Jan. 7, 2025

The Hidden Growth Formula: Transforming Problems into Profits

The Hidden Growth Formula: Transforming Problems into Profits

A strategic guide to identifying and monetizing overlooked business challenges, turning common obstacles into sustainable revenue streams.

Powerful Business Strategies is broadcast live Mondays at 12 Noon ET Music on W4CY Radio...

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A strategic guide to identifying and monetizing overlooked business challenges, turning common obstacles into sustainable revenue streams.

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). Powerful Business Strategies is viewed on Talk 4 TV (www.talk4tv.com).

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WEBVTT

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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 implies shall be extended to W FOURCY Radio

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or its 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's your host.

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Resident of Next Step CFO Michael Barbarita and joining Michael

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for today's show as an executive moderator is chooky obia.

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Yes, this is shookey, and I believe that gratitude is

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undefeated and growth is about the next step. It is

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an honor for me to moderate today's discussion with my

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good friend Michael. Michael Happy New Year, and how are.

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You afy New Year, Turkey. I'm doing great, although I'm

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a little sad because the Patriots lost the first round

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draft choice by winning a game, which is something they

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did very rarely this year. And I was playing some

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very sad songs on that piano in the background. I

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love it. And as Jukie said, my name is Michael

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bob Rita, President of Next Step CFO, and next Step

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CFO is a fractional CFO and strategic implementation firm, and

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our vision is to ensure that overwhelmed business owners achieved

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the time, freedom, and consistent profits to build a legacy

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and the life they desire. And our mission is dedicated

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to guiding small business owners to leveraging their time, exploding

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their profits, and building a meaningful legacy. This show, Powerful

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Business Strategies, and our book of the same name, is

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a step toward accomplishing that vision and mission. And 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 Tay Show, Choky Obio.

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Michael Look, the timing for today's show is impeccable, right,

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And just to let the audience know, the title for

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today's episode is the Hidden Growth Formula transforming problems into profits.

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And before we get started, just a quick disclaimer. So, look,

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Michael and I are both affiliated with a number of

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different organizations and I currently serve as the managing director

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of business Development for Vetterprice, a global business focused law firm.

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In addition to that, it's truly an honor to collaborate

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with Michael to moderate business roundtables with small business owners

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family owned businesses coast to coast, to really document the

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insights from these roundtables, and then we pulled these insights

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together as part of our book, Powerful Business Strategy PASE.

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So please note that the views expressed our leverage from

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those experiences and my mission as the Fearless moderator today

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is just to ask the right questions to help you

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the listener, learn the best strategies that the competition isn't doing.

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So with that, back over to Michael.

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Thank you, Chokey. So hit something new that I'd like

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to share that I announced last week, and I believe

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I also announced it the week before. If you have

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a business problem that you would like us to answer,

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or a business question or a strategy that you would

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like to ask about, you can email us at ask

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at nexttepcfo dot net. That's ask at nexttepcfo dot net.

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It doesn't matter what the business problem is or the question,

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and we'll answer it for you. And there are two

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there are two things that we ask. Number one, please

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state whether it is something we can answer on the

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air or if we have to answer confidentially, and if

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you know certainly, if you want it to be confidential,

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we're not going to talk about it on the air.

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And number two, please provide your phone number because business

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problems can be complex and we might need more context

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or clarity, and because it might be of a confidential nature,

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you know we can call you instead of talking about

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it on the air. So that email address again is

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ask at nexttepcfo dot net. And for my inspirational minute today,

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you know every business owner out there is feeling overwhelmed,

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wondering if it's all worth it, and this message is

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for you. If you're feeling that way, remember why you start,

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Remember that moment when you first believed in your vision,

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when you knew you could create something meaningful. Yes, the

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journey is toped. Yes there were days when it feels impossible.

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But what you're building matters. Your persistence to these challenges

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isn't just stubbornness, it's the very thing that sets you apart.

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And every successful business owner has faced moments of doubt,

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moments of near breaking, but they kept going, and so

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can you. Today's obstacles are tomorrow's success stories. Your determination,

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your resilience, your unwillingness to give up. These are not

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just admirable qualities, they're your competitive advantage. Keep pushing forward,

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keep believing, keep building, because the world needs what you

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can create. So in business, we're often taught that problems

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are obstacles to overcome, But your biggest challenges are actually

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disguised opportunities. And the most successful entrepreneurs don't just solve problems.

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They take a problem and turn it into profit centers.

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Every obstacle you face contains hidden value waiting to be unlocked,

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and today we'll show you how to spot those opportunities

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and turn them into sustainable revenue streams. Don't get ready

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to transform your perspective and discover the hidden profits in

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your business. And we're diving deep into a game into

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game changing strategy that has consistently generated millions in additional

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revenue for businesses across every industry transforming changing those business

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problems into profit centers. And let me share something else

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with you that in our research across thousands of businesses,

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we've discovered that the average company is sitting on anywhere

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between two to three major problems that could generate an

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additional six figures in revenue annually. Yet most business owners

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are so focused on eliminating these problems that they completely

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missed the opportunity to monetize them. So think about this.

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Cooper started because someone had a problem getting a taxi.

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Airbnb began because two guys couldn't afford their rent. Square

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was created because a glass blower couldn't process credit card

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payments for his art. These billion dollar companies all started

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with someone looking at a problem differently. But you don't

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need to create the next uber to profit from this strategy. Today,

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I'm going to show you our proven four step framework

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for transforming business problems into profit centers, and we'll cover

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how to identify which problems have the highest profit potential,

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the exact process for validating these opportunities, specific strategies for

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monetizing different types of problems, and a systematic approach to

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scaling these new profit centers. And most importantly, I'll share

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I'll share real case studies of businesses that have successfully

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implemented this strategy, including detailed numbers and specific steps they took.

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But before we dive in, I want you to grab

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a pen and paper, because what I'm about to share

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isn't theory, it's not theoretical, it's practical. It's practical, proven

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approach that you can implement in your business starting now.

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Remember if you don't if you're driving, don't bother grabbing

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that pen and papers. You can listen to our podcast

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later on at Powerful Business Strategies dot com. So let's

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begin with our first segment on problem identification and validation.

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So the first step in transforming problems into profits is

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actually identifying which problems have the highest monetization potential. And

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we use what I call the four step prime framework,

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and those four steps it's problem repetition and then to

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define these so it's problem repetition, resource intensity, market size,

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and ease of solution. And so let's break this down.

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So problem repetition asks how frequently does this problem occur

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both in your business and in your industry. The higher

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the frequency, the greater potential market, then resource The second

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step is resource intensity. It examines how much time, money,

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or energy the problem consumes. The more resources it drains,

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the more valuabler solution becomes. Then market size. The market

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size looks at how many other businesses or individuals face

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the same problem. This helps us understand the scaling potential,

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and then ease of solution. Ease of solution actually considers

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how difficult it would be to create and implement a solution.

