#040: Give yourself a raise

Read time: 4 minutes

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The Secret to Giving Yourself a Raise Every Quarter

Imagine being able to increase your income every few months without having to wait for annual reviews or the goodwill of your company. Sounds too good to be true? The secret lies in a simple yet powerful strategy: investing in your own skill development.

The 30-Minute Weekly Investment

What if I told you that all it takes is 30 minutes a week? That's right—just half an hour each week dedicated to improving your sales skills can lead to substantial increases in your commission checks. The cumulative effect of these small, consistent improvements can be astonishing.

Sales is a unique profession where your income is directly influenced by your performance. The more you sell, the more you earn. By honing your skills and continuously improving, you can directly impact your win rates and deal sizes. Consider this: what if you could close 10% more deals each quarter? Or increase the value of each deal by 10%? Or finally secure that meeting with your largest prospect, leading to the biggest deal in your company's history?

You could be “one skill away” from making that a reality.

Focus on the One Skill That Matters Most

Identify the single most important skill you need to improve and commit to enhancing it.

This doesn’t require a massive time investment. Spending just 30 minutes every week adds up to 26 hours over the course of a year. Imagine how proficient you could become in a specific area with 26 hours of focused practice.

Despite the clear benefits, many people still resist this approach. Here are some common objections:

• "I don't have time."

• "I'm waiting for things to slow down before I start."

• "I need to go through all the content before I begin."

• "I have too many customer issues to deal with."

These objections are understandable, but they often stem from a mindset that prioritizes immediate tasks over long-term growth. The reality is, if you had the potential to get a raise every quarter just by dedicating 30 minutes a week, wouldn't you make time for it?

Prioritize Your Growth

Albert Einstein famously said, "Insanity is doing the same thing over and over and expecting different results." If you want to see a significant increase in your earnings, you need to prioritize your skill development. This means taking control of your own learning and not waiting for your company to provide training.

The formula is simple: Learn more. Earn more. By committing to continuous improvement, you create opportunities for yourself. You become better at closing deals, negotiating higher values, and identifying prospects. Over time, these improvements compound, leading to substantial financial gains.

Implement This Strategy

Identify Key Skills: Start by identifying the most crucial skill that, if improved, would have the biggest impact on your performance. This could be anything from mastering a new sales technique to improving your negotiation skills.

Schedule Your 30 Minutes: Treat this time as a non-negotiable appointment in your calendar. Consistency is key, so make sure you stick to your schedule.

Utilize Resources: There are countless resources available for skill development, including online courses, books, webinars, and podcasts. Choose the ones that best suit your learning style and goals.

Track Your Progress: Keep a log of your weekly sessions and monitor your progress. Seeing tangible improvements will keep you motivated.

Seek Feedback: Don’t hesitate to ask for feedback from colleagues or mentors. Constructive criticism can provide valuable insights and help you fine-tune your skills.

Overcoming Your Own Objections

Addressing the common objections can help shift your mindset.

Time Management: Consider how you spend your time each week. Are there any low-value activities you can cut to make room for this crucial investment in your future?

Prioritization: Understand that waiting for the perfect time to start is a trap. There will always be challenges and distractions. The key is to prioritize your long-term growth over short-term issues. If you want a step-by-step framework to diagnose the right skill, check out this article.

Content Overload: You don’t need to consume all available content at once. Start small, and focus on one piece of content at a time.

Conclusion

Giving yourself a raise every quarter is not only possible but entirely within your control. By dedicating just 30 minutes a week to skill development, you can make significant strides in your career and earnings. It’s all about making a commitment and prioritizing your growth.

Remember, the more you learn, the more you earn. Start today, and watch your efforts pay off in substantial financial rewards.

Apple Podcast | Spotify | YouTube

Episode 32: [Leadership] Get better at your craft & adapt to the changing sales environment with Matthew Stoltz

• The changing sales landscape

• Always be improving your sales skills

• Selling services vs instruments

• How to align and influence decision timelines

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