The $100 MBA Show

Latest Episodes:

MBA1397 4 Ways to Turn Your Business Around + Free Ride Friday Nov 15, 2019

Show notes

The best part about failing? It’s an opportunity to try something bold.

If your business isn’t making it, you shouldn’t give up too soon. But you also shouldn’t keep trying the same strategies that got you into trouble in the first place. If you’re stuck in a ditch, it’s time to try something you wouldn’t normally try. It’s time to go big, before you go home.

It’s time to get radical.

Like a defibrillator to the chest, a drastic move can seem scary, but rescue your business. Today, we’ve got 4 power moves to try when things aren’t going your way. If business was good, you’d probably never consider these things. But business isn’t good, and a Hail Mary play might be the smartest thing you can do.

These tactics involve major changes; huge shifts in how you do business that will blow your original business model apart. But if your business model isn’t working, that’s no problem at all. Listen to these 4 ideas, and see if one or more of them can get your business back on track.

Who knows? Failing might be exactly what your business needed in order to change for the better. Click Play!

EasyCourse

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MBA1396 What Is NPS, and How Can It Improve Your Customer Retention? Nov 14, 2019

Show notes

What’s your NPS? If you don’t know, you need to find out.

Your “Net Promoter Score,” or NPS, is a simple but super-powerful metric for measuring…well, love. Based on a single-question survey, it gives you a snapshot of how much your current customers love your business. That’s all there is to it, but don’t let the simplicity of the equation fool you.

You need to know which of your customers can help your business, and which can hurt it.

To fight churn, protect your brand, and give your business long-term sustainability, keeping track of your NPS is a huge must. By categorizing your customers on a scale from “Loves you so much they’ll actually do your marketing for you” to “hates you so much they feel compelled to tell anyone who will listen,” you can figure out what you need to do to increase satisfaction and ensure loyalty.

It’s a consumer’s world now. Ratings and perception can make or break your business faster than you can say “No Stars.”

Listen to your customers, and let them show you the way forward with one simple question. By conducting NPS surveys and taking action, you can do more for the life of your business than any amount of advertising. Click Play!

Survicate

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Zapier

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MBA1395 Q&A Wednesday: My churn is out of control. How do I reduce churn ASAP? Nov 13, 2019

Show notes

Don’t just look at growth. Look at churn.

If the latter outpaces the former, you have a huge problem. Churn destroys businesses, even ones that grow at a decent pace.

If you don’t already know, churn is the rate at which a business loses recurring customers, like monthly subscribers. For these kinds of businesses, keeping existing customers is just as important (if not more important) than finding new ones.

It’s Q&A Wednesday, and we’ve got a listener whose churn is cancelling out every bit of progress made. We’ll discuss how to invest in retention as effectively as you invest in acquisition, so you’re not bringing money in one end only to lose it out the other.

The key is to establish a system for retaining recurring customers. Get the intel you need to keep customer loyalty high, then act on it to increase long-term satisfaction. As the founders of a SaaS company, we’ll share our own strategies for keeping churn low, as well as some of the resources we use to keep an eye out for trouble.

If your business uses a recurring model, churn protection is Priority One. Hear how it’s done. Click Play!

Profitwell

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MBA1394 Why Knowing Your Buyer’s Journey Is So Important Nov 12, 2019

Show notes

Sometimes, we forget to focus on the customers we already have.

Your “buyer’s journey,” the steps your customers took from stranger to lead to revenue source, is crucial to keeping your business alive and thriving. Knowing exactly how you got people interested — and how you converted that interest into a sale — is the key to repeating the process, and to finding customers that will stick around for the long term.

In other words, your best current customers can help you find more like them.

Today, we discuss how to analyze your sales and marketing efforts, mining the information for clues to what works best. Instead of hoping your marketing works, look at when it already worked, and figure out why. Find out how you produced the greatest CLTV (Customer Lifetime Value) and double down.

Your customers aren’t just a source of revenue. Their journey is a source of information that’s more valuable than the price of any single sale. Dig in, take a long look at your data, and figure out what gets people in — and keeps them coming back. Click Play!

Segment

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MBA1393 Guest Teacher: Jonathan Slain – How to Look Forward to the Next Recession Nov 11, 2019

Show notes

A recession is coming. That’s a fact.

How do we know? Because a recession is always coming. Business is cyclical, and smart entrepreneurs don’t hope against economic downturns — they prepare for them.

Jonathan Slain was hit hard by the Great Recession of 2008. After he got back on his feet, he realized that recession-proofing is an absolute must for any business. Now, as the founder of Recession.com, Slain helps other businesses survive and even prosper during those inevitable low points.

Today, Slain is here to help us prepare while the current economy still looks good.

Recessions come in many forms, besides the usual dips in GDP and stock market troubles. Slain’s strategies can also help your business through “personal recessions” like the loss of a major client or partner, or anything else beyond your control that can derail your business.

The key is to see it as natural and inevitable. And to be ready.

