Strategic Quitting in eCommerce businesses

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Hey this is. John lee dumas e o fire. And you're listening to amazing. Fb with the marvelous michel visi amazing. Fbi is geared to uk. European and australian amazon sells the standard podcast for those who are just starting out at also for those who are in business but need some tactical help with specific things. Today's episode is sponsored by the new e commerce. Podcast the ecommerce leader posted by myself and jason miles highest-rated ecommerce instructor. If you own a thriving online business. I want to be the best lee you can. It's got your name on it. Hello there it's michael visa from amazing. Fb welcome back to the show. Vince lombardi said quitters. Never win and winners never quit. I think that is quite wrong today. I want to talk about why lombardi was so wrong. And why quitting can a powerful strategic action that underpins massive success. Yes you heard rights. Quitting can be one of the most powerful positive things we ever do in our lives and businesses. What i hear you exclaim well let me explain. Commerce is exploding at the moment and that means that many of us have crazy. Numbers posted all the time by palestinian amazon economists. Generally we're very aware thought those of us who are privileged to be members of groups and communities of serious sellers meaning real communities by the way of people know each other not thousand person facebook groups. We are seeing our colleagues because bloating. I thought the lucky position in the tank. Collective moss minded of observing over. The last three years has several of them. Ems businesses have grown from a million dollar run rate to triple that before q. Full even cakes in and we've even witnessed one mendes muster the eight figure run rate ceiling and at a healthy profit not just meaningless review now. These results are very impressive and the entrepreneurial energy strategy and street smarts behind that impressive. But i think that behind the very clear perseverance and stamina on hardwood this takes to achieve such results. There is some experiments that were less certain less impressive. An experiment is really a polite way of saying finding out what works which ends up looking like an overnight. Spectacular success takes a lot of trying things. That didn't work. Danger in such situations is to take the wrong lessons from the very impressive activities of the entrepreneurs sometimes coast the entrepreneurs themselves are not aware of the reasons for our own success yes. Perseverance energy and focus obviously critical in la challenging activity. Business spoke before spring to mind of which i've experienced classical music and london sits wells in my past life and more recently business stops growth companies all take a huge amount of persevering through difficulty. No question also. Money is important. Particularly of course in business but persevering with walt using energy for what things focusing on which things and spending money on which areas i know for a fact that one of the businesses that smashed the eight figure mark. Recently that i've personally worked with would never have got. If they hadn't stopped persevering with a business model the business used to run. That was pretty much broken. That hasn't stopped putting energy into failing of doing things. The hadn't in other words quit a lot of things. So that's why today i wants to talk about quitting. It's very unsexy topic. It's even seen as something a bit shameful and it's even kind of heretical. If you believe in the american dream as a kind of almost religion for entrepreneurs and yet i think it's a very important topic a not talking about quitting in the face of difficulty challenge or pain. That's clearly not the road to success. Why don't talking about as a concept called strategic quitting for which. I thank Gordon the wonderful. Seth godin quitting is a bit like this is a photographic negative of succeeding the opposite of succeeding. What it does is make mental space focus energy money available for other things. I don't want to relate this idea of strategic quitting from seth godin book the dip to ecommerce and. I don't think we can talk about that without another one. A seth godin his favorite concepts the idea of a sunk costs which is repeatedly discussed in his post akimbo on his blog amongst other things. And i think these two concepts of strategic quitting and sunk costs are so incredibly relevant to people selling amazon. The i really want to get this message across. I'm going to quote a lot. From seth godin because i think he says things beautifully. He's incredible writer and i hope that's not taking by him if he finds out about this as disrespectful. I would love to get him on the podcast. Some point on to do so. But i want to relate some of this stuff to e commerce because i think it will save you my beloved listener. So this podcast where he comes in three parts first of all. I want to talk about the work. By cisco didn't around sunk costs. Which i think is a simple but really difficult concept simple but difficult can go together by the way simple to grasp really difficult to implement. Sunk costs the second thing. Is seth guidance concept from the book of the dip of strategic quitting and then the said area is what. I'm going to try and tie these together into few simple ecommerce examples that i become light i will go to if you haven't come across his before. I really think if nothing else to this podcast introduce you to him or reminds you to read his work in any form. Read or listen to his work than i've done you a huge favor. Seth godin an amazing business leader and a thought leader. The woods thought leader is much abused. There are lots of people. He called himself thought leaders in my