The Most Effective Way To Grow Your Business In 2021 (Part 1), With Roland Frasier

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You're listening to Business Lunch with Roland Fraser. This is your seat at the table. Welcome to the show. Our host Roland Fraser is back with another snack sized episode 2021 may feel like an all new landscape, but Roland has the keys to growth. Despite economic and social conditions we find ourselves in today, Roland's starting a multi part series where he's going to unpack several strategies that you can take to grow your business. And it's actually much easier than you might think. Now if you've been listening to the show for a while and you want to go deeper with Roland, we're actually launching another epic challenge this week that stands for Ethical profits in crisis. And if you want to find out more about it, just go to our website businesslunchpodcast.com offers that's O F F E R S. So remember to hit the subscribe button on Apple podcasts so you don't miss any episodes. And let's get started.

Hey, this is Roland Fraser and I just wanted to talk with you a little bit about growth and how to look at what's going on right now in the world and how to use it to grow your business in the most effective way. Really there's, there's a few different things that you want when you're thinking about growing a business. The first one is you're going to want leads.

How can you get leads?

More leads? And the easiest way to do that is to acquire media. The second thing that you might be having a challenge with when you're growing is getting more people, like hiring the people or acquiring the talent that you need to run your business effectively. And we call that infrastructure. So how can you get infrastructure as well with teams and systems? And then also how can you increase your, your lifetime customer value? How can you make more money from the customers that you are getting into your business? And one of the easiest ways to do that is by adding products and services. The next thing is how can you increase your margins? How can you increase the gap between what it costs you to deliver, whatever it is that you're selling as a product or service, and the amount of money that you receive from your customers or clients for those products or services? And then also when things are changing, how can you adapt? How can you get innovation to become a part of your company? And then last but not least, all of us, all businesses at some point have a need for capital. Really the fuel that makes your engine of your business run. All of these things can be acquired faster than they can be developed in house. And one of the biggest, best things to do to acquire is to acquire assets of other businesses, businesses that already exist, that already have the things that you want. And a lot of people don't think about this as an option because they.

Think, oh, it costs a lot of money to do that. I don't have this unlimited checkbook. But you can actually acquire a lot.

Of these assets without ever having to come out of pocket from your own money and without having to use your own credit or your own take personal liability to do this. And that's one of the things that I found to be most effective. So how can we acquire these things and what types of things will actually help the business? Very clearly, the first thing is we want to be able to get media to acquire leads. And so what we're talking about here is we're talking about looking for other people, other people's assets, actually, that already aggregate the attention and eyeballs of your icp. And your ICP is your ideal customer profile. So you want to think about who's already aggregated the attention and eyeballs of my ideal customer. And once you find those, you can acquire them and then you've got an unlimited access to exactly the kinds of media that you need, because those already pre aggregated eyeballs, those pre aggregated ideal customer profiles that are the ideal customer for your business, you can just acquire these media assets and have an unlimited amount of those. The second thing is teams and systems, which we're looking for, for infrastructure, right? We're looking at how can we get these teams and systems in our business that sometimes are hard to find. And there's a few different examples of those. But what we're really thinking about here is it's something called Aqua Hire. So this is how we're going to actually get these ideal team members that we need, rather than having to go through the process of vetting them and running ads and asking people for referrals. But let's find proven teams that already exist and proven systems that already work. So we're looking for proven teams, people and systems that will make our business run better. Okay, so that is infrastructure. Now the next thing is how can we get the customers that we're getting now currently to be worth more over time. Over time we want to know what is the lifetime value of, of any customer that we get? And then we want to know how can we make that even higher. So the way that we do that is we look at adding additional products and services for lifetime customer value. That's what we're looking to do there is add additional products and services that will increase our lifetime customer value. And we want to say we know that our customers are doing things before they come and buy from us, right? We know that they're buying things while they're buying from us, and we know that they're going to buy more things and after they buy from us. So if we can identify what those things are and we have the ability to get into the conversations that they're having as they're making those buying decisions and the actions that they're taking as they're making those buying decisions, then we actually can sell them more products and services. And by doing that, we have the ability to increase our lifetime customer value. So that's something that's really important as well.

You've been listening to Business Lunch with Roland Frazier. If you're enjoying the show, let us know by subscribing and leaving a review. And for more information go to businesslunchpodcast.com thank you for listening.

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