Recently, I was asked, “What are some of the biggest lessons you’ve learned in business?” Fortunately I was able to give this person an answer on the spot, based on my experiences from the last five years alone. And through that conversation, I realized that I should share these lessons with all of you, in the hopes that it might help you on your own journey.
No matter where you are on your entrepreneurial journey, I think that these lessons will provide tremendous value for you going forward.
5 Business Lessons in 5 Years:
1. Why Businesses Exist
In another blog post, I shared the two purposes of a business. The first reason they exist is to solve a problem, and the second is to create an outcome in the marketplace. When you boil down any business, you’ll see that they’re viable because they’re meant to solve problems. Innovation doesn’t exist otherwise. After all, “Necessity is the mother of invention.”
On your own journey, it’s important to consider what problem you’re trying to solve. And after that, determine what result you’re looking to create. What role does your business have in the marketplace?
2. The Value Ladder
If this is your first time hearing the term “value ladder,” it’s really a way of explaining the ways in which you can provide value to your customers while they’re on their customer journey.
If you have one product or service that creates value for your client, the next step is to consider what they’ll need after that product. And after that gives them a result, what’s next? Once you have customers, you want to anticipate their needs so that you can continue to serve them.
This is a difficult part of business that even I am working to improve. Building this value ladder is a continuous job that’s always changing—for example, COVID-19 has changed the landscape of problems clients face. What they needed a few months ago is different from their needs today. And without this ladder, or customer journey, you don’t really have a business, you have a product.
3. Distribution Systems
If you study some of the most successful businesses out there, you’ll see that they have a distribution system in place. Take Starbucks—their distribution system is their storefront, in which they can produce their product and sell merchandise. An online business may use an email list, or CRM, as their distribution system.
Basically, it’s a system that helps you get your products and services out in front of your dream prospects. It’s limited only by your imagination. And what’s more, you can partner with other people to take advantage of their existing platform.
The Dream 100 Strategy is one way of achieving this, and has been personally helpful for my business.
4. Make Your Client the Hero
On the Hero’s Journey, it’s important to step back and place your client as the Hero. Their results are what matters, and in your relationship with the clients, you’re actually assuming the role of the Mentor. Businesses who have successfully done this are ahead of the game.
When you remove your ego, the part of your message that says—“I’m great, I can do all of this for you!”—you actually create more trust. Instead, shift your focus to, “My customers are amazing, they’ve created these results!”
You’ll notice that through this shift, you’re more likely to find success because you’re establishing a relationship in which you can guide others to their personal success.
5. Focus on Results
This last lesson echoes the sentiment of the first lesson. We’re in a results economy. Businesses that only offer products may not have lasting power. To survive going forward, you can’t merely have products. You have to be results-oriented if you want to stand out.
Take a look at the problem that you’re wanting to solve, and from there make sure you have an understanding for how you can deliver results to your customers. If you do have a product, consider what you can do to supplement that product in a way that helps the client get real results. This strategy will set you apart.
If you’re on your journey to entrepreneurship, I hope that you find some inspiration in these lessons I’ve learned. I’m thankful for the support and encouraging words I’ve received over the last few years. Thank you for spending your most valuable resource, your time, with me. And as always live your freedom, live your legacy today, on your own terms.
And if you’re interested in learning more about Cashflow Investing, I’ve compiled 21 Basic Cashflow Investing Strategies. For more than two decades I’ve studied millionaires and billionaires, and interviewed over 500 successful investors and wealth experts. You can grab the 21 Cashflow Investing Secrets here.
Live your Freedom, Live Your Legacy, On Your Own Terms,
M.C. Laubscher is a husband, dad, podcaster & Cashflow Specialist. He helps business owners and investors create, recover, warehouse & multiply cashflow. You can learn more about exclusive cash flow strategies in M.C.’s new video series at https://www.yourownbankingsystem.com/
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