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Sustaining Your Success - Mike Lowry - Leaders Who Scale - Episode #004
Manage episode 371782671 series 3495208
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The franchise model is sometimes overlooked as a way to start your own business but there are many great benefits to opening a franchise. Mike Lowry is filling you in on what those benefits are and what you should focus on when you start your business. You’ll hear about the importance of hiring based on fit, the processes to scale your company, and why you need to focus on adding value for your clients.
Takeaways:
- The biggest problem scaling businesses face today is finding the right people. To find real success, you need to be very selective about who you hire from entry-level to top management.
- When your company is part of a franchise, you are able to benefit from improved processes that are developed by the corporate business, rather than repeating the same mistakes.
- If your business is operating out of multiple locations, the growth rate can depend on location specific factors. You will need to approach each branch or location separately based on how they are doing specifically.
- You have to measure your employees against your core values and if there is a lapse, you either need to fix that or start looking for a new employee.
- Look for other business opportunities that are adjacent to the industry you’re already in and that can serve the same clients. This will help create stickiness and lower customer acquisition costs.
- Your business needs to have a strong model or process in place to achieve sustainable growth. One such model is EOS (Entrepreneurial Operating System). Take the time to properly institute these processes and stand by them.
- Don’t focus on the price of your services. If you can add enough value and communicate that value to the customer, then you can justify your prices to them.
Quote of the Show:
- “We don't really focus on the price. We focus on what we can do to add value” - Mike Lowry
Links
- LinkedIn: https://www.linkedin.com/in/mike-lowry-1181b153/
- Company website: https://www.teamsignal.com/
- Company website: https://signal88.com/
Ways to Tune In
- Amazon Music: https://music.amazon.com/podcasts/337eea2a-f8ab-4b4f-8a36-fe4143b5913b
- Apple Podcast: https://podcasts.apple.com/us/podcast/leaders-who-scale/id1609131634
- Spotify: https://open.spotify.com/show/5PFtdxDlXcnaojG8jJk74T
- Google Podcast: https://podcasts.google.com/feed/aHR0cHM6Ly93d3cubGVhZGVyc3dob3NjYWxlLmNvbS9mZWVkLnhtbA
- YouTube: https://youtu.be/rGpchRM67t4
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