Pod Insights The $100 MBA Show MBA2610 How To Make More Money By Doing Less About this episode Have you ever wondered if working less could actually lead to earning more? Or how simplifying your business might boost both your profits and your peace of mind? If those questions strike a chord, today’s lesson has the insights you need. In this eye-opening episode, Omar dives into the surprising concept of doing less to […] The post MBA2610 How To Make More Money By Doing Less appeared first on The $100 MBA.
Transcript 0:00 Speaker 00 Small business owners, listen up. You started your business, but you can't do it alone. And that means you have to hire people to help. That's where Justworks comes in. Justworks is the payroll, benefits, and global hiring platform to unburden your brain from all the complicated small business stuff. They handle the things you can't afford to get wrong, so you don't have to worry. So you can focus on the parts of running a business that you enjoy, knowing everything else is running smoothly. You don't have to worry when it just works. Ever invest in something that seemed incredible at first, but didn't live up to the hype? For example, I really wanted to love the show Mad Men. I really tried to watch it and love it, but it just didn't do anything for me. As a marketer and business person, the show was a little bit of a disappointment.
0:45 Speaker 00 Marketers know that feeling. They optimize for the numbers that look great, like impressions. But then we don't see revenue. LinkedIn has a word for that: bullspend. Instead, you can get the highest ROAS of major ad networks with LinkedIn ads. Cut the bullspend, advertise on LinkedIn. Spend $250 and get a $250 credit. Go to LinkedIn.com/MBAShow. Terms apply. What if doing less can actually make you more money? Sounds crazy, right? But trust me, most entrepreneurs are working way harder than they need to and making far less than they could be. Today, I'm going to break down how simplifying your business will help you grow faster, increase profits, and keep your sanity in check. Let's jump right in.
1:34 Speaker 00 Welcome back to the $100 MBA Show. I'm your host, Omar Zenhome, where I deliver practical business lessons three times a week, Monday, Wednesday, and Friday, to help you start, grow, and scale your business.
1:47 Speaker 00 Let's start with a problem. Many entrepreneurs who haven't scaled a business effectively think, believe, busyness equals success. And listen, I've been there. We've all fallen into the trap of offering too many products, running in every marketing direction, right? Saying yes to every project or client. But here's the truth: complex businesses Our profit killers. Let me share with you a story. I call this my wake up call. When I was running my software company, Webinar Ninja, I was doing weekly feature rollouts. I was running multiple marketing campaigns. I was doing side projects, collaborations, you name it. Revenue stagnant. So I decided to cut back to three simple focuses.
2:32 Speaker 00 Number one, improving our product's core features. Number two, running one clear, consistent sales system. And number three, taking good care of our customers. That's it. That's all I focused on. Improving our core features, running one clear, consistent sales system to make money and taking care of the customers that we have so that we continue to have customers and keep churn to a minimum. The result? Our revenue doubled and our stress dropped. Why does this work? Why does doing less work? Well, here's why. Number one, focus creates mastery. It allows you to get really good at what matters.
3:16 Speaker 00 Number two, simplicity builds customer trust. When things are simple, people understand them and they trust them. And number three, less overhead equals more margin. The more you do, the more overhead your business will inherit. It's just a matter of time before those costs start piling up and your margins start getting really thin. By the way, overhead is also you doing the work. If you're doing things, not spending money to get it done, you could be doing something else to make more money. You could be focusing on what you're supposed to be focusing on and actually doubling down on what works. And therefore, your overhead on time is costing you money. Not just money.
3:59 Speaker 00 Now let's jump into three ways to make more by doing less. Number one, cut products and services that don't scale. Take a hard look at what you offer in your business and ask yourself, does this scale easily? Am I able to sell more of this thing without having to spend more time?
4:20 Speaker 00 Energy and money. Next question to ask is, is it profitable? Is this product line, is this service that you're offering actually profitable for your business? And lastly, is it distracting me from my main business? From what actually moves the needle, actually allows me to grow? If the answers are no, cut it immediately. Let me give you a little tip from my own experience. That last one is the toughest question to answer. Is it distracting me from my main business? Because we don't see it as a distraction, but really what we're essentially doing is running away from what we are afraid to do, afraid to grow into. For example, maybe you're not running webinars to sell your products or services, and you're doing something else, you're running other campaigns
5:05 Speaker 00 just to distract you, just so you could tell yourself that you're doing something to sell your products and services when they're actually not working. But you know you actually have to do something else that you've been putting off because you're afraid to get in front of the camera, or maybe you're afraid that you're not good enough yet, or you need to improve. Face your fears, go after it. Often, what we fear the most is the most important thing we need to do right now. Don't be afraid to cut out products, or services, or things that are actually selling, but are actually not making you as much money as you can because you're spending so much time and energy maintaining those products and services. Of course, if something's not selling, you would cut it. But when things are selling, it's hard to cut because we don't really see how much it's hurting us,
5:48 Speaker 00 how much expense of time, energy, and money, and team, and resources it's costing us. So be as brutal as possible. Steve Jobs famously did this when he returned to Apple as CEO. They had dozens of product lines, and he slashed them all down to just four core products. That ruthless focus is what saved Apple and set them up for world domination. The holidays are the season business owners get pulled in six directions. More calls, more requests, more chances for things to slip through the cracks. Hoping you catch it all isn't a plan. That's why today's episode is brought to you by QUO, spelt Q-U-O. The business phone built so you never miss a call or a customer. Ever have a lead call or text at 10:00 PM?
