June 23, 2025 • 48 mins
We expose the hidden epidemic plaguing successful business owners: the confidence crisis that leads to poor decision-making, procrastination, and missed opportunities. You'll discover why intelligence and experience don't guarantee good business decisions, and learn the "Confident Decision Framework" that eliminates second-guessing and accelerates profitable growth. This episode reveals strategies your competition isn't using to build unshakeable confidence in their business choices.
Powerful Business Strategies is broadcast live Mondays at 12 Noon ET Music on W4CY Radio (www.w4cy.com) part of Talk 4 Radio (www.talk4radio.com) on the Talk 4 Media Network (www.talk4media.com). Powerful Business Strategies is viewed on Talk 4 TV (www.talk4tv.com).
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Powerful Business Strategies is broadcast live Mondays at 12 Noon ET Music on W4CY Radio (www.w4cy.com) part of Talk 4 Radio (www.talk4radio.com) on the Talk 4 Media Network (www.talk4media.com). Powerful Business Strategies is viewed on Talk 4 TV (www.talk4tv.com).
Powerful Business Strategies Podcast is also available on Talk 4 Media (www.talk4media.com), Talk 4 Podcasting (www.talk4podcasting.com), iHeartRadio, Amazon Music, Pandora, Spotify, Audible, and over 100 other podcast outlets.
Become a supporter of this podcast: https://www.spreaker.com/podcast/powerful-business-strategies--6198916/support.
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Transcript
Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 1 (00:00):
The topics and opinions expressed in the following show are
solely those of the hosts and their guests and not
those of W FOURCY Radio. It's employees are affiliates. We
make no recommendations or endorsements for radio show programs, services,
or products mentioned on air or on our web. No
liability explicitor implies shall be extended to W four CY
Radio or it's employees are affiliates. Any questions or comments
should be directed to those show hosts. Thank you for
(00:20):
choosing W FOURCY Radio.
Speaker 2 (00:27):
Welcome to Powerful Business Strategies, where you will find out
that everything you have ever learned about growing your business
is wrong. Finally, a show where you'll learn the right
way to grow your business by learning business and financial
strategies that your competition isn't doing. And now here's your host.
(00:47):
President of NeXTSTEP CFO Michael Barbarita and joining Michael for
today's show as an executive moderator is chooky obia.
Speaker 3 (01:00):
Yes, yes, yes, this is schukin. I believe that gratitude
is undefeated and growth is about the next step. It
is an honor for me to collaborate with my good
friend Michael. Michael, how are.
Speaker 4 (01:14):
You fantastic, chekey, so at Chicky said, My name is
Michael baberta president of Next Step CFO, and next Step
CFO is a fractional CFO and strategic im limitation firm.
Business owners hire us to double and triple their profit
using business and financial strategies that their competition isn't doing,
and our vision is to ensure overwhelmed business owners achieve
(01:36):
consistent profits that lead to time, freedom to build a legacy,
and live the life they design. Our mission is dedicated
to guiding small business owners to leveraging their time, exploding
their profits, and building a meaningful legacy. You know, this
show powerful business Strategies in our book of the same name,
is a step toward accomplishing that vision and mission. So
(01:57):
with that'd like to hand it back to my co
author and moderator for the showy Obia, Michael.
Speaker 3 (02:03):
It's funny. So look, I'm feeling very energized by today's
episode because we are discussing a topic that I would
say it's near and dear to a lot of business
owners and the psychology behind that. So the title for
today's episode is the confidence Crisis. Why smart business owners
make poor decisions and how to fix it. So really
(02:24):
enthralled by the insights that Michael's prepared. So look, folks,
quick disclaimer, Michael and I are both affiliated with a
number of different organizations, and I currently serve as a
managing director of business development for Better Price, a global
business focused law firm. In addition to that, it's truly
an honor to collaborate with Michael to moderate these business
(02:45):
roundtables that we do really coast to coast, and we
document the insights from these roundtables as part of our
book called Powerful Business Strategies. Please note that the views
expressed on this show are personal views based on those
successful experience is with the roundtables and beyond and look,
my mission as the fearless moderators to ask the right
(03:06):
questions to help you the listener, learn the best strategies
that the competition isn't doing. With that, back over to Michael.
Speaker 4 (03:14):
Thank you, Jicky. So, I want to point out that
we decided to expand on last week's show about decision making,
so a's kind of a public service warning. There is
similar content, but there's also an expansion of that content
in this show. So I wanted to point that out.
But I want to stop. I have a question for you. So,
(03:34):
what's the difference between a business owner who confidently makes
million dollar decisions and one who agonizes over a five
hundred dollar purchase for weeks. Well, it's not intelligence, it's
not experience, and it's not even how much money they
have in the bank. It's something more fundamental, and it's
costing most business owners hundreds of thousands of dollars in
(03:56):
missed opportunity every single year. So today we're going to
expose the confidence crisis that's secretly sabotaging even the smartest entrepreneurs.
And I'm going to give you the exact framework that
transforms hesitant decision makers into confident business leaders who consistently
make profitable choices. And if you've ever fouled yourself paralyzed
(04:21):
by a business decision, questioning your instincts or watching competitives
seese opportunities while you deliberate, this episode will change everything
for you. So let's dive in. So I want to
start with a story that might sound familiar. David owns
a successful construction company. He's been in business fifteen years.
He's got twenty employees, generates about three million in annual sales,
(04:43):
and by any measure, David is successful. But here's what's
happening behind the scenes. David spent three weeks agonizing over
whether to invest fifteen thousand dollars in a piece of
equipment that would save his company in a year. So
three weeks so while he was deliberating, his main competitor
(05:05):
bought similar equipment and started underbidding him on projects.
Speaker 3 (05:09):
That is fascinating, Michael, I mean, oh wow, So look,
what do you think was really holding David back from
taking that leap of faith.
Speaker 4 (05:18):
Well, it certainly wasn't the money. David had the cash,
it wasn't the math, the ROI was pretty clear. But
what David was experiencing is what I call confidence crisis,
and it's an it's an epidemic among many business owners.
So here's what most people don't understand confidence in business.
(05:39):
It isn't about feeling good or being positive. Business confidence
is the ability to make decisions quickly and decisively based
on sound information, even when you don't have all the answers.
And the problem is that most business owners have been
conditioned to overthink every decision and taught that good business
(06:01):
people are cautious that they analyze everything to death and
that they never take risks. And this is just not
the right way in today's fast moving economy. The biggest
risk is not taking risks. The biggest danger is not
making decisions quickly enough. While you're analyzing your competitors, I'm sorry,
(06:23):
While you're analyzing your decision making, your competitors are acting,
while you're researching, opportunities are disappearing. And I see this
Christ's confidence crisis manifesting essentially in three what I call
devastating ways. First that analysis paralysis. You know, business owners
(06:45):
get so caught up and gathering more information that they
never actually make decisions. They research and research and research,
but they just never pull the trigger. And second is perfection,
and perfection is some procrastination where they wait for the
perfect solution, that perfect timing, the perfect circumstance, But the
(07:08):
truth is perfect never comes. Good enough implemented immediately beats
perfect implemented too late every single time. And third comparison confusion.
They look at what other businesses are doing and second
guess their own instincts. They see competitives trying something new
(07:29):
and panic thinking that they would that they should do
the same thing. Even if it doesn't fit their business model.
Speaker 3 (07:36):
I think a lot of our listeners are curious about this.
So what's the cost of this confidence crisis for the
typical business owner?
Speaker 4 (07:43):
Yeah, it can be staggering, chiki. So let me give
you a quick example. The average business owner that we
work with is probably missing out on at least two
hundred grand and annual revenue because of poor decision making.
Not bad decisions either you know, or you know, slow
decisions or no decisions at all. And if you think
(08:04):
about it, while David was debating about the fifteen thousand
dollars equipment purchase, he lost three projects to his competitor.
And these three projects where there were seventy five grand that
would turn into twenty two thousand in profits. So his
three weeks of indecision caused him nearly five times the
price of the equipment that he was worried about buying.
(08:25):
And here's the real kicker. After implementing the confident decision framework,
David not only bought the equipment, but he also invested
in two additional pieces and expanded into a new service area,
and his revenue increased by about two hundred grand in
the following year.
Speaker 3 (08:43):
That's an incredible transformation. Michael Wile, can you give us
a little preview on what this Confident Decision Framework looks like.
Speaker 4 (08:52):
Sure, So, the framework has four core components, and I'll
break those down in detail throughout the show today. But
first is what I call the seventy two hour rule.
Second is the eighty percent information principle, Third is the
cost of inaction analysis, and fourth is the minimum viable
(09:13):
decision process. Now, these four elements, they actually work in
concept to eliminate the confidence crisis and transform any business
owner into a decisive leader who can consistently make profitable choices.
And so we're going to dive deep into each one
of these today and I'll guarantee you that by the
end of the show, you'll have a completely different approach
(09:34):
to business decision making. So let's dive into that first
component that I talked about in the Confident Decision Framework,
and that first component is the set what I call
the seventy two hour rule. And this is really something
if you could commit to, will change the game in
your decisions. And it directly contradicts what most business experts
(09:56):
will tell you because traditional business advice says to take
your time, gather all the information, sleep on it. And
this approach might have worked in nineteen eighty five when
business was a lot slower, but it's literally business suicide.
