MBA1187 How To Outlast Your Competition + Free Ride Friday!

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Visit Dell.com hey, today is Free Ride Friday so make sure you hang on to the end of the episode to hear who won this week's Free ride. Every Friday we give away a lifetime membership to one of our programs. We're giving away easy course, our 30 day course on how to build your own online course over at easycourse co. It's a $500 value, but somebody's going to win it for free. Today you too can win. All you gotta do is leave us an iTunes rating and review and that's how you enter the weekly random draw and our way to say thank you for showing us love on itunes. Alright, let's jump into today's episode. Heyo. Welcome to the $100 NBA show because we know how much your business means to you. That's why we deliver daily 10 minute business lessons for the real world. I'm your host, your coach, your teacher Omar Zenholm. I'm also the co founder of the $100 MBA, a complete business training and community online. And in today's episode you will learn how to outlast your competition. Whatever your business, whatever you sell, you will have competition. Even the biggest brands out there have competition. So in your business, you're probably looking at your competition right now and saying, oh, how do I make sure I'm the one who's still standing? How do I outlast them? Well in today's episode we're going to discuss that. I'm going to show you a simple formula to outlast your competition to make sure you don't make the mistake of doing an arms race where you Become the first company to go out of business. Competition can do that to you. So today, we're going to show you a healthy way to outlast your competition and make them completely irrelevant. So let's get into it. Let's get down to business. Competitors are a reality in business. We have competitors with our software company, Webinar Ninja. We have competitors with our podcasts. A lot of people have asked us, how have you been able to grow over the years and beat out your competition? A lot of people ask us, how have you become a top podcast over the years? There's so many popular podcasts that launch every year. And my answer is, there's a lot of podcasts. There's a lot of businesses that close every year. In fact, people think competition gets stiffer over time. At the beginning, yeah, you'll see some things popping up, and you'll see competitors coming out of nowhere. But over time, competitors become less and less. Look at old businesses and brands like Coke versus Pepsi. They're really the only two competitors in the space. They outlasted the other competitors. So what about you as a small business? How can you make sure that you can outlast your competition? Well, it boils down to one word, and that's profitability. Yes, profitability. Your job as a business is to remain profitable month after month, year after year. Why? Because if you're profitable, that means after all your expenses, you still have money. You're making a profit after you paid yourself, after you paid all your employees, after you've reinvested in your business, you still have money, you're profitable. If you're profitable at the end of every quarter, every year, you're sustainable. You can continue to keep going. And business is not a sprint, it's a marathon. There's a small business called Basecamp out of Chicago that sells productivity software, and they've been around for 19 years. Okay? And over the course of those 19 years, there's been competitors, but they still dominate the market. They're still amazing. They make over a hundred million dollars in revenue a year. And that's because they built their business model so they're profitable. They don't try to expand and grow and become a monster overnight. They allowed themselves to grow slowly again. They've been around for 19 years, and they have a core principle, stay profitable. As long as they're profitable, they can stay alive and can continue to grow and continue bringing on new customers and be in the marketplace. And because of that, in the 19 years they've been around, they've seen some of their competitors go out of business, be acquired and completely be irrelevant, shut down just because they didn't have enough users. Or they'll shut down because they don't have enough capital. Why don't they have enough capital? Because they're spending more than they're actually making. Trying to grow and bring in new employees and try to open new offices and all that kind of stuff. So your job is to be profitable. Your job as a business is to be a profitable business so you can stay around, stick around and listen. I know this doesn't sound sexy, but it's actually pretty comforting. Why? Because it means your goal is to be able to keep doing what you love for the rest of your life. You're going to make sure that everybody in your team is getting paid, you're getting paid, and your business still keeps going. That sounds pretty good to me. And if you can stay in the fight, if you can stay around, you're going to be just fine. Time is an amazing multiplier, okay? Over time, you will grow and bring in new customers and to get more exposure and you'll improve and you'll get better talent. So you got to give yourself more time to get there. And your lifeline to time is staying profitable. Now, obviously, to stay profitable, you gotta be delivering a great product that is serving your customers and solving their problem in an easy way. Why? Because you're just not gonna be profitable if your churn is too high, if people are leaving your business or leaving your product or your service at a high rate. Because as much as you're bringing new customers, you might have a leak in your bucket, meaning that you know you're losing customers from the bottom. And even though you're bringing in maybe 10 or 15% more customers every month, if people are leaving you, that growth is not that significant. So you got to make sure you're bringing in customers without losing them so your profits still remain high, so you can still keep the company going. Now, this doesn't mean you don't have sales targets and try to grow your business and try to make more revenue. You got to do that because obviously you want to bring in more revenue so you can hire better talent and so you can grow your team and deliver better product and improve upon your product and all that kind of stuff, but you need to do that without sacrificing profitability. One of the best ways to stay profitable is to be very careful about how you spend your money in your business. Anytime your credit card gets charged or for any Kind of bill or reoccurring service to supply or to keep your business running. Be critical of that. What are you paying? Look at your credit card statement, see what you can cut, see where you can get a discount. If you're not making money with that purchase, with that expense, then you need to cut it out. It's easy to get excited at the start to say, I need this, I need that to run my business. But maybe you don't. Maybe you just need something basic right now. Whether it's a tool or a website or a tier on a software like a customer service app. Get the ball rolling, make money and then reinvest when you are profitable. Back in the day I had a business which was called Zenum Design. It was a clothing line, men's clothing line. And I had a major competitor in my market space. One of the things we did is that people, people would send in their measurements, we'd have a guide to do that and a measuring tape and we would create a custom tailored dress shirt. This is back in the day, in the early 2000s. So this was a kind of a novel idea. So we had a couple competitors in the market. One of them came out of nowhere and started spending crazy amounts of money on trade show design and trade shows and booths on banner ads. There was no Facebook back then, but there was banner ads. They were all over the place and they were cheaper than us. The prices, their prices for their product were much cheaper. It was about 50% cheaper. I was scratching my head, I was like, whoa, what is this company doing? Their profit margins must be razor thin, if any. But we kept on trucking along with our business, started growing, making sure that we're serving our customers properly. We didn't undervalue our product and kept our prices where they were at. We didn't try to go on a price war with them. And what happened is that they went for broke. They spent so much money over six month period on advertising and trying to grow their presence in the market and try to undercut their competition with price. That will happen is that eventually they didn't have enough money to get new supplies and be able to deliver on time. They'd be understocked and they simply couldn't deliver for their customers. Now, I only learned about this after the fact. This all was said and done and I spoke to one of the partners of the business. But at the time, a year later, I kind of looked them up and they were closed. And it surprised me. It was like, oh, these were like the big boys in town. And before I knew it, I had one less competitor to worry about because I just focused on profitability, serving our customers, not worrying so much about going through a price war and all that. And if I can stay relevant, if I can stay profitable, if I can make sure that I can keep my business going and pay my employees and live my life, that's it. I'll be around. And over time, that's the biggest advantage of all the experience, being in the market for that long. And that gives you market recognition. Let me tell you about Intuit QuickBooks. When I was starting out my business, I remember sitting at my desk late at night, not working on my business, but cleaning up numbers, tracking and reconciling payments and wondering how this became my life. But once I automated the admin side of things, of my finances, those nights had disappeared and I felt a whole lot better. Outdoit with intuit QuickBooks QuickBooks is the trusted end to end solution that businesses rely on for getting paid. Managing finances, paying employees, finding new customers, and more. QuickBooks provides a team of AI agents and trusted experts. So doing it yourself no longer means doing it alone. Their payment agent gets you paid faster, their customer agent finds leads, follows up and secures more sales, and the accounting agent automates and categorizes transactions. Get your critical business jobs done with QuickBooks on the Intuit platform at Capella University.

