The 4 Business Problems No One Talks About (Not Marketing or Sales)

0:00These are the big four problems, as the big recurring themes. And what's ironic is that none of these problems have anything to do with marketing and sales. So, number one is wrong customer. You have a business that you serve multiple customers, and either you're serving the wrong one or you're serving too many of them. Most of these are interesting because they're very rock and hard place scenario. So, it feels like you're kind of damned either way, and so people just stay stuck. So, wrong customer {slash} too many. The second big problem, overextension. This is typically a who problem, which is you don't know how to train, hire, and recruit. It's why your first location can't really run without you. This is when you have one location that's doing okay, and you think, "Oh, I'll just open a second one, because if I have one okay location, two okay locations will somehow be better." When really you'll now just have two struggling locations, because your one wasn't fixed right. The third issue is focus. This is the one that's near and dear to my heart. It's the one that I've struggled the most with throughout my entire career. With focus, uh the issue is you have one thing that works. You have this other thing that you don't know as much about, but you think it's going to be better than the current thing you're in, because you just don't know as much about it, because that's how the one in the red dress works. The fourth one, it's mispriced or miscompensated. So, it's like you have team members that you're paying too much, or you're not charging your customers enough. We've been able to move relatively quickly through just playing it out. It's like, "Okay, well, if I do nothing, I'm going to be stuck here forever." And so, I'd rather just go through this short-term pain, so that I don't have the very, very long-term pain of just consistently underperforming what I think I can do.