I’m here to talk about a crucial aspect of business that often gets overshadowed by the rush of chasing new leads—client success. It’s a theme that recently became very relevant to me personally during a simple city move that involved changing utilities and internet services.

The Tale of Two Experiences: New vs. Existing Client Treatment

During my move, I encountered significant service discrepancies that shed light on the importance of focusing on client success. I needed to transfer my internet service, but despite being a loyal customer for years, the process was frustrating. I was bounced around various departments with no resolution in sight. Eventually, I re-registered as a “new” client with a different email and was amazed at how quickly and efficiently I was treated.

This experience highlighted a critical point: businesses often roll out the red carpet for new clients while neglecting the very people who currently sustain their business. The contrast in how I was treated as a current versus new client was stark and telling.

Creating a Culture of Client Success

To avoid such pitfalls and truly focus on customer satisfaction, I advocate for a structured approach to innovation that keeps client needs at the forefront. Here’s how we can focus on enhancing client success regularly:

1. Quarterly Reviews: Implement a system where every quarter, you assess the client journey. Identify any friction points that could hinder their experience and streamline these processes.
2. Problem Solving: Proactively address issues before they escalate. This ongoing attention to detail shows your commitment to client success and builds trust.
3. Feedback Loops: Regularly check in with your clients to gather feedback. Use this information to refine your approach and ensure your service aligns with their expectations.

The Balance of Client Acquisition and Client Success

While it’s important to grow your client base, ensuring the success of existing clients is crucial for sustained business growth. By focusing equally on client success and acquisition, you create a balanced strategy that enhances overall client satisfaction and loyalty.

Listen to the episode on Apple Podcasts, Spotify, Overcast, Podcast Addict, Pocket Casts, Castbox, Google Podcasts, Amazon Music, or on your favorite podcast platform.

Time-Stamped Show Notes:

• [00:00:30] Introduction to the importance of client success
• [00:01:30] Personal moving story and challenges with transferring internet service
• [00:03:30] The revelation of poor service for existing customers and excellent service for new ones
• [00:05:30] Discussion on the focus on new customer acquisition versus nurturing existing ones
• [00:06:30] Strategies for implementing a client success mindset in your business

The Journey Begins in Your Thoughts

When we discuss wealth, many immediately think of financial strategies, bank accounts, or legal setups. Yet, the true first step to becoming wealthy isn’t about external frameworks—it’s internal. How you think and talk about money can reveal a lot about your financial status and influence your financial future.

The Language of Wealth

Through years of interaction with both wealthy mentors and individuals struggling financially, I’ve observed a distinct pattern in the way people discuss money. Those who are not financially comfortable often focus on monetary challenges. They might talk extensively, sometimes complaining about costs like groceries, gas, or even minor expenses like children’s sports equipment. This isn’t just idle chatter—it reflects a deeper mindset.

The Trap of Scarcity Mindset

I’ve been there myself—caught in a scarcity mindset, where every cost felt monumental. It took me years to shift my perspective, guided by incredible mentors, to where I am now: a place where I no longer dwell on or complain about financial burdens.

Choosing Abundance

Instead of participating in the all-too-common dialogues of financial woe, I opt out. This isn’t due to a lack of empathy or because I’m unaware of rising costs. It’s a conscious decision to maintain an abundance mindset. This means not lamenting over expenses or discussing the costliness of life’s necessities but focusing on solutions and opportunities to enhance financial well-being.

The Real Cost of Complaining

Every complaint about money, whether it’s a high utility bill or an unexpected car repair, reinforces a scarcity mindset. It perpetuates a cycle where money, or the lack of it, dominates your thoughts and conversations, potentially stalling your progress toward true financial freedom.

Wealth Is More Than Money

Wealth isn’t merely having money; it’s having the mindset that fosters abundance and satisfaction regardless of your bank account’s size. A wealthy mindset finds no solace in complaints but seeks to improve circumstances through proactive actions and positive thinking.

Moving Forward

So, the next time you’re tempted to complain about a financial burden, pause. Reflect on whether it serves your greater goal of wealth. Opt instead to focus on solutions—earning more, spending less, or simply appreciating what you have without dwelling on the cost.

Listen to the episode on Apple Podcasts, Spotify, Overcast, Podcast Addict, Pocket Casts, Castbox, Google Podcasts, Amazon Music, or on your favorite podcast platform.

Time-Stamped Show Notes

• [00:00:30] – Introduction to the podcast and the theme of wealth.
• [00:01:30] – The misconception about the steps to wealth.
• [00:02:30] – Observations from personal experiences with different financial groups.
• [00:04:30] – The commonality of complaining about money and its impact.
• [00:06:30] – Personal shift from a scarcity to an abundance mindset.
• [00:08:30] – How the language we use can influence our financial reality.
• [00:10:30] – Examples of how to shift discussions and thoughts on money.
• [00:12:00] – The definition of true wealth and how to embody it.
• [00:14:00] – Closing thoughts on maintaining a wealthy mindset.

Recognizing Opportunities and Acting Promptly

One of the first and most impactful mistakes I made was waiting too long to monetize my online business. Initially, it was all about building content and gathering leads, but as my following grew, so did the opportunities to launch products and services. I held back, thinking I needed the perfect moment or more preparation. This delay cost me not just potential revenue but also precious learning experiences that could have accelerated my growth. The lesson here? Start before you’re ready, and learn on the go.