experience. Most people call themselves. Leaders are in fact thought followers. They shout loudly about one concept that somebody else told him a while ago. We haven't really thought. About since. Honestly i guess i had to classify myself as a thought follower now. I think that's okay. We have our place. But i'm trying to connect you to the work of true thought leader. I would say seth godin has one hundred percent and the title of thought leader. So here's what i take from. Seth godin blog post about sunk. Cost some actually going to put an entire blog post in here. I hope that's no offensive in some intellectual property way fully ascribing this content t So here's the blog. Post this seth godin speaking on anonymous friend. Sends you two tickets to hamilton. Show on broadway on tomorrow night on your way to the show someone offers you two thousand dollars for the tickets if you don't take the money and go to the show instead. How much has it cost. You all consider the opposite. An anonymous friend sends you two thousand dollars ego for walk in new york city and on your way you pause a where. Hamilton is playing. You offer somebody two thousand dollars for two tickets. If you end up buying the tickets. How much did they cost you. It's pretty clear that the onscreen by situations is exactly the same. We make decisions about what to do and what not to do every single day. I'm we lie to ourselves all the time about costs if you'll team has been for a year on new projects until weeks before your expensive lunch. Somebody else comes out with a competitive veteran cheaper. It means it will cost you millions of dollars to fight your way to decent marketshare. Should you launch. What if your team had only been working on it for one week. Pasta expenses have nothing to do with future economic decisions. Poss- prophets have nothing to do with future decisions. Either that's not easy to embrace. But it's true. So that's the great. Seth godin was and i really think this is incredibly strong stoff. It's easy enough to grasp intellectually. And if you think it through you'll really begin to see the truth fit although it takes a little bit of thinking because it is a bit counter intuitive but to emotionally make your peace with that incredibly important and i've seen this play a number of times it's really successful amazon saleh's in some who've totally got nowhere and everyone in between people often have a problem is not as good as they want. That can come in different forms. One is of course the classic that you think could product will sell and it simply makes no sales on. that's very common people with early stages and also those more advanced salads with more experienced as well. The difference is normally that people at the early stages quit the entire business model private labeling amazon based on one particular product line not working out and that's obviously not necessarily the right kind of quitting the opposite though is often the case that people will continue to sell a product because they put months a month of their life into it and be working really hard and it kind of makes sales but not what they expected on very thin profit margins. I see that a lot with six even seven figure amazon sellers who i would like to listen to this podcast. If nothing else to make them think again about the strategic quitting is not just for object failures it is for those in between cases that are not actually really good and we'll talk a bit more about that in the strategic quizzing parts off the show in a second. So let's talk about the which is Guidance book about it and strategic quitting. What is the difference between quitting and just strategic quitting. I really would urge you by the way to buy the book of just ordered a physical copy of just re listened to my audible version of the book and such great stuff is really clear minded not overly conceptual concepts clear and practical mcconnell. Said enough about did go read the book. So here's what. Seth godin size in the dip right. At the beginning. I feel like giving up almost every day. In fact notable day of course but there are moments. My bet is that you have these moments to most of the time. We deal with these obstacles by persevering. Sometimes we get discouraged and turned inspirational writing. Light stuff from vince. Lombardi like quitters. Never win win. This never quit. Bided vice witness quit all the time. They just quit the right stuff at the right time. Most people quit the quit successfully. So that s guidance was that form the dip as his book and audible book. Fantastic thing to buy. Let's reflect on this genus insight. First of all. I think this is so on the money. There are times when people quit when it's way too early because they have no idea what the future potential of their business is obviously true that you can quit based on the fact that you're getting impatient or it's hard work to do something and that's not the kind of quitting. I'm talking about when i see that. Incredibly frequently with people who are quite starting amazon business. Th the only problem is not that they're startup nothing against startups i salute. The courage needed to really get a business from nothing to existence. The trouble is most people quit. Before they even make any revenue. It'll so how can you even tell whether the market once you'll product and if you've lost one single product how do you know whether you might just. It's rated two or three times all those two or three other products and they wouldn't have succeeded. It's haunting no because that's probably quitting way too early so i'm not talking about that but was very very interesting thing that gwynn quit all the time they just quit the right stuff at the right time. What a great quote. I think this is absolutely been true in my experience of the