6:33 Speaker 00 QUO's AI agent handles both 24/7. It answers questions, gets to the details, and can text them a link to book an appointment. By morning, you've got the summary and can jump right in. And nobody should have to ask customers to repeat themselves. In QUO, every call, text, and voicemail lives in one thread. So anyone on the team can jump in already knowing the whole story. If you have a business where your customers call or text you, this is a no-brainer. You must have QUO. Money is on the line. Always say hello with QUO. Try QUO for free, plus get 20% off your first six months when you go to quo.com/mba. That's Q-U-O.com/mba.
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7:45 Speaker 00 Number two, ruthlessly prioritize tasks. Use the 80/20 rule. If you're unfamiliar with the 80/20 rule, it says that 20% of your efforts is giving you 80% of your results. That means that 80% of your income is coming from 20% of your efforts. Identify that 20% and double down because that's really going to move the needle. That's actually going to help you move leaps and bounds. Everything else, other than that 20%, that's giving you 80% of your results, delegate it, automate it, or eliminate it. For me, at Webinar Ninja, that meant prioritizing sales. Sales conversations through webinars. To be exact, I had to really prioritize conversion-focused content and really refining our offer.
8:29 Speaker 00 I knew that that work, even though it's not going to take me a lot of time to do that work, will make a tremendous impact. Refining the offer, working on making sure that all my content is converting properly, and refining my messaging and communication when I'm selling. Everything else became secondary, because I knew if I nailed it, that it would make a tremendous effort in my business. You know where you're failing in your business. You've just got to be honest. Are you not getting enough leads? Then that means you need more leads. You need to work on marketing. You've got leads, but they're not converting? Then you've got to focus on sales. Are people returning your product or canceling? That means your product needs work, or your customer success and support needs work.
9:11 Speaker 00 This is the beauty of business, is that you're going to get feedback constantly. There's a reaction to everything you do, positive and negative. Number three, simplify your sales funnel. Stop overcomplicating it. I talk about this all the time in the $100 MBA program and on this podcast. You need one clear, valuable lead magnet, one compelling offer, and one straightforward sales process. Those three things alone will change your business tremendously if you just focus on having one incredibly valuable lead magnet to get you leads. Two, an offer they cannot say no to. It just makes total sense. They would feel like they're making a mistake if they said no.
9:53 Speaker 00 And number three, a straightforward process for them to be educated on that offer. How are you selling your product? Is it via email? Is it via webinars? Is it through one-on-one calls? Is it on chat? How are you actually doing it? Have one way to do it and do it right. As they say, when it comes to customers, "A confused mind never buys." Simplify this process. Clear, easy-to-understand processes allows your customers to have a clear mind to make a decision to buy. Doing more doesn't get you more. Doing better gets you more. Listen, if you're starting out and you're just trying to kick up dust and you're trying to figure things out... That's fine. I totally get it. But once you start making some money and you make some profit,
10:36 Speaker 00 you gotta work smarter. You don't have endless energy and time. When you cut back, when you focus, when you simplify, you stop wasting time, money, and energy, and you free yourself so that you can serve better. You can earn more and grow sustainably. You don't have to be busy to be successful. You have to be strategic. I know we feel proud. I was one of those people that just wore busyness as a badge. But being busy on the wrong things is a horrible way to run a business. Want more? Join my three things newsletter. Every week I will send you three things. One, something to think about. Two, something to do. And number three, something to learn. It's my way to coach you from afar.
11:18 Speaker 00 Head on over to 100mba.net, grab any of our free guides, and you'll get added to our newsletter automatically. Simplify, focus, and let's grow smarter. I'll see you in the next episode.
11:35 Speaker 00 Today's episode is supported by Rosetta Stone. I absolutely love Rosetta Stone because it's helping me learn Italian faster than I can ever imagine. Why do I want to learn Italian? Well, who doesn't love Italy? But of course, Nicole's family is Italian, and I love to have some quick Italian conversations with her mom. And Rosetta Stone just came out with Rosetta Stone Sapphire, their biggest launch in over a decade. One of the coolest features is chat missions, which turns conversation practice into a game. With chat missions, you're put in interactive scenarios and given three objectives. A mission to accomplish, like asking how much something costs, ordering a cold brew coffee, or getting a wifi password. Along the way, you get real-time
12:16 Speaker 00 corrections and feedback to help you sound more natural and confident. It's a supportive way to build confidence before putting your language skills to use in real life. I've been using Rosetta Stone for over two years, and I actually can have some small Italian conversations with Nicole's mom now. Just the other day, she asked me, when are you traveling? And I said dopa domani mattina, which means after tomorrow morning. She was incredibly impressed I was able to answer in Italian. How could you put a price tag on a happy mother-in-law? If you want to take your language skills to the next level, don't wait to try Rosetta Stone Sapphire. The $100 rate show listeners can get 20% off the Rosetta Stone Sapphire subscription when they sign up today. This gets you access to Rosetta Stone Sapphire in 25 languages.
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