In this finale episode, we reveal the comprehensive "Ultimate Business Transformation Blueprint" – a master framework that combines the most powerful strategies from every previous show into one actionable system. You'll discover the exact step-by-step process that has helped businesses generate millions in additional revenue, the critical mistakes that destroy even the smartest strategies, and the ultimate formula for creating a business that serves your life rather than consuming it.
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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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Episode Transcript
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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 FOURCY Radio
or it's employees are affiliates. Any questions or comments should
be directed to those show hosts. Thank you for choosing
(00:21):
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 is
your host. President of Next Step CFO Michael Barbarita and
(00:51):
joining Michael for today's show as an executive moderator is
chooky obia.
Speaker 3 (01:00):
Yes, this is chookey, and I believe that gratitude is
undefeated and growth is about the next step. It is
an honor for me to moderate today's discussion with my
good friend Michael.
Speaker 4 (01:12):
Michael, how are you fantastic? Cherokey? And my name is
Michael Babarita, President of Next Step CFO. And next Step
CFO is a fractional CFO and strategic implementation firm. Business
owners hire us to double and triple at profit using
business and financial strategies that their competition isn't doing, and
our vision is to ensure overwhelmed business owners achieve consistent
(01:35):
profits that leads the time, freedom to build a legacy,
and the light that they desire. Our mission is dedicated
to guiding small business owners to leveraging their time, exploding
their profits, and building a meaningful legacy. The show Powerful
Business Strategies in our book of the same name is
a step toward accomplishing that vision and mission. So with that,
(01:56):
I'd like to hand it back to my co author
and moderator for the show, Chucky O.
Speaker 3 (02:00):
Michael, this is episode fifty. I feel so inspired by
the insights that we've packed in today's episode. So the
title is the Final Formula, the ultimate blueprint for business
transformation that changes everything. Before we get started, a quick disclaimer, look,
(02:21):
Michael and I are both affiliated with a number of
different organizations. I currently serve as the Managing director of
Business Development for Vetaprice, a global business focused law firm.
In addition to that, it's truly an honor to collaborate
with Michael to moderate business roundtables coast to coast and
(02:42):
really document the insights as part of our book, Powerful
Business Strategies. So please note the views expressed on this
show are our personal views born out of these very
successful experiences. My mission as a fearless moderator is to
ask the right questions to help you the listener learned
(03:02):
the best business strategies that the competition isn't doing. With that,
back over to Michael.
Speaker 4 (03:09):
Thank you, chier Key. So, welcome to the final episode
of Powerful Business Strategies. And today I want to ask
you a question that will define your next decade. What
if I told you that in the next hour you're
going to learn a complete system that could be worth
millions of dollars to your business. And what if everything
we've taught over the past year could be distilled into
(03:29):
one ultimate formula that transforms struggling businesses into profit powerhouses. Well, today,
on our final show, we're not holding anything back. We're
revealing the ultimate business transformation blueprint and the exact system
that has helped our clients generate business success. And this
is a theory. This isn't motivation. This is the real deal.
(03:51):
And if you've been waiting for the perfect moment to
transform your business, this is it. If you've been looking
for that missing piece that ties everything together, you're about
to find it. And if you're ready to finally build
a business that serves your life instead of consuming it,
the next hour will change everything for you. And this
is your moment, this is your blueprint. So let's make
(04:13):
it count. So over the past year, we've covered dozens
of powerful business strategies. We've talked about position of market dominance.
We've talked about the conversion formula, cash flow mastery, confident
decision making, and so much more. But here's what I've realized,
information without implementation is worthless. See, most business owners suffer
(04:36):
from what I call strategy overload syndrome. They know a
dozen different ways to grow their business, but they're not
implementing any of them effectively, if at all. And they
like someone with a toolbox of professional grade tools but
no blueprint for building the house. And that's why today's
final show, I'm going to give you that ultimate blueprint,
(04:58):
the exact sequence and system for implementing these strategies in
the right border at the right time for maximum impact.
So let me start with a quick story that illustrates
everything wrong with how most business owners approached growth. So
last year I met a contractor call him Robert, at
a business conference, and he'd invested over fifty thousand dollars
(05:20):
in business education courses, coaching programs, mastermind groups, you name it.
And Robert could tell you all about sales funnels, digital marketing,
employee retention strategies, financial management and operational systems, and everything
else under the business book. But he had notebooks full
(05:41):
of strategies and his computer was loaded with templates and worksheets.
But here's the problem. His business was still struggling. Revenue
was flat, he was working seventy hour weeks, his cash
was unpredictable, and he was more stressed than when he
started learning all these strategies. And when I asked Robert
when he was impling, he said, I'm trying to do everything.
(06:02):
I'm working on my marketing, improving my sales process, implementing
new systems, managing cash flow better, and trying to hire
people all at the same time, Well, realize the problem
because because Robert was trying to fix everything simultaneously instead
of following a systematic approach that builds success upon success.
Speaker 3 (06:22):
Man, Michael, this sounds so compelling, but look, it's a
problem that many business owners face.
Speaker 4 (06:28):
I mean, what's the solution, Well, Cookie, the solution is
what I call this ultimate business transformation blueprint. It's a systematic,
step by step approach that ensures you, that ensures that
you implement the right strategies in the right order for
maximum impact. And here's the key insight. Business transformation doesn't
(06:50):
happen by doing everything at once. It happens by doing
the right things in the right order, building momentum as
you go. It's like building at You don't stop with
the roof, or you don't start with the plumbing or
the electrical and the landscaping all at once. You stop
with the foundation, and then the framing, and then the
systems and finally the finishing touches. Each phase builds upon
(07:13):
the previous one, and so the same principle applies to
business transformation. There's a specific sequence that works when you
follow it, and the results are dramatic and sustainable and
this ultimate business blueprint transformation has five phases and I'm
going to walk you through each one today. So Phase
(07:35):
one is foundation building. This is where you establish the
critical systems and the mindsets that everything else depends on.
Phase two revenue acceleration. This is where you implement the
strategies that have the biggest immediate impact on cash flow
and sales. Phase three operational excellence. This is where you
(07:59):
build the systems that allow you to scale without the chaos.
Phase four market dominance. This is where you implement the
strategies that separate you from all the competition. And then
Phase five it's legacy building. This is when you create
a business that runs without you and build long term
value and scale. Each phase has specific strategies, specific timelines,
(08:26):
and specific success metrics. And here's the critical part. You
don't move to the next phase until you successfully completed
the current.
Speaker 3 (08:34):
One step by step, right, Michael, next step, So look
a systematic approach that makes so much sense. Can you
give us an overview, Michael, of just what makes each
phase essential?
Speaker 4 (08:49):
Certainly, and so each phase serves a specific purpose and
solves a specific set of problems. So phase one is
foundation building. It solves what I call the chaos problem.
Most businesses are built on shaky foundations, poor financial systems,
unclear decision making process, no strategic planning, and reactive management.
(09:13):
Can't build sustainable growth on a weak foundation. Phase two
Revenue acceleration solves the capsulo problem. Once your foundation is solid,
you need immediate revenue growth to fund further improvements and
provide breathing room for strategic thinking. Phase three, operational excellence,
(09:35):
solves the scaling problem. So many business owners can generate
revenue but can't scale efficiently, and this phase builds the
systems that allow growth without proportional increases in stress and complexity.
Phase four, Market dominant solves the competition problem. This is
where you implement the strategies that make you the obvious
(09:55):
choice in your market, allow you to command premium prices
and a tract ideal customers. Phase five, legacy building solves
the exit strategy problem. This creates a business that had
value beyond your personal involvement, whether you want to sell it,
pass it on, or simply step back from the day
to day operations that continue to scale. The beauty of
(10:18):
the system is that each phase makes the next phase
easier and more effective. The foundation you build in phase
one makes the revenue strategies in phase two more powerful.
The operational systems in phase three amplify the market dominant
strategies in phase four. Now, most business owners try to
jump to phase four or five without completing the earlier phases,
(10:42):
and that's where things fall apart and strategies don't work.
They're trying to build market dominance without operational excellence, or
create legacy legacy, actually legacy value without sustainable revenue systems.
