EP22: Maximum Achievability and Maximum Maintainability

ProfitLayer with Timothy Dick - Business building explored layer by layer.

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محتوای ارائه شده توسط Timothy Dick. تمام محتوای پادکست شامل قسمت‌ها، گرافیک‌ها و توضیحات پادکست مستقیماً توسط Timothy Dick یا شریک پلتفرم پادکست آن‌ها آپلود و ارائه می‌شوند. اگر فکر می‌کنید شخصی بدون اجازه شما از اثر دارای حق نسخه‌برداری شما استفاده می‌کند، می‌توانید روندی که در اینجا شرح داده شده است را دنبال کنید.https://fa.player.fm/legal

<div class="span index">1</div> <span><a class="" data-remote="true" data-type="html" href="/series/the-agile-brand-with-greg-kihlstromr">The Agile Brand with Greg Kihlström®</a></span>

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The Agile Brand with Greg Kihlström®

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Expert mode marketing technology, AI, and CX insights from top brands and Martech platforms fill every episode, focusing on what leaders need to know to build customer lifetime value and long-term business value. The Agile Brand with Greg Kihlström® features executives and thought leaders from top brands and platforms discussing the industry's trends, like first-party data strategies, artificial intelligence, consumer data privacy, omnichannel customer experience, and more. The Agile Brand is hosted by Greg Kihlström, advisor and consultant to leading brands, speaker, entrepreneur, and best-selling author. It provides a fresh perspective on the continually evolving dynamic between brands and the audiences they serve.

۶ سال پیش 3:59

MP3•خانه قسمت

On this episode, Nic Peterson shares a simple but profound and often overlooked concept that should absolutely be applied to your life and business.

"The number one thing that all repeat achievers and high impact business owners understand: Your maximum achievability is not your maximum maintainability. The greats optimize for the latter." - Nic Peterson

Work with ProfitLayer:

To learn more about working with ProfitLayer or Timothy Dick as a private client, visit ProfitLayer.com.

If you enjoy the ProfitLayer podcast or got value from this episode, please take time to leave a review on iTunes or your listening platform of choice. It would mean the world to us!

Resources:

MasteryMode: https://masterymode.com

Velocity Method Course: https://unicorncourse.com/

ProfitLayer Group: https://www.profitlayer.com/group

26 قسمت

#Business #Timothy Dick #Entrepreneur #Timdick #Timothydick #Voipo #ProfitLayer

EP22: Maximum Achievability and Maximum Maintainability

ProfitLayer with Timothy Dick - Business building explored layer by layer.

published ۶ سال پیش

اشتراک گذاری

MP3•خانه قسمت

On this episode, Nic Peterson shares a simple but profound and often overlooked concept that should absolutely be applied to your life and business.

Work with ProfitLayer:

To learn more about working with ProfitLayer or Timothy Dick as a private client, visit ProfitLayer.com.

If you enjoy the ProfitLayer podcast or got value from this episode, please take time to leave a review on iTunes or your listening platform of choice. It would mean the world to us!

Resources:

MasteryMode: https://masterymode.com

Velocity Method Course: https://unicorncourse.com/

ProfitLayer Group: https://www.profitlayer.com/group

26 قسمت

#Business #Timothy Dick #Entrepreneur #Timdick #Timothydick #Voipo #ProfitLayer

همه قسمت ها

1
EP24: Sales with Temple Naylor 54:15

۵ years پیش54:15

54:15

On this episode, Tim talks to Temple Naylor about sales. Resources: https://www.facebook.com/templenaylor https://www.facebook.com/groups/recordsalesmonths/ Connect With Tim: https://linkedin.com/in/timothydick http://twitter.com/timothydick Ads Management by Tim & Team: https://www.profitlayer.com…

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EP23: Scaling and Culture with Taylor Welch 34:13

۵ years پیش34:13

34:13

On this episode, Tim talks to Taylor Welch from Traffic and Funnels and Wealth Cap Holdings about rapidly scaling a business, building culture and aligning your team. Resources: Traffic & Funnels - https://trafficandfunnels.com Traffic & Funnels Packaging Blueprint: https://rcl.ink/dvK Traffic & Funnels Ads to Clients Bundle: https://rcl.ink/dvh Connect With Tim: https://linkedin.com/in/timothydick http://twitter.com/timothydick Ads management by Tim & Team: https://www.profitlayer.com…

