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Today’s topic is:

Unpacking the foundations – Pillar one

 

You will learn the four modules:

  1. How it works 
  2. Self-diagnostic
  3. Leveraging a VA
  4. Personal tech stack 

 

Transcription:

Hello to The Build Live Give solo podcast episode number 243

If it is your first time welcome and if you love what you hear, please subscribe.

If you are a regular thanks for your support.

Let me know a topic you would like me to cover at [email protected]

In the last solo show – 241, I spoke about pillar number one.

Unpacking the foundations.

In covered 

  • How it works 
  • Self-diagnostic
  • Leveraging a VA
  • Personal tech stack 

There were three actions:

  1. Please email me for the diagnostic 
  2. Get a VA 
  3. Assess your tech stack 

If you missed the episode, please go back and listen to it as it will help with this show. 

If you are running a service-based business and want to be seen as an industry leader and feel trapped in sales and ops – this will benefit you. 

The four pillars are:

  1. Unpacking the foundations 
  2. Business model
  3. Sales focus 
  4. High performing team

There are 29 modules in total. You can see an image at https://paulhigginsmentoring.com/

 

Today’s topic is pillar number two – Business model 

You will learn the five modules 

  1. Business Purpose 
  2. Business Canvas
  3. Competitor Assessment 
  4. Pricing Architecture
  5. Reporting 

 

Pillar Two, Module one – Business purpose 

Your business purpose is the reason you have formed your company boiled down to a single sentence (or two). It can be industry-specific or general enough to include ancillary and future business activities. To understand the business purpose, it is essential to distinguish it from your company’s vision or mission.

My business purpose is to help service-based business owners to build a profitable and sustainable business to fund their lifestyle. 

Some elements to consider when defining it:

  1. It will stand the test of time 
  2. It has buy-in from the team. 
  3. It is relatable both in and out
  4. It helps you in tough times 

Please email me your business purpose and I will give you feedback. 

 

Pillar Two, Module Two – Business Canvas

According to Wikipedia, The business canvas is strategic management and a lean startup template for developing new or documenting existing business models.

Alexander Osterwalder created it in 2005. The distributor is Strategyzer AG 

Key elements:

  • Key partners
  • Key Activities
  • Value Propositions 
  • Customer relationships
  • Customer segments 
  • Key resources
  • Key channels
  • Cost structure 
  • Revenue streams

I like it because it gets to the heart of your business model on one page. I over complicate things, and this keeps it refined. There is nowhere to hide. 

Before we go into the remaining three

I want to talk to you about Dubb – D U B B. It is an All-in-one sales & marketing video platform that helps to attract, convert, and retain more happy clients.

I am having great success with personalised videos for outreach on Linkedin. 

Why not check it out for yourself. 

Go to buildlivegive.com/dubb 

So far, we have covered. 

  • Business Purpose 
  • Business Canvas

Remember you can get the methodology at https://paulhigginsmentoring.com/  

 

Pillar Two, Module Three – Competitor assessment 

I call B.S on people who tell me they don’t have competitors. Can you tell me that people buy your services without talking to someone else? I can’t think of a category where this happens – can you? 

In short – Look at top 3 competitors who your ideal clients spoke to before working with you. Then create a table with core elements and compare – just like a potential smart client would. 

Review this periodically. I do it three times a year. 

Like to see – email me. 

 

Pillar Two, Module four – Pricing Architecture 

The number one driver of financial success in my experience is pricing. 

At Coca-Cola, we would use price rises – sometimes two times a year – I guess this has stuck with me. 

It is the first lever I pull when I have a new mentee. Pricing is set in three ways:

  1. Cost plus a margin 
  2. Competitively priced 
  3. Return on investment 

I prefer the third for service-based businesses. 

There are too many elements to cover in this podcast. I go into more detail in my book called Build Live Give available on amazon and audible. 

 

Pillar Two Module Five – Reporting 

What get measured gets done by Tom Peters is a saying I am sure you have heard. 

Looking at lead and lag measures in your business is essential. 

I learnt the benefits of the balanced scorecard at Coca-Cola:

  1. Financial 
  2. Customer 
  3. Internal Processes 
  4. Learning and Growth 

I use an abbreviated version with my mentees.

Looking at the attributes to achieve the result is also important. 

Please email me for the full scorecard. 

 

Today I covered Business model and its five components. 

  1. Business Purpose 
  2. Business Canvas
  3. Competitor Assessment 
  4. Pricing Architecture
  5. Reporting 

Next show I will cover pillar number three – sales focus. 

  1. Unpacking the foundations 
  2. Business model
  3. Sales focus 
  4. High performing team

 

Three key actions from today

  1. See the four pillars at paulhigginsmentoring.com
  2. Please email me your purpose for feedback 
  3. Please email me to get my scorecard 

I promise I will share with you practical value to move you forward. 

You can get all the links in the show notes at paulhigginsmentoring.com/podcast ep 243 or on your app now. 

I recommend the Pocket Casts app. 

If you want to see if you are running a profit machine or a sweatbox, fill out our 5min quiz at paulhigginsmentoring.com/quiz 

Please connect and follow me on Linkedin.

If you know someone interested in gaining more profit – please share this with them. 

Please take action to build a profitable and sustainable business. 

And stay well 

 

Links

 

Connect With Paul and Build Live Give

 

Thank You for Tuning In!
If you want to be seen in uncertain times and add value to your Ideal Client so you can build lasting relationships – go to blgclick.com to learn our three secrets