Business Lunch podcast

Good Ideas vs. Great Ideas with Roland Frasier and Ryan Deiss

0:00
31:56
Recuar 15 segundos
Avançar 15 segundos

You need a process for distinguishing a good idea from a great idea.

 

It’s fairly easy to tell the difference between good ideas and bad ones, but what about good ideas and great ones? As many people have said in a lot of different ways, sometimes the enemy of a great idea is a good idea. (For great ideas delivered to your inbox weekly, sign up for the Scalable Memo.)

 

Good ideas are a dime a dozen, and if you say yes to all of them, you’ll never have the capacity to try out some really great ideas. At a recent strategic planning meeting, Roland and Ryan sat down with their team to look at where they’re at as a company and where they’re headed. They felt frustrated that growth hasn’t been what they’d hoped of late.

 

They concluded that they’d been investing too much time and money into good ideas, instead of great ones. It was time to let some of those good ideas go. But how do you know when and how to do that? 

 

Tweaking the ICE Model and Clearly Stating the Hypothesis

The ICE Scoring Model is helpful when deciding whether an idea is good or great. You rank your project on a scale of 1-10 in each of three categories: Impact, Confidence, Ease. Then you multiply the numbers to get the ICE score. 

 

To make sure an idea is great, and not just good, Roland and Ryan have decided to go for a high score in all three categories, not just one or two. If something will have a high impact and is easy, but you don’t have confidence in it, it’s not going to be great. 

 

They also decided to get very clear on their hypothesis from the beginning and put it in writing. A simple paragraph is fine. “We believe that, if we do the following, it will achieve this particular result. And we’ll know when x happens.”

 

Don’t just say, “We think that, if we do this, we’ll get more leads.” That’s not specific enough, and there’s no time frame. You need to know when to kill if something doesn’t work as quickly as you wanted. You need a system for identifying whether or not an idea lives up to expectations in a stated time frame.

 

Just because you have the capacity doesn’t mean you have to take on a project. If it’s not a great idea yet, let it bake.

 

Getting Your Employees to Think Like Owners

The theory is that the more we can help employees to think like entrepreneurs, to have an owner’s mindset, the more aligned we all are toward achieving our goals as owners. But how do you do that? How do you instill an entrepreneurial mindset in the people who work for you?

 

Ryan thinks most people are at one end of the spectrum or the other. They’re either a serial entrepreneur who’s always starting something new or someone who just wants a job where they clock in and out and do what they’re told. He doesn’t see many people in the middle.

 

One way to motivate employees to act like owners is to offer variable compensation (incentive on top of a base salary used to motivate and retain employees). But Ryan hasn’t seen that work. He thinks you either have that mindset or you don’t, and their company isn’t going to pay a salary at market rate and put variable comp on top of that. For owners, if there’s no money, there’s no paycheck. If lots of great ideas bring in lots of money, they get more. You can’t have your cake and eat it too.

 

When you’re interviewing, you look for people who take ownership of things. Ask them questions and see if they get responsibility and already take ownership of their lives. People with owner mindsets are going to make decisions for the good of the company, not just themselves. 

 

Micro-Ownership as a Prerequisite to the Owner Track

There are two tracks: the employee track and the owner track. Instead of offering variable comp right away, you can do a probationary period. Give someone micro-ownership, see how they do, before you put them on the owner track and give them more opportunities to be entrepreneurial. Make them prove their ownership mentality. Equity in the company is earned.

 

What does this look like? You give someone the opportunity to take ownership of a project or team. They’re not getting more pay, but they’re getting a valuable opportunity. You test it out. If they fail, they can go right back to where they were. You don’t have to let them fail publicly and spectacularly. There’s such a thing as an opportunity with a safety net. 

 

For your part as owner, you want to build a culture within your company that’s attractive to people with entrepreneurial mindsets. Become more mission-focused, flexible on work hours and location, plenty of opportunities to take on certain projects. Give people who want the owner path a chance to take a shot at it. You need to find these people. If you always have to be the person who goes to make sure things get done, you won’t ultimately scale. 

 

The Stages of the Entrepreneurial Journey

Need some help putting some systems in place to help your business grow and scale? Roland and Ryan just started working on what will be Scalable’s third flagship accelerator. 

 

  1. Scalable Growth Accelerator 
  2. Scalable OS Accelerator
  3. Scalable Impact Accelerator

 

These accelerators will take you through each stage of your entrepreneurial journey, getting you to 6- and 7- figures, then to 8-, then to 9- and beyond. Each accelerator helps you build the capacity for the next level of scale. The Scalable Impact Accelerator will also offer an exit strategy for when you’re ready to sell your business. 

 

It really is the holy trinity of scale. Sign up for the next cohort today!

Mais episódios de "Business Lunch"

  • Business Lunch podcast

    Creating an Empire, Working with Snoop, and Getting the Most Out of People with Martha Stewart

