Business Unscripted - Triumph Business Solutions
Welcome to Business Unscripted, the podcast where real business conversations happen. Hosted by Dave Worden, founder of Triumph Business Solutions, this podcast dives into the raw, unfiltered realities of running and growing a business. Each episode explores the struggles, strategies, and accountability moments that shape the journey of entrepreneurs and business owners.
With a mix of solo episodes, co-host partners, and guest appearances from other business owners, Business Unscripted offers diverse perspectives and actionable insights. Whether you're navigating challenges, seeking strategies, or just looking for honest conversations about business, this podcast has something for you.
Join us weekly as we tackle the unscripted moments that define success, all while fostering accountability and connection with our listeners.
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Business Unscripted - Triumph Business Solutions
Mastering Your Mindset: The Power of Positive Reactions
What happens when your carefully laid plans suddenly change? Do you spiral into frustration or pivot with purpose? The difference between these reactions often determines your success as an entrepreneur.
Dave Worden takes the helm solo in this compelling episode, sharing profound insights about the power we all possess to choose our reactions to life's unexpected challenges. Drawing from personal experiences (including a particularly memorable dog accident story!), Dave explains how the ability to respond positively to setbacks creates a competitive advantage in business and life.
The conversation explores the transformative concepts from Dr. Carol Dweck's work on growth versus fixed mindsets, offering practical strategies for shifting your thinking patterns. Dave shares a powerful question that can instantly stop unproductive worry: "Does worrying about this situation change its outcome?" This simple yet profound inquiry helps redirect mental energy toward actions that actually move the needle.
Beyond mindset, Dave delivers actionable business strategies including how to properly qualify prospects before booking calls, ensuring you spend time only with people ready to invest in your solutions. He breaks down essential KPIs every business owner should track, explaining how small percentage changes in metrics like gross profit margin can significantly impact your bottom line over time.
Ready to transform how you handle challenges and make data-driven business decisions? Subscribe now and join Dave and Dwarin's Triumph Mastermind program for daily support from entrepreneurs who understand your journey. What reaction will you choose when faced with your next business challenge?
Thank you for watching. Hey, hey, hey, good morning everybody. It's Friday, it's May 23rd, it's Dave Warden here with Triad Business Solutions and it's another episode of the Business Unscripted Podcast, but today it might look a little bit differently. It's just me, dward. I just found out a little bit ago Dward is under the weather, so you just get to listen to my voice all morning long and well, I hope you enjoy it. So typical business unscripted fashion.
Speaker 1:You know, when Dwarden and I get on, we maybe talk a little pre-show about some things that are happening in our lives, in our businesses, maybe some conversations that we had, and we kind of just go with the flow in the conversation. Well, which brings me to kind of the first thing that I thought about this morning and what I wanted to just kind of chat about, and that is like last minute sort of changes that kind of happen are inevitable, right, especially when you're a business owner or even if you're a leader of an organization or a management team. Things are gonna always change last minute, and there's there's a couple things that I that I really focus on myself when it comes to like last minute changes, and that is that you as an individual, um, we hold that power. Um, we hold that power to truly decide how we react to something happening in our lives. So if it is a last minute change, you know like typically you know being able to to have a great conversation with with a business partner in a podcast, versus oh, oh crap. Like I need to have a great conversation with a business partner in a podcast, versus oh crap, I need to have specific topics, so I know where I'm going with the conversation. And having to pull it, get together last minute, before you hit the go live button, some people would have freaked out, tried to get upset, get mad, which would lead and blend over into, hopefully, them continuing to decide to go forward with the podcast episode. Or some people would have just kinship it all together because they just don't like last minute change. And for yourself, where you have this power and I was just kind of discussing about was you have the true decisional power to react to a situation one way or another, instead of blaming the situation and then blaming the decision that you make from that change, you can actually make whatever powerful decision for yourself to move forward. And for me it was like oh OK, great, here's some ideas. Jot them down. Look back at last week's episode. What can we continue on and kind of go a little bit deeper on my aspect, using my experience? Ok, I'm ready to go.
