July 1, 2024
Introduction To Powerful Business Strategies
Powerful Business Strategies, Conversion Formula, Implementing Business and Financial Strategies.
Powerful Business Strategies is broadcast live Mondays at 12 Noon ET Music on W4CY Radio (www.w4cy.com) part of Talk 4 Radio (www.talk4radio.com) on the...
Powerful Business Strategies, Conversion Formula, Implementing Business and Financial Strategies.
Powerful Business Strategies is broadcast live Mondays at 12 Noon ET Music on W4CY Radio (www.w4cy.com) part of Talk 4 Radio (www.talk4radio.com) on the Talk 4 Media Network (www.talk4media.com January Jones Sharing Senior Success is viewed on Talk 4 TV (www.talk4tv.com).
Powerful Business Strategies Podcast is also available on Talk 4 Media (www.talk4media.com), Talk 4 Podcasting (www.talk4podcasting.com), iHeartRadio, Amazon Music, Pandora, Spotify, Audible, and over 100 other podcast outlets.
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The topics and opinions expressed in the following show are
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solely those of the hosts and their guests and not
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those of W FOURCY Radio. It's employees are affiliates. We
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make no recommendations or endorsements for radio show programs, services,
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or products mentioned on air or on our web. No
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liability explicitor implied shall be extended to W FOURCY Radio
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or it's employees are affiliates. Any questions or comments should
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be directed to those show hosts. Thank you for choosing
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W FOURCY Radio.
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Welcome to Powerful Business Strategies, where you will find out
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that everything you have ever learned about growing your business
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is wrong. Finally, a show where you'll learn the right
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way to grow your business by learning business and financial
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strategies that your competition isn't doing. And now here is
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your host. President of Next Step CFO Michael Barbarita and
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joining Michael for today's show as an executive moderator is
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chooky obio.
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This is chookey, and I believe that gratitude is undefeated
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and growth is about the next step. So it is
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an honor for me to moderate today's discussion with my
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good friend Michael.
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Michael how are you fantastic, Choky? How do you apologize
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to the world that you were that you had technical
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difficulties to get on the.
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Show by well, well, thank you, Choke.
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My name is Michael Barberica, President of Next Step CFO,
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and next Step CFO is a fractional CFO and strategic
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implementation firm, and our vision is to ensure overwhelmed business
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owners achieve the time, freedom and consistent profits to build
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a legacy and live the life they desire. And our
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mission is next Step CFO is dedicated to guiding small
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business owners and leveraging their time, exploding their profits and
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build a meaningful legacy. And you know this show powerful
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business strateg Jez had our book of the same name,
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is a step toward accomplishing that vision and mission. So
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with that, I'd like to hand it back to my
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co author and moderator for the show, Shooki Obio.
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Michael, thank you, and so address your question about the
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technical difficulties, I would just say, look, we are in
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the business of problem solving and we just solve that.
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I mean right, we solved it elegantly.
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A quick disclaimer, Michael and I are both affiliated with
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a number of different organizations and the business owners the
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leaders that will join our roundtable discussion as part of
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this radio show moving forward will also be affiliated with
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their organizations, but the views expressed on this show our
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own views based on our successful experiences, and my role
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as a fearless moderator for this radio show is just
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to ask the right questions to help you as a listener,
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and to help me learn business and financial strategies that
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the competition isn't doing. And let's kick off with the
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first question. So, look, Michael, the more I learn about
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your career story, the more inspired I am. Why don't
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you take a few minutes to just give us a
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walk down memory lane?
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Great? Thank you, Jocky.