best says i know who are as i said. Maybe they're getting. It's eight vegas profitably now. But they quit a lot of stuff on the way to that points. Not one of the things that Talks about as the importance of being the best in the world. Let's explore what success means by these statements. The best in the world he says i'll culture celebrates superstars. We rewarded product or the song of the organizational the employees that is number one the rewards are heavily skewed so much so that it's typical for a number one to get ten times the benefit of number ten and one hundred times the benefit of number hundred. It's always like this almost always anyway is cooled zip. Slow witness win big because the marketplace loves a winner s. What ceska didn't says the deep so we apply this to amazon is not subtle. You can see this all the time if you have to or three hundred skews like a couple of members of the masterminded. They apply eight twenty analysis. One of them did it and came back for the groff which was fantastic. Because it was so clear i think about ten of three skis. They had on amazon skews being put lines by the way that responsible for nice to their sales it was not subtle. And that's how it always works. What i'm talking about today. I suppose would be to go back to person in that position. Say okay why are you still selling the others. And yes. There's a long tail as chris anderson. Famously articulated vodka. Two thousand seven with his book of the same name very good book as well. But what would happen if you took the money. Time and energy using things that hardly justify their existence in your catalog and tie up money and time and you put those into things that work well in our winners in that category. What would happen them. Another question skied in about this. Extraordinary benefits ceska accrue to the tiny minority of people who are able to push just a tiny bit longer than most extraordinary benefits also accrued to the tiny majority with guts to quit early and refocus efforts on something. New in both cases continue It's about being the best in the world about getting through the hot stuff and coming out on the other side and his website. Gutty says. Mary quit the wrong stuff. Stick with the right stuff. Have the guts to do one. Or the other. Seth godin continues. People don't have a lot of time on the don't want to take a lot of risks with limited time or to experiment. We intentionally narrow choices to those out. The top everybody does as a result the rewards for being i are enormous. It's not a linear scale. It's a curve and a steep one being at the top of is also because as the top only a few scarcity makes being at the top worth. Something anyone who's going to high you buy from you is going to one day if you're the best choice. Best as in best for them right now based on what they believe in what they know and in the world as in the world they have access team so that's the end of the sess coding quotes. So let's reflect together on front minute festival. The council cultural statement that you quitting can be released to t- jake very interesting stuff and very true but the main point he's making about the other side of that is if you don't quit because you can kind of be okay or average media corrine quite goods or you can good rather than the best. What you're doing is you'll missing out on potentially being the best out something else. Because of course time and money and energy are limited things especially in entrepreneurial companies where everything's growing rapidly or at least some things growing rapidly. So i really think that the other way to look at this. Is this if you look at an amazon average results page and you simply run the numbers using jungle scout far loans helium tan. Whatever one of the analysis tools that you can use to see what the sales are you very often find that there is a steep groff which has a majority of the market. Shag going to one or two brands. Now is not always. That extreme. And i don't advocate by the way entering a market without kind structured. But that's why you want to end up on. That's west of the people that i know have really killed on was have exactly ended up they dominate to search results as the results more importantly they dominate the market share is the percentage of the market. That they half now. This was very strong. It's the star principle by richard koch which is also one of the most amazing business books out there under. I've talked about that enough. My muscles members get sick of me talking about it but no apologies. Because that's also one of the most important folks you can read. But i think that's the flip side of the same thing which is to say if it is incredibly valuable to be the best in the world for a particular type of person with a particular type of need in particular kind of world so under the was on amazon is not just online and it could be that if you have a local shop. He might be the best bakery in north london. For example for bagels. Ok well that's innocent and kind of world of north london. The best thing in the world of bagels right. But whichever way you cut it. I think it comes down to really quitting places where you are mediocre because the future of a mediocre product is violently different from the future of a really excellent product is quote. The best in the world really really really different under think. Simplistic statements in facebook. All the time or other places like that really do pushes. In the direction of persevering no matter what and blaming ourselves somehow judging us sales of all products services on that successful because the truth is most products and services on successful. And that's okay. But if he quit the things that aren't like successful on really work hard to work towards the things you hand at least even on