Speaker 1:And it wasn't anything where I let myself get into a negative mindset and I shared an example of this on our previous podcast that we did with a couple of other individuals and it was about one of my dogs. Here's another example and I came home and they had, uh, had an accident and it was all over the place and it was one of those things where it was right before I had to start work. You know, it was like maybe 30, 15, 20 minutes, 30 minutes before I had to get onto a meeting with Dwarren and I could have easily let that affect my whole day. Right, because it was. I mean, it was pretty bad, like it was all over the place. And if you heard the story, you know, in the previous episode or the clips I put out, like it was bad and not only that, but while I'm trying to clean it up, like the dog had another accident because obviously they were sick and again, I could have just went into this whole negative. Why is this happening to me? Like this is the worst day ever, you know, and let it bled into the rest of my day. Sorry, my allergies are kicking my butt, so you got to deal with that as well. No-transcript.
Speaker 1:And you react to that situation differently and instead of saying my life is shit right, this day is going to be bad, you could say, hey, it can only get better from here. I'm looking forward to what, what's going to happen. And so, for the example you know that happened with my dog um, I was able to, you know, kind of push back my meetings because I had to, you know, clean everything up, but I was able to have a great sales conversation later on in that morning when other people would have gotten into a typical like negative mindset, maybe even canceled meetings, right, and they had lost out on that opportunity. So you this is the kind of the first thing that I wanted to kind of go over today and just kind of remind people on is that you truly do hold that power to react to anything that happens to you, no matter what you might feel. You have that power to react. And I speak this from personal experience Because, for me, I was that person who would get down into the nitty gritty and think the worst whenever anything were to happen.
Speaker 1:And so, for me, realizing that I did have that power, that I was able to truly control different situations, it was a game changer. And again, it's not something that you're going to, it's going to happen to you overnight. Don't, don't expect that Like. It's something that takes time, but recognize and make a shift. And the thing is sometimes especially as you're just getting started with this whole process it may take you a little longer to recognize when you're reacting in a way that maybe you shouldn't have and you want to improve it. But the point of this whole exercise and repetition is that you took the moment to recognize it and make that change. And as you continually do that, you're going to find that that change right. That change happens quicker and quicker every single time something happens to you, up until the point that most of your reactions are going to be opposite of where they were previously.
Speaker 1:And don't get me wrong, like we're all human, and myself included. So there are times when I still find myself not reacting positively or in a positive fashion, and I have to catch myself and I do, I do it. You can ask my fiance, you can ask other people. You know in my life that sometimes I may react in a way that is my old self, but I'm able to flip back quickly and make that kind of shift and that's all you're really focused on. So if you were to take a moment and you were to like think back, just think over this last week and do a self-reflection with yourself, have you and can you confidently say for yourself that the way that you react to not only positive situations because you could self-inflate yourself with positive information but when you look at the things that have happened to you over the last week, do you feel like you reacted to those situations in a positive way to keep you moving forward? And if you have it, this is your first step. Doing that self-reflection is that first step. It is that moment where you are going to kind of begin to shift your mindset and begin to change.
Speaker 1:And for myself you know I actually were packing up because I'm getting ready to, you know, kind of show my house but this book here, right, mindset by Dr Carol Dweck, this book and it's worn out, but I've already read through it like two or three times that book was really what began to change kind of my whole trajectory in my mind right. She talks about the differences between a fixed and a growth mindset, and a lot of people get stuck in that fixed mindset where they feel like this is what I'm meant to do, this is the only thing that I can do, versus having a growth mindset and realizing that we are ever evolving beings, we are ever learning, we are ever looking to be better versions of ourselves. And how you do that is to actively go out and seek education, seek new knowledge. And if you aren't doing that and you're just set in your ways and you're staying, you know of stagnant, then you're you're stuck in that fixed mindset that carol talks about. Right, you want to, you want to begin to shift yourself into that growth mindset, shift yourself into more of a, a growth you know kind of, you know focus forward, and it's going to ultimately have an overall impact on your mindset. So that's kind of the first thing that I was really thinking about today is you know, what am I going to talk about individually versus having a conversation? Because it is a dramatic change, right, when you're starting to talk about, like me, one-on-one with you right now, having this conversation, I have to have all the information right, I have to bring 100% of the content. I have to bring 100% of the content, I have to bring 100% of myself for you. And it's a different sort of planning structure than when you're planning to have a conversation with somebody, because you can play off of each other. You can and you've seen it in our episodes, right, we'll talk about something pre-show think we're going to go one direction and the show goes completely another direction, which is why it's unscripted, because Duarn and I can have a great conversation and play off of each other and when you just get me all right, you just get me and my thoughts. So I hope so far it's good.