    56:42

    Martha Stewart headlined at T&C 2021 and gave attendees an up close and personal look at her empire, her passions, and her life.   In this episode, host Roland Frasier sits down with Martha and a long list of questions (something he’s famous for and Martha compliments him on). They talk about everything from CBD gummies to peacocks to Snoop crashing her daughter’s tea party and a whole bunch more.   Listen in for an entertaining conversation with one of the most brilliant entrepreneurs of our time.    What do we need to make a good cocktail?   You shouldn’t skimp on the quality of the booze you buy, Martha says. Your bar should be elegant. If you’re going to drink, you might as well drink the really good stuff. Her liquor of choice is Casa Dragones tequila. She has a new wine coming out, but the details are hush hush. She’s pretty excited about the name. Stay tuned.    Tell us about some of the new things you’re doing now.   They just soft-launched Martha.com, where you can buy all of Martha’s products plus other people’s products that she’s curated. She has two words that help her choose the products: Need & Want. There are a lot of things that look great, but do you need it and want it? If you live by those two words, you won’t waste money. You’ll save money. You won’t clutter your home, and you’ll have good things.    What did you mean when you said “it’s a good idea to re-pot yourself every 10 years?”    I think change is good, Martha says. When you’re through changing, you’re through. Change often enough that you surprise people and keep them on their toes. Make sure you stay out there, not back here. Look to the future. It can get very boring doing the same thing over and over again. Branch out, try new things, look ahead, adapt and adopt.    What’s your favorite Snoop story?   Snoop called one day and asked Martha if he could come over. Her daughter and her friends and kids were over at the farm. Snoop said he was bringing three people, then showed up in his Mercedes bus with a group of eight. They were all sitting on the terrace of her farmhouse and Snoop asked, “what’s that building down there?” (It was Martha’s stable.) “I’m going to go down there and look for some grass,” he said. Every adult followed him.   Tell us about creating this category of entertaining that didn’t exist before.    I looked for the void, Martha says. At that time, she wanted a magazine that taught people how to run a home, go to work, take care of the kids, be a well-rounded woman, homemaker, business woman. She was making all these painstakingly handmade Christmas decorations and realized that a lot of women would love them for their homes but didn’t have the time to make them. “Let’s make it for them,” she said. That’s how the product line started.    What is Canopy?   Canopy is one of the largest cannabis companies in the world, and the founder told her, at the behest of Snoop, that she should be getting involved. She’s in the CBD world; Snoop is in the THC world. Her gummies are the #1 gummies in America right now, and she has new products coming out for the holidays. She tried hard to emulate the French confection that you get at the end of a dinner in a restaurant in France.   You’re on the board of AppHarvest. Tell us about that.   Martha says she’s very concerned about feeding the world. She wants everybody to have good food. She visited acres of greenhouses in Russia where everything is grown because the climate is so cold. AppHarvest is doing the same thing in Appalachia (Kentucky). It’s a very central location so that people can eat fresh tomatoes instead of shipping them from far away. It’s sustainable agriculture using a fraction of the water.    You were one of the first people to realize the value of owning your own media.    In 1997 she put together a deal to acquire all her media from Time Warner. “They shouldn’t have let a property like Martha Stewart Living go,” Martha says with a smile. They wrote on a piece of paper “45 million” and that’s what Martha paid. Nothing went well for them after she acquired her media from them. She tried to raise money, but venture money wasn’t as accessible to women back then. She went to one businessman who loved the deal and offered her 60/40 (60 for him, 40 for her). She said no thank you, walked out the door, and did it herself.   You were really early in the crowdsourcing idea. How are you using it now?   They started a wonderful program called American Made, looking for young entrepreneurs around the U.S. to celebrate. Lots of good things happen, Martha says, when you help other people build their businesses. Just a few photos in a magazine can change the life of a person and their business. She’s also starting a podcast featuring people they’ve worked with in the past who are doing great things.   What opportunities do you see now in the field of homemaking and entertaining?   So many. They’re working on an affordable wine and also have a curated collection of wine—Martha Stewart Wine Co. They’re opening a restaurant in Las Vegas in the spring. She just published her 99th book, Martha Stewart’s Fruit Desserts.   One of the things you’re known for is that you insist on not dumbing things down.   “I’m a teacher,” Martha says. “If my teachers dumbed things down, I’d be really upset. I want to teach the whole thing. You can always simplify things, find a better way to do things, but that’s not dumbing it down. Our content is evergreen, and we will continue to use that method or recipe or technique until we find a better one to replace it. That’s been my philosophy forever and will continue to be.”   What’s a typical day like for you these days?   She gets up early to take care of her animals. She has a lot that live both inside and outside her house. Lots of birds, cats, dogs, peacocks, and chickens. 147 hens, 37 roosters, 20 peacocks, 22 geese, all different nationalities. They all coexist very nicely. Guinea fowl, homing pigeons from all over the world. They moved a lot of the operations of her company to her farm during Covid. She keeps busy with lots of Zoom conferences, TV things. They never stopped working.    RESOURCES:   martha.com Martha Stewart Wine Co. Martha Stewart’s Fruit Desserts   Martha’s CBD gummies AppHarvest American Made ethicallyprofit.com getepicchallenge.com Scalable.Co The Ready to Lead podcast DigitalMarketer Podcast Perpetual Traffic podcast   OUR PARTNERS: Get a free proposal from Conversion Fanatics Get 3% cash back on your ad spend with AdCard Get Roland’s book, Zero Down, FREE
  • Business Lunch podcast