So let's die a little deeper into phase one, foundation building.
(11:03):
This is where most business owners want to skip ahead,
but it's absolutely critical for everything that follows. And foundation
building has four core components. I call them the four
pillars of business success. Financial clarity, decision frameworks, strategic planning,
and mindset masters. So let's start with financial clarity. I
(11:26):
can't emphasize this enough. You can't manage what you don't measure.
And we've said this a lot, and you can't measure
what you don't understand. Yet, eighty percent of business owners
I meet don't know their basic financial numbers. And in
our business assessments, we ask three simple questions. We ask
what your sales are your gross profit and your net
(11:47):
or sorry, gross profit percent and your net income percentage.
Four out of five business owners cannot answer these questions
with any kind of confidence. And this is out. This
isn't about being an account This is about understanding the
financial levers that drive your business. You need to know
your vital five sales, gross profit, gross profit percent, net profit,
(12:10):
and your current cash balance. These numbers should be on
your memory all the time. But beyond knowing the numbers,
you need systems for tracking and analyzing them. And this
means monthly financial statements completed within fifteen days of them month,
then weekly cash blow reports, and monthly metrics reviews. A
(12:30):
restaurant owner who was constantly stressed about money but couldn't
tell me if his business was profitable. When he finally
implemented proper financial tracking, he discovered he was actually losing
three dollars on every lunch specially sold and he thought
he was generating revenue, but he was actually destroying profit
with every sale. And once he had financial clarity, he
(12:54):
could make the intelligent decisions about pricing, menu design, and
cost management. Within ninety days, he turned that three dollars loss,
which was seven dollars profit per lunch special, adding one
hundred grand to his bottom line. And the second pillar
is decision frameworks. As we discussed last week, most business
owners suffer from decision paralysis or they make decisions randomly
(13:19):
without systematic thinking. So in phase one you establish clear
frameworks for different types of decisions. For example, any expense
under one thousand dollars that improves customer experience gets automatic approval.
It doesn't have to be one thousand dollars, could be
some other smaller number or a bigger number. Any marketing
investment under five thousand dollars that could generate three times
(13:42):
hour wide within six months gets automatic approval. Any process
change that could save more than five hours per week
gets immediate implementation. So and you could change all those
numbers to oose parameters, but having pre established frameworks eliminates
the mental energy still on recurring decisions and ensure us
(14:02):
consistency in your business operations.
Speaker 3 (14:05):
This is interesting, Michael. So this foundation work sounds crucial
but also potentially overwhelming. How do business owners tackle this
step by step without getting bogged down?
Speaker 4 (14:18):
Yeah, that's legitimate concern. I think the key is to
implement these foundations systematically over ninety days and not all
at once. So Week one and two would be financial clarity,
getting your bookkeeping established with weekly financial reporting. Weeks three
and four are your decision frameworks. Document your criteria for
(14:39):
the five most common decisions that you face. Week five
to eight Strategic planning. Complete your business and cash flow
forecast for the next twelve months. Week nine to twelve
mindset mastering. Implement the confident decision making practices that we
discussed last week, and I believe the week before as well.
(14:59):
Each builds on the previous week, and by the end
of the ninety days you have a rock solid foundation
that supports everything else you build. Now let's talk about
strategic planning, and that's the third pillar. Most business owners
confuse activity with strategy. They're busy, but they're not strategic.
(15:20):
They're working hard, but not necessarily on the right things.
Strategic planning means having a clear twelve month business and
cash flow forecast that shows exactly where your revenue will
come from, what your expenses will be, and how much
cash you need win. And this isn't about predicting the
future perfectly. It's about having a roadmap that guide your
(15:41):
decisions that helps you spot problems before they become a crisis.
Tells you when it's cloudy, not when it's raining. I
can't tell you how many business owners tell me they
were surprised by their tax bill or didn't see a
cash flow crunch come. These aren't surprises if you have
(16:02):
proper forecasting in place. When you have a rolling business
and cash flow forecast, you'll see that you'll you'll need
additional working capital. In month six you will know what
you can and cannot afford and the impact of the
future seasonal dips. The fourth pillar is mindset mastering. This
this might be the most important pillar of all. Your
(16:24):
business will never outgrow your personal development. Your company's growth
is limited by your growth as a leader. Mindset mastering
includes confident decision making, which we covered last week, but
it also includes time management, stress management, and what I
call CEO thinking. Now, most business owners think like employee,
(16:49):
think like employees, not CEOs. They focus on tasks instead
of results, on being busy instead of being productive, on
working in the business instead of work working on the business.
CEO thinking means asking different questions, what's the highest value
activity I could be doing right now? What problems am
(17:12):
I solving that someone else could solve? What opportunities am
I missing because I'm focused on operations instead of strategy.
Let me give you a concrete example. So a financial
advisor who was spending fifteen hours per week on administrative
tasks scheduling appointments, sending follow up emails, preparing basic reports.
(17:35):
His time was worth three hundred dollars per hour and
client facing activities, but he was doing fifteen to thirty
dollars an hour work. He calculated that those fifteen hours
of admin work were causing of four thousand, two hundred
and seventy five dollars per week and opportunity cost that's
over two at grand a year. He hired a virtual
(17:56):
assistant for twenty five dollars an hour to handle the
admin work up to focus on client relationships and business development,
and his revenue increased by one hundred and eighty grand
in the following year, while his stress decreased dramatically.
Speaker 3 (18:11):
Yeah, Michael, I think business owners are all about stress
management right and reduction. Look, these foundation elements seem interconnected, Michael.
The more we sort of just think about this, how
do they all work together to create business transformation.
Speaker 4 (18:28):
Yeah, that's great observation, chocky. You know, these four pillars
create what I call a success amplification system because each
pillar reinforces the others. Financial clarity gives you the data
to make better decisions, which improves your decision frameworks. Better
decisions lead to more effective strategic planning. Better planning reduces
(18:51):
stress and builds confidence, which enhances the mindset master and
stronger mindset leads to better overall management. It's a positive
feedback loop where each improvement makes every other area more effective.
But here's the key. You must have all four pillars
in place before moving to phase two. I've seen too
many business owners try to implement revenue acceleration strategies without
(19:15):
solid foundations and always sends up in frustration. You can't
scale chaos, can't amplify this function. You can't accelerate a
business that doesn't have solid systems and clear thinking. Think
of phase one as building the engine of a race car.
You wouldn't try to win races with a poorly tuned engine,
(19:36):
no matter how good your driving skills are. The same
principle applies to business. Get your foundation right that accelerate.
Speaker 3 (19:45):
So Michael before we end the segments, what's one specific
action item that listeners can take away and at least
start to implement this week.
Speaker 4 (19:54):
Well, chicky, you get to die with that vital five
financial numbers this week. Sit down with your keep a
CFO or accountant or whoever, and make you make sure
you know your exact sales, gross profit, gross profit percentage,
net profit, and your current cash balance on a consistent basis,
meaning daily. Understand though, but understand those numbers if you
(20:17):
can't get and the reason is, it leads to better
decision making, every single one, because when something is off,
you research it and then you figure out how to
fix it. If you can't get these donebers quickly and accurately,
that tells you everything you need to know about the
state of your financial foundation. Fix that first, then move
to the other pillars. And before we continue, let's take
(20:38):
a ninety second break. Hey, their 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 news for you. Everything you've ever learned about
growing your business is wrong. Don't worry. I'm here to
let you in on a secret weapon, your position of
(21:01):
market dominance. It's what sets you apart, makes you irreplaceable,
and has customers lining up at your door. My name
is Michael Barberrita 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 implevientation program called Next Step to Market Dominance.
(21:25):
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 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
(21:48):
their revenue. Don't let another quarter go by struggling to standout.
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
(22:09):
two two that's next step 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 you can go to Powerful Business Strategies dot
com to catch any of the fifty episodes that we've done.