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So back in nineteen ninety nine, I just sold my
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business for multiple I'm sorry. I sold my second business
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successfully in nineteen ninety nine. I was back in the
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Stone Ages, by the way, my first business sold for
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multiple seven figures. And I gotta tell you, I didn't
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think I could do no wrong, you know, after owning
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and exiting too businesses, I just thought I had the
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keys to the business kingdom and that I could succeed
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in any business. So, in all of this glory without
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any experience in the medical profession whatsoever. After all, who
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needs that? I started an outpatient rehabilitation facility called Freedom
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Therapy Center. Now, in the successful businesses I owned, I
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implemented business strategies that my competition wasn't doing. For example,
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my first business with a ski specialty retail business, and
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we grew the company from two and a half million
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to eight million in five years. And a contributing factor
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to that growth was a strategy called a risk reversal
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where the seller in the transaction takes most of all
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the risk. And one of the problems that the customer
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had in the ski industry is they never really knew
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if the ski they were being sold by some hot
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shot ski salesperson was the right ski for them.
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So what we did is.
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We implemented what we called a ski guarantee, where we
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let the customer ski the ski three times. If it
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wasn't right for them, they could take it back and
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would refit them with a brand new pair. Now, Joki,
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just so you understand, when a pair of bindings goes
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on a pair of skis, it depreciates the substantially, not
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to mention when it gets skeedar Wow, yeah, so my
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employees and manages. As a result of all that thought,
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I was, you know, going crazy and out of my mind.
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But I knew there were no competitors that would do it.
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You know, we sold eight thousand pairs of skis the
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first year we implemented a twenty five percent increase, and
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only eight came back.
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That's remarkable.
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Yeah, and you know the next year we sold eleven
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thousand pair and only fourteen came back. You know, many, many,
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many business owners think that when you're taking a risk
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by implementing a risk reversal, that it's going to backfire,
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you know, and it had never seen it backfire, to
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be honest with you. But then you fast forward to
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Freedom Therapy Center, where I must have taken these stupid
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pills or something, because I did exactly what my competition
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was doing, marketing the doctors to get referrals, dropping off
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chocolate cakes as bribes to front office staffs to get
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to the doctors. And by the way, I gave away
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two thousand cakes one year.
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I don't know. I'm almost embarrassed to say that.
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I offered services the exact same way my competition was doing.
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No risk reversals, no compelling offers, no strategic direction, no creativity,
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and no differentiation. And I was looking for customers who
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were anybody, and there were a bunch of anybodies that
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ended up really being nobody. And I'm a financial guy,
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so I know how to manage cash flow. But despite
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all that, we were incurring huge, enormous operating losses, and
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we were hemorrhaging cash every month. Yeah, chick's unbelievable. Every month,
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I was going into my savings to fund operating losses.
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And after a certain point, I promised myself I wouldn't
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put any more money into the company to fund operating losses.
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But like every business owner, I broke that promise, and
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I broke it twice. Thank god I wasn't married. I'd
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be under the pressure of being told to get a
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real job. I was staying up nights wondering what I
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was doing wrong. I was waking up in the middle
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of the night with cold sweats, worried about cash flow
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and customers I was losing every day. There were many
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Wednesdays when there was no money in their company bank
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account and the payroll do on Friday. Employees were looking
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for other jobs. They saw a sinking ship people, we
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owed money to a calling. There was personal liability galore,
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and then it ended.
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I fell on my face. Incredible. Have you ever fallen
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on your face?
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Yes?
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Did you stay down in the hope that no one
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would notice? Wow?
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Did you care more about what other people would think
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instead of what you could.
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Learn from this?
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You think I stayed down too long? Have you ever
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stayed down too long? Vendors, leasing, companies, banks, they all
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had hitmen coming after me.
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My ego was shot.
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The guy who held the keys to the business kingdom,
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the guy who sold a business for multiple seven figures,
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was facing his most difficult point that he thought he
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would ever face in a million years. But I learned
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two things I learned. The first thing I learned is
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that after one falls on their face, the hardest step
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to take is the step after the fall. Yes, the
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next step, Yeah, the next step. And so thirty days
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after I closed Freedom Therapy Center, Next Step CFO was born.
