Growing a business and creating an amazing experience for clients takes more than hard work and sales. As a business owner, you must harness the power of planning time, money, and marketing in order to succeed.
Adam Stott shares his belief system for growing a successful business, emphasizing the need to invest in oneself, plan time and money, identify and address weaknesses, build relationships, and wow clients. Adam stresses the importance of focusing on the value exchange and increasing the lifetime value of clients.
Additionally, Adam shares his insights on how to retain clients and increase their lifetime value to the business. By doing so, businesses can reduce their need for constant marketing and clients will be less likely to go elsewhere. Listen to learn more!
- Adam encourages investing in oneself, mindset, and intellectual business
- Importance of seeking advice from Mentors who have walked the path that one wants to take
- Positives of building relationships with the right people and planning out relationships
- Difference between marketing and sales and the importance of the value exchange
- How to increase the lifetime value of clients and learn how to impress them
- The Ritz Carlton philosophy of fixing business weaknesses and developing and growing strengths
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Please note this is a verbatim transcription from the original audio and therefore may include some minor grammatical errors.
Adam Stott: Hey everybody, Adam Stott here. Thanks for checking out my podcast, Business Growth Secrets. You’re absolutely in the right place. This podcast is going to reveal to you all of the secrets that you’ve been looking to discover. They’re going to allow you to cure your cashflow problems, attain more clients, bring in more leads for your business, and create systems and processes that give you the growth that you want. You are going to discover the business growth secrets you have been looking for that I’ve used to sell over 50 million pounds worth of products and services on social media and help clients everywhere to grow their businesses on demand. So let’s get started on the Business Grove Secrets podcast. Hey there, business owner. You want to grow a business. You want to scale it. You want to get yourself in a position where you’re no longer worried about lack of time, lack of freedom and have other people in control of your future. And instead, you want to put yourself in a place where you’re making more money, you’re earning more, you’re doing less, you’re finding that life is just generally being kinder to you, and every day you wake up with a smile on your face. And let me tell you, no matter where you’ve been before, that’s absolutely possible for you. When you go into business, you’ve got to have a strong belief system. And I’ll share my belief system with you that I really take into business. If somebody else can do it, I can do it too. So, the only difference between that person and me is what’s going on in their mind, the thoughts they have, the habits they have. And if I can get a transference of knowledge from somebody that’s more successful me, and I can take that knowledge into my own mind, then I can end up producing the results that they produce.
As a business owner, you will be investing. You’ve got to invest in yourself, you’ve got to invest in your mindset, and you’ve got to get smart. It’s an intellectual business. If you want to win the game and you want to get that freedom, you want to get that time back, we’ve really got to understand that and focus in. A lot of people take advice from people they wouldn’t swap places with, and that’s a bad strategy in itself. You’ve got to be at the mindset of, hey, you know, is the person that’s advising me, have they walked the path that I want to walk? And if they haven’t, then stop taking advice from them because that’s going to hold you back. You need to be getting around people playing at a higher level. I understand sometimes that can be uncomfortable for people because they don’t want to be highlighted that, Hey, this person’s performing better than me. They’re getting better results, but you have to make it a priority to get in that circle and be around great people. Many people go out and they write a business plan and they write a business plan based off of, you know, just guessing. Not really knowing what they’re going to be able to create, not really knowing how it’s going to work out. I like to plan a few things. The first thing is that I plan is time. So you have to plan in what available time have you got to give this business. Because if you don’t have any time, if you can’t give a day, a month to a business, it’s not going to get off the ground, right? So you’ve got to plan your time to get your business working. You’ve got to realize that, hey, when I get started, I might not even have the money when I first start. But the reality is most successful business owners have leveraged in some way. And when I started my first business, I didn’t have enough money. I run out of runway. We call it very, very, very quickly. And that’s where I had to start using OPM, other people’s money, credit cards, banks, overdrafts, different things to get myself going and get myself growing. But you’ve got to plan for the money.