paper as it were theoretically be super successful the best in your customers eyes in particular narrow world on the internet. All about that you know if you quit the crappy things and you make time for those things. He have at least some kind of shot at being seriously successful. So let's bring this back to e commerce specifically the amazon context. I think there are full types of strategic quitting the all possible as some of which are really powerful and others of them are appropriate. Are the points the full-time on number one. The business model that. You're running. Because i think that's Some business models that are not appropriate for some people are never going to be a win for said people will sit and talk to businesses number twos. You'll business old brand as a whole number. Three is part of your business specific products line or products That's really something. With examining at number four is a relationship which is probably the most emotional and possibly the most important part is to teach quitting. So let's go through these ones first of all the business model. There are many different business models in the world and ecommerce i suppose is a form of business models and industry i suppose for the business models that exist within the amazon world that i most my listeners will be familiar with a new maybe as well would revolve around amazon such as retail stores online arbitrage wholesale sourcing to buying existing brands. You know to retail them on amazon private labeling or custom manufacturing and i guess then there would be things like working on behalf author sellers to manage recount so agency model and it may well be that you need to quit being retail arbitrage a notify on private labeling. You need to gradually refocus. You'll energy and money from one to the other. Another transition that i've seen is that people graduate he quits being Wholesale sources to developing their unique custom products. Sometimes they can be really painful quitting that i've seen a couple of businesses in the mosman. One of them is probably halfway through this. And the eight figure seller that i think is probably old ways through this now on his transitioning from selling as a manufacturer and brand owner rather than just retailer selling your goods at wholesale prices to end retailers and also selling direct to consumer via amazon or indeed. You're in shop. That is a very difficult situation. Because i have not yet seen anyone. He can really truly makes that work. There are all could compromises required. But of course if you've been doing that for years and years sometimes decades in in the case of various businesses than it's a very painful thing to quit selling to the retailers high street retailers in order to sell direct to consumer of course is less painful than it was a few months ago. If you're listening to this in anytime undecided lockdown this late two thousand twenty fifth november. I'm recording this. Because of course a lot of the high street is shot on the fifth of november is particularly meaningful day for england. I use the word advisedly. Not just the u k. Because england has been shut down again today for allegedly a month. And if you're listening to this in march. I think you'll find have been full months. So it's less tempting that it walls to sell to big box retailers instead of setting consumer. But it's still difficult to give things up have made you revenue in the past and that is one of the strategic quitting that. I know a couple of businesses have done now. I'm not saying that anyone has to do this. Ocean just mindlessly. Do this you have to look in vain analytical thoughtful way at the reality on the ground if your business but it certainly one of those areas where you may want to consider strategically quitting the business model. So there's some simple examples for new people to amazon. I mean it's a lot simpler some people just really technophobes. Don't dislike computers. They don't in some cases even own one which just blows my mind that something should consider running an online business without a laptop. I literally experienced recently. The client tried to start an online business without owning their own laptop. Now it never occurred to me that anyone would do that. And try to sophisticated multi hundred thousand dollar business from an iphone or tablet so therefore never put any questions of filters in my sales process to filter people like that out but i ended up with the clients who literally you had to borrow. That son's computer say in order to run the business unsurprisingly when they got to the point where they also couldn't remember in passwords. Anything never mind amazon said essential. It was clear that this was just a mismatch between the person that way of doing business seemed very nice person. She had some products already. Selling via physical means e commerce was probably not her things who it sounds obvious. But sometimes you really have to be aware of things that just all neon signs flashing at e saying. This is not your thing by the way if you had an amazon business or an attempt to one in the positive donald amazon salary central account knocking around that logger using i had a conversation with a colleague of mine the other day the reason not to say something else and he said oh by the way with buying old sat essentially accounts that were established. Full two thousand eighteen ninety. When he's got one. And i said well actually yeah. I've got one for one of the several businesses that i've been through over the last few years and i said yes shaw beaked interested to explore into that we had a very respectful and frank chat and he's probably gonna go ahead and buy that account and intends. He's actually on the lookout for other people who have amazon accounts that they no longer