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Sometimes the simplest solutions have the highest profit potential. So

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let me share a case study that perfectly illustrates this

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framework in action. And it's a mid sized manufacturing company

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and they were struggling with equipment downtime. Their machines required

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specialized maintenance that was costly and time consuming. And here's

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how they applied that four step prime framework. So with

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problem repetition, they discovered that they were dealing with maintenance

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issues weekly and their competitors faced the same challenge. With

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regard to resource intensity, each instance of downtime cost them

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approximately twenty thousand dollars twenty thousand dollars in loss, production

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and maintenance fees. With respect to market size, their research

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showed that over five thousand companies in their region, just

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in their region used similar equipment and then ease of solution,

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they realized they could develop a predictive maintenance system using

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their existing data and expertise. And so instead of just

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solving their own problem like many businesses do, they created

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a predictive maintenance service that they now sell to other manufacturers.

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In the first year, this new division generated one point

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two million in revenue with a forty two percent profit margin. Yeah,

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and so the key takeaway here is that they didn't

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just fix their problem. They leveraged their experience to create

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a solution they could sell to others. They created a product.

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So now let's talk about how to apply this to

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your business. So, first list every significant problem your business

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faces and include everything from operational issues to customer complaints,

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and then rate each problem on our four step prime

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criteria using a simple one to five scale. The higher

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the total score, the better the opportunity. And remember, the

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goal here is it to find perfect problems. It's to

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find it's it's to find problems with profit potential. And

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sometimes the messiest problems create the best opportunities because those

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are the ones that everyone else is actually avoiding trickie.

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Are there any questions from the from the audience?

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Yeah, it's funny, Michael. I mean you've really struck a

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chord with some of the insights that you've shared thus far.

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Let's start with this and kind of a consolidated approach

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with this question. So, Michael, some of our listeners might

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be thinking, hey, look, you know, I'm a little too

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small here to implement this framework that Michael's so brilliantly outline. Now,

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what would you say to a solopreneur or small business

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owner interested in adopting this approach?

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Great question. So, actually, the smaller the business is really

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the better because smaller businesses often have an advantage because

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they're closer to their problems that they could move faster

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to implement solutions. So, and you know, and I can

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give you a quick example. There was a solo consultant

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turned her own scheduling headaches into a specialized scheduling template

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that she now sells for just under five hundred dollars,

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and she generated eighty six grand in additional revenue the

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first year with virtually no overhead. And the key is

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starting with one specific problem that you know intimately well, remarkable.

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Yeah, that's actually a really good insight. Yeah, and I

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I resonated it seems like our audience as well, So

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we're getting some really good feedback. They are resonating with

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this idea of how close you are to the problem.

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So a related question, Michael, when using the prime frame work,

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some businesses might discover multiple problems that have high potential

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for profit. How do they prioritize which problem to tackle first?

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You know which issue to go after?

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Excellent? Yeah, another great question. So when faced with multiple

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high scoring opportunities, because I'm asking them to put it

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on that one to five scale for each of the

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four steps, correct. I have businesses run what I call

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the speed to revenue analysis, So they look at three

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key factors. First, your current expertise and solving that problem.

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The more expertise you have, the faster you can move. Second,

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your existing resources. What resources can you leverage immediately versus

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what you need to acquire. So if you can leverage

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resources immediately, you're going to be not only faster, but

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it's going to be a better opportunity because you don't

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have to require acquire any resources. There are the size

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of your initial test market. How quickly can you get

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paying customers. For example, a manufacturing company had three problems,

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all scoring at eighteen on that on the four step prime.

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But they chose to start with their quality control issue

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because they had an internal solution already working, and they

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had existing relationships with potential customers, and they could test

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it with five clients immediately. That's leverage, and they generated

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their first revenue within sixty days as a result. But

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the goal isn't just to pick the biggest opportunity, but

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the one you can monetize most quickly while building momentum

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for tackling the others really sharp. O. Thank you king.

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So now before I continue with our next segment, we're

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going to take a ninety second break. Hey, their business owners,

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let me ask you something. Are you tied of blending

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00:15:59.440 --> 00:16:04.120
in with your competitors, frustrated with slow growth and slim margins? Well,

231
00:16:04.279 --> 00:16:07.480
I've got news for you. Everything you've ever learned about

232
00:16:07.519 --> 00:16:12.000
growing your business is wrong. Don't worry. I'm here to

233
00:16:12.080 --> 00:16:14.919
let you in on a secret weapon. Your position of

234
00:16:15.039 --> 00:16:18.919
market dominance. It's what sets you apart, makes you irreplaceable,

235
00:16:19.320 --> 00:16:22.759
and has customers lining up at your door. My name

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00:16:22.799 --> 00:16:26.399
is Michael Barbarrita from Next Step CFO. I know what

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00:16:26.399 --> 00:16:29.799
you're thinking. Sounds great, Michael, How do I find my

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00:16:29.879 --> 00:16:33.759
position of market dominance? Well, that's exactly why we've created

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00:16:33.799 --> 00:16:38.240
our game changing impleitation program called Next Step to Market Dominance.

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00:16:38.799 --> 00:16:41.240
In just ninety days, we'll guide you step by step

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00:16:41.279 --> 00:16:44.480
to a position of market dominance by uncovering your unique

242
00:16:44.559 --> 00:16:47.919
strengths that competitors can't touch, By crafting a message that

243
00:16:48.120 --> 00:16:51.759
resonates deeply with your ideal customer, by building a strategy

244
00:16:51.799 --> 00:16:54.440
that turns you into the go to expert in your field.

245
00:16:55.120 --> 00:16:58.039
Now this is in theory. These are battle tests and

246
00:16:58.080 --> 00:17:01.039
strategies that have helped businesses like your is double triple

247
00:17:01.120 --> 00:17:05.400
and quadruple their revenue. Don't let another quarter go by

248
00:17:05.480 --> 00:17:09.759
struggling to standout. It's time to dominate your market. Period.

249
00:17:10.400 --> 00:17:14.680
Go to NEXTTEPCFO dot net forward slash contact. Fill out

250
00:17:14.680 --> 00:17:17.720
the form and in the message section put the word

251
00:17:18.000 --> 00:17:21.720
dominate or call us at seven eight one three two

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00:17:21.799 --> 00:17:25.400
six three A two two. That's Next Step CFO dot

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00:17:25.519 --> 00:17:28.720
net forward slash contact or call us at seven eight

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00:17:28.799 --> 00:17:33.759
one three two six three A two two. Well, welcome back.