Speaker 1:So, picking up from that segment, you have the power to react, that's it. You can react negatively, you can react positively, but ultimately you have that power to choose how you're going to react to a situation. Which then leads me into kind of the second thing that I was writing down and had a couple interactions this week around this topic and this is about worry. So if you find yourself and you're a big worrier, right, and you're somebody who, when something happens, even though it may not happen and it's off into the future, maybe sometimes even the distant future. You find yourself worrying about that entire thing as if it's about to happen to you today.
Speaker 1:This one question might actually help you, and that question is does you spending the effort and the time and the capacity of your mind to focus on the worry of that possible thing that may or may not happen in the future? Does that change the potential outcome of that thing in the future? So, for example, if you know that, let's say you just got a test result or something like that, or you got some information that says that let's say there's a 20 percent chance of something negative potentially happening, let's just say, six months in the future, is it worth your effort right to worry today and spend all your attention about that negative thing happening, potentially happening, versus just focusing on what's positively going on right now, because what happens right is that 20%, that means 80% of the time things are going to be positive. That outcome's not going to happen. But you find yourself worrying about the 20% and ultimately, what you do today will have no impact on that 20%. So what you find yourself doing if you ask yourself that question, like if I spend my time worrying on this specific topic does it change that outcome? And if the answer to that question is no, then stop worrying. And yeah, I know you're probably sitting here and you're thinking, dave, that's so it's easier said and done.
Speaker 1:But the idea of this question is that the question is supposed to reset you, because when you tell yourself, no, it's not going to change that outcome. Let me focus on the things that I can handle. So, whether it's in your personal life maybe it's, you know, if you're worrying, maybe it's causing you to have a negative attitude towards your relationships. Maybe it's causing you to have a negative attitude towards people in your life your friends and in turn, you're now causing harm or you're causing a distance between you and people who matter in your life, again because of things that are focused on the future. In your business, maybe that worry comes out in how you interact with your employees or your staff and now you're beginning to cause negative impacts of those things to people that matter to your business. Maybe it's a sales conversation that you mess up and that worry comes through it and you end up losing a sale and you end up losing a sale.
Speaker 1:So if you could ask yourself this one question, if you're a worrier, if you could ask yourself the question does me, worrying about this right now, change the outcome of what I'm worrying about? And if the answer to that is no, stop it. Change your mindset, shift your focus on what's positively happening and what you can do to control your future, and that's all that matters. Because so many times I've had conversations with people where they get caught up in the negative or the possibility that something so minute but negative is going to happen, that it's impacting them today. It's impacting them today and again, just as we talked about when it comes to the power of reaction, the power of being able to shift away from worrying comes with repetition. It's not going to be perfect the first time, it's not going to happen immediately from the first time that you decide that you're not going to stop worrying, but it comes with continually asking yourself the question is what I'm worrying about today if I spend all this energy is no stop worrying about it. It's truly not worth the effort.
Speaker 1:Plus, I'm a big believer in the universe. I am a big believer in this bigger mind kind of network that we are all a part of, and the more and more you put things out into that universe, the more and more the universe picks up on it for ourselves and begins to kind of bring it to life. So if you're always finding yourself focusing on the negative or focusing on woe is me. Well, the universe picks up on that. The universe will then begin to put all these things in place. You know, we are what we see in our mind, right, our reality is shaped by what we see in our mind and the thoughts that we have. So if you're seeing negative, you're only and you're only thinking negatively, you're only going to see negative. But if you see positive in your mind and you think positive thoughts, you're going to see positive things happen around you. It's just inevitable. And if somebody out there feels like they can prove me wrong, go ahead, try me. But the more and more you think positive thoughts, the more and more you're going to see positive things happening in your life.
