through, I would call it a recession, but it wasn’t exactly a recession. Um, in 2011, my father got diagnosed with cancer and uh, that’s actually the hospital. Room that he spent 382 nights in, and never once did he spend a night alone.
It was between me, my mom, and my brother. And in all that time, he never sat me down and said, Hey, Amanda, let me tell you about my businesses. Let tell you what I’d like to see from them. Let me educate you on who’s in my business. We, we never had those dialogues, so. You can imagine. Um, I was quite the, uh, daddy’s girl and I loved my father to pieces, but I was a singer-songwriter.
I had just released my fourth record and uh, all of a sudden I lose my father and it’s just I’ve lost my hero. [00:15:00] Um, and then I inherited a couple hundred staff, which was utterly terrifying. And I had to find my way by reading his emails to try and figure out his business. Um, So to say I was stressed was probably an understatement.
I lost 20 pounds ’cause I couldn’t eat. Uh, sleeping was hard ’cause I just kept seeing images of him in the hospital. Um, and I had to find a way to clear my mind to get focused on what was ahead of me because there were a lot of hundreds of people that were relying on me and I had no idea. Uh, luckily I had a wonderful mentor.
Her name is fairly long, but it’s of high honor. It’s Sama, her Holiness 1008 Guruji Punji. And uh, she kept telling me that I could step in as CEO and I look at her like, you must be smoking something. ’cause that is crazy. Uh, and I kept feeling that if I stepped in, it would be [00:16:00] like stepping into a grave next to my father.
’cause I know that I worked just as hard as he did. Uh, he always said that I worked harder than him. So, um, she kept reiterating to me this quote of pressure steals the pleasure from life, and she taught me this exercise that helped me release the stress and just be able to clear my mind enough to focus on what was at hand.
So, if any of you would like to reduce your stress by 20% in under two minutes, And it won’t cost you a dime. I could actually teach you that right now, but I will only do it if majority of the room raises their hand and says they’d like the exercise. So if you’d like it, let me see.
So what I want you to do is I want you to, this is the first thing you’re gonna write down that I’m gonna ask you to write down.
I want you to close your eyes for a moment. And just think on a scale from one to 10, how stressed [00:17:00] are you in this very moment? 10 is, oh my God, I’m so stressed. I don’t know what to do with myself. One is I’m floating on clouds.
Okay, and go ahead and write down that number. I’m very big on data. I like numbers to quantify results. So as you, as I said, I was a singer before, so what we’re gonna do is up to you how much you want to shift yourself. So what my teacher taught me is that meditation is an altered state of consciousness, and what majority of people do is they sit in silence and think that that’s meditation.
They say, ah, I’m terrible at meditation. You know, my mind just races. That’s what happens when you sit in silence. But to actually have an altered state of consciousness, you have to break that monkey mind that keeps moving and going and talking. So if you use the sound [00:18:00] of your own voice, you can cut that monkey mind faster and elevate out of all of the craziness that’s in our heads.
So I’m gonna teach you a phrase that you can say back to me, and for those of you that are willing to and want to actually experience a, uh, Transformational experience. You can sing with me, but I’m giving you the option. You can either say it or you can sing it, so it’s up to you.
All right. I know you guys are laughing at me.
I do this for like billionaire conglomerates in real estate, and I’m always, the majority of the time, the only female in the room for room full of men.
But when we actually commit ourselves to have a beautiful experience where we get rid of all of that clutter in our mind, you’ll feel a lot better at the end of the day.
So I’m gonna tell you the words, okay. So you’re gonna repeat after me. I’m happy. Happy. I love myself. I love myself. My body’s full. My body’s full of love and light [00:19:00] love. Oh my God, that was so difficult, you guys okay? Okay. Let’s try it one more time. I’m happy, happy, happy. I love myself. I love myself. My body’s full.
My body’s full of love and light. Love, love. I used to teach this in LA and everybody would look at me like, I’m happy. I love myself. My body’s full of love and life. But if you repeat that for two minutes, you can’t help but break a smile. Okay, so now I’m gonna sing it and then you can sing it back, or you can say it if you want, and you’re just too afraid to give yourself the moment to have a little bit of fun, okay?
Mm-hmm. I am happy. I love
People: myself. My body
Amanda: is full of love and life. Okay. Do you need me to sing it again or you think you can do it this time? You’re like, I, this is really out of my comfort zone, huh? But you’re right in front. So [00:20:00] now I can see you. Okay, you guys can do it with me this time. Here we go. I’m happy.
I love myself.
Amanda: body’s full of love and life. Okay? It’s really hard to do it when your eyes are open. I I, I guarantee. So now you have to close your eyes this time, and we’re just gonna do it for 60 seconds. The pain will go away, I promise. Everybody that has their arms crossed should uncross their arms, uncross your legs.
This is honestly for you so that every time you feel stressed where you can’t get that deal and you don’t know what to do, I’m giving you something that doesn’t cost you a dime that can make you feel better. Okay? Okay. Close your eyes. Um, happy,
People: uh, I.
People: am happy, I love myself, my body[00:21:00]
Amanda: five more. Really playful out with me on this next one. I’m happy.
I literally can’t hear you. It’s a room full of men. Here we go. I’m
People: happy. I love myself. My body’s full of
Amanda: this is for all the HR directors that are like, I don’t wanna listen to you. You should sing them this song. I’m
People: happy. I love myself.
Amanda: Three more. This is for you guys. This isn’t for me. I’m happy. I love myself.
People: My body full of love, and my two more.
Amanda: I love
People: myself, my body. [00:22:00]
Amanda: So last time it’s for every person that’s ever said no to you, you’re just singing this song right to their. Face ready. I’m happy. I love
People: myself. My body is full of love.
Amanda: Okay, now you’re keeping your eyes closed and you’re thinking on a scale from one to 10. Where was I at before and where am I at
Amanda: Okay. Write down your number.
What percentage of you had your number go down? Raise your hand.
People: Look at that. Oh,
Amanda: [00:23:00] shit. Okay. What percentage of you the numbers stayed the same? Okay. How many of you the number went up?
People: Robert can’t sing.
Amanda: you thinking about him? You’re thinking about you. It’s okay. So every once in a while, there’s always somebody in the audience and they didn’t realize how stressed they were, or they really hate singing, and so it increases the number. But I give you that just to say, I honestly, the next time you feel stressed or you feel like you can’t do it, or you don’t wanna make another cold call, or you feel that you’re in over your head, there you go.
It’s a little gift. Didn’t cost you a dime.
Troy: So here’s the deal. I am so grateful to Chad Holmes for all that I’ve learned, but it’s actually Amanda Holmes that taught me the exact strategies that I needed to create 42 million in seven months.
I was so reignited. I asked Amanda, is there any way I could come and work alongside you and help your clients be able to get results? Like I just got.
Hi, I’m Troy Aberly, now the Executive Strategy [00:24:00] Officer at chi.
a privilege to see this wonderful woman lighting up the stages with actionable strategies and creating immediate results.
It’s hard for me to imagine that you could get anyone else better at your event than Amanda because of the impact that she can create.
Who knows if Amanda is even available for your event date? Go to chat homes.com/speaking and check out her availability. This could be the event that could change your life just as it did for me.