    Why It’s a Bad Idea to Make Assumptions with Roland Frasier

    8:48

    You know what they say about the word “assume,” right? Well, it’s true.   Welcome to another snackable episode with Roland Frasier, where he shares bite-sized actionable strategies to help you take your business and life to the next level.    Two separate events happened to him recently that had one important thing in common: someone made an assumption, and things did not go well. Listen in as Roland tells both stories and what he learned from them.   Assumption Tale #1:   Roland just finished their newest event, Scalable Impact Live, in Austin. He had invited a family member to the event who was there when Roland got off the plane. Apparently he was eight feet away from Roland, but Roland didn’t see him because he was texting/calling his team, trying to get a VIP guest checked in.    He texted the family member the next morning, “I’m at breakfast. Want to join me?” He ended up sending 5-6 texts with no response. Finally Roland texted, “Are you okay? I’m worried about you.”   They responded. “I’m upset with you. I waved at you when you got in, then we were standing a couple people behind you in line, and you turned around and looked, but you didn’t say hi. So we went home the next day.”   He thought Roland was blowing him off, but he wasn’t. He just wasn’t focused on looking for him. He didn’t walk in thinking he would be there. He said Steve Wozniak made him aware of the fact that he has this inability to recognize faces out of context. Between that and actually looking for someone else, he accidentally blew off a member of his family.    They patched it up, but whew. What a mess.   Assumption Tale #2:   The second episode happened earlier, but Roland just found out about it last weekend. At Traffic & Conversion Summit, there’s a private room set up for Roland, Ryan Deiss, and Richard Lindner where they meet with celebrities before they go on stage. It’s called the Founders’ Room. They also have a Mastermind called the Founders’ Board. You’ll see where the confusion comes in.   Roland walked into the Founders’ Room with Chip Wilson, the founder of lululemon, and there were some people in there who weren’t supposed to be in there. He asked if he could help them, and they said, “No, we’re just having a meeting.” He said, “Well, you can’t. This is a private room, so I’m going to have to ask you to leave.” They were very upset with him.    Roland got a text from one of those people this past weekend and he said he was upset. The guy had asked the event team, “Hey, do you have a place where I can do a meeting?” They asked if he was a founder, and he said yes (because he’s part of the Founders’ Board), and they pointed him to that room.   This room is super private, because celebrities have it in their contract that they get a room where no one can bother them while they get ready to go on. But this guy didn’t know that. He was told by the team working the show that he could go in the room. Then Roland came in and kicked him out. He didn’t understand why there would be a lounge for people in the Mastermind, and then he’d get thrown out of it. It didn’t make any sense.    Thankfully that one got straightened as well.   Don’t Make Assumptions   It comes back to one thing. And it’s one of the Four Agreements in the excellent book by Don Miguel Ruiz. Don’t make assumptions.    Roland’s family member shouldn’t have made the assumption that Roland saw him but blew him off. He could have asked himself, what other version of this story could be at play here? Roland shouldn’t have made the assumption that the guy was in the room without permission. And the guy shouldn’t have made the assumption that Roland was a jerk.    Whatever situations we find ourselves in, if something doesn’t seem right, or someone is treating us unfairly, what else might be going on? What important information are we missing? What can we do to make sure there isn’t a misunderstanding?   Roland was lucky that his cousin felt bad about it and texted him. He was lucky that the Founders Board member reached out to him as well. Both situations could have ended badly.   Two takeaways: Take the time to think how the situation could be interpreted in another way. Communicate with the person to give them the opportunity to clarify any misperceptions.   RESOURCES: ethicallyprofit.com getepicchallenge.com Scalable.Co The Ready to Lead podcast DigitalMarketer Podcast Perpetual Traffic podcast   OUR PARTNERS: Get a free proposal from Conversion Fanatics Get 3% cash back on your ad spend with AdCard Get Roland’s book, Zero Down, FREE  
  • Business Lunch podcast

    Não percas um episódio de Business Lunch e subscrevê-lo na aplicação GetPodcast.

    iOS buttonAndroid button
  • Business Lunch podcast

    The 7 Levels of Scale: A Scalable Framework to Grow Your Business (Part 1)

    31:25

    Over the next few podcast episodes, we’ll walk through the 7 Levels of Scale—everything you need to know to grow and scale your business.   Co-hosts Roland Frasier and Ryan Deiss just wrapped up their newest event, Scalable Impact Live, where they had their first opportunity to roll out a new framework they call the 7 Levels of Scale. People are always asking them, “Where do I start?” The 7 Levels of Scale answers that question.   It took a long time to develop the framework. They had all the pieces, but they needed to tie it together in a simplified way that was transferable and repeatable. In this episode, they unpack the first two levels, but here are all seven:   Level #1: Sell and serve 10 customers. Level #2: Build a growth flywheel. Level #3: Build an upgraded scalable operating system. Level #4: Double your take-home pay. Level #5: Build your board. Level #6: Complete an acquisition for expansion. Level #7: Hit your number.   Two things to keep in mind as you work through these levels one by one. #1: Sequence matters. This is the absolute order of operations. And #2: You can’t skip a step. If you do, it won’t work.   Level #1: Sell and Serve 10 Customers If you have not sold and served 10 unaffiliated customers, that’s the only thing you should be thinking about. Before you get business cards and a logo designed—and that’s just busy work that won’t make you money—you have to prove that people actually want what you’re selling. They want it, and they’ll buy it. And these are 10 people who aren’t your friends and family.    Nothing else matters until something is sold. But there are two phases to it. Sell and serve. Let’s say you sell 10, but you can’t deliver. Or you sell 10 people, but none of them are happy; they’re not getting what they want. You don’t have any business scaling until you’ve sold and served 10. No automation until you’ve sold and served 10. Sell and serve 10, then make a list. Congrats, high five. You’ve ascended beyond Level 1 to Level 2. Now you can think about automation.   Level #2: Build a Growth FlyWheel Now you want to make things predictable and build a system around that. There’s a three step process for doing this: 1.) Map. 2.) Measure. 3.) Plan to improve the measurement.   Step 1: Map your growth engine. How are you going to initiate general awareness? Maybe there are multiple awareness channels. What are the biggest 2-3? Do some basic business process mapping to show the flow. At DigitalMarketer (Scalable’s sister company), they do customer value journey mapping. It’s simply mapping/documenting how customers happen from point of awareness to engagement to subscription to that initial point of conversion to ascension and delight.   Having a visual map of the journey is the first part. Step 2 is having a scorecard to show you how something is performing. Not random metrics in no particular order. No vanity metrics. Let’s say you’re buying ads on Facebook and Instagram. How do you know it’s working? Let’s track our average cost per click. Let’s track the click-through rate. And let’s track our ROAS. The scorecard shows poor, acceptable, good, awesome.    It’s color-coded, and a human goes in there each week and says, for this metric, here’s what it was and updates the status to red, yellow, or green. Doing it manually changes your perspective. When people are accountable to a metric and have to record it manually, they actually know their numbers.    Creating a growth flywheel isn't just about putting in a lot of automations. It’s about aligning your sales and growth process—and the people who are responsible for it—toward a common objective.   Everybody agrees that this is how a customer happens. Then everybody agrees what “good” is at each stage and creates the dashboard. Then there are people responsible for each of those.  On the front end, this is how it should be—that’s the map. This is what good is—that’s the scorecard. This is how we fix it when it ain’t good—that’s the growth planning. Map, measure, plan to improve the measurement, then analyze to see if it worked.   Putting that process in place is what level 2 is all about. You need all the pieces, and you need to be consistent with it. This is the thing that gets businesses stalled out at 7 figures. Don’t be disheartened that you’re stuck at Level 2. You have a plan now. You know what to do. Do it.    Stay tuned for Part 2!   RESOURCES: 7 Levels of Scale (the website) The Customer Value Journey The Customer Avatar Worksheet ethicallyprofit.com getepicchallenge.com Scalable.Co The Ready to Lead podcast DigitalMarketer Podcast Perpetual Traffic podcast   OUR PARTNERS: Get a free proposal from Conversion Fanatics Get 3% cash back on your ad spend with AdCard Get Roland’s book, Zero Down, FREE
  • Business Lunch podcast