In twenty twenty five. Markets move too fast, opportunities disappear
(10:19):
too quickly, and opportunity and competitives are just too aggressive
for slow decision making. The seventy two hour Rules states
that any business decision that takes longer than seventy two
hours to implement should should be made. It should be
made within seventy two hours. So notice I didn't say
implement it, I said decided. So here's here's why this works.
(10:43):
So most business decisions are reversible. You can try something,
measure the results, and adjust. The few decisions that are
truly irreversible, like selling your company, are certain employee decisions.
Those deserve more time. But ninety five percent of business
decisions can be tested, modified, or completely reversed if they
(11:06):
don't work out. That's a beautiful thing.
Speaker 2 (11:09):
You know.
Speaker 4 (11:09):
We talked about testing a lot, and it's one of
the best pieces of ammunition a business owner has. They
can test everything. So let me give you a real example.
A restaurant spent two months debating whether they add delivery service.
So two months, that's an annoyed period of time. During
(11:30):
those two months, by the way, three competitives launch delivery
and watch, they watched potential customers ordering from them instead.
And so when he implemented the seventy two hour rule,
he decided within seventy two hours to test delivery with
just dinner service just Thursday through Sunday, just within a
(11:50):
three mile radius. And it was it was a minimum
viable decision that he could implement quickly and adjust based
on the results. Well, the test happened to be successful,
so he expanded to lunch, excuse to lunch, increased the
delivery radius. But here's the key. Even if the test
had failed, he would have only lost a small amount
(12:10):
of money and gained valuable market intelligence. So instead of
two months of analysis paralysis, he had two weeks of
real market.
Speaker 3 (12:18):
Dare Mike was interesting, right? You know, I can already
hear some listeners thinking, wow, I mean, but what if
I make the wrong decision quickly? I mean, how do
you address that concern?
Speaker 4 (12:28):
Well, that's exactly the right question so to me, and
it reveals the fundamental misunderstanding about business decision making. Most
business owners are trying to make the right decision, but
that's the wrong goal entirely. The goal is not to
make the right decision. The goal is to make decisions right.
And there's a huge difference. Making the right decision applies
(12:51):
there's one perfect choice and if you just analyze long enough,
you'll find it. Well, that's a myth. In most businesses situations,
there are potential, multiply multiple potentially successful paths, and the
key is picking one and executing it brilliantly. So making
decisions right means having a systematic process for making choices quickly,
(13:18):
implementing them effectively, measuring the results, and adjusting course based
on what you learn. And he's a perfect example that
I mentioned last week Netflix when they decided to shift
from DVD by mail to streaming. Was that the right decision? Well,
we know now that it was, but at the time
(13:40):
it was highly controversial. Many investors thought it was a mistake,
and some customers were actually furious. But Netflix didn't wait
until they were one hundred percent certain that this raming
would work. They made the decision based on the information
they had, and they implemented it decisively. They measured customer response,
and they adjusted their approach on what they learned. That's
(14:04):
making decisions right, not making the right decisions. So now
let me share the second component, the eighty percent information principle.
This principal state that you should make decisions when you
have eighty percent of the information you think you need.
Got one hundred Why eighty because the last twenty percent
of information usually takes eighty percent of the time to gather,
(14:26):
and by that time, you know it's a lost opportunity.
And so I worked with a client who wanted to
expand into new market. He spent four months researching demographics, competition,
local regulations, customer preferences, just about everything you can think of,
(14:47):
and by you know, that was admirable. But by the
time he finished his research and felt he was ready
to move, two competitors had already entered that same market
and captured most of the early adopters. And here's what
we should have done. We should have gathered the essential
eighty percent of information in two weeks, made the decision
to test the market with a small pilot and learned
(15:10):
that we're amanding twenty percent through actual market experience through
the testing. So the information you get from real customers
spending real money is infinitely more valuable than theoretical research.
Speaker 3 (15:21):
I could not agree more with that. Now, Michael, look,
this is really challenging conventional wisdom, and that's part of
what we do here in the show. Right, Can you
give us a practical framework for determining when we have
that crucial eighty percent of information?
Speaker 4 (15:37):
Yes, well, here's here's like a little eighty percent information checklist.
You're ready to decide when you can answer these five questions?
Number one, what is the worst case realistic scenario? And
can we survive? Notice I said realistic not possible. It's
(15:58):
realistic that you know, it's realistic that a medior can
hit your business, but it's not realistic. So Two, what's
the best case scenario? Realistic scenario that is, and it
isn't worth pursuing. Again, realistic is the key. You could
theoretically become the next Amazon. But what's realistically achievable in
the next twelve months? Three? What would be different if
(16:21):
we had perfect information? If the answer is not much,
then you probably have enough information to decide. Four what's
the cost of waiting another month to decide? Including opportunity costs,
competitive risks, and market changes. And then five, can we
test this decision on a small scale before fully committing,
(16:41):
And if yes, then the risk of deciding quickly is
really minimal. And by the way, testing can happen virtually
every single time. And if you can answer these five
questions with confidence, you have eighty percent. You know you
have your eighty percent. Everything else is perfectionism or masquerading thoroughnus.
(17:02):
So let me quickly tell you about Sarah, who owns
a marketing agency. She wanted to add video production services,
but spent six months researching equipment, training programs, pricing models,
and competition. During those six months, she turned away four
clients who needed video services. But using our framework, here's
which she should have done. Partnered with a freelance video
(17:23):
producer for the first few projects, tested the market demand,
and then decided whether to invest in the equipment and
training based on actual custom response. And if you know,
she would have generated revenue immediately as a result and
learned that her customers actually wanted a much better way
(17:45):
or much better long term decision based on real market
feedback rather than the theory that you can agonize over.
Speaker 3 (17:54):
You know, Michael. Before we move on to our next segment,
what's one action step listeners can take right now to
start implementing the seventy two hour rule and the eighty
percent information principle.
Speaker 4 (18:07):
So here's the homework on that. Take of one decision
you've been putting off. Maybe it's hiring somebody, Maybe it's
investing in new technology. Maybe it's expanding a service offering
or raising prices, and set it's timer for seventy two
hours from now. During those seventy two hours, gather information
using my five question framework. But when the timer goes off,
(18:29):
you must make the decision. No extensions, No, just a
few more days, decide, implement, and learn from the results.
That's how you build decision making confidence. So before we
continue this discussion, we're going to take a ninety second break. Hey,
their business owners, let me ask you something. Are you
(18:52):
tied of blending in with your competitors, frustrated with slow
growth and slim margins? Well, I've got news for you.
You've ever learned about growing your business is wrong, But
don't worry. I'm here to let you in on a
secret weapon. Your position of market dominance. It's what sets
you apart, makes you irreplaceable and has customers lining up
(19:14):
at your door. My name is Michael barber Rita from
Next Step CFO. I know what you're thinking. Sounds great, Michael,
How do I find my position of market dominance? Well,
that's exactly why we've created our game changing implebitation program
called next Step to Market Dominance in just ninety days,
will guide you step by step to a position of
(19:35):
market dominance by uncovering your unique strengths that competitors can't touch.
By crafting a message that resonates deeply with your ideal customer,
by building a strategy that turns you into the go
to expert in your field. Now this is in theory.
These are battle tests and strategies that have helped businesses
like you as double, triple, and quadruple their revenue. Don't
(19:57):
let another quarter go by struggling to standar out. It's
time to dominate your market period. Go to NEXTSTEPCFO dot
net forward slash contact. Fill out the form and in
the message section put the word dominate or call us
at seven eight one three two six three A two two.
That's next step CFO dot net forward slash Contact or
(20:21):
call us at seven eight one three two six three eighteen.
Welcome back to Powerful Business Strategies and remember you can
go to Powerful Business Strategies dot com for any of
our replays. Now, let's explore the third component of our
confident decision framework, the cost of an action analysis. This
is where most business owners really completely missed the boat.
(20:44):
So when evaluating decision, most people only consider the cost
of taking action. They think about what might go wrong,
how much money they might lose, what problems they might create,
but they completely ignore the cost of not taking at
Some people call this opportunity cost. This is a massive
blind spot that's costing business owners a lot of money.
(21:07):
Every day you don't make a decision, is that day
competitors might be getting ahead, market conditions might be changing,
or opportunities might be disappearing. And let me give you
a quick example of plumbing contractor was considering investing fifty
thousand dollars in GPS tracking and scheduling software for his trucks.
He kept focusing on the fifty thousand dollars cost and
(21:28):
worrying about whether the software would really improve efficientcay and
in the meantime, he wasn't calculating the cost of not
making this investment. And here's what was happening. His trucks
were spending an extra thirty minutes per day driving between
jobs due to poor rouding. With ten trucks, that's five
hours of wasted labor daily, or about thirteen hundred dollars
(21:51):
per year at seventy five dollars an hour, that's ninety
seven five hundred dollars in lost productivity annually. Plus poor
scheduling was causing him to mis emergency service calls, which
typically pay double rates. He was losing at least fifty
high value emergency calls per year, which was approximately fifteen
(22:13):
grand and lost revenue. So while he was worried about
spending fifty grand, his indecision was actually costing him over
one hundred and twelve thousand per year. So the real
question wasn't whether he could afford to buy software, it
was whether he could afford not to buy it.