So let's move to phase two. Phase two is called
(22:30):
revenue acceleration, and this is where most business owners want
to start. But as we discussed, it only works effectively
when you have solid foundations in place. So phase two
has three core strategies that work together to create immediate
sustainable revenue growth. Position of bucket dominance, conversion formula, and
strategic partnerships. And when implemented correctly, these three strategies can
(22:53):
increase revenue by fifty to two hundred percent or more
within twelve months. So let's start with that position of
market dominance, which is we've uncovered in previous shows, but
it's so critical I want to revisit it here. Your
position of market dominance makes you the obvious choice for
your ideal customers by addressing the biggest problem that they
have that they don't want and offering a solution they
(23:15):
want that they just can't find. Elsewhere in the market.
Most businesses try to do everything to everyone and end
up doing nothing special to anyone, and so a strong
position of market dominance makes you the only logical choice
for a specific group of customers. So a roofing contractor
was competing purely on price and constantly losing bids to
(23:37):
cheaper competitors, and he developed this position of market dominance.
Is the only roofing company that guarantees your roof will
be completed in five days or less with vero mess
left behind, or will pay you five hundred dollars for
the inconvenience. This position addressed homeowners two biggest concerns, project
duration and cleanup. Within six months, he was winning seventy
(24:00):
percent of his bids instead of thirty percent. It was
charging fifteen percent more than its competitors because customers saw
a clear value in his unique promise. The key to
or a powerful position of market dominance is that it
must be specific, meaningful to your target customer, and difficult
for your competitors to copy. It's not enough to say
(24:21):
betest service or high equality. Most are meaningless platitudes that
every business claims.
Speaker 3 (24:27):
Michael, how do business owners identify the rights position of
market dominance for their specific industry.
Speaker 4 (24:35):
Well, that's a great question.
Speaker 2 (24:36):
True.
Speaker 4 (24:37):
You see, the process has three steps. First, you have
to identify your customer's biggest frustration with your industry. What
do they complain about, what keeps them awaking? What problems
do they experience with your competitors. Second, determine what solution
they want but can't find. This often requires innovation. You
may need to change how you deliver your service or
(25:00):
add new elements to address their frustration. By the way,
sometimes you don't. There's no question about it. We've implemented
positions of bocket dominance without any structural change in the operation.
Third is craft a message that clearly communicates how you
solve their problem in no way or in a way
(25:21):
that no one else does. For example, with that roofing
With that roofing contract, the homeowner's biggest frustrations were projects
that dragged on for weeks and the mess that most
contractors leave behind. The solution they wanted was a fast,
clean job, but no one in his market was promising
both speed and cleanliness with a guarantee. So now let's
(25:43):
talk about the convergent formula which transformed you how you
communicate with prospects and customers. The formula has four components captivate, fascinate, educate,
and close. And most business marketing fails because it only
tries to captivate, get it tension, but doesn't fascinate, educate,
(26:03):
or provide an offer. They get people to notice them,
but don't facilitate the decision making process. Now, sometimes they
captivate make an offer, but that's just done enough. The
captivate gets attention by addressing a problem or concern your
prospect has. The fascinate promises that you have information that
(26:24):
will help them make a better decision. The educate provides specific,
valuable information that positions you as the expert solution. And
the clothes which is an offer that needs to be
so compelling that the prospect can't turn it down. So,
for example, you know you that give them a risk
free way to take the next step. So Financial Advisor's
(26:47):
marketing was typical industry jargon, comprehensive financial planning for your
secure future, you know, boring and meaningless. He transformed his
marketing using the conversion formula. The captivate was worried about
worried that your retirement savings won't last as long as
you do. Fascinate Discover the three critical mistakes that could
(27:09):
destroy your retirement plans and avoid and how to avoid them.
Educate a free report showing specific strategies for protecting retirement
income with real examples and case studies. And an offer
was a complementary thirty minute retirement security analysis with no
sales pressure. His response rate increased by four hundred percent
(27:29):
and its conversion rate from prospect to client increased by
one hundred and fifty percent. The third strategy is strategic partnerships,
which allows you to leverage other businesses customer bases so
to accelerate your growth without spending more in marketing. And
the key to successful partnerships is finding businesses that serve
(27:50):
the ideal the same ideal customers you do, but offer
complementary rather than competing services, and when done correctly, strategic
part the ships could be our fastest path to revenue growth.
We have shows on every one of these strategies in
Powerful at Powerful Business Strategies. Dot Com, a landscaping company,
(28:11):
partnered with three home improvement contractors to pool companies and
of fence installation business so instead of spending thousands on
advertising to find new customers. He received qualified referrals from
his partners from his partner's existing customer basis, and this
arrangement was simple. Each partner referred customers who needed landscaping services,
(28:33):
and he referred customers who needed their services. And with
eighteen within eighteen months, forty percent of his business came
from partner referrals, and his customer acquisition costs dropped by
sixty percent.
Speaker 3 (28:45):
Yeah, I've got to say, Michael, I mean, and we're
also getting some feedback from listeners just on this.
Speaker 4 (28:50):
This partnership approach.
Speaker 3 (28:51):
Sounds very powerful, but also potentially complex to set up.
How do business owners identify and approach potential partners?
Speaker 4 (29:02):
Well, Chicky, you know, it's actually a lot simpler than
most people think. Stop by listing all the other services
your ideal customers typically need before, during, or after working
with you. For example, if you're a wedding photographer, couples
also need catering. They also need flowers, they need venues,
(29:22):
they need usicre dozens of other services. And if you're
a business attorney, your clients need accounting, insurance, marketing, and
technology services. Just make a list of the best providers
of these complementary services in your market and then approach
them with a simple proposition. My customers often need your services,
and your customers probably sometimes need mine. What if we
(29:43):
set up a formal referral relationship. Now, most business owners
are recepted to this because it costs them nothing and
provides value to their customers. But the key is signing
with informal referrals to build that trust, and then formalizing
the relationship once your proven it works. We have a
whole show on this because there is an extensive approach
(30:07):
on how to go about this. But here's what's crucial
about phase two. These three strategies must work together. Your
position of market dominance informs your conversion formula. Messaging your
conversion formula creates qualified leads for your partners to refer,
and your partnerships provide more prospects to confert using your formula.
(30:28):
It's an integrated system, not individual tactics. Well, all three
strategies work together that result exponentially our exponential rather than
simply additive. And let me give you a real example
of this integration. A dental practice developed a position of
market dominance. The only dental practice that guarantees same day
(30:50):
emergency appointments and pain free procedures or your visit is Free.
They conversion formula, captivated with tie of dental practices that
make you wait days for emergency appointments and used painful
procedures from the nineteen nineties. They fascinated with discover how
modern dentist dentistry can eliminate both waiting and pain from
(31:13):
your dental experience, and they educated with detailed information about
their emergency protocols and pain free techniques. They offered a
complementary consultation and cleaning with their pain free guarantee, and
for strategic partnerships, they partnered with family physicians or the
dantis and oral surgeons who served the same patients but
(31:34):
didn't compete directly. The results well, They revenue increased eighty
five percent in eighteen months, new patient acquisition increased by
one hundred and twenty percent, and patient satisfaction reached scores
reached the highest levels in the practice's history.
Speaker 3 (31:52):
Man, these results are impressive, Michael, but I imagine that
some listeners and business owners on the line here are
wondering about the time frame for phase to I mean,
how long does that revenue acceleration phase take well.
Speaker 4 (32:05):
Phase two typically takes somewhere in the neighborhood of six
to nine months to follow to fully implement and optimize.
But here's the important part. You start seeing results within
thirty to sixty days. Month one to two you develop
and test your position of market dominance. Month three and four,
(32:25):
you implement and optimize your conversion formula. Month five and six,
you establish strategic partnerships. On seven to nine, integrate all
three strategies and optimize the system. Because the beauty of
this of this phase is that each strategy begins generating
results as you implement it, so you're building momentum throughout
(32:47):
the process rather than waiting until everything is perfect.
Speaker 3 (32:52):
Yeah, that's an excellent point about positive momentum. So, Michael,
before we wrap up this segment, what's the biggest mistake
that you think business owners make during the revenue acceleration phase.
Speaker 4 (33:03):
Well, the biggest mistake is trying to implement all three
strategies simultaneously without proper testing and optimizing each one. They
develop a position of market dominance, they launch new marketing
with the conversion formula, and try to establish partnerships all
at once. This creates confusion. It dilutes their focus and
(33:25):
makes it impossible to determine which strategy is working and
which needs adjusting. You implement systematically perfect your position of
market dominance first, then your conversion process, then your partnerships.
