One Thing Fixes 97% of Struggling Businesses

0:00The best lawyers, they don't need to market. In fact, they have a waiting list and it's impossible to get in there. Best investment advisors, they have a waiting list, it's impossible to get into them. Like if you're very, very, very good, you don't have a lack of customers. Charlie Munger said, "The next customer is on your desk. It's the work in front of you." And so like I love that because it's like that's where the next customer is. He's like it's doing the work that's in front of you and they will always come. But the hard close that I wanted to have on this with with product is if you actually So we look at buying businesses, that's what we do, right? And so we have to analyze the value of a business all the time.

0:30And so you want something that compounds, all right? Because if you're trying to create wealth, every everything comes down to inputs to outputs, which is what do you put into a system and how much do you get out? And so the wealthier you get, you put less in and you get more out. And the one thing that all of us have is time. And so it's really like how much more do you get back for your time? And so if you if you have to sell, let's say 50 customers every single month, then as soon as you're selling that many customers, if you have a super transactional relationship, right? If you do the same amount of marketing and every month you sell 50, it means that tomorrow or next month, the day you stop marketing, your company dies. That is not a very valuable business.

1:07>> No. >> And so if if you sell 50 and then next month you sell 50 with the same marketing effort, but the other 50 come back, you now have a hundred. If you sell the same And the thing is is that the marketing effort can be linear in nature, meaning you do the same level of marketing, but every month you get more and more customers because you treated the first ones right. If you aren't growing and you're doing the same level of marketing, it means the product's not good enough. I'm trying to sell you on this because like I nodded along with so many times I'd listen to these things and I'd be like, "No, my product's good enough." The reality is that you're just not as good as you think you are.

1:41>> Mhm. The market tells you. >> Yeah. >> The market tells you. It's what you said a minute ago. Uh 99% of people, what did you say? They won't believe They've chosen not to believe it. The market [ __ ] tells you, dude. And and if you if you do have a business, and you do have customers right now, and you have the the the the [ __ ] blessing of having people that are interested in your mediocre company right now, you should [ __ ] understand that the way to really compound that is to improve your product, and then improve the [ __ ] story that they're going to tell about you by overwhelming them with goodwill and and positive resources around what it is that they're trying to solve.

2:23>> I got criticized by I'll just leave the name list. I got criticized because I spent 3,500 hours with my editor in total. His hours first plus my hours for the book that that's that's coming out. >> Yeah. >> And they're like >> What's the name of it? >> 100 million dollar leads. It's coming out in a few months. >> What? All right. >> Um it's 99 cents. So there's my there's my get rich quick plug. >> Yeah. >> [laughter] >> Um and I I saw this with the first book cuz I spent a year writing that one, too. And it was just me. And it made no sense This is like I had Jim Launch, I had Prestige Labs, I had Alan, we had the you know, deals on the light like I didn't Believe me, you don't make money on books. So I just threw it out there.

2:59>> Yeah. >> But what happened was you can spend a year writing an exceptional book. And I'm talking like 6 hours every day is the first 6 hours of my day when I'm freshest, etc., reworking only 160 pages, which is the first book, right? And my launch for the book was a post when I had 10,000 followers, which is not a lot of followers. I just was like, "Hey, I wrote this book." Leila told me I should post it cuz I was actually going to make it an internal like document, like this is how we think about making offers for all the the companies.

3:26>> Mhm. >> And she was like, "No, like publish it." And I was like, "Fine." So I published it. And from that day on, we have no ads, we have no anything to like promote the book specifically, and it sells more each next month than it did the month before. Every month. And it's now been 20 months, I think, since 100 million dollar offers came out, and now it sells 25 to 28,000 copies every month.

3:51Word of mouth. >> Sounds a book I wrote called 75 Hard. >> [laughter] >> But it's exactly that. And so you can either >> helps people, guess what? They're going to buy it. >> And so you can either spend a year or 2 years building an exceptional product, service, experience, software, whatever you want to thing, right? And then let your customers market it for the rest of your life.