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00:17:33.799 --> 00:17:37.480
We're talking about hidden profit opportunities in your business. And

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this segment is going to be about what I call

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monetization strategies. Now that we've identified our high potential problems,

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let's talk about how we turn them into revenue streams.

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And there are four primary monetization models that we found

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to be effective. One is called solution licensing, the second

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is service extension, the third is product development, and the

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fourth is knowledge commerce. Now let's examine each model and

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then look at a case study that combines several of

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these approaches. So solution licensing, that's when you develop a

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solution and you license it to others facing the same problem.

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And this model works best when you've created a systematic

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process or technology that's easily transferable. And it also works

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best if the process is patented or eventually patented. And

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if you to watch Shark Tank, you'll always see a

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couple of the sharks thinking about licensing opportunities when they

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see a new invention or a new system process. And

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so that's what solution licensing is, and it can be

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very valuable because you really don't have to do anything.

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All you have to do is create the agreement, the wall.

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You have to create the process or product, and then

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the agreement and you'll let everybody else do all the

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work and you collect royalty checks. The second one is

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service extension and involves turning your solution into a service

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that you can offer to others. And this works well

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when the problem requires ongoing management or specialized expertise. And

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then there's product development. This means transforming your solution into

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a tangible product that others can buy and implement themselves.

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This is this is ideal when the solution can be

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standardized and packaged. And then, of course, the fourth is

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knowledge commerce, and this involves packaging your expertise and experience

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in solving the problem into either training, consulting, or some

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type of educational content content. And you could want that one,

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you know, you could work on a digital marketing strategy.

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So let me share a case study of how these

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models work in practice. So consider a restaurant equipment distributor

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that transformed their biggest headache into their fastest growing profit center.

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So their original problem was inventory management, and they were

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constantly dealing with restaurants ordering emergency replacement parts, which was

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chaotic and unprofitable. So instead of just improving their inventory system,

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which they did, but they saw an opportunity where they

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developed what they called the Kitchen Intelligence Platform. And here's

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how they monetized it into using multiple models. Number one,

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they created a predictive ordering system that tracks equipment usage

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patterns and automatically orders replacement parts before they're needed. And

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they licensed this software to other distributors nationwide. So they

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actually put together an ordering system and it automatically orders

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these replacement parks before they need it, and so it

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was really valuable to a lot of different companies. But

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he was able to license this software. Second, they launched

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a maintenance prediction service that restaurants subscribed two monthly, so

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this was a subscription model. Third, they developed a smart

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inventory management device that restaurants can purchase outright. And fourth,

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they now offer training programs teaching other distributors how to

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implement their system. And the results in eighteen months, this

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is a credible. In eighteen months, they generated just over

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two million from their licensing software. They've built seven hundred

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and fifty thousand annual recurring revenue from their subscription. They

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sold one point three million dollars worth of inventory management

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devices and needed a five hundred thousand dollars Training and

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Consulting division. And the key insight here is that they

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didn't just limit themselves to one monetization model. They looked

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at several solutions from multiple angles and created several revenue

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streams from the same core innovation. So it doesn't necessarily

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mean that if you have one problem, you're only going

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to have one revenue stream. These four models that I

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talked about can give you the opportunity to have four

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revenue streams from one problem. So to apply this to

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your business, you have to ask yourself these questions for

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each problem that you identified. Number one, could other businesses

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use the solution, and that's in the context of a

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licensing potential. Second, could we provide this as an ongoing

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service that would be under the service model, we package

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this into a product that would be that would have

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product potential. And could we teach others how to solve

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this problem that would be knowledge potential. You can see

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how you can take one particular problem and potentially use

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it in multiple revenue models. Doesn't have to be all four,

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but it might be two instead of one. And the

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goal here is to find the monetization model that best

335
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fits your problem and your company's capabilities. What about questions

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two key.

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Yes, Yeah, it's it's remarkable. And Michael, if you don't

338
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mind me saying, you're dropping so much wisdom your voice

339
00:23:46.039 --> 00:23:51.839
box is overflowing with inside Michael, that's just remarkable. Look,

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I think this has been one of our most engaging episodes.

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We're getting some really good feedback. Question for you. For

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businesses can considering multiple monetization models, how do you decide

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where to start?

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Well, that's an interesting question because you always start with

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the model that requires the least resource investment but offers

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00:24:14.119 --> 00:24:18.640
the quickest path to revenue. So if once again, when

347
00:24:18.680 --> 00:24:22.079
you I think it's step two of our four step process,

348
00:24:22.319 --> 00:24:28.680
the prime four step process, you start with what requires

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the least amount of resources and also the quickest path

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00:24:32.640 --> 00:24:35.519
to revenue. But usually the least amount of resource, what

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requires the least amount of resources, jeck, get you to

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the quickest path to revenue. Yeah, and if you and

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00:24:41.799 --> 00:24:46.559
if you've already solved the problem internally, service extension often

354
00:24:46.640 --> 00:24:50.640
makes the most sense because you can leverage existing resources

355
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exactly and then yeah, and then use that initial revenue

356
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to find the development of other models. See the restaurant

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supply company, which we discussed earlier. They started with services

358
00:25:03.359 --> 00:25:06.839
before moving into product development and licensing. So that's the

359
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order they took. They didn't just shoot it out into licensing.

360
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Remarkable. So it's uh, this is a challenge for a

361
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lot of businesses, right, So we often hear this. In fact,

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a number of listeners have shared this question and I'll

363
00:25:21.599 --> 00:25:24.039
sort of synthesize this question. Michael, what do you see

364
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as the biggest mistake companies make when they are trying

365
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to monetize their solutions?

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Great question, Wow, the biggest mistake is trying to create

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a perfect solution before going to market. Yeah. Remember, you

368
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don't need a perfect solution, you need a working solution

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that creates value. Yeah, So start what I call the

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MVP minimum viable profit version, get it into the market,

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generate some revenue, and let customer feedback guide your development

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as you go on, as you move forward, and this

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approach reduces risk and it accelerates the time to profit.

