Service Based Business Society Podcast

Season: 2
Episode: 16

Title: Value, Energy, Time Triangle.

Hello, and welcome to the service-based business society podcast. I'm your host, Tiffany-Ann-Bottcher, our weekly episodes, we will dive into everything you need to know about scaling your service-based business without losing sleep. With my experience in creating over seven figures per month, and a passion for marketing, finance, and automation, this show will provide tangible tips and techniques for scaling your business. Let's get started.

Hello, welcome back to another episode. Today is going to be brief but super valuable. And I really want you to think about how this principle or how this theory applies to your business because it applies to every single part of your business.

Today, we're going to be talking about the value, energy, time, and triangle, I want you to think about there, there always being three options you've got, you can have things quickly, you can have things, at low costs, and you can have things low quality, or you can have things slowly, high quality or high cost. So you've got like these, you know, six, six options, basically, but you can only have to have the positives at one time. So I want you to think about, you know, a steak dinner, you know, going out to a fancy restaurant with you know, maybe a three-course meal or, you know, the five-cent chicken wings, they want you to think about, you know, your expectations, when you go in for that steak dinner, you know that chances are, it's going to be a longer meal, like you're not going in, you're going in to enjoy the experience. So you know that it's going to be expensive, you know that it's going to be high quality, and you know that it's not going to be in a rush. But now if you're going to the pub for like 10-cent wings, you know that it's going to be quick, it's going to be cheap, and the quality is going to be low. A lot of the pubs that I know from my many, many years serving in the pubs while I went to school have regular chicken rings and they have wing night chicken rings. Because when you're going in for wing night, you're going in for cheap wings, grab a drink, a quick dinner and get on with it. And so you know, you often have to balance these three things, it's very unlikely. And if you can think of a situation where you're going to have all three, I would love to chat about it inside the Facebook community. But you know, you're not going to have a low-cost, high-quality, super-quick option. And I challenge you if you think I'm wrong, come to the Facebook community, and let's talk about it.
Because when we're planning out our business, you have to really decide, you know, are you a luxury provider? Are you a low-cost provider? Are you a fee provider? Or are you a slower provider? Because chances are, you're not going to provide a luxury service super quickly, at a low cost a flawed business model. And so you know, when we're looking at this triangle, we really have to decide what's important to us in our business, what is important to our client. And often, you know, like, if you look at some of the different brands out there, big brands, you have a more luxury option and then you have a lower cost option. And they operate on two different business models where businesses get into trouble, which is when they try to be luxury providers for low costs. It doesn't work. These are the businesses that go out of business because it's very hard to do.

Typically, when people are doing things more quickly, they make more mistakes and more mistakes don't often correspond with that luxury service. So it's important to know and decide where as a business you identify because there is no right or wrong answer. You know, McDonald's sells millions of cheeseburgers and Rolex sells a few watches. But you have to also realize this affects your profit margin. If you sell $1 $million every year, there is a lot less paperwork, one invoice, and one customer demand than if you sell a $1,000,001 item, two very different business models. But one of the things I often see as I'm going through this time of year, you know, doing a lot of budgeting, a lot of financial forecasting, planning the same things and we're looking at the years ahead and when someone says oh I want to make $100,000 So then we have to decide is it that you want to make $100,000 You want your business to profit $100,000 You want to sell $100,000 You know what, what are we actually what is our objective because selling $100,000 and profiting $100,000 are two very different than and so, you know when we see people shift from you know, maybe they were incorporated or they worked, you know for a job and then they start their own business and they're trying to replace their Are paycheck super common to have this discussion all the time, I do a lot of consults for people who are thinking about starting businesses and we're vetting the day we're going through, we're looking at the numbers, and we're looking at how much profit does your business need to make in order to be able to afford your salary? And so, you know, it's often really worthwhile. So if you have a business and you sell, you know, $100,000, at a 20% profit margin last year, or salary, is this enough, if it doesn't work? And so, you know, it's really this time of year that we're thinking about projections and revenue. And, you know, where does your business need to be? Because we need to decide what are we celebrating at the end of the year. And often, if we don't set our objectives, we set our goals, we don't understand what business model we're operating under, we end up just kind of going along day after day, the time passes and nothing, nothing matches differently. We haven't really identified what business model, are we an electric provider? Are we a low-cost provider? And to be honest, sometimes people think, well, I'm going to start as a low-cost provider. And then I'm going to shift to an electric provider when I get you to know when I get going, but one must say, does your marketing, your brand messaging, your business processes in your experience? Does it speak to a luxury product service? Or does it speak to a low-cost service because if you plan to start as a low-cost service and then transition well sometimes everyone that's on your email list is now the wrong client? Your website needs a total refresh, and you're like, oh, this email won't work like I can't and so you know, transitioning from one business model to another requires way more planning, it requires a review and looking at the website, email marketing, branding, social media content, anything that you're putting out into the world that's it, which does it align with does it align with that luxury service? Does it align with a low-cost service, does it align with speedy service, does it align with you know all of these different options and so you know, as I said, it's gonna be a super short episode today but packed with some seriously valuable punch.

I want you to take today's episode, I want you to really think about how it applies to your business. Do you know are you high cost, low cost, high quality, low quality, a fit like high speed, low speed, and does everything you put out into the world any kind of marketing does it align with the business model that has you on target for this year? You've decided where you want to go and have been talking about it for weeks, we know our objective for the year now we need to know does our business model align with that everything else aligned with it? Now's the time for a change.

Well, we are all out of time for today. If you guys have not joined the service-based business society Facebook community, make sure you head on over to Facebook and we can continue the conversation. Be sure to also follow the show by going to any podcast app and searching surface-based business society. Click subscribe, click the fifth star, and leave us a written review. Have a great week and we will see you soon