Speaker 3 (22:29):
Michael, we've got a question from a listener. And by
the way, I mean a lot of the insights that
you're generating today, I mean stuff is really driving conversations.
So look, how can business owners systematically identify those costs
of inaction?
Speaker 4 (22:43):
No, it's a good question. So I developed what I
call the Inaction impact Calculator. It has four categories. First,
direct revenue loss. What sales are you missing by not
taking the action? This could be customers going to you know,
customers going to compet is maybe market share you're not
capturing that others are, or premium pricing you're not commanding.
(23:06):
Second is efficiency waste? What's the cost of continuing inefficient process?
This includes wasted time, duplicated outfit, manual processes that could
be automated, or resources that aren't optimized. Third is competitive disadvantage.
What advantages are your competitors gaining while you delivering? Are
(23:28):
they capturing additional market shap building customer loyalty? Are they
establishing themselves that go to provider in your space because
they have something more up to date? Fourth opportunity to decay?
How is the opportunity itself changing over time? Market shift,
customer preferences evolve, regulations change, and what looks attracted today
(23:54):
might be much less appealing in six months. So let
me share another real example. A retailer was considering launching
an e commerce site, and she kept delaying the decision
because she was worried about the complexity and cost using
the impact of the inaction impact calculating here's what she discovered.
Direct revenue loss was turning away approximately twenty customers per
(24:17):
month who asked if they could order online. The average
order value was one hundred and fifty dollars, so she
was losing about three thousand dollars monthly in direct sales,
or thirty six thousand a year. Then there was efficiency way.
She was spending ten hours per week managing phone orders
that could be automated online at a seventy five dollars
an hour, of value at thirty nine grand per year,
and wasted wasted time. Competitive disadvantages took Competitives had launched
(24:42):
e commerce sites in the past year, and they were
gaining market share, especially among younger customers. Opportunity Decay COVID
had accelerated the shift to online shopping, but as things normalized,
the urgency for customers to find online alternatives was dipping.
Total cost of inaction over seventy five thousand per year,
(25:04):
while the e commerce investment was only fifteen thousand. So
once she saw these numbers, the decision became obvious. She
launched her site within thirty days and recovered her investment
in less than three months. Now, let's talk about the
fourth and final component, the minimum viable decision process. This
concept is borrowed from the startup world, but it applies
(25:26):
to every business decision. So instead of trying to make
perfect decisions, make minimum viable decisions the smallest possible choice
that will give you real market feedback and move your
business forward. And here's how that works. So instead of
asking what's the perfect solution, ask what's the smallest step
(25:48):
we can take to test our assumptions? Is that word again?
And learn from real results. I had a client who
wanted to expand into commercial cleaning, but was paralyzed by
all the variables like equipment needs, staffing requirements, insurance cause,
marketing approaches. We could have spent months analyzing every aspect.
(26:10):
Instead we used a minimum viable decision approach. We identified
one small commercial client that he could service with his
existing equipment and staff, just to test the waters. One client,
one building, one month trial. That single test taught him
more about commercial cleaning than six months of research would have,
(26:32):
and he learned that he learned what equipment he really needed,
what pricing really worked, what challenges he was going to face,
and whether he'd enjoyed that type of work, whether he
was willing to change his business model to that type
of work, and so based on that real experience, he
was able to make an informed decision and full expansion.
(26:53):
And the test caused him almost nothing but gave him
this valuable market intelligence.
Speaker 3 (26:58):
Michael, I mean this minimum viable decision approach. I mean,
it's fascinating. It sounds like it could really apply to
all business situations.
Speaker 4 (27:07):
If not, you know.
Speaker 3 (27:10):
Every single business situation. Candidly, I'm now, can you give
us a framework for designing these tests?
Speaker 4 (27:16):
Great? Yeah, sure, so here's my minimum viable decision framework.
So Step one is define your core assumption. What do
you believe will happen if you take this action and
be specific? Step two, design the smallest possible test. What's
the minimum investment of time, money, and resources that will
(27:37):
give you meaningful data? Step three set clear success metrics.
How will you know if the test work? What specific
results are you looking for? Step four establish a timeline.
How long will you run the test? Don't let it
drag on? Step five, plan your scale up strategy. If
(27:58):
the test succeeds, what's your plan for expanding If it fails,
what will you try next? So let me give you
a quick example. A restaurant owner wanted to add catering service,
but was overwhelmed by the logistics. Using our framework, core assumption,
local businesses would pay premium prices for convenient, high quality
(28:20):
catered lunches. Minimum tests offer catering to just three existing
customers using current menu items for two weeks. Success metrics
at least two of these of the three customers placed
repeat orders, and profit maatching is at least forty percent.
The timeline two weeks for initial tests, then two weeks
(28:42):
to analyze results, and the scale up strategy. If successful,
expand to ten customers and develop catering specific menu items. Well,
the test cost less than five hundred bucks provided clear
evidence that catering would be profitable. Based on those results,
she confidently invested in expanding the service and generating an
(29:04):
addition one hundred and fifty grand in revenue the following year. Wow.
Speaker 3 (29:08):
So, as we wrap up the segments, what's the biggest
mindset shift Michael, that you think business owners need to
make in order to implement this condition confident decision framework.
Speaker 4 (29:22):
Well, I think I think the biggest shift is moaning
from avoiding mistakes to learning quickly. See, most business owners
are trying to avoid making the wrong decisions. Yeah, but
that's kind of impossible because every successful business owner makes
hundreds of wrong decisions. And so the key is making
(29:43):
wrong decisions quickly and cheaply and learning from them and
then ad just in course, Netflix made the wrong decision
about quick Stir, Amazon made the wrong decision about the firephone.
Google made the wrong decision about Google Plus, but they
made those decisions quickly, learned from the results, and moved
(30:04):
on to better decisions. And that's what confident decision makers do.
They optimize for learning speed, not decision perfection.
Speaker 3 (30:15):
Michael, you're saying, yeah, I was gonna say, are you
saying perfection is overrated?
Speaker 4 (30:19):
Michael?
Speaker 3 (30:20):
That was that?
Speaker 4 (30:20):
What I what you do? That's the foot that's actually
I'm trying to make. You said it very succactly. You
didn't have to do it. I was showing it. So
before I continue to discussion, we're going to take a
ninety second break. Hey there, business owners, let me ask
you something. Are you tied of blending in with your competitors?
Frustrated with slow growth and slim margins? Well, I've got
(30:44):
news for you. Everything you've ever learned about growing your
business is wrong. But don't worry. I'm here to let
you in on a secret weapon, your position of market dominance.
It's what sets you apart, makes you irreplaceable, and has
customers lining up at your door. My name is Michael
Babarrita from Next Step CFO. I know what you're thinking.
(31:07):
Sounds great, Michael, How do I find my position of
market dominance? Well, that's exactly why we've created our game
changing impleventation program called Next Step to Market Dominance. In
just ninety days, we'll guide you step by step to
a position of market dominance by uncovering your unique strengths
that competitors can't touch. By crafting a message that resonates
(31:28):
deeply with your ideal customer, by building a strategy that
turns you into the go to expert in your field.
Now this is in theory. These are battle tests strategies
that have helped businesses like yours double, triple and quadruple
their revenue. Don't let another quarter go by struggling to standout.
It's time to dominate your market. Period. Go to NEXTSTEPCFO
(31:51):
dot net forward slash contact. Fill out the form and
in the message section put the word dominate or call
us at seven one three two six three A two two.
That's NeXTSTEP CFO dot net, forward slash contact or call
us at seven eight one three two six three A
two two. Welcome back to Powerful Business Strategies and remember
(32:15):
you can catch any replay at Powerful Business Strategies dot com.
So now I want to address the little elephant, big
elephant in the room, and why are so many intelligent,
experienced business owners struggling with this confidence crisis. It's not
because they're not smart enough or experienced enough. It's because
they've been programmed with the wrong decision making models. So
(32:39):
most businesses are Most business education that you learn teaches
you to minimize risk, but in today's economy, the biggest
risk is moving too slowly with all the speed that's
available with AI, with all the technology, and traditional business
business schools teach exhaust of analysis, but exhaust of analysis
(33:02):
leads to exhaust of exhausted opportunities. And here's what's really happening.
We live in the information rich but insight poor world.
Business owners think more information will give them more confidence,
but actually it does the opposite, because too much information
creates confusion and analysis paralysis. I call this information overwhelmed syndrome.
(33:24):
The more data you gather, the more variables you discover,
the more complexity you uncover, and the less simply, the
less confident you are about making any decision at all.
And so let me tell you about James, who owns
a social media a social sorry digital marketing agency. He
wanted to add social media management service to his offering,
so he researched forty seven different social media management tools,
(33:48):
read twenty three industry reports, surveyed one hundred and fifty
six potential customers, and analyze thirty one competitor pricing models.
After three months of this exhausting research, knew more about
social media management than most people in the industry. But
you know what happened. He was more confused and when
he started, every piece of information seemed to contradict something
(34:10):
else he'd learned. Every tool had pros and cons every
pricing model had advantages and disadvantages.
Speaker 3 (34:18):
Remarkable. So how did James break through this information overwhelm? Michael,
I know overwhelm is something that we talk about quite often.
Speaker 4 (34:24):
Oh yeah, so he implemented the good enough plus speed principle.
So instead of trying to make the perfect decision, he
focused on making a good enough decision quickly, then improving
it through real world experience. And here's what he did.