Speaker 1:The more and more you think negative, the more and more negative things that you feel are going to happen to your life. But the problem is and here's the difference the people who think positively and have positive thoughts, when the negative thing happens to them, they don't focus on the negative, they focus on all right, what's positive. How can I change, how do I make a shift, and they react differently to that situation than the people who are thinking negatively. We could go into that. I could have this, this whole conversation. We can kind of go back and forth and talk different scenarios and you know different examples of this, but so I just wanted to kind of another one of those things that's really been hitting home for me this week, because it's ha.
Speaker 1:I've had a couple conversations on the, the worrying part of people's mind, and how, again that question, like I asked, like I asked that question, it was very impactful. It's like the worry that you're having right now, is it worth the time and is it going to change the outcome of the event or the situation that you're worrying about? If the answer is no, then stop worrying about it. That's all I got to say. So I'm going to take a moment here. Here's a. You know, take a break, time out. I guess you can call it from the, from the conversation.
Speaker 1:I just want to remind you guys, warren and I are revamping the Triumph Mastermind program and we're bringing that out to kind of bring daily you know, monday through Friday support for you all through our conversations, q&as, ways for you to drop in any time that you want to ask a question for support, to have somebody on your side. Because, all too well, I've had the conversations and I know from my own experience where, if you don't have the right support system around you as an entrepreneur, if you don't have a support system that understands the journey that you're on, the things that you're going through you know the struggles that you have every single day you're not surrounding yourself with the right people. You want to surround yourself with people that understand the journey that you're going through, understand the different things that you have to work on in your business to be a business owner, and they're not going to constantly tell you, hey, just go get a job, right. Or you know well, you know, I told you that it was going to be hard, right? They're not. They're not supporting you, right, they're not pushing you forward. You need a support system that's going to push you forward and that's exactly why Dorn and I wanted to bring you all kind of open, everyday support so that, as you're going through different things in your business, you are able to ask a question, whether it's in WhatsApp, whether it's in the community, whether it's in the daily Q&A sessions that we're going to have for everybody.
Speaker 1:The idea here is that you're surrounded yourself by people who are on your same journey, that are looking to kind of everybody level themselves up, and the idea here is that we have the founding members that are opened up right now. Again, we'll have some information down in the description below with a link for the founding member benefits and if you're a founding member, you get lifetime discounts and for the first few founding members, this means that you only have to invest $59 a month to get all the support. You get me talking about finance, strategy, oversight, executive leadership. You get Dwarin talking about automations, SEO, website information, crm information, but the idea here is we're also going to be bringing in people to talk about different aspects that are impactful to people's businesses as well, whether it is somebody who is more in the mindset space, already had a conversation with somebody, to bring somebody in about that or other areas of your business. The idea is that we're going to bring people to further and continually support you. So if you want to be a founding member, after the episode we're going to add some information down below for you to get in Again, $59 a month for founding members. We'll have that information out there for you. If you have any questions on it, shoot us an email, shoot us a comment down below. We will help answer any questions. But that is the advertisement portion of the podcast today, bringing it back.
Speaker 1:So one of the other kind of conversations I've had recently with a lot of kind of clients is and we talked about it last week in the podcast about outreach right and how do you manage your outreach effectively and are you doing your outreach at the proper time? What I wanted to kind of add on to that today is that not only are you outreaching people, but are you then having the conversations with the proper people? So are you qualifying the individuals who you're talking to to make sure that you're spending your time appropriately? And so how do you actually then like, how do you go about qualifying it? And the first one excuse me, I can blow my nose yeah, the number one thing that you need to do is in that first initial conversation is just find out, like, depending on where you're talking to them, whether you're talking to them on social media, you're meeting them at a networking event, are they in a business that you're working with? So is it, within your niche, your ideal client profile? Are they big enough? So you may find that you only want to work with companies that are $250,000 or more.
Speaker 1:So, throughout the conversation, learning a little bit more about themselves and their need, maybe they have a need that you can help them solve. Ask them about, let's say, for example, you are automation development, just asking about their strategies. And do you have current focus or do you have current automations built out in your business? How are they working? Are they even focused on right, the strategy or the industry that you work in Right?