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ProfitLayer Podcast Season 2 Preview 17:54

۵ years پیش17:54

17:54

We're back! On this episode, Timothy Dick shares a preview of what's coming for season 2 of the ProfitLayer podcast. This season, we'll be sharing experiences and lessons learned in a turbulent 4th quarter and some of the unique situations Tim found himself in during that time. We'll also be sharing how experiences and lessons while successfully navigating the pandemic in the first quarter of 2020 and how we're thriving now. Finally, we have a great guest lineup that we'll be bringing on to get their perspectives and learn from their experiences. Thank you for listening! Resources: ProfitLayer: https://www.profitlayer.com Timothy Dick: Connect with Tim on LinkedIn: https://linkedin.com/in/timothydick or reach out at https://timothydick.com…

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EP22: Maximum Achievability and Maximum Maintainability 3:59

۶ years پیش3:59

3:59

On this episode, Nic Peterson shares a simple but profound and often overlooked concept that should absolutely be applied to your life and business. "The number one thing that all repeat achievers and high impact business owners understand: Your maximum achievability is not your maximum maintainability. The greats optimize for the latter." - Nic Peterson Work with ProfitLayer: To learn more about working with ProfitLayer or Timothy Dick as a private client, visit ProfitLayer.com . If you enjoy the ProfitLayer podcast or got value from this episode, please take time to leave a review on iTunes or your listening platform of choice. It would mean the world to us! Resources: MasteryMode: https://masterymode.com Velocity Method Course: https://unicorncourse.com/ ProfitLayer Group: https://www.profitlayer.com/group…

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EP21: Social Proof and Testimonial Sequencing 10:50

۶ years پیش10:50

10:50

Testimonials, reviews and social proof are very important. On this episode, we talk about the importance of sequence and collecting testimonials for the entire user journey and not just from clients at their finish line. We learned about this from Justin and Michelle Demers of SocialProofClub and encourage everyone to join Justin live for free training on this in our group each week and to check out the SocialProofClub course. Work with ProfitLayer: To learn more about working with ProfitLayer or Timothy Dick as a private client, visit ProfitLayer.com . If you enjoy the ProfitLayer podcast or got value from this episode, please take time to leave a review on iTunes or your listening platform of choice. It would mean the world to us! Resources: SocialProofClub - https://www.socialproofclub.com ProfitLayer Group: https://www.profitlayer.com/group…

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EP20: The Power and Importance of Messaging 49:25

۶ years پیش49:25

49:25

Messaging expert Sani Nielsen talks with Tim about the power and importance of messaging. “All marketing is messaging, but not all messaging is marketing.” Sani Nielsen (5:32-5:36) Learn More Learn more about Sani at http://www.saninielsen.com or find her in our free Facebook group every Monday for ProfitLayer's Messaging Mondays at https://profitlayer.com/group . If you would like more information about Timothy Dick or ProfitLayer, visit https://www.ProfitLayer.com . --- Messaging Course Sani just released an amazing new digital course called Minimize the Message Gap and is offering all ProfitLayer listeners a $50 discount. For all ProfitLayer listeners, Sani is giving us a special discount code for anyone who wants to jump in and learn how to identify and extract your ideal client’s own words to use in your messaging. Enter the discount code: PROFITLAYER for $50 off the regular price! https://saninielsen.com/MinimizeTheGap Learn how to increase your message “connection” and “impact” by identifying and using your ideal client's OWN WORDS. This program is six video modules and worksheets to help you identify who you want to serve, how you want to serve them, and where to go to find and extract the EXACT words they use to describe their problems, pain points, and the emotions involved at each stage of the client journey. --- If you liked this episode, be sure to subscribe and leave a quick review on iTunes. It would mean the world to hear your feedback and we’d love for you to help us spread the word!…

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EP19: Two Types of People 5:24

