About the Episode:
There are many people telling you there are 10 steps to business, maybe 15, always building it up more than it needs to be. I am here to give you three steps you need. That’s it.
Listen to the podcast here:
Watch the episode here:
- All the questions you’re asking yourself in business
- Three simple rules to business
- Focus on quality – not price
- If you focus on price, you’ve lost the customer
- Continue to grow
- Revenue is your new best friend
Hey, what’s shakin’?! Hey, I’m Rick Jordan today, we’re going all in. All right, I’m sure you’ve been to a lot of conferences, seminars, and events as I have. And there are always people that are on stage or there are podcasts I’m sure that you listen to also because you’re listening to one right now that will give you the rules to success in business. And I’ve seen like the five steps or the 10 rules, the 10 commandments of business and all of that. I’m gonna break it down real simple for you today, and give you only three meals, what the heck, I must be hungry or something. The only wow, I just had sushi for lunch today, too. And I was staring at these last four pieces. This is an aside story. But today we’re going to talk about the three rules of success in business the only three rules of success in business. But I should have finished those last two pieces of sushi. From a roll, I got three roles. They were delicious. And I started getting my phone like I’m gonna stop. But then there are four pieces of sushi left. It’s like, how do you leave just four pieces of sushi? You can’t, though, I ate too. And I’d love to, but apparently, I’m still thinking about food.
But I said the three meals of success. Maybe that’s another episode sometime. All right, getting back to it. The only three rules of success in business. These are so stupid, simple. And they’re not even counterintuitive. That’s the thing is that they’re actually good practices. And it’s, there’s a lot more to business, obviously, than just three things. Okay, I need to preface this with that. But at the same time, because I’m sure you’re thinking whatever, Rick, there’s more than three things I got to focus on, you know, what about marketing? What about sales? What about controlling my expenses? What about finding the right tools? What about, you know, having the right vendors, of course, there’s all that crap. Of course, there’s all that crap. But a lot of that crap starts to figure things out for itself. When you follow these three rules, those are like subsets of the top-line items that I’m giving you today. All right, number one, rule number one of the only three rules to have success in business is to focus on quality, focus on quality, not your price. There have been years worth of research that goes into this. And especially if you’re just starting out, when you focus on quality and not price, you are able to charge more and pay attention to less.
I need you to grasp that today. You need to grasp that today. Because people will want to continue to do business with you literally just because it’s you. When you focus on quality and not price. When you get into a sales engagement or you have a conversation with an existing customer or retention conversation. And the only point of the conversation, the only direction or topic that conversation is going in is in price, you’ve already lost a sale, or you’ve already lost the customer hands down. But when you can focus on quality, you might use another synonymous word for this like value, because you can only stack value on but when you focus on the quality of the product or the service that you deliver, that’s what causes people to buy from you, and customers to stay with you. Price has to be a secondary or a third or tertiary concern. You’re never going to get that out of somebody’s head. I need to be clear about that. If you listen to these gurus, so-called gurus that say price doesn’t matter.
Price always frickin matters. When you frame this, right, and you focus on the quality, the price becomes less, not the cost of the item that your customer is going to pay. But it becomes less in their minds than it should be. Because what we’re supposed to do when it comes to a product or whether it comes to any kind of service that you might offer, you have to focus on the outcome. That outcome is all that matters. If you have a shitty outcome, people are going to base you upon price from this point on. If you have a great outcome, because of the quality of your product or service, or because of the value you are adding to your product or service, then price becomes a secondary thing. It matters a lot less because you’re focusing on quality.
So what you need to do right now I’m giving you an action step right in the moment. If you’re starting to think the things and I know that you are because I have maybe you have maybe you’ve gotten past this point, which is great. But I have thought this is like what are people going to pay you to take a look at the number you’re like Man I would love it to cost this much. And this has nothing to do with the cost of goods that go into it. How much it cost you to buy or anything like that that’s all important. You know, those are metrics that you can look at with a finance person. But what I’m talking about is, what’s it worth? What is your quality worth? What is your value worth when you’re setting the price for your product or your service? Because if you’re focusing on the quality of the outcome, now all of a sudden, the deliverables completely change. The attention to things that really matter actually come to the surface. price matters. But the stuff that really matters comes to the surface. There are three areas in life that are always going to make people money if you’re getting into any kind of product or service.
