Coach Raf walks through his pivot framework for stagnant businesses, using a cell-phone minute reseller in Lagos as an example. When his core market shrank, he offset lost revenue by expanding to Abuja and smaller towns. The key: become a problem-solving machine and anticipate what customers need before the market forces you to change.
Chapters
5, action. Hey, my friend, I know you are doing so, so well. Hey, business is not easy, right? But every day, every day, you come up with the way to strive and really, really hit that target. You know, one of my friends asked me last time, he said, Coach Raf, I want to become a businessman because I, I don't like my job. I mean, it's hard to do a job. Hey, let me give you good news. I told him Business is harder than a regular job because when you have your business, you have to think for yourself, think for the business, think for the people, think for the worker, think for the customer, think for the, you know, the taxman. You have to become a problem-solving machine. That's why we are dealing with this 10-point to pivot it. You know, the truth about business is that if you train yourself serve and you are not flexible enough, you'll be out of business. 95% of people who start business, within 5 years they go out of business. And not only they will go out of business, but they will swear never to do business again. That's why this daily video, I not only challenge you and show you a better way or new way to do and encourage you, I'll actually show you how to navigate to, to life and business. So today we will talk about the point number 4. So if you are having challenge with your business, or you just plateau, or things are not going the way it was going before, you know, uh, you have to be able to apply the point number 4 on your business. Uh, I always share with my, you know, student that every business, every market actually grow or die or actually, you know, the market change because remember you in business to serve human being and human being change. The behavior, the world, everything shift. And sometimes your business may start suffering not because your product is not good, just because maybe, you know, You have to apply the point number 4. Maybe you have to look at the customer need. You have to redefine the customer need. Customer that was buying maybe, I don't know, let's say customer that was buying cell phone minutes 10 years back. They're not buying that anymore. But does that mean that there's no way you can sell cell phone minutes? No. again? No. You just have to expand the scope of your market. So, the point number 4, the way to pivot it, is the customer need. You have to redefine the customer need. And one of the answers is to expand the scope. So, let's say if I'm selling— I'm selling cell phone minutes, for example. Let me continue with that. And I'm based in Lagos, and the market is I was just selling in Lagos. I was doing maybe $1 million a year. And for some reason, I can't reach that, that number. Let's assume that there's 10 million people in Lagos. And I can't reach that, that number anymore with my cell phone minutes, right? This is my market. This is my market. And this is $10 million revenue on this area. Market in Lagos, right? So there's 2 things I can do. I can redefine and increase my scope. So I will target Lagos and maybe Abuja, right? I will add Abuja. I will increase my scope. I will increase my— I will expand the scope. That can solve my problem. So If my income drop maybe to eight million per year, and I target this other market, even if I'm doing five million here per year, if I'm do five million per year, guess what? I would net thirteen. I would net thirteen million per year just by expand. How about if I go to another market again? And this market is only giving me, let's say, even 4 million. So while those that was compete with me in this market, in Lagos market, since I took Abuja market and maybe another small town market, I don't know all the town there in Nigeria, just by doing this, you see, I will start doing, you know, almost 17 $17 million, even though the market actually dropped here from 10 to 8. So I expand the scope, I redefine the customer need, and boom, I start do more. So the same thing, you can go from your neighborhood and expand to be more aggressive in the market and just practice this. And that would be the way to pivot it. When people are going out of business, Look, if your expense was $8 million and you target other market and project from here and reach out there, you may maintain the same and maybe add transportation, but the market value is going to increase because you actually expand the scope of your market and target more clients. Tomorrow we'll talk about something more, more powerful. See you tomorrow. And now, before we talk about that tomorrow, share with me how you can do— apply this into your business. Show me how you can apply this because you have to be prepared. Remember, we talked about the power of anticipation. You don't want to hit the bump before you wake up and be like, oh, I'm hitting the bump. You want to anticipate and solve the problem before the problem occurs. See you tomorrow.