    15 Tips for Building a Business You Can Sell

    5:59

    Roland Frasier is on a mission to help entrepreneurs become rich and happy. One of the best ways to do that is to build businesses you can sell at a profit.   Today’s episode is bite-sized and snackable, designed to give you five minutes’ worth of valuable tips that will take your life and business to the next level.   Here are some things to think about when you’re looking to sell your business, things to have together before you go to market, tips for creating a business that has high appeal to someone looking to acquire.   #1: Make sure you’re in an industry that’s trending up.    You don’t want to sell if your industry is out of favor right now. That’s a terrible time to sell.    #2: Make sure you have a depth of management team in place.    You need to have enough people to take over and run it if you, or any of your key people, leave.   #3: Have SOPs in place.    The more standard operating procedures you have, the easier it is for someone else to come in and run the business.   #4: Identify acquisition targets that your company could buy or be a part of.    A lot of private equity firms are looking for a platform company that can then be built by acquiring other companies.    #5: Make sure you’re in the top 5 in your niche.   Obviously, the more competitors you’re beating out, the better.    #6: Be mindful of the sector growth prospects for your industry.   #7: Elevate the stability and quality of your revenue.   #8: Ensure that your business model is a proven one.    #9: Grow your customer base.    #10: Make sure you’ve got an online footprint.   #11: Work on your brand recognition.    #12: Give back and do good in the world.   Pay attention to DEI (Diversity, Equity, and Inclusion) and ESG (how sensitive to the environment is your company?).   #13: Know the barriers to entry.   #14: Make sure your business isn’t highly dependent on equipment that will wear out or need to be upgraded.   #15: Make sure you have reliable supply chains.    Selling a business that meets all these requirements will take you down the path to being rich and happy.   RESOURCES: ethicallyprofit.com getepicchallenge.com Scalable.Co The Ready to Lead podcast DigitalMarketer Podcast Perpetual Traffic podcast   OUR PARTNERS: Get a free proposal from Conversion Fanatics Get 3% cash back on your ad spend with AdCard Get Roland’s book, Zero Down, FREE
  • Business Lunch podcast

    Building a Billion Dollar Business with Chip Wilson, Founder of Lululemon

    48:01

    Lululemon founder Chip Wilson shares his hard-earned wisdom about all things business.   Host Roland Frasier sat down with Chip at Traffic & Conversion Summit 2021 to pick his brain about anything and everything that has made him successful in life—above and beyond lululemon. From his philosophy on goal-setting to reading 100 books a year to inventing barbecue shorts and dog walker pants, Chip always has plenty of opinions, both popular and unpopular.   Listen in to their brilliant rapid-fire conversation.   Why does Chip have a thing for the number 43? Chip says everyone gets glasses at 43. When people get glasses, they think, “Oh my god, I’m getting old.” Couples look at each other. Their kids are teenagers and don’t need their parents anymore. “Who are we together?” they ask. “Am I married to the right person? Do I live in the right city?” Chip thinks everyone should change their name at age 43. Unless they have a really cool name like Chip.   What is Chip’s philosophy on personal development and goals? Chip says people tell you “a smart goal is achievable.” But he wonders if maybe we should fail at about 50% of our goals, as part of a training program to learn how to fail in life. When he first started setting goals, it was all about him. Life now is nearly perfect for him in every way. So, in order to stimulate himself, it has to be about other people winning. He moved from everything being about him to giving with no expectation of return. The Law of Attraction kicked in, and he started attracting people who were in it for something bigger than themselves.    What are Chip’s favorite business books? When Chip was 19, he was working a construction job and had an opportunity to read the top 100 books. When he was 42, he listened to the top 100 business/health books as audio books and came to the conclusion that there are a handful of books that say it all. His top three are: Good to Great (Jim Collins); 7 Habits of Highly Effective People (Stephen Covey); and Psychology of Achievement (Brian Tracy).   What does Chip mean when he talks about linguistic adaptation?  Words are always changing meaning, and we have to adapt. As far as culture goes, the term “values” is out, Chip says. “Vision” is out, and “purpose” is in. Chip took 30 terms out of those books he read, and that’s what he runs his companies on. “Conditions and satisfaction.” When he’s discussing a project with somebody, there’s no end to the conversation unless they have conditions and satisfaction and a done-by date. “Integrity.” Integrity means I do what I say I will do when I say I will do it, and if I can’t get it done, I’ll go clean up my mess and reset new conditions and satisfaction. When everybody knows the terms and what they mean, then we’re all on the same page.    What did Chip do as a lead magnet that was a huge success?  A lead magnet used to be called a loss leader. Roland says, if you call it a lead magnet, you can charge a lot of money to sell information about it. Chip had a lead magnet with yoga mats to get people in his lululemon stores. Yoga mats were easy to make and while other people needed to make a profit, he didn’t. He owned his manufacturer. He just needed to get people in stores or online to get people to buy the clothing.    What was it like to sell lululemon? When Chip was getting ready to go public with lululemon, the board of directors said he had to divest from the manufacturing, but the manufacturing was a critical part of the vertical retail model. Boards of Directors operate out of fear of the U.S. litigation system, Chip says. They become mediocre and fail to become great. At the time, Chip had three very young boys and two older boys. He had missed a lot of his older kids’ lives and didn’t want to do that again. So he traded in this amazing company to be a family man.    What avatars did Chip create that became so successful? He created Ocean, a 32-year-old single professional woman, who owns a condo, is super stylish, travels, is athletic and super healthy. Ocean’s male counterpart is a 37-year-old man named Duke. You reach these people by perfecting the concept of vertical retail.    The ultimate vertical business is where you make something in a factory in Vietnam, someone in Norway orders a piece, and it gets shipped right from the factory to the person. If you own your factory, your shipping, your ecommerce, your marketing, you can take all those margins instead of contracting it out.    What’s the advantage of bootstrapping compared to having a lot of money? Chip started a company six years ago called Kit and Ace, cashmere you can put in the washer and dryer. He says they had too much money and threw too much at it. He bootstrapped lululemon for a long time. When you’re bootstrapping, that’s where the very best creative ideas come from. When you have a lot of money, there’s no necessity to drive the invention.    What are some of those creative ideas that came from bootstrapping? Back in the day, he couldn’t compete with Nike and Adidas with getting celebrity athletes, but he figured out that there’s a level of athlete right under that not getting anything. They’re the heroes in their community and have the most authenticity. Because he didn’t have the money Nike did, he spent one-millionth of the money and offered free clothes to yoga instructors. They were in front of 40-50 people every day and more authentic than a rich athlete. Other past creative ideas include BBQ shorts and dogwalker pants.    If you want to find out more about Chip, check out his website. He’s technically on social media, but someone else runs those accounts for him. “I don’t need an extra dollar,” he says. “I don’t need another friend. I’d rather be home spending time with my wife and kids.”   RESOURCES: chipwilson.com ethicallyprofit.com getepicchallenge.com Scalable.Co The Ready to Lead podcast DigitalMarketer Podcast Perpetual Traffic podcast   OUR PARTNERS: Get a free proposal from Conversion Fanatics Get 3% cash back on your ad spend with AdCard Get Roland’s book, Zero Down, FREE  
  • Business Lunch podcast