Speaker 1:So, like bookkeeping and finance, you know, hey, tell me a little bit more about your, your financial team and your financial strategies. Some people may not even have financial strategies in place. You know, and it's like you know, and then you can kind of dive a little bit deeper. Now you know that that person is potentially qualified, depending on your specific scenario in your industry. If you're marketing, hey, tell me about your marketing strategies. What do you guys do for marketing in your business? And then, once they say, if they say, yes, we have a current marketing strategy, or yes, I currently have an outsourced bookkeeper, do you feel like there might be room for improvement or what's been working well with it, and then, once they tell you what's been working well, say well, is there anything that maybe you feel like you might still need to support you in that arena, like whether it's marketing or automation or whatever it ends up being?
Speaker 1:This allows you to begin to qualify people. Once you've identified them whether it's through like DM conversations or whether it's through a conversation at a networking event you're like this is somebody who is either going to be a prospect for me, right, so they're going to be, you know, somebody that you could potentially work with, or they could be a potential partner. Now you want to ask them and book a call and on your call booking, this is where you further qualify them even more, and a lot of people miss this opportunity. They just go to like a Calendly or they go to whatever ones are out there, right, whether it's a high level calendar builder, et cetera, and they just go with the standard form hey, give me your name, phone number, email Okay, tell me a note box, note box okay, book your book, your time.
Speaker 1:Well, what I found when I first kind of really got into networking like high powered like networking, like last year, um, and I was booking all these 101s because I was going to unalignable um, which I'm a bad and an ambassador for. They have smart connects, and smart connects are these events where you basically it's like speed dating for networking, right? So you go into this hour-long meeting and you get paired up one-on-one with people for like seven minutes and then you go back and get paired up with somebody else. Well, what I was doing from there was I just thought, hey, it's quantity, right out there, just book a call, follow a call with everybody, and a lot of the people were not qualified for my service and so I was wasting a lot of my time.
Speaker 1:So what I started doing from there was now I'm starting to qualify people, so I have a specific form with extra questions that ask them specific questions and, based on how they answer, it tells me one, a little bit about the information when I go to have a conversation with them. But two, if they're not ready to invest, I'm not going to waste my time on that conversation. If they're a potential prospect, right. So if it's somebody that I want to work with or somebody that you know meets my ideal profile for my clients, but they answer the question no, I'm not ready to invest my minimum investment, then I just direct them to an automation that sends them you know. Hey, by the way, you know right now I apologize, like we're both, like we are only talking with people who are ready to invest. But but here's a couple of resources for you. When you're ready to, you know, possibly have a conversation and you're looking to make a change in this, you know area, let's book another conversation and then they get added to my long-term sort of drip campaign.
Speaker 1:But the focus here is that you are now only going to be people who are booked on your calendar. They're booked on your calendar because they are ready to invest. They are ready to make a change in the area at which you can serve them. And now you can go into every conversation with your best approach, knowing that they're ready, right, they're ready to invest in you if they feel like your solution. You still got to be on your A game. You still got to show them the A game. You still got to show them the gap from where they are to where they need to be and how your solution could possibly get them there.
Speaker 1:But let them do all that persuading. Let them tell you where they're at, let them tell you where they want to be and help them persuade themselves that there's a large gap between where they are and where they need to be. But it all starts with qualifying. You need to qualify the people that you're having conversations with, but a lot of people don't do it. They just say, hey, I have a calendar, like here, go ahead and book, because I just feel the more conversations that they have, the more business they're going to do, and ultimately it doesn't come down to that. Right, the more business they're going to do and ultimately it doesn't come down to that. It comes down to only talking to qualified people on your calendar and then using your time wisely.
Speaker 1:So, as we talked about last week in the podcast, are you spending the hours between like, 7.30 and 5.36 pm? Are you prioritizing the actual activities that are going to get you the best results, whereas those hours should be focused on your outreach efforts? Those hours should be focused on talking to your ideal client profile, especially if you're B2B. If you're B2B, those hours are where you should be spent going out talking to business owners because they're in their business at that point. Right, they're there, they're working as well.
Speaker 1:Now, if you're b to c, well, gotta think of okay, I should maybe focus all my time and attention on talking to customers, right clients during those business hours, because they're probably at work. So they're not going to be looking at their Facebook page, you're not going to be responding to text messages or phone calls because my clients are at work. So now your outreach efforts needs to happen, maybe from like five to eight right after work. That's where your individual outreach time should come from. So, determining right, what type of business are you if you're B to B or B to C and making sure that you're doing those outreach efforts right at the at the correct time. You're doing those outreach efforts when your target profile, right, your target individual, is active. Um, that's the most important effect, that's going to be the most important aspect of this whole area. And then qualify, qualify, qualify, qualify Cannot say it enough Qualify the people you're having conversations with, qualify. You know the time that is on your calendar and you will begin to see an improvement in not only the conversations that you have, but you're going to be able to see an improvement within your business as well, just by starting to qualify people on your calendar.