Sequential mastery beats simultaneous mediocrity every single time. So before
(33:47):
we continue, let's take a ninety second break. Hey, their
business owners, let me ask you something. Are you tied
of blending in with your competitors? Frustrated with slow growth
and slim margins. I've got news for you. Everything you've
ever learned about growing your business is wrong. Don't worry.
(34:07):
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. Sounds great, Michael, How do I
find my position of market dominance? Well, that's exactly why
(34:28):
we've created our game changing impleitation program called Next Step
to Market Dominance in just ninety days, will 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 deeply with your ideal customer. By
building a strategy that turns you into the go to
(34:49):
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. Another quarter, go by struggling the standout.
It's time to dominate your market. Period Go to NEXTSTEPCFO
dot net forward slash contact. Fill out the form and
(35:11):
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 call us at seven eight one three two
six three A two two. Welcome back to powerful business strategies.
And so now we move to phases three, four and
(35:34):
five operational excellence, market dominance, and legacy building. These phases
transform a successful business into a truly exceptional enterprise that
dominates its market and creates lasting value. So let's start
with phase rate operational excellence. By this point, you have
solid foundations and growing revenue. A growth without operational excellence
(36:00):
creates chaos. And you need systems that allow you to
scale efficiency efficiently without proportional increases in complexity and stress.
So operational excellence actually has four core components, process systemization,
team optimization, technology leverage, and quality assurance. So process system
(36:25):
systemation means documenting and optimizing every critical business process so
they can be performed consistently by anyone on your team.
And this includes everything from how you answer the phone
to how you deliver your service to how you follow
up with customers. So a home remodeling company was growing
(36:48):
rapidly but constantly dealing with project delays, customer complaints, and
stressed employees. And the problem was that a lack of
skill was lack of systems. She systemize their entire operation,
standardized project timelines, documented quality checklists, created customer communication protocols,
(37:13):
and established vendor management procedures. And the result was project
completion time improved by thirty percent, customer satisfaction scores increased
by forty percent, employee stress decreased significantly, and the owner
was able to step back from day to day operations
the first time in ten years. Team optimization means having
(37:37):
the right people in the right roles and clear expectations
and accountability systems. This includes the hiring process that attract
a players, training programs that develop their skills, and performance
management systems that ensure consistent results. Many business owners try
(37:58):
to solve people problems with process improvements or process problems
that with better people, but operational excellence requires both exceptional
people and exceptional processes working together. Technology leverage. Leverage means
using automation and digital tools to eliminate manual work, reduce errors,
(38:22):
re up human talent for the high value activities. And
this doesn't mean buying every new software that comes along.
It means strategically implementing technology that solves specific operational problems.
And let me make just one other point. I think
(38:42):
every business owner really has to really dig deep into
into AI artificial intelligence, because it's coming and the technologists
are implementing things with incredibles speed. Even I know that
(39:03):
someday in our practice we're going to be selling AI
agents to businesses and and and and that's not that's
like less than a year away. And so it's and
and believe me, a year is a very small period
of time. Uh just just just ask Red Hour back
(39:24):
when he drafted Larry Bird as a junior, which was
highly unusual at the time. All the general managers asked
him why on God's green Earth would he hire a junior. Uh,
I mean when he draft a junior and number one
by the way, and he said, you know how short
a period of time a year is. And of course
(39:46):
read our backs patients paid off because Larry Bird won
three championships you know, of course for the Celtics. So
and quality assurance means having systems that catch problems before
they reachstomers and ensure consistent delivery of your brand promise.
And this includes inspection processes, customer feedback systems, and continuous
(40:11):
improvement protocols. So, as we bring our final show to
a close, I want to leave you with the most
important insights from our entire journey together. First, everything you've
been taught about business growth in the past is wrong
because most advice focuses on tactics instead of systems. Random
(40:36):
tactics create random results, but systematic implementation improven strategies creates predictable,
sustainable success. Second, the Ultimate business transformation blueprint works because
it follows natural business development patterns. Can't skip phases or
implement them out of order. Foundation building enables now accelerator acceleration,
(41:02):
which enables operational excellence, which enables market dominance, which enables
legacy building. Third, the difference between struggling business owners and
highly successful ones isn't intelligence, luck, or resources. It's having
a and following a proven system of success. It's having
(41:26):
it following a proven system, because success is a process,
not an accident. Fourth, the biggest barrier the business transformation
isn't lack of knowledge, its lack of implementation. The most
business owners know what they should do, they just don't
do it systematically and persistently, and they don't do it
(41:49):
in the right order. Fifth, business transformation is a journey,
not a destination. Even after completing all five phases, successful
business owners continue optimizing, they continue innovating, and they continue growing.
The blueprint gives you the framework for that continuous improvement.
(42:12):
But here's here's what I want every listener to understand.
The blueprint only works if you work it. Knowledge without
implementation is worthless. Just like we said at the beginning,
the best system in the world won't help you if
you do not use it. So here's my final challenge
to everyone listening. Don't let this be just another business
(42:33):
show you listen to and forgot. Don't let this be
just more information that you never act on. Here's one phase.
Start with phase one if you need solid foundations, or
start you know, or start with phase two if you
saw if your foundations are solid, and commit to implementing
it completely over the next ninety to one hundred and
(42:54):
twenty days. Don't try to do everything at once, don't skip, stop,
don't make excuses. Just pick one phase and execute it
with complete focus and commitment. Your business, your family, and
your future depend on the actions that you take, not
the knowledge you accumulate.
Speaker 3 (43:16):
Michael, this has been an incredible journey just digesting all
these insights and compliments to you on your professional and
executive persistence and consistency.
Speaker 4 (43:30):
I really must say that.
Speaker 3 (43:31):
So for listeners who want to continue working with you
and getting access to these insights, be on the show.
What's the best way to connect with NeXTSTEP CFO Well Chokey.
Speaker 4 (43:42):
For the first three lucky listeners, I'm going to give
them access to my proprietary platform and show them how
to increase their revenue a minimum of one hundred thousand
dollars without spending any additional money on marketing your ads
and to schedule that access, go to www dot next
step CFO for dot net forward slash contact, fill out
(44:04):
the contact form and in the message box type one
hundred K, we would love to meet you. So that's www.
Dot next STEPCFO dot net forward slash contact. Fill out
the contact form and in the message box type one
hundred K, we would love to meet you and show
you how to get that money into your own bank account.
(44:26):
So thank you for joining us in this incredible journey
with powerful business strategies. Remember everything you've ever learned about
growing your business is wrong. But now to our fifty
shows on Powerful business Strategies dot com, you know what's right.
The question is what are you going to do with
this dollege? So Chocky and I want to thank you
(44:48):
all for joining us on this incredible journey with powerful
business strategies. And while this mark's the end of our
Powerful Business Strategies radio show, I'm excited to announce that
our mission to help business owners con I'll be joining
the highly rated Positively Pipeman Show on the same station
before c Why dot Com iHeartRadio for a regular fifteen
(45:12):
minute segment on Mondays at one pm Eastern Time, where
we'll continue sharing these powerful business strategies and to more people.
On positively pipemin will dive deep into specific implementation tactics
and more strategies that the competition isn't doing. Make sure
to tune in and stay connected with our ongoing mission
(45:34):
to help you build the business of your dreams. Brilliant.
Speaker 3 (45:37):
That is fantastic news, Michael. So listeners would actually have
to say goodbye, you know, completely right, they can continue
learning from you on positively pipemin.
Speaker 4 (45:48):
Correct, that's exactly right, Hiky, and that the education continues
to transformation continues, and our commitment to helping business owners
achieve time, freedom and consistent proper it's continued. So for
those want to continue the journey with us, tune in
to Positively Pipeman on W four cy dot com iHeartRadio
(46:09):
Mondays at one pm Eastern Time. So this may be
the end of Powerful Business Strategies as a standalone show,
but it's just the beginning of an even bigger mission
to transform businesses across America. Until we meet again, whether
it's on positively pipemin or in your journey to business transformation,
keep growing keep implementing and keep building the business and
(46:33):
life you've always dreamed of. And remember, don't keep doing
with your competition is do it.