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So it worked, It works really well. Remarkable. So yeah,

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00:26:06.680 --> 00:26:09.319
So before I continue this discussion, we're going to take

376
00:26:09.319 --> 00:26:14.960
a quick ninety second break. Hey, their business owners, let

377
00:26:15.000 --> 00:26:17.759
me ask you something. Are you tied of blending in

378
00:26:17.799 --> 00:26:22.319
with your competitors, frustrated with slow growth and slim margins. Well,

379
00:26:22.359 --> 00:26:25.599
I've got news for you. Everything you've ever learned about

380
00:26:25.640 --> 00:26:30.119
growing your business is wrong. Don't worry. I'm here to

381
00:26:30.200 --> 00:26:33.039
let you in on a secret weapon, your position of

382
00:26:33.160 --> 00:26:37.000
market dominance. It's what sets you apart, makes you irreplaceable,

383
00:26:37.440 --> 00:26:40.880
and has customers lining up at your door. My name

384
00:26:40.920 --> 00:26:44.480
is Michael Barberrita from Next Step CFO. I know what

385
00:26:44.519 --> 00:26:47.920
you're thinking. Sounds great, Michael. How do I find my

386
00:26:48.000 --> 00:26:51.880
position of market dominance? Well, that's exactly why we've created

387
00:26:51.920 --> 00:26:55.799
our game changing impleitation program called Next Step to Market

388
00:26:55.839 --> 00:26:59.039
Dominance in just ninety days. Well guide you step by

389
00:26:59.079 --> 00:27:02.640
step to a position market dominance by uncovering your unique

390
00:27:02.640 --> 00:27:06.039
strengths that competitors can't touch. By crafting a message that

391
00:27:06.240 --> 00:27:09.880
resonates deeply with your ideal customer, by building a strategy

392
00:27:09.920 --> 00:27:12.559
that turns you into the go to expert in your field.

393
00:27:13.240 --> 00:27:16.119
Now this is in theory. These are battle tests and

394
00:27:16.200 --> 00:27:19.359
strategies that have helped businesses like yours double, triple, and

395
00:27:19.480 --> 00:27:24.079
quadruple their revenue. Don't let another quarter go by struggling

396
00:27:24.160 --> 00:27:28.640
to standout. It's time to dominate your market period. Go

397
00:27:28.720 --> 00:27:32.880
to NEXTSTEPCFO dot net forward slash contact. Fill out the

398
00:27:32.960 --> 00:27:36.599
form and in the message section put the word dominate

399
00:27:37.079 --> 00:27:40.200
or call us at seven eight one three two six

400
00:27:40.519 --> 00:27:44.160
three A two two. That's next STEPCFO dot net forward

401
00:27:44.240 --> 00:27:47.759
slash contact or call us at seven eight one three

402
00:27:47.839 --> 00:27:52.519
two six three A two two. Welcome back. So we're

403
00:27:52.519 --> 00:27:57.279
talking about transforming problems into profits, and so we're now

404
00:27:57.319 --> 00:28:01.039
going to focus on how to implement and scale your

405
00:28:01.119 --> 00:28:05.200
problem to profit solution. So this is where many businesses

406
00:28:05.279 --> 00:28:07.960
kind of stumble a little bit. So I'm going to

407
00:28:08.039 --> 00:28:12.119
share our proven seven step implementation framework followed by a

408
00:28:12.160 --> 00:28:14.240
case study that just kind of brings it all together.

409
00:28:14.319 --> 00:28:17.759
So the seven steps is solution validation. I'm going to

410
00:28:17.799 --> 00:28:26.400
talk about each one solution validation, market testing, resource allocation, pilot,

411
00:28:26.480 --> 00:28:35.200
program feedback, integration, scale planning, growth execution. So let's examine

412
00:28:35.240 --> 00:28:38.519
each step and then look at how a local service

413
00:28:38.599 --> 00:28:43.599
business use this framework to create a seven figure revenue stream.

414
00:28:43.680 --> 00:28:48.799
So step one solution validation. So before investing heavily, you

415
00:28:48.880 --> 00:28:52.440
got to verify that your solution truly solves the problem effectively.

416
00:28:53.119 --> 00:28:56.519
So document everything got to It's all about the data.

417
00:28:56.880 --> 00:28:59.599
I know, we hate that. I know we business own

418
00:28:59.680 --> 00:29:02.359
to take math and the data, but it's really really critical.

419
00:29:04.359 --> 00:29:07.720
You got to talkument everything, measure results, and gather to

420
00:29:07.759 --> 00:29:16.440
that concrete data. Second, market testing. Test market receptivity through surveys, interviews,

421
00:29:16.519 --> 00:29:20.079
and small scale trials. Determine if others will pay for

422
00:29:20.119 --> 00:29:25.839
your solution and how much they'll pay. Step three resource allocation.

423
00:29:26.680 --> 00:29:32.039
Calculate exactly what you'll need in terms of time, money, people,

424
00:29:32.119 --> 00:29:37.519
and technology, and create a detailed resource plan. Step four.

425
00:29:37.559 --> 00:29:39.599
I know if you call from one of the questions,

426
00:29:39.640 --> 00:29:42.559
this is a really important step on which one you do. First.

427
00:29:43.720 --> 00:29:48.359
Step four pilot program. Launch a small scale version of

428
00:29:48.400 --> 00:29:51.839
your solution with a select group of customers or clients.

429
00:29:51.880 --> 00:29:58.319
This is your proven ground. Step five feedback integration. Gather

430
00:29:58.519 --> 00:30:02.200
and analyze all fee feedback from your pilot program. Make

431
00:30:02.319 --> 00:30:08.319
necessary adjustments before scaling. Six Scale planning well create a

432
00:30:08.359 --> 00:30:13.400
detailed scale plan, including marketing, operations and financial projections. And

433
00:30:13.480 --> 00:30:19.039
Step seven growth execution. Implement your scaling plan in phases,

434
00:30:19.519 --> 00:30:24.960
monitoring key metrics at each stage. So now let's look

435
00:30:25.000 --> 00:30:29.759
at a commercial cleaning services company. We use this framework

436
00:30:30.519 --> 00:30:34.599
to change a common problem into a major profit center.

437
00:30:35.720 --> 00:30:39.759
Their original problem was scheduling and root optimization for the

438
00:30:39.880 --> 00:30:43.759
cleaning crews. They were losing money on inefficient roots and

439
00:30:44.200 --> 00:30:47.559
last minute schedule changes. So here's how they applied our

440
00:30:47.680 --> 00:30:53.240
seven step framework, Number one solution validation. They developed a

441
00:30:53.799 --> 00:30:59.640
dynamic routing and scheduling system. They tested it internally for

442
00:30:59.680 --> 00:31:05.279
three months. They documented a thirty two percent reduction in

443
00:31:05.359 --> 00:31:12.319
travel and they achieved forty seven percent increase in scheduling conflicts.

444
00:31:13.559 --> 00:31:17.559
Then they did market testing. They surveyed fifty other service businesses.

445
00:31:17.599 --> 00:31:21.200
They found eighty two percent had similar problems and seventy

446
00:31:21.200 --> 00:31:25.240
three percent expressed interest in a solution. They then determined

447
00:31:25.240 --> 00:31:29.119
the optimal pricing structure based on feedback that they got

448
00:31:29.160 --> 00:31:35.160
in their market testing. Resource allocation. They invested one hundred

449
00:31:35.200 --> 00:31:40.319
and twenty five thousand in technology development. They dedicated three

450
00:31:41.559 --> 00:31:45.519
three team members full time to it, and they created

451
00:31:45.599 --> 00:31:49.559
training and support systems. So that was their resource allocation.