Speaker 1:The next kind of thing that I was writing down was based on a conversation I had earlier this week with a client as well and a lot business owners right that I've that I've talked to, and many people to kind of piggyback on last week's topic of the cash flow projection. So many people don't understand their kpis in their business and what I mean by this is not only financial but like other KPIs within their business, and it's mainly because they're not tracking the data and, as, as a saying goes, you know what. What gets tracked right, you know gets, you know what. What gets tracked is actually what gets monitored and what gets changed. So if you're not tracking your finances, you're not tracking your outreach attempts, you're not tracking number of qualified conversations you're having, you're not tracking the number of proposals or sales conversations you're having, you're probably underperforming. I would say safe bet that you are probably not where you're at in your business if you're not tracking that stuff more often than not. So track data and determining, like when you think of KPIs.
Speaker 1:The idea with KPIs is that it's not about quantity of KPIs, because, especially if you're a smaller business, you don't have a lot of excess time Because you especially if you're a smaller business you don't have a lot of excess time. The idea is to track KPIs that matter I don't even know if that's a word matter the most and make the biggest impact on your business. So, thinking through number of conversations that you started this week, thinking through number of proposals that were sent out, what is your, your CAC this week, right? So your acquisition costs? What is your lifetime value? Those are great KPIs to monitor because by understanding how much it costs to acquire a customer versus how much a new customer is worth to you, those mean a lot to your bottom line.
Speaker 1:Speaking of bottom line, what is your gross profit margin? So, every time you sell a service or you sell a product, what is the net number that comes into the business? So, for example, if you sell a thousand dollar service, the business. So, for example, if you sell a thousand dollar service, you're not getting a thousand dollars as a business owner. If you have $250 worth of costs that go out every time that that thousand dollar service is sold, you're only getting 75% right, or $750. So your gross profit margin on any new sale of that product is 75%. It helps you begin to generate the idea of.
Speaker 1:Okay, if I want to make, if I want to see $100,000 of improvement, and by bottom line, what do I need? Right, what do I need in gross revenue in order to make that happen? And so what you do is you would take the $100,000 and then you would divide it by the 75%, and then it tells you that you, you know, we just do a quick calculation here, blind fog. So you know we take $100,000, divide by 0.75. Means you need to do about $133,333 of gross revenue increase to increase your bottom line by a hundred grand with a 75% gross profit margin. So you begin to see how knowing that number can help you plan, help you project, help you go forward with your business and make better business decisions.
Speaker 1:And then the next sort of KPI to track is then your net profit margin, right, are you? You know, out of every dollar that you make, what's your average? And typically you know good business is going to be around eight to 10%. Some are, you know, more, at 20%. You know some retail establishments that are bigger operate on margins that are like 1% to 3%, but the idea is that they're at scale, right, they're focused on quantity. And then taking that 1% or 3% of you know 100,000 items every day, versus us as smaller business owners, trying to get more of a 10% to 20% margin on our services because our quantity is less right. We're not doing as much as those bigger box stores. But by understanding your net profit margin now you could also understand.
Speaker 1:Let's say, on that same $1,000 product, yes, you're going to get $750 that come in to cover overhead costs, but your net profit is maybe 15%. So when you sell a thousand dollar product, you're going to see in your bottom line $150 added to it. Right, which means in your pocket at the end of the day you're going to get $150 more. Let's say that's every month in your pocket after you pay for other expenses that are going up. Long story short, that's the easiest way to monitor it.
Speaker 1:And then what you do is you track it over time. So now track it every month. So at the end of every month, what's your gross profit for the prior month? Was it higher or lower, equal to what your budget gross profit margin is? Let's say it's 75%. So maybe one month it's 80, then it's 85. Okay, great. What happened in those months that made it better? Next month it may go down to 70 or 65%. What happened? Maybe you got a price increase, but by monitoring that you can begin to make better decisions moving forward.
