Nikonomics - The Economics of Small Business

58 - Bad Data Is Ruining Your Business. He Found the Fix! with Kirk Newcombe

Sep 16, 2024

In this conversation with Kirk Newcombe, founder of TorchPX and former Search Fund Operator of a successful swimming pool business, he shares insights on the vital role of data management. Kirk discusses how he harnessed AI and automation to optimize workflows and enhance real-time KPI tracking. He highlights the unique challenges faced by 'sweaty' industries like construction and service, and explains how small business owners can implement technology to boost efficiency. His journey from a pool mogul to a tech consultant is both inspiring and informative!

31:32

Episode guests

Kirk Newcombe

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Episode notes

Podcast summary created with Snipd AI

Quick takeaways

Kirk Newcombe emphasizes the importance of utilizing technology to streamline real-time data for better decision-making in businesses.

He highlights that understanding core business processes is essential before implementing AI solutions to optimize workflow effectively.

Deep dives

Swimming Pool Business Overview

A custom swimming pool business operates primarily in the Hamptons, focusing on high-end clientele seeking unique and larger pools. While many competitors construct 50 to 100 pools annually, this business completes only about a dozen each year, emphasizing quality and luxury over quantity. Their services span design, construction, maintenance, and chemical delivery, making them a multifaceted entity within the pool industry. This strategic focus allows the company to nurture a strong reputation among affluent customers who expect tailored solutions.

Intro

3min

High-End Pool Company Operations and Target Market

1min

Navigating Tech in Traditional Business

16min

Exploring Client Engagements in Tech Consulting

2min

Exploring Funding Strategies in Business Acquisition

2min

Bridging Business and Technology

7min

🚨MY NEWSLETTER https://nikolas-newsletter-241a64.beehiiv.com/subscribe 🚨

Join me, Nik (https://x.com/CoFoundersNik), as I sit down with Kirk Newcombe (https://x.com/KirkNewcombe), Founder of TorchPX and a former Search Fund Operator. Kirk managed and grew an 8-figure custom swimming pool business with 150 employees in the Hamptons. He shares how he developed a custom solution for managing data across five different service lines, which ultimately inspired him to launch TorchPX, a technology consulting company focused on AI-enabled workflow optimization and automation.

In this episode, you’ll hear how Kirk used AI and automation to reshape his business, handle real-time KPIs, and why these technologies are now crucial for “sweaty” businesses like construction, pool services, and more.

Questions this episode answers:

How did Kirk grow his pool business to 8 figures?
How can AI and automation help with workflow optimization?
What are the real-world applications of AI in traditional businesses?
How can business owners implement technology to manage real-time data?
What inspired Kirk to launch TorchPX and shift into consulting?

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Love it or hate it, I'd love your feedback.
Please fill out this brief survey with your opinion or send me an email at Nik@cofounders.com with your thoughts.
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This week we covered:

00:00 Introduction to High-End Pool Business
00:29 Welcome to Nickonomics
00:36 The Most Important Metric in Business
01:11 Meet Kirk Newcombe of Torch PX
02:19 From Tech to Pool Business
03:02 Challenges in Pool Business Operations
05:57 Tech Solutions for Business Integration
12:54 Custom Metrics for Business Efficiency
14:49 Decision to Start a Consulting Company
17:30 The Reality of AI in Technology
17:49 Challenges in Building Enduring Software Products
18:20 The Shift Towards Services in Business
18:26 AI's Role in Business Strategy
20:08 Introduction to TorchPX
20:36 Client Engagements and Roles
21:42 Building Custom Solutions for Clients
22:36 Acquiring Customers and Search Fund Experience
26:23 Reflections on Business and AI
29:18 Personal Insights and Advice
30:35 Conclusion and Final Thoughts

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