Planning The Rest of 2023 For My Business (Part 3)
Nov 12, 2023
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In this podcast, the host discusses their plans for the next 3 months in their business, including shutting down their agency in 2024. They also talk about the mentorship they paid $30,000 for and the new program they are testing. Additionally, they share the journey of a music engineer who transformed their business into an education platform, and explore the difference between 2X plans and 10X plans.
The speaker is taking steps to rectify blind spots in their agency and education business, including shutting down the agency and increasing prices for the course.
The speaker emphasizes the importance of adopting a 10X mindset to simplify the business, align focus, and commit to necessary changes for growth.
Deep dives
Blind spots in the business
The podcast episode delves into the blind spots in the business and the need to address them. The speaker discusses how they discovered blind spots in their agency and education business and the actions they are taking to rectify them. These blind spots include the decision to close down the agency and focus solely on the education business, an increase in pricing for the course, and exploring new offers to provide more value to current customers.
The importance of scaling by price
The speaker emphasizes the importance of scaling a business by increasing prices rather than solely relying on getting more clients. They explain how this approach can provide more value to clients while reducing the complexities and fulfillment associated with acquiring more clients. They discuss how they are applying this strategy to their education business by increasing the prices and adjusting the scope of the course to focus on individualized attention and support.
Reflecting on previous advice given
The podcast episode highlights the importance of taking one's own advice when it comes to business decisions. The speaker acknowledges that they have been guilty of not following their own advice and discusses the need to change course. They reflect on blind spots they have observed in other businesses and their realization that they need to apply the same principles to their own business, such as shutting down the agency and increasing prices for their course.
Adopting a 10X mindset
The speaker introduces the concept of a 10X mindset, which involves dropping 80% of current practices and focusing on the 20% that brings the most value and growth. They explain that this mindset allows for significant leaps forward compared to the incremental progress associated with a 2X mindset. The speaker describes how they are adopting this 10X mindset by simplifying their business, aligning their focus, and committing to the changes necessary for growth.