He picked the social media management tool that met eighty
(34:46):
percent of his requirements, even though it wasn't perfect. He
set pricing based on three competitive examples, not thirty one.
He launched with five existing clients who had already expressed
an interest, so he tested it, and within thirty days,
James had real customers using the service and real feedback
(35:07):
about what worked and what didn't. That real world experience
taught him more in one month than three months of
research half But he has the really important part. The
perfect tool he originally wanted to choose became available six
months later, and by then James had been running successful
social media campaigns for half a year and had refined
(35:30):
his process. He had happy customers and had generated additional
seventy five grand in revenue. Perfect came too late. Good
enough plus speed won the race. Now, let me share
the most counterintuitive insight about confident decision. Confident decision making,
the goal is to not increase your success rate. The
(35:52):
goal is to increase your decision making speed while maintaining
an acceptable success rate. Most business owners think they need
to be right ninety percent of the time. That's kind
of that, that's wrong thinking. If you're right ninety percent
of the time, you're probably not taking enough risk or
moving fast enough. The most successful entrepreneurs I know are
(36:13):
right about sixty to seventy percent of the time, but
they make decisions so much faster than their competitors, and
they end up winning much more often. They fail forward fast,
learn faster, and it just faster. Think about it this way.
If you make one decision per month and you're right
(36:34):
ninety percent of the time, you'll have about eleven successes
per year. But if you make one decision per week
and you're right seventy percent of the time, you'll have
about thirty six successes per year. Speed beats perfection every
single time.
Speaker 3 (36:51):
That is such a fascinating perspective. And again Michael's credits
are like the way your CFO mind works. I just
love the way you quantified that is it leads to
number of our successes per year. So look, can you
give us a practical set of techniques from making faster
decisions without sacrificing quality I can.
Speaker 4 (37:11):
So here are the five speed techniques for confident decision making.
So Technique number one is the predecision framework. So before
you're faced with a decision, establish a criteria for similar decisions.
For example, any marketing investment under five thousand dollars that
could generate at least three times the HOURI within six
months gets an approval. Having pre established criteria eliminates the
(37:36):
need to reanalyze basic questions every time. Technique number two
the advisory board shortcut. Identify three trusted advisors who understand
your business when facing a decision, get their input within
twenty four hours. Three experienced perspectives can often provide better
(37:56):
insight than a week of solo analysis. The ten ten
ten rule Ask yourself, how will I feel about the
decision in ten minutes, ten months, and ten years. We
have to make visionary in our thinking. That's why the
ten years is in there, and this helps separate decisions
(38:17):
with short term consequences from those with long term impacts.
Technique them before the reversibility test. Ask if this doesn't
work out, how easily can it we reverse or modify
this decision? If it's easily reversal, make the decisions quickly.
Only truly irreversible decisions deserve any extended analysis at any
(38:42):
extended time. Technique five is the opportunity cost clock for
every decision. It's not a mental clock that tracks how
much the delay is costing you. If the cost of
delay exceeds the cost of a wrong decision, to speed
and let me give you a real example of these
techniques in action. So a construction company was considering whether
(39:07):
to bid on large municipal project on a one single
municipal project, and normally he might spend weeks analyzing this opportunity. Instead,
he used the speed technique red search this predecision framework,
he'd already established that any project over five hundred grand
needed to be needed to meet specific criteria with a
(39:31):
minimum margin of fifteen percent, payment terms of thirty or better,
thirty days or better than it is, and a completion
timeline of six months or less. Advisory board shortcut. He
called three trusted colleagues who had experience with municipal work
and got their insights within twenty four hours the ten
ten ten rule. In ten minutes, he'd feel excited about
(39:54):
the opportunity. In ten months. If successful, it would establish
credibility for future menu municipal work, and in ten years
it could be the foundation of a new revenue stream
reversibility test. If he won the bid but it went poorly,
he could choose not to bid on similar projects in
the future. That's simple. The risk was contained to this
(40:15):
one project opportunity cost clock. While he was deliberating, the
bidding deadline was approaching, and other contractors were likely developing
stronger proposals than the result. He made the decision to
bid within forty eight hours instead of the usual two weeks.
He won the project, completed it successfully, and it led
(40:37):
to three additional municipal contracts worth over two million bucks.
Speaker 3 (40:41):
Wow. Look, Michael, I mean these techniques are really intriguing.
In five, we've got some questions from listeners. I'll just
pick up on one question here. So, these techniques, they
seem like they would apply to both big and small decisions.
But are there any category of decisions that should not
use this fast decision approach?
Speaker 4 (41:01):
Well, there are definitely decisions that deserve more time. So
that is an excellent question, and it's crucial to know
the difference slowed down to what I call foundational decisions,
so choices that will define your business for years to come.
These include choosing your business model, selecting long term partners,
making major acquisitions or decisions involving significant debt or equity,
(41:27):
and also if you're selling. I think that requires a
lot of extra thought. But here's what surprises most people.
Ninety five percent of business decisions are not foundation decisions.
They are what I call learning decisions. These are choices
that help you test, adjust, and improve your business incrementally.
(41:50):
The problem is is that most business owners treat learning
decisions like foundation decisions. They spend foundation level time analyze
decisions that should be made quickly and adjusted based on results.
For example, choosing which accounting software to use is a
learning decision, not a foundation decision. You can always switch
(42:13):
software if it doesn't work out, but many business owners
spend months researching accounting software options when they should spend
that time. You actually using software to manage their finance
is better. So here's my rule. If you can do
the decision within ninety days without catastrophic consequences, it's a
learning decision. Make it fast, implement it quickly, and adjust
(42:35):
it based on results.
Speaker 3 (42:37):
Michael, as we wrap up this segment. What's the number
one thing holding business owners back from really making confident decisions?
Speaker 4 (42:46):
Hmm, I'd say I'd say fear of judgments. See yeah,
most business owners are afraid that if they make a
decision that doesn't work out, they'll be judged as incompetent
by employees, customers, or peers. But here's the truth. Your employees, customers, customers,
(43:07):
and peers are watching how you handle uncertainty, not whether
every decision turns out perfectly. You want to see leadership
the sights of this and the ability to learn and adapt.
A confident leader who makes decisions quickly and a just
course when needed. It's just far more inspiring than a
paralyzed perfectionist who never takes action because they're afraid of
(43:30):
making mistakes. Your people don't need you to be perfect,
they need you to be decisive. And as we wrap
up today's show, let me summarize the key insights that
can really improve and transform your decision making and your
confidence starting today, First, we expose the confidence crisis that's
(43:53):
costing business owners hundreds of thousands of dollars in missed opportunities.
This isn't about personality or intelligence. It's about having the
wrong decision framework. Second, we introduce the four components of
the confident decision framework, the seventy two hour rule. Make
decisions based on seventy two hours instead of letting them
(44:15):
drag on indefinitely. Most business decisions are reversible, so speed
beats perfection. The eighty percent information principle. Make decisions when
you have eighty percent of the information you think you need.
The last twenty percent usually takes eighty percent of the time,
and often you know eighty percent of the time to
(44:35):
compile and often doesn't change the decision anyway. The cost
of an action analysis always calculate what is causing you
not to make a decision, factor and lost revenue, efficiency ways,
competitive disadvantage, and opportunity decay the minimum viable decision process.
Instead of trying to make perfect decisions, make the smallest
(44:59):
decision that will give you real market feedback and test. Third,
we discussed how to overcome information overwhelmed by focusing on
good enough plus speed rather than perfectionism plus analysis a paralysis.
I'm sorry. Fourth, we shared five speed techniques predecision frameworks
(45:24):
at bynes Reboard shortcuts. The ten ten ten rule reversibility
tests and opportunity cost clocks.
Speaker 3 (45:31):
Michael, if a business owner listening could only implement one
thing from today's show, what would you recommend.
Speaker 4 (45:39):
Well, I'd recommend starting with the seventy two hour rule two. Kip.
You know, you pick one decision that you've been putting
off and commit to making it within seventy two hours,
not implementing it, just deciding. This single practice will begin
rewiring your brain for confident decision making. But here's what
I want everyone to understand. Confident isn't something you're born
(46:01):
with or without. Business confidence is a skill that can
be developed through practice. Every time you make a decision
quickly and learn from the results, you're building that confidence muscle.
The most successful business owners aren't those who never make mistakes.
They are those who make decisions quickly, learn from the results,
and its course rapidly. They understand that in business, speed
(46:24):
of implementation beats perfection of planning. And remember your competitors, well,
they're making Your competitors are making decisions while you're researching,
so your customers defining solutions while you're analyzing, and your
opportunities are disappearing while you're deliberating. The market rewards action,
(46:46):
not analysis. It rewards speed, not perfection. It rewards those
who are able to make decisions with complete information and
learn from real results. We've all been taught, oh sorry,
we've all been taught that good business people are careful,
(47:11):
they're thorough and conservative. But the world has changed. What
worked in nineteen eighty five doesn't work in twenty twenty five.