۶ years پیش5:24

5:24

“A business needs two types of people to achieve a mass scale without everything going all crazy - the starter and the scaler.” Timothy Dick (00:55-1:20) There are two archetypes necessary to scale a business to a high seven or eight figures. While it’s possible to build a business to a certain point with only one type - whether that’s one person or multiple people of one type - to achieve mass scale without the overwhelm and headache, a business needs both types. Type One: The Starter Most entrepreneurs and visionaries are Starters who have created things that never existed before. Starters do a lot of “ready, fire, aim.” They’re involved in market sell. They test, test, test. But after a while, entropy sets in. While testing and trying a million new things, a Starter can be in danger of losing control on the backend of the business. Type Two: The Scaler A Scaler (or Operator ) is typically either a CEO or COO who manhandles the day-to-day operations of the business. Because they’re addressing the nitty-gritty details on a daily basis, they’re able to make tiny little tweaks that move the business forward. “The Scaler has the ability to just make a little tweak and make end-over-end growth. But they need the momentum that the Starter is creating.” -Nic Peterson (3:11-3:21) The Benefits of Having Both Types When an entrepreneur who is a Starter wants to double their business, they have to create twice as much stuff and do double the work On the other hand, while a Scaler has the ability to make one little tweak and create end-over-end growth, they lack the momentum that the Starter creates. I’ve gone it alone multiple times. I’ve had five companies that reached high six or seven figures. But I eventually wanted to burn them all down because I was trying to play both roles and hated doing the things that a Scaler does. After accepting my position as a Starter and operating only in that role while my business partner operates as a Scaler, I now love what I do. Our business and revenue grew, my responsibilities decreased, the headaches left, and I sleep better. It’s the best decision I’ve ever made to just play the role of a Starter and allow someone else to be the Scaler. “I could be a Scaler. I have the ability to learn that. But it would come at the expense of my strength.” - Nic Peterson (3:34-3:41) Know Which You Are The best thing you can do right now is to determine if you are a Starter or a Scaler. Which one is your strength? If you’ve started your own business, it doesn’t necessarily mean that you’re a Starter. You could potentially be an Operator/Scaler. Do you like to ready, fire, aim? Do you like to create and test stuff? Then you might be a Starter. Or do you prefer maintaining a slow, methodical control of the business as you grow it bigger? If so, there’s a good chance you're a Scaler. Determine which is your strength and then start building around that. You Don’t Have to Have a Partner While it’s necessary that you have both of these archetypes in your business, you don’t have to have a partner. If you’re a Starter, you could hire a COO. That’s exactly what ProfitLayer does for people. We act as the Scaler role. Or, for those who are already Operators, we can act as the Starter role. If you’d like to learn more about this, join our free group , or if you’d like to talk to Nic directly, you can schedule a free call here or here . If you would like more information about Timothy Dick, and the success businesses have gained through work with him, please visit his website . If you liked this episode, be sure to subscribe and leave a quick review on iTunes. It would mean the world to hear your feedback and we’d love for you to help us spread the word!…

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EP18: Your Marketing Budget 11:16

