13 Years of No BS Business Advice in 79 Mins

Summary

• I recommend having something extremely expensive on your menu that you never plan on selling. This acts as a price anchor and makes your main product look cheaper, ultimately increasing your sales.
• Remember that people don’t know you exist. You need to advertise continually, even when you think you’re being repetitive.
• Until you reach $100,000 a month, focus primarily on advertising to bring in new customers and get feedback to improve your product.
• For businesses making under $1 million a year, stick to one channel, one avatar, and one product. This helps you focus and perfect your offerings.
• Start offering your services for free to gather testimonials, get feedback, and prove your value before asking for money.
• Proof of your product’s success is more important than promising results. Gather testimonials, especially video ones, to build credibility.
• Raise prices to increase profit but be prepared to hear more ‘no's. The benefit is you will get more revenue from those who do say ‘yes’.
• Talk to your customers to solve many of your business problems. The feedback is invaluable for understanding what works and what doesn’t.
• Use the "Closer" framework for sales calls: clarify the problem, overview past experiences, enhance the pain of not solving it, sell the vacation (benefits), explain away concerns, and reinforce the decision post-sale.
• Before trying something new, do 10 times more of what is already working. Often, you don’t need something new; you need to scale the existing.
• Business is inherently stressful whether you are growing, stagnant, or declining. Accept stress as a part of entrepreneurship.
• Longer billing cycles (like annually instead of monthly) can improve customer retention and cash flow, as there are fewer points for customers to churn.
• Find and sell "sawdust," or the by-products of your business. This can create additional revenue streams with low operational costs.
• Arm your salespeople with content that addresses common customer concerns and objections. This can increase conversion rates.
• Unify the sales and advertising departments so they work together, as they solve the same problem of acquiring customers.
• Businesses need three key roles: someone to get customers, someone to deliver the product or service, and someone to manage operations.
• Always ensure that new hires raise the average standard of your team. This keeps the company improving over time.
• When addressing performance issues, consider these possible reasons: the employee didn’t know what to do, didn’t know how to do it, didn’t know when it needed to be done, didn’t want to do it, or had something blocking them from doing it.
• The hardest work is the work you don’t know how to do. Accept that failure is part of the learning process and keep pushing through.
• Transform unknown tasks into known tasks by taking action. You learn more by doing than by preparing endlessly.

Video

How To Take Action

Implementing Lessons from the Transcript

I would suggest implementing a few high-value strategies that don’t cost a lot but can make a huge difference.

Create a High-Priced Offer
Have something extremely expensive on your menu that you don't want to sell. This high-priced item acts as a price anchor and makes your main product look cheaper, which increases sales.

Advertise More
Remember, people don’t know you exist. Advertise constantly. Don’t worry about being repetitive. More people need to see your message before they notice it.

One Channel, One Product, One Avatar
If your business is making under $1 million a year, focus on one marketing channel, one type of customer (avatar), and one product. This will help you refine your offerings and reduce complexity.

Start Free
Offer your services for free initially. This helps you gather testimonials and feedback and proves your value before you start charging money.

Collect Proof
Gather as many testimonials as possible, especially video ones. Proof of your product’s success works better than making big promises. Use testimonials to market your product.

Raise Prices
Don’t be afraid to raise your prices. Yes, you’ll hear more ‘no's, but from those who say ‘yes,’ you’ll generate more revenue, which can significantly increase your profit margins.

Talk to Customers
Your customers can solve many of your business problems. Talk to them to understand what they like and don’t like. This feedback is invaluable for improvement.

Use the Closer Framework
For sales calls, use the Closer framework:

1. Clarify their problem.
2. Review past experiences.
3. Enhance the pain of not solving it.
4. Sell the benefits.
5. Address concerns.
6. Reinforce the decision post-sale.

Do More of What Works
Before trying something new, do 10 times more of what’s already working. Often, the best move isn’t to change direction but to scale what you’re doing well.

Understand Stress
Accept that business is inherently stressful. Growth, stagnation, and decline all carry their own types of stress. Embrace it and keep pushing forward.

By focusing on these strategies, you'll be able to implement changes that have a high impact without requiring a big investment in time or money.