A feedback loop is the part of a system in which a portion of the systems output is used as input for future operations.
The output of the system pours gasoline on it (positive feedback) or hits the brakes (negative feedback).
The only problem is that very few have a feedback loop in place.
Here’s an example.
One of my clients, who is about to have a baby, sent in this question.
“How do I take my practice from $100,000 to $500,000?”
My answer was a long one that covered multiple scenarios but a big part of it was that you need a feedback loop.
Here’s what happens:
A chiropractor, dentist, or small business owner goes from $100k to $200k….
Buys a new expensive car.
A new expensive boat.
A new expensive house.
Starts flying first class.
And the list, unfortunately, goes on.
When you’re making $100,000… live on $60,000 and $40,000 feeds back into the system.
Or when you’re making $200,000… live on $80,000 and feed $120,000 back in.
How?
Hire a new team member.
Buy advertising.
Build products.
Join groups and use software that will instantly elevate your business by association (as in join my community of rock stars).
Etc…
If you do it at $100,000 you will create a foundation that will propel you towards your goal of $500,000.
Train yourself to feed money back into your system SUCCESSFULLY.
Don’t expect to get it right the first time.
Your first team member might not work out.
Your first advertising program might lose money.
Your first product might not be a grand hit.
The first group you join might not work out as planned (unless it’s mine).
You heard it here first.
The goal is to be wealthy… not to look wealthy.
*Forward this to someone that needs my tips in their life.
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