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Caught up with one of my business mentors again today.
His businesses do $100m in revenue.
Yes that’s with an ‘m’.
Offline companies plus a digital agency with 40 staff.
Chatted about business.
Took some notes
for you guys.
Thread
His businesses do $100m in revenue.
Yes that’s with an ‘m’.
Offline companies plus a digital agency with 40 staff.
Chatted about business.
Took some notes
for you guys. Thread
Customers
Over COVID they lost 700 subscription based customers overnight.
Knee jerk reaction from businesses concerned about the future.
Regained them in the 6 months since.
How? By being aggressive.
‘Being conservative will kill your business.’
Over COVID they lost 700 subscription based customers overnight.
Knee jerk reaction from businesses concerned about the future.
Regained them in the 6 months since.
How? By being aggressive.
‘Being conservative will kill your business.’
Goals
They’re the key to your success.
Numbers are great, but THEMES for your business are also important.
Themes are areas of your business that you are focusing on in the quarter.
Paint the picture for your team, be clear.
Clarity builds confidence.
They’re the key to your success.
Numbers are great, but THEMES for your business are also important.
Themes are areas of your business that you are focusing on in the quarter.
Paint the picture for your team, be clear.
Clarity builds confidence.
Money
It changes everybody, we’re human.
The key is not letting it CONTROL you.
How do you do that? Live modestly.
Keep your personal and business finances separate.
Your business’s money isn’t your money.
It changes everybody, we’re human.
The key is not letting it CONTROL you.
How do you do that? Live modestly.
Keep your personal and business finances separate.
Your business’s money isn’t your money.
Startup Finances
You can’t expect to make money from day one.
His profit from his first 3 years ever in business were;
Year 1 +$8k
Year 2 -$14k
Year 3 +$1 million
In the early days he poured every dollar that he had into his business.
You can’t expect to make money from day one.
His profit from his first 3 years ever in business were;
Year 1 +$8k
Year 2 -$14k
Year 3 +$1 million
In the early days he poured every dollar that he had into his business.
Financial Projections
Always tracking the break even for his digital agency.
Forecasting growth in expenses 2/3 years out.
Subscription model so cash flow negative when customers are first acquired.
Balancing revenue and expenses constantly.
Always tracking the break even for his digital agency.
Forecasting growth in expenses 2/3 years out.
Subscription model so cash flow negative when customers are first acquired.
Balancing revenue and expenses constantly.
Delayed gratification
In his first few years in business he worked his arse off building his business.
No new car, house etc. Made his business rich.
Trick was to keep so busy that he didn’t have time to do things and spend money.
In his first few years in business he worked his arse off building his business.
No new car, house etc. Made his business rich.
Trick was to keep so busy that he didn’t have time to do things and spend money.
Routine/Systems
Every day is the same.
Gets up at the same time, goes for a walk/exercise, reads etc
He believes that his start to the day is a crucial part to his success.
‘If you start the day well it’s easy to get the rest of the day right’.
Every day is the same.
Gets up at the same time, goes for a walk/exercise, reads etc
He believes that his start to the day is a crucial part to his success.
‘If you start the day well it’s easy to get the rest of the day right’.
Planning/Strategy
Spends a large part of his week working on the business themes and strategies.
Vision - where are they heading?
Strategy - how are they going to get there?
Actions - What do they need to do NOW to make it happen?
Spends a large part of his week working on the business themes and strategies.
Vision - where are they heading? Strategy - how are they going to get there? Actions - What do they need to do NOW to make it happen?
Document the Journey
People won’t remember what you’ve achieved, but they will remember how you did it.
So build stories and record the journey.
Every month the team has an action activity. The goal is to create memories.
It’s what people buy into.
People won’t remember what you’ve achieved, but they will remember how you did it.
So build stories and record the journey.
Every month the team has an action activity. The goal is to create memories.
It’s what people buy into.
Thanks for getting this far, hope you enjoyed it!
This is my second thread on my catchups with this mentor.
I speak to him once per month so follow along if you’d like to hear more.
If you enjoyed also please retweet the first one. https://twitter.com/entrepreneurfo3/status/1314196937000669189
This is my second thread on my catchups with this mentor.
I speak to him once per month so follow along if you’d like to hear more.
If you enjoyed also please retweet the first one. https://twitter.com/entrepreneurfo3/status/1314196937000669189
