The secrets to building a thriving small business w/ Donald Miller
Nov 7, 2023
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Donald Miller, author of 'Building a Storybrand' and 'How to Grow Your Small Business', shares his 6 steps for building a thriving small business. They discuss executing a growth plan during uncertain times, focusing on offer and marketing messaging, taking action and breaking down complexity, reverse engineering success, curiosity to learn, transforming statements into questions, and the six areas of improvement.
Optimizing leadership, marketing, sales, product optimization, overhead and operations, and cash flow management can lead to massive business growth.
During uncertain times, having a growth plan in place by sharpening marketing messages, sales processes, and focusing on economic objectives increases the chances of small businesses staying afloat or thriving.
Deep dives
The importance of understanding the six key areas of business
Understanding and improving the six key areas of business can lead to massive business growth. By optimizing these areas, small businesses can scale and thrive. The six areas include leadership, marketing, sales, product optimization, overhead and operations, and cash flow management. Each area plays a crucial role in the success and profitability of the business.
The need for a growth plan in uncertain times
During times of uncertainty, such as recessions or economic disruptions, retreating is not the optimal strategy for small businesses. Instead, having a growth plan in place can be crucial for survival and even growth. By sharpening marketing messages, sales processes, and focusing on three economic objectives, businesses can increase their chances of staying afloat or even thriving amidst economic challenges.
The danger of prioritizing identity over offer
Many small business owners often prioritize brand identity and their business's visual appeal over their actual offer. This can lead to a bloated overhead and a lack of profitability. Instead, it is essential to focus on creating a compelling offer that provides value to customers and generates revenue. By understanding the problem you solve, what customers are willing to pay for, and how to communicate your offer effectively, businesses can increase their chances of success.
The power of simplicity and action
Donald Miller emphasizes the importance of simplifying complex concepts and taking action. Rather than getting caught up in perfectionism or waiting for the perfect plan, it is crucial to take action and iterate along the way. By focusing on a detailed growth plan, identifying key objectives, and consistently making progress, businesses can achieve significant results and increase their revenue.
Building your small business will come with many challenges. And unfortunately, many small business owners crumble under the pressure. Economic conditions, external factors, and market changes are all things that can threaten your business at any time. If you're not prepared to weather these storms, they can ruin your business before it even gets off the ground. It doesn't have to be this way. In fact, many small business owners have built their business in a way that protects them from these types of issues. Some even thrive during trying times. The question is, how can you build a business like the ones that seem to grow even with all odds agains them? That's exactly why I decided to bring Donald Miller onto today's episode. Donald is the author of many popular books like "Building a Storybrand" and his recent book "How to Grow Your Small Business". In today's episode, he shares his 6 steps for building a thriving business in today's time. That's episode is chocked full of value. So if you're a business owner, or plan to start your own business one day, this conversation with Donald will do more for you than getting an MBA. In today's episode you'll learn: - Why Donald decided to write his new book on small business now. - His 6 steps to build a thriving small business. - How Donald applies the 6 steps to his own thriving businesses. -And much, much more. Enjoy!
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