452
00:31:50.519 --> 00:31:54.680
Most of those people they had and then pilot program.

453
00:31:55.319 --> 00:31:58.920
They selected ten similar businesses and ten different markets, provided

454
00:31:58.960 --> 00:32:04.400
solution at a reduced rate in exchange for feedback, and

455
00:32:04.440 --> 00:32:07.759
then ran pilot. They ran a pilot for ninety days.

456
00:32:08.720 --> 00:32:12.119
That was pretty creative. They provided a solution at a

457
00:32:12.200 --> 00:32:18.079
reduced rate in exchange for feedback, so they were constantly

458
00:32:18.160 --> 00:32:23.440
testing as they went along, and then they got feedback integration.

459
00:32:23.559 --> 00:32:26.400
That's the next step. They gathered weekly feedback. They made

460
00:32:26.400 --> 00:32:29.319
twenty three significant improvements, which is a lot of improvements,

461
00:32:29.720 --> 00:32:32.359
and they refined their pricing and service model. But they

462
00:32:32.920 --> 00:32:37.680
made those improvements based on the feedback. If you're not testing,

463
00:32:37.759 --> 00:32:41.880
if you're not recording the data, this doesn't work well

464
00:32:42.039 --> 00:32:48.680
because you're basically taking a stab in the dark. Scale planning,

465
00:32:49.920 --> 00:32:52.960
so they developed a three phase growth plan. They created

466
00:32:52.960 --> 00:32:55.839
a marketing strategy around that, They built a sales team,

467
00:32:56.519 --> 00:33:01.119
and they established support systems, and then growth execution. They

468
00:33:01.160 --> 00:33:04.960
launched in three different three different markets initially, and they

469
00:33:05.000 --> 00:33:08.759
expanded to twelve markets within the first year. They built

470
00:33:09.200 --> 00:33:14.279
fifty markets by chu and so the results is they

471
00:33:14.400 --> 00:33:17.359
now generate over a little over three million annually from

472
00:33:17.359 --> 00:33:20.359
their scheduling solution with a sixty one percent profit margin.

473
00:33:21.839 --> 00:33:25.160
And more importantly, they've built a scalable system that continues

474
00:33:25.200 --> 00:33:29.160
to grow. So they took that problem of scheduling and

475
00:33:29.480 --> 00:33:34.160
they able to create a monetizable product out of it,

476
00:33:35.680 --> 00:33:40.000
where normally, and that product generated three point two million

477
00:33:39.960 --> 00:33:44.960
in revenue, where just solving the problem at the plant

478
00:33:45.400 --> 00:33:49.279
would have generated nowhere near that. They would have been

479
00:33:49.319 --> 00:33:52.039
helpful because it would be more obviously was helpful because

480
00:33:52.079 --> 00:33:55.680
it's more efficient that the but the dollar is really

481
00:33:55.720 --> 00:33:58.039
translate when you're able to build a product around it.

482
00:33:59.160 --> 00:34:03.079
So the key lesson from their success they followed a

483
00:34:03.200 --> 00:34:08.400
systematic approach. They didn't rush to market, They made data

484
00:34:08.519 --> 00:34:14.480
driven decisions, and they build scalability into this solution right

485
00:34:14.519 --> 00:34:18.840
from the start. Any questions on that, Chiki.

486
00:34:19.320 --> 00:34:24.920
Yes, yeah, So it's really interesting, Michael. And by the way, folks,

487
00:34:25.039 --> 00:34:27.320
to the extent that these questions continue to come up,

488
00:34:27.519 --> 00:34:29.159
feel free to follow up. It does in fact, Michael,

489
00:34:29.239 --> 00:34:31.320
is it okay to just note that they can follow

490
00:34:31.400 --> 00:34:34.039
up if they have lingering questions after the show? Oh?

491
00:34:34.039 --> 00:34:36.639
Absolutely they could. They could go to ask at next

492
00:34:36.679 --> 00:34:39.639
Step CFO dot net and they email us.

493
00:34:39.800 --> 00:34:43.199
Absolutely, you go, so look question here. And this is

494
00:34:43.360 --> 00:34:47.159
related to the implementation framework, Michael. So you mentioned the

495
00:34:47.199 --> 00:34:51.519
seventh step framework. Which of those steps do you believe

496
00:34:51.639 --> 00:34:53.159
businesses struggle with the most?

497
00:34:53.480 --> 00:34:59.800
Oh god, market testing it consistently trips up many businesses.

498
00:35:00.360 --> 00:35:03.559
They and they either skip it entirely because once again

499
00:35:03.679 --> 00:35:08.119
it's the data, or they or do it superficially. And

500
00:35:08.320 --> 00:35:11.760
what they miss is that proper market testing isn't just

501
00:35:11.800 --> 00:35:15.079
about asking if people like your solution. It's about determining

502
00:35:15.079 --> 00:35:18.880
if they'll pay part how much. And I always recommend

503
00:35:18.960 --> 00:35:22.920
doing paid pilots, even at a discount like the company did.

504
00:35:23.000 --> 00:35:25.679
They did it at a discount in exchange for feedback,

505
00:35:27.000 --> 00:35:29.440
and someone willing to pay even a small amount is

506
00:35:29.480 --> 00:35:32.840
as much as a much stronger market indicated than with

507
00:35:32.920 --> 00:35:34.440
someone who just says they're interested.

508
00:35:35.480 --> 00:35:40.239
That's a good point, really good point. So we uh, Michael,

509
00:35:40.239 --> 00:35:42.800
I think you might resonate with this question. So as

510
00:35:42.840 --> 00:35:45.000
you know, it's a sort of a new year, a

511
00:35:45.000 --> 00:35:46.960
lot of folks are a little bit impatient, you know,

512
00:35:47.000 --> 00:35:50.599
they want to accomplish those New Year's resolutions right away. Right,

513
00:35:50.679 --> 00:35:54.320
So we already get us some questions about timeline based

514
00:35:54.440 --> 00:35:57.400
on this framework. Right, So one question here is what's

515
00:35:57.440 --> 00:36:04.599
a realistic timeline Michael, from problem identification to generating revenue?