Speaker 2 (46:43):
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 Chuguillobio
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 FOURCY Radio
or it's employees are affiliates. Any questions or comments should
be directed to those show hosts. Thank you for choosing
(00:21):
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 is
your host. President of Next Step CFO Michael Barbarita and
(00:51):
joining Michael for today's show as an executive moderator is
chooky obia.
Speaker 3 (01:00):
Yes, this is chookey, and I believe that gratitude is
undefeated and growth is about the next step. It is
an honor for me to moderate today's discussion with my
good friend Michael.
Speaker 4 (01:12):
Michael, how are you fantastic? Cherokey? And my name is
Michael Babarita, President of Next Step CFO. And next Step
CFO is a fractional CFO and strategic implementation firm. Business
owners hire us to double and triple at profit using
business and financial strategies that their competition isn't doing, and
our vision is to ensure overwhelmed business owners achieve consistent
(01:35):
profits that leads the time, freedom to build a legacy,
and the light that they desire. Our mission is dedicated
to guiding small business owners to leveraging their time, exploding
their profits, and building a meaningful legacy. The show Powerful
Business Strategies in our book of the same name is
a step toward accomplishing that vision and mission. So with that,
(01:56):
I'd like to hand it back to my co author
and moderator for the show, Chucky O.
Speaker 3 (02:00):
Michael, this is episode fifty. I feel so inspired by
the insights that we've packed in today's episode. So the
title is the Final Formula, the ultimate blueprint for business
transformation that changes everything. Before we get started, a quick disclaimer, look,
(02:21):
Michael and I are both affiliated with a number of
different organizations. I currently serve as the Managing director of
Business Development for Vetaprice, a global business focused law firm.
In addition to that, it's truly an honor to collaborate
with Michael to moderate business roundtables coast to coast and
(02:42):
really document the insights as part of our book, Powerful
Business Strategies. So please note the views expressed on this
show are our personal views born out of these very
successful experiences. My mission as a fearless moderator is to
ask the right questions to help you the listener learned
(03:02):
the best business strategies that the competition isn't doing. With that,
back over to Michael.
Speaker 4 (03:09):
Thank you, chier Key. So, welcome to the final episode
of Powerful Business Strategies. And today I want to ask
you a question that will define your next decade. What
if I told you that in the next hour you're
going to learn a complete system that could be worth
millions of dollars to your business. And what if everything
we've taught over the past year could be distilled into
(03:29):
one ultimate formula that transforms struggling businesses into profit powerhouses. Well, today,
on our final show, we're not holding anything back. We're
revealing the ultimate business transformation blueprint and the exact system
that has helped our clients generate business success. And this
is a theory. This isn't motivation. This is the real deal.
(03:51):
And if you've been waiting for the perfect moment to
transform your business, this is it. If you've been looking
for that missing piece that ties everything together, you're about
to find it. And if you're ready to finally build
a business that serves your life instead of consuming it,
the next hour will change everything for you. And this
is your moment, this is your blueprint. So let's make
(04:13):
it count. So over the past year, we've covered dozens
of powerful business strategies. We've talked about position of market dominance.
We've talked about the conversion formula, cash flow mastery, confident
decision making, and so much more. But here's what I've realized,
information without implementation is worthless. See, most business owners suffer
(04:36):
from what I call strategy overload syndrome. They know a
dozen different ways to grow their business, but they're not
implementing any of them effectively, if at all. And they
like someone with a toolbox of professional grade tools but
no blueprint for building the house. And that's why today's
final show, I'm going to give you that ultimate blueprint,
(04:58):
the exact sequence and system for implementing these strategies in
the right border at the right time for maximum impact.
So let me start with a quick story that illustrates
everything wrong with how most business owners approached growth. So
last year I met a contractor call him Robert, at
a business conference, and he'd invested over fifty thousand dollars
(05:20):
in business education courses, coaching programs, mastermind groups, you name it.
And Robert could tell you all about sales funnels, digital marketing,
employee retention strategies, financial management and operational systems, and everything
else under the business book. But he had notebooks full
(05:41):
of strategies and his computer was loaded with templates and worksheets.
But here's the problem. His business was still struggling. Revenue
was flat, he was working seventy hour weeks, his cash
was unpredictable, and he was more stressed than when he
started learning all these strategies. And when I asked Robert
when he was impling, he said, I'm trying to do everything.
(06:02):
I'm working on my marketing, improving my sales process, implementing
new systems, managing cash flow better, and trying to hire
people all at the same time, Well, realize the problem
because because Robert was trying to fix everything simultaneously instead
of following a systematic approach that builds success upon success.
Speaker 3 (06:22):
Man, Michael, this sounds so compelling, but look, it's a
problem that many business owners face.
Speaker 4 (06:28):
I mean, what's the solution, Well, Cookie, the solution is
what I call this ultimate business transformation blueprint. It's a systematic,
step by step approach that ensures you, that ensures that
you implement the right strategies in the right order for
maximum impact. And here's the key insight. Business transformation doesn't
(06:50):
happen by doing everything at once. It happens by doing
the right things in the right order, building momentum as
you go. It's like building at You don't stop with
the roof, or you don't start with the plumbing or
the electrical and the landscaping all at once. You stop
with the foundation, and then the framing, and then the
systems and finally the finishing touches. Each phase builds upon
(07:13):
the previous one, and so the same principle applies to
business transformation. There's a specific sequence that works when you
follow it, and the results are dramatic and sustainable and
this ultimate business blueprint transformation has five phases and I'm
going to walk you through each one today. So Phase
(07:35):
one is foundation building. This is where you establish the
critical systems and the mindsets that everything else depends on.
Phase two revenue acceleration. This is where you implement the
strategies that have the biggest immediate impact on cash flow
and sales. Phase three operational excellence. This is where you
(07:59):
build the systems that allow you to scale without the chaos.
Phase four market dominance. This is where you implement the
strategies that separate you from all the competition. And then
Phase five it's legacy building. This is when you create
a business that runs without you and build long term
value and scale. Each phase has specific strategies, specific timelines,
(08:26):
and specific success metrics. And here's the critical part. You
don't move to the next phase until you successfully completed
the current.
Speaker 3 (08:34):
One step by step, right, Michael, next step, So look
a systematic approach that makes so much sense. Can you
give us an overview, Michael, of just what makes each
phase essential?
Speaker 4 (08:49):
Certainly, and so each phase serves a specific purpose and
solves a specific set of problems. So phase one is
foundation building. It solves what I call the chaos problem.
Most businesses are built on shaky foundations, poor financial systems,
unclear decision making process, no strategic planning, and reactive management.
(09:13):
Can't build sustainable growth on a weak foundation. Phase two
Revenue acceleration solves the capsulo problem. Once your foundation is solid,
you need immediate revenue growth to fund further improvements and
provide breathing room for strategic thinking. Phase three, operational excellence,
(09:35):
solves the scaling problem. So many business owners can generate
revenue but can't scale efficiently, and this phase builds the
systems that allow growth without proportional increases in stress and complexity.
Phase four, Market dominant solves the competition problem. This is
where you implement the strategies that make you the obvious
(09:55):
choice in your market, allow you to command premium prices
and a tract ideal customers. Phase five, legacy building solves
the exit strategy problem. This creates a business that had
value beyond your personal involvement, whether you want to sell it,
pass it on, or simply step back from the day
to day operations that continue to scale. The beauty of
(10:18):
the system is that each phase makes the next phase
easier and more effective. The foundation you build in phase
one makes the revenue strategies in phase two more powerful.
The operational systems in phase three amplify the market dominant
strategies in phase four. Now, most business owners try to
jump to phase four or five without completing the earlier phases,
(10:42):
and that's where things fall apart and strategies don't work.
They're trying to build market dominance without operational excellence, or
create legacy legacy, actually legacy value without sustainable revenue systems.
So let's die a little deeper into phase one, foundation building.