How much money you’re going to need? How much money you’re gonna need to invest? You then need to start looking at the support. What type of support do you need? And really I like to categorize this in two ways. Right now, whatever you’re strong at, you’ve been strong at for a long time. That’s not what’s hurting you. What’s hurting you is what you’re weak at. I’m just super weak. And we need to have a really honest conversation with ourselves about the areas that we’re weak in. And if we have that honest conversation with ourselves and we realize, hey, you know, I’m not that strong at marketing and I’m not that strong at sales. Then we need to lean into that fear and start to look at, can we get support? Can we get transference of knowledge? Can we get mentoring on that? Can we get coached on that? So we can become stronger, right? When we become stronger, your biggest area of growth is in the areas you’re weak at. Because right now you’re down here, you get good at it, you shoot up, right? The things you’re strong at, you’re already strong at already. So we’ve got to focus on what our weaknesses are. We then next need to see what relationships do we need? Relationship capital in business is absolutely everything. Building the right relationships with the right people or one person, one chance, one opportunity, one introduction can change absolutely everything for you and actually take you from a place of struggling to a place of thriving very, very quickly. So you’ve got to plan out what are the relationships you need? How can you build these relationships? How can you get around the right people? And often, that obviously comes with an investment and that’s okay because usually, you make that investment about five, six, seven, eight, nine, 10 times over just because you went out and built the right relationship. In order to grow a business, we need to speak to more people. And marketing and sales are two different things. Marketing is just the ability to go out and have a conversation like we’re having right now and say, Hey, look, I can help you. And sales is actually turning that conversation into a sale for your business where there is a value exchange.
Now the value exchange part is really important. The value exchange is somebody pays money to get more value from you than they paid. And if you can put the value exchange in a really good way, where the more you help someone, the more they receive, then you’re always going to have a great business. And that means we’ve got to market, we’ve got to speak, we’ve got to talk to the target market, we’ve got to go and have those conversations. Now, the next thing that we want to do is we want to make sure that we’re focused on how can we keep the client for a long time. And that really means that rather than us always searching for new clients, it means that clients that we sell products and services to love us so much that we identify it other needs that they have for our help. And by identifying other needs that they have for our help, we’re able to offer the more products and services that keep them happy, that increase the lifetime value of the client to our business which means that we don’t have to constantly be marketing. We’re putting people into a process where they stay with us for longer. And the next step is we’ve got to learn how to wow our clients. We’re gonna learn how to do more for them. And we’ve got to do this in a way where we add so much value, clients would be mad to go anywhere else. Now, this was something that I learned from a former coach and mentor of mine, and he really talked about the Ritz Carlton and the philosophy of the Ritz Carlton. The philosophy of the Ritz Carlton was very, very simple. We are going to wow our clients as much as possible so they know that coming to the Ritz is a great experience. And we’re going to fix any unwows by listening to our clients and getting them to tell us what was wrong with the service that they bought. And then we’re going to go about fixing all those issues in our business, the weaknesses, and then we’re going to focus on developing and growing the strength.
So people just become happier and happier and stay for longer and will be mad to go anywhere else. And if you really put those wows in and you follow that step-by-step process, you can create an amazing business. So, look forward to seeing you on the next video. If you haven’t already, make sure to subscribe. Tell me in the comments and enjoyed this video. I hope you have and I look forward to seeing you on the next one. Hey everybody, Adam here and I hope you love today’s episode. Hope you thought it was fabulous. And if you did, I’d like to ask you a small favor. Could you jump over and go and give the podcast a review? Of course, I’ll be super grateful if that is a five-star review. We’re putting our all into this podcast for you, delivering you the content, giving you the secrets. And if you’ve enjoyed it, please go and give us a new review and talk about what your favorite episode is perhaps. Every single month, I select someone from that review list to come to one of my exclusive Academy days and have lunch with me on the day, meeting hundreds of my clients. So if you want that to be you, then you’re going to be in with a shout if you go and give us a review on iTunes. Please, of course, do remember to subscribe so you can get all the up-to-date episodes. Peace and love and I’ll see you very, very soon. Thank you.