7 Counterintuitive Ideas for Early-Stage Businesses
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- Опубліковано 28 лип 2024
- These principles might sound wrong but in the early days of business they will help you get off the ground.
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Running a small business is never straightforward. You might think the safest bet is to cut costs and streamline processes, but sometimes the opposite is true. Here are seven counterintuitive ideas that can be the key to fast growth and help you reach that first million in revenue.
1. Spending money, not saving it, is crucial. Unlike big corporations with millions in revenue, small businesses need to invest in marketing, hiring talent, and other growth drivers. Effective spending leads to growth.
2. Forget about profitability in the early stages. Revenue is more important. The saying "Revenue is vanity, profit is sanity" is often true, but for small businesses, you need to boost revenue first to cover fixed costs and hire the right team.
3. Cash at bank matters more than accurate record-keeping. It's easy to get bogged down in detailed reports, but when you're growing fast, keeping an eye on your cash flow ensures stability and survival.
4. Band-aid solutions can be better than well-thought-out systems. While detailed systems are ideal, in the early days, you need quick fixes to keep things moving. Focus on what's working rather than perfecting processes.
5. Brochures are more effective than websites for some businesses. When you're just starting, few people know you exist, so reaching out with a well-designed brochure can make more impact than a flashy website.
6. Your personal brand can matter more than your business brand. Customers trust people, not faceless corporations. Building a strong personal brand helps to connect with your audience and win their trust.
7. Finally, forget about passive income and automation when you're starting. The best entrepreneurs aren't afraid to get their hands dirty. Focus on the non-scalable tasks that build relationships and generate revenue before automating processes.
Remember, these ideas aren't just about taking shortcuts; they're about recognising that sometimes, doing the unexpected can lead to growth.
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Alternate title: How to Stop Thinking About Starting a Business and Start Your Business Already.
Great permission for people to send it. Love it.
Thanks for watching!
I now have 4 Chinese takeaway containers labeled as my CRM sitting on my desk. The complexity of 10 inboxes has probably cost me hundreds of thousands of missed sales over the past 10 years. I am a visual person. This will be a success video in 12 months for me now. Thank you.
Hi Stacy, can I set up a free crm for your business linked to your inbox. What in it for me is testimonials
Appreciate your comment. Good luck
Great insights on the counterintuitive principles for business growth! Adding to point 2, it's often overlooked that reinvesting early revenue into strategic lead generation can exponentially increase market reach and customer acquisition, especially when leveraging targeted cold email campaigns that resonate with your audience's core challenges.
Great peace of advice summarised in under 9 minutes. Daniel knows what he’s talking about.
It took me 4 years to figure out majority of these insights, while scaling a business to a solid 6 figures. Many of these advices are counterintuitive, specifically for managers and executives educated in renowned business schools, and working for some big corporations. I’m one of them ;)
Priorities of a small business when scaling are completely different from a solid company, who has hundreds of employees, brand, good market share and constant cash flow. We as entrepreneurs need to adapt and solve different problems very fast, when scaling our businesses.
Thank you Daniel!
"Traction" by Gino Wickman can be a guide to the growth stage
Great video. I think all of the things are important, particularly number 1. If you can't bring yourself to spend morey in a business to get it off the ground, it's best not to go into business in the first place. Its funny how people can easily spend £££££££ on things like holidays, dinners out, fancy cocktail nights, new kitchens (they prob don't need), yet can bring themselves to spend £500 on a bit of Facebook advertising to split test out ideas. I was always told, be mindful about spending, BUT, the quicker you spend and fail, the quicker you are uncovering the path to the real solution. I also agree with systems. I've seen this error is big business where they have far too much systemising far too early. I think it's just 'old lion' thinking in some ways. It kills off capability in the early stages of a project.
It's like you're literally talking to me Daniel, thank you so much for this! It's so true sometimes we hear this great adivce but it's not the right time for it and it can be misleading. Took a bunch of notes and will take immediate action on this. Appreciate you!
The part about systems is very important. What I see with certain language teachers (and their coaches) is that they set up systems blabla which take a huge toll on the money they can use for better investments because of fee multiplication. I sorted out as much as possible with free ‘artisanal’ solutions and I hugely minimised fees. It cost me just some hours of looking into how to set up certain minimal things…
Thank you for watching!
I am learning so much from you Daniel Priestley. It’s the first time I’m testing an idea - wanted to do more outreach tonight and your suggestion to make a nice pdf brochure made me decide to complete the brochure tonight and attach it when I reach out tomorrow. Time well spent.
same here
Brilliant video, speed and nimbleness in the beginning then you move on to the juggernaut that sends you in to the stratosphere.
