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A highlight from MBA2192 How to Make the Most of a Failing Business + Free Ride Friday
"Like you got enough value, the value I promised, just let me know and I will give you a full refund. Head on over to one zero zero NBA dot net slash live and sign up for our next live two day course. We also love WP engine. We host all our websites on WP engine, and it's for good reason. It's the best. It's super fast, it's secure, and their support team is out of this world. It's like having your own technicians on call 24/7. Most of the time, when I need something done, and I get on chat, they don't tell me what to do. They just do it for me. Exactly what I want. If you're hosting a website, especially a WordPress website, check out WP engine, and as a listener of the show, you can get 20% off. Just go to WP ENG dot IN slash MBA and use code WP E two zero off. WP engine, the best way to host your website. First, I want to recognize the fact that this is not fun. Being in this position where you feel like you're not winning, you're not growing, you're not achieving the goals you've set out, you feel like you're spinning your wheels. You're trying so hard, but nothing's really changing. Let's just acknowledge the fact that, hey, this really isn't great. The other thing I want to point out is that if you have the self awareness to realize you are in this situation, that's a good thing. You're actually way ahead of a lot of people. Many people are not that self aware and allow their business to get driven into the ground and are left with no options. In today's episode, let's talk about the options that you have. If you have recognized that, hey, my business is failing. Month over month, it's not growing. Month over month, I'm not getting better. I don't see any improvements. Do I walk away? Here is what you can do. And I'm going to start with the easiest and the fastest thing you can do to maybe turn things around. This is kind of a low hanging fruit. You've been trying to turn your business around for some time. And you might have tried different things. But the con factor in all this failure is actually you. You are the person that is the common thread. So you need to change that up a little bit. And the easiest way to do this is the quickest way to do this is it gets somebody else involved to take a look at your business and give you a new perspective. Challenge your decisions, challenge the way things are. And this is why I recommend hiring a coach or an adviser when you're stuck. At the very least, you can hire them for a few sessions. And they can tell you, hey, you have no moves to make, pack it up. Or they could be like, have you thought about this and you're like, oh, I actually haven't. Why aren't you doing this? I haven't considered that. A coach in an adviser is coming in cold. They're seeing things without all of the bags you have over the years in your business. They might also see opportunities that you are just missing. My recommendation asks some of your friends or other entrepreneurs that you know whether it's on social media or on email. Hey, do you recommend a business coach? Most people, you'll be surprised, have been coached before. I certainly have, and it's incredibly helpful. And I can recommend coaches a friend of mine asked me, I know there was a particular situation. It would be like, hey, this person would be Peru for you. So ask for help, because it might just mean saving your business. Here is another option. Sometimes our business or our product or our service is fantastic. It's great, but we're just not talking to anybody. We need to niche down. This might seem counterintuitive, but most of the time, when you niche down, you get laser focused and you actually grow. I learned this from Nathan berry, who is the founder of ConvertKit. When he started ConvertKit, he was just marketing as another email marketing software. But then he realized I can't compete with all the big names out there. The MailChimp's in the AWeber and the active campaigns. I got a niche down so I can specialize and know who exactly I should be talking to. So down to bloggers. And he actually started out specifically mommy bloggers and then fashion bloggers. By niching down, he's able to talk directly to these people advertised to them directly, build a product that is best for them instead of being ignored in a sea of other software. If you're at the point where you're stuck and your businesses are growing, you have nothing to lose really, you should just give it a try. Niche down. Niche down for a few months and see what happens. Find a niche that really values your product. How do you know that? Look at your existing customers. Survey them find out who really values your product. Who are your best customers? Who are the ones that stay on or spend the most? You'll probably find a percentage of your audience that is in a certain niche or genre that you can focus on. This is also the story of Twitch, which used to be Justin TV. They used to just be streaming video and kind of like your own self made reality channel. And it was really hard for them to promote and to sell because a lot of people don't understand the concept. But then they realize that 20% of their audience absolutely love their product and it didn't matter how much they had to pay or what features they had that they were to use it really often. And it was gamers, people that play video games and stream their video games. And that's why they niche down to just video games and called a twitch. Now, obviously twitch does more than video games now, but they grew with that niche and as you grow your company, then you can go wider. But if you're stuck, niche. Another option is to move markets altogether. Again, you can have a great product or service, but you're just in the wrong market. Your market, your customer, doesn't really value what you have. But your solution might be really valuable in a different market. For example, I know this entrepreneur is social media marketing services. Manages people's social media platforms and their accounts and make sure that their Twitter and their Facebook and their Instagram and their tiktoks are filled with great content. They used to serve online entrepreneurs, but they started to stagnate because online entrepreneurs started using some automation software or social media software. Online entrepreneurs a little bit savvy. So they're willing to use the software rather than a service. But then you switched markets. Stop serving online business owners and served a totally different market, local professionals, dentists, lawyers, mechanics, plumbers. It's a totally different market. Same service, but this market really values what he offers because they're not tech savvy. They don't know about the latest automation software or social media software that they can use to schedule their tweets. They just want to focus on their business and make sure they have a social presence so they can drive traffic to their website or their actual shop. Instead of old calling and cold emailing people to get clients who's fully booked for the next 24 months because these people are dying or his services. All right, we kind of talked about all the options that you can kind of pivot change move around just your business. But let's talk about what if we have to go a little bit hard line do a little bit more of a radical change. And that leads you to the option of replacing yourself. This might be hard for you. This might be difficult for you to admit. But maybe you need a new CEO. Maybe you need to hire somebody to take over your business. It might mean giving them some equity. But now you can just be an investor. Somebody that is on the board, somebody that is there to advise. But now you've got somebody who may be able to take your business, change things around and make it work. Now, this is actually a real viable option for a lot of people because there's a lot of people that want to start a business. You want to grow a business. Don't have the money to start one or have an idea. You might have worked at a company at a high level. They have experience in helping businesses grow, but never actually been a business owner. So this is an opportunity for them. And for you, you shake things up. You get somebody else with maybe more experience in that market or your business. And basically remove yourself from the equation, but that somebody knew can make different decisions and get a different results. I actually picked this up from Dan Andrews who runs a podcast called the tropical MBA. And he has a book that's called before the exit. And this is one of the options he talks about before you sell your company, maybe just replace yourself and get a new CEO. I got more on today's episode, but before that, let me share with you some of our favorite tools. We all know the power of an email list and growing our email list, but managing it automating our emails, making sure they actually get into the inbox, that's where ConvertKit comes in. ConvertKit is an all in one email marketing platform. I've used a lot of different email marketing platforms. And we use ConvertKit for a reason. It just works. It does what you need to do. It's simple. It's easy. And it keeps improving every single day. Plus, you can start for free. Go ahead to one zero zero NBA .NET slash ConvertKit to get started. Support for today's show comes from a webinar ninja. Know what really sells your product or service, it's not marketing or ads. It's you, your blog, your social feeds, your podcast. These are always we try to share ourselves our value and build trust with our audience. But what if you can go even further? But if you can connect with potential clients or customers in a way that's even more personal, more engaging, more effective. Well, that's where webinars and webinar ninja comes in. Hosting a live lesson, product showcase, or Q&A session, is the best way to share yourself and prove yourself to an audience. But wait, you're thinking, aren't webinars a giant pain in the ass? Yes, yes they are, but not with webinar ninja. Women are ninja has one job to make webinars easy for you. It's the user friendly a software ever created for webinars. So you can focus on your audience, not the tech. And here's the best part. You can get started with webinar ninja for free. Every plan comes with a free 14 day trial. And because you're a listener of this podcast, we got a real special deal for you. Go to webinar ninja dot com and at checkout, use promo code MBA. And you'll get 15% off your first month or your first year. Again, that's webinar ninja dot com use promo code MBA for 15% off your first month or your first year. Can't wait to see you inside the software and our community. All right, we went through a whole bunch of options that you can explore if your business is failing. The last and final option I want to share with you is sell the business. Sometimes it's time to hang them up. And the cash in your chips. Now, if your business is not doing fantastic, it's not growing. Yes, you're not in the best position to sell. You're not going to get top dollar for what your business is worth, maybe. But you'll go home with something. And you'll allow your business to live another life with somebody else. There are a lot of different marketplaces as an option to sell your business. You can go to micro acquire dot com or flippa or empire flippers, where you can post your business and all the details and get people to bid on your business. This means you're going to have to say goodbye to this part of your entrepreneurial journey. And maybe you are ready to say goodbye. Maybe you're ready to move on and maybe start something new down the line. Maybe it's time for you to pull out any equity have left in this business as you put so much into it. Now, selling a business doesn't happen overnight. It takes time. They say the average acquisition takes 18 months. Now, obviously you can do a faster and it depends on the size of your company and all bunch of different factors. But once you make the decision to do so, get started. Because it's going to take some time to get a buyer and go through the whole process. My advice do this exercise. Spend three days. It could be a long weekend. We're you have to live your life as if you've already sold the company. How do you feel? Do you have regrets? You have to keep on pretending that you sold the company and go through that whole thought experiment for three days. Have you lost meaning in your life? Are you depressed? Are you elated? Are you excited for the next chapter? Journal how you feel about all this? What's going through your mind? What the experience is like, because it's good to go through the motions and the emotions before it actually happened. Thank you so much for listening to the hundred NBA show. Today's episode is not over though. It's free ride Friday. Let's see who won this week's free ride. And the winner is. Colin Potts Khan says my desert island of choice still, 5 stars. Hey guys, love the cast. Since first listening to you guys, you've inspired me to get started and give me the guidance to do it. I'm now in pre launch with two businesses. Thanks Colin for that amazing review. You are a free on Friday winner. Your mission is to email me over at Omar at one zero zero NBA done it, so I can hook you up with a free ticket to our two day live course online called the hundred RMB 8 live over at one zero zero NBA dot net slash live. If you want to win a free ride, just leave us an Apple podcast rating and review and you enter our weekly random draw. Listen in on Friday to see if you want. It's that easy. Sorry to say thanks for showing us love on Apple podcasts. Before I go, I want to leave you with this. Being in a not easy. But personally, I start to feel better when I have a plan in place. When I'm taking steps towards a solution, this allows me to feel empowered again and understand that whatever I'm going through, it could be solved, and it can get better. Thanks so much for listening. And I'll check you in Monday's episode. I'll see you then. Take care.