۶ years پیش11:16

11:16

“You can't scale your winning ad campaign in a linear straight line. You have to be methodical about it.” Timothy Dick (9:51-10:00) Managing your marketing budget is essential to getting the most out of your campaigns and remaining profitable along the way. The algorithms used by Google, Facebook, and other platforms give today’s businesses the power to reach their target audiences and convert them into paying customers. But these algorithms are complex, and there’s a common mistake that businesses make when their ads are doing well. Thinking you can scale your marketing in a linear fashion can cause you to lose money and get worse results from the same campaign. “Facebook, Google, and other platforms have complex algorithms behind them. There are many variables that go into how your ad is shown, the cost per click, and who sees it.” - Timothy Dick (0:53-1:21) There are many variables that determine how your ads are shown. A Facebook pixel can have more than 150,000 variables that have to be analyzed to determine who sees your ad and who doesn’t. Increasing your budget doesn't necessarily mean your returns will scale proportionately. These algorithms ensure that your best ads are shown to online users who are interested in your product or service. This makes your marketing messages relevant to users and maximizes the return you get on your ad spending. The Biggest Mistake Businesses Are Making With Their Marketing Budget But most business owners make the mistake of thinking they can scale their advertising in a linear way. If a business is getting $11 back on every $1 they spend, they assume that spending ten times that much will yield ten times the return. But it doesn’t work that way. Algorithms take time to learn how to present your ads in the most profitable ways. The results you get from an ad are specific to that campaign. Throwing more money into it won’t necessarily mean you get the same results. In fact, it can reset the algorithm in a way that forces it to re-learn how to achieve results with new parameters. These algorithms typically search for the lowest hanging fruit based on your budget and target market. That’s why a successful campaign may slow down or stop producing the same results over time, even when you don’t change anything. It becomes more expensive and less effective. Making a drastic change to the budget gives the algorithm more money to work with. But it will look at more variables and different combinations, which can confuse the algorithm and hurt your results. More importantly, you may not be able to scale back and get the same results you once were when you started. The Right Way to Scale Your Marketing So rather than increase the size of a campaign’s budget, you can get better results by creating multiple campaigns and leaving the existing one alone. You can duplicate your campaign based on the results you’ve achieved and create a new budget. This process is repeatable and more likely to deliver consistent results. You leverage what the algorithm has already learned, and you can incrementally increase your budget to scale results. Increasing the size of your original campaign can force the algorithm to go from looking for something that’s one out of 500 to something that’s one out of 10,000. That’s going to be a lot harder to do compared to looking for a one in 500 across multiple campaigns. “Advertising algorithms are really good for maximizing your return. But you have to know how to work with the algorithms and give them time to do what they need to do.” - Timothy Dick (1:47-2:20) Knowing how to scale your marketing campaigns helps you achieve consistent and predictable results. Trying to scale linearly is one of the biggest mistakes you can make. When you understand the variables involved in how algorithms work, you can see that it pays off to duplicate your campaigns and scale incrementally rather than just multiply the size of your original campaign. Taking a methodical approach like this will keep your campaigns profitable and grow your business faster. How to get involvedIf you would like more information about Timothy Dick, and the success businesses have gained through work with him, please visit his website . If you liked this episode, be sure to subscribe and leave a quick review on iTunes. It would mean the world to hear your feedback and we’d love for you to help us spread the word!…

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EP17: The Trichotomy of Returns with Nic Peterson 10:13

۶ years پیش10:13

10:13

“One of the keys to becoming wildly more productive is understanding the concept of the trichotomy of returns.” Nic Peterson (2:49 - 2:54) Learn to be efficient with your resources as your business grows. When your business starts growing, your decisions become more critical. Ideally, you want to minimize your input for a specific return. To make decisions that enable you to maximize your output, you need to grasp the concept of the Trichotomy of Returns. “When making a decision, you have to decide if the expected return is worth your time, and how it affects your business overall.” - Nic Peterson (5:53 - 5:59) Everything you do should go into three different buckets, depending on the return you’re expecting, and the amount of work or resources you think it will entail. The three buckets in the Trichotomy of Returns. Disproportionate Returns - The things you do where the returns aren’t proportionate to the resources. The output can be either favorable or unfavorable. Maybe you put in twice the work and get four times the returns. Or you could 10x your investment and only get marginal benefits. An example of a favorable return is working overtime beyond a certain point. Your hourly return is disproportionately higher when compared to your benefit each regular hour. Proportionate Returns - This is where your results scale proportionately according to the effort or investment you put in. A good example is the case of an hourly employee. If you work double the hours, you’ll make twice the money (barring any overtime, of course). Proportionate returns rarely happen in business. If you double your ad spend, very seldom will your revenue double precisely. Binary Returns - This one is simple. You either get a result, or you don’t. It’s like a light switch. If you switch it on, you’ll have light. If you hit the switch harder, you’re not going to have more light. It becomes problematic in business when the switch is already on, but we keep pushing harder because we aren’t getting more in return. This is typically also where we have the most room to save time money and energy. “The concept of trichotomy of returns is really something to think about because if you put it into practice and apply it to your decisions, you really are going to be a lot more productive.” - Timothy Dick (7:52 - 8:06) If you can learn to discern between which bucket your decision falls into, you’re going to become a lot more productive. Remember, unfavorable returns are still returns, and it’s your job to decide if those results are the best use of your resources. How to get involvedIf you would like more information about Timothy Dick, and the success businesses have gained through work with him, please visit his website . If you liked this episode, be sure to subscribe and leave a quick review on iTunes. It would mean the world to hear your feedback and we’d love for you to help us spread the word!…

