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Julian Reyes recounts hiring an overcharging bookkeeper, leading to an IRS audit. He highlights the importance of understanding true failure causes to learn and pivot. Key lesson: ask probing questions to uncover deeper reasons for failures.
In the world of affiliate marketing, financial oversight can have significant ramifications. Julian Reyes, a seasoned affiliate marketer, shares a compelling cautionary tale about his personal encounter with financial mismanagement and its consequences. This experience offers valuable insights for anyone in the affiliate marketing industry, emphasizing the importance of vigilance and accountability in managing business finances.
Julian Reyes recounts his decision to hire a bookkeeper at a seemingly reasonable rate of $17 per hour, entrusting them with the financial reins of his business. However, without proper oversight, what initially appeared to be a straightforward arrangement spiraled into a costly oversight. It was only during an IRS audit, several years later, that Reyes discovered the bookkeeper had been charging $50 per hour and had mismanaged filings and deductions. This experience underscores a critical lesson for affiliate marketers: neglecting financial management can lead to severe consequences.
Reyes initially attributed the failure to his choice in hiring. However, upon deeper reflection, he realized the issue was more profound. The true failure lay in the lack of monitoring and creating a "black box" in his business, where financial activities were not transparent. This highlights a crucial point for affiliates: understanding the underlying cause of a failure is essential for meaningful learning and improvement. Without identifying the root cause, businesses risk repeating mistakes.
To uncover the real reasons behind failures, Reyes suggests asking probing and sometimes uncomfortable questions. This introspection can reveal hidden layers of issues that might not be immediately apparent. For affiliate marketers, adopting such a reflective approach can aid in understanding setbacks and devising strategies to prevent future occurrences.
Reyes also recommends considering how one would perceive a similar failure in a competitor's business. This shift in perspective can provide clarity and objectivity, helping affiliate marketers assess their own situations more critically.
Julian Reyes’ experience serves as a stark reminder of the importance of diligence and transparency in financial management within affiliate marketing. By understanding the deeper causes of financial missteps and maintaining rigorous oversight, affiliates can safeguard their businesses against similar pitfalls.
What is the main takeaway from Julian Reyes' experience? The core lesson is the necessity of vigilant financial oversight and understanding the deeper reasons behind business failures to prevent recurrence.
How can affiliate marketers apply this lesson? By ensuring transparency in financial dealings and regularly reviewing financial activities, affiliate marketers can avoid similar mismanagement issues.
Why is it important to identify the root cause of a failure? Identifying the root cause allows businesses to address the actual problem, preventing repeated mistakes and facilitating genuine growth and improvement.
How can shifting perspective help in understanding business failures? Viewing a failure as if it occurred in a competitor’s business can provide objectivity, allowing for a more unbiased assessment of the situation.
[Music].
so.
years back i hired a bookkeeper okay.
and i think she told me she was 17 bucks.
an hour so i put her in charge of.
payments i put it in charge of.
of the bookkeeping component pretty much.
everything and then i just.
turned a blind eye for a few years.
to what she was doing i wasn't even.
getting p l's and i.
i didn't care i was just focused on you.
know writing and.
video sales letters and conversions etc.
so fast forward.
several years i am now in an irs.
audit they're coming after me for seven.
figures.
uh i find out that this bookkeeper.
wasn't charging me 17 bucks an hour.
she was charging me 50 bucks an hour for.
all these years.
uh and and all sorts of other problems.
like things that were supposed to get.
filed that didn't get filed.
miscategorized deductions you name it.
you name it.
on the exterior that failure.
at least when i first thought of it i.
thought that the failure was obviously i.
made a.
big big hiring mistake i hired the wrong.
person i didn't do my due diligence.
that was sort of the external layer of.
the failure.
but upon some deeper reflection.
i realized that the failure.
was was again much much deeper so.
the next layer of failure the next.
realization that i had was.
well not only did i hire the wrong.
person but then i didn't monitor her.
performance.
i didn't get people to kind of look at.
what she was doing that knew more about.
finance than i did.
and i allowed a black box in my business.
right and a black box in your business.
is death.
so then upon even deeper reflection and.
asking myself some.
some difficult questions right like for.
example well.
i failed by doing x which means i.
really failed by doing y that's a bit of.
a probing question right that allows you.
to kind of penetrate a layer deeper.
to the true reason for the failure.
and i think that's really the the big.
lesson because i could sit here right.
now guys and i could tell you like.
oh well the fail you know you've got to.
embrace failure and you've got to.
fail fast and you've got to learn from.
your failures and optimize from your.
failures.
that's all cliche stuff you can listen.
to any tony robbins joe schmo talk about.
that.
what i'm going to tell you is how can.
you optimize how can you.
pivot how can you improve how can you.
learn from a failure.
if you don't understand the real reason.
that you failed.
and more often than not you don't know.
the real reason that you failed.
and one thing i've learned is the bigger.
the failure.
the more painful that failure the more.
your subconscious conceals it from you.
right you have to protect your ego you.
have to protect your psyche so you.
you tell yourself one reason that you.
failed nine times out of ten.
the real reason you failed you don't.
know it you're not aware of it.
it's deeper so you have to ask yourself.
these probing oftentimes painful.
questions.
like hey you know i failed at x which.
means i really failed at y.
and if i really failed it y then i.
really.
really failed at z that's a framework.
that's a structure that you can use to.
help you know get underneath the surface.
another question you can ask another.
probing question copyright julian reyes.
is if this failure that i just went.
through.
happened to a competitor of mine and i.
were.
a fly on the wall watching the whole.
thing transpire.
how would i how would i how would they.
have failed how would i view.
their failure right sometimes if you.
kind of take it and put the spotlight on.
someone else it allows you.
to be a little bit more objective so.
that's it i'm going to make this i'm.
going to cut this video off it's a.
little too long.
already that's it julian reyes exodus.
affiliates. com if you want to check out.
some of our offers they're crushing it.
and stay safe everybody.
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