But here's my challenge to every listener for the next
thirty days, commit to making one business decision per week
using our framework. Start small. Maybe it's trying a new
marketing approach, or implementing a new process, or testing a
(47:35):
new service offering. Track your results. I guarantee you'll discover
that making decisions quickly and adjusting based on results produces
much better outcomes than endless analysis and delayed implementation. And
if you need any help in implementating these strategies, that's
exactly what we do it Next Step CFL we help
(47:57):
business owners build the systems and confidence they need to
make profitable business decisions quickly and consistently. So to get
a copy of our book, Powerful Business Strategies, simply go
to our website www dot Next STEPCFO DOT. It's totally
complimentary and until next Monday at New Nissan Time for
(48:20):
Chukey Obio. My name is Michael bab Rita, and remember,
don't keep doing what your competition is doing.
Speaker 2 (48:29):
You have been listening to powerful business strategies finding out
that everything you ever learned about growing your business is wrong.
Tune in next week and every week at noon Eastern
time on W four CY Radio with your host Michael
Barbarita of Next Step CFO and moderator Chugy Obio
The topics and opinions expressed in the following show are
solely those of the hosts and their guests and not
those of W FOURCY Radio. It's employees are affiliates. We
make no recommendations or endorsements for radio show programs, services,
or products mentioned on air or on our web. No
liability explicitor implies shall be extended to W four CY
Radio or it's employees are affiliates. Any questions or comments
should be directed to those show hosts. Thank you for
(00:20):
choosing W FOURCY Radio.
Speaker 2 (00:27):
Welcome to Powerful Business Strategies, where you will find out
that everything you have ever learned about growing your business
is wrong. Finally, a show where you'll learn the right
way to grow your business by learning business and financial
strategies that your competition isn't doing. And now here's your host.
(00:47):
President of NeXTSTEP CFO Michael Barbarita and joining Michael for
today's show as an executive moderator is chooky obia.
Speaker 3 (01:00):
Yes, yes, yes, this is schukin. I believe that gratitude
is undefeated and growth is about the next step. It
is an honor for me to collaborate with my good
friend Michael. Michael, how are.
Speaker 4 (01:14):
You fantastic, chekey, so at Chicky said, My name is
Michael baberta president of Next Step CFO, and next Step
CFO is a fractional CFO and strategic im limitation firm.
Business owners hire us to double and triple their profit
using business and financial strategies that their competition isn't doing,
and our vision is to ensure overwhelmed business owners achieve
(01:36):
consistent profits that lead to time, freedom to build a legacy,
and live the life they design. Our mission is dedicated
to guiding small business owners to leveraging their time, exploding
their profits, and building a meaningful legacy. You know, this
show powerful business Strategies in our book of the same name,
is a step toward accomplishing that vision and mission. So
(01:57):
with that'd like to hand it back to my co
author and moderator for the showy Obia, Michael.
Speaker 3 (02:03):
It's funny. So look, I'm feeling very energized by today's
episode because we are discussing a topic that I would
say it's near and dear to a lot of business
owners and the psychology behind that. So the title for
today's episode is the confidence Crisis. Why smart business owners
make poor decisions and how to fix it. So really
(02:24):
enthralled by the insights that Michael's prepared. So look, folks,
quick disclaimer, Michael and I are both affiliated with a
number of different organizations, and I currently serve as a
managing director of business development for Better Price, a global
business focused law firm. In addition to that, it's truly
an honor to collaborate with Michael to moderate these business
(02:45):
roundtables that we do really coast to coast, and we
document the insights from these roundtables as part of our
book called Powerful Business Strategies. Please note that the views
expressed on this show are personal views based on those
successful experience is with the roundtables and beyond and look,
my mission as the fearless moderators to ask the right
(03:06):
questions to help you the listener, learn the best strategies
that the competition isn't doing. With that, back over to Michael.
Speaker 4 (03:14):
Thank you, Jicky. So, I want to point out that
we decided to expand on last week's show about decision making,
so a's kind of a public service warning. There is
similar content, but there's also an expansion of that content
in this show. So I wanted to point that out.
But I want to stop. I have a question for you. So,
(03:34):
what's the difference between a business owner who confidently makes
million dollar decisions and one who agonizes over a five
hundred dollar purchase for weeks. Well, it's not intelligence, it's
not experience, and it's not even how much money they
have in the bank. It's something more fundamental, and it's
costing most business owners hundreds of thousands of dollars in
(03:56):
missed opportunity every single year. So today we're going to
expose the confidence crisis that's secretly sabotaging even the smartest entrepreneurs.
And I'm going to give you the exact framework that
transforms hesitant decision makers into confident business leaders who consistently
make profitable choices. And if you've ever fouled yourself paralyzed
(04:21):
by a business decision, questioning your instincts or watching competitives
seese opportunities while you deliberate, this episode will change everything
for you. So let's dive in. So I want to
start with a story that might sound familiar. David owns
a successful construction company. He's been in business fifteen years.
He's got twenty employees, generates about three million in annual sales,
(04:43):
and by any measure, David is successful. But here's what's
happening behind the scenes. David spent three weeks agonizing over
whether to invest fifteen thousand dollars in a piece of
equipment that would save his company in a year. So
three weeks so while he was deliberating, his main competitor
(05:05):
bought similar equipment and started underbidding him on projects.
Speaker 3 (05:09):
That is fascinating, Michael, I mean, oh wow, So look,
what do you think was really holding David back from
taking that leap of faith.
Speaker 4 (05:18):
Well, it certainly wasn't the money. David had the cash,
it wasn't the math, the ROI was pretty clear. But
what David was experiencing is what I call confidence crisis,
and it's an it's an epidemic among many business owners.
So here's what most people don't understand confidence in business.
(05:39):
It isn't about feeling good or being positive. Business confidence
is the ability to make decisions quickly and decisively based
on sound information, even when you don't have all the answers.
And the problem is that most business owners have been
conditioned to overthink every decision and taught that good business
(06:01):
people are cautious that they analyze everything to death and
that they never take risks. And this is just not
the right way in today's fast moving economy. The biggest
risk is not taking risks. The biggest danger is not
making decisions quickly enough. While you're analyzing your competitors, I'm sorry,
(06:23):
While you're analyzing your decision making, your competitors are acting,
while you're researching, opportunities are disappearing. And I see this
Christ's confidence crisis manifesting essentially in three what I call
devastating ways. First that analysis paralysis. You know, business owners
(06:45):
get so caught up and gathering more information that they
never actually make decisions. They research and research and research,
but they just never pull the trigger. And second is perfection,
and perfection is some procrastination where they wait for the
perfect solution, that perfect timing, the perfect circumstance, But the
(07:08):
truth is perfect never comes. Good enough implemented immediately beats
perfect implemented too late every single time. And third comparison confusion.
They look at what other businesses are doing and second
guess their own instincts. They see competitives trying something new
(07:29):
and panic thinking that they would that they should do
the same thing. Even if it doesn't fit their business model.
Speaker 3 (07:36):
I think a lot of our listeners are curious about this.
So what's the cost of this confidence crisis for the
typical business owner?
Speaker 4 (07:43):
Yeah, it can be staggering, chiki. So let me give
you a quick example. The average business owner that we
work with is probably missing out on at least two
hundred grand and annual revenue because of poor decision making.
Not bad decisions either you know, or you know, slow
decisions or no decisions at all. And if you think
(08:04):
about it, while David was debating about the fifteen thousand
dollars equipment purchase, he lost three projects to his competitor.
And these three projects where there were seventy five grand that
would turn into twenty two thousand in profits. So his
three weeks of indecision caused him nearly five times the
price of the equipment that he was worried about buying.
(08:25):
And here's the real kicker. After implementing the confident decision framework,
David not only bought the equipment, but he also invested
in two additional pieces and expanded into a new service area,
and his revenue increased by about two hundred grand in
the following year.
Speaker 3 (08:43):
That's an incredible transformation. Michael Wile, can you give us
a little preview on what this Confident Decision Framework looks like.
Speaker 4 (08:52):
Sure, So, the framework has four core components, and I'll
break those down in detail throughout the show today. But
first is what I call the seventy two hour rule.
Second is the eighty percent information principle, Third is the
cost of inaction analysis, and fourth is the minimum viable
(09:13):
decision process. Now, these four elements, they actually work in
concept to eliminate the confidence crisis and transform any business
owner into a decisive leader who can consistently make profitable choices.
And so we're going to dive deep into each one
of these today and I'll guarantee you that by the
end of the show, you'll have a completely different approach
(09:34):
to business decision making. So let's dive into that first
component that I talked about in the Confident Decision Framework,
and that first component is the set what I call
the seventy two hour rule. And this is really something
if you could commit to, will change the game in
your decisions. And it directly contradicts what most business experts
(09:56):
will tell you because traditional business advice says to take
your time, gather all the information, sleep on it. And
this approach might have worked in nineteen eighty five when
business was a lot slower, but it's literally business suicide.
In twenty twenty five. Markets move too fast, opportunities disappear
(10:19):
too quickly, and opportunity and competitives are just too aggressive
for slow decision making. The seventy two hour Rules states
that any business decision that takes longer than seventy two
hours to implement should should be made. It should be
made within seventy two hours. So notice I didn't say
implement it, I said decided. So here's here's why this works.
(10:43):
So most business decisions are reversible. You can try something,
measure the results, and adjust. The few decisions that are
truly irreversible, like selling your company, are certain employee decisions.
Those deserve more time. But ninety five percent of business
decisions can be tested, modified, or completely reversed if they
(11:06):
don't work out. That's a beautiful thing.
Speaker 2 (11:09):
You know.