A highlight from Ep284: Dont Start Podcasting Without These 3 Things
"You can answer all of the questions for them and their psychographics, their demographic, their geographics, and really add the most amount of people to the most amount of value to the best niche of people that are going to be beneficial to you. Most hosts never achieve the results they hoped for. They're falling short on listenership and monetization, meaning their message isn't being heard, and their show ends up costing the money. This podcast was created to help you grow your listenership and make money while you're at it. Get ready to take notes. Here's your host, Adam Adams. Hey, what's up podcaster? It's your host anime Adams. Today is the solo episode, so I'm pouring into you. And I'm gonna try to help you with your business and with your podcast and today we're really talking about is three main precursors that you absolutely have to have if you don't want to fall short with your podcast. So these three things that you have to do in hopefully before you even launch a podcast. But if you're in a position where you've had a podcast for a year or two already, now it would be a really good time to make sure that these three things are in line. Now, the very last episode that was published was with Sarah St. John. Sarah was talking about how she launched her podcast and as she was launching her podcast or growing her podcast, her avatar kept changing, her purpose kept changing. She wasn't quite sure about this or that, and she's like wanting to bring on different guests for her podcast. Like, oh, you know, now let's try this. Oh, now let's try this. Oh, let's see what happens if we do this. And I don't want to be unfair to Sarah specifically. Some of the things that I've just said might be going a little too far for her, but I don't think that they're really going a little too far for you. Or for me. So I think Sarah can relate and I know that I can F and relate. I know that for a fact. And I believe that you can relate because it comes to this thing where we're going ready, fire aim versus ready, aim fire. Most people are going ready fire aim, and they're told, like, done is better than perfect. It's like, oh, you could just have a shitty podcast. It doesn't have to be that good. And you'll be fine. You can change it later. This is the value that other people are dropping. And this is the value that I think, for example, Sarah, on the last episode, basically needed. This is the value that she would have needed. Other people were probably telling her, done is better than perfect. Other people were probably telling her ready, fire, aim. Take action, take massive action. And so her thought was, I'm just going to have a podcast. I'm not going to think intentionally. Remember this word intentional. Maybe Sarah was saying, and maybe you have once said, I'm not going to think intentionally. I'm just going to get it out there. And I'm just going to start. I'm just going to do it. Just do it. Just start. Don't overthink it. Ready? Fire aim instead of ready aim fire. And done is better than perfect. Don't believe that shit. Seriously. All right, so let's jump in. There was a quote that Sarah said, I believe on the last podcast episode that you heard and she basically said like investing in her podcast, some of it is out of her budget. She talked about a lot of different things. And I want to share with you some real things that I think are going to help you to be a better podcaster, especially if you have not yet launched. Please share this episode with somebody who has not launched yet. Maybe your podcast is up and running. Maybe you're about to launch it, but look, if it's up and running currently and already and you know a friend who doesn't yet have a podcast, but they are saying they're going to start one. You'll be the best friend if all you do is send them this episode. Honestly. So let's jump in. What are the three things and how can they help you? If you're about to launch a podcast and you want to do it intentionally, then you're going to think of these three things. That Sarah and I messed up on. And maybe a lot of my listeners, beside you, probably have messed up on. What are they? And what are they in order and how can they help your podcast? Let me start by saying what they are. Number one, you've got to understand what is your purpose of the podcast. This is the big why. What's the why? What is your reason to have a show? Number two, who is your avatar? Who's your perfect client, your perfect listener? Why do they listen? Who is that person? Deeply. I think psychographics, demographics, geographics, and also what I'm about to share with you. Number three, what is your niche? What's your unique difference? How are you different to serve that Avatar than anyone else who serves that Avatar? So let me say them again. You got to figure out your purpose. You got to figure out your avatar and you got to figure out your niche, your purpose, your avatar, and your niche. These three things are critically important. And I'm going to go into all three of them to give you some detail that I think many podcasters don't understand. You possibly don't already have this value in your life and you need it. You're ready for it. So what is your purpose? Basically, here's what we're thinking now. What is the reason that you want to have a podcast? Is it to make an impact? Does it make an income? If it's making income, what kind of income? If it's an impact, what kind of impact? Who do you want to impact? How do you want to impact them? How do you want to make money through your podcast? In what way do you want to grow your business? Do you want
A highlight from 346: Understand Your Biases, Take Back Control of Your Body & Mind & Live A More Fulfilled Life | EVETTE DIONNE
"So hope is for me everything. I wake up hopeful. I wake up optimistic. I think it really makes a difference for me who has chronic illnesses. It really does make a difference. And whether or not I feel like life is worth it, like the days when I'm really tired and my body is exhausted and I can barely get out of bed, it's still worth it to get up because the world is still moving, like the world is changing better is coming, whether or not I live to see it. Hi, I'm Rachel Hollis, and this is my podcast. I spend so many hours of every single week reading and listening to podcasts and watching YouTube videos and trying to find out as much as I can about the world around me. And that's what we do on this show. We talk about everything. Life and how to be an entrepreneur. What happened to dinosaurs? What's the best recipe for fried chicken? What's the best plan for intermittent fasting? What's going on with our inner child? How's therapy working out for you? Whatever it is, my guess are into, I want to unpack it so that we can all understand. These are conversations. This is information for the curious. This is the Rachel Hollis podcast. And I guess we'll just jump in to our chat. So event for listeners who aren't familiar with your work will you tell us a bit about who you are, what you do and why we come to have this conversation today. Yeah, I am a multi hyphenate is how I describe myself. A trained, I'm a trained journalist, so my day job is being the executive editor at this magazine called yes, where I focus on solutions journalism. So thinking about the biggest issues of our day, whether it's racial injustice or indigenous rights, and thinking really forward about what are the solutions to those issues instead of just presenting the problems themselves. And I would say that is something that carries across my life in my career so outside of that an author, a lot of my work focuses on gender and race and size and taking through the lens of pop culture about how we can address those issues and solve them and really think about dismantling those sorts of institutions. So that's a part of my work. And then outside of that, I speak about a lot of those issues and I do it to children. I do it with adults and really trying to get everyone on the board on board with the idea that we can imagine a new world. It doesn't have to look the way that it looks now. The first thing that you said that really sparked curiosity to me is, did you call it solutions journalism? Is that how you set it? I did, yeah. What does that look like? Is that finding experts in the field is that doing your own research? Just fascinated by how that manifests in your life. It's really being connected to and doing community building with people who are on the ground addressing these issues. So whether it's thought leaders or activists or organizers, people who are really ingrained in movements. So I think a lot about one of my favorite people in the world Renee bracey Sherman who is on the ground related to reproductive justice. So when we wanted to do a story about the ways in which activists in Latin America have become a lighthouse for activists in the United States who are focused on reproductive justice, I reached out to Renee like we need someone in Argentina and she said, I know the perfect person. So it's really having and building relationships with people who are not just focused on the problem, but focused on how do we create a better world around this issue, how do we use community to do that and how can the work that I do amplify that message? So it's not just about the bleakness of it, but the hope of it, the optimism of it, like what comes after. Well, and I think when you're getting into an awareness of a new, I hate to say the word problem, but that's what they are. Problems that are facing us in this world in our country, how do you even understand which grassroots organizations are the ones that are truly affecting change? Because I think, you know, when we become aware of something that's going on in the world, like I think of when roe V wade was overturned, and all of the sudden, it was like, I hate to sound like an idiot. I couldn't even believe that that could happen. And you know, and as it was getting closer and closer, it was like, holy shit. No way. No way, and then it happened, and it was like, oh, what do we even do? And so just starting to arm myself with information about which organizations in my local community and the nation that I could support with my platform with my money with my whatever, how have you found that it's best to identify the ones that are truly doing that have the efficacy that we should be supporting because I also think that sometimes it becomes so popular that everyone's doing it, you kind of don't know who you're supposed to look at for guidance. I always say to look toward a person who you trust and ask them about an organization. So no matter what organization it is, if there's someone in your community or even a distant friend who's involved in some sort of movement, ask them, ask them, and I also think social media has been a really great way to figure that out because people will openly criticize organizations that are not on the ground doing the work that they claim to do. So sometimes it's as simple as searching for organizations names say on Twitter or on Facebook or on Instagram and seeing what the criticism is of that organization. And then you can always make a choice of whether or not to support it, but at least you have all of the knowledge about the organization before you decide to throw your support around it or platform it or give money to it. And how did you how did you find your way into this specific type of coverage and journalism? Like, what was it in your past that kind of led you to this place? Oh, that's an awesome question. I am a trained journalist, like a straight up trained journalist, and the way in which we are trained is that we are never the story and that we're supposed to have this objective lens of an issue without any bias or any perspective. And I came to realize that was untrue and graduate school. When I really started understanding that, regardless of whether or not people are open about their biases, everyone has them, and a lot of it is subconscious. So everyone has a worldview, everyone has a perspective. And that really came to the forefront for me when I started supplementing my journalism education with humanity's education. So in history courses and in black feminist theory courses and sociology courses and communication studies, it really helped me develop knowledge outside of just the skill of journalism. And I wanted to figure out how to merge those two things.
A highlight from MBA2191 Can You Start a Business With Zero Capital?
"Most people will have the ability to make or have some money like a $100, $500. And believe it or not, in today's online digital world, that's a lot of money to start a business. You can actually do a lot with $500. But today, I'm taking up the challenges showing you how you can start a business with $0. And before we get into the strategies and the tips, let me just share with you an example of me actually doing this. I wanted to challenge myself and see if I can start a business with absolutely no money. And I did it back in 2012. The first thing you have to decide is what are you going to offer? What's going to be your product service to your customers? If you're going to sell a product like a physical product, or a software, you often have to put up upfront cash to create this product. Firstly, that you can sell it or to buy other products like if you're reselling t-shirts or sneakers, it's going to cost you money to get started. So that's not going to work. We're
A highlight from 346: ASK RACH How to Escape Toxic Energy & Follow Your Dreams | How to Monetize Your Own Podcast
"Their community something like armchair experts that the armchairs call her daddy, their daddies, heard something I was listening to Mark Mayer and the other day. He has all kinds of crazy names for his, what's our community called? I don't know, I mean, I am very, I feel like there should be a thing. I feel like you guys should submit to the hotline what we should be called and then we'll vote and we'll choose something and then henceforth it'll be like, hey T. Rex, that that actually makes no sense. Nobody wants to be called that. We could be the podcast community that go by dinosaur names. I'm just saying, you guys, welcome to another episode of ask rage. The weekly show where I answer y'all's questions, you call into a hotline, you leave me a voicemail, like an old school answering machine, and then I answer some of the questions and today's are really good. Two questions that have nothing to do with each other, but I feel like are fantastic.
A highlight from MBA2190 Q&A Wednesday: How do I get more clients into my barbershop?
"The old welcome to the $100 MBA show where you and your business get better every single day with our daily ten minute business lessons for the real world. I'm your host your coach your teacher, Omar's at home, almost the cofounder of webinar ninja, an independent software company I started with my cofounder back in 2014. And today's episode is Q&A Wednesday on Q&A Wednesday as we answer a question from one of you, one of our listeners. If you've got a question you want to ask, just go ahead and email me over at Omar. At one zero zero NBA .NET. Today's question is from Hakeem and Hakeem asks hey Omar I run a barbershop in my neighborhood. I find your lessons really useful, but I got a question. I've been running my barbershop for over four years and would love to learn how to get more clients in my barbershop. My barbershop is doing okay, it's profitable, but I want to do everything I can to maximize my results. Appreciate any advice thanks, Hakeem. Great question Hakeem, because many of our listeners have physical businesses. Brick and mortar businesses like barbershops like yoga studios or restaurants. We still need these businesses in our society in our daily life. They are the backbone of the economy, and business owners like Hakeem, wanna grow just like everybody else. So in today's lesson, I'm gonna give a some advice that will apply to his business, but also any business whether it's a brick and mortar business, online business service, a consultancy business that is stuck and can't break through to the next level. So let's get into it. Let's get down to business. Let's be honest, business is notoriously
A highlight from 345: Elise Hallerman
"I always say no one wakes up and says I want to be a drug addict or an alcoholic. No one, we start drinking or using drugs as to fit in or to be social or to anesthetize some sort of pain or discomfort or anything at all. And then it becomes a little bit of a habit. And then we just start and continue and it creeps in so, so slowly. And a lot of times people will say to me, how do I know if I'm an addict or how do I know if I'm an alcoholic? And I always say, especially to younger people, the question you should be asking me is how do you get alcoholism? How do you get drug addiction? In the same way that you would be asking, oh, how do I prevent heart disease or diabetes or cancer? How can I start living healthier? Hi, I'm Rachel Hollis, and this is my podcast. I spend so many hours of every single week reading and listening to podcasts and watching YouTube videos and trying to find out as much as I can about the world around me. And that's what we do on this show. We talk about everything. Life and how to be an entrepreneur. What happened to dinosaurs? What's the best recipe for fried chicken? What's the best plan for intermittent fasting? What's going on with our inner child? How's therapy working out for you? Whatever it is, my guests are into, I want to unpack it so that we can all understand. These are conversations. This is information for the curious. This is the Rachel Hollis podcast.