need. Four twenty eighteen. So the happens to be. You've you're listening. And that's a classic sunk cost by the way if you got amazon. Essential to you name donkeys. You might want to just get in touch with me and he may be able to buy it off you. If that's the case. Just email me. Michael at amazing fbi dot com and stick something in the central accounts for sale or something like that so just mentioned that as a an upside strategic quitting and sometimes a nice sweetener a nice bonus involved as a happens to be in that situation because i actually nice to get money for quitting height. Normally the money you get quick in real life is normally further ahead in the future unless you sell your business the other time of course when you get paid for quitting in a sense so let's talk about the difference between strategic quitting plano quitting otherwise known as giving up because it's hot ceska talks about this in the dip and my understanding of what he says without putting words in his mouth is something like you need to plan in advance. When you're going to quit strategically so. I think one of the differences between quitting in the moment and quitting strategically is something like this. Are you have the potential to be the best in the world at something all you will never be particularly good. Oh you or your product or your business. I say you i mean the thing you'll selling what i take from that as the you should have some way of assessing roughly whether you're going to be capable of being the best in the world not and then if the fiba from the marketplace is telling you that you'll never gonna be the best in the world. You should quit. And i guess the other thing code Plan in advance that you will quit. If you don't believe you can be the best in the world remember. The definition of best on world is relative to the very narrow world of particular types of consumers clients old prospects. Whatever word you want us for people who may by you'll thing now. Interestingly says the following his block asking the question the one. I get asked the most. How do i know dip or a dead end. Is the wrong question justice asking. How do i know. It's remarkable isn't the key to the purple cow. No the key insight is to ask the question not to know the answer in advance asking yourself. Is this something that will respond to guts. Effort and investment. Help you decide whether or not this is where you can commit and then if you do commit browsing you're in it. So what does that mean by all this stuff. Well i guess the phrase guts efforts and investment is great is something that we're responding to effort investment now that is a great question because it implies guts effort and investment are going to be needed which is radio important so what. I'm not trying to get across the idea that just luck. Great strategy is enough to succeed clearly. Rubbish eagerly is something won't respond to guts effort and investment and. I think a lot of us know in our hearts parts when that's the case. That's the time to strategically quit. Not because you won't have to guts effort and investment into succeed in any kind of business but because it's a bit of a tragedy put gus effort and investment into something when you know in your heart of hearts will not really respond to effort like that and there are lots of amazon product situations where it really is that situation so i really think that is the key that i'm trying to get across. I think one of the things. That is not what i'm saying is it's really hard to create a new product. Get out in the marketplace and make successive. Therefore you should quit because it's hard because three months into trying to create a new business. You're struggling in the keyword research face. No that's not a reason to quit. Unless of course you discover the equity hate keyword research in which case your entire feature on amazon's gonna be buried in keywords. You may want to choose the different business models. Another reason to change business. Model and quit strategically is because he recognized that something just isn't gonna work few private labeling for example doesn't work for some people because they not the risk involved it's high risk high rewards. Some people prefer the lower rewards for highest -sity of wholesale sourcing for example so the second type of quitting is quitting a product or product line. And this is really such an important ability to quit. I have seen so many close discuss so many times in the masterminds really good business on not willing to let go the sunk costs in a product line because it's still making sales and kind of profit now of course profit is better than no profit and killing things. Prematurely is not smart business strategy. That said if you have several products that are really making the majority of your profits and you have a lot of other goods that are tying up on a bubble management time. Whether it's your stuff's time you have a bigger organization which has been the case in some cases of the businesses. Who've what within the ten collective or whether it's puna tying up their time and energy the available time and energies being allocated across the board to multiple products only a few of which are really extraordinary and the rest Best mediocre the mediocre is the enemy of the good. And if you really want to cut through the noise in the marketplace today never mind tomorrow when the marketplace is blown up in size which is already happening under cove. It like just thoroughly believed that you really need to be willing to kill your darlings. As they say in the writing world and this is a weighty difficult conversation to have with yourself to have with your team and to have indeed in the masterminds is kind of embarrassing to suggest to somebody that they give up on sunday night spent a