Tim has spent the past 15 years as a Founder, Operator, and Growth Partner Investor of hyper-growth companies ranging from investment management, product and services, tech-enabled services, and software development. As a strategy and execution partner to multiple 8-figure CEOs, and advisor to over 15 privately held businesses with annual revenues from 250,000 to 10 million plus, Tim has made a name for himself in being risk aware and adept at successfully navigating companies and teams through challenging business issues centered around a core value proposition. His well-earned playbook is now a valuable resource to company Owners and Founders.
Tim helps companies avoid making six to eight-figure mistakes, solving unpleasant problems with exciting solutions. He focuses on helping companies on the lower end, either those who are just getting started, or who have stalled or feel like something's missing, to grow in their own journey. He explains that mistakes come in two forms. They are the ones that we make knowingly and the ones that we make, unknowingly. He believes these things are kind of acting as brakes to progress and provide clarity, especially in a team. If all of them aren't moving in the same direction, it's going to be really hard to grow. Pull back and retreat to a position of strength, and then build with clarity and continuity.
A number of business owners and entrepreneurs start with a kind of belief, to be the singular product that they want to bring to market. In reality, every time we bring something to market, we're actually solving a problem for the buyer. Most of the companies that Tim works with are in the services industry, where he will take a business that is somewhat of a commodity in the market, and get very specific about who they are targeting, talking to, and their value proposition. Looking at other consumables that people may need over time, other opportunities to deliver upon as a full suite of services.
It’s a misconception if you are providing a service that you have to be the one to actually produce each piece of the product. You can be exceptional in one piece, and then go find partners that will look for joint ventures or partnerships in other areas. The sum of the parts is solving a problem in its totality. It provides operational breathing room, clarity, and focus.
There are five core functions of a business, lead generation, lead nurturing, conversion, sales process fulfillment, and then upsell and retention, and they have helped people in all five of those. His company grew quickly from about $400,000 in revenue in 2017 to over 50 million in revenue in just a few short years. That growth came from a mutually beneficial dynamic that was created. The six weeks challenge was priced on average, somewhere in the neighborhood of $600, and the importance of that was because, for the gym owner, it allowed for more efficient lead generation, it improved the short-term cash flow of the business, and therefore allowed the gym owner to reinvest in that relationship to provide a better level of service for the members.
Although the price was higher than typical, what it did was, for the first time in the mass market, it hit the three key areas that someone needed to go through a transformation. It was very much success based rather than action based. There was a movement component, there was a nutrition component, and there was an accountability component. That $600 ticket was high, but it was high because it worked and the quality of the experience was very good. The level of success was astronomical, aligning all the pieces.
Focus on opportunities to deliver upon a full-service suite and solve a specific problem, this framework is your message and your margin, and there are four key components to it. Number one is your positioning. Number two is your product. Number three is the packaging. And number four is your pricing. How you define these four things in your offering, and how you convey that to the marketplace, will determine whether you're successful in delivering upon the goal and increase the likelihood of success.
In this episode:
[02:33] Looking at reforming companies to implement the best practices
[05:20] Bringing something to market, we're actually solving a problem for the buyer
[10:41] How looking at a gym business model from the gym owner's perspective worked
[12:56] Cultivating a winning framework
[15:27] Focus on opportunities to deliver a full-service suite and solve a specific problem