By studying thousands of case studies, small and large corporations is it possible to find a secret formula to succeed as a business?
Kent Billingsley, author of Entrepreneur to Millionaire has a lot to say about this topic through his book. Let’s dive in.
What have been the results of helping entrepreneurs create more wealth using “more from less”?
One of the things our clients tell us is how much stress goes away. How their work and life is so much better. How much fun it is to run or be part of a company versus the toxic nature of the constant struggle dealing with money issues. Once an entrepreneur and business can pay their bills and manage all their costs, what’s left over can be used in hundreds of different ways. One of my favorite stories is hearing about clients who can give a lot of money and time back to their community and support charities. I’ve had clients who could offer sabbaticals to their employees for up to half a year. In addition, entrepreneurs and leaders can reinvest in all areas of their business. From developing their people, to new products and services to expansions and acquisitions.
There is no worse feeling than worrying about making payroll for a business owner. Just the opposite is being able to offer incentives, bonuses and help their employees create personal wealth. I have personally made a lot of W-2 employees millionaires. Sometimes in less than a year. You wouldn’t believe the loyalty and team construct that creates when you help people earn huge rewards. What really created the name of my book, Entrepreneur to Millionaire, is helping business owners, leaders and their employees put seven figures in their bank accounts. A final thing is that is too many entrepreneurs feel they have to “sell their soul” to raise capital by accepting onerous or unfriendly terms. In most cases that adds another layer of stress. However, if you can create your own working capital internally, you have more control and freedom running the business they way you want to.
When you say “proven roadmap and recipe” for creating company wealth what do you mean?
Working inside thousands of companies, delivering over 10,000 hours of content around the world, I started to see patterns emerge in small companies and large corporations the first year. For example, I am called by CEOs because they are having issues or problems in their marketing and sales areas. Those problems are almost always symptoms of mistakes or failure points somewhere else in the company or earlier in the process. Sadly, about 99% of solutions or “fix its” focus on the individual or the department when that is not where root cause starts. For example, marketing and sales problems, can be a result of poor organizational design, ineffective core strategies, lack of core competencies, value proposition to market misalignment, etc. Which means you can “fix” marketing and sales all day and still be suboptimized. Marketing and sales efforts are in the phase I call “Go to Market Phase.” This is the third phase of Revenue Growth (after the first two, Revenue Ready and Market Ready). Solving a problem that late in the sequence and roadmap would be like a farmer trying to harvest what they haven’t plowed or planted properly.
The business mantra has always been to “offer the best products and services” but that is not what you’re saying?
Creating serious company wealth quickly does not come from a golden key – like superior product, excellent service or lowest prices (unless your Walmart). It comes from a methodical approach to leveraging and scaling every part of a business to work harder – not the employees. Last century a unique product or service could unlock a business fortune like a key opens a padlock. This century creating wealth from a business is a combination lock requiring the perfect sequence, turns, rotations, etc. You must follow a step by step formula that can work in every size and type of company. We have a proven formula that has created billions for small companies and tens of billions for large companies. We have hundreds of case studies of small companies generating millions while spending less in marketing, sales and human effort. That savings in pure cash and profits is what creates enormous wealth.
What’s an example of how a company can effectively monetize a market opportunity?
Everyone is aware of the Uber creating an on-demand ride share services without the wait, cost or bad experience of taxi cabs. Or Amazon delivering exactly what you want or need in 24 hours or same day with the greatest selection or lowest prices – and return guaranteed. Every industry has gaps of the consumer not being satisfied or the buyers not being satiated with the available choices. In the book we provide the proven roadmap and recipe in how to identify and measure the potential of a marketplace problem or opportunity. Then the next steps of building the right model and revenue streams to monetize that effort. The next three more phases and sequential principles, provide how to eventually dominate a niche or segment and make a fortune doing it.
What is the best way to bundle value so buyers can’t say no?
Bundling, or what I refer to as packaging in the book is grouping products and or services to create a new or unique offering. The best way to achieve compelling bundling is to follow the roadmap of understanding the marketplace problem, creating a solution set and model to satisfy it. Then creating the targeting, messaging and pricing to attract the perfect buyers.
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