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EP16: Exclusions and Negative Targeting 16:12

۶ years پیش16:12

16:12

“We talk so much about targeting what you want. But you need to go a little further and add a layer of what you don’t want or doesn’t make sense.” Timothy Dick (11:51-12:10) Exclusion and negative targeting are strategies that business owners often overlook when trying to grow and scale. But they can influence the results you achieve on any online ad platform you’re using to get the highest return on your ad spending. It takes time to figure out who you want to target with their messages with any advertising network or campaign. Targeting lets you determine who will see your ad and where you want them to appear. Common strategies include the use of customer lists and lookalike audiences. “You don’t want video ads showing up in gaming apps. You’re interrupting someone, and the odds of them looking at your offer is very low.” - Timothy Dick (3:23-3:51) Traditional targeting strategies can give businesses the results they need. But marketers may find that the costs of their ad campaigns are still too high. Exclusions and negative targeting can help trim the fat off your ad spending. Best of all, these features exist on almost all of the major ad networks available today. Facebook lookalike campaigns let you create groups that are similar to an existing group you’ve marketed to in the past. But you can use this same feature to create a group of non-buyers that you negatively target. This essentially tells Facebook, “Don’t show my ads to this group.” Being more specific in your targeting can allow you to exclude certain users based on factors such as: Apps Category Age group Genres Desktop vs. Mobile Devices Wi-Fi vs. Cellular Connection Ads that appear in gaming apps interrupt players, making it less likely that they’ll stop to look at your offer. For brick and mortar businesses, displaying ads in locations that aren’t relative to their target audience results in advertising to a larger audience than they can serve. Combine Targeting With Negative Targeting and Exclusion The best approach to combining both targeting and negative targeting is to target people in your area while also adding a negative targeting function that excludes users in other locations. Negative targeting prevents a user who lives in your target area from seeing your ad if they’re somewhere else. It doesn’t make sense for them to see your ad when they’re not in the location where they can take action. “ Excluding the opposite of the audience you want enhances your targeting results.” - Timothy Dick (8:17-8:24) Most of the ad networks can display your ad in as many places that meet the criteria you’ve given them. But many default to including your ad in campaigns that reach people outside of those you want to target. It’s up to marketers to understand when those defaults are in place so they can disable them. Context Matters in Online Advertising and Targeting Online users are in different states of mind depending on the platform they’re on. Instagram and Facebook users may be standing in line somewhere scrolling through their feeds. Someone searching on Google may be actively looking for a product or service like yours, so they’re more likely to learn about your offer. Exclusion and negative targeting work best when you understand the context of the ad networks you choose and identify who you want to see your ads and who you should leave out. When you optimize your advertising and exclude specific targets, you prevent unnecessary wasting of limited advertising dollars. Negative targeting and exclusion strategies trim the fat off your marketing campaigns. Your marketing becomes more efficient, cost-effective, and reliable, leading to consistent results that grow your business. How to get involvedIf you would like more information about Timothy Dick, and the success businesses have gained through work with him, please visit his website . If you liked this episode, be sure to subscribe and leave a quick review on iTunes. It would mean the world to hear your feedback and we’d love for you to help us spread the word!…

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EP15: Mental Health in Business 41:51

