Are you worried about AI replacing your business? Do you worry that customers will flock to the cheapest option regardless?
I put my two cents in here including an enlightening experience I had with David Deutsch. Let me know your thoughts.
Our letter writer learned the hard way that good communication and clear agreements are essential elements for any successful partnership. By neglecting these, his friendship and business partnership collapsed.
Even with a history of success, things can quickly fall apart if you aren’t prepared. Create well-written agreements, have clear dispute resolutions, and mutual understanding on different exit situations.
Don’t wait until it’s too late. Create a solid foundation for your partnership today with transparency and trust.
Exiting a business partnership can be a tough pill to swallow, and sometimes the disagreements can damage not only the business but also the friendship.
Read in this email how this narrator’s friendship and business with his best friend, Alex, came to a bitter end over disagreements about selling their business.
How a flag design that earned a low B made the US flag and highlights what you need to know if you wish to sell your business one day.
Here is the Q&A from previous post about John who blew a life changing opportunity to save a few cents a day.
John was a successful entrepreneur who had built his business from scratch through hard work and determination. When an unexpected offer came in from a large international player, John was ecstatic. The offer was substantial and would provide enough money for him to take care of his family.
Then came due diligence… and a valuable lesson…
Beware the hidden dangers and manipulation you can face from “social influence” in business. From phone scammers, to the experience of US POWs at the hands of the Chinese, to the cover of Forbes…witness the seductive power of social pressure and beware how it is used on you in today’s business world – including FOMO (fear of missing out) appeals and other marketing ploys. Protect your wallet and values
Being transparent helps you build trust with potential customers, and that trust leads to more sales. Be honest and ethical about your pricing and be transparent in your communications. It will build trust and pay off in multiples down the road.
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Are you tired of being put on a detour by businesses that neglect your needs for their convenience? From roadworks to customer service, it seems like detours are all around us. But it doesn’t have to be this way.
Here we explore how businesses can avoid putting their customers on a detour and provide a better experience.
As you know it pays to be savvy. Don’t be afraid to ask questions before committing yourself and make sure you understand all the details involved before signing on the dotted line.
Evaluate each potential solution thoroughly and don’t let yourself get taken advantage of by current stresses or “emergencies”. With a little bit of research and common sense, you’ll be able to spot bad solutions from miles away — saving yourself time, money, and frustration in the process.
Caption: Here are five suggestions you will want to follow as you look to scale your business and avoid the common pitfalls many other entrepreneurs make.
• The right team to help you grow
• Developing a clear mission statement and goals
• Investing in the right technology to automate processes
• Making smart investments in advertising
• Creating systems of accountability for your team
A profitable business is usually a good sign that things are going well. But sometimes, even profitable businesses can’t seem to find any investors or buyers…..
This is my observation on the video I posted yesterday.
I talk about how community came through loud and clear and how that will be a competitive differentiator for 2023.
Hey everyone,
I found a digital copy of a home video from 1988 that captures a coming of age summer in Greece. It’s a glimpse of a world that no longer exists, with sun, sand, and carefree conversations.
It reminds me of how much has changed since then, with technology dominating our lives. But it also transports me to a time when we were young and carefree.
Watch the video and let me know your thoughts. I have an insight for business in 2023 that I’ll share later.
Looking forward to hearing from you.
one of the biggest mistakes is falling in the trap of thinking only about today or the week or the month ahead. It makes you reactive instead of proactive and that can mean the difference between growing a business or having one that stays stagnant.
You can’t please everyone and if you try you will have a business that finds it hard to attract anyone. It’s a common mistake and one I see often as well as when a company has no idea how much it costs them to acquire a customer and ends up spening too much or too little on their marketing.
Running a small business is challenging, and making mistakes is inevitable. However, by avoiding common mistakes and implementing the most effective solutions, your business can achieve long-term success
None of my friends growing up in Chicago wanted to end up owning their parent’s restaurant for one main reason – the restaurant was not a sellable business as it was too reliant upon the owners.
So owning a sellable business makes a lot of sense even if you don’t intend to sell anytime soon. It’s more predictable, earns higher profits, it’s more valuable, and ultimately gives you more freedom and enjoyment in running the business.
As you know, owning a business can be “exciting” but it requires hard work, often long hours, perseverance, and the dedication to turn your dream
As I celebrate my 150th daily email, let’s celebrate wins and reflect on where you could improve as you prepare for the next week. Prioritize tasks, meet deadlines and take care of yourself. Reflecting and planning are game-changers for business success.
Working smarter, not harder, is the key to driving growth and saving time. We touch on 7 of these:
1. Streamline processes to cut out waste and save time.
2. Delegate tasks appropriately and have a solid strategy in place.
3. Outsource tasks that aren’t your forte to free up time and deliver a better product.
4. Reassess goals and priorities every 6 months to ensure you’re on the right track.
5. Use data to your advantage to measure progress and plan ahead.
6. Don’t rely on guesswork – measure and track KPIs.
7. Focus on working smarter, not harder.
Failing to consider context can have serious consequences, ranging from hasty hiring decisions to flawed business strategies.