516
00:36:05.199 --> 00:36:08.159
Okay, good question, and it does vary by industry and

517
00:36:08.199 --> 00:36:12.000
solution type. But what we typically see is businesses generate

518
00:36:12.039 --> 00:36:14.920
their first revenue within about one hundred and twenty days

519
00:36:14.960 --> 00:36:18.519
if they follow the framework diligently. Now, the key is

520
00:36:18.559 --> 00:36:21.639
to move through the four steps quickly. Aims for thirty

521
00:36:21.719 --> 00:36:26.719
day thirty days for each solution of the four steps.

522
00:36:26.719 --> 00:36:30.119
That's the one hundred and twenty days, and then market

523
00:36:30.159 --> 00:36:33.119
testing and you know, then thirty days for resource allocation

524
00:36:33.239 --> 00:36:35.960
pilot set up. But remember this is about building a

525
00:36:36.000 --> 00:36:39.559
sustainable profit, not a quick fix. So the business that

526
00:36:39.760 --> 00:36:44.039
takes takes the time to build proper foundations in that

527
00:36:44.079 --> 00:36:47.960
first one hundred and twenty days typically see much stronger

528
00:36:48.000 --> 00:36:53.760
growth in months four through twelve. And so Chickie is

529
00:36:53.800 --> 00:36:56.400
wonder if we had any compliments and then I will

530
00:36:56.400 --> 00:36:59.599
be able to close do the closing segment.

531
00:37:00.320 --> 00:37:02.840
Right, So, folks, we will now pivot so our business

532
00:37:02.880 --> 00:37:07.559
Compliments segment. We have four business owners to spotlight as

533
00:37:07.599 --> 00:37:10.880
part of today's segment. We'll start with Paul Wright. Paul

534
00:37:11.000 --> 00:37:15.960
is with the handy Britt and Michael get this. They

535
00:37:16.039 --> 00:37:22.320
provide dependable and reliable handyman services in Florida and customers

536
00:37:22.360 --> 00:37:25.519
absolutely love and appreciate the work that they do right.

537
00:37:25.599 --> 00:37:29.519
In fact, there are a number of husbands where the

538
00:37:29.559 --> 00:37:36.920
handy Britt makes them look like superheroes. Right, That's right exactly.

539
00:37:37.760 --> 00:37:41.039
In fact, Paul and his company have been voted Best

540
00:37:41.079 --> 00:37:43.920
of Florida in twenty twenty two and in twenty twenty

541
00:37:43.920 --> 00:37:47.400
three by the Guide to Florida. You can learn more

542
00:37:47.440 --> 00:37:52.079
about Paul and the Handybrit at the Handybritt dot com.

543
00:37:52.320 --> 00:37:55.000
The next business owner that we want to spotlight is

544
00:37:55.920 --> 00:38:02.440
doctor Teresa Larson. She's a president of Movement RX and

545
00:38:03.039 --> 00:38:07.199
Michael herst story is inspirational. She is a marine, a mother,

546
00:38:07.440 --> 00:38:11.800
and a motivator. And doctor Teresa Larson, she goes by

547
00:38:11.840 --> 00:38:15.679
Doctor T has become one of the premier healthcare and

548
00:38:15.840 --> 00:38:23.840
fitness experts on movement health and inclusive wellness. She provides

549
00:38:23.920 --> 00:38:29.360
employee wellbeing workshops for companies, and she also consistently gives

550
00:38:29.400 --> 00:38:33.199
back to veterans and wounded warriors. So look, doctor T,

551
00:38:33.679 --> 00:38:36.840
we know you're listening. Thanks for your service, and you

552
00:38:36.880 --> 00:38:40.039
can learn more about doctor T and her work at

553
00:38:40.159 --> 00:38:45.320
Movement dasharx dot com. The next business under spotlight is

554
00:38:45.440 --> 00:38:48.880
Carl Dakin. He is a founder of Daycin Capital LLC.

555
00:38:49.239 --> 00:38:53.559
He's based in Colorado. Now through Daycin Capital LLC, car

556
00:38:53.639 --> 00:39:00.000
provides services as a capital coach to small businesses. Michael,

557
00:39:00.000 --> 00:39:01.599
how do you like that phrase capital coach?

558
00:39:02.119 --> 00:39:05.320
That's a creat that is definitely a creative title.

559
00:39:05.920 --> 00:39:08.519
Yeah, you know, he's really interested in working with small

560
00:39:08.559 --> 00:39:12.519
businesses that are interested in leveling up the impact that

561
00:39:12.559 --> 00:39:16.119
they have on customers and clients. And Carl also volunteers

562
00:39:16.119 --> 00:39:19.599
his time as an educator in entrepreneurship. You can learn

563
00:39:19.639 --> 00:39:24.760
more about Carl at dacincapitol dot com. Now, the last

564
00:39:25.519 --> 00:39:28.519
business leader to spotlight is Mike Rourke. He is with

565
00:39:28.800 --> 00:39:33.480
Meridian Compensation Partners. He is based in Michigan. And Michael

566
00:39:33.519 --> 00:39:35.639
get this and I you know, you might resonate given

567
00:39:35.679 --> 00:39:38.480
that you folks have the same name. Something something about

568
00:39:38.519 --> 00:39:40.239
Mike's and michaels that are you know.

569
00:39:40.400 --> 00:39:43.559
Just so successful, right, yeah, yeah, yeah.

570
00:39:46.480 --> 00:39:51.480
Mike has over a decade of experience in executive compensation consulting.

571
00:39:52.039 --> 00:39:55.840
He was recently promoted to partner. Congratulations to Mike. You

572
00:39:55.840 --> 00:40:02.000
can learn more about Mike's organization at Meridian CP. With that, Michael,

573
00:40:02.000 --> 00:40:03.159
I'll toss it back over to you.

574
00:40:03.679 --> 00:40:06.400
Thank you, Chicky. And so as we wrap up today's

575
00:40:06.440 --> 00:40:10.400
episode of Powerful Business Strategies, let's a recap the key

576
00:40:10.440 --> 00:40:16.079
points that turns your business problems into profit centers. So first,

577
00:40:17.000 --> 00:40:20.679
use that four step prime framework to identify which problems

578
00:40:20.679 --> 00:40:24.519
have the highest potential and those that four step framework

579
00:40:24.519 --> 00:40:29.840
again was problem repetition, resource intensity, market size, and ease

580
00:40:29.880 --> 00:40:37.639
of solution. Second, consider multiple monetization models, so solution licensing

581
00:40:37.760 --> 00:40:41.960
was one of them if you recall service extension, product development,

582
00:40:42.639 --> 00:40:49.360
and knowledge commerce. And third was the following the seven

583
00:40:49.440 --> 00:40:54.880
step implementation framework, which was number one, solution validation number two,

584
00:40:55.039 --> 00:41:00.440
market testing, number three, resource allocation, number four, pilot program,

585
00:41:01.000 --> 00:41:06.440
five was feedback integration, six was scale planning, and seven

586
00:41:06.760 --> 00:41:12.840
was growth execution. So let me share why implementing this

587
00:41:12.960 --> 00:41:17.360
hidden growth formula is so crucial for your business right now. First,

588
00:41:17.960 --> 00:41:23.199
in today's competitive landscape, traditional growth strategies are becoming less

589
00:41:23.199 --> 00:41:28.880
effective and more expensive. Customer acquisition costs have risen by

590
00:41:28.920 --> 00:41:31.840
an average of sixty percent in the last five years,

591
00:41:32.679 --> 00:41:34.840
and by the way, they grew again in twenty twenty four.