Learning the right skills could make a difference. That's why our business programs teach you relevant skills you can take from the courseroom to the workplace. A different future is closer than you think with Capella University. Learn more@capella.edu.

In conclusion, if you want to outlast your competition, just make sure you prioritize profitability. If you're profitable, you can be sustainable. You can continue to do business month after month, year after year. Once you start taking risks where you're spending more than you make, then you're asking for trouble. Then you're talking about a few months that can go wrong, that can put you completely out of business. Or you can't pay your bills, you can't pay your employees, and you just imploded and your competition doesn't have to worry about you anymore to stay profitable. Thank you so much for listening to the $100 MBA show. That wraps up today's lesson. But today's episode is not over. It's free Ride Friday. I got to give away a lifetime membership to easy course, our 30 day course on how to build your own online course. It's $500 over at easycourse co. But somebody's gonna win it for free today. Let's see who won this week's Free ride. And the winner is. Jeff A. Sebonic. I hope I'm pronouncing that right. That's J E F E Jeff. He says Great business tips. If you're an entrepreneur or an executive at an established business or a business employee or student, there are so many great tips at so many levels. These episodes also provide ideas on things I haven't thought of before and they're easy to implement. Well, thank you so much Jeffe for that review. Your mission is to email me at omar00mba.net to claim your free ride to grab it. If you want to win a free ride to ezcourse, just leave us an iTunes rating and review and you enter our weekly random draw. Then listen in on Friday to see if you won. That simple. It's our way to say thanks for leaving us love on itunes. Before I go, I want to leave you with this. It takes a lot of self control not to worry about your competition constantly. A lot of us, we like to go on their websites, look at what they're doing, seeing what they're releasing. We subscribe to the newsletters. It's good to be aware, but don't obsess because it's going to influence the way you see your own business. It's going to influence your own ideas and designs. You're going to start doing things like them and that's not what you want to do. You want to differentiate yourself. You want to be yourself. You want to be your business, your brand. Focus on how to serve your customers better and in a unique way and you'll be alright. And then checking on your competition from time to time. That's it for me, guys. Make sure you hit subscribe on whatever you use to listen to podcasts, whether it's Spotify, Apple Podcast, Stitcher, Radio, Overcast. Hit subscribe so you don't miss an episode. It gets downloaded automatically to your device and it's waiting there for you when you're ready to listen. I'll see you guys on Monday. Until then, take care.

At Capella University, learning the right skills could make a difference. That's why our business programs teach you relevant skills you can take from the course room to the workplace. A different future is closer than you think with Capella University. Learn more at Capella Eduardo.