When I was three years into business, I thought all business problems could be solved with marketing and sales.
I was so certain the more I focused on these activities, the better my business would do.
I mean, it makes sense, right?
If I want to make more $$$, then doing more marketing and sales would surely solve that.
These are the direct activities that lead to more $$$.
It was only when I sat down with my accountant he looked me dead in the eyes and said,
“You are wrong.”
It hit me hard!
I realised I was making a big mistake.
It seems dumb in hindsight…
What I didn’t realise was that as I grew my revenue, my margin was compressing.
We were super profitable as a small company, but with the expenses of a bigger company, I was fast moving into the “unprofitable” territory.
All the team and management expenses I had added in had completely changed our cost to deliver the service.
My pricing model had not changed as the business grew.
So guess what happened after three months of pushing more marketing and sales?
The more marketing and sales I did, the more broke I was becoming…
Completely the opposite of what I was trying to achieve.
Today what I find interesting…
Many business owners are running like I was in those early years.
Applying the wrong strategies and tactics to the goals they have.
If the only tool you have is a hammer, then the solution to all your problems better be a nail…
If I could go back in time, I would focus much more on these four things.
– Business model
– Moat (strategic advantage)
– Innovation (riding the trends)
And this week, that’s what we discuss on the podcast.
Grant and I dig into each of these four elements and explain how each of these could be the thing to unlock the next level in your business.
All information we share is NOT financial or investment advice and is purely intended for entertainment and educational purposes only. Always seek professional advice before acting on any financial decision.
00:00 Welcome to Business & Investing
01:07 What’s stopping business owners from hitting their wealth goals
05:52 Creating the right business model
10:01 What makes a better business model
15:59 Leveraging your business model
19:34 Building a moat around your business
23:33 How to create a competitive moat for your business
30:57 Correct pricing in business
37:15 Delivering value in your products or services
39:55 Business innovations
47:47 Innovating by combining and franchising
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