    6 Not-So-Obvious Productivity Tips: Being Rich and Happy with Roland Frasier

    7:42

    Roland has 6 tips to help you be more productive, and he shares them concisely in this bite-sized episode.   They’re each a little bit outside the normal time-blocking and schedule-setting templates and tips we’re used to, but they work for Roland and just might for you too.   #1: Develop an indifferent attitude about things you can’t change. Just decide not to care. You can’t change these things. They are what they are. Who cares? Stop letting them bother you so much.   #2: Deprioritize the tasks that are stressing you out. Especially if there’s really no benefit to focusing on them. How we prioritize tasks in time management is important. And you have to constantly re-evaluate tasks you’ve already prioritized to make sure they still make the cut.   #3: If you’re burnt out, take time to recharge. If you find yourself unable to focus, unhappy, or dreading something in particular, take some time off to relax and do something you enjoy. This will seem like it’s making you less productive, because it’s taking time away from things you need to get done, but you’ll come back more focused and able to get things done more quickly and easily.   #4: Forgive yourself and others. Forgiveness is important. First, forgive yourself for things not going the way you want. Instead of putting a label on yourself (“I’m not good at this.”), forgive yourself for mistakes and failures. Failure is really the only way we learn how to be successful. If we do something right and succeed, that could have just been luck.    Studies show that, in a culture where people are punished for failure, they’re typically 230% less productive than people in a culture that accepts failure. Forgive yourself and others around you when you/they don’t achieve the exact results you wanted.   #5: Use the scientific method to find your most productive working habits. Scientists have a control (the way things have always been done) and an experiment to see if it can be done better. Introduce new habits that might make you more productive. Test those out for 30 days and keep the ones that work best.   #6: Create hard boundaries around unproductive distractions. Set limits for social media and emails. How many times will you be on a Zoom call? Have a schedule so you spend time where you want to spend it instead of letting the world do it for you. Schedule time for yourself (read, relax, watch TV), time with your friends and family, and time for work. If you’ve got all three of these things in your schedule and block those hours out, then you’ll get more accomplished than any other way.   You also need to talk to yourself and review all of this every Sunday evening, and make sure it’s all scheduled how you want it. Then talk to your family or your significant other, and ask if there’s anything on your template you should tweak. Then, on Monday morning, ask your boss or your team if they have any changes to your work schedule.   And there you have it—six not-so-obvious tips to help you be more productive.   RESOURCES: ethicallyprofit.com getepicchallenge.com Scalable.Co The Ready to Lead podcast DigitalMarketer Podcast Perpetual Traffic podcast   OUR PARTNERS: Get a free proposal from Conversion Fanatics Get 3% cash back on your ad spend with AdCard Get Roland’s book, Zero Down, FREE
  • Business Lunch podcast

    7 Rules for Being Rich and Happy with Roland Frasier

    7:26

    Roland has 7 rules he follows when it comes to money, and he shares them succinctly in this bite-sized episode.   #1: Invest in quality over quantity. If you’re buying a stock, if you’re investing in a company, if you’re trying to buy a suit, if you’re buying anything in life, if you invest in quality over quantity, you’re going to be happy. Quality lasts. Quality gives you greater utility. Quality generally gives you greater happiness and way fewer problems.    #2: Invest in yourself. The investment that will pay the biggest dividend is always the investment in yourself. Whether that’s having a great coach, joining a Mastermind of successful people, educating yourself through books/courses/trainings, investing in yourself will generate the greatest returns. You are a renewable resource. You are able to take your skill anywhere. The more skills you have, the smarter you’ll be about making choices, and the more options and choices you’ll have. Always invest in yourself.   #3: Use a barbell investing philosophy. The bulk of your investments—90% of the things you’re investing—should be conservative. Roland has a lot of money in cash so he can take advantage of opportunities when they come up. Invest that remaining 10% in things that could pay off in big ways. Preserve 90% of your cash, have 10% at risk, and know that a few of those risky investments could pay off huge.   #4: Think in buckets. You should have a bucket for cash, a bucket for philanthropy and doing good for the world, a bucket for doing things with/for your family, a bucket for travel/entertainment, and a bucket for savings. Then, every month you allocate a certain percentage of your money into each bucket. This way you’ll always have money for the things you need. It’s a great way to manage your money.   #5: Your business should always work for you, not the other way around. Roland sees so many people who get into a business and stick with it no matter what, because they don’t want to fail. That’s a terrible mistake. Give a business a certain amount of runway and capital, and if it’s not performing, you don’t keep feeding it. Let it go. If it’s not working for you in the time period you’ve allocated to make it go, stop investing in it. It will change your life when you stop working in businesses that really shouldn’t exist.    #6: Buy back your time first. Whatever it is that you’re doing right now—from walking the dog to mowing the grass to doing your laundry to cooking meals—if you don’t enjoy doing them, use your money to hire someone to do them for you. If they’re worth less than what you could be earning doing something else with that time, then pay someone else to do them. That buys back your time so you can spend your time doing more valuable things.    #7: Money serves to buy you freedom and options. This one is more of a mindset principle. Money is nothing more than a store of value, so you can do things in the future. It gives you options to do whatever you want to do. It gives you the freedom to spend less time making money. If the pursuit of money is costing you your freedom, or it’s limiting your options in a negative way, then don’t do it. Use that as a guideline. It should govern everything you do. Money should provide you with freedom and options. Don’t sacrifice freedom and options to get money.   RESOURCES: ethicallyprofit.com getepicchallenge.com Scalable.Co The Ready to Lead podcast DigitalMarketer Podcast Perpetual Traffic podcast   OUR PARTNERS: Get a free proposal from Conversion Fanatics Get 3% cash back on your ad spend with AdCard Get Roland’s book, Zero Down, FREE  
  • Business Lunch podcast