Speaker 4 (11:09):
We talked about testing a lot, and it's one of
the best pieces of ammunition a business owner has. They
can test everything. So let me give you a real example.
A restaurant spent two months debating whether they add delivery service.
So two months, that's an annoyed period of time. During
(11:30):
those two months, by the way, three competitives launch delivery
and watch, they watched potential customers ordering from them instead.
And so when he implemented the seventy two hour rule,
he decided within seventy two hours to test delivery with
just dinner service just Thursday through Sunday, just within a
(11:50):
three mile radius. And it was it was a minimum
viable decision that he could implement quickly and adjust based
on the results. Well, the test happened to be successful,
so he expanded to lunch, excuse to lunch, increased the
delivery radius. But here's the key. Even if the test
had failed, he would have only lost a small amount
(12:10):
of money and gained valuable market intelligence. So instead of
two months of analysis paralysis, he had two weeks of
real market.
Speaker 3 (12:18):
Dare Mike was interesting, right? You know, I can already
hear some listeners thinking, wow, I mean, but what if
I make the wrong decision quickly? I mean, how do
you address that concern?
Speaker 4 (12:28):
Well, that's exactly the right question so to me, and
it reveals the fundamental misunderstanding about business decision making. Most
business owners are trying to make the right decision, but
that's the wrong goal entirely. The goal is not to
make the right decision. The goal is to make decisions right.
And there's a huge difference. Making the right decision applies
(12:51):
there's one perfect choice and if you just analyze long enough,
you'll find it. Well, that's a myth. In most businesses situations,
there are potential, multiply multiple potentially successful paths, and the
key is picking one and executing it brilliantly. So making
decisions right means having a systematic process for making choices quickly,
(13:18):
implementing them effectively, measuring the results, and adjusting course based
on what you learn. And he's a perfect example that
I mentioned last week Netflix when they decided to shift
from DVD by mail to streaming. Was that the right decision? Well,
we know now that it was, but at the time
(13:40):
it was highly controversial. Many investors thought it was a mistake,
and some customers were actually furious. But Netflix didn't wait
until they were one hundred percent certain that this raming
would work. They made the decision based on the information
they had, and they implemented it decisively. They measured customer response,
and they adjusted their approach on what they learned. That's
(14:04):
making decisions right, not making the right decisions. So now
let me share the second component, the eighty percent information principle.
This principal state that you should make decisions when you
have eighty percent of the information you think you need.
Got one hundred Why eighty because the last twenty percent
of information usually takes eighty percent of the time to gather,
(14:26):
and by that time, you know it's a lost opportunity.
And so I worked with a client who wanted to
expand into new market. He spent four months researching demographics, competition,
local regulations, customer preferences, just about everything you can think of,
(14:47):
and by you know, that was admirable. But by the
time he finished his research and felt he was ready
to move, two competitors had already entered that same market
and captured most of the early adopters. And here's what
we should have done. We should have gathered the essential
eighty percent of information in two weeks, made the decision
to test the market with a small pilot and learned
(15:10):
that we're amanding twenty percent through actual market experience through
the testing. So the information you get from real customers
spending real money is infinitely more valuable than theoretical research.
Speaker 3 (15:21):
I could not agree more with that. Now, Michael, look,
this is really challenging conventional wisdom, and that's part of
what we do here in the show. Right, Can you
give us a practical framework for determining when we have
that crucial eighty percent of information?
Speaker 4 (15:37):
Yes, well, here's here's like a little eighty percent information checklist.
You're ready to decide when you can answer these five questions?
Number one, what is the worst case realistic scenario? And
can we survive? Notice I said realistic not possible. It's
(15:58):
realistic that you know, it's realistic that a medior can
hit your business, but it's not realistic. So Two, what's
the best case scenario? Realistic scenario that is, and it
isn't worth pursuing. Again, realistic is the key. You could
theoretically become the next Amazon. But what's realistically achievable in
the next twelve months? Three? What would be different if
(16:21):
we had perfect information? If the answer is not much,
then you probably have enough information to decide. Four what's
the cost of waiting another month to decide? Including opportunity costs,
competitive risks, and market changes. And then five, can we
test this decision on a small scale before fully committing,
(16:41):
And if yes, then the risk of deciding quickly is
really minimal. And by the way, testing can happen virtually
every single time. And if you can answer these five
questions with confidence, you have eighty percent. You know you
have your eighty percent. Everything else is perfectionism or masquerading thoroughnus.
(17:02):
So let me quickly tell you about Sarah, who owns
a marketing agency. She wanted to add video production services,
but spent six months researching equipment, training programs, pricing models,
and competition. During those six months, she turned away four
clients who needed video services. But using our framework, here's
which she should have done. Partnered with a freelance video
(17:23):
producer for the first few projects, tested the market demand,
and then decided whether to invest in the equipment and
training based on actual custom response. And if you know,
she would have generated revenue immediately as a result and
learned that her customers actually wanted a much better way
(17:45):
or much better long term decision based on real market
feedback rather than the theory that you can agonize over.
Speaker 3 (17:54):
You know, Michael. Before we move on to our next segment,
what's one action step listeners can take right now to
start implementing the seventy two hour rule and the eighty
percent information principle.
Speaker 4 (18:07):
So here's the homework on that. Take of one decision
you've been putting off. Maybe it's hiring somebody, Maybe it's
investing in new technology. Maybe it's expanding a service offering
or raising prices, and set it's timer for seventy two
hours from now. During those seventy two hours, gather information
using my five question framework. But when the timer goes off,
(18:29):
you must make the decision. No extensions, No, just a
few more days, decide, implement, and learn from the results.
That's how you build decision making confidence. So before we
continue this discussion, we're going to take a ninety second break. Hey,
their business owners, let me ask you something. Are you
(18:52):
tied of blending in with your competitors, frustrated with slow
growth and slim margins? Well, I've got news for you.
You've ever learned about growing your business is wrong, But
don't worry. I'm here to let you in on a
secret weapon. Your position of market dominance. It's what sets
you apart, makes you irreplaceable and has customers lining up
(19:14):
at your door. My name is Michael barber Rita from
Next Step CFO. I know what you're thinking. Sounds great, Michael,
How do I find my position of market dominance? Well,
that's exactly why we've created our game changing implebitation program
called next Step to Market Dominance in just ninety days,
will guide you step by step to a position of
(19:35):
market dominance by uncovering your unique strengths that competitors can't touch.
By crafting a message that resonates deeply with your ideal customer,
by building a strategy that turns you into the go
to expert in your field. Now this is in theory.
These are battle tests and strategies that have helped businesses
like you as double, triple, and quadruple their revenue. Don't
(19:57):
let another quarter go by struggling to standar out. It's
time to dominate your market period. Go to NEXTSTEPCFO dot
net forward slash contact. Fill out the form and in
the message section put the word dominate or call us
at seven eight one three two six three A two two.
That's next step CFO dot net forward slash Contact or
(20:21):
call us at seven eight one three two six three eighteen.
Welcome back to Powerful Business Strategies and remember you can
go to Powerful Business Strategies dot com for any of
our replays. Now, let's explore the third component of our
confident decision framework, the cost of an action analysis. This
is where most business owners really completely missed the boat.
(20:44):
So when evaluating decision, most people only consider the cost
of taking action. They think about what might go wrong,
how much money they might lose, what problems they might create,
but they completely ignore the cost of not taking at
Some people call this opportunity cost. This is a massive
blind spot that's costing business owners a lot of money.
(21:07):
Every day you don't make a decision, is that day
competitors might be getting ahead, market conditions might be changing,
or opportunities might be disappearing. And let me give you
a quick example of plumbing contractor was considering investing fifty
thousand dollars in GPS tracking and scheduling software for his trucks.
He kept focusing on the fifty thousand dollars cost and
(21:28):
worrying about whether the software would really improve efficientcay and
in the meantime, he wasn't calculating the cost of not
making this investment. And here's what was happening. His trucks
were spending an extra thirty minutes per day driving between
jobs due to poor rouding. With ten trucks, that's five
hours of wasted labor daily, or about thirteen hundred dollars
(21:51):
per year at seventy five dollars an hour, that's ninety
seven five hundred dollars in lost productivity annually. Plus poor
scheduling was causing him to mis emergency service calls, which
typically pay double rates. He was losing at least fifty
high value emergency calls per year, which was approximately fifteen
(22:13):
grand and lost revenue. So while he was worried about
spending fifty grand, his indecision was actually costing him over
one hundred and twelve thousand per year. So the real
question wasn't whether he could afford to buy software, it
was whether he could afford not to buy it.
Speaker 3 (22:29):
Michael, we've got a question from a listener. And by
the way, I mean a lot of the insights that
you're generating today, I mean stuff is really driving conversations.
So look, how can business owners systematically identify those costs
of inaction?
Speaker 4 (22:43):
No, it's a good question. So I developed what I
call the Inaction impact Calculator. It has four categories. First,
direct revenue loss. What sales are you missing by not
taking the action? This could be customers going to you know,
customers going to compet is maybe market share you're not
capturing that others are, or premium pricing you're not commanding.
(23:06):
Second is efficiency waste? What's the cost of continuing inefficient process?
This includes wasted time, duplicated outfit, manual processes that could
be automated, or resources that aren't optimized. Third is competitive disadvantage.