۶ years پیش41:51

41:51

“Mindset and mental health are key layers in business. If your mind isn’t in the right place, and you’re not able to work through the issues that come up, it’s going to affect your business.” Timothy Dick (3:15-3:45) Mental health challenges can range from mild bouts of stress to crippling anxiety or depression. These and other mental health challenges affect people from all walks of life, educational backgrounds, and levels of success. “No matter how successful the business is, you can still run into issues if you don’t watch out for the signs of burnout.” - Timothy Dick (6:02-6:38) A growing number of entrepreneurs are opening up about the struggles they've had related to mental health. No matter how successful their businesses may be or how many resources they have available, they suffer the same problems everyone else faces. That's why it's important to look out for signs of burnout or destructive thinking. Getting Help With the Ups and Downs of Business There's a belief that if you're not "grinding" and "hustling" 24 hours a day and giving 150% then you're not doing it right. But this belief is just plain wrong, and entrepreneurs are becoming more aware of their own mental wellbeing and the need to care for others around them. Entrepreneurs don't always take advantage of the support they have available to them. It can be lonely at the top, and if you're struggling with burnout, depression, anxiety, ADHD, or substance abuse, then you need to get help. The people in your life will respect the fact that you're getting the help you need. “Anyone handling many things will deal with mental fatigue and use a lot of mental and cognitive energy. It’s okay to get help.” - Timothy Dick (40:40-41:08) Entrepreneurs at Risk for Mental Health Challenges Entrepreneurs face unique pressures that can contribute to mental health challenges. Stress levels are high, and business owners can struggle to unplug and disconnect from work when they should. It's estimated that 72% of entrepreneurs are affected by mental health issues. National health statistics show that these individuals are: 2x more likely to have depression 6x more likely to have ADHD 3x more likely to struggle with substance abuse 10x more likely to have bipolar disorder 2x more likely have some psychiatric hospitalization in their lifetime 2x more likely to have suicidal thoughts in their lifetime Today’s entrepreneurs are managing information and people, planning business strategies, and other cognitive-heavy mental labor. The physical health risks of the past may be lower, but new mental health risks are on the rise. Giving Yourself and Others Mental Health Support Mental health awareness can lead to a healthy environment at work and at home. Reach out to a mental health professional if you think it can be helpful. Some mental health challenges can be easily addressed, but others may require more extensive support. The following are some valuable resources that can help entrepreneurs overcome and prevent mental health challenges: Free Entrepreneur Group MindFix - Erin Pheil Malorie Nicole ClearMind Group ClearMind Free Challenge ClearMind Course Everyone gets overwhelmed in business. But surrounding yourself with the right people and resources will support your goals and position you for lasting success in everything you do. How to get involvedIf you would like more information about Timothy Dick, and the success businesses have gained through work with him, please visit his website . If you liked this episode, be sure to subscribe and leave a quick review on iTunes. It would mean the world to hear your feedback and we’d love for you to help us spread the word!…

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EP14: What is Broken in My Business? 5:15

۶ years پیش5:15

5:15

“Sometimes things do work and we still say they don’t work. We need to identify what ‘working’ is.” Nic Peterson (1:28-1:36) There’s a big trap that many entrepreneurs fall into. They could be bringing in millions of dollars in revenue while wasting countless hours, money, and energy trying to fix things that are “broken” in their business. But what they think is broken, may not actually be broken. The same is true for entrepreneurs who are just starting out, which keeps them from gaining the traction and growth they need. We need to identify what “working” really looks like. How is it that a business owner bringing in a 5x return can still feel like things aren’t working for them? One of the biggest reasons could be that they’re trying to run someone else’s race. They look at other entrepreneurs who have podcasts, YouTube channels, and other business assets and think they should have all those things, too. “Just because somebody else has something you don’t… does not mean things are broken.” - Nic Peterson (2:52-3:00) But you can’t compare your business (or yourself) to others. Your business isn’t broken just because someone else has what you don’t. Yet, many entrepreneurs try to solve problems that don’t actually exist. This is common among Type-A entrepreneurs and anyone with a tendency to always operate in problem-solving mode. Step 1: Is there even a problem? The first thing you need to do is explore whether you have broken components in your business. Acknowledge those things that ARE working in case you’re looking at them as if they’re not. “When something is broken, make sure it’s broken first and then fix it.” - Nic Peterson (4:55-5:00) Step 2: What is the problem? The problem of not having what someone else has might be a sign of a more fundamental issue. Maybe you’re not able to fulfill your promises at scale. Maybe you don’t have the assets that others do because you don’t have the capacity for them yet. Once you decide if you have a problem and you identify what the problem is, you can remove the limiting factor and eliminate that problem. You can then identify the next limiting factor and remove that. This process keeps you from getting stuck on the hamster wheel of solving problems that aren’t there. Taking the time to ask, “Is it broken?” forces you to see what really is broken so you can then solve it. How to get involvedIf you would like more information about Timothy Dick, and the success businesses have gained through work with him, please visit his website . You can learn more about Nic and the strategies he uses to grow and scale businesses by visiting VelocityClass.com or book a call at VelocityCall.com .If you liked this episode, be sure to subscribe and leave a quick review on iTunes. It would mean the world to hear your feedback and we’d love for you to help us spread the word!…