lot of time and energy on and of course this is not a casual decision and as an outside the one can only kind of hinted at the possibility radius for anyone who's got the deep inside knowledge of the whole picture. The financials the practical implications the implications of relationships with vendors supplies and so forth. He could not make that cool. But it's often really one of the most powerful things you can do in my opinions to quit a product line. That is mediocre. But we haven't talked about of course he's quitting a business or brand as a whole which is not the same as putting a business model but she some of the people in on the ten k collective have more than one brand the most extreme examples. Five friends won t brands and is considering in fact actively get into the prices of selling. Would've the moment and i think that's really smart because giving up one brand put a ton of money and effort. Nc one focus place and talking to the great business brokers and on mergers and acquisition experts for example jason somerville cruise ship fling of global devices. Who i spoke to recently for the ten k collective podcast. They were pretty clear. That a very focused business focused around one type of category products is going to be much more sellable valuable than something split into different places. Now if you can sell a business for say half a million dollars today and grow the other businesses of similar size in a more focused way to at biggest size. That's going to actually work a lot better than struggling along with two browns one of which is bound to be less good than the other and again in this question of quitting as in shutting down the business or the product line but quitting the owner of the business is a strategic kind of quitting the ultimate Kind really which is strategically exiting the business. So your business continues to exist but you are no longer involved with it and not be really very smart move and it's a funny way to put it as a strategic quitting but if you talk about strategic exit sounds much more accessible than sexy and business. Doesn't it so why don't we cool. Strategic quitting exiting a product line. the different paths being. The don't sell it to somebody else. You just stopped doing it does. Isn't it so there are various ways of doing with brown. Sometimes the smart thing to do this is to caleb randolph. If you have five brands. I'm kind of looking at those guys sometimes again Do they really performing. We actually dug into this because it wasn't where the owners of these businesses wanted to go. And so i didn't dig into it but i would be interested in discussion at some point about whether you can really run. Five comes bronze same time. Well my conclusion would be likely. The eighty twenty rule is gonna kick in one or two bronze probably the majority of the prophets. And maybe you'd be better off reinvesting the money from selling the other businesses. It's a discussion to have again posing more questions than onces. Today i guess the full type of quitting is relationships and of cool sir any kind of relationship business personal romantic you name it. Any form of end of significant relationship is a painful thing. Emotionally a business. Partnership is the most classic relationship May need to be quit and in fact at some point is going to come to an end even if it comes to a very positive end if he both sell a business. You're on one of them dies. I guess it's the ultimate end. Put every business partnership will come to an end at some point i've finished business partnerships myself. I hope i've done amicably. Always probably aligned anymore with where they wanted to go with the business and the beginning of their relationship basis priorities were putting in one direction and then by the end of the relationship. My personal priorities had changed for example my allocation of capital change while ago when i got married and we wanted to bile cells a property that we would be able to live and that was good use of capital. It meant that. I wanted to get the council back out of the business and sold it to my business partner and that's a fairly easy amicable decision that all obviously other things that can happen with business partners for example one of them wants to keep day job and keep security of income. You want to go all in on the business. That's pretty common. Actually i've seen that a number of times. Sometimes the business partner just wants different things they want. Be more money of the business. You want to reinvest the money it's et cetera et cetera. It's not an easy decision to quit. Business partnership that doesn't necessarily mean the same as quitting the business associated with the partnership though one of you can buy the other out the other types of relationships that may need to quit is very simply if you are an employer or engage workers. You may need to let one of them go not that good at the job. And that's a painful and unpleasant process into one device was put it off but there's often often a great win on the other side of the unpleasant experience and being into quits on somebody if you like will get them to. Quiz is a pretty powerful thing. You've done the right way unpleasant. Needs to be dealt with legally and ethically but that could be really powerful. Another thing you may do is you've got somebody who's very good at what they do. But what they're doing is really irrelevant. The successful business classic example one of the members of the tuncay collective mosman mentioned about a year ago. I said yeah. We've got a social media guy. But i don't know what he does all day and now it may be. The social media guy is giving a presents to your brand in social media very valuable way. He may be fantastic at that as well. In which case you could probably should keep its position