What advantages are your competitors gaining while you delivering? Are
(23:28):
they capturing additional market shap building customer loyalty? Are they
establishing themselves that go to provider in your space because
they have something more up to date? Fourth opportunity to decay?
How is the opportunity itself changing over time? Market shift,
customer preferences evolve, regulations change, and what looks attracted today
(23:54):
might be much less appealing in six months. So let
me share another real example. A retailer was considering launching
an e commerce site, and she kept delaying the decision
because she was worried about the complexity and cost using
the impact of the inaction impact calculating here's what she discovered.
Direct revenue loss was turning away approximately twenty customers per
(24:17):
month who asked if they could order online. The average
order value was one hundred and fifty dollars, so she
was losing about three thousand dollars monthly in direct sales,
or thirty six thousand a year. Then there was efficiency way.
She was spending ten hours per week managing phone orders
that could be automated online at a seventy five dollars
an hour, of value at thirty nine grand per year,
and wasted wasted time. Competitive disadvantages took Competitives had launched
(24:42):
e commerce sites in the past year, and they were
gaining market share, especially among younger customers. Opportunity Decay COVID
had accelerated the shift to online shopping, but as things normalized,
the urgency for customers to find online alternatives was dipping.
Total cost of inaction over seventy five thousand per year,
(25:04):
while the e commerce investment was only fifteen thousand. So
once she saw these numbers, the decision became obvious. She
launched her site within thirty days and recovered her investment
in less than three months. Now, let's talk about the
fourth and final component, the minimum viable decision process. This
concept is borrowed from the startup world, but it applies
(25:26):
to every business decision. So instead of trying to make
perfect decisions, make minimum viable decisions the smallest possible choice
that will give you real market feedback and move your
business forward. And here's how that works. So instead of
asking what's the perfect solution, ask what's the smallest step
(25:48):
we can take to test our assumptions? Is that word again?
And learn from real results. I had a client who
wanted to expand into commercial cleaning, but was paralyzed by
all the variables like equipment needs, staffing requirements, insurance cause,
marketing approaches. We could have spent months analyzing every aspect.
(26:10):
Instead we used a minimum viable decision approach. We identified
one small commercial client that he could service with his
existing equipment and staff, just to test the waters. One client,
one building, one month trial. That single test taught him
more about commercial cleaning than six months of research would have,
(26:32):
and he learned that he learned what equipment he really needed,
what pricing really worked, what challenges he was going to face,
and whether he'd enjoyed that type of work, whether he
was willing to change his business model to that type
of work, and so based on that real experience, he
was able to make an informed decision and full expansion.
(26:53):
And the test caused him almost nothing but gave him
this valuable market intelligence.
Speaker 3 (26:58):
Michael, I mean this minimum viable decision approach. I mean,
it's fascinating. It sounds like it could really apply to
all business situations.
Speaker 4 (27:07):
If not, you know.
Speaker 3 (27:10):
Every single business situation. Candidly, I'm now, can you give
us a framework for designing these tests?
Speaker 4 (27:16):
Great? Yeah, sure, so here's my minimum viable decision framework.
So Step one is define your core assumption. What do
you believe will happen if you take this action and
be specific? Step two, design the smallest possible test. What's
the minimum investment of time, money, and resources that will
(27:37):
give you meaningful data? Step three set clear success metrics.
How will you know if the test work? What specific
results are you looking for? Step four establish a timeline.
How long will you run the test? Don't let it
drag on? Step five, plan your scale up strategy. If
(27:58):
the test succeeds, what's your plan for expanding If it fails,
what will you try next? So let me give you
a quick example. A restaurant owner wanted to add catering service,
but was overwhelmed by the logistics. Using our framework, core assumption,
local businesses would pay premium prices for convenient, high quality
(28:20):
catered lunches. Minimum tests offer catering to just three existing
customers using current menu items for two weeks. Success metrics
at least two of these of the three customers placed
repeat orders, and profit maatching is at least forty percent.
The timeline two weeks for initial tests, then two weeks
(28:42):
to analyze results, and the scale up strategy. If successful,
expand to ten customers and develop catering specific menu items. Well,
the test cost less than five hundred bucks provided clear
evidence that catering would be profitable. Based on those results,
she confidently invested in expanding the service and generating an
(29:04):
addition one hundred and fifty grand in revenue the following year. Wow.
Speaker 3 (29:08):
So, as we wrap up the segments, what's the biggest
mindset shift Michael, that you think business owners need to
make in order to implement this condition confident decision framework.
Speaker 4 (29:22):
Well, I think I think the biggest shift is moaning
from avoiding mistakes to learning quickly. See, most business owners
are trying to avoid making the wrong decisions. Yeah, but
that's kind of impossible because every successful business owner makes
hundreds of wrong decisions. And so the key is making
(29:43):
wrong decisions quickly and cheaply and learning from them and
then ad just in course, Netflix made the wrong decision
about quick Stir, Amazon made the wrong decision about the firephone.
Google made the wrong decision about Google Plus, but they
made those decisions quickly, learned from the results, and moved
(30:04):
on to better decisions. And that's what confident decision makers do.
They optimize for learning speed, not decision perfection.
Speaker 3 (30:15):
Michael, you're saying, yeah, I was gonna say, are you
saying perfection is overrated?
Speaker 4 (30:19):
Michael?
Speaker 3 (30:20):
That was that?
Speaker 4 (30:20):
What I what you do? That's the foot that's actually
I'm trying to make. You said it very succactly. You
didn't have to do it. I was showing it. So
before I continue to discussion, we're going to take a
ninety second break. Hey there, business owners, let me ask
you something. Are you tied of blending in with your competitors?
Frustrated with slow growth and slim margins? Well, I've got
(30:44):
news for you. Everything you've ever learned about growing your
business is wrong. But don't worry. I'm here to let
you in on a secret weapon, your position of market dominance.
It's what sets you apart, makes you irreplaceable, and has
customers lining up at your door. My name is Michael
Babarrita from Next Step CFO. I know what you're thinking.
(31:07):
Sounds great, Michael, How do I find my position of
market dominance? Well, that's exactly why we've created our game
changing impleventation program called Next Step to Market Dominance. In
just ninety days, we'll guide you step by step to
a position of market dominance by uncovering your unique strengths
that competitors can't touch. By crafting a message that resonates
(31:28):
deeply with your ideal customer, by building a strategy that
turns you into the go to expert in your field.
Now this is in theory. These are battle tests strategies
that have helped businesses like yours double, triple and quadruple
their revenue. Don't let another quarter go by struggling to standout.
It's time to dominate your market. Period. Go to NEXTSTEPCFO
(31:51):
dot net forward slash contact. Fill out the form and
in the message section put the word dominate or call
us at seven one three two six three A two two.
That's NeXTSTEP CFO dot net, forward slash contact or call
us at seven eight one three two six three A
two two. Welcome back to Powerful Business Strategies and remember
(32:15):
you can catch any replay at Powerful Business Strategies dot com.
So now I want to address the little elephant, big
elephant in the room, and why are so many intelligent,
experienced business owners struggling with this confidence crisis. It's not
because they're not smart enough or experienced enough. It's because
they've been programmed with the wrong decision making models. So
(32:39):
most businesses are Most business education that you learn teaches
you to minimize risk, but in today's economy, the biggest
risk is moving too slowly with all the speed that's
available with AI, with all the technology, and traditional business
business schools teach exhaust of analysis, but exhaust of analysis
(33:02):
leads to exhaust of exhausted opportunities. And here's what's really happening.
We live in the information rich but insight poor world.
Business owners think more information will give them more confidence,
but actually it does the opposite, because too much information
creates confusion and analysis paralysis. I call this information overwhelmed syndrome.
(33:24):
The more data you gather, the more variables you discover,
the more complexity you uncover, and the less simply, the
less confident you are about making any decision at all.
And so let me tell you about James, who owns
a social media a social sorry digital marketing agency. He
wanted to add social media management service to his offering,
so he researched forty seven different social media management tools,
(33:48):
read twenty three industry reports, surveyed one hundred and fifty
six potential customers, and analyze thirty one competitor pricing models.
After three months of this exhausting research, knew more about
social media management than most people in the industry. But
you know what happened. He was more confused and when
he started, every piece of information seemed to contradict something
(34:10):
else he'd learned. Every tool had pros and cons every
pricing model had advantages and disadvantages.
Speaker 3 (34:18):
Remarkable. So how did James break through this information overwhelm? Michael,
I know overwhelm is something that we talk about quite often.
Speaker 4 (34:24):
Oh yeah, so he implemented the good enough plus speed principle.
So instead of trying to make the perfect decision, he
focused on making a good enough decision quickly, then improving
it through real world experience. And here's what he did.
He picked the social media management tool that met eighty
(34:46):
percent of his requirements, even though it wasn't perfect. He
set pricing based on three competitive examples, not thirty one.
He launched with five existing clients who had already expressed
an interest, so he tested it, and within thirty days,
James had real customers using the service and real feedback
(35:07):
about what worked and what didn't. That real world experience
taught him more in one month than three months of
research half But he has the really important part. The
perfect tool he originally wanted to choose became available six
months later, and by then James had been running successful
social media campaigns for half a year and had refined
(35:30):
his process. He had happy customers and had generated additional
seventy five grand in revenue. Perfect came too late. Good
enough plus speed won the race. Now, let me share
the most counterintuitive insight about confident decision. Confident decision making,
the goal is to not increase your success rate. The
(35:52):
goal is to increase your decision making speed while maintaining
an acceptable success rate. Most business owners think they need
to be right ninety percent of the time. That's kind
of that, that's wrong thinking. If you're right ninety percent
of the time, you're probably not taking enough risk or
moving fast enough. The most successful entrepreneurs I know are
(36:13):
right about sixty to seventy percent of the time, but
they make decisions so much faster than their competitors, and
they end up winning much more often. They fail forward fast,
learn faster, and it just faster. Think about it this way.