(11:03):
This is where most business owners want to skip ahead,
but it's absolutely critical for everything that follows. And foundation
building has four core components. I call them the four
pillars of business success. Financial clarity, decision frameworks, strategic planning,
and mindset masters. So let's start with financial clarity. I
(11:26):
can't emphasize this enough. You can't manage what you don't measure.
And we've said this a lot, and you can't measure
what you don't understand. Yet, eighty percent of business owners
I meet don't know their basic financial numbers. And in
our business assessments, we ask three simple questions. We ask
what your sales are your gross profit and your net
(11:47):
or sorry, gross profit percent and your net income percentage.
Four out of five business owners cannot answer these questions
with any kind of confidence. And this is out. This
isn't about being an account This is about understanding the
financial levers that drive your business. You need to know
your vital five sales, gross profit, gross profit percent, net profit,
(12:10):
and your current cash balance. These numbers should be on
your memory all the time. But beyond knowing the numbers,
you need systems for tracking and analyzing them. And this
means monthly financial statements completed within fifteen days of them month,
then weekly cash blow reports, and monthly metrics reviews. A
(12:30):
restaurant owner who was constantly stressed about money but couldn't
tell me if his business was profitable. When he finally
implemented proper financial tracking, he discovered he was actually losing
three dollars on every lunch specially sold and he thought
he was generating revenue, but he was actually destroying profit
with every sale. And once he had financial clarity, he
(12:54):
could make the intelligent decisions about pricing, menu design, and
cost management. Within ninety days, he turned that three dollars loss,
which was seven dollars profit per lunch special, adding one
hundred grand to his bottom line. And the second pillar
is decision frameworks. As we discussed last week, most business
owners suffer from decision paralysis or they make decisions randomly
(13:19):
without systematic thinking. So in phase one you establish clear
frameworks for different types of decisions. For example, any expense
under one thousand dollars that improves customer experience gets automatic approval.
It doesn't have to be one thousand dollars, could be
some other smaller number or a bigger number. Any marketing
investment under five thousand dollars that could generate three times
(13:42):
hour wide within six months gets automatic approval. Any process
change that could save more than five hours per week
gets immediate implementation. So and you could change all those
numbers to oose parameters, but having pre established frameworks eliminates
the mental energy still on recurring decisions and ensure us
(14:02):
consistency in your business operations.
Speaker 3 (14:05):
This is interesting, Michael. So this foundation work sounds crucial
but also potentially overwhelming. How do business owners tackle this
step by step without getting bogged down?
Speaker 4 (14:18):
Yeah, that's legitimate concern. I think the key is to
implement these foundations systematically over ninety days and not all
at once. So Week one and two would be financial clarity,
getting your bookkeeping established with weekly financial reporting. Weeks three
and four are your decision frameworks. Document your criteria for
(14:39):
the five most common decisions that you face. Week five
to eight Strategic planning. Complete your business and cash flow
forecast for the next twelve months. Week nine to twelve
mindset mastering. Implement the confident decision making practices that we
discussed last week, and I believe the week before as well.
(14:59):
Each builds on the previous week, and by the end
of the ninety days you have a rock solid foundation
that supports everything else you build. Now let's talk about
strategic planning, and that's the third pillar. Most business owners
confuse activity with strategy. They're busy, but they're not strategic.
(15:20):
They're working hard, but not necessarily on the right things.
Strategic planning means having a clear twelve month business and
cash flow forecast that shows exactly where your revenue will
come from, what your expenses will be, and how much
cash you need win. And this isn't about predicting the
future perfectly. It's about having a roadmap that guide your
(15:41):
decisions that helps you spot problems before they become a crisis.
Tells you when it's cloudy, not when it's raining. I
can't tell you how many business owners tell me they
were surprised by their tax bill or didn't see a
cash flow crunch come. These aren't surprises if you have
(16:02):
proper forecasting in place. When you have a rolling business
and cash flow forecast, you'll see that you'll you'll need
additional working capital. In month six you will know what
you can and cannot afford and the impact of the
future seasonal dips. The fourth pillar is mindset mastering. This
this might be the most important pillar of all. Your
(16:24):
business will never outgrow your personal development. Your company's growth
is limited by your growth as a leader. Mindset mastering
includes confident decision making, which we covered last week, but
it also includes time management, stress management, and what I
call CEO thinking. Now, most business owners think like employee,
(16:49):
think like employees, not CEOs. They focus on tasks instead
of results, on being busy instead of being productive, on
working in the business instead of work working on the business.
CEO thinking means asking different questions, what's the highest value
activity I could be doing right now? What problems am
(17:12):
I solving that someone else could solve? What opportunities am
I missing because I'm focused on operations instead of strategy.
Let me give you a concrete example. So a financial
advisor who was spending fifteen hours per week on administrative
tasks scheduling appointments, sending follow up emails, preparing basic reports.
(17:35):
His time was worth three hundred dollars per hour and
client facing activities, but he was doing fifteen to thirty
dollars an hour work. He calculated that those fifteen hours
of admin work were causing of four thousand, two hundred
and seventy five dollars per week and opportunity cost that's
over two at grand a year. He hired a virtual
(17:56):
assistant for twenty five dollars an hour to handle the
admin work up to focus on client relationships and business development,
and his revenue increased by one hundred and eighty grand
in the following year, while his stress decreased dramatically.
Speaker 3 (18:11):
Yeah, Michael, I think business owners are all about stress
management right and reduction. Look, these foundation elements seem interconnected, Michael.
The more we sort of just think about this, how
do they all work together to create business transformation.
Speaker 4 (18:28):
Yeah, that's great observation, chocky. You know, these four pillars
create what I call a success amplification system because each
pillar reinforces the others. Financial clarity gives you the data
to make better decisions, which improves your decision frameworks. Better
decisions lead to more effective strategic planning. Better planning reduces
(18:51):
stress and builds confidence, which enhances the mindset master and
stronger mindset leads to better overall management. It's a positive
feedback loop where each improvement makes every other area more effective.
But here's the key. You must have all four pillars
in place before moving to phase two. I've seen too
many business owners try to implement revenue acceleration strategies without
(19:15):
solid foundations and always sends up in frustration. You can't
scale chaos, can't amplify this function. You can't accelerate a
business that doesn't have solid systems and clear thinking. Think
of phase one as building the engine of a race car.
You wouldn't try to win races with a poorly tuned engine,
(19:36):
no matter how good your driving skills are. The same
principle applies to business. Get your foundation right that accelerate.
Speaker 3 (19:45):
So Michael before we end the segments, what's one specific
action item that listeners can take away and at least
start to implement this week.
Speaker 4 (19:54):
Well, chicky, you get to die with that vital five
financial numbers this week. Sit down with your keep a
CFO or accountant or whoever, and make you make sure
you know your exact sales, gross profit, gross profit percentage,
net profit, and your current cash balance on a consistent basis,
meaning daily. Understand though, but understand those numbers if you
(20:17):
can't get and the reason is, it leads to better
decision making, every single one, because when something is off,
you research it and then you figure out how to
fix it. If you can't get these donebers quickly and accurately,
that tells you everything you need to know about the
state of your financial foundation. Fix that first, then move
to the other pillars. And before we continue, let's take
(20:38):
a ninety second break. Hey, their 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 news for you. Everything you've ever learned about
growing your business is wrong. Don't worry. I'm here to
let you in on a secret weapon, your position of
(21:01):
market dominance. It's what sets you apart, makes you irreplaceable,
and has customers lining up at your door. My name
is Michael Barberrita 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 implevientation program called Next Step to Market Dominance.
(21:25):
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 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
(21:48):
their revenue. Don't let another quarter go by struggling to standout.
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
(22:09):
two two that's next step 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 you can go to Powerful Business Strategies dot
com to catch any of the fifty episodes that we've done.
So let's move to phase two. Phase two is called
(22:30):
revenue acceleration, and this is where most business owners want
to start. But as we discussed, it only works effectively
when you have solid foundations in place. So phase two
has three core strategies that work together to create immediate
sustainable revenue growth. Position of bucket dominance, conversion formula, and
strategic partnerships. And when implemented correctly, these three strategies can
(22:53):
increase revenue by fifty to two hundred percent or more
within twelve months. So let's start with that position of
market dominance, which is we've uncovered in previous shows, but
it's so critical I want to revisit it here. Your
position of market dominance makes you the obvious choice for
your ideal customers by addressing the biggest problem that they
have that they don't want and offering a solution they
(23:15):
want that they just can't find. Elsewhere in the market.