A highlight from Using Data to Untangle the Sticky Problems of Manufacturing Procurement - with David Schultz of Westfall
"Inventory management has come up in manufacturing, so many other use cases, procurement specifically, not exactly the hottest topic we've covered, but it's definitely an area where there's a lot of room for improvement. There's a lot of clunky guessing games and procurement and they are extremely costly if we get them wrong, whether we're ordering too much or too little of something or overpaying or taking too long to get something, all of these have downstream consequences in the manufacturing domain. Our guest this week is an expert in this space. David Schultz is the VP and chief supply chain executive at westfall, westfall is a manufacturing firm based in Las Vegas, Nevada. David studied chemical engineering before getting his MBA at Bentley. Westfall is a contract manufacturer. They do a lot of different things, but they work a lot in plastics and resins. David himself has studied chemical engineering before getting his MBA at Bentley university and then serving a number of leadership roles in the supply chain. Today, we break up this interview into two sections. The first of which is articulating what the specific challenges are in procurement in manufacturing. Why is this as consequential as it is? And what kind of rules of thumb guessing games do we have to play today and manufacturing to make business decisions? We have to guess how much our customers are going to do business with us. We have to guess which of them are being overly optimistic about the orders that they say they're going to do this year, which of them we think are being a little bit more truthful or have a better understanding of reality. We have to factor all of that in to how much we're going to spend for parts and materials for our manufacturing operations. The second part of the interview, we focus on where data and artificial intelligence fit into the mix, westfall is a client of orchestral, orchestral is the sponsor of this series. So we previously had an episode with Edmund Zachary, who's the CEO of orchestral. his perspective on the kind of data that is becoming increasingly important in manufacturing when it comes to decision making, and also where AI is fitting into the mix to be able to help make smarter, faster decisions. There's a little bit of talk at the end about the future. You can stick around to the end of the episode for that. Again, this episode is brought to you by our kestrel. Without further ado, let's fly right in. This is David Schultz with westfall. Here on the AI and business podcast. So David, welcome to the program. Yes, thank you very much, Dan. Thanks for having me. Glad to have you here. We're diving in on manufacturing and David over the years we've covered so many use cases in manufacturing from inventory prediction to predictive maintenance, et cetera haven't focused that much on procurement, but that's the topic of our interview today. Before we get into where AI and data come to life, I want to get an insider's look at some of these big challenges of manufacturing procurement, ordering parts, dealing with inventory, et cetera, and kind of tee up for the folks at home. What makes this such a hard problem? Could you help us out with that? Sure, yeah, be happy to do so. You know, the whole supply chain environment has really risen to a different level. Obviously, through the pandemic, people hear the word supply chain and they understand maybe what it means now or at least they're exposed to that. It starts and ends really really, the customer, right? So really what it comes down to is, you know, what kind of forecast, what kind of demand predictability can you get on that end? And then really cascading that all the way back through the operation that goes all the way back through to your suppliers so that you can take that demand and satisfy that with the parts and the operation that you bring in. Historically, that's talked about as S and OP in the industry, sales and operations planning. So it truly does encompass all the way from your customer, your commercial side of the business, all the way through to the manufacturing side. Got it. And I can imagine this has been a clunky and complicated process for as long as it's been around because if I know anything about customers, you can't necessarily predict everything they're going to do, everything they're going to want all the time. There's likely some best practices that you folks have to operate with today or that the industry has to operate with today about looking at historical kind of forecasting kind of quarter over quarter a month over month, looking at maybe the activity of different customers and estimating, okay, based on what they ordered last year, what do we think they're going to order this year? What are some of the factors that go into these, you know, guesstimates hate to say it? What are the factors that go into these guesstimates today that allow manufacturing to operate? Well, I think Dan, you said that perfectly. They are guesstimates. And the day that you issue a forecast, it's wrong. But I think what you have to make sure that you do, as you mentioned, is, is it 90 plus 95% of the way there that's going to get you to your end goal. And basically what you're looking at is historical, as you mentioned. But I think what's made it difficult, you know, in the last 18 months or so, is people talk about in many ways, you know, what are we going to get back to normal? There is no back to normal ever in my opinion. It's the next normal. And I think what you have to realize is when you look at historicals, there's a lot of noise in the data over the last 18 months, let's say. And what I mean by noise is, for instance, we're in the contract manufacturing business, which means that we
A highlight from MBA2189 How To Sell More with a Strong Reason to Buy
"And I get on chat, they don't tell me what to do. They just do it for me. Exactly what I want. If you're hosting a website, especially a WordPress website, check out WP engine, and as a listener of the show, you can get 20% off. Just go to WP ENG dot IN slash MBA and use code WP E two zero off. WP engine, the best way to host your website. A man walks into a karate studio. He's interested in possibly taking karate lessons. He's trying to get in shape. He loves karate movies, but he's not totally sold. Until of course, the owner of the karate studio walks up to him and gives him a strong reason to buy. He says to the potential customer, karate is a great discipline. It's a great tradition. You're going to love the physical exercise is going to put you in shape. The camaraderie from all the different students from all walks of life coming together to learn this martial art. And of course, you're going to build discipline, character, and be part of an ancient tradition. All of that is great, but honestly, sir, there's no feeling like walking down any street in any city with no fear, feeling confident, you can defend yourself and your family at any time. The man says, where do I sign? How do I get started? How do I buy a uniform? This is an example of a strong reason to buy. It's a compelling reason. Let's break down why it's a compelling reason. Why it's so strong? And why it's so easy to close sales with it? Well, the owner of the card is you to talk about all these great benefits. And he says they're gray and all, but there's nothing like being able to defend yourself at any time anywhere. All the stuff you talked about before getting in shape, the camaraderie, the discipline. These are things you can probably pick up and are benefits of other places that sell some sort of form of exercise, the gym joining a squash club. The business owner understands that he has competition. These are the competitors, not other karate studios per se, but other options this customer has to the way they approach their physical fitness. But the thing that they can compete with, the thing that makes this compelling is the fact they're going to be learning something that can help defend themselves and feel safe. Feel empowered, feel like they can protect their family. How do you put a price on that? The picture that he painted in the customer's head is so vivid. It's so strong, it makes the customer want what he has. We all need to tap into that for our customers. Yes, we got benefits and features up the wazoo. We have tons of them on our sales pages on our marketing pages on our pricing pages. But what's the compelling reason? What's the reason the so strong they can't ignore and have to buy? This is your job because this is your message to every customer. So cultivating a strong reason to buy is important. Sometimes you're going to need to do it in story reform. Sometimes your business won't have a compelling reason, and you're going to have to create one. Let me give you another example of a strong reason to buy. I saw this from a creator who creates online courses to teach people how to get better at poker. He could do what everybody else does and say, learn how to master poker in 90 days, or get the tips and tricks that the master car sharks in Vegas know. These are kind of nice, but they're kind of lukewarm. They're not really in context of the actual customer's life or experience. Instead, what they did is offer a strong reason to buy. Here it is. Take my course and learn how to win more money and dominate poker night with your Friends. Bragging rights, unlimited. Wow, strong reason to buy. One, win more money. Who doesn't want that? Dominate poker night with your Friends. Most people who play poker aren't doing this professionally at Vegas. They're playing poker with their friends once a week, twice a week once a month. Poker night. With our friends. And as soon as you put them in the context of that, they vision themselves at a poker night with their friends dominating the table. Wow. What all the feelings are feeling in this moment. They're feeling confident. They're feeling strong, happy. They feel significant. They feel like, hey, maybe some of my friends are jealous of how good I am. And then the bragging rights unlimited, wow. Sometimes bragging rights amongst friends is pretty much priceless. So the person that's running this course really understood the customer, put themselves in their shoes and gave them the strong reason to buy, given the context of the customer. Here's a few tips when it comes to cultivating your own strong reason to buy. You're trying to evoke emotion. Whatever you say, whatever you put in your copy, should invoke an emotional reaction. Notice what the Quran example, right? Being able to protect yourself on any street around the world, protect your family. This is evoking emotion. This is not trying to sell them on a logical ROI basis. With the poker, you're making them feel empowered, superior, strong. These are emotions. So take your product, take your service and get deep in the emotions of what you want your customers to feel. But more importantly, what do they want to feel? So for example, at webinar ninja, it took us a while to get to the point where we understood what our strong reason to bias. Where a webinar software. So it's like, hey, we cater to creators and coaches that use our software to do several things. We realized that the thing that our users use our software the most and value the most is to sell their coaching and courses. So they use webinars to be able to run a workshop to be able to get their products and services in front of their audience and sell it. I can easily say something like easily sell your coaching and courses with webinar ninja. But that's kind of lukewarm. It doesn't really evoke emotions. It's not a strong reason to buy a stronger reason to buy is get more students and clients for your coaching on demand with webinar ninja. Most coaches most creators, they have a loan sales. They don't know how to summon a sale and get new customers regularly. This is a pain point that we know because we work with them for so many years. So being able to make a sale on demand, be able to run a webinar and get sales whenever you like, this is strong because they're like, hey, I need more customers. What do I need to do? Run ads? No, just run a webinar. Invite your email list, converts higher than anything else. Knowing this is a strong reason that has worked on my customer base, we use different versions of this when we do our sales webinars one, we sell our product. So for example, when we sell our annual plans that start at $290, we share the statistic that most customers that use webinar needed to sell their courses and coaching make at least their annual fee on their first webinar. That means the software pays for itself in just one webinar and you have it for the full year. And the truth of the matter is, is that most customers make well over that much. We saw that work, so we made it even stronger by saying, hey, run your first webinar on us because we have a 14 day trial and make the money first, meaning make the sales that would be equivalent to the annual fee or more on us, you're not paying anything this is 14 days for free, make that money, make the sales, and then you know it's for free, or it's paid for with the sales you made. So once you find your compelling reason to buy, you need to kind of show in different ways. Give different versions and build upon it, because we didn't just come up with all these ways at once. We experimented, we tried different wording. We tried different sales webinars, different scripts, different slides, different offers. This is over and we do for webinar ninja is about the 89th version, right? We've done so many iterations. And it won't be the last iteration, because we will continue to try to improve. But it's all behind a strong reason to buy. Now, remember, I said, it's emotional. So I know my customers are small business owners. They want their money to stretch. They want things to last. They want to feel like they're making a smart decision. This is a no brainer decision. So I make it a no brainer. I show them how it's a no brainer. I press on that button as much as I can because I know it will equal a sale. For your business it might be different. Your customer might want to feel significant or look fashionable or get noticed or whatever it might be, make sure you show them how your product or service allows them to get that emotion. I got more on today's topic, but before that, let me share with you some of our favorite tools. We all know the power of an email list and growing our email list, but managing it automating our emails, making sure they actually get into the inbox, that's where ConvertKit comes in. ConvertKit is an all in one email marketing platform. I've used a lot of different email marketing platforms. And we use ConvertKit for a reason. It just works. It does what you need to do. It's simple. It's easy. And it keeps improving every single day. Plus, you can start for free. Go ahead to one zero zero NBA .NET slash ConvertKit to get started. Support for today's show comes from a webinar ninja. Know what really sells your product or service, it's not marketing or ads. It's you, your blog, your social feeds, your podcast. These are all ways we try to share ourselves our value and build trust with our audience. But what if you can go even further? What if you can connect with potential clients or customers in a way that's even more personal, more engaging, more effective? Well, that's where webinars and webinar ninja comes in. Hosting a live lesson, product showcase, or Q&A session, is the best way to share yourself and prove yourself to an audience. But wait, you're thinking, aren't webinars a giant pain in the ass? Yes, yes they are, but not with webinar ninja. Women are ninja has one job to make webinars easy for you. It's the user friendly a software ever created for webinars. So you can focus on your audience, not the tech. And here's the best part. You can get started with webinar ninja for free. Every plan comes with a free 14 day trial. And because you're a listener of this podcast, we got a real special deal for you. Go to webinar ninja dot com and at checkout, use promo code MBA. And you'll get 15% off your first month or your first year. Again, that's webinar ninja dot com use promo code MBA for 15% off your first month or your first year. Can't wait to see you inside the software and our community. You actually only need one strong reason to buy. If you have a target audience and you know exactly who you are serving, which is a huge thing you need to get done in your business because it makes your life a whole lot easier. Then this is easy. You only need one strong reason that actually applies to these people. We talked about making a compelling we talked about making it emotional. We were talking about telling a story and painting the picture and showing them how they will experience this emotion. I want to leave you with another unique example. And that comes from Patagonia. The clothing brand. Patagonia knows it's target audience loves quality products. They love something that lasts a lifetime. That's their value metric. Their customers are not huge on latest fashion, right? It's not Gucci here. It's Patagonia. Patagonia understands its customer understands what is their volumetric and its quality. When they advertise their winter jacket, I love this advertisement. It's very simple. It just says Patagonia's latest winter jacket has a name to it I forgot. And all it says is this is the last winter jacket you'll ever need to buy. First of all, it got me curious. What last jacket I'll ever need to buy? Number one, I love quality products that last a lifetime. So that immediately gets my attention. Number two, they understand Patagonia, customers like myself are not big shoppers. They want to go out and adventure and camp. Snowboard and have a great time in the outdoors. They're not really interested in being in malls and shopping all the time. So the concept of me not having to go buy another winter jacket ever again is sounds so compelling to me. What is this about? And when you read the ad, it says, hey, Patagonia, and all its products is backed by a lifetime warranty, meaning if your jacket doesn't work, the zipper is broken, something happens. You can go to any Patagonia store, and they will fix it for free. If they can't fix it, they'll place it. So it's literally the last jacket I'll ever have to buy. First of all, the reason why as a typical cut Patagonia customer, this is compelling in such a strong reason to buy is that I don't have to waste my time ever again buying a winter jacket. I don't have to worry if it breaks down what to do. I could just go to a store, they're going to give me a new one, or they're going to fix it. Number three, this sensible side of me says, even if this jacket is three, four, 5, ten times as much as I think I would normally pay for a winter jacket. It's still going to be worth it because I'll never have to buy another jacket. So you could see why this is such a strong reason to buy. It's hitting all the different emotions of their typical customer. Patagonia could have easily said, we create quality jackets. They're amazing. Look at the technology, our zippers are everlasting our buttons are amazing. Look at all the pockets it has. They're not talking about that. They're talking about the compelling reason to buy that really resonates with their audience. Thanks so much for listening to the $100 R&B show. I hope today's episode was helpful. I know when I learned this concept, it totally blew my mind wide open and changed the way I sold my products and services forever. I hope by me passing on this knowledge this information that I learned from Jim rohn that you too could pass it on to somebody else as well and keep that tradition alive. If you found this episode helpful and you want to show us some love, subscribe and follow the show. This is a great way to send a signal to your favorite podcast app that hey this podcast is pretty good. If you want to do something a little bit extra, go ahead and share on social right now that you listen to the $100 show and send them to one zero zero NBA dot net so they can subscribe themselves. Before I go, I want to leave you with this. The more I'm in business, the more I realize if you're trying to convince your customers you're doing it wrong. What you're trying to do is give them a paradigm shift. Blow their mind wide open with a different perspective. Making it easy for them to make a decision. Thanks so much for listening and I'll check you in tomorrow's episode. Q&A Wednesday, I'll see you then. Take care.
A highlight from Ep283: Bootstrapping Your Business And Podcast - Sarah St John
"I don't recommend going the normal route of that, where it's like the CPM model. Unless you're getting tens of thousands of downloads, the way I did it was I actually just reached out to companies directly that I thought made sense for my audience. Most hosts never achieved the results they hoped for. They're falling short on listenership and monetization, meaning their message isn't being heard, and their show ends up costing the money. This podcast was created to help you grow your listenership and make money while you're at it. Get ready to take notes. Here's your host, Adam Adams. What's up podcaster? It's your host anime Adams and I'm stoked because we've got somebody on the podcast who's got well over a hundred episodes. I think when I looked, it was like 167 episodes. So she's been really pushing hard and I know that you're probably listening and thinking, man, I want to get some more episodes out. I only have two. I only have 40. And she's got over a hundred. So we're going to learn a couple of things from her. We're going to talk a little bit about how she monetizes her podcast. And we're going to talk about some marketing. How does she grow her podcast as well? She has a company that supports podcasters that started in around 2022. And we will also find out a little bit about some of the things that she's learned along the way. Basically because she serves a lot of people like you. And so let's get started with Sarah St. John from the frugal printer. Is that what it's called? The frugal printer. Yep, frugal. And then I have a tagline building a business on a bootstrap budget. Well, let's talk about, man, there's so many places that we can go. I want to start with, let's just talk about your company. The newest company, because I know you did drop shipping and things like that before launching this that you're doing this year, helping podcasters. And let's just talk about like, how did you bootstrap it? And then we'll get more into podcasting, but I think our listener today is probably thinking, not every one of them, a lot of the listeners might be multi millionaires, who knows, but some of them need to bootstrap. So let's talk about what did you do? What do you suggest? What have you learned on your podcast? Let's just say the top three takeaways, perhaps about bootstrapping a business before we jump into podcasting. Oh, sure. So one thing is when someone's starting a business, they think that they need to go all in and spend the most money. Say, for example, they're starting a podcast. Let's just use that as an example. They'll think that they need to spend 5 grand, ten grand on the best podcast equipment that you would see in maybe a radio station. But I recommend just starting, I started mine with a hundred bucks, which was the microphone I use as an ATR 2100. There's a Samsung Q two U, these mics are like 60 bucks. USB mics. And then, you know, just having I recommend headphones, which most people have. And a computer, most people have, so really you can get started very affordably, you don't need anyway, so basically start with what you need, not what you want, I guess, maybe that's a good way to say it. Start with the basics. And then also, avoiding shiny object syndrome, I know I struggled with that and still do. I was going to call you out on that too. Yeah, oh. We should talk more about that. So what is the shiny object? What's this shiny object syndrome? And how do most entrepreneurs fall prey to it? Yeah, so that's just getting distracted with any new business idea, for example, any new type of software you could use. Some people get shiny object syndrome with equipment, new mics. For me, I tried anything and everything with business. I tried, you know, you had mentioned drop shipping. Also, affiliate marketing, blogging, a whole bunch of different things, I actually had a photography business as well. Travel agency. So I tried a bunch of different things. And it wasn't until I came across podcasting that I've basically found my niche, I guess you could say. And stuck with it for the past like three years. But I just kept anything I would hear about. Like, oh, what's the drop shipping thing? I should try that. What's this other thing I should try that? But even once you're in the niche that you're in, for me, podcasting, sometimes I'll think, oh, I could start a podcast on this. I can start one on this, or I could do this that and the other thing. But then that's just diluting my time and attention to a million different things. What I need to just focus on my one podcast and my one business, that kind of thing. Have you ever read that book?