If you make one decision per month and you're right
(36:34):
ninety percent of the time, you'll have about eleven successes
per year. But if you make one decision per week
and you're right seventy percent of the time, you'll have
about thirty six successes per year. Speed beats perfection every
single time.
Speaker 3 (36:51):
That is such a fascinating perspective. And again Michael's credits
are like the way your CFO mind works. I just
love the way you quantified that is it leads to
number of our successes per year. So look, can you
give us a practical set of techniques from making faster
decisions without sacrificing quality I can.
Speaker 4 (37:11):
So here are the five speed techniques for confident decision making.
So Technique number one is the predecision framework. So before
you're faced with a decision, establish a criteria for similar decisions.
For example, any marketing investment under five thousand dollars that
could generate at least three times the HOURI within six
months gets an approval. Having pre established criteria eliminates the
(37:36):
need to reanalyze basic questions every time. Technique number two
the advisory board shortcut. Identify three trusted advisors who understand
your business when facing a decision, get their input within
twenty four hours. Three experienced perspectives can often provide better
(37:56):
insight than a week of solo analysis. The ten ten
ten rule Ask yourself, how will I feel about the
decision in ten minutes, ten months, and ten years. We
have to make visionary in our thinking. That's why the
ten years is in there, and this helps separate decisions
(38:17):
with short term consequences from those with long term impacts.
Technique them before the reversibility test. Ask if this doesn't
work out, how easily can it we reverse or modify
this decision? If it's easily reversal, make the decisions quickly.
Only truly irreversible decisions deserve any extended analysis at any
(38:42):
extended time. Technique five is the opportunity cost clock for
every decision. It's not a mental clock that tracks how
much the delay is costing you. If the cost of
delay exceeds the cost of a wrong decision, to speed
and let me give you a real example of these
techniques in action. So a construction company was considering whether
(39:07):
to bid on large municipal project on a one single
municipal project, and normally he might spend weeks analyzing this opportunity. Instead,
he used the speed technique red search this predecision framework,
he'd already established that any project over five hundred grand
needed to be needed to meet specific criteria with a
(39:31):
minimum margin of fifteen percent, payment terms of thirty or better,
thirty days or better than it is, and a completion
timeline of six months or less. Advisory board shortcut. He
called three trusted colleagues who had experience with municipal work
and got their insights within twenty four hours the ten
ten ten rule. In ten minutes, he'd feel excited about
(39:54):
the opportunity. In ten months. If successful, it would establish
credibility for future menu municipal work, and in ten years
it could be the foundation of a new revenue stream
reversibility test. If he won the bid but it went poorly,
he could choose not to bid on similar projects in
the future. That's simple. The risk was contained to this
(40:15):
one project opportunity cost clock. While he was deliberating, the
bidding deadline was approaching, and other contractors were likely developing
stronger proposals than the result. He made the decision to
bid within forty eight hours instead of the usual two weeks.
He won the project, completed it successfully, and it led
(40:37):
to three additional municipal contracts worth over two million bucks.
Speaker 3 (40:41):
Wow. Look, Michael, I mean these techniques are really intriguing.
In five, we've got some questions from listeners. I'll just
pick up on one question here. So, these techniques, they
seem like they would apply to both big and small decisions.
But are there any category of decisions that should not
use this fast decision approach?
Speaker 4 (41:01):
Well, there are definitely decisions that deserve more time. So
that is an excellent question, and it's crucial to know
the difference slowed down to what I call foundational decisions,
so choices that will define your business for years to come.
These include choosing your business model, selecting long term partners,
making major acquisitions or decisions involving significant debt or equity,
(41:27):
and also if you're selling. I think that requires a
lot of extra thought. But here's what surprises most people.
Ninety five percent of business decisions are not foundation decisions.
They are what I call learning decisions. These are choices
that help you test, adjust, and improve your business incrementally.
(41:50):
The problem is is that most business owners treat learning
decisions like foundation decisions. They spend foundation level time analyze
decisions that should be made quickly and adjusted based on results.
For example, choosing which accounting software to use is a
learning decision, not a foundation decision. You can always switch
(42:13):
software if it doesn't work out, but many business owners
spend months researching accounting software options when they should spend
that time. You actually using software to manage their finance
is better. So here's my rule. If you can do
the decision within ninety days without catastrophic consequences, it's a
learning decision. Make it fast, implement it quickly, and adjust
(42:35):
it based on results.
Speaker 3 (42:37):
Michael, as we wrap up this segment. What's the number
one thing holding business owners back from really making confident decisions?
Speaker 4 (42:46):
Hmm, I'd say I'd say fear of judgments. See yeah,
most business owners are afraid that if they make a
decision that doesn't work out, they'll be judged as incompetent
by employees, customers, or peers. But here's the truth. Your employees, customers, customers,
(43:07):
and peers are watching how you handle uncertainty, not whether
every decision turns out perfectly. You want to see leadership
the sights of this and the ability to learn and adapt.
A confident leader who makes decisions quickly and a just
course when needed. It's just far more inspiring than a
paralyzed perfectionist who never takes action because they're afraid of
(43:30):
making mistakes. Your people don't need you to be perfect,
they need you to be decisive. And as we wrap
up today's show, let me summarize the key insights that
can really improve and transform your decision making and your
confidence starting today, First, we expose the confidence crisis that's
(43:53):
costing business owners hundreds of thousands of dollars in missed opportunities.
This isn't about personality or intelligence. It's about having the
wrong decision framework. Second, we introduce the four components of
the confident decision framework, the seventy two hour rule. Make
decisions based on seventy two hours instead of letting them
(44:15):
drag on indefinitely. Most business decisions are reversible, so speed
beats perfection. The eighty percent information principle. Make decisions when
you have eighty percent of the information you think you need.
The last twenty percent usually takes eighty percent of the time,
and often you know eighty percent of the time to
(44:35):
compile and often doesn't change the decision anyway. The cost
of an action analysis always calculate what is causing you
not to make a decision, factor and lost revenue, efficiency ways,
competitive disadvantage, and opportunity decay the minimum viable decision process.
Instead of trying to make perfect decisions, make the smallest
(44:59):
decision that will give you real market feedback and test. Third,
we discussed how to overcome information overwhelmed by focusing on
good enough plus speed rather than perfectionism plus analysis a paralysis.
I'm sorry. Fourth, we shared five speed techniques predecision frameworks
(45:24):
at bynes Reboard shortcuts. The ten ten ten rule reversibility
tests and opportunity cost clocks.
Speaker 3 (45:31):
Michael, if a business owner listening could only implement one
thing from today's show, what would you recommend.
Speaker 4 (45:39):
Well, I'd recommend starting with the seventy two hour rule two. Kip.
You know, you pick one decision that you've been putting
off and commit to making it within seventy two hours,
not implementing it, just deciding. This single practice will begin
rewiring your brain for confident decision making. But here's what
I want everyone to understand. Confident isn't something you're born
(46:01):
with or without. Business confidence is a skill that can
be developed through practice. Every time you make a decision
quickly and learn from the results, you're building that confidence muscle.
The most successful business owners aren't those who never make mistakes.
They are those who make decisions quickly, learn from the results,
and its course rapidly. They understand that in business, speed
(46:24):
of implementation beats perfection of planning. And remember your competitors, well,
they're making Your competitors are making decisions while you're researching,
so your customers defining solutions while you're analyzing, and your
opportunities are disappearing while you're deliberating. The market rewards action,
(46:46):
not analysis. It rewards speed, not perfection. It rewards those
who are able to make decisions with complete information and
learn from real results. We've all been taught, oh sorry,
we've all been taught that good business people are careful,
(47:11):
they're thorough and conservative. But the world has changed. What
worked in nineteen eighty five doesn't work in twenty twenty five.
But here's my challenge to every listener for the next
thirty days, commit to making one business decision per week
using our framework. Start small. Maybe it's trying a new
marketing approach, or implementing a new process, or testing a
(47:35):
new service offering. Track your results. I guarantee you'll discover
that making decisions quickly and adjusting based on results produces
much better outcomes than endless analysis and delayed implementation. And
if you need any help in implementating these strategies, that's
exactly what we do it Next Step CFL we help
(47:57):
business owners build the systems and confidence they need to
make profitable business decisions quickly and consistently. So to get
a copy of our book, Powerful Business Strategies, simply go
to our website www dot Next STEPCFO DOT. It's totally
complimentary and until next Monday at New Nissan Time for
(48:20):
Chukey Obio. My name is Michael bab Rita, and remember,
don't keep doing what your competition is doing.
Speaker 2 (48:29):
You have been listening to powerful business strategies finding out
that everything you ever learned about growing your business is wrong.
Tune in next week and every week at noon Eastern
time on W four CY Radio with your host Michael
Barbarita of Next Step CFO and moderator Chugy Obio
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