There are about 10 thousand things that you need to do to make a business successful.
And even after doing all of these things, you cannot guarantee your business will do well.
The best you can do is work your tail off to do all of these 10 thousand things, and hopefully put yourself in a position where your business can win.
But not all of those 10 thousand tasks are created equal. Some of those tasks are the 80% of your business that bring 20% returns. And some are the 20% that bring 80% returns.
And that becomes more clear when you judge the tasks in your business based on the profit, equity and valuable capital it creates.
High Value vs Low Value Tasks
You see, when you judge all the things you need to do in your business by how much profit, equity and capital it brings, you realize that the vast majority of tasks are low value because they generate zero profit, equity and capital. While a very few tasks in your business generate the lion’s share of value, whether hundreds, thousands and even millions of dollars in value.
And then there are the really valuable things you do in business that are called the 100X tasks, because they not only bring 10X returns, they let you do it with 10X less time, effort, resources and money. 100X.
For example, spending an hour working on your bookkeeping, though useful, generates very little in terms of profit, equity and capital for the organization.
On the other hand, having a 30-minute meeting closing a deal with a joint venture partner or influencer will provide massively more profit, equity and capital for years to come. A 100X greater return for your efforts.
Ideal Timing
Timing is also very important when it comes to creating value for your business. If you come too late to market with your product, or even too early, you will not find the right market fit to build your business on. Or a simpler example is selling your hobby products during the holiday season will give you substantial more profit than selling it even a month after the season is over.
Therefore, your timing will determine the difference between a good outcome and one that creates 3X, 5X or even 10X greater returns.
And the necessity of having the best timing also applies to all other areas of your business, including product launches, marketing efforts, sales, financial spending, and more. If the timing is just right, it can easily lead to 3X, 5X and even 10X greater returns. But if the timing is not ideal, you will not only lose out on opportunities, but you could lose out on your investment as well.
The Right Order
And how about the order you do things? In a cake recipe, there is a specific order you need to follow to get the best and most delicious tasting cake. But not following the recipe in the right order will only result in a mess.
Business, being even more complex, requires a very specific order if you want to get the optimal outcomes to occur as well. For example, a common mistake that many entrepreneurs make is hiring too early, or even too late. Another, is focusing all their energies on acquiring new customers, instead of selling more to their current loyal and dedicated customers that would gladly pay more.
Another common mistake entrepreneurs make is throwing money and effort at a business idea before first testing if the business idea is even a viable option. Then they find out years and many thousands of dollars later that it was a failure. Rather than first seeing if they can generate a spark (making small amounts of money testing a lot of small ideas), before throwing kerosene on it (devoting lots of time, effort, resources and money). Without the spark, throwing kerosene on wood will only make it wet.
Competitive Advantage
Another common challenge entrepreneurs face is creating products or services without first seeing if they can build a competitive advantage or a “moat” around it.
A competitive advantage is something that makes your business idea so unique or scarce that it prevents competitors from copying your idea and stealing market share from you. Many entrepreneurs have faced the pain of having great initial success, but then quickly losing profits because it was so easy for others to copy and offer a similar product or service for a smaller price.
Knowing how to build a moat around your product, service or business is essential for your business to make money for years to come. To not do this, you are only setting the stage for the eventual failure of your business. Because you will become a commodity that won’t be able to compete on value. Instead, you’ll be stuck in a “race toward the bottom,” competing on price, with smaller and smaller profits as the result.
As they say, “If you don’t have a competitive advantage, you’re not building a business, you’re just peddling a commodity.”
But creating a competitive advantage not only protects your investment, it gives it enough value in the eyes of your customers to justify an increasing price. A competitive advantage provides a 10X, and even a 100X advantage over a commodity any day.
Expert Team
As entrepreneurs, another big challenge we face is doing all the work of our business ourselves. We either convince ourselves that only we can do it best - so we have to, or since we have limited resources this is our only option. Then we spend hours watching youtube videos, reading books and articles trying to learn all the complex parts of our business - instead of being out in the marketplace making money like we should.
In essence, by being a one man or one woman show, what we’ve done is we’ve delegated the most important parts of our business to an amateur, namely, ourselves. Not to mention, we’ve taken the $1000 an hour person (you), and given him or her $15 an hour work to do. So now you can’t make $1000 an hour, because you’re too busy doing $15 an hour work.
The solution would be to only focus on the highest value tasks yourself, and then eliminate, automate or delegate all else to highly talented people you can easily outsource to. This one small change will 10x or even 100X your returns immediately because you will go from being a $15 an hour worker, to a $1000 an hour worker overnight.
The Opportunity
But now you have an opportunity.
You see, if you're like me, you have limited time, effort, resources and money. So we don’t have time to do the 10k things a business requires - or research what the highest value tasks are, or make sure we have the right timing in our decisions, or make sure the order we are following is right, or make sure we have the best competitive advantage, and make sure to eliminate automate or delegate the right things to the right people.
But, what if you had a business advisor on hand that could help you focus on the high value tasks that bring 10x returns? A guide that gave you great insights regarding the ideal timing for your efforts? A coach that would help you understand the best order to follow when going forward with an enterprise or venture? A partner that could teach how to add a strong competitive advantage around your business that others could not copy? A guide that gives you ideas on how to eliminate, automate, and delegate your work and leverage your efforts? An advisor that gives you the optimal business advice to follow, 24/7? And a highly effective business partner you can count on during every step of your business journey?
In the fast and competitive world of business, what kind of edge would that give you?
How secure would you feel knowing you had the best vetted, effective advice that would put your business in the best winning position?
And how would you feel knowing you could get all the effective business help you need 24/7, anytime and anywhere, all at your fingertips?
Well now you can with the 100X Business Advisor. Because now you can unlock the power of AI and use it to get the kind of advice that can 10X your business results with 10X less time and effort. 100X!
What is the 100X AI Business Advisor?
The 100X AI Business Advisor is an AI Business Advisor mobile app that uses the power of ChatGPT to give entrepreneurs and small business owners specialized business advice that can 10X their returns, and help them do it using 10X less time, effort, resources and money. 100X!
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