I absolutely love all your content Daniel! What I appreciate the most in this video is how you share what we should know at our stage of growth vs all this noise from people who are so much ahead that they forgot what it’s like when they started AND they started in very different market conditions. In general I love how you make things accessible and actionable. Thank you so much ❤
You’ve rapidly become one of my favourite business content creators! I’ve consumed a bunch of podcasts you’re on and now your UA-cam and find myself constantly implementing tips you’ve given into how I run my business. Thanks for doing this all 🔥
The same here!
I am not sure about my biz idea yet though...
Really good to hear. Thank you
I've been studying your content wherever I can find it for about 3 months now and basically I feel like I've been to university for 3 years....only better. I have run 2 relatively successful businesses and through DENT of circumstance (boom boom) am having to start again at 55. There is always so much to learn. You are amazing. Thank you. Deeply. Can't wait to go again, only bigger and better this time round.
I love hearing you say you do not need a complicated crm system. I am creating my 4 folders today. Thanks. Love your clarity.
Just bought 2 boxes of Koko Krunch today so I still need 2.
Half way there ;-)
I love your content. Currently finishing 24 assets book and I am amazed. As someone who doesn't want anything to do with social media, marketing and yet has an urge to create positive change in the world I needed a simple step by step system. I spent previously thousands on coaches and different courses and nothing worked out.
I'm back at the drawing board planning out the whole set up and I am full of positivity about it.
Thank you so much for what you're doing and hopefully I'll manage to join the business accelerator in September.
Bless you Daniel I wish we'll meet one day!
This is so awesome mate! As a start, i am applying all what you teach in your videos.
Your 24 Assets session was complete genius... I always learn from you Mr. P... All of your teachings have been A-1... Keep going Up savvy one... Good will come back to you!!! 100%
Thanks for the counterintuitive ideas! I really like the point on getting revenue high enough before considering maximizing profit margins. I've also learned that trying to build a business without a personal brand is a recipe for failure
Love this content, highly valuable to me as I'm growing my organisation.
I'm glad there's way less sound effects than a few weeks ago. Personally, I still find the alien noises in this one distracting.
Good morning Dan! What a beautiful morning here in sunny Weybridge!
Thanks for this great info; been devouring your insights. Next step: read your books so you can make a pound!
Seriously, thank you.
A
Good morning. Thanks for watching!
Heeeeeeaps Great video mate!! This is your format - Keep em coming!
Great video. The brochure being more important than the website is my favourite. Thanks Dan.
Like always, really Great ideas! I loved the last one more, "Not thinking about passive income in the early years! Just get your hands dirty with not scalable biz and you would end up with scaling your biz"🙏🙌
Glad you liked it. Thanks for watching.
It was great meeting you today! I love this! I am reinventing my decade old company now and its been very important to reinvest the money versus save the money!
I think I've identified Daniel Priestley's core message...that entrepreneurial stages are predictable and known. I totally believe that fear of the unknown has kept many from starting their own business. I certainly feel greatly encouraged by your message!
That's good to hear. Thank you
Good stuff Daniel. Like #1 but takes a few mistakes to see just what IS wise spending; #4 is spot-on as the ¨systems¨ are now in process of being created...for later; #5 esp like the well-printed brochure laying things out clearly Before a fancy Website; Finally #6 about building my own Personal brand is central. So #s 1, 4,5,6 do it best for me.
This is such valuable content. Thank you!
Great ideas. The most difficult part is to understand how to spend/invest wisely money. Once I decide to invest all initial revenue in ads how to select the right support?
You need to ensure that your sales are ready to elaborate the increased number of leads
These counterintuitive ideas challenge conventional thinking and offer valuable insights into scaling quickly. Embracing smart spending and focusing on revenue first are key strategies for fast-growing businesses. 💡
Awesome Video 👌 More Vidoe Please 🙏
Please help the neighborhoods and farmers. If you would Thanks
It’s tough listening in on this and hearing “outsource to the Philippines” when my team and I are from the Philippines. Who do we outsource to? Haha oh well.
That being said, it’s refreshing hearing some arguments against a lot of what’s being hyped up in business-related vids!
Love the video, but i'm gonna go ahead and build my automations lol. I'd rather start by doing it properly, than not start, by doing it, properly, i guess.
Cash in Bank - like Jet Fuel in my airplane.