A highlight from aqw: WHAT I LEARNED FROM OPRAH
"Hey guys, it's Rachel, and this is a quick word on what I learned from Oprah. Story time. I have loved, loved, is the only word I can use. Loved and admired and idolized Oprah Winfrey since I was a little girl. I am what you call an Oprah baby, meaning I grew up I was a latchkey kid and every day I came home from school and I sat down on the carpet in front of the TV and I watched The Oprah Winfrey Show every single day. I'm sad for the next generation who don't understand how incredible or important she is to people in our generation, but that's neither here nor there. I love this woman. One of my life goals was to speak on Oprah Winfrey stage. You've made me heard me talk about this. I wrote it down in my start today journal. Every day, every day, every day. I speak on Oprah Winfrey stage, I speak on Oprah Winfrey stage. And I honestly didn't know how this would manifest for me. I just knew that every once in a while she would do these tours for like super soul Sunday or super soul Sessions or maybe I would do something with own. I didn't know what it was. I just was laser focused on the idea that someday I would have the opportunity to do this thing. And at the beginning of 2020, which feels absolutely insane that this happened in 2020, I had the opportunity to open for Oprah on her, oh golly, I can't even think of the name of the tour. Is she did this like ten city tour where she went to all these big venues. It was like 15,000 people in the audience and she would have celebrities that she would interview and she'd have speakers come on. And they had reached out to me her team and said, we'd love to have you speak and I stopped crapping my pants long enough to just be like, oh my gosh, yes, absolutely. This would be amazing. And I was so excited. They were like, you know, we'll pay you to come and do this. And I said, I don't even need money. I just want to bring my girlfriends because it was Oprah Winfrey and it was Michelle Obama so lucky I got to be there when Michelle Obama was her interview and we I just wanted to bring my best friends and it was so funny because when we were there, we're all just like having the best time and freaking out and people kept saying like, oh, is this your publicist? Is this because people have an entourage? They bring all these people. I'm like, no, these are just my Friends. And people were so confused backstage. You just brought your friend. I'm like, yeah, 'cause Oprah's here and Michelle Obama's here and this is amazing. We had the best time, made me heard me tell the story before where I sort of knew that my typical style of speaking maybe didn't exactly align with what miss Winfrey was putting on that day. She's a lot more like spiritual and there were like sound bowls and your girls over here jumping up and down to macklemore and telling gross stories and I was meditating that morning on do I kind of downplay what I would normally do or do I just show up on stage as myself. And I decided to show up on stage as myself and I opened my keynote telling a story about losing a tampon inside of my body, which is, it sounds very gross right now, but I promise you it is a hilarious story and every audience is dying when they hear it. And as soon as I start telling the story, I'm like a few minutes in and Oprah, I did not tell you this, but Oprah was sitting in the audience. And so I had known that in advance, like, oh, she's going to be down there, which was terrifying to me because I thought, oh, my lord, if I have to do this, but she's watching, I'm probably just going to implode. But I somehow kept it together. I start my keynote. I'm telling my story and I'm speaking for about 8 minutes, the audience is laughing. I'm having a great time. And I see her stand up and leave her seat. And when Oprah stands up, I mean, there's like 57, there's like a S.W.A.T. team and the Secret Service. There's just everybody, her security team takes her off and I'm like, on stage, and it's a really weird thing, but when I am speaking, I can also process what's happening in the room. One of my Friends is a musician and he was saying the same thing. Like he can literally be performing his hit song. And in the back of his mind, he's also thinking about something as a weird compartmentalizing thing. In any event, I see her stand up and in the back of my mind, I'm like, oh my God, she hates my speech. She literally hates my speech. So the remaining time of my keynote, I am giving my keynote while in the back of my mind freaking out because my hero hates what I'm saying and is totally pissed off. And I'm like, oh my God, I've offended her. She's invited me here and I've messed this up and I've done a bad job. And the voice in the back of my head is like, no, it's fine. You're being dramatic. This is great. And when my speech is done, she comes on stage. And she says, the first words out of her mouth, she goes, girl. I'm glad you figured out where that was going, 'cause I was trying to understand what on earth you were talking about. So in front of 15,000 people, she's come up on stage and made me very aware that what I was reading when she stood up from her seat was accurate. That she was not happy that I was telling a story about a tampon, right? And I, on that stage, I die, y'all, I die 1 million thousand deaths. And because I'm like, oh my God, this is my hero, and I'm this is the worst. It was horrible. So she's interviewing me. She's asking me questions, and I'm just like, I'm trying to keep my shit together. And the last question was, she's like, wow, you know, your book, it sold millions of copies, you've been on The New York Times Best Seller list for over a year, like I just keep seeing your name on there and you've had all this success. What do you think it is about you and your work that
A highlight from MBA2188 Must Read: On Writing by Stephen King
"Can help you become a better entrepreneur, a 100% guaranteed. With my all new $100 MBA live program. Join me for two days live online and transform yourself as an entrepreneur and your business in the process. You'll learn how to build a business that you're proud of and make a very healthy living. You'll learn how to make faster, more confident decisions, how to shape a clear vision and system to journey more leads in sales than ever before, how to have more time for yourself, how to hire a players on your team and how to scale your business so the business is working for you and not the other way around. If you want to make a transformational change as an entrepreneur, in just two days of training, join me live for the hundred army program, go to one zero zero MBA dot net slash live to enroll in our next cohort. Enrollment is now open to act quickly because we're going to be starting very soon. And remember, it's a 100% guaranteed. So if after the first day of training, you don't feel like you got enough value, the value I promised, just let me know and I will give you a full refund. Head on over to one zero zero NBA dot net slash live and sign up for our next live two day course. We also love WP engine. We host all our websites on WP engine, and it's for good reason. It's the best. It's super fast, it's secure, and their support team is out of this world. It's like having your own technicians on call 24/7. Most of the time, when I need something done, and I get on chat, they don't tell me what to do. They just do it for me. Exactly what I want. If you're hosting a website, especially a WordPress website, check out WP engine, and as a listener of the show, you can get 20% off. Just go to WP ENG dot IN slash MBA and use code WP E two zero off. WP engine, the best way to host your website. On writing my Stephen King is a must read. And there's no way around it. Even though this book is a non fiction book on writing and becoming a better writer, there's so many great stories he shares in this book, the subtitle of the book is a memoir to writing. And there's so many great stories that help illustrate the points he's making in the book. Speaking of stories, one of the things that Stephen King talks about early in the book is the fact that everybody can be a good writer and storyteller. They have the requisite talent. But most people don't kind of cultivate that town. They don't work on it. They don't strengthen that talent. And therefore when they try to write, it's difficult, or it's just rubbish. He says that if you want to get great at writing, if you want to feel like you know how to produce great work, it's going to take work. And he says, the best writers do this, the best writers work the hardest. It doesn't come easy, even to somebody like Stephen King, but he adds to this point that anybody can work on their skills as a writer, but ideas that's out of our hands. I think this is such an interesting perspective. He believes that ideas are not in our control. Ideas come to us and they come to all of us, many of us ignore these ideas or don't capture them or don't pay attention to them when they come to you. You're distracted, you're too busy. You're not open. And therefore you think you have no ideas. The best writers are always on the lookout for ideas, meaning they're on high alert. They know ideas will come at some point. And the best writers have a little notepad, they jot down these ideas, even if they're falling asleep in bed or when they just wake up in the morning an idea pops in their head. I don't know where these ideas come from. He's just saying it like it is. But they do come. And you just got to be ready for them. And get his examples about ideas that just came to him out of the blue. He got the idea he jotted it down. He got to work. He implemented on that idea and it was a bestseller. So as we dive into this must read episode, I want to share with you 5 of my favorite insights. There are so many more, but these are my 5 favorites and it was hard for me to choose these 5, but I want to focus on these 5, we're going to talk about them. We're going to unpack them and how these insights can help you as a business owner. The first insight is he talks about your work ethic as a writer. Now, this book is about writing, but you can apply this pretty much anything, including entrepreneurship, creating your sales system, creating your marketing system, hiring team members, all kinds of stuff. Here's that first insight and it's stopping work when things are difficult. Stopping work when it's hard, either emotionally, or what he calls imaginatively. In your mind, the creativity of it all. If you stop because it's hard because it's not coming easy, he says this is a bad idea. It's a horrible idea. Don't stop. He says, go towards the pain. Go towards what's hard is behind that is some amazing stuff, he says. And I can definitely agree with this, especially when it comes to writing when you're sharing some of this kind of difficult vulnerable, even painful. You're hesitant. You're not even comfortable sharing it with yourself, meaning like putting it out of yourself and putting it on paper or on the screen. But once you actually do it and work on it, you start to realize this is actually probably something that I'll consider with some of my best work. And I feel this way about anything in business. When I'm creating a sales video, for example, that's a little bit different than the typical sales video that I've done before. I'm taking a risk, I'm putting myself out there, or I have a different perspective on an idea or a technique, and I teach it in a workshop. Doing the uncomfortable thing sometimes is just what you need to do to get better. So I love this concept of going towards the pain and understanding behind that pain is something great. The next concept concept number two that I wanted to share is that writing, he says, is lonely. Having someone that believes in you makes all the difference. I can not tell you how true this is. Entrepreneurship is very lonely. Running a business is hard and taxing. And many of us we just feel like, man, does anybody get us? We're a bunch of misfits, right? But I can tell you firsthand having my wife Nicole, who's a part of the business, but also just my number one supporter. I have somebody to lean on. I have somebody to talk to. I have somebody who doesn't think I'm crazy. Sometimes just gives me encouraging words and says, hey, you'll get through this. You always do. This is sometimes the difference between people that are successful and not successful. People that have somebody to push them and support them and to really just love them, be there for them when they're vulnerable. So they can make it through tough times and challenges in their business in their life. Now, Stephen King is talking about a life of a writer, writing books is a lonely process and having somebody that just supports you helps a ton. So I highly recommend whether you're married, you're single, you're somewhere in between, is to have a good network of people. I say have 5 strong friends that you can count on. Hopefully one of those people you live with. Your partner in life, maybe a close friend. Maybe even a relative like a mom or a dad or an uncle
A highlight from MBA2187 Are Funnels Better Than Websites? + Free Ride Friday
"We don't just drive traffic to the website. That's a real waste of money. We actually use a small little funnel that we create, which sends them to a landing page that allows them to give us their name and email address in exchange for some value. And we have a dedicated funnel for the ad. That's hyper focused. And in this case, funnels are really powerful because I do want the customer in this situation to go down a prescriptive path because I'm running a specific ad for specific people and I know exactly who I'm targeting, so therefore I know exactly what to provide. Brilliant, right? And funnels are fantastic for those. It allows me to optimize my ads, allows me to get more bang for my buck for my ad spend. Allows me to increase my conversion rates. All that wonderful stuff, right? Now if for any reason somebody wants to check me out, they can go to my website and they could see everything that we offer, but for the purpose of the ad, I want a direct traffic, I want to send them to specific pages and specific calls to action. This also applies to any direct calls to action that are not ads, like, say, for example, you're writing a book and you want to give extra materials like workbooks or cheat sheets or worksheets, right? It makes more sense to set up a small funnel with a very easy to remember URL like X dot com slash worksheet. And they go and they can find a way to download that worksheet, give their name an email address, and then you can nurture that lead through that little mini funnel versus sending them to X dot com slash worksheet. And that's just a page on your website. They can easily be lost, click around, leave the page, get distracted. So when you want someone to take a direct action, I mentioned the example with a URL being mentioned in your book. But this could be also if you're being interviewed on a podcast or you're sharing materials on stage at a conference, you want to send somebody to a very targeted page with no distractions that allows them to go through your little mini funnel. Now the question a lot of people ask us, well, okay, Omar, I get it. This makes sense. Keep my website use funnels, strategically. I like it. Do I need a separate software to run my funnels in a separate software to run my website? Well, it depends on what you're using to run your website. The vast majority of people that run a business have a website that they can customize. It's on WordPress. For example, or they're using a website builder like Squarespace or Wix or weebly. And if this is the case, you could probably customize the pages to create your own funnels. Now, remember, a funnel is just a series of pages and emails and links that tie together. It's not proprietary software here. You don't have to buy a piece of software that creates funnels. You can create your own. Just like you don't have to go to McDonald's to eat a hamburger. You can make your own hamburger home. Once you know what's in a hamburger, a bun, a patty, some lettuce, some tomatoes, some cheese, throw in a couple pickles. I got myself a hamburger. Same thing with a funnel. So you might have just a simple page with no navigation menu with an opt in box so they can give their name an email address. That leads to a thank you page or a confirmation page. They then get an email that then shows them where to get the freemium that you gave them like the ebook and so on and so forth. So one of the best ways to build your own funnels is just to analyze the steps in the pages and the moving parts are involved in a funnel that you enjoy. A funnel that you like. From another company, from another business, and obviously there's different kinds of funnels for different kinds of purposes. And this is what I recommend to my customers is that you can build your own funnels inside of your own website if you know the steps. And if you Google the call to action, let's say for example, you want a funnel for an ebook. Just Google funnel for ebook. What are the steps? You can take a look online. People will outline it for you. And you can just take that outline and construct your own funnel inside your website or have whoever's running your website do it for you. And there you go. No need for two pieces of software. It's all in one place. You get the traffic going to the same place. You can manage everything in one place. And yeah, there's a little bit more work on a few more steps, but it's not like you're creating a funnel every 5 minutes. You're probably have a few key funnels in your business. You set them up. You optimize them, you tweak them. That's pretty much it. Pretty simple. I got more on today's topic, but before that, let me share with you some of our favorite tools. We all know the power of an email list and growing our email list, but managing it automating our emails, making sure they actually get into the inbox, that's where ConvertKit comes in. ConvertKit is an all in one email marketing platform. I've used a lot of different email marketing platforms. And we use ConvertKit for a reason. It just works.
