Tropical MBA: Entrepreneurship & Founder Lifestyle

#737 Business Basics: Revenue Durability, “Small” Goals, & High-Leverage Meetings

Jan 11, 2024

33:39

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In this podcast, Dan and Ian discuss the importance of revenue durability and investing profits to build business durability. They also share tips on how to improve the quality of meetings for higher productivity and higher yield. Additionally, they explore the concept of setting SMART goals and common blind spots for founders. The podcast also delves into the topic of creating revenue durability and building business moats, as well as benchmarking durability and improving cash flow.

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Quick takeaways

Investing in strategies to make revenue more durable, such as creating moats, developing network effects, and reducing platform dependency, can increase the longevity and value of a business.

Regularly evaluating and refining meeting practices and formats, such as considering who should attend, what the purpose is, and when it should take place, can lead to more productive and impactful meetings.

Deep dives

Creating Durability Around Your Business

It is important for entrepreneurs to invest in building durability around their business. This can be achieved by considering the different ways to make revenue more durable. Bill Gurley's article on revenue durability provides insights on how to create valuable and lasting revenue streams. The key lies in creating moats around the business and intelligently deploying capital towards pivots that increase durability. By reducing platform dependency, investing in brand, creating network effects, and implementing lock-in effects, businesses can make their revenue more resilient.

Introduction

4min

Evaluating and improving meetings for organizational growth

8min

Running Effective Meetings and Setting SMART Goals

11min

Creating Revenue Durability and Building Business Moats

5min

Benchmarking Durability and Improving Cash Flow

5min

Today Dan & Ian challenge you to consider: How durable is your revenue?

They’ll explore the concepts of profit now vs profit later, investing profits to build durability, network effects, marginal profitability calculation, and more.

But first, in some lighter conversation, Dan argues that setting smaller goals and reconfiguring your team meetings can lead to higher productivity and higher yield in your business.

Plus, the 6 principles to a high-leverage meeting learned from running millionaire masterminds.

Dan & Ian’s Stuff:
The Newsletter
“The DC”
DC Black
Global events
Hire remote talent
Find a remote job
Listen on YouTube
Follow on Instagram
@TropicalMBA
@AnythingIan

Show Notes

(00:00:43) Intro
(00:02:15) A strategy for higher productivity and higher yield in 2024
(00:03:29) Focus on three things: Who, what, and when.
(00:04:15) Make your meetings so good you could sell them
(00:10:08) 6 principles we learned from running millionaire masterminds
(00:11:34) Common blind spots for founders
(00:13:34) “I don’t know how to set goals”
(00:15:26) Specific, measurable, attainable, relevant, timely
(00:24:59) Are boring businesses as durable as they seem?
(00:25:54) Investing profits to build durability & adapt fast
(00:29:45) Profit now vs profit later

Links:

Past guests on TMBA include Cal Newport, David Heinemeier Hannson, Seth Godin, Ricardo Semler, Noah Kagan, Rob Walling, Jay Clouse, Einar Vollset, Sam Dogan, Gino Wickam, James Clear, Jodie Cook, Mark Webster, Steph Smith, Taylor Pearson, Tommy Griffith, Justin Tan, Matt Gartland, Travis Jamison, Ayman Al-Abdullah, Tynan, Lucy Bella Simkins, Brian Balfour, Nick Huber, Dana Lindahl, Anthony Fasano, Adam Palmeter, Carrie & Dave McKeegan.

Additional episodes you might enjoy:

How to Have Your Best Year $$$Wise Ever

Non-Obvious Ways to Grow Your Business + Favorite Moments of 2023

End-of-Year Brainstorming, Goal-Setting, and a Mexico Meltdown

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