And remember these right, it’s health, wealth, and relationships, those three things health, wealth, and relationships. So we’ll take one of those and give you an example of this, right? Let’s pretend we’re gonna, we’re gonna say its health. Okay, we’ve had this big craze around Semaglutide, which is an Ozempic. We go V, there’s also Manjaro, I think it’s pronounced it’s the weight loss medication that was actually designed for diabetes for diabetics in the first place, you can give yourself injections, it slows the process of the food digesting in your stomach slows it down, so you feel fuller longer and also releases a synthetic hormone into your body to make you feel full and eat less. It’s actually quite a brilliant thing. And it’s a peptide, you know, it is a pharmaceutical, but it’s not like a chemical, it’s a peptide. It’s quite groundbreaking with this stuff, you know, but here’s the thing.
There’s such a craze for this stuff because the price has not mattered to people who want to drop weights. It just hasn’t. That’s the outcome. And this thing has shown results in the quality of it is absolutely insane. Imagine if you went on this and like, oh, I only lost four pounds, right? But hey, you know what, or maybe you got an alternative. Because this stuff can cost as much I don’t care what you’re looking at, because there’s compound pharmacies that are selling this stuff for less right now that some, you know, like med spas are delivering this, this injection for a lot less price. But if you go with the OG with Ozempic, or with Govi, if you go with one of those two things, it’s around $1,200 a month, $1,200 a month. It’s a lot of dough for this thing. But when you look at the results from like, Yeah, our average patient over six months is dropping, like 20 plus pounds, like oh my god, I’m in all of a sudden, it doesn’t matter because they focus on the quality of the product and what the outcome is. And some of these things from the compound pharmacies are diluted, they don’t provide the same types of results. And people are losing a lot less weight. And that’s because they sacrifice quality to focus on price.
So people who are saying, Yeah, price matters. But this is the thing, it’s like, if they want the outcome that you’re delivering because you’re focusing on quality, they are going to figure out a way how to pay for it. If somebody wants something bad enough, because the quality is that good, and it can completely change their life in whatever it is, they’re going to find a way to pay for it. That’s because you focus on the quality price. It’s not that it doesn’t matter, it just becomes a secondary thing. And it becomes not too expensive thing it becomes How do I do this, the conversation in the customer’s mind changes when they see the quality that your product or service delivers. Alright, number two of the three rules to success in business, the only three rules to success in business are focused on revenue generation, not your costs. You can hire people, right, but when you’re looking at the quality of things, there’s things like tools and vendors and all that stuff that are gonna be more expensive. They just are period. But the thing is, is that everybody around you is going to be able to contribute to this, everybody that works for you.
At some point in time when you grow enough, you can hire a finance person to work on your costs, as long as they can find the same thing for less, that’s good. Maybe they can negotiate better deals. Because if you’re focusing on something like revenue generation, and that’s the only thing that you’re focusing on rather than your costs, you can continue to post more revenue. And now you have to buy more supplies, whether it’s to make your product or deliver your service. Now you have buying power because you’re buying more in bulk you can actually just naturally get your crap your supplies your materials for less money because you’re buying more of it because you’re delivering more because you’re selling more because you’re making more money. Focus on your revenue generation, not your costs. So many people get tied up in this stuff and like Oh, I gotta save money here. I gotta save. Oh my god, I heard this so much about the frickin pandemic. I haven’t brought that up to the pandemic or COVID in a long time on the show. When I heard that so much, people were freaking out, freaking out and saying, Oh, we got all these tools, we got to cut costs, we got to pull back.
We got to conserve cash. And I’m sitting here, I’m like, Are you kidding me, this is the time to drive forward. That’s why I’ve pushed forward in a way I’ve been able to get to where I’m at and complete an acquisition in the company continue to grow, continue to look for more acquisitions continue to move towards listing, reach out on a public exchange, continue to post up more revenue, and put more cash in the bank than I’ve ever seen in my life. Because I focused on fucking revenue, not the stupid costs. I hope you’re picking up my energy today because this one really gets me going. Revenue is your best friend. Costs are just what they are. Have somebody else come in and figure that crap out. After you’re doing your job, and posting more numbers to the board, that’s your job. Put more up on the board. All right, rule number three. In the only three rules to success, the matter is doing rules number one and number two. That’s right. Number three is just doing the first two. It’s that simple. Take this out because your bank account is going to grow with these things. Your relationships are going to flourish. You’re gonna be able to do things, see things have things that you never even thought possible. And all that other minutia will just work itself out. When you do these two things.
Go ALL IN.