A highlight from Leveling Up Commercial Operations in Pharma - with David Ehrlich of Aktana
"In this episode, we're focusing on the pharma industry and we're focusing on a unique element of pharma that is the commercial side. So we have all the activities we need to do to develop drugs and push them through clinical trials, and then of course we need to actually get them to patients when you go sell them to our customers, and there's a lot of activity there as well, but it's less talked about when it comes to the intersection with artificial intelligence. Our guest this week is David elrond is the CEO of octane, auton is focused on helping sales and marketing leaders go to market with their products, and there's three topics that we cover in this episode. The first is the business challenges of taking a drug to market. What do sales marketing and product folks have to deal with? What are the complexities that they're buried in? Many of these are going to mesh with some of you in other industries. If you're listening in and you're in banking or you're in retail, I'm sure some of these communication challenges and branding challenges are going to be things you'll resonate with as well. But David goes deep on exactly what this looks like in pharma. Secondly, we talk about where data and AI can fit into that mix to add value. Again, this is a unique use case, very different from a lot of the backend drug development topics that we've covered over the years here on the AI and business podcast. So David explains where data and AI fit into drive the sales and marketing metrics up for pharma firms. And lastly, he shares some insights on AI adoption. I asked David directly what it takes for folks on the commercial side of a life sciences business to prepare for and adopt AI in a way that gives them the highest likelihood of success and he shares some of his insights and common pitfalls and things that they've done. Well, so I hope that you find those insights to be transferable to your sector as well. This interview is brought to you by for more information about reaching emerges global audience stay tuned to the outro of this episode, but without further ado, let's fly right in. This is David elric with akana. They're in the AI and business podcast. So David, welcome to the show. Thanks, Dan. It's great to be here. I'm glad to have you with us. We talk a lot about AI in the domain of pharma, but not so much in commercial. And this is sort of where you guys play. Some of our listeners are very much in your industry, some aren't. Maybe we could kind of define commercial and what workflows exist under there. And then head right into the particular workflows that you guys operate in that AI might help with. But if we could start with the definition, I think that would be helpful. Sure. So I mean, the way to think about most of life science companies is there is a research and development side of the company that figures out what kinds of products the market would want that's consistent with the kind of impact that they want to have in the world. They go and attempt to build those products and develop them and release them to market. So the way to think about commercial gaming is every big life science company is going to have two sides to them. The first side is around research, development, manufacturing, it's around figuring out what drugs or what product the market needs that's consistent with the kind of impact they want to have in the world. They go, they build that product. They invent the product, they invent the medicine, they do all the development. They get it approved by the FDA, and then they hand it over to the commercial side of the business. The commercial side of the business is really around how do we market this new brand this new treatment for a certain disease? How do we explain to the world that we have this now? What it does, how it operates, then there's distribution and their sales, and there's fulfillment. So it's everything around that side of the business. Got to include it. Just fulfillment get bundled under commercial in theory here. Okay, okay, got it. I was unaware. So I know the sales and marketing side, but wasn't quite certain fulfillment sort of had its own bucket. Yeah, you can basically think of it as building and getting a product approved and everything else.
A highlight from MBA2186 How to Market During a Recession
"Into it. Let's get down to business. Let's be honest, business is notoriously difficult. But I can help you become a better entrepreneur, a 100% guaranteed. With my all new $100 MBA live program. Join me for two days live online and transform yourself as an entrepreneur and your business in the process. You'll learn how to build a business that you're proud of and make a very healthy living. You learn how to make faster, more confident decisions, how to shape a clear vision and system to journey more leads in sales than ever before, how to have more time for yourself, how to hire a players on your team and how to scale your business so the business is working for you and not the other way around. If you want to make a transformational change as an entrepreneur, in just two days of training, join me live for the hundred RBA program, go to one zero zero NBA dot net slash live to enroll in our next cohort. Enrollment is now open to act quickly because we're going to be starting very soon. And remember, it's a 100% guaranteed. So if after the first day of training, you don't feel like you got enough value, the value I promised, just let me know and I will give you a full refund. Head on over to one zero zero NBA dot net slash live and sign up for our next live two day course. We also love WP engine. We host all our websites on WP engine and it's for good reason. It's the best. It's super fast. It's secure and their support team is out of this world. It's like having your own technicians on call 24/7. Most of the time, when I need something done and I get on chat, they don't tell me what to do. They just do it for me. Exactly what I want. If you're hosting a website, especially a WordPress website, check out WP engine, and as a listener of the show, you can get 20% off. Just go to WP ENG dot IN slash MBA and use code WP two zero off. WP engine, the best way to host your website. Many businesses slow down or even stop all their marketing during a recession. They just say, hey, I don't want to spend money right now on a tiny budgets and marketing needs to go. I'm here to tell you that that is a mistake. The recessions are some of the best times to market. And it's the businesses that utilize recessions that come out of a recession, the market leader in their niche. Cheaper to market during recession. There's less competition. There's less noise. You can lock long-term deals when it comes to advertising and marketing that can serve you even after a recession. But even with all that, you need to make sure you're doing your marketing right. Your messaging is right to your customers during this period of time. Generally, when you're marketing to customers, whether you have a B2B or B2C during a booming economy, marketing to advantages and benefits, and even ROI and growth, if you're a B2B, are usually the avenues that people take when it comes to their marketing, their ads, their messaging, their copy. During a recession, it's all about value. People want a good value. Does this mean you need to change your product? No, it just means you need to show how your product is more valuable, how it's actually a smart idea to buy now. Remember, during a recession, people want to be wise about their money. They want to make smart decisions. They want to feel like they're doing the right thing. They're more conscious of how they're spending. So you need to fulfill that need. Make them feel like, hey, this is a good deal. And you're getting a lot more than you're paying for. So how do you do that? Well, it's all about showing the value. It's all about showing what your product or service actually does for them in comparison to the price. So for example, if you have a software tool, maybe your software will help them replace a few of the tools they already have, saving them some money. Maybe you're a service that can actually do the work for less money than they're doing right now. Outsourcing to freelancers or employees. Or maybe your customers are consumers, and you could show them how your product lasts longer than the competition, meaning that you don't need to buy so frequently you can just buy your product in a last much longer. I did this with my clothing line. Our products were not cheap, but they're really good quality. Our dress shirts started at a $100 each. But my dress shirts lasted longer. And were machine washable so you'd save money on dry cleaning. And I actually had a picture of a $100 dress shirt from Macy's being washed 30 times, and my dress shirt that I sold in my ecommerce store, being washed 30 times. And mine looked brand new versus the other dresser that I got from Macy's look like it's ready for the trash. And they say a picture is worth a thousand words. And this showed value. This is how I changed my marketing during a recession. The show people, hey, pay $100 now, but you won't have to pay over and over and over. I also focus on products like dress shirts because it was easy for me to show value in that way because people use dress shirts all the time. They go to work every day. I knew firsthand because I was an English teacher at the time I was building this business and I had to wear a dress shirt every day because it was a suit to the university I was working at. So it's a product they're going to have to use versus me trying to push cuff links or ascots. That's a little bit of a luxury item. And they're not going to use that every day. And it's hard for me to show value. Sometimes recessions are a time for you to allow certain products to shine by flexing their value in the long term. One of the strategies I highly recommend is getting in front of the fact that it is a recession. And people are trying to look for value and just get in front of it and say it in your marketing. So if you're running a deal where people are going to get significant savings, if they sign up for a year or two years, say so, say, hey, lock in this incredible price for two years and save X amount of dollars every single month. These are dolls you can use during an economy like this. Boom, value, people buy into that type of marketing because it screams smart purchase. Another tip that I recommend it comes to your marketing when you're writing your copy or your sales copy or you're creating your videos or whatever it is is to get in front of the emotions. During your session, people start to feel a little bit depressed. They feel like they can't enjoy life as much as they used to. So address that and say, hey, just because times are tight, doesn't mean you can't enjoy life or enjoy your work or enjoy whatever your product is about. Treat yourself while getting a great deal. Language like this taps into the actual climate and emotions that are going on, people resonate with it because they can see themselves in that language. And once people start seeing themselves, they're open to hearing what you have to say and agreeing with your solution. Next, market your risk reversal. Risk reversal means your money back guarantees your free trials, your refund policy, whatever you do in your business to say, hey, if you don't like it, you can cancel, or you can get a refund. This needs to be in the forefront of your marketing. Make sure you emphasize this on your sales pages in your ads even. Why? Because people take longer to make a buying decision during a recession. They want to make sure they're making the right choice, they're not sure money is tight, and they just feel like they can't afford to make a mistake. So if you make it a no brainer and say, hey, there is no way you can make a mistake because if you don't like it, we'll give you your money back or you can try before you buy with a trial. Emphasizing these risk reversals that you have in your business shows a customer, the risk is all on you. You're taking on the risk they have no risk. You can take your time in making a decision during the 30 day money back guarantee period, or during your 14 day trial. This releases the pressure valve and allows them to feel like, hey, this is not the end of the world if I buy this. If it doesn't work out for me, if I don't like it, I can always refund it or cancel. Now, of course, your job is when they do buy is to win them over and make them feel like, hey, I don't want to cancel. I don't want to refund. This was actually a great buy. I got more on today's topic but before that, let me share with you some of our favorite tools. We
A highlight from 344: ASK RACH How to Accept & Love Yourself Fully | How to Deal With Toxic Family Members
"Spend so many hours of every single week reading and listening to podcasts and watching YouTube videos and trying to find out as much as I can about the world around me. And that's what we do on this show. We talk about everything. Life and how to be an entrepreneur. What happened to dinosaurs? What's the best recipe for fried chicken? What's the best plan for intermittent fasting? What's going on with our inner child? How's therapy working out for you? Whatever it is, my guess are into, I want to unpack it so that we can all understand. These are conversations. This is information for the curious. This is the Rachel Hollis podcast. Before we
A highlight from MBA2185 Q&A Wednesday: How do I not hire the wrong person?