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EP13: Why Systematizing Usually Fails 8:30

۶ years پیش8:30

8:30

“When you have momentum and your business is growing, stopping everything to build systems for things that don’t matter right now is the worst thing to do.” Nic Peterson (2:56-3:10) Building systems into your business saves you time and money. Systems let you automate repeated tasks at every stage of your sales process, which makes your daily operations more efficient and improves the experience of customers. But systematizing can hurt businesses when it’s done the wrong way. Most businesses focus on a “market then sell” approach that generates the revenue they’re after but leaves them overwhelmed when it’s time to fulfill those sales. So they try to build systems that alleviate the pain of fulfillment but end up wasting time, money, and other limited resources. “Systemize things. But do it in the right order because you have a finite amount of time, energy, and bandwidth.” - Nic Peterson (6:02-6:08) Most of the people who teach business owners how to systematize their operations have never actually grown a business themselves. So they either focus too much on systems or on marketing instead of understanding how the two work together. This has created two flawed business approaches. Market and sell, only to drown in the fulfillment process and piss off your customers when you don’t deliver. Create systems for problems that don’t exist yet and kill your growth momentum in the process. There’s a Better Way to Scale Your Business Entrepreneurs work hard to establish and build momentum. But when you stop everything to create systems for things that aren’t important right now, you pull yourself away from the things that actually lead to growth and increased revenue. Once you lose momentum, you’re dead in the water. There’s a better way to scale your business. Sit down and identify the limiting factors that are slowing down growth. Maybe your onboarding process takes too long, preventing you from selling more. Whatever the limiting factor is, that’s where you should spend your time as an organization. Address the problem by systematizing and optimizing a solution so you never have to address it again. “Build systems and operations for everything at the right time so you always have momentum. You grow by building systems as you remove the limiting factors.” - Nic Peterson (5:06-5:31) Find the next limiting factor to growth. Focus on that and do the same. This approach lets you build systems and operating procedures for the things that impact your growth without losing momentum. Your business grows as you develop its systems rather than repeatedly stopping your growth. Creating systems in order of importance makes more sense than trying to systematize everything. It doesn’t work to create and learn a new system when you can’t use it for another five years. Instead, you could be learning exactly what you need to grow your business right now, setting criteria for completion, and building systems that free up your resources. In the end, you’ll still have the systems and operating procedures for everything you need without slowing down or stopping momentum. Remember, momentum is everything. Focus on growth, and the systems will follow. How to get involvedIf you would like more information about Timothy Dick, and the success businesses have gained through work with him, please visit his website . If you liked this episode, be sure to subscribe and leave a quick review on iTunes. It would mean the world to hear your feedback and we’d love for you to help us spread the word! To learn more about Nic, visit VelocityClass.com or book a call at VelocityCall.com .…

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EP12: Complete Criteria 5:07