Most businesses try to do everything to everyone and end
up doing nothing special to anyone, and so a strong
position of market dominance makes you the only logical choice
for a specific group of customers. So a roofing contractor
was competing purely on price and constantly losing bids to
(23:37):
cheaper competitors, and he developed this position of market dominance.
Is the only roofing company that guarantees your roof will
be completed in five days or less with vero mess
left behind, or will pay you five hundred dollars for
the inconvenience. This position addressed homeowners two biggest concerns, project
duration and cleanup. Within six months, he was winning seventy
(24:00):
percent of his bids instead of thirty percent. It was
charging fifteen percent more than its competitors because customers saw
a clear value in his unique promise. The key to
or a powerful position of market dominance is that it
must be specific, meaningful to your target customer, and difficult
for your competitors to copy. It's not enough to say
(24:21):
betest service or high equality. Most are meaningless platitudes that
every business claims.
Speaker 3 (24:27):
Michael, how do business owners identify the rights position of
market dominance for their specific industry.
Speaker 4 (24:35):
Well, that's a great question.
Speaker 2 (24:36):
True.
Speaker 4 (24:37):
You see, the process has three steps. First, you have
to identify your customer's biggest frustration with your industry. What
do they complain about, what keeps them awaking? What problems
do they experience with your competitors. Second, determine what solution
they want but can't find. This often requires innovation. You
may need to change how you deliver your service or
(25:00):
add new elements to address their frustration. By the way,
sometimes you don't. There's no question about it. We've implemented
positions of bocket dominance without any structural change in the operation.
Third is craft a message that clearly communicates how you
solve their problem in no way or in a way
(25:21):
that no one else does. For example, with that roofing
With that roofing contract, the homeowner's biggest frustrations were projects
that dragged on for weeks and the mess that most
contractors leave behind. The solution they wanted was a fast,
clean job, but no one in his market was promising
both speed and cleanliness with a guarantee. So now let's
(25:43):
talk about the convergent formula which transformed you how you
communicate with prospects and customers. The formula has four components captivate, fascinate, educate,
and close. And most business marketing fails because it only
tries to captivate, get it tension, but doesn't fascinate, educate,
(26:03):
or provide an offer. They get people to notice them,
but don't facilitate the decision making process. Now, sometimes they
captivate make an offer, but that's just done enough. The
captivate gets attention by addressing a problem or concern your
prospect has. The fascinate promises that you have information that
(26:24):
will help them make a better decision. The educate provides specific,
valuable information that positions you as the expert solution. And
the clothes which is an offer that needs to be
so compelling that the prospect can't turn it down. So,
for example, you know you that give them a risk
free way to take the next step. So Financial Advisor's
(26:47):
marketing was typical industry jargon, comprehensive financial planning for your
secure future, you know, boring and meaningless. He transformed his
marketing using the conversion formula. The captivate was worried about
worried that your retirement savings won't last as long as
you do. Fascinate Discover the three critical mistakes that could
(27:09):
destroy your retirement plans and avoid and how to avoid them.
Educate a free report showing specific strategies for protecting retirement
income with real examples and case studies. And an offer
was a complementary thirty minute retirement security analysis with no
sales pressure. His response rate increased by four hundred percent
(27:29):
and its conversion rate from prospect to client increased by
one hundred and fifty percent. The third strategy is strategic partnerships,
which allows you to leverage other businesses customer bases so
to accelerate your growth without spending more in marketing. And
the key to successful partnerships is finding businesses that serve
(27:50):
the ideal the same ideal customers you do, but offer
complementary rather than competing services, and when done correctly, strategic
part the ships could be our fastest path to revenue growth.
We have shows on every one of these strategies in
Powerful at Powerful Business Strategies. Dot Com, a landscaping company,
(28:11):
partnered with three home improvement contractors to pool companies and
of fence installation business so instead of spending thousands on
advertising to find new customers. He received qualified referrals from
his partners from his partner's existing customer basis, and this
arrangement was simple. Each partner referred customers who needed landscaping services,
(28:33):
and he referred customers who needed their services. And with
eighteen within eighteen months, forty percent of his business came
from partner referrals, and his customer acquisition costs dropped by
sixty percent.
Speaker 3 (28:45):
Yeah, I've got to say, Michael, I mean, and we're
also getting some feedback from listeners just on this.
Speaker 4 (28:50):
This partnership approach.
Speaker 3 (28:51):
Sounds very powerful, but also potentially complex to set up.
How do business owners identify and approach potential partners?
Speaker 4 (29:02):
Well, Chicky, you know, it's actually a lot simpler than
most people think. Stop by listing all the other services
your ideal customers typically need before, during, or after working
with you. For example, if you're a wedding photographer, couples
also need catering. They also need flowers, they need venues,
(29:22):
they need usicre dozens of other services. And if you're
a business attorney, your clients need accounting, insurance, marketing, and
technology services. Just make a list of the best providers
of these complementary services in your market and then approach
them with a simple proposition. My customers often need your services,
and your customers probably sometimes need mine. What if we
(29:43):
set up a formal referral relationship. Now, most business owners
are recepted to this because it costs them nothing and
provides value to their customers. But the key is signing
with informal referrals to build that trust, and then formalizing
the relationship once your proven it works. We have a
whole show on this because there is an extensive approach
(30:07):
on how to go about this. But here's what's crucial
about phase two. These three strategies must work together. Your
position of market dominance informs your conversion formula. Messaging your
conversion formula creates qualified leads for your partners to refer,
and your partnerships provide more prospects to confert using your formula.
(30:28):
It's an integrated system, not individual tactics. Well, all three
strategies work together that result exponentially our exponential rather than
simply additive. And let me give you a real example
of this integration. A dental practice developed a position of
market dominance. The only dental practice that guarantees same day
(30:50):
emergency appointments and pain free procedures or your visit is Free.
They conversion formula, captivated with tie of dental practices that
make you wait days for emergency appointments and used painful
procedures from the nineteen nineties. They fascinated with discover how
modern dentist dentistry can eliminate both waiting and pain from
(31:13):
your dental experience, and they educated with detailed information about
their emergency protocols and pain free techniques. They offered a
complementary consultation and cleaning with their pain free guarantee, and
for strategic partnerships, they partnered with family physicians or the
dantis and oral surgeons who served the same patients but
(31:34):
didn't compete directly. The results well, They revenue increased eighty
five percent in eighteen months, new patient acquisition increased by
one hundred and twenty percent, and patient satisfaction reached scores
reached the highest levels in the practice's history.
Speaker 3 (31:52):
Man, these results are impressive, Michael, but I imagine that
some listeners and business owners on the line here are
wondering about the time frame for phase to I mean,
how long does that revenue acceleration phase take well.
Speaker 4 (32:05):
Phase two typically takes somewhere in the neighborhood of six
to nine months to follow to fully implement and optimize.
But here's the important part. You start seeing results within
thirty to sixty days. Month one to two you develop
and test your position of market dominance. Month three and four,
(32:25):
you implement and optimize your conversion formula. Month five and six,
you establish strategic partnerships. On seven to nine, integrate all
three strategies and optimize the system. Because the beauty of
this of this phase is that each strategy begins generating
results as you implement it, so you're building momentum throughout
(32:47):
the process rather than waiting until everything is perfect.
Speaker 3 (32:52):
Yeah, that's an excellent point about positive momentum. So, Michael,
before we wrap up this segment, what's the biggest mistake
that you think business owners make during the revenue acceleration phase.
Speaker 4 (33:03):
Well, the biggest mistake is trying to implement all three
strategies simultaneously without proper testing and optimizing each one. They
develop a position of market dominance, they launch new marketing
with the conversion formula, and try to establish partnerships all
at once. This creates confusion. It dilutes their focus and
(33:25):
makes it impossible to determine which strategy is working and
which needs adjusting. You implement systematically perfect your position of
market dominance first, then your conversion process, then your partnerships.
