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Last year, I brought together 100s of business owners and asked them: what's the biggest thing holding your business back? This is what they said (& how I answered):
1. Hires That Weigh Down Your Business Q: How do you know you’ve made a right hire off the bat, instead of wasting a bunch of time and money before you realize they’re a bad fit? A:
2. Levers to Pull for MORE Cash Q: My business is at a plateau. How can I increase revenue?? Answer 1: Not only did he get an answer, he actually IMPLEMENTED it between our first workshop & second. Here's the results:
Another change this guy made: We recommended he go to 90 day terms. He said his supplier would never go for it. The supplier did pushback but after an hour-long convo, they agreed to it. This was another major way they moved their cashflow position to 30%.
3. How to Decrease Risk on a Hire Q: We want to scale up our marketing. We’ve been mostly organic up til now. But we know nothing about marketing. Where do I even start with hiring a CMO or media buyer? A:
4. How to Train Up the Right People Q: How do you prepare a new employee without holding their hand? A: (This strategy ala my bud Sam Parr)
5. The Real Pricing Formula Q: People can’t afford our product. How do I find people willing to pay more? A:
6. Internal Marketing Q: We do zero marketing, but get more business through tech employees who recommend us to their new employer.. How can we be more intentional with referrals? A:
7. Non-Sleazy Marketing Q: How do I market to people’s pain points without feeling like I’m taking advantage of them? A:
8. How to Handle Under-Performers Q: The leaders on my team are holding the business back. What do I do? A: Set new expectations. Hold the line if those expectations aren’t met. Be willing to do the unpleasant thing… But here’s the truth about firing:
Sam Walton said, “Most everything I've done, I've copied from somebody else.” I hope there's at least one nugget here that you can copy to transform your own business.
We’re hosting another in-person Scale Up workshop VERY soon. This time with even more seasoned CEOs who have already passed the milestones you’re chasing… Details here: <a target="_blank" href="https://contrarianthinking.biz/scaling-x" color="blue">contrarianthinking.biz/scaling-x</a>