۶ years پیش5:07

5:07

“It can often seem like your team is lazy and doing the minimum amount of work. But the fact is, you’re not setting complete criteria.” Nic Peterson (1:14-1:26) How do you know when a task is truly complete? Businesses grow and scale when they apply one key concept that most organizations miss. Understanding “complete criteria” can save your business hundreds of thousands of dollars. It eliminates the waste of time that occurs when your organization doesn’t know what “done” actually means. Parents tell their children to clean their rooms. But “clean” means different things to different people. This results in conflict, delays, and frustration. The same thing applies to your business. You might tell a team member to create a sales funnel or make calls to prospects. They do the task, but you come back to find it’s not complete according to your criteria. “Alignment happens when complete criteria have been identified, and everyone knows when the task is complete.” - Nic Peterson (1:40-1:49) Business owners often think employees are being lazy or just not doing complete work. But the real problem is that you’re not setting complete criteria. You have to align the entire team so everyone understands and meets the criteria for completion. This keeps you from having to do the same things over again, which wastes time and money. It lets you know when tasks are done so you take the next step in the process. Setting complete criteria means doing the task and then having everyone agree on what “complete” looks like. Complete Criteria Maximizes Profit in Your Business The few minutes it takes to establish complete criteria throughout your organization can save you time and thousands of dollars. You streamline your workflow when everyone knows they can do X only after Y is complete. A sales funnel isn’t complete if you leave out automations, split testing, and other important elements. Losing a week to go back and make corrections is costly when you’re spending large sums of money on driving traffic each week. “Some tasks might be two tasks. But you only know it when you establish complete criteria and a date of completion.” - Nic Peterson (4:16-4:25) Creating complete criteria means establishing a completion date. This allows you to start making the right decisions at the right times to avoid costly delays. “This is complete when…” should be the foundation of taking on or assigning any task within your organization. When you create complete criteria, you maximize profits while eliminating the delays that hold businesses back. You gain a leading edge over your competitors and put your business on the path to consistent growth for the future. How to get involvedIf you want to learn more about Nic Peterson and the strategies that help you grow and scale your business, visit www.velocityclass.com . If you would like more information about Timothy Dick, and the success businesses have gained through work with him, visit his website .…

1
EP11: Prevent Business Failure 8:23

۶ years پیش8:23

8:23

“We assume that regular functioning at regular times is enough to scale. But it’s not.” Nic Peterson (5:40-5:46) When it comes to failure, entrepreneurs need to understand the complexities involved in growing and scaling their businesses. Your business can achieve a 5X return on investment (ROI) and still be running out of money. This keeps business owners running on a hamster wheel that never gets them where they want to be. Businesses are complex systems, and thinking the results you achieve are linear is one of the biggest mistakes you can make. If you double the stimulus, you won’t necessarily double the response. Think of a busy highway. Increasing the number of cars by 10 percent might increase the time it takes to get to your destination by 60 percent or more. “A non-linear response means if you double the stimulus...you’re not necessarily going to get double the response.” - Nic Peterson (1:38-1:47) You can’t rely on a linear model when scaling your business. Things happen in business that make linear growth nearly impossible. Your marketing costs may go up or your market might become saturated. So doubling your marketing spending won’t mean that your profit doubles, too. Responses aren’t linear, and averages don’t matter as much as you think they do. Use Science of Hindsight to Prevent Business FailureAny errors in your business will only increase the time it takes to achieve a result. It will never cause you to get there faster. So entrepreneurs need to pay attention to what actually happens instead of relying on their assumptions. This is where the science of hindsight comes in. You need to measure, manage, and adjust when scaling your business. Hindsight lets you understand the responses more clearly. One of the biggest mistakes entrepreneurs make is assuming that normal function is enough to scale. But it only takes one error to show you how wrong that assumption can be. You can build a larger movie theater that fits more and more people. But if the size of the exit door stays the same, all it takes is for one person to yell, “Fire!” for you to see that it’s not equipped to serve all those people. So, as your business grows, you need to grow its “doors” before you encounter any of the endless issues that can catch you by surprise. “Errors can only increase a length in time. Errors will never cause you to arrive early.” - Nic Peterson (3:21-3:38) Don’t Just Optimize for the Good Times It’s easy to optimize based on the good times when everything is efficient and working smoothly. But when Facebook goes down or YouTube bans your ad account, you have to look at what happened so you can take the right steps to protect your revenue, scale your business for the long term, and achieve a positive ROI. Today’s entrepreneurs need to make business decisions that account for the asymmetry of errors and non-linear responses. When you understand this hard truth, you develop a profitable growth model that helps you get the returns you need to achieve lasting success. How to get involvedIf you would like more information about Timothy Dick, and the success businesses have gained through work with him, please visit his website . If you liked this episode, be sure to subscribe and leave a quick review on iTunes. It would mean the world to hear your feedback and we’d love for you to help us spread the word!…

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EP22: Maximum Achievability and Maximum Maintainability

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EP22: Maximum Achievability and Maximum Maintainability