How To Drive Business Profitability And Frameworks That Really Work — With James Schramko
James Schramko is from Super Fast Business, he’s the master of essentialism and cuts through all the noise to get to the core business issues extremely, quickly he’s one of the brightest people I know, and I’m proud to call him my friend and mentor.
He’s a very special guest whom I featured in episode 2 of this podcast series. He’s mentored several 7 and 8 figure business entrepreneurs and help them grow their businesses exponentially by giving clear and direct advice.
Building a successful lifestyle business is simple but not easy. If you put in the time and consistent effort, you might be pleasantly surprised with the results you achieve.
In this conversation, James and I discuss various business growth strategies that enable you to leverage the power of the internet while still maintaining a good lifestyle.
Books Mentioned
- Essentialism: The Disciplined Pursuit of Less
- Getting Everything You Can Out of All You’ve Got: 21 Ways You Can Out-Think, Out-Perform, and Out-Earn the Competition
- SPIN Selling
- Purple Cow, New Edition: Transform Your Business by Being Remarkable
- Instant Influence: How to Get Anyone to Do Anything–Fast
Related / Mentioned Podcast Episodes:
Key Points (Timestamps)
00:54 — Intro and overview02:55 — The importance of rejuvenation for entrepreneurs
04:22 — How to have a high impact (even if you’re starting off as an entrepreneur)
05:22 — Lead Generation vs Profitability and how to prioritize them
08:04 — The Hunting versus Farming analogy and how it applies to recurring income models
11:02 — Recurring errors that James has seen where people have left profit on the table
11:49 — Make sure that what you’re building is worthwhile.
12:05 — The importance of cultivating your existing customer base
13:33 — Importance of doing surveys and using them to find out your customers’ preferences
15 :44 — Related interviews with James Schramko, Robbie Kellman Baxter and Ryan Levesque
16:31 — Challenges that high-profile entrepreneurs have faced and how they’ve overcome them
16:47 — How James uses the power of question to help his high-profile entrepreneur clients to overcome their biggest challenges
19:55 — James’ approaches to mindset:
The Socratic technique
Telling stories and using metaphors that move people
Probing and agitating thoughts and ideas
Share nourishing information
23:59 — Actions a business owner can take to increase profitability and quality of life
33:22 — The opportunity cost of chasing new systems – lost opportunity to find out more about your customers for increased profitability
27:27 — Fixed costs vs Variable costs and how they impact profitability (Example)
28:32 — Why it’s critical that you understand the impact of downtime when you change systems (Don’t adopt a new system just because it’s the best thing in the market.)
34:13 — And if you’re going to do it…. Just DO IT with purpose.
35:49 — When the pain point increases to a threshold or the benefits are higher than a threshold, James moves.
37:08 — Podcast with Greg McKeown on Essentialism
37:52 — Buck Rizvi and his take on the importance of a strong organizational culture
39:05 — The importance of human potential
42:10 — The books that have had the biggest impact on James and why they’ve had such a big impact
46:34 — The importance of using new frameworks right away (and how James embeds new frameworks he learns)
46:34 — James Silver Circle community
48:32 — How to get in contact with James
49:47 — Wrap up and recap of key concepts
51:20 — Related podcast episodes