Speaker 1:So, if you identify that you had a price increase from a vendor immediately and you see that your now future gross profit is only going to be 70% or 68%, but you don't update your projections and you always have this in your mind that you're at 75%, you're going to lose $70, $ 80 every month per person that you sell that thousand dollar product to. That you're like. And at the end of 12 months you're like well, wait a minute, I just sold 10 of them. I had two, two new clients at a thousand dollars a month, right, and and I and I did it for a year. You know why am I off seven grand and you see how, like, the small shift of small percentages over time can be large numbers.
Speaker 1:And here it's because, in that scenario, you lost seven thousand dollars because you didn't adjust your price accordingly and you had this wrong, outdated gross profit, which is what you based all your decisions on, when, in reality, if you were monitoring it and you were tracking it on a monthly basis, you'd be able to make that adjustment moving forward and either decide okay, I'm going to leave it the same, but I'm going to adjust my gross profit estimations going forward, or I'm going to increase my price, maybe 5%, to cover that, and then now your gross profit is still going to be the same, so that you on the back end still get the same amount of money. And that as a small, medium-sized business owner, like those small percentage differences between what you think your gross profit is versus what it actually is, those truly can make or break your business. I had this conversation before with multiple clients where we have looked at what they're making, let's say, from a monthly job. They think that it's great because it's a good dollar amount. So they're like I'm getting $2,000 a month from this client Great. But when you come to figure it out, it requires, let's say, 40, 50 hours a week from staff and you're paying that staff, you know, $10, $15 an hour. Well, quickly that $2,000 is gone and so many times I have actually found that they're losing money every single month by keeping that client, by keeping that account, because it's requiring so much out of them and they're not getting that return. It was eye-opening to people. When they see this, they're like I never even I just thought two grand a month, like things are supposed to be good when you make two grand, but they don't budget, budget it out. And so once you begin to look at these data, this information, differently, you can make better financial decisions.
Speaker 1:So look at your kpis like what are you tracking? And if you look at your self-reflection moment right now, if you look at your business and you're not tracking anything, you're not looking at any KPIs. Well, this is going to be your problem. You know you need to make a change. You need to start. You need to like right now, over the weekend or right after you listen to this video, you need to look at your business and say what do I want to start tracking? Pick four to five to start, and if you want the ones that, I would say it's the ones that I was just talking about. Right, so what's your net profit, what's your gross profit? What's your customer lifetime value, what's your cost to acquire a new customer? And then, how many conversations, meaningful conversations, are you having every single week? Track those KPIs and those are going to be the first pieces of information and data that will have a true impact on your business. Because, as I said it before in other conversations, if you're not having conversations with your ideal client profiles, you're probably not making sales, because every sale starts with a conversation. Just my two cents.
Speaker 1:Again, I hope you got something out of the episode. We talked a little bit about mindset. We talked a little bit about KPIs and tracking and qualifying your people that you're having a conversation with and how you could do that effectively and begin to make shifts. If you have a question, always drop it down below, give a comment, shoot us an email. We want to help you. That's why Dwarin and I started to do this podcast, not only to keep ourselves accountable to things that we're doing right in our business and strategies and things and conversations and impacts that we've had and we've seen, but to provide you all with more information and hopefully you can learn from maybe some of our mistakes or some of the things that we've been able to do, that you can learn and do a little bit more in your business as well. So if you made it this far, we love you. I'm glad that you're here.
Speaker 1:If you have any questions, drop it below. If you want a question for a future episode or you want a topic for a future episode. Drop it as well. Just say, hey, I've been thinking about this question. We'll bring it up in a future episode. We'll talk about it, we'll go back and forth with it. We'll let you know what we're going to be talking about as well. But I look forward to see you everybody in the next one. Dwarren, if you're watching this video, my friend, I hope you're feeling better. I know you're under the weather today and I hope you get some rest. And until then, everybody, I hope you have a great, wonderful week. Keep pushing forward. You know that momentum, right Consistency is key. Keep moving forward, step by step. You're going to make it. You're going to see the improvements, as long as you continually make the effort for yourself. I hope everybody has a wonderful and amazing day. I look forward to seeing you all in the next one. Have a good weekend.