"After the first day of training, you don't feel like you got enough value, the value I promised, just let me know and I will give you a full refund. Head on over to one zero zero NBA dot net slash live and sign up for our next live two day course. We also love WP engine. We host all our websites on WP engine and it's for good reason. It's the best. It's super fast, it's secure, and their support team is out of this world. It's like having your own technicians on call 24/7. Most of the time, when I need something done, and I get on chat, they don't tell me what to do. They just do it for me. Exactly what I want. If you're hosting a website, especially a WordPress website, check out WP engine, and as a listener of the show, you can get 20% off. Just go to WP ENG dot IN slash MBA and use code WP E two zero off. WP engine, the best way to host your website. The first step in making sure you don't hire the wrong person when you're hiring a new team member is first recognizing the fact that you are responsible for making the wrong hires in the past. This is your responsibility as the company owner. The reason why this is so important is that you have to take ownership of this responsibility. You have to realize that if somebody didn't work out in your team, ultimately this is your fault. Ultimately, you let them into your team. You hired them. You made a decision to say yes, this person is good enough to be part of my team. And once you own up to that, you realize, well, that means I have control and I can change the outcome. I can change the way I make hires and choose my candidates so that I don't make this mistake. But a lot of entrepreneurs, especially at the start of their career, they play the blame game. They say, oh, that person wasn't hardworking or they didn't care enough or the less experienced or maybe the fib on their CV or their resume, that may be all true, but it's not their responsibility to be chosen by you. You are responsible. You are responsible for letting them into your company. And once I realized that, in my career, as an entrepreneur, I started to realize, okay, I have to take ownership of this and I got to take control of the whole process so I can have a better outcome. So once we get past that step, the next thing that I recommend you focusing on when you're hiring a new team member for a new position or even an existing position that you have right now is to be crystal clear about what you're looking for. This is where a lot of people make a mistake. They have a job description that they post on job boards, but it's not very specific. It's actually quite generic. Some people just copy and paste other people's job posts and just change a few things and say, okay, that should get the person I want. No, your job advertises on these job sites, and even your own website is the leading factor of who you will attract. You need to make a crystal clear on your job description, who you're looking for, why they should apply, what it's like to work for you, what should they expect when they are employed by you? So take the time to write a job description that is specific and is specific to your business and your expectations. Basically, your job description is to say, if you can do these things and you do them well, you're going to have a job for life at my company. A lot of people over complicate this. It doesn't have to be this 5 page essay of a job description. You can make it your own. You can keep it short. You can keep a specific. You can write it in layman's terms. You want to make a casual or even show your personality. That's fine, too. But don't make it generic. Don't make it vague or too general. Be specific about what you're looking for. For example, we're currently hiring some engineers. If you go to a webinar in Asia dot com slash jobs, you can see our job posts. We're very specific about what we expect from our engineers. You have to be a problem solver and enjoy solving difficult problems. If you don't enjoy solving difficult problems, you're going to hate working for us, because that's what we're going to give you. And if you hate working for us, you're probably not going to do so well. And it's not just about skills. It's also about the culture and the way you work in your companies. For example, in our company, we specifically say you have to be willing to communicate regularly frequently, be able to jump on a video call showing your face when needed. If you're not comfortable being on a video call, having your camera on to hash out a quick problem or to discuss something, don't apply. This is not the place for you. We will not make concessions, okay? If you think this is optional, then we're going to have a hard time. So your job description is really, really important. Next tip. So at the end of our job descriptions, we have a link to an application. This application is a way for us to vet people before they even have a chance for an interview. And depending on the position, we will ask specific questions about their past about their experiences about what they love about their job, why they want to work specifically for us. We may even ask them to submit a video answering some of these questions. So we can see the personality on camera. Now, not everybody's comfortable in photo video. We're not asking them to give an Oscar nominated performance here. We just want them to know that they're expected to communicate via video sometimes because we're a mo team and if they are not willing to do that, then they're probably not going to apply. So again, we're putting up some friction on purpose so that we can qualify candidates before we even have an interview. Forget about hiring them. Before we even talk to them in a meeting. Next, before we even have an interview, we check references. There's no point in us even having a conversation to see for a good fit or knowledgeable or you have the skills to do the job. All this is irrelevant if you're past employers can't recommend you. If you don't have a track record, I can't predict the future people change, of course, but when it comes to hiring, the best indication of what's going to happen in the future is somebody's track record. What happened in the past? Well, they've already done. They're more likely to do it again if they've done it before. In a positive way, if they are hardworking and they show up to work on time and they do their things properly and they have a good work ethic and they have a great attitude and they're a fast learner. There's a good chance that they'll do that at my place because they've done this before. So we asked the candidates to send us some of their professional references. Somebody that we can contact phone or email to ask about what their experience was like working with you or for them. And we usually ask a supervisor or who their supervisor was at the time, a line manager of some sort. Now, we don't ask for their current manager because sometimes it's a little bit of an iffy situation. Maybe they want to tell their employer that they're looking for work. So we ask them to maybe give us references from other employers prior to their current job. Once they pass that hurdle, most of the work of qualifying this candidate and making sure that you have a pretty good chance this person is actually legit and good enough for your team and a good fit is done. I would say about 80% of the work is done. Now, if they've passed all that stuff, we have a culture interview. What does that mean? We have an interview just to see if they're a good fit for our team. And for us, at webinar engine, it's very simple. How do we feel after we have a conversation with them? Do we feel motivated? Do we feel positive? Do we feel more confident about them joining the team? Do we just enjoy their company? This is important because we're going to be working with them day in and day out 8, 9, ten hours a day, 40, 50, 60 hours a week, and not just us. Everybody else on the team is going to have to do the same thing. So it's important that they get along with everybody. That they're likeable that we want to spend time with them. That they're a good fit for our culture. Sometimes in these interviews, we meet people that are fine people. They're good people. But they're just not a good match for the rest of the team. And I would be doing them a disservice as well as the rest of the teammates of disservice if I hired them. So we need to make sure that they are good fit culturally and they share the same values as us and we have 5 core values in our company that we want to make sure everybody has before we hire them. So if you haven't decided to run down the values of your company, I highly recommend you do it. It's actually makes it really helpful when it's time to hire. So, for example, one of our values as a company is everybody on the team has to have a growth mindset, meaning that they're willing to learn and grow because if we don't grow, if we all collectively don't grow the company won't grow. We ask questions to find out if they have that value. Once they pass that cultural and values type of interview, we move on to the technical interview. Where somebody in their department that we're hiring for will do the technical interview. So if they're an engineer, our CTO will interview them if there are customer service agent, the customer service manager will interview them. You get the point. This is more of a technical interview where we basically test their skills and usually in this interview we get them to do some exercises, some questions they have to think about, maybe write down some things. Maybe even answer some live customer support tickets if they're a support agent, for example, they wouldn't be answering a real customer, but we present them similar questions and ask them to type their answer as if they're typing the answer in an email or a chat message. This is the only real way we can find out if they could do the job. Usually after all these steps, we have a good understanding if they're going to make it. If they're going to be a good person for the job. Now, even with all of this, in my experience, I have found that sometimes things get through the cracks, sometimes we don't see everything. And that's why when we hire new team members, we have a three month what we call probation period, which means it's three months where you can leave or we can say goodbye to you at any time. It's sort of like a trial period. And a lot of times we over hire in the position, meaning we hire two or even three people instead of one because we want to see who would work the best in that position. Now, if all of them are great, fantastic. We've got a great set of employees and great redundancy in this area. But in my experience, that rarely happens, especially if you hire two people, usually one of them is going to really shine the other one's not going to do so well. And because you have this trial period, you could have some evaluations, you can have some chats. If you could see some improvement, great, if you don't, no hard feelings, they know they are expecting this if they don't perform well. I got more on today's Q&A Wednesday's question. How do I make sure I do not make the wrong hire? But before that, let me share with you some of our favorite tools. We all know the power of an email list and growing our email list, but managing it automating our emails, making sure they actually get into the inbox, that's where ConvertKit comes in. ConvertKit is an all in one email marketing platform. I've used a lot of different email marketing platforms. And we use ConvertKit for reason. It just works. It does what you need it to do. It's simple. It's easy. And it keeps improving every single day. Plus, you can start for free. Go ahead to one zero zero NBA dot net slash ConvertKit to get started. Support for today's show comes from a webinar ninja. Know what really sells your product or service, it's not marketing or ads. It's you, your blog, your social feeds, your podcast. These are always we try to share ourselves our value and build trust with our audience. But what if you can go even further? What if you can connect with potential clients or customers in a way that's even more personal, more engaging, more effective? Well, that's where webinars and webinar ninja comes in. Hosting a live lesson, product showcase, or Q&A session, is the best way to share yourself and prove yourself to an audience. But wait, you're thinking, aren't webinars a giant pain in the ass? Yes. Yes, they are. But not with webinar ninja. Webinar ninja has one job to make webinars easy for you. It's the user friendly software ever created for webinars. So you can focus on your audience, not the tech. And here's the best part. You can get started with webinar ninja for free. Every plan comes with a free 14 day trial. And because you're a listener of this podcast, we got a real special deal for you. Go to webinar ninja dot com and at checkout, use promo code MBA. And you'll get 15% off your first month or your first year. Again, that's webinar ninja dot com use promo code MBA for 15% off your first month or your first year. Can't wait to see you inside the software and our community. To rob titties lesson, hiring the right person is critical. So I like to tell myself and everybody on my team, when we're hiring, take your time. We like to hire slowly because we don't want to fire. We want to make sure that we have the right person. But when we do have the fire, in my experience, it's never a slow process. It's usually very clear very quickly. And delaying it is kind of delaying the inevitable. And every time I have to do that, I say to myself, how can I prevent this from happening again? And just refine, again, my hiring process. Because firing is not fun. It's one of the worst days of your year or month as a business owner. So even if it takes you a little bit longer to make the higher, it's better for your company in the long run, it's better for your team so they have stability, they don't feel that instability people coming and going all the time. And it's better for you as a business owner feeling that you have some momentum. Thanks so much for listening to the $100 show. Thanks Eduardo for asking this question if you got a question you want to ask just like Eduardo did just email me over at Omar at one zero zero NBA dot net. And I'll make sure to answer it right here on Q&A Wednesday. If you love this show, make sure you hit subscribe or follow on your favorite podcast app. Whether you're listening on Spotify or Apple podcasts or radio, we're on every single podcast app. So go ahead and hit follow or subscribe so you don't miss the next episode. Also by doing so, you get access to our archive episodes over 2100 business lessons in our archives. Before I go, I want to leave you with this. One of the reasons why we rush hiring is because we feel like we have no time. I got all this other stuff I got to do. I got to put this job description together and vet an interview and ask questions. So two pieces of advice. Number one, 80% of the work of hiring is administrative work. Get an administrative assistant, get a VA to help you out with the back and forth. The emails pre screening, the checking the references, all that kind of stuff. Number two, make time for it. This is important. This is your business. This is somebody's going to come into your company and represent your business to your baby. Will influence its outcome influence its success, put it in your calendar, make time for it so you don't feel like you have to rush through it. Thanks so much for listening and I'll check you in tomorrow's episode. I'll see you then. Take care.
A highlight from 343: My 10-Step Morning Skincare Routine (with Products!)
"You know, I think it's easy to, if you're not into things like skin care, if you're not into makeup, if you're not into doing your hair or like all of these sort of beauty things that you see on a YouTube or that you see people doing on social media, I think it's very easy to be dismissive of it and to think these people are crazy. These people are vapid, why are they so into it? Why are they spending that much money or spending that much time? And for me, I really think that it's a form of self care. Hi, I'm Rachel Hollis, and this is my podcast. I spend so many hours of every single week reading and listening to podcasts and watching YouTube videos and trying to find out as much as I can about the world around me. And that's what we do on this show. We talk about everything. Life and how to be an entrepreneur. What happened to dinosaurs? What's the best recipe for fried chicken? What's the best plan for intermittent fasting? What's going on with our inner child? How's therapy working out for you? Whatever it is, my guess are into, I want to unpack it so that we can all understand. These are conversations. This is information for the curious. This is the Rachel Hollis podcast.
A highlight from Making "AI Ethics" Productive - with Beena Ammanath of Deloitte
"You're listening to the AI and business podcast. And this is not going to be an episode of holier than thou. Many times the topic of AI ethics is little more than a conversation of holier than thou. The way that I define unproductive AI ethics is essentially simply the exercise of shooting down AI ideas as being detrimental. Conjuring up some potential risk, potentially something that's very politically prickly and saying, oh, that might cause that or that might cause that. There's certainly many risks with AI, but when ethics, quote unquote, steps in without being able to solve those problems. In other words, integrate values integrate law and also get the job done for the customers or the company, I consider it unproductive, and I consider it a sort of holier than the game that I don't consider worth covering on the podcast. So I don't we had a good episode about AI ethics with the, at the time, global head of AI at IBM Seth dobrin, about a year ago, and that was an awfully good episode talking about the productive side of AI ethics. Today we double down on that theme with a guest who is not only author of a book called trustworthy AI, but is also the executive director for the global Deloitte AI institute. Bina am enough has also held leadership positions in AI and data at Hewlett Packard Enterprise, Bank of America, General Electric, kind of a who's who of global enterprise firms, and now she's with Deloitte. She speaks with us this week about putting AI ethics in action in ways that are conducive to innovation. In ways that genuinely will serve to solve business goals and customer problems. And there's two really important points I think are worth noting down for those of you who are tuned in who are leading AI projects or maybe your consultants who are helping your clients lead AI projects. There is a process here for sort of being able to screen out potential downsides and thinking through those upfront, which I think can be a potential benefit of applying AI ethics properly, being it has some excellent ideas there. And then secondly, she talks about who needs to be in the room to have a realistic AI ethics conversation. This is a team sport. As any of you who've been here for long enough are well aware and being a talks about the different kinds of expertise that have to come together to understand squarely the ethical and legal concerns of AI applications, but also how they can interact, how these folks need to level up their own knowledge and how they need to bounce that knowledge off of each other to genuinely screen applications and determine the best place to put our company resources for the sake of our customers and Some of these ideas hopefully many of you will be able to turn around and apply in your own business and that's certainly what we're shooting for in this episode. So I'm grateful to bena for being able to be with us. And without further ado, it's fine. This episode. Phenomenon of Deloitte, you're in the AI in business podcast. So Bina, I know you have a lot of these conversations with leadership around AI ethics, and there's a lot to get into with the meat and potatoes today, but I think we should define the terms that we've certainly heard a lot of different definitions of what comes to mind for AI ethics. When you're explaining this to the C suite to the boardroom, how do you put it in a nutshell? So there is a notion that AI ethics is all about transparency and removing bias and making it more fair. Those are catchy headlines, but in my experience working across different industries, fairness, bias transparency, are all crucial, but there are other factors. If you have an algorithm predicting a manufacturing machine failure, for example, fairness doesn't really come into play, but security and safety are both key issues. So let me take a step back and tell you why I like to think about it as trust and ethics in AI because for me, trust include the ethics, but it also includes policy and compliance, which is what leaders need to be aware of in the context of ethics. So trustworthy and capacitors, everything you can think of related to the potential negative consequences of AI. That's how I think about ethics. Yeah, kind of not putting it simply in the bounding box of transparency and bias as like buzzwords. Yeah. Yeah, got it. And in terms of where it fits in, I'm sure some folks that you talk to, I know for our listeners, this is often the case. When they hear about AI ethics, it's often sort of just well. You know, you want to be careful. Your algorithms could make for a really bad PR event. You know, sometimes it's physical danger, right? But as you and I both know, certainly, if you're running a manufacturing plant with heavy equipment or you're making self-driving cars or you're diagnosing cancer, we got real real issues here.
A highlight from MBA2184 Should You Run a Black Friday Promotion in 2022?