4:15Or you can spend a month building a mediocre product or service, and then the spend the rest of your life trying to get people to buy it. >> Dude, I did this [ __ ] Like before for Like people don't understand. Before First Form, there was other [ __ ] I sold, right? [laughter] It it just wasn't good. Yeah. It just wasn't good. It it it You know, people weren't going to buy it twice. You know? And I think that's a big mistake most people make. >> And it's the inputs to outputs. Because everyone sees the year for the book that you wrote, right? They see the year.

4:44They see all the time you put into 75 Hard, right? They're like, "That doesn't make any sense." But if you think about how long life is, if the rest of time people are spreading that the input to output of how much work it takes to spread the message and wider than you'd ever be able to do it if it was just you on your own. >> Yeah. >> You get the highest leverage from thinking about it from that perspective. If you spent a month on it and it was mediocre, you would have to pump it on every single podcast and it still wouldn't sell as many copies as it does.

5:11And you'd have to do it until you died. And so like if you're thinking about having high leverage or high return on your time, it makes more sense to spend more time making the thing you have actually exceptional. Keep doing it until people keep coming back, and then the scale will happen. But like it's an input it's a like it's a math equation. >> How much of this do you cuz like I have my opinion on this, but like how much of this do you feel like uh struggling businesses like like this one idea that we're talking about right here, to me and my personal opinion, bro, this would fix 97% I'm making this up. But the vast vast that up upper 95% of businesses could be fixed by just this thing we're talking about.

5:57>> In the converse of that, how many businesses that have exceptional The only thing that would drown a business that has an exceptional product is they be mispriced. It's the only thing like their cost like they can't The economics of the business don't work. That would mean that's the You know You know how easy it is to fix that? You change the [ __ ] price tag. That's how easy that is to fix. >> In seconds. >> So, if you want to have the like guarantee the like you want success insurance, like what do I have to pay in order to make sure that like I'm always covered? It's make the thing exceptional.

6:26>> Yeah. >> And that's The thing is is that most >> Undeniably [ __ ] great. >> Is that most people don't understand how much actual effort it takes to make something exceptional. Like you know, I look at some of the old presentations that I would make for my company and I'm like embarrassed that The thing is I remember thinking when I looked at it, I was like, "This is exceptional." >> the time that was probably the best you could do. >> Yeah. >> Yeah. >> And the thing is is that at the end of the day, the market's the one who makes that decision, not you. So, I might have And I thing is I probably was listening

6:52>> That's where the [ __ ] disconnect happens, bro. Cuz you think you think cuz it's the best that you did that it's [ __ ] great. But in reality, the market says, "Nah, it's not as good as everybody else's shit." >> I heard some um motivational speaker say Dude, it's huge. >> Yeah. >> It's um >> I never thought about that until we just start talking about it. Like you like because that's the best that you can [ __ ] offer you as >> You assume it is the best. >> Yeah.

7:17>> Cuz it's your best. >> Yes. Man, [ __ ] That's some powerful [ __ ] >> I heard this guy say this and I just like it's it's been like ingrained in my head so much so that whenever I don't want to do something, this is the actual phrase that comes to my head. Is that he says He said two sayings that I love. One was that he's like, "Boys are confident, men are certain." I just wanted to share that cuz I just love that saying. The other thing is he's like, "It's not about doing your best, it's about doing what's required."

7:44And whenever I have a hard thing like I'm like, "I don't want to [ __ ] make more videos for content or whatever. I don't want to do this podcast whatever it is." Like literally my immediate thought that's like my subconscious is like, "I will do what's required." >> Yeah. >> Like that's always my initial thought. And so right now if the thing is if the thing's not as good as you think it is, right? People aren't coming back. Like you made a you might have given it your best, but you didn't do what was required.

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