and the person but it may be that. The person is fantastic at doing what you've told them to do about the thing you've told them to do. That is to say the role may be meaningless to the success of your brand and is taking time and money. It may be that you need to just get rid of the role in other words. Somebody redundant a not replacing with somebody else would just put the money and effort into something more productive for example you might just simply put it into amazon ads or something could be anything right but the point is you may need to let the person into that role as well a different type of quitting relationship but justice difficult and just as powerful if done correctly and in crazy covid times that are obviously a lot of pressure on people to let go people and maybe for financial reasons. You'll have to do that. And that's not pleasant. That's the world axing on you but again it can be done reactively or it can be done with strategic stinky so that is to say you may panic about the lack of money and fire everybody. Oh you could say well. We are going to need to have a strategy to survive into cash flow and maybe part of that is letting guy. Some people may be as putting them on part time work especially if they are engaged rather employed. That's probably not that hard and so on so forth difficult decisions but on the other side of it as guesses a common theme. Some really big wins. So let's recap. I think really the main points is trying to make and i'm obviously interpreting has to say but i think for us. The first thing is the sunk costs idea pas. Expenses have nothing to do with the future. Economic decisions and past profits have nothing to do the future decisions as to quote. Seth godin so really difficult decisions. I think come when we are emotionally or in other words mentally attached to something when we have no business being attached to it because it belongs in the past and fight strictly speaking. I guess pretty much. Everything is in the pasta everything we should assess from fresh and look at it and sight has got a bright future. Yes or no i need. The answer is no i guess. What seth godin encouraging us to do and i would say from experiences. The right coal is to give it up. Whatever that is relationship. Business business brand product line even an entire marketplace of maine. I imagine the ebay was really sexy. Place to sell in two thousand five hundred. No i wasn't selling a lot of people got started on ebay. When hamas said policy marketplace didn't exist is ebay great place to settle now relative to eat hamas in. Well i really haven't sold them both. But my experience from says you have says that's probably not the case so sometimes noontime marketplace needs to be moved on from and that's not easy but this getting around this idea from vince lombardi. Cry quitters never win. Win is never quit versus the ceska in quite win is quick all the time as quit the right stuff at the right time really interesting to juxtapose as to and really think this stuff three. This is no overnight success instant. Yep got that insight. Now i can just go and do it. This is thought provoking stuff. So that's the message. I guess i'm trying to get across. Sunk costs strategic quitting and really thinking. How the in your business. But i wanted won't finally finish this by coming back to where we started this conversation. Which is talking about the amazing successes. We're seeing some people particularly the people of saying they've actually strategically quit to take collective group. Because if somebody who's doing know what twenty million dollars worth of revenue year could be more as somebody who's needs icon pasni serve with the groups. I run at the moment because we don't have any groups to said they needed multiple eighth biggest sellers although dot something. I'm going to develop in twenty twenty one. But what's been instincts. The discussion and on wideouts works on. I would just say that if they hadn't strategically quits on entire business model and had a lot of very difficult discussions. Several years ago that they definitely wouldn't be close to where they are today. So although the overnight success explosion of revenue growth that you we say in the great businesses in the business people the amazing entrepreneurs. I've had the privilege of working with the very impressive things on. They'll real on the perseverance in the face of challenges has been very very real part of why those guys achieved success and they deserve every bit of it but one of the reasons that we don't see an talk about so much that we know from private compensation. Those guys is just as much something to praise them. Full moist earned success from as the difficult but necessary. Painful prices have gone through of strategic quitting when it was the right thing to do. I hope this has been thought provoking and gives you the courage to do the right things in your business. If you need to on the at the end of it they'll come back and thanked me into his time. If somebody says. I started reading seth godin and his book was amazing and it changed my life. I've forty seventy if somebody comes and says i stopped doing this crappy thing. The business that i knew was wrong but had the courage to change until i thought about it. Then i'm a happy man. 'cause i've served you well. Thanks very much for listening. Today's episode is sponsored by the new e commerce. Podcast the ecommerce leader. The cost is hosted by myself and jason miles a multi-million dollar shop owner union's highest rated e commerce instructor if you own a thriving online business. I want to be the best leader you can. It's got your name on it for free guides and mini courses on many economists topics goto the ecommerce leader dot com

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