"Black Friday and cyber Monday. This is where companies want to give their customers a reason to buy now. Often they promote deals that say this is the best time to buy the best deal of the year and it seems like it's a screaming match who can scream the loudest and get the most attention. And I'm here to tell you it doesn't have to be that way. I'm going to give you some options. Maybe you don't run a Black Friday deal. Maybe you do something different. Maybe you don't run a deal at all. Let's get into these details. First of all, I want to say that for the last two years, my software company webinar ninja, we don't run a typical Black Friday deal. We actually run something called green Friday. If you want to learn more, you go to webinar, ninja dot com slash green Friday. What's green Friday? Well, it's our way to say, hey, we know our customers are maybe interested in a deal. They're reaching out. Are you running some sort of promotion? But at the same time, we want to do something that's more aligned with our values. So instead of pushing promotions and special discounts, what we do on green Friday is we plant trees. We plant 20 trees for every new customer that signs up for an annual plan or customers that upgrade to an annual plan. So if you were thinking about buying our software anyway, this might help you want to do it now because you'll be able to help the earth and get some trees planted. We also give a really cool certificate that shows that you have planted 20 trees. It's kind of a nice thing that you can print out and hang on your wall. But along with that, we also throw in some add on products that we don't normally offer to reward people for taking action and helping our earth be a little greener. We make it very clear to people on the page where this promotion is that, hey, if you don't want to buy, don't buy no pressure. But if you're going to buy anyway, buy during these days so we can plant some trees on your behalf. And this is just more aligned with who we are as a company. That's what we do. Something a little bit different, something that is not the typical Black Friday. There's no discounts. There are some special things that we're going to be giving them, but it's our way to kind of stand out from the noise. Now, I know companies that don't do a Black Friday deal at all. Cyber Monday, nothing. Instead, they do a day to celebrate their business. It's kind of like their business's birthday. Especially the day that they started their business. This is very similar to Amazon Prime day, where they basically run a celebration offer during a time of year that is not really celebrated as a holiday on the calendar. Now the reason why these companies do this is because it allows them to do the promotion when it's not noisy. They're not competing with other emails. They create their own holiday. This is something that we honestly have considered in our company, but never actually did. Maybe something in the future, we might consider as our company starts growing each year. But I like the idea. I like the idea of just celebrating your business and rewarding your customers or your potential customers on your email list with some special deal. The other things that you control the narrative with this type of promotion, people don't have expectations with Black Friday ceremony. People are expecting crazy deals. They want 50, 60, 70% off. And maybe that's not a good idea for your business. Maybe you don't have the margins for them. Maybe that is just leaving two much on the table, meaning not a great financial decision for your business. So why put yourself under that pressure in that kind of context where people are expecting prices to slash. When you create your own day when you create your own promotion, there is no expectation. It's whatever you say it is. Because there's only your day. Now, I want to say that it also depends on your business. If you're a B2C company, meaning that you sell to consumers and people buy your products for holiday gifts, let's say, for example, you're a toy company. And you create toys and sell them online. This is your time. You need to make sales. The holidays is your season. I know this because one of my first jobs when I was in university was working at Toys "R" Us. I did a tech support over there. And man, it is incredibly busy during the holiday season. At the time, 60% of all Toys "R" Us sales were made during the holidays. So your business might hinge on this and you need to do this. And this is not even optional. But if you're a B2B company, especially your mid marketer enterprise, this might not be the best idea. It might not serve you well. You might want to wait a week or two and do an end of quarter deal. We're businesses are looking to dump their budgets and spend money to renew their memberships or other subscriptions or buy new subscriptions so they deplete their budgets for the quarter. And end of year. So that might be something that you might want to consider instead. Now one of the things you need to look out for if you're going to be running any kind of promotion at any time that is huge, it's going to bring in a lot of traffic and customers is being prepared. Make sure that your team or customer support team, yourself, all hands on deck. Everybody knows what to do, what the procedure is, the SOP, the standard operating procedure to fulfill these deals and make sure the customers get the bonuses or whatever you're giving them, because you're going to get more traffic than usual. You're going to get more questions, more emails, more chats. So make sure that you are ready for it because you don't want to disappoint customers and waste this opportunity. You want it to be a smooth process. So inform your team, give them instructions, and let them know what they should expect before it happens. Even with our green Friday deal, we have a clear game plan weeks in advance for our whole team so they know what to do, who's doing what, how are we fulfilling these special gifts? What are the days and times in the cutoff times for this type of deal? Who's sending the certificates? All that kind of stuff. We want to make sure that the whole team is singing from the same song. She's no confusion when the date arrives. Make sure you communicate expectations to your customers as well. Remember Black Friday is usually a deal that runs from Friday through Monday, meaning it lands during the weekend. So if you don't have people to answer emails or chats during the weekend, make sure you communicate that to the customers with a banner on your website or a message in your chat that says, hey, we'll be back this day. We'll be answering emails. This day or this time. So there are expectations set. So people are not disappointed. And just waiting for a reply thinking they're going to get a reply immediately. Now, we're in a looming recession. So if you're looking to do any kind of promotion, keep this in mind. This is not like where people are spending money like crazy and the economy is booming. People are looking to tighten their belts. They're looking for a deal, or maybe looking for a way to save some money in the long run. This is a great opportunity for you to lock in customers for annual and two year deals. At a low price. Listen, look at your turn. Look at your lifetime value. Look at your average customer and how long they stay with you. In my serve you better to have a customer stay with you. If you have a reoccurring membership or subscription, even at a discounted rate, if they save for two years, if they stay for a year, or even 6 months, this is also a time that you might want to promote some of your lower plans. For example, within an inch, we have a plan that's $29 a month or two 90 a year. Very, very affordable. This is when we really want to push this plan because it's attractive to people that are being a little bit more cost effective. There are price sensitive. They want to try before they buy or invest more money. And get in front of it, say, hey, we get it. Inflation is at an all time high. This is why we offer this type of plan. Lower the risk for them. And let them know, hey, I get it. I'm not getting more of the fact that the economy is not its best right now. In fact, I'm going to show you how I can help. I got more on today's lesson, but before then, let me share with you some of our favorite tools. We all know the power of an email list and growing our email list, but managing it automating our emails, making sure they actually get into the inbox, that's where ConvertKit comes in. ConvertKit is an all in one email marketing platform. I've used a lot of different email marketing platforms. And we use ConvertKit for a reason. It just works. It does what you need it to do. It's simple. It's easy. And it keeps improving every single day. Plus, you can start for free. Go ahead to one zero zero NBA dot net slash ConvertKit to get started. Support for today's show comes from a webinar ninja. Know what really sells your product or service, it's not marketing or ads. It's you, your blog, your social feeds, your podcast. These are always we try to share ourselves our value and build trust with our audience. But what if you can go even further? What if you can connect with potential clients or customers in a way that's even more personal, more engaging, more effective? Well, that's where webinars and webinar ninja comes in. Hosting a live lesson, product showcase, or Q&A session, is the best way to share yourself and prove yourself to an audience. But wait, you're thinking, aren't webinars a giant pain in the ass? Yes. Yes, they are. But not with webinar ninja. Webinar ninja has one job to make webinars easy for you. It's the user friendly a software ever created for webinars. So you can focus on your audience, not the tech. And here's the best part. You can get started with webinar ninja for free. Every plan comes with a free 14 day trial. And because you're a listener of this podcast, we got a real special deal for you. Go to webinar ninja dot com and at checkout, use promo code MBA. And you'll get 15% off your first month or your first year. Again, that's webinar ninja dot com use promo code MBA for 15% off your first month or your first year. Can't wait to see you inside the software and our community. A couple more tips when it comes to running your Black Friday promotions this year. If you have stipulations, rules, deadlines, for your promotions, codes they have to use, links they have to click, make sure this is super clear in every communication in every tweet in every email in every ad. You need to make sure that what they need to do is clearly communicated. And in this time of year, you're really can't over communicate. So if you typically send three or four emails out for a promotion, it's okay for you to send them a few more. Maybe 5 or 6 or even 7 because people are going to need more reminders, especially when the deadline is approaching because they're getting tons of emails from everybody else. This is also a great time to leverage a retargeting ads. If you run paid ads on social media, retargeting is basically an ad that you show to people that have been to your site or a landing page for this promotion. So they see an ad for the promotion on these platforms because, hey, they visited your website before. And this just keeps you top of mind, especially as a deadline is approaching. This is a very low hanging fruit cost effective way for use paid ads to convert for you. Thanks so much for listening to the $100 show. I wish you all the best in the holiday season as you do your promotions your sales and get in new customers. Yes, it's a busy time, but it's also a great time to evaluate if these promotions are working for you, okay? Be critical about it so that next year you can evaluate if you should do things differently if you should double down on something that works or not do it at all. If you love this episode, if you love this podcast, make sure you hit subscribe or follow on your favorite podcast app. We're on every single podcast app. So whatever you're using right now, Apple podcasts, Spotify, citro radio, overcast or on every single one, hit subscriber follow so you don't miss an episode and get access to over 2100 episodes in our archives. Before I go, I want to leave you with this. Don't forget about gift cards. Gift cards are a great option to include in your promotions, meaning they can a discount when they buy a gift card, meaning if they buy a gift card for a $100, they can buy for 90. This is especially a great way to promote during the holidays. If your B2C, I did this one, I had my clothing line. You might have customers ahead just bought products from you and they're like, hey, I'm happy with these products. I don't need anything right now. But might make a good gift idea, but they're not sure of people's sizes or their preferences for color, a gift card is a great way for them to give somebody a gift and say, hey, these guys are great. I love their products. Go ahead and have a little mini shopping spree. When I was running my ecommerce store, general designs, a little over a decade ago, our gift cards was the number one seller for the holidays. Pretty cool. Thanks so much for listening and I'll check you into Mars episode Q&A Wednesday. I'll see you then. Take care.
A highlight from Ep281: This Could Happen If You Dont Bring Value - Liam Leonard
"Liam Leonard from lions cove. You know, the lines cove should have had a double L also. Liam Leonard from lions, I don't, I can't think of it. But it's good to have you on the podcast as we record this. You've published nearly a hundred episodes, which is pretty remarkable. So where I want to start out is what you wanted the podcast to do for you and if it's done that yet through almost a hundred episodes. Yeah, that has definitely changed over time as we've gone through our process with the podcast, but I appreciate you having me on the show Adam. I wish I had more double and triple L to be up just up to par with the triple-A, not quite there, but we can aspire to be like you. You are a triple L, Liam Leonard lions. There you go. All right, well, yeah, so what did you think that the podcast would do for you? And has it done it? Yeah, so originally when I started the podcast, the premise was that it was going to be all about customer acquisition for us we work with high net worth individuals. And the idea is that we would talk to people who had a sphere of influence within high net worth individuals, they would hear the show, they'd be interested, and they would essentially come to us as the business. Great in theory made sense. We came up with a topic that was in the financial space that we obviously offer our services in. But didn't have any clients that ever came from the podcast in the first 30, 60, 90, 180 days. And so eventually there was a decision point that came. That said, hey, do you continue the podcast? Because it's not meeting your initial objective, or do you pivot? Do you think about it differently? So what I did is I started to think about the podcast instead of as a customer acquisition. And as more as a building my network and exploring my natural inquisition into learning more about what people are doing in their space and what they're great at and how it ties into the financial space. And so it became much more a personal objective for me. Where it was, how do I meet really awesome people? How do I approach it? Be present and try to learn as much as possible from these people who have been very successful, like yourself. We recorded a show together for our show, right? And so those are the elements that we've transitioned to. As time has gone on, we're in a phase now where we're looking to potentially reposition it again to bring essentially tie it into the business sense in order to do that. There's a lot of work that I needed to do personally to figure out, okay, what's my articulated as zone of genius? Where's that area that I can have had value to others? Because when I started the podcast, I wasn't thinking about that. It was all about selling my own product or services. It wasn't about adding value to people. And I think when you start with adding value to people, that customer journey that you can put together is a lot more organic is a lot more meaningful to the listenership to the guests to everyone and so we're in the process of doing that now. That is we could be done with a whole interview today. That was like drop your mic. Start with adding value. So you're probably going through your second change into the third formation of what you want the podcast to be all about. In the very beginning, I want to interview people so I can get some customers. So you wanted to interview the right people that either could be your customers or more likely they know a lot of your perfect customer. And after 60, 90, a 180 days later, you kind of decided, hey, let's pivot this and enjoy it. Let's just be there, have these good conversations, learn from it, have good connections, networking, meeting with people, and right now you're saying, you know what? Let's figure out how to add value and you said something and it was awesome. If you start with that adding value, if you go there first, everything else happens. And I always think of what's that guy's name. It's funny. I forget his name every time. I'm going to put a sticky note on my computer. Zig Ziglar, I think, said, if you'll have everything in this life that you want, if you help enough other people get what they want. And this is you rethinking and saying, how can I just be of service? How can I just serve the other people in this world that need me that need my message, give and give and give? And you understand that it'll come back to you as well. And I think that's awesome. That's what I try to do on my show. That's what the listener should do on their show. So that was really, really big. In your hundred ish episodes that you have published as we record this. What have you learned about interviewing, finding guests asking the right questions, what have you learned? And maybe share a story about a mistake that you made along the lines of finding guests or interviewing guests. Yeah, so at the beginning, I was very scripted in terms of my approach and how I went about things, right? Because there was a clear outcome that I was trying to drive and I was trying to force everyone into this box. Here's you, but I want you to talk about a, B, C, D, and then E is the plus up or the sale into my ecosystem. And it felt a force, right? It didn't feel organic. It didn't feel like we were getting the true insights. I didn't feel like I was learning. And so the approach was all wrong.
