How to overcome costly business blind spots

How to overcome costly business blind spots

What would you do?

Imagine you’re sitting in a theater watching a movie with a date.

Between tickets, popcorn, and a drink, you’ve already spent $60 to be there.

Thirty-five minutes into the two-and-a-half-hour movie, you realize it’s awful.

You’re bored out of your mind with no sign of the story improving.

The writing is so bad, not even the top-notch actors can save it.

Do you leave? Or do you stick it out?

Before you answer, consider the following two things.

  1. By all indicators, the movie is a dud.
  2. If your goal is to have an enjoyable date, you would likely be better off leaving and pursuing a different (perhaps even free) activity.

Given these two statements, the answer would seem to be to get up and leave.

However, this is not how our brains tend to think. We’re more likely to stick it out in hopes of recouping something from the $60 invested in the movie.

This is called the Sunk Cost Fallacy.

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How to gain clarity to find the best roadmap for your business

How to gain clarity to find the best roadmap for your business

How can you tell which things you should focus your limited time, money, and energy on to get the best results in your business?

With so many things pulling at your attention, it can be challenging as a business owner to know what should get your attention now and what can wait.

It’s easy to end up operating in a reactionary mode that stretches you thin The fog of working in your business day to day clouds the path ahead.

So, how do you clear the fog and gain clarity about the best roadmap for your business?

When I was five years old, I went on a hike with my grandpa that led to a large, white letter Y painted on the side of the mountain (a reference to the name of a local school).

What should have been a two-hour round-trip hike turned into a four-hour trek in the hot sun?

We’d been so focused on the ground in front of us that we strayed from the main path.

For a couple of hours, we traversed ravines, followed deer paths, and hoped we were headed in the right direction.

After a good deal of wandering, we finally emerged into a clearing strewn with white painted rocks. We had finally arrived.

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Strategies for Wowing Clients and Prospects with Jeffrey Shaw

Sustainable business success results from understanding and knowing how to operate within three critical ecosystems: business strategies, personal development, and daily habit/mindset. My guest, Jeffrey Shaw, writes about these ecosystems in his latest book, The Self-Employed Life.

Many times over burgers and fries, Jeff has told me stories about how he studied luxury brands and analyzed buyer psychology to crack the code for selling to NYC’s affluent and becoming their go-to photographer year after year. He has also become a top business coach, speaker, and podcaster, a further testament to the hard-earned experience he shares in his book and our interview.

I love how Jeff’s mind thinks about creating experiences that turn clients and customers into loyal advocates and long-time partners. Be prepared to take notes. I’m thrilled to share our conversation with you in this episode of Impact.

In This Episode

  • 3 ecosystems that affect the ongoing success of your business
  • How to increase LTV with the “Step-Up/Step-Down” business model
  • How to gain more prospects with the Emotional Journey Website Map
  • How to increase customer loyalty with customer-exclusive benefits and presumptive language

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3 Hidden Monetization Mistakes That Are Costing You Money

When monetizing your expertise and email list, there are three easily-overlooked mistakes that will secretly siphon away your profit potential. These three monetization mistakes are part of a phenomenon I refer to as Monetization Shyness.

I’m often asked to look over a client’s monetization strategies to find the gaps. Monetization Shyness is the first gap I look for because it’s so prevalent and so frequently goes unnoticed. Many business owners fail to see Monetization Shyness because its causes are counter-intuitive and rooted in your mindset.

As you know, your mindset is vital to your success and growth. Your mindset can either be an elevator to new heights or a ceiling that keeps you from moving upward. Monetization Shyness strikes both beginner and veteran business owners alike.

In this episode, I deconstruct three types of Monetization Shyness. Then I offer six specific ways you can root it out of your mindset and business to unlock new profit potential.

In This Episode

  • 3 hidden monetization mistakes and how to root them out
  • What is monetization shyness, and how might it be secretly eroding your income?
  • 6 ways to avoid this profit killer

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3 Strategies for Growing Your Business

How can you know what to focus on in your business to produce the most significant new growth?

With so many options available to you, it can be hard to decide where to invest your limited time, money, and other resources to get the greatest return on your efforts.

We can quickly end up overwhelmed, spread too thin, or focused on the wrong areas.

The best way to make your growth strategy clearer, more focused, and more effective is first to realize that there are only three ways to grow your income and impact.

Yes, you can adopt many tactics and strategies, but all of them fall into one of three categories.

When planning your business growth strategy, it’s essential to zoom out and look at each of these three areas to see which one will provide you the best chance for growth before choosing specific strategies to implement.

In This Episode

  • How to know what to focus on in your business to generate the greatest growth
  • Common growth strategy mistakes that will stifle your income and impact and how to avoid them
  • The growth strategy that increases the value of each customer by up to 10x

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