Creating No More Practice has its many perks. One of them happens to be exposure to some of the greatest minds in our industry. This type of voyeuristic learning has taught me many things about running a business not only for now, but for the future.
Many of you may have attended our Live Event in August, and seen Barry and I have an onstage conversation about his 40 years of experience in business. Two of the biggest tips Barry gave me really stuck with me and I thought them worth sharing with you.
Barry’s tip number 1: Look after the cents and the dollars will look after themselves. Now this sounds like the ultimate in common sense, but sometimes when you are running a business, it is hard to see the forest for the trees. The interesting thing about this piece of advice is that it actually applies to your whole life, not just your business life.
Since Barry imparted this piece of wisdom, which his grandmother actually passed to him, I have been analysing every area of my life, and where I could trim the sails so to speak. I was honestly surprised at how many ways I could look after the cents, and how this has cut overheads in both our business and personal life.
Barry’s tip number 2: Create a business that is perceived to be unique. According to Barry there are two words that really matter here: perceived and unique. While this may seem hard advice to follow in a world that is crowded with offerings, Barry believes that it can be done in any industry.
Now the interesting thing about this is you could have a business in advice (or content like us), or any other service business. The real knack is to create your value proposition in a way that makes it seem like you could not get this service anywhere else. If your customers have lots to compare you to, then you will never keep your clients, as they have too much choice.
You need to create a business where people truly believe there is no other choice – as you are the only one that can offer what they need.
When Barry saw our recently launched marketplace, he observed that we had created a unique offering in our market, and that this was smart going. A compliment of this nature from Barry was music to my ears, as it had passed the test of perceived uniqueness.
I am sure there are many other gems to come – Barry has signed up for the next series of No More Practice as a mentor, so stay tuned for many more insights from one of the greats.
