Thursday Three: Human Optimization, Pricing Strategies & Habit Dominos
"I am human optimization"
Every week I’ll bringing you a couple gold nuggets to inspire growth in your business to build wealth & create freedom. Find me on Twitter @brianbeers
"Be concerned more about your character than reputation. Your character is who you truly are while your reputation is merely what people think you are"
- John Wooden
Find your tribe that appreciates you for you
My favorite visual is the last one - “domino habits”. You start with a small new habits then continue to stack additional habits behind it which creates a domino affect. Do the 1st habit and it’s an easy lead into the 2nd habit. Do the 2nd and it should knock down the 3rd.
An example of this could be improving your morning routine. For me I’m the most productive early in the morning (99% of what you read here was written before 7am).
A domino habit could look like this:
Waking up 15 minutes earlier
Journal for 10 minutes
Review your goals
Don’t look at your phone until completed
Wake up another 15 minutes earlier
Read for 10 minutes
Wake up another 15 minutes earlier
Mediate / Stretch for 10 minutes
Plan your day
Instead getting up 45 minutes earlier from day one and attempting do all these things in one shot you can stack them by starting with 1 domino of getting up 15 minutes earlier, 2nd domino of journaling, 3rd domino of goal review, & 4th no phone. Once comfortable move to 5th & 6th domino of getting up a little bit earlier & reading, etc.
How Tracking Every Second of His Life Took Rob Dyrdek from 0 to $405M in Exits
This is only one appropriate emoji for this episode: 🤯
I never heard of Rob Dyrdek prior to listening to this podcast. He become a professional skateboarder at 16 years old (in 1991) which turned into sponsorships, TV shows, a media company and the now The Dyrdek Machine, a venture capital firm that “manufactures amazing”
In the last 5 years he sold 6 of his companies netting $405 MILLION!
Rob has a crazy story of tracking every single minute of his day for the last 5 years. He then analyzes his time and continues to look for improvements. He’s obsessed with automation and creating maximum efficiency in his life.
“I am human optimization. Optimized to be what? To be happy. ”
Business With Beers
This past week I had Tracey Bissett on the show. Tracey is a financial coach, business owner, podcast & speaker. She specializes in helping small business owners to better understand their financials and develop a game plan to improve their profitability.
In this episode Tracey shares the 4 key metrics every business owner should be looking at when it comes to their financial health.
On my Thursday solo episode I talked about a problem a lot of business owners face: how to price their products & services.
I know this is a sensitive issue with inflation skyrocketing and the price of everything going up. As a business owner we need to make sure that we too are priced appropriately so we can not only survive but thrive.
As small business owners we create jobs for almost half of all working Americans. Our ideas, execution, risk, and culture help put food on the table for 60 million families.
Our business needs to be healthy so we can continue to provide jobs, opportunities for growth, service to our customers and value to our communities. It is our duty to operate a profitable business which gives us the ability to open up more locations, employ more people and serve more customers.
In the podcast I go over four elements to keep in mind when setting your pricing:
Value Creation - The more value you create the more money people are willing to pay. If you are delivering a ton of value then you can charge more than a competitor who delivers less value.
Incremental Profit - the majority of incremental gross profit once you cover your fixed expenses falls to the bottom line. If we can increase our prices by 5-10% without sacrificing sales, we accelerate our break even point and hit our profit targets sooner
Package Pricing - one of my favorite strategies. Package up multiple products and services or multiple units of the same product of service. These packages can increase up-front gross profit, provide high value of the customer (see #1) and significantly increase the number of customer visits
Competitors - don’t worry about price matching competitors. You each have a different value proposition, cost of goods, payroll & profit expectations. Instead of racing to the bottom focus on #1 creating more value.
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