MBA1782 How To Change Direction & Get Big Results + Free Ride Friday

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Hey oh. Welcome to the $100 MBA Show. Because your business means the world 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 Webinar Ninja, an independent software company I started with my co founder back in 2014. And today's episode is Free Ride Friday. So 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 over at Easycourse Co, a 30 day course on how to build your own online course in 30 days. It retails for $500 but you can win it for free. Just leave us an Apple Podcast rating and review and you enter our weekly random draw we call Free Ride Friday. Let's listen in on Friday to see if you won. It's that easy. It's our way to say thanks for.

Showing us love on Apple Podcasts.

In today's lesson, you will learn how to change direction and get big results. Sometimes your business plateaus. You're not growing, you're kind of just steadily moving along. You might be even going down a bit. It's a scary, scary position to be in Especially if you've been in business for some time. This is a sign you need to make a change in your business so you can continue to see your business grow and thrive. But how do you make a decision like that? How do you make a big change and see big results? Do you even need to make a big change to get big results? What does that change look like? That's what we get into in today's lesson. So let's get into it. Let's get down to business.

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So your business is just not doing well. It's plateauing and maybe even it's moving in the wrong direction. I've been there so many times in my entrepreneurial career where your business will grow, it will have a good amount of growth, but then you just kind of get in a slump and you can't move the needle. Month after month, you're trying different things. You're tweaking your market marketing campaigns, you're tweaking your sales pages, you're doing different marketing strategies and sales strategies. And after you've done a whole bunch of tweaks and things just aren't moving in the right direction, little experiments, little changes are just not going to cut it. So I do recommend you try those little changes and tweaks. Whether it's copy or your marketing strategies or running different kinds of ads. All these little things that we try, try them out because they may make a difference. But when you have tried them and they're not making a difference, that means there's something majorly different you need to do in your business. That means you need to make a decision. You need to make a change that scares you a little bit. What are some examples of those changes? Well, the number one change that you can make that actually is not that hard to do practically, but a lot of us have a lot of resistance inside of us from doing and that's changing our prices, increasing our prices. Sometimes when we bump our prices up, we may not get as many clients, but we get more revenue in total and growth starts climbing up again. We also get a higher quality customer and client that doesn't churn, that doesn't give us a lot of headaches, that doesn't cause us to spend a lot of time and Energy to serve. So a major change, like a price change, will get you big results. This is just the nature of business. When you do something big, you will get a big reaction. This can also mean changing your offering, changing how you solve the problem you're trying to solve, actually changing your product. Some people call this pivoting, but really it's a decision where you're saying, what I'm doing right now is just not landing. I need to do something that's different. I need to change the game majorly. And this could mean launching a new feature in your software or your product. This could mean offering a new service that's totally different from what you're doing right now, but will be serving your customers in a more significant way. These are the ideas that you should be thinking about. And they often come not at your desk, but when you're on a walk, when you're on a sabbatical, when you are just sitting by yourself in your backyard on a weekend, just meditating. You gotta step away from your business to really look at the big picture. And I get it. It's scary because you're like, hey, I have an established business. Yes, it's not growing, and maybe even I'm losing a bit of money these last few months, but I'm afraid to lose it all if I make a big change. Well, here's the reality. If you're not growing, you will lose it all. Okay? It's just a matter of time. And most decisions are not irreversible. Okay? If you make a price change, you can change it back. But the point is that if you don't make a big change, you won't see a big difference. For example, a local cafe in Sydney during the pandemic, they had to close down when we had major lockdowns. And he had to make a major change to keep his business alive. Instead of just saying, hey, I'm just gonna hunker down and wait till the lockdown's over and open up my restaurant. He started delivering meals to professionals, delivering lunches, because people were working from home. And people can order their lunches in advance for the full week or even month. This was a major shift. He wasn't in the delivery business. He was not even online. He didn't have a website, but he was forced to make a major. He put up a website in a couple weeks and launched, and it took off because it was something big. He got big results, and so much so, it started to overtake the revenue of the cafe. Even after they were allowed to be open. So yes, it's scary, yes, it's a risk, but that's business. You have to do something majorly different than what you're used to. Of course you want to calculate your risk. Of course you want to survey your customers and make sure that you're making the right fiscal decisions when you're making making these changes. But you got to pull the trigger. It's very easy for you to get used to doing the same things over and over and be faced with the same problems and just attack these problems in the same way. You have to stop and say enough is enough. What I'm doing is not working. I need to change what I do. Isn't there. That quote by Albert Einstein says the definition of insanity is doing the same thing over and over and expecting a different result. Recently we had to do a major change when it comes to marketing our software, webinar Ninja. If you haven't heard, the iOS 14.5 update has made it very difficult and expensive for you to generate leads. With Facebook marketing, which we were doing a lot of before this update, we don't have any super high priced product where we can afford to burn money through Facebook. So every conversion counts and we gotta make sure it's optimized. So it wasn't working for us and it felt really scary to try something different. But we did what we started to do is we started to charge for a three day challenge. We started hosting a three day live workshop. That's $37. It will allow us to make a bit of money, but also it allowed us to generate leads. And from those leads we're able to sell our software. There's a lot of investment of time and money and effort, but it paid off. And it was a bit scary and a bit risky, but if I continued to do the same thing, I would just continue to lose more and more money and time. When you started your business, you did things that scared you, okay? That terrified you, that were risky. Sometimes as we grow and build and we have something to lose, we start taking less and less risks. When things start to teeter off, it's like you're a beginner again. You need to start taking risks again, calculated risks that will benefit your business.

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Alright guys. If your business is dormant, if Your business is kind of slipping and trending downwards. I want you to commit in this next week to make one big change. Decide what it is, calculate your risk, see what would happen if you made this change, what are the steps to reverse it if things don't go as well as planned, and then execute business and the market does not wait for anybody. So the sooner the better so you can start seeing those big results. Thanks so much for listening to the $100 show. Today's episode's not over though. It's Free Ride Friday. Let's see who won this week's Free Ride and the winner is Hawk Vuhta from Cambodia. Hawk says I wish I found you sooner. Five stars. I've been frustrated about business and coding for pretty much my whole life. When I found your podcast, I've learned so much more than I've learned in the past years. Even from things that I've paid for. Paid courses. My perspectives have changed for good. Thank you so much. Well Hulk, thank you for your amazing review. You are our Free Ride Friday winner. Your mission is to email me at omar100mba net so we can hook you up with the Free Ride to Easy course over at easycourse co you and lifetime access free access to just by leaving us a rating and review. If you want to win a free ride, just leave us a rating review on Apple Podcast and you enter our weekly random draw we call Free Ride Friday. Listen in on Friday to see if you won. It's that simple. Thanks so much for listening to the 100 MBA show. Before I go, I want to leave you with this. I know big decisions, big changes are frightening. They're scary. But that's how things change. You want a big change. You want big results. You want to see that chart climb and go hockey stick. It doesn't happen by accident. It's all cause and effect. And remember, most things you do can be reversed. Calculate the risk, have a contingency plan, and go for it. Thanks so much for listening and I'll see you in Monday's episode. See you then. Take care. Of.

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