    Finding the Right Business Partner with Roland Frasier and Ryan Deiss

    49:11

    What makes a good business partner, and how do you know if you are good business partner material?    In today’s episode, co-hosts Roland Frasier and Ryan Deiss, who happen to be longtime friends and business partners, talk about what it means to be a “partner person.” If you’re not a “partner person,” can you become one? And what does that involve? Related: how do you go about finding another “partner person” to partner with?   Before they dive into all that, they take a quick detour into where to get your funding when you’re getting ready to start a business.   How To Fund Your Business Roland does a decent amount of consulting for high-quality people who are looking at new business opportunities. He talks them through where their funding will come from—bootstrapping vs. raising capital—and how to figure out what it will cost. What are the resources they’ll need to make this new thing go?   You’ve always got to start with your budget. Don’t dive in without knowing that. How much money will you need, and where’s the best place to get it? Will you self-fund? Let the company fund itself? Or go out and get funding from an outside source, like angel investors or venture capitalists? There’s also franchising and licensing. Pick a path, decide how much you need, and state upfront at what point you’ll fold if things aren’t going well.    When you’re looking to start a new business, the first rule of thumb has always been to find a need and fill it. And figure out ahead of time if people will pay for your end result. Do people want what we’re offering? Dry test it to make sure. Don’t take people’s money and then not deliver. And how do you decide if you need/want a partner? And how do you pick the right one?   How to Be a Good Partner Ryan attended a recent Mastermind where they talked about people who make good business partners and people who don’t play well with others. Partner people and not-partner people. What does it mean to be a partner person? How can you tell if you’re one or not? If you know you’re not, can you become one?   When Roland was practicing law, he got to see a lot of people forming partnerships, many of which didn’t end well (hence the need for bringing the law into the picture). He always tells people they should do a partnership agreement, because partnership expectations are hard to agree on if you don’t write them down.    A history of successful partnerships is a good indicator that someone is a partner person. If you’ve been in litigation with people you were in business with, that’s a bad sign. If they’ve sued or been sued by everyone they’ve been in business with, that’s a problem. If they talk crap about former partners, also not a good sign.   Good partner people own their stuff when a partnership goes bad. They don’t blame everything on the other person. Honest communication is really important. You need people who are aware of their own faults and tell you what challenges you might have with them as a partner. Solid self-awareness and ownership and the willingness to change are all important.    When you go in, you have to believe that together you’ll be better than you were separately. The sum has to be bigger than the parts. You also need to complement each other. Ryan had a partner once who was too much like him; their skill sets were too similar. They couldn’t stay partners. You need to be aware of your strengths and weaknesses.    The other piece is that you need to see value in other people’s strengths. Non-partner people tend to devalue the strengths that other people have. They think the thing they’re really great at is the only thing. You need to see the other person’s skill set as being equally valuable. You can’t treat your partner like an employee. It’s frustrating when you’re in a partnership and the person is me me me all the time. You want to hear “we” and “us.”   A good partner excels at conflict resolution. Roland likes partnering with people who have long-term relationships. Those require you to get past challenges you’ll inevitably have, get comfortable with people who don’t think exactly like you. Is this person’s tendency to run at the first sign of trouble/difficulty, or do they stick around and work things out?   The Good Partner Checklist So, let’s look at all of these characteristics in one place. And, remember, this checklist isn’t just for finding a good partner; it’s also for being a good partner. A good partner:   Has a history of successful partnerships Owns their own crap Is self-aware and willing to change Has complementary skill sets Values other people’s strengths Is good at conflict resolution   Partnership isn’t for everyone. Some people work best on their own. Roland and Ryan aren’t those people though. Roland loves partners. He doesn’t own 100% of any of his companies. And Ryan says, “I’m not just a partner person; I’m freaking co-dependent.”   Look at all the successful partnerships out there and study how they do it. If you want it bad enough, work hard to find the right partner and, more importantly, be the right partner.  RESOURCES: ethicallyprofit.com getepicchallenge.com Scalable.Co The Ready to Lead podcast DigitalMarketer Podcast Perpetual Traffic podcast Episode 48 of Business Lunch with Tucker Max   OUR PARTNERS: Get a free proposal from Conversion Fanatics Get 3% cash back on your ad spend with AdCard
  • Business Lunch podcast

    The Future of Marketing with Ryan Deiss, Ralph Burns, and Kasim Aslam of Perpetual Traffic