Tune in, and hear how your business can stay agile during a recession: speeding up, slowing down, or stopping short to avoid the worst — and still shoot for the best. Click Play!

Recession.com

50% off Recession Workbook (use coupon code MBA)

Recession Readiness Assessment

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MBA1392 What Does Growing Too Fast Look Like? + Free Ride Friday Nov 08, 2019

Show notes

Catastrophic success is real — and dangerous.

Unchecked growth has the same effect on a business as it does on a body: it overloads the systems and puts you at risk for collapse. Yes, growth is necessary for a business to survive. But if that growth isn’t sustainable, your business won’t survive it! That’s why it’s important to have a vision for the pace of your growth.

Today, we discuss how to plan intentionally for growth, and how to spot the red flags that signal an imminent growth-based catastrophe.

By making sure your business is equipped for more and more customers, you guarantee that you’ll never be a victim of your own success. Part of the excitement of growth is planning for it, moderating it, and making sure it’s a net benefit rather than a careless risk.

Don’t be caught off guard!

Tune in, and hear how you can get ready to grow in a way that’ll keep you in business for the long term. Click Play!

EasyCourse

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MBA1391 Great Bonus Ideas For Your Offer Nov 07, 2019

Show notes

Sometimes, you’ve gotta sweeten the deal. But like literal sweeteners, bonuses have to be applied strategically.

Today, we discuss how free swag, extra content, and other bonuses can move the needle on conversions. When a relatively small investment can motivate the right action and move people down the sales funnel, there’s no point in being stingy. But you have to make sure that your investment gets the right returns.

Full disclosure: we’ve offered some terrible bonuses — the kind that cost us money without really promoting growth.

Now, we’ve seen what kinds of bonuses really convert. Join us as we explain how to craft a bonus offer that’s smart, valuable to the customer, and worth it for your business. Plus, we’ll discuss how to source and fulfill physical bonuses like branded clothing and other accessories.

We’ve given away a lot to learn these lessons, so let our experience help you to bonus wisely. Click Play!

Teespring

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MBA1390 Q&A Wednesday: My employee is asking for a HUGE raise. What do I do? Nov 06, 2019

Show notes

Do you know what your employees are worth?

It’s Q&A Wednesday, and one of our listeners has a valuable employee with an inconvenient request: a 40 (yes, 40) percent increase in salary. That’s a hard bargain to drive, but driven it is. What’s an entrepreneur to do when a crucial team member makes such a drastic demand?

Today, we’ll discuss if, and how, to keep employees who highball.

In determining what’s best for the business overall, there are more factors to consider than just one salary budget. There are also potential reasons for employee dissatisfaction that go way beyond the size of their paycheck. Getting to the real root of a request like this is the only way to make the right decision.

Tune in, and join us as we think about what really keeps great employees around, and when it’s time to let one go. Learn how to do the math for your business, and establish feasible, earned increases for key players. Click Play!

To submit your questions, visit 100mba.net/q.

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MBA1389 Recording Content While Traveling Nov 05, 2019

Show notes

Travel can be a great part of entrepreneurship. It can also hurt your content production — but only if you let it.

You don’t have to choose between travel and content productivity. Whether you need to record podcasts or videos, you can stay on schedule with the right tools, the right tricks, and the right approach. Best of all? You don’t have to sacrifice one bit of quality.

Our intrepid host Omar would know.

He’s traveling all week, despite having to record an interview, give an interview on another podcast, and shoot some marketing video. It’s not our first time producing content on the move, and we’ve got it down to a (conveniently mobile) science.

Today, we’ll discuss the travel-friendly recording equipment we use to keep the content coming, no matter where we are. We’ll explain how to find and set up the right space for good audio and visuals. We’ll also tell you what to do before you travel, so you can get clean, professional results.

Don’t let traveling mess with your content schedule — or vice versa. Click Play!

Audio-technica ATR2100 Microphone

Logitech C920 Webcam

Logitech Brio Webcam

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MBA1388 Must Read: Discipline Equals Freedom by Jocko Willink Nov 04, 2019

Show notes

Discipline isn’t scary.

That’s a core belief of former Navy SEAL Jocko Willink, and the central message of his latest book, Discipline Equals Freedom. Willink has experienced the toughest kind of discipline, but it didn’t just help him succeed in the military. It showed him how to enjoy his life more.

That’s right: discipline doesn’t make your life harder. In the end, it makes things easier.

For entrepreneurs, this lesson is invaluable. The same discipline necessary to be productive and move your business forward also protects your social and family life. Discipline isn’t about punishment. It’s an investment — and the returns are incredible.

Tune in, and learn how you can see discipline as something liberating, not suffocating. Hear why our (very disciplined) host Omar loves this book, and why it’s better as a hardcover than an audiobook or e-book.

Get comfortable with discipline, and see how your life and business can improve. Click Play!

The New Encyclopedia of Modern Bodybuilding by Arnold Schwarzenegger

Discover all our must-read book reviews at https://100mba.net/bookreviews.

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