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And the second thing I learned is you just can't
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keep doing what your competition is doing. And today I
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come to you all and I ask you to ask yourself,
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are you doing the same thing that your competition is doing?
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Are you messaging the same way as your competition is
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messaging great service. He is in business lowest price. Do
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you want to change that? Because this show powerful business strategies.
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Everything you ever learned about growing and building a business
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is wrong and all about and it's all about business
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strategies that your competition isn't doing. And that's what this
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show is all about. And I take it right back
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to you, Choky. I can't hear you, Chooky.
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Michael, I'm so inspired. Sorry, it's interesting. One of the
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reasons why you couldn't hear me. I was lost in
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my thoughts, to be honest, just digesting that career trajectory
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and the manifestation of that with next Step CFO as
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your lessons learned, right, And the more I hear about
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that career story, Michael, the more inspired I am. And look,
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you and I have been collaborating for a while, and
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when I think of our professional networking across multiple industries
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with multiple business owners, the sense is that business owners
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are just under a lot of pressure. So, Michael, I've
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got a couple of questions for you related to this,
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just as we build out our conversation. So when you
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think of how you reconnected with not doing what the
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competition was doing? Right, How did you have the confidence
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to do that? Given all the pressures, right, the pressures
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of growing the business, managing the business, how did you
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have confidence to really focus in on what the competition
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wasn't doing and come up with a unique set of strategies?
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Well, I think you've heard of the eighty twenty world
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chookey we wrote about in our book. Yes, and you know,
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for business, eighty percent of what you do I'm sorry, yes,
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twenty percent of what you do generates eighty percent of
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the outcome, or in this case, in this case or
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in many cases, twenty percent of what you do generates
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eighty percent.
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Of the revenue. So you know, one of the things.
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I looked at was I looked at specifically.
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What is it?
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Because if you look at things like all the things
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that business owners have to know, it's it's absolutely overwhelming.
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We could you could take all the different slices that
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that we have to know, and then there's subcategories of
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the subcategories. I mean, in one particular the case like
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digital marketing, for example, there are all these things you
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have to know about social media.
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There's all these.
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Things you have to know about email, there's all these
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things you have to know about drip campaigns. And so
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what I tried to do is just break it down
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into that that twenty percent that essentially generates eighty percent
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of the revenue.
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And so did it give me confidence?
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It was just a different approach though, because it was
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a different approach and it made sense to me, that
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gave me confidence.
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So it wasn't exactly, you know, exactly that.
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What I the way I went to go, the way
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I went about it with the eighty twenty rule gave
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me confidence. It was just breaking it down into what
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really important. That's that that gave me the confidence.
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And so our listeners that I want to pick up
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on that point, Michael, to our listeners, that eighty twenty
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concept is really powerful and this applies across ultiple endeavors
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and specific to business. Michael, just as you've pointed out,
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twenty percent of what a business owner does daily in
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their business is actually what translates to eighty percent of
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revenue impact. I'm fascinated by that. Right, So, to this
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point of the claim that we make as part of
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this show, everything that a business owner has learned about
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business is wrong, right, Michael, I want to get back
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to that, and I want to relate that to the
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twenty percent that business owners should really focus in on.
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So a big part of the challenge for a lot
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of business owners you reference digital marketing is marketing. How
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do you get the right message to the right prospects,
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whether those prospects are clients or customers, whether they transact
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on products or services.
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So to that point, right, Michael, I mean.
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One of the things that we've learned about marketing that
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are wrong.
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Well, uh, I'm glad.
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I'm glad you mentioned that, shooky, because one of the
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things that I talked about at the end of my opening, uh,
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was what I call I hope so marketing. Yeah, and
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what I hope so marketing is it's it's all of
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these little I'm gonna call it, whether it's taglines or uh,
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sayings that the customer is saying to themselves, Well, I
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hope so. In other words, if a customer is going
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to make a purchase and you're saying that you have
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the largest selection, well, if I'm going to make a
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