592
00:41:36.039 --> 00:41:40.000
But when you turn your problems into profit centers, you're

593
00:41:40.039 --> 00:41:47.039
creating value from resources you already have. Second, this approach

594
00:41:47.079 --> 00:41:50.920
gives you a significant competitive advantage because you're monetizing challenges

595
00:41:50.960 --> 00:41:55.239
that your competitors are still treating as pure expenses while

596
00:41:55.280 --> 00:41:59.039
you're spending money to solve problems. I'm sorry, Well, they're

597
00:41:59.079 --> 00:42:01.280
spending money to solve problems and all they do is

598
00:42:01.280 --> 00:42:04.760
solve the problem, and that's it. You're making money from them,

599
00:42:05.280 --> 00:42:10.119
and it's like it's like turning your business's immune system

600
00:42:10.559 --> 00:42:16.920
into a profit generator. Third, these new revenue systems often

601
00:42:16.960 --> 00:42:20.920
have higher profit margins than core business activities because you've

602
00:42:20.920 --> 00:42:25.320
already absorbed, absorbed the cost of developing the solution. Every

603
00:42:25.480 --> 00:42:29.719
dollar of revenue from your transformed problem brings more profit

604
00:42:29.800 --> 00:42:36.400
to your bottom line. Fourth, this strategy creates natural market differentiation.

605
00:42:36.480 --> 00:42:40.119
When you solve an industry wide problem, you position your

606
00:42:40.119 --> 00:42:43.559
company as an innovator and thought leader. This enhances your

607
00:42:43.599 --> 00:42:48.639
brand and often leads to opportunities beyond the immediate solution.

608
00:42:49.519 --> 00:42:54.760
And Finally, these problem based profit centers typically show greater

609
00:42:54.880 --> 00:43:00.400
resilience during economic downturns because they address fundamental bis business

610
00:43:00.400 --> 00:43:06.039
needs rather than discretionary ones. And remember, every business problem

611
00:43:06.039 --> 00:43:09.760
you face today could be tomorrow's profit center. Look at

612
00:43:09.800 --> 00:43:13.440
it like that. The key is to approach these challenges

613
00:43:13.679 --> 00:43:19.079
with a mindset of opportunity rather than obstacle, and so

614
00:43:19.840 --> 00:43:22.519
we have a few minutes, and what I'd like to

615
00:43:22.559 --> 00:43:25.800
do today is cover you know, we did a whole

616
00:43:25.800 --> 00:43:30.679
show on it, but I do want to cover the

617
00:43:31.000 --> 00:43:36.239
five components of a compelling offer because one of the

618
00:43:36.280 --> 00:43:43.320
things that we talk about in our conversion formula captivate, fascinate, educate,

619
00:43:43.360 --> 00:43:47.559
and close. In the close, we say that the offer

620
00:43:47.599 --> 00:43:53.079
has to be so compelling that the prospect cannot turn

621
00:43:53.119 --> 00:43:56.840
it down. Well, that's easy for me to say, but

622
00:43:56.920 --> 00:43:59.800
I want to talk about what makes an offer compelling,

623
00:44:00.760 --> 00:44:03.480
and so I just want to go in the time

624
00:44:03.480 --> 00:44:05.599
that we have. Only have a few minutes, but I

625
00:44:05.639 --> 00:44:10.320
do want to go over the five components of a

626
00:44:10.360 --> 00:44:14.440
compelling offer. Some of these things that like the conversion

627
00:44:14.519 --> 00:44:17.280
formula and the five components of a compelling offer, you'll

628
00:44:17.320 --> 00:44:20.400
hear us say often because these are really critical in

629
00:44:20.480 --> 00:44:23.800
building your business, especially if you're you're a small business.

630
00:44:24.440 --> 00:44:27.760
So those five components of a compelling offer is number one,

631
00:44:28.519 --> 00:44:36.760
urgency and scarcity. So with urgency, you know we only

632
00:44:36.800 --> 00:44:41.119
have I'm sorry, the urgency is this offer ends on Thursday,

633
00:44:41.920 --> 00:44:46.000
so that provides urgency for that person that prospect to

634
00:44:46.039 --> 00:44:50.920
make a decision. Scarcity is there's only three left, or

635
00:44:50.920 --> 00:44:53.400
there's only you know, I'm only going to do five

636
00:44:53.480 --> 00:44:59.599
present five appointments. And that way people have that urgency

637
00:44:59.719 --> 00:45:02.280
and it makes the offer compelling because they have a

638
00:45:02.320 --> 00:45:07.960
time limit and they have a quantity limit. The second

639
00:45:08.239 --> 00:45:11.480
is risk reversal, and if you call them my ski

640
00:45:11.559 --> 00:45:14.400
business example, it was it was really really good. The

641
00:45:14.480 --> 00:45:17.239
problem that the customer had in the ski industry is

642
00:45:17.280 --> 00:45:19.519
they never really knew if the ski they were being

643
00:45:19.559 --> 00:45:22.400
sold was the right scheme for them until they got

644
00:45:22.400 --> 00:45:24.840
it up on the mountain and tried it out. Well,

645
00:45:24.840 --> 00:45:27.280
we had what we call the ski guarantee. Ski the

646
00:45:27.320 --> 00:45:29.360
ski three times you don't like it, bring it back

647
00:45:29.400 --> 00:45:31.880
for a brand new pair, and keep bringing it back

648
00:45:31.960 --> 00:45:35.880
until we get it right now. You know, with a

649
00:45:35.960 --> 00:45:41.199
risk reversal, there's always this worry from business owners that

650
00:45:41.960 --> 00:45:45.039
they're going to lose money and that there's going to

651
00:45:45.079 --> 00:45:47.679
be too many people taking advantage of the business owner.

652
00:45:48.360 --> 00:45:50.480
What I found in the ski industry is they just

653
00:45:51.159 --> 00:45:58.440
the ski prospect just wanted to have a great experience.