    42:11

    Ryan Deiss was recently featured on the Perpetual Traffic Podcast to talk about the future of marketing and conversion.   Marketing, at the end of the day, is the crafting and amplification of a message—and the crafting piece is more important today than it’s ever been.   We’ve been receiving so much positive feedback about adding Ryan as a co-host on Business Lunch. We recently featured Ryan on another one of our podcasts, Perpetual Traffic, about the future of marketing and some cool things happening at Scalable. (One of those cool things is Scalable Impact LIVE. Get your ticket HERE.) It’s a great episode to listen to as a leader and entrepreneur—and to have your marketing team listen to as well.    No one knows marketing like Ryan Deiss. Listen in as he chats with Perpetual Traffic hosts, Ralph Burns and Kasim Aslam, about what we can expect in the world of marketing in the weeks and months to come.   How Digital Marketing Has Changed in the Past Two Decades Ryan has been in the digital marketing game since he was 19, and he’s almost 41. If you do the math, he’s been at it longer than he hasn’t. And he’s seen a lot of changes. When he first started, obviously there was no Google or Facebook or YouTube or TikTok. Over the first decade of his career, he watched it move toward marketers’ ability to target. There was this push when it was all about “right person, right time” (and the right message wasn’t as important).   In the past few years, we’ve seen a shift away from that. Things got harder, more expensive. It’s been fun with Facebook ads from 2007 to 2017. There was a new social channel coming out every other month. You could get in early, build your following. We watched influencers become celebrities.    But paid ads have straight up doubled in the past year. The average marketer has to spend more, and it’s only going to get harder. We peaked, we crested, and now we’re seeing a shift back toward digital marketer looking like mass media marketing. Our ability to get our message in front of the right person at the right time is slowly getting taken away from us—through competition, algorithmic shift, and being priced out.   With all this mass media, the message matters more now. It’s the message that reigns. There’s always going to be an edge if you’re really a student of this stuff. It’s really important as marketers that we own our message and become good copywriters again. Bad copy used to work if your timing was perfect. The message could be “want this thing?” People would be like, “I do!” And it was as easy as that.    Now? The sky isn’t falling exactly, but you have to realize that the 2015 playbook isn’t going to work in 2022. You have to build your own community, your own media brand. You need an email list, a podcast, a community of people invested in you and what you do.   The Best Message Wins Roy Williams, one of Ryan’s mentors, is the author of The Wizard of Ads trilogy, which “everybody should read,” Ryan says. One of the fundamental themes is that the best message wins. Roy knows this because he’s done primarily mass media marketing, and there’s only so much targeting you can do through radio/TV. Roy always says, “The most valuable target is the untargeted target that you target through messaging.”   Why is this true? Because, the more targeting you bring into play, the higher the cost. The holy grail of marketing and advertising is the ability to craft a message, yell it out to the masses, and have people who didn’t even know they were in the market have their ears perk up. That is the greatest skill that has ever existed and will always work in marketing.    Ryan says there’s going to be an absolute bloodbath in the digital marketing space. You had so many agencies and consultants who had their trick. Ooh, I can juggle. In a world where everyone wants juggling, that’s great. But now it’s like juggling sucks. Nobody wants juggling. You’re out of business. Because they weren’t actually marketers. They weren’t even really craftspeople or artists. They knew how to do one thing.    Marketing is all about crafting and amplifying a message. In recent years, all of the emphasis has been around amplification, traffic. Now it’s going to be all about messaging. The folks who win will be those who see themselves as messengers and communicators first. Where the edge will be moving forward is on the messaging side. Most of these marketers have never learned how to craft a message. They’ve never learned how to dig in and figure out “what does this person really want?”   The Concentric Circles of Marketing It’s easy to market to someone who already knows, likes, and trusts you and desperately wants what you have. Just show up. Then you go out to that next ring—people who are solution-aware and in the market and actively looking. But the biggest gains will come from the problem-aware market and the unaware market. That’s where you’ve got to learn to speak to people about their unspoken need/desire—things they aren’t even talking about.   Roy Williams once wrote a Rolex ad for Justice Jewelers, a regional jewelry company in the Midwest. When Sir Edmund Hillary conquered Everest, he got a Rolex. The whole point of the ad is that you, too, deserve a Rolex when you conquer your own Everest. This ad is for people who might never have even thought about wanting a Rolex. This is for someone who has conquered a mountain and they’re looking for a way to celebrate. You’re selling them identity reinforcement. That’s what great marketers understand.    The New Marketing Playbook for CEOs A lot of CEOs are struggling with this new world—going from being their own CMO to having others do it for them. Ryan says the days of running the company and doing all the marketing are over. And he says this as the CEO of a company called DigitalMarketer. He doesn’t market anymore. He’s not even in the marketing meetings. His primary job is communicator-in-chief. He’s good at messaging, and that’s where he’ll keep his focus.   Internally, they focus on messaging, and for all the mechanics of a given channel (Google, Facebook, YouTube), they work with external agencies and consultants. Everything has gotten so specialized. Let other people handle it.    Back in 2016, DigitalMarketer set a vision and mission for the next 5 years. They wanted to be all about doubling the size of 10k businesses. It was a cool mission, but they had no way to track it. This year they reset their mission. They’re going to be all about serving and enabling marketers. They’re going to simplify and systemize marketing so marketers can freaking win and do their best work.    See You at Scalable Impact LIVE That shift meant they were no longer speaking to the small business owner and entrepreneur. So they started another company for that at Scalable.Co. Ryan tells founders to get out of the dang marketing meetings. As the leader, you’re not the person coming up with all the plans. You’re communicator-in-chief and questioner-in-chief. He knows it’s a hard one to hand off, but you’ve got to do it if you want to scale.    They didn’t just launch a new company; they launched a new event. Scalable Impact Live is an annual event for the CEO and entrepreneur. It’s not T&C; there’s literally not a single marketing session. It’s all about asking: what does it look like to scale your business to the next level? Growth is not enough.    It’s single track, old-school, highly interactive, with just 500-600 people. Ryan and his business partners, Roland Frasier and Richard Lindner, will be teaching and walking through different workshops with special guests Marcus Lemonis from The Profit; the NFL’s Emmitt Smith; and brilliant businesswoman, Kendra Scott.    Come confused and frustrated; leave with a scalable impact plan.    RESOURCES:   Scalable Impact Live (November 2-3, 2021) Wizard of Ads (trilogy by Roy Williams)   Justice Jewelers Rolex ad OUR PARTNERS: Scalable Impact Live (November 2-3, 2021) Get a free proposal from Conversion Fanatics Get 3% cash back on your ad spend with AdCard PodBean, your all-in-one podcasting solution
  • Business Lunch podcast