Navigating Missed Opportunities

Another pivotal moment came with my YouTube venture. I started a channel under the end of three fitness brand, catching the wave of content creation early on. However, a move from Texas to North Carolina disrupted this trajectory. Life circumstances, including family responsibilities, led me to abandon this promising avenue. This experience taught me the importance of perseverance and adapting to overcome obstacles, rather than letting them derail my efforts.

Balancing Ambitions with Focus

As my ventures expanded, I often found myself taking on too much, diluting my focus across various projects. This overextension is a common trap for many entrepreneurs, driven by the desire to seize every opportunity. The key takeaway? Prioritize and concentrate on what truly matters. It’s about quality, not quantity, in business efforts.

Leading with Clarity and Direction

Leadership is not just about managing a team; it’s about steering the ship with clear direction and purpose. A significant error I encountered was failing to lead decisively, which at times made me feel more like a peer than a leader. This misstep taught me the crucial role of leadership in establishing order and vision in a business.

Maintaining Brand Integrity

Lastly, a hard lesson was learned when I allowed my employees too much control over the brand direction. What started as a positive inclusion of their ideas gradually shifted the brand away from my original vision. This taught me the delicate balance between fostering a positive company culture and maintaining a consistent, forward-facing brand identity.

Listen to the episode on Apple Podcasts, Spotify, Overcast, Podcast Addict, Pocket Casts, Castbox, Google Podcasts, Amazon Music, or on your favorite podcast platform.

Time-Stamped Show Notes

• [00:00:30] Introduction to the podcast and today’s topic: Top business mistakes.
• [00:01:30] Mistake #1: Waiting too long to monetize the business.
• [00:03:00] Mistake #2: Missing out on maximizing the YouTube channel.
• [00:05:00] Mistake #3: Taking on too much and losing focus.
• [00:06:30] Mistake #4: Failure to lead effectively.
• [00:07:30] Mistake #5: Letting employees dictate the brand direction.
• [00:08:30] Recap and closing thoughts on learning from mistakes and embracing a growth mindset.

Drawing from the Past to Profit Now

Currently engrossed in Andrew Carnegie’s autobiography, I’ve been struck by his meticulous approach to business operations, quite different from his contemporaries who operated as if they were “moles digging in the dark,” only discovering at the end of the year whether they’d turned a profit or suffered a loss. Carnegie’s proactive stance on knowing his business’s financial health as it happened set him apart and laid the foundations for his massive success.

Implementing Carnegie’s Strategy for Modern Profit

Carnegie’s refusal to operate in uncertainty led him to develop systems that tracked every stage of production in his iron works. By measuring and assessing each process, from raw material handling to the worker at the furnace, he ensured that every operation was optimized for profit. This attention to detail allowed him to predict outcomes and adjust operations swiftly, ensuring continuous profit.

How to Apply These Insights to Your Business

Inspired by Carnegie, I believe we can take a similar approach to modern business by dissecting our operations into measurable, optimizable steps. Here’s how we can apply these century-old principles to our ventures today:

1. Customer Acquisition Costs: Start by understanding the cost involved in acquiring a customer, whether through advertising, social media, or direct engagement. Knowing this helps you assess the profitability of your marketing strategies.
2. Employee Interaction and Efficiency: Analyze how employee interactions affect your profit margins. This includes calculating the cost of employee time per customer interaction and understanding its impact on your service delivery.
3. Service Fulfillment: Evaluate the cost effectiveness of your service or product delivery. This means looking not just at what you pay yourself, but what it would cost to replace your efforts with another competent individual or service.
4. Post-Sale Engagement: Consider the costs associated with maintaining customer relationships post-sale, including follow-ups and support services.

The Importance of Measuring and Optimizing

By meticulously measuring each part of the customer journey, just as Carnegie did in his operations, you can pinpoint inefficiencies and potential for increased profit. This granular approach to business operations allows for fine-tuning processes and ensuring that every step contributes positively to your bottom line.

Commitment to Continuous Improvement

Profit optimization is not about sporadic cost-cutting or revenue-boosting campaigns; it’s about a consistent commitment to understanding and improving business processes. This requires a deep dive into the intricacies of how your business operates and where you can make effective changes.

Listen to the episode on Apple Podcasts, Spotify, Overcast, Podcast Addict, Pocket Casts, Castbox, Google Podcasts, Amazon Music, or on your favorite podcast platform.

Time-Stamped Show Notes

• [00:00:30] Introduction to the importance of knowing your business’s profitability.
• [00:01:30] Insights from Andrew Carnegie’s autobiography on running a profitable business.
• [00:02:30] Discussion on old business practices and the evolution of profit tracking.
• [00:03:30] Detailed analysis of Carnegie’s profit optimization techniques.
• [00:04:30] Application of these historical methods to modern business operations.
• [00:05:30] Step-by-step breakdown of analyzing the customer journey for profit optimization.
• [00:06:30] The critical role of measuring each aspect of the business process.
• [00:07:30] Encouragement to take a proactive approach to business management for increased profitability.
• [00:08:30] Final thoughts on the commitment required to truly optimize a business for profit.