654
00:45:59.199 --> 00:46:01.679
We sold eight a pair of skis the first year

655
00:46:01.719 --> 00:46:04.480
we implemented a twenty five percent increase in eight came

656
00:46:04.519 --> 00:46:10.280
back next year, eleven pair fourteen came back. This customer

657
00:46:10.440 --> 00:46:15.039
just wanted a great ski experience. My employees, they thought

658
00:46:15.079 --> 00:46:16.880
it was going to be a disaster. They thought they

659
00:46:16.880 --> 00:46:20.480
were going to encounter so much extra work for all

660
00:46:20.559 --> 00:46:23.679
the returns that were coming back. They also thought we'd

661
00:46:23.760 --> 00:46:27.119
lose a ton of money, and it just didn't happen.

662
00:46:28.079 --> 00:46:31.119
To identify the problem that the customer has. You do

663
00:46:31.199 --> 00:46:34.039
that anyway in the conversion formula through the captivate. But

664
00:46:34.119 --> 00:46:38.440
that's how you can capitalize on a great offer with

665
00:46:38.519 --> 00:46:42.280
a risk reversal. The third is adding more value to

666
00:46:42.320 --> 00:46:45.039
your product or service. So when I was in the

667
00:46:45.039 --> 00:46:48.639
frozen cookie though industry, the problem the customer had is

668
00:46:48.679 --> 00:46:51.400
they didn't want to waste valuable oven space baking cookies.

669
00:46:51.719 --> 00:46:54.480
They wanted to, you know, the court. They wanted to

670
00:46:54.559 --> 00:46:58.719
utilize that oven space with their core product, whether it

671
00:46:58.760 --> 00:47:03.880
be pizza or sobs, whatever whatever it was. And so

672
00:47:04.800 --> 00:47:08.039
what I did with every opening order is I gave

673
00:47:08.159 --> 00:47:13.119
a free convection of it. And what that did was

674
00:47:13.159 --> 00:47:15.880
it it drove It was made the offer compelling for

675
00:47:15.920 --> 00:47:18.760
several reasons. One, it was an extra oven that they

676
00:47:18.800 --> 00:47:20.639
can use, so they didn't have to use their main oven.

677
00:47:22.199 --> 00:47:24.800
And secondly, you know, it was an oven that they

678
00:47:24.800 --> 00:47:27.079
could use for other things in addition to baking cookies.

679
00:47:27.079 --> 00:47:29.000
It didn't just have to be used for baking cookies.

680
00:47:29.320 --> 00:47:34.079
So it had a universal effect. And the interesting thing

681
00:47:34.119 --> 00:47:37.960
about it is what you have to understand is what

682
00:47:38.079 --> 00:47:41.480
is the long term value of a customer. If you

683
00:47:41.639 --> 00:47:44.199
understand the long term value of a customer, then you

684
00:47:44.239 --> 00:47:47.480
can lose money on that initial order, which I did

685
00:47:47.679 --> 00:47:50.920
when you took it to consideration that the average initial

686
00:47:51.039 --> 00:47:53.280
order was somewhere between fifty and one hundred dollars. The

687
00:47:53.280 --> 00:47:57.639
convection of it cost one hundred and fifty. But I understood,

688
00:47:58.239 --> 00:48:00.519
and I believed in my product, and I stood what

689
00:48:00.559 --> 00:48:02.480
the long term value of a customer was, which was

690
00:48:02.519 --> 00:48:05.199
five thousand dollars. I knew I was going to get

691
00:48:05.239 --> 00:48:08.519
five thousand dollars out of this customer over time just

692
00:48:08.519 --> 00:48:11.199
by giving him a toin dollar convection of it. That's

693
00:48:11.280 --> 00:48:15.440
adding value to your product or service. Fourth is packaging

694
00:48:15.480 --> 00:48:21.320
and bundling multiple products and services together. In the ski business,

695
00:48:21.679 --> 00:48:27.559
everybody and his brother packaged skis, bindings, and polls. But

696
00:48:27.719 --> 00:48:30.199
what we did is we did something that our competition

697
00:48:30.360 --> 00:48:34.280
wasn't doing, and that was packaging clothing. And we packaged

698
00:48:34.320 --> 00:48:40.960
clothing based on the most popular key graphics and we

699
00:48:41.199 --> 00:48:46.159
matched the clothing to those popular ski graphics. So packaging

700
00:48:46.199 --> 00:48:50.440
and bundling is a very very effective way. It gives

701
00:48:50.480 --> 00:48:54.400
the perception, the customer perception that there's real value when

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00:48:54.440 --> 00:48:57.239
you package and bundle things together. And so when we

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00:48:57.280 --> 00:48:59.800
packaged our clothing package together, they flew out the door.

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00:49:01.639 --> 00:49:06.480
And then finally, being indifferent to the outcome. You know,

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00:49:06.960 --> 00:49:09.079
no matter what you're selling, you can't be a used

706
00:49:09.119 --> 00:49:12.440
car salesperson. You've got to be on the same side

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00:49:12.440 --> 00:49:16.440
of the table as your prospect and you have to

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00:49:16.440 --> 00:49:19.920
be indifferent to whatever that outcome is. You can't feel

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00:49:20.000 --> 00:49:22.679
pressured to make a sale. If you feel pressured to

710
00:49:22.719 --> 00:49:25.719
make a sale, your prospect is going to identify that,

711
00:49:26.119 --> 00:49:29.039
and your prospect is going to assume that you're just

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00:49:29.159 --> 00:49:32.159
out for yourself and not for your prospects well being.

713
00:49:33.280 --> 00:49:37.480
But once again, urgency and scarcity risk reversal, adding more

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00:49:37.559 --> 00:49:41.159
value to your product or service, bundeling and packaging and

715
00:49:41.199 --> 00:49:45.519
being indifferent to the outcome. To get to get a

716
00:49:45.519 --> 00:49:47.960
copy of the book Powerful Business Strategy, simply go to

717
00:49:48.000 --> 00:49:52.039
our website www dot NeXTSTEP CFO dot net. It's totally

718
00:49:52.079 --> 00:49:56.159
complimentary and until next Monday at noon Eastern time. But

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00:49:56.320 --> 00:49:59.719
chuky obio. My name is Michael Barbarita, and remember don't

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00:49:59.800 --> 00:50:03.239
care doing what your competition is doing.

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00:50:05.239 --> 00:50:08.320
You have been listening to powerful business strategies finding out

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00:50:08.360 --> 00:50:12.000
that everything you ever learned about growing your business is wrong.

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00:50:12.320 --> 00:50:15.519
Tune in next week and every week at noon Eastern

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00:50:15.559 --> 00:50:19.039
time on W four CY Radio with your host, Michael

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00:50:19.039 --> 00:50:23.679
Barbarita of NeXTSTEP CFO and moderator chugy Obio