I know this firsthand, as it almost cost me my job years ago. I didn’t fully understand the company’s structure and the roles of those in positions of power.
Today, I see countless unforced errors that could have been avoided with a little more attention to context.
So, it’s crucial to ask yourself:
are you keeping the context in mind when making decisions for your business?
Do you have a clear understanding of why you’re in this business?
Are your decisions aligning with your “why,” or are they taking you further away from it?
Keep context top of mind to avoid costly mistakes and stay on track towards your goals.
it’s easy to get busy and to run a business in a robotic haze or assume your employees are all on the same page with you. And yet it’s often not the case because there is one element missing. An element that if everyone is not on the same page can lead to confusion and disappointment.
Are you building a successful business but haven’t thought about what happens when you’re ready to move on? This last day in our sprint is all about independent businesses and successful succession planning.
Whether it’s transferring ownership, training potential successors, and communicating your plan to key people, it’s never too early to start planning for the future of your business, your legacy, and your loved ones.
Want to own a business that is independent and can thrive without you? Then learn how to successfully delegate tasks and empower your team to handle the day-to-day operations.
Be free to focus on growing the business while your capable team takes charge of the daily tasks that kept you trapped inside. Learn some secrets to effective delegation, accountability, and decision-making.
Have you grown a business but feel stuck?
Are you working harder and seeing smaller progress like the end of a bad diet or a workout where you plateau?
There are common roadblocks that sneak up on business owners that trap them inside “a job”.
Here we talk about how to identify and ultimately remove them.
Discover the power of business valuation!
Unlock your venture’s true worth, financial health, and growth potential while comparing it to industry peers.
Use valuation insights for strategic decision-making, powerful negotiations, and measuring success.
Unleash your small business’s potential with upscaling! Investing in your team’s skills and expertise will help you make more money and stay ahead of the competition.
Evaluate current abilities, target high-impact skills, create tailored plans, and make upskilling continuous.
Here we go through 5 examples of winning sales processes so you can see what you might be able to adapt and use for your business.
Much of it is fundamentals which allow you to succeed without worrying about the latest fads and trends.
Are you looking to grow the business and increase its value without relying on a huge influx of new customers? We tackle that in Day 4 of this sprint.
Start by managing your cash flow like a pro. Here are five tips from creating cash flow forecasts to negotiating favorable payment terms, that can help you optimise your business for growth and success.
When clients come and learn about how to make their business sellable their lives change. I’ve seen it repeatedly and which is why I’m hosting a happy hour focused on helping you gain the insights you need for a successful exit down the road. Pre-Registration is open.
Imagine this: a house hears it’s up for sale—and chaos breaks loose. The roof vanishes, the fridge heads to the pub, and even the walls start negotiating elsewhere. Sounds crazy? Maybe. But what if something eerily similar happens when it’s time to sell your business?
This story might just change how you think about the future of your business.
Looking for quick, powerful insights on what investors really want in a business?
We covered it this week, and these game-changing lessons continue to surprise business owners.
If you’re thinking of selling one day, ask yourself: are you prepared with answers that will make investors sit up and take notice?
Or are you leaving the hard questions unanswered?
When it comes to valuing a business, risk is everything. Imagine bidding at an auction on a note that might pay $1 million or might pay nothing—how high would you go?
Now, if that $1 million was guaranteed, suddenly, you’d pay much more.
The difference? Predictability. Too many profitable businesses fail to sell because they lack this key ingredient.
Curious about building investor confidence? Join the free Business Owners Club and our live Zoom session on November 19.
As a kid, “Uncle Ted” terrified me—he saw through my spoiled antics and wasn’t afraid to call me out. Later, I realized he was more than tough; he was a self-made success and, eventually, a mentor. But when it came time to sell his thriving business, things didn’t go as planned. Now, I share his story to help other business owners avoid his fate.
9 out of 10 business owners struggle to sell their businesses on terms they want. Why?
They can’t convince investors of their business’s future potential in the right hands.
If you want to attract serious buyers and keep control over the deal, start planning now.
Sign in to the Owners Club for the 4 questions you need to answer to make your business investor-ready. Plus, join our Open Office Discussion!.
Last night, I watched a documentary on the 2004 Red Sox—a team that, after 86 years, made bold moves to secure a championship.
It reminded me of a key insight when valuing businesses: like a traded sports icon, your past efforts alone don’t drive investor interest.
Investors focus on future potential under their control.
Find out more in our free Owners Portal and Join me on November 19 for a free session where I’ll cover how to make your business irresistible to investors.
Ever thought about what would happen if life threw you an unexpected curveball?
I recently heard a story that hit me hard—a business owner who poured everything into his work until, one day, he couldn’t anymore.
No backup plan, no safety net… and in an instant, everything he’d built was on the line.
It’s a powerful reminder of why having a business that can be sold today really matters.