The Biggest Opportunity in Business
Summary
- We spent $100,000 a month on R&D to improve our ads.
- Suddenly, Facebook changed dramatically, and our ads couldn't get leads for a dollar anymore.
- We had to face our biggest fear and completely change our business model.
- I was scared because our old model worked well for a long time.
- We hired a new leadership team with experience in necessary areas.
- We developed new products for different customer types we hadn't targeted before.
- We introduced new ways to deliver our products.
- We built out new teams to support these changes.
- This led us to be able to sell our company, something I didn't foresee initially.
- Embracing change creates adaptability, strength, and resilience in a company.
- An adaptable company is also more sellable.
Video
How To Take Action
Implementation Strategies for Business and Personal Growth
Embrace Change
A good way of doing this is to regularly evaluate what's working and what's not. For your business, think about what new trends or technologies you could adopt. For personal growth, focus on new skills or knowledge that can keep you adaptable.
Small R&D Efforts
Instead of spending large sums, put a small portion of your budget into Research and Development monthly. This could be learning about new advertising strategies or tools. The key is continuous, incremental improvement.
Diversify Your Offerings
Introduce new products or services. Look at what different customer needs you aren’t currently targeting. This could be simple, like adding a new feature to your product or offering a new type of service. For personal growth, try learning something outside your usual interests to broaden your skill set.
Enhance Delivery Methods
Experiment with new ways to deliver your product or service. Maybe you can use digital methods if you haven’t already, like online consultations or virtual products. This step can be low-cost and high-impact, especially if you leverage free or inexpensive digital tools.
Build Support Systems
Form small teams or partnerships to help support these changes. This could mean delegating tasks to freelancers or collaborating with other businesses. It helps to have different perspectives and skill sets.
Embrace Leadership and Learning
Invest time in finding or becoming knowledgeable leaders in those new areas. This doesn't mean hiring right away; it can involve mentorship, free webinars, or reading industry-leading materials.
Continuous Review and Adaptation
Regularly review these new efforts and be ready to pivot again if needed. Understand that change may feel scary but leads to growth and resilience.
By starting with low-cost, high-value activities, you’ll set solid groundwork for bigger changes. Consistent, small steps in these areas will make your business or personal development more adaptable and ultimately more successful.