Sequential mastery beats simultaneous mediocrity every single time. So before
(33:47):
we continue, let's take a ninety second break. Hey, their
business owners, let me ask you something. Are you tied
of blending in with your competitors? Frustrated with slow growth
and slim margins. I've got news for you. Everything you've
ever learned about growing your business is wrong. Don't worry.
(34:07):
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. Sounds great, Michael, How do I
find my position of market dominance? Well, that's exactly why
(34:28):
we've created our game changing impleitation program called Next Step
to Market Dominance in just ninety days, will 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 deeply with your ideal customer. By
building a strategy that turns you into the go to
(34:49):
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. Another quarter, go by struggling the standout.
It's time to dominate your market. Period Go to NEXTSTEPCFO
dot net forward slash contact. Fill out the form and
(35:11):
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 call us at seven eight one three two
six three A two two. Welcome back to powerful business strategies.
And so now we move to phases three, four and
(35:34):
five operational excellence, market dominance, and legacy building. These phases
transform a successful business into a truly exceptional enterprise that
dominates its market and creates lasting value. So let's start
with phase rate operational excellence. By this point, you have
solid foundations and growing revenue. A growth without operational excellence
(36:00):
creates chaos. And you need systems that allow you to
scale efficiency efficiently without proportional increases in complexity and stress.
So operational excellence actually has four core components, process systemization,
team optimization, technology leverage, and quality assurance. So process system
(36:25):
systemation means documenting and optimizing every critical business process so
they can be performed consistently by anyone on your team.
And this includes everything from how you answer the phone
to how you deliver your service to how you follow
up with customers. So a home remodeling company was growing
(36:48):
rapidly but constantly dealing with project delays, customer complaints, and
stressed employees. And the problem was that a lack of
skill was lack of systems. She systemize their entire operation,
standardized project timelines, documented quality checklists, created customer communication protocols,
(37:13):
and established vendor management procedures. And the result was project
completion time improved by thirty percent, customer satisfaction scores increased
by forty percent, employee stress decreased significantly, and the owner
was able to step back from day to day operations
the first time in ten years. Team optimization means having
(37:37):
the right people in the right roles and clear expectations
and accountability systems. This includes the hiring process that attract
a players, training programs that develop their skills, and performance
management systems that ensure consistent results. Many business owners try
(37:58):
to solve people problems with process improvements or process problems
that with better people, but operational excellence requires both exceptional
people and exceptional processes working together. Technology leverage. Leverage means
using automation and digital tools to eliminate manual work, reduce errors,
(38:22):
re up human talent for the high value activities. And
this doesn't mean buying every new software that comes along.
It means strategically implementing technology that solves specific operational problems.
And let me make just one other point. I think
(38:42):
every business owner really has to really dig deep into
into AI artificial intelligence, because it's coming and the technologists
are implementing things with incredibles speed. Even I know that
(39:03):
someday in our practice we're going to be selling AI
agents to businesses and and and and that's not that's
like less than a year away. And so it's and
and believe me, a year is a very small period
of time. Uh just just just ask Red Hour back
(39:24):
when he drafted Larry Bird as a junior, which was
highly unusual at the time. All the general managers asked
him why on God's green Earth would he hire a junior. Uh,
I mean when he draft a junior and number one
by the way, and he said, you know how short
a period of time a year is. And of course
(39:46):
read our backs patients paid off because Larry Bird won
three championships you know, of course for the Celtics. So
and quality assurance means having systems that catch problems before
they reachstomers and ensure consistent delivery of your brand promise.
And this includes inspection processes, customer feedback systems, and continuous
(40:11):
improvement protocols. So, as we bring our final show to
a close, I want to leave you with the most
important insights from our entire journey together. First, everything you've
been taught about business growth in the past is wrong
because most advice focuses on tactics instead of systems. Random
(40:36):
tactics create random results, but systematic implementation improven strategies creates predictable,
sustainable success. Second, the Ultimate business transformation blueprint works because
it follows natural business development patterns. Can't skip phases or
implement them out of order. Foundation building enables now accelerator acceleration,
(41:02):
which enables operational excellence, which enables market dominance, which enables
legacy building. Third, the difference between struggling business owners and
highly successful ones isn't intelligence, luck, or resources. It's having
a and following a proven system of success. It's having
(41:26):
it following a proven system, because success is a process,
not an accident. Fourth, the biggest barrier the business transformation
isn't lack of knowledge, its lack of implementation. The most
business owners know what they should do, they just don't
do it systematically and persistently, and they don't do it
(41:49):
in the right order. Fifth, business transformation is a journey,
not a destination. Even after completing all five phases, successful
business owners continue optimizing, they continue innovating, and they continue growing.
The blueprint gives you the framework for that continuous improvement.
(42:12):
But here's here's what I want every listener to understand.
The blueprint only works if you work it. Knowledge without
implementation is worthless. Just like we said at the beginning,
the best system in the world won't help you if
you do not use it. So here's my final challenge
to everyone listening. Don't let this be just another business
(42:33):
show you listen to and forgot. Don't let this be
just more information that you never act on. Here's one phase.
Start with phase one if you need solid foundations, or
start you know, or start with phase two if you
saw if your foundations are solid, and commit to implementing
it completely over the next ninety to one hundred and
(42:54):
twenty days. Don't try to do everything at once, don't skip, stop,
don't make excuses. Just pick one phase and execute it
with complete focus and commitment. Your business, your family, and
your future depend on the actions that you take, not
the knowledge you accumulate.
Speaker 3 (43:16):
Michael, this has been an incredible journey just digesting all
these insights and compliments to you on your professional and
executive persistence and consistency.
Speaker 4 (43:30):
I really must say that.
Speaker 3 (43:31):
So for listeners who want to continue working with you
and getting access to these insights, be on the show.
What's the best way to connect with NeXTSTEP CFO Well Chokey.
Speaker 4 (43:42):
For the first three lucky listeners, I'm going to give
them access to my proprietary platform and show them how
to increase their revenue a minimum of one hundred thousand
dollars without spending any additional money on marketing your ads
and to schedule that access, go to www dot next
step CFO for dot net forward slash contact, fill out
(44:04):
the contact form and in the message box type one
hundred K, we would love to meet you. So that's www.
Dot next STEPCFO dot net forward slash contact. Fill out
the contact form and in the message box type one
hundred K, we would love to meet you and show
you how to get that money into your own bank account.
(44:26):
So thank you for joining us in this incredible journey
with powerful business strategies. Remember everything you've ever learned about
growing your business is wrong. But now to our fifty
shows on Powerful business Strategies dot com, you know what's right.
The question is what are you going to do with
this dollege? So Chocky and I want to thank you
(44:48):
all for joining us on this incredible journey with powerful
business strategies. And while this mark's the end of our
Powerful Business Strategies radio show, I'm excited to announce that
our mission to help business owners con I'll be joining
the highly rated Positively Pipeman Show on the same station
before c Why dot Com iHeartRadio for a regular fifteen
(45:12):
minute segment on Mondays at one pm Eastern Time, where
we'll continue sharing these powerful business strategies and to more people.
On positively pipemin will dive deep into specific implementation tactics
and more strategies that the competition isn't doing. Make sure
to tune in and stay connected with our ongoing mission
(45:34):
to help you build the business of your dreams. Brilliant.
Speaker 3 (45:37):
That is fantastic news, Michael. So listeners would actually have
to say goodbye, you know, completely right, they can continue
learning from you on positively pipemin.
Speaker 4 (45:48):
Correct, that's exactly right, Hiky, and that the education continues
to transformation continues, and our commitment to helping business owners
achieve time, freedom and consistent proper it's continued. So for
those want to continue the journey with us, tune in
to Positively Pipeman on W four cy dot com iHeartRadio
(46:09):
Mondays at one pm Eastern Time. So this may be
the end of Powerful Business Strategies as a standalone show,
but it's just the beginning of an even bigger mission
to transform businesses across America. Until we meet again, whether
it's on positively pipemin or in your journey to business transformation,
keep growing keep implementing and keep building the business and
(46:33):
life you've always dreamed of. And remember, don't keep doing
with your competition is do it.
Speaker 2 (46:43):
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 Chuguillobio
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