A highlight from MBA2183 Must Read: How the Mighty Fall by Jim Collins
"Feel like you got enough value, the value I promised, just let me know and I will give you a full refund. Head on over to one zero zero NBA dot net slash live and sign up for our next live two day course. We also love WP engine. We host all our websites on WP engine, and it's for good reason. It's the best. It's super fast, it's secure, and their support team is out of this world. It's like having your own technicians on call 24/7. Most of the time, when I need something done, and I get on chat, they don't tell me what to do. They just do it for me. Exactly what I want. If you're hosting a website, especially a WordPress website, check out WP engine, and as a listener of the show, you can get 20% off. Just go to WP ENG dot IN slash MBA and use code WP E two zero off. WP engine, the best way to host your website. Today's must read how the mighty fall is such an interesting book. And let me start with the first and biggest takeaway that I received from this book. And here it is, every company, every founder is vulnerable to a decline. No matter how great you are. Listen, if the Roman Empire, if the Ottoman Empire with endless resources and manpower declined and is nowhere to be found today, then you are kidding yourself if you think that you are not vulnerable to being crushed as well. This chapter also reminded me of something that Jeff Bezos, the founder of Amazon mentioned one time in an interview. He said that he believes that it's inevitable that Amazon will go out of business. And he says that their job as the leadership of Amazon is to try to delay that as long as possible. And you say this up because he thinks he's incredibly proud and that he's going to tear the company down with how hubris he is. He says it because he believes that, hey, all things come to an end. They get reinvented. Innovation happens. Things change. So he's just hoping that, hey, that he stays humble and he stays hungry long enough to extend their run as long as possible. Now with this chapter shows you is example after example of companies that were dominant in the market, I mean, they were just crushing it. And now they're almost a joke. One of the examples that I remember from the book is Nokia. I remember Nokia phones. When mobile phones were becoming popular in the late 90s, in the early 2000s, everybody had an Nokia. They were the market leader head and shoulders and then BlackBerries came out, and then the iPhone came out, and now it's very, very hard to see somebody holding a Nokia phone. When everybody was holding one, just 15 years ago, they went from being the market leader to only having 3% of the market share. Why? Well, in the book he explains that other companies like Samsung and Apple, they're innovating. They're a researching complacent. They got cocky. They didn't say hungry and didn't stay cutting edge. They thought they arrived. Let's look at the inverse. Let's look at a company like Apple, for example, that has stood the test of time. One of the things that you'll notice about Apple is they actually cannibalize their own products, meaning they are their own competition before the competition. When they came out with the iPhone and the iPhone had a way for you to play music and buy music off the iTunes store, they knew that this would hurt the sales of iPods that they sell. Their own product. But they believe that, hey, it's better for us to cannibalize their own product with our own product with a new improved product something that's better than a competitor that comes and eats our lunch. Another great point in this book is about how successful companies when they skyrocket, they get to a point where they become hubris. They become overconfident, cocky. After experiencing so much success, they become arrogant. They think that their unbeatable and because of that arrogance they don't innovate. A great example of this is blockbuster video. Inner SPs are getting faster, so streaming video is becoming a possibility. They had a chance to buy Netflix, but refused. And then when Netflix started to grow and expand and become mainstream, they tried to build their own streaming service, but it was too late. Their arrogance caused their downfall. The next point of the book is really relevant, especially in today's big startup economy where a lot of fun is being thrown at these companies to grow as fast as possible. And Jim Collins says that companies lose their focus when they try to chase unattainable levels of growth. The problem is is that it's a cycle. These tech companies are funded by VC firms that are throwing money at these companies so they can invest in crazy, crazy growth. Why? Because if they keep spending money on growth and attaining new customers, it makes the numbers look good. It looks like, hey, on paper, this company is growing rapidly. This makes the investors happy, which then makes the company be valued at a higher rate, and therefore they raise another round of funds. And it goes on and on and on. The problem is is that fabricated growth is not sustainable. Why? Because when you're trying to go a 1 million mph growing your company, ten xing your month over month, this means you need to grow your team, you need to grow your infrastructure. And when you're trying to grow that fast, mistakes happen. You make the wrong hires. You make the wrong decisions. Maybe these mistakes don't rear their heads immediately, but they do eventually. There's nothing wrong with growing your company. But just like if you're on the treadmill and you keep increasing the speed very rapidly, you might just fall on your face because you are not ready to run that fast. When you build a business and grow a business, there are a lot of lessons along the way you have to learn to be sustainable to be a business that's there for the long run. You can't skip steps. You can't skip lessons. Enforced growth causes that to happen, and then these mistakes, these problems accumulate. Now, Jim also talks about what are some of the signs that the decline is on its way. One of the signs is blaming others. You'll find management blaming the investors, investors blaming management. The employees blaming their supervisors, the customers, the customers are left with the short end of the stick. They're the ones that suffer because you can't compete in the marketplace if you're not a harmonious team. Businesses as hard as it is, you need everything going in your advantage. Your way. When the blaming starts, that's when the fall begins. Another sign is when they're faced with big challenges, they take big risks or they just hang them up all together. We saw this with FTX. Because as you know, the bigger they are, the harder they fall. When you have a big, big company that there's a lot riding on it, a big mistake can make a big difference can make a catastrophe out of the situation. That's why growing slowly is actually a very smart idea, because if you have a misstep, if you have a mistake, it's not like a House of Cards that just drops and crumbles everything. You can course correct in time before the problem compounds. I got more on today's most read how the mighty fall by Jim Collins, but before that, let me share with you some of our favorite tools. We all know the power of an email list and growing our email list, but managing it automating our emails, making sure they actually get into the inbox, that's where ConvertKit comes in. ConvertKit is an all in one email marketing platform. I've used a lot of different email marketing platforms. And we use ConvertKit for a reason. It just works. It does what you need to do. It's simple. It's easy. And it keeps improving every single day. Plus, you can start for free. Go ahead to one zero zero NBA .NET slash ConvertKit to get started. Support for today's show comes from a webinar ninja. Know what really sells your product or service, it's not marketing your ads. It's you, your blog, your social feeds, your podcast. These are always we try to share ourselves our value and build trust with our audience. But what if you can go even further? What if you can connect with potential clients or customers in a way that's even more personal, more engaging, more effective? Well, that's where webinars and webinar ninja comes in, hosting a live lesson, product showcase, or Q&A session, is the best way to share yourself and prove yourself to an audience. But wait, you're thinking, aren't webinars a giant pain in the ass? Yes, yes they are, but not with webinar ninja. Women are ninja has one job to make webinars easy for you. It's the user friendly a software ever created for webinars. So you can focus on your audience, not the tech. And here's the best part. You can get started with webinar ninja for free. Every plan comes with a free 14 day trial. And because you're a listener of this podcast, we got a real special deal for you. Go to webinar ninja dot com and at checkout, use promo code MBA. And you'll get 15% off your first month or your first year. Again, that's webinar ninja dot com use promo code MBA for 15% off your first month or your first year. Can't wait to see you inside the software and our community. Such a great book how the mighty fall by Jim Collins. One of the pieces of advice he gives is that if you feel like you're falling down, if you feel like you're in decline in your business, don't panic, don't do something rash. Stay calm, stay disciplined. And don't take massive risks, consult with people, consult with advisers or mentors. And make small changes in improvements that can accumulate over time and move you in the right direction. Basically, if you need to change things around your business, don't just pull the E brake. Don't pull the handbrake in your car and cause an accident on the freeway. Metaphorically, of course. You want to slow down. You want to take the next exit. You want to get your bearings. You want to move in the right direction to start changing your direction. This is especially important if your company has grown to a certain size. Your decisions are going to affect a lot of people. Your customers, your team, yourself, and your family. This book was incredibly insightful. I highly recommend you pick up how the mighty fall by Jim Collins. It's incredibly applicable, even if you're a small business owner, because what I have noticed in my own business is that I'll have seasons of rapid growth. And things are just moving fast things are going well, and you almost feel invincible. Those are the times you need to worry, okay? You need to get re centered. You need to be mindful of how you spend your money, be mindful of how you make your decisions. Understand that this is a season and that this is great momentum, but use it to your advantage so that it will work for you when things are not so great. Make decisions, that will allow you to weather storms in the future, meaning invest in your business so that it's a long-term business and not chasing the moment or chasing the fast sale or the rapid growth. Don't get me wrong, you need growth. You need to make sure that you're making more money than you did last month. That's really something to admire something to look after and something to really shoot for. But growth at all costs is a recipe for disaster. It can be a real painful one for you and can cost you your business. Thanks so much for listening to the hundred RBA show. If you love you here, hit subscribe hit follow on your favorite podcast app on every single podcast app Apple podcast to your radio, Google podcasts, Spotify, you name it. Hit subscribe, hit follow so you don't miss an episode. Before I go, I want to leave you with this. When you read a book like this, it might seem a little bit doom and gloom, you know, how the mighty fall. And you might think to yourself, well, that's not me. That's other companies, other founders. That's when the learning stops. You need to consider that this could be you now or in the future. That's when the antennas go up, and that's when you start paying attention. And that's a remembering the lessons. We are human. We are susceptible to mistakes. I would say to myself when I see these companies totally get crushed and go down to zero, I say these founders, these leaders of these businesses. They created an incredible company at some point, but they made a mistake. They've made mistakes along the way. Mistakes sent anybody can make. So stay humble because not being humble is the reason why a lot of these companies fail. Thanks so much for listening and I'll check you into tomorrow's episode. I'll see you then. Take care.
A highlight from 500: Bourbon Summit
"Episode 500. Playing my song. I love it. I dream of Genie perfect. There you go. Oh, that's awesome. Thank you for that, Adam. That is Adam actually playing for those of you who are not in a private concert like I am right now. That is actually Adam playing the guitar. Thank you. Very talented. My co host here. Thank you. Thank you, thank you. What we will do. So I can't sing is the problem, so this is all you get. Well, we figured that we wanted to acknowledge that it's your music that has been with us for 8 years. I keep forgetting that, yes. Bringing us in and out of the episode. So we wanted to do it live as they say. What did you learn from this podcast at him? I learned that I could spend a week of my life trying to create a custom music or I can just go buy one for $49. Who needs that when we got? Thank you. Thank you, thank you. So this is it, my friend. This is the end of end of the road, but not the final final. I feel like I feel like it's not good to say it's the end because I feel like there's still a lot ahead for both of us. I used to know the end too. I showed a brush up on my doors. Something like that. I don't remember that. I don't remember what it stores, but yeah, it's like, wow, it's been a long road, Jeannie. It has. It has. And here we are, episode 500. But you know, I think that's a good time to wrap things up and drop the mic and move on to our next things. But before we do that, Adam, first of all, welcome everybody to crack the customer code. Well, if this is your first episode, we're sorry to tell you it's also your last episode. Thank you. But go back, we're going to have the catalog up for a while. That's one of the things we should mention. We are going to leave our catalog of back episodes up for 6 months. So if there's some episodes that you thought were super cool, of course you did. That you missed, they will be there for a little bit. That's right. That's right. So, Jeannie, we have a very special episode today, obviously it is our last episode. But you know who's been with us the whole time this season. I sure do. It's our sponsor, forethought. We're so grateful for sponsor forethought. We are. So you know what? We're going to tell you a little bit about forethought. And then get into our very special episode. So this very special episode just like every other episode this season is brought to you by forethought. With customer expectations higher than ever, that clunky chat bot isn't cutting it anymore.
A highlight from 499: The Present and Future of CX
"Oh, we're testing in both directions. The customer code in a Y of course. So that's right, of course. Forethought dot AI slash CT CC. So here we are. It's episode four 99. Which means you and I have done this 499 times, which is crazy. I have the scars. The wrinkles, if we did video, y'all could see what is happening. Oh man. Before and after shots. We should have. What the presidents are all you know. They go in with hardly any gray, they'll come up. Right. That's about what happened, but you know, it's been a ride. One thing that's interesting, I thought about Nostradamus. And Nostradamus is sort of become like a phrase. It's like a word we use for somebody who can see the future, but the thing is, he was wrong about otitis of. Really that's true. That accurate. And what's interesting is our sailing off into the sunset here is to think about where what were we saying was going to be happening in 2022 back when we started this podcast. It's a good question. And I think when we look at where we started, which was, by the way, 2014, for those of you keeping track. First of all, audience your audience, I believe in your math skills. I knew you could handle it. Jeannie was the one to give you the number I'm just saying. I'm just making it easy, you know? I'm all about the effortless experience. Exactly. This is a free experience for everyone. Well, we did a little digging and looked back on 2014 and we decided to look at what were some of those trends that the bigwigs, the I, is that plural? Nostradamus. Nostradamus. What they were predicting. And we found the list for foresters predictions for 2014 customer service trends. And honestly, the theme of this could be, the more things change, the more they seem to say the same. Because many of these things, we are still talking about. They're trend number one. Any guesses,
A highlight from 499: The Present and Future of CX
"Forethought dot AI slash CT CC. So here we are. It's episode four 99. Which means you and I have done this 499 times, which is crazy. I have the scars. The wrinkles, if we did video, y'all can see what is happening. We should have done before and after shots with like what the presidents are all you know. They go in with hardly any gray and they all come out great. Yeah. Exactly. That's about what happened, but you know, it's been a ride to say the least. One thing that's interesting, I thought about Nostradamus. And Nostradamus is sort of become like a phrase, like it's like a word we use for somebody who can see the future, but the thing is, he was wrong about a ton of stuff. That wasn't that accurate. And what's interesting is our sailing off into the sunset here is to think about where what were we saying was going to be happening in 2022 back when we started this podcast. It's a good question. And I think when we look at where we started, which was, by the way, 2014 for those of you keeping track. I know, first of all, audience your audience, I believe in your math skills. I knew you could handle it. Jeannie was the one who had to give you the number I'm just saying. I'm just making it easy, you know? I'm all about the effortless experience. Hassle free exactly. This is a asshole free experience for everyone. Well, we did a little digging and looked back on 2014 and we decided to look at what were some of those trends that the bigwigs, the I, is that plural? We're going to latinize that we're going to go nostro dami. What they were predicting. And we found the list for foresters predictions for 2014 customer service trends. And honestly, the theme of this could be, the more things change, the more they seem to say this. Because many of these things, we are still talking about. They're trend number one. Any guesses,