    [Rewind] Marcus Lemonis on Profit, Product, People, and the Process

    46:06

    In an interview with Roland Frasier, Marcus Lemonis, host of the hit TV show, The Profit, breaks down what really matters most in business. Marcus was scheduled to speak at T&C 2020, but the event never happened. Roland and Marcus still had a chance to sit down and chat though, and this podcast episode revisits that brilliant interview.  And exciting news! Marcus will be speaking at Scalable Impact Live in Austin, TX on November 2-3, along with NFL Hall of Fame running back Emmitt Smith and Kendra Scott, who has had a billion dollar exit in her fashion brand. Marcus is known for looking at the 3 Ps—people, product, and process—when he’s evaluating a business to invest in. When asked to break that down, he said it’s important to first establish the fact that this framework works for everyone. It’s an easy way for him to communicate with people on TV about how to think of their business differently. The application is universal. Product, Process, People These are the three things that matter in a business, but you have to rank them in terms of priority, Marcus says.  Product is the easiest one to think about. A relevant product or service is something everyone can understand. It’s got to be real time, digestible. It has to be able to change when the environment changes, and it’s got to be driven by the market, not your emotion. Process is all about how you develop the idea, how you properly document it, build the case study around it, test it, roll it out to people, and continue to improve on it. Where a lot of companies die is that they don’t evolve, and you have to. Your process has to evolve and take into account new technology, trend changes, etc.  People are the most important. It’s easy to say you care about people, but Marcus has started to rev this up a little more recently. Start with yourself. You can’t respect other people if you don’t respect yourself.  2020 has been a crazy year. It has wreaked havoc and played tricks on people’s minds. We’ve lost a lot and need to take stock in who we are as individuals, family members, community people, and leaders. Then apply that to people who work with you, not for you. We get frustrated with people, and we change our tone. We have this mindset of you work for me, instead of you work with me. We can be collaborative and thoughtful and still be good leaders.  “I can go into any business and help them to think differently about themselves and other people,” Marcus says. “If you’re not capable of thinking differently, you shouldn’t be a leader.” What Is So Attractive About Turn-Arounds? The Profit is all about turning around businesses that are having challenges. What makes someone want to tackle something so difficult? Marcus says he’s always just been more at home with looking at things that are broken (processes, products) and really understanding it. “I’m more comfortable with things that are fractured,” he says, “because I like to be the guy with the glue who puts things back together.” How does he decide when to help people and when to cut his losses? He says a lot of people think he’s crazy. “Why do you waste your time with knuckleheads?” people ask him. And he does it because of what other people learn while they watch him do it. He invests time in people to prove something to himself, to help others, and he knows it also resonates with the people watching. He wants to raise people’s self-awareness about their behavior. How does he deal with people attacking him while he tries to help them? Well, that part isn’t much fun. When the cameras leave, those relationships don’t always work out. If they’re delusional about themselves, they usually don’t change. Don’t rely on the other person to dictate your behavior, he says. You can’t let people take you off your game.  The Profit is one of the longest running shows on television today. He’s ultimately learning for himself and teaching others to think differently. It would be easy to kick people to the curb, but it’s better not to. Marcus thinks of people like himself when he was starting his own business. How would he have wanted people to have treated him while he was struggling? That’s what he does for others.  The key to business isn’t about being the toughest person in the room and having a poker face. We all struggle in our businesses at some point. Businesses closed daily because of Covid. At the end of the day, be transparent about who you are and where you’ve come from, and don’t try to create a fantasy life. Create wealth for yourself that allows you to have freedom and to invest in others. Don’t create wealth to separate yourself and have an elitist mentality.  A Business Partner Has to Bring Capital, Expertise, or Contacts The important part of a roll-up, Marcus says, is partnering with like-minded people. You don’t have to agree on everything, but share goals and vision. A lot of people talk about balance in life, but he doesn’t subscribe to that.  Any potential business partner has to bring capital, expertise, or contacts to the table. And, honestly, capital is the least important asset of the three. Marcus loves networking. He loves to learn from people like Roland and share his own experiences so people can learn from him. Surround yourself with people who can be additive, he says.  What he really wants a partner to bring to the table is a new way of thinking about something. He wants to hire people who are smarter than him, people who can make him better.  The Importance of Diversity in Your Business Marcus doesn’t do equal partnerships. He won’t ever do a deal that’s 50/50. He’ll either be the minority and let the other person take the lead, or he wants to drive. You can’t get in a car and have two people take the wheel. There might be exceptions to the rule, but he won’t do it. There’s got to be a clear leader. However, when he gets into a deal, even if it’s just 10%, he does like to have financial control.  “For those people who own 100% of your business,” he says. “I would encourage you not to. I think it’s important to have gender and racial diversity. I’m not saying it to check a box. You have to represent your consumers. All of them.” He says you have to truly know your audience. And to know them, you have to reflect who they are, or you’ll serve them one thing when they’re asking for another. Surround yourself with people who look like your audience. Your audience isn’t all middle-aged white guys. You need a diverse team running your business.  How Covid Changed His Investment Thesis Marcus used to be very public about not investing in technology, because he didn’t understand it. He likes brick and mortar, tangible products. Then someone approached him about a technology-driven fund/deal. They wanted a $2M investment. “They wanted me to think in new ways,” he says, “and they wanted me to partner with them, because I see things differently too.” Now he finds himself only wanting to invest in digital tech stuff.  “Covid accelerated my need to change my thinking,” he says. “I realized that the brick and mortar environment we lived in won’t exist anymore. Technology is the future of the world. What I do hope happens though is that technology people and digital marketers can lend their credibility and experience to brick and mortar stores.” He says we all come from different places, have different experiences, and we all think about life and business differently. “We don’t want to get into a homogenous way of thinking about things,” he says. “The key for me in business is that conflict is healthy. Getting different opinions and learning from other people is essential to growing yourself and your business. The key for me is respect. Respecting others’ opinions, no matter how much you disagree. Make me better. I want to make you better too.”  OUR PARTNERS: Scalable Impact Live (November 2-3, 2021) Get a free proposal from Conversion Fanatics Get 3% cash back on your ad spend with AdCard

Descobre o mundo dos podcasts com a app gratuita GetPodcast.

Subscreve os teus podcasts preferidos, ouve episódios offline e obtém recomendações fantásticas.

iOS buttonAndroid button