Exit Mindset

How to look at the economy as a business owner and incorporate the Exit Mindset in your business.

Key Links

• Sign-up for your FREE COPY of Exit Mindset (Releasing early 2021!)
• http://exitmindset.com/
• FREE WORKSHEET: http://bit.ly/EM-EconomyWorksheet3dcPmkU

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How to Look at the Economy During COVID-19

• How is the U.S. economy doing in 2020? We are still in the midst of COVID-19, so it’s not at it’s best, but hopefully we will be out of it soon.
• Every day you’re faced with gloom and doom. How do you maintain a positive outlook during this time?

The Blind Man’s Story

• The Blind man says that he is selling his stuff.
• The Son says that the economy is bad.
• The Blind Man stops selling.

The Illusion of Negativity

• The blind man was doing just fine when he didn’t know that the economy was bad. As soon as he knew, he assumed that he couldn’t sell anything in a bad economy and he gave up.
• This tells you that it’s all about your perspective.
• The reality is that there is always something you can do; you can always navigate through tough times.

How to Look at the Economy and Weather the Storm

• Companies looked at a bad situation and, rather than giving in to the negativity, actually did something to enhance their business.
• Don’t allow the current state of the U.S. economy to destroy your business.

Evaluate Your Product

• Your product is the most important element of your business and a huge part of what potential buyers want to see.
• The company has more potential than a company that just continues to sell its product and doesn’t have the ability to pivot when necessary.

Evaluate Your Infrastructure

• In tough times, many companies assume that they need to reduce their expenses by shrinking their infrastructure.
• If you evaluate your business’ infrastructure, you’ll almost certainly find areas for improvement.
• You can also improve your infrastructure by streamlining processes and finding ways to “trim the fat.”
• If you look at your own costs, you could find ways to streamline processes, reduce non-essential expenditures, and develop better cash flow.

Evaluate Your Conversation

• The conversation refers to any verbal or non-verbal communication you have with the consumer.
• If you adapt the conversation to fit the times and your consumers’ needs, consumers will be more likely to engage with your business.

Applying the Exit Mindset During COVID-19

• The Exit Mindset is all about looking at your company from the perspective of a potential buyer.
• You have to believe that the bad times will pass, because they will. Economies rise and fall like the tides.
• You just have to evaluate the situation, make a plan, and set it in motion.

Developing a Plan for Your Business

• You may need to make multiple plans during COVID-19. Plan A (six months) and Plan B (12 months).
• You’ll find ways that you can change or pivot your product, infrastructure, and conversation.

The Bottom Line

• In business, the end goal is often surviving the storm.
• Remember: action is everything. Use it or lose it.

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• The Exit Mindset is brought to you by Rem Oculee, founder of Confidence Wealth. All rights reserved.
• For more information, please visit ExitMindset.com.
• Follow Exit Mindset

This episode explains market segmentation, strategies to identify your target consumer, and different ways to incorporate the Exit Mindset in this process.

Key Links

• Sign-up for your FREE COPY of Exit Mindset (Releasing soon!)
• http://exitmindset.com/

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What is Market Segmentation?

• One of the most important elements of your business is who is purchasing your product.
• Market segmentation refers to the different types of consumers you target and how those consumers are categorized.

Segmentation and Target Market Analysis

• Wouldn’t it make more sense to you target  people who like your product?
• When it comes to market segmentation strategy, you have to consider all three principles - product, infrastructure and conversation.

Product

• Is your product right for the market segment you’re targeting?
• First, look at your revenue. Then, evaluate your market research.

Infrastructure

• This can cover a wide range of departments and processes, including support, sales, operations, marketing systems — and everything in between.
• You need to identify the problem areas and troubleshoot how to make tweaks and improvements.

Conversation

• This refers to all of your verbal and non-verbal communications with the consumer.
• Most businesses only focus on changing the latter, while ignoring the non-verbal conversation.

Brainstorming Ideas for Market Segmentation

• Create three columns; one for your product, one for infrastructure, and one for conversation. In each column, write down three things that you could change to improve the corresponding principle in relation to your market segmentation.
• This will likely require a brainstorming session with your team, write down nine different ways that you could implement the idea.
• Methodology can bring about the results you want, especially if you designate a team member to focus on each strategy.
• If you actively work to implement ideas and assign them to your team members, you’ll find that your ideas can become reality.

4 Consumer Market Segmentation Classifications

• There are hundreds of factors to consider, but here are four important types of market segmentation.

Age

• Your infrastructure would need to be tweaked as well. You may hire different staff to handle certain processes based on the age of your target market segment.
• Oftentimes, business owners over-generalize their target market.
• Try to specify your ideal market segment as much as possible.

Gender

• Gender can affect certain needs, desires, and expectations. As a result, you’ll have to adjust your product, infrastructure, and conversation accordingly.

Income

• Income is a major factor to consider when specifying your target market segment.
• You’ll also have to consider the spending and saving habits of your target consumer.

Family Dynamic

• The family dynamic of your consumer could affect your product, infrastructure, and conversation.
• These factors will all affect your consumer’s needs and interests.

Taking the Perspective of a Buyer

• Selling to the wrong market segment or not exploiting your product to its full potential could severely reduce revenue. In turn, this could devalue your company and decrease the incentive to buy it at a fair price.
• Buyers will offer

The ups and downs that the whole economy is facing should not be a key factor of your business making it. Maintaining a positive outlook and appealing to your consumer will always be a key driver of your business’s success.

Key Links

• Sign-up for your FREE COPY of Exit Mindset (Releasing early soon!)
• http://exitmindset.com/

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Finding the Right Strategic Partnership for You

• Doing research about partnerships with others can help you learn about improving your business.
• There is no one-size-fits all approach.
• Your partnerships will differ from others.

Building Strategic Partnerships with the Exit Mindset

• Your partnerships are part of your infrastructure.
• When prospective buyers see mutually beneficial relationships, they will see more value in your company.
• What kind of relationship would appear intelligent, effective, and able to deliver results?

How to Think Like a Buyer

• Become an objective observer of your own business.
• Change your perspective and imagine that you want to buy a company similar to yours.
• There are many different ways to look at your company from the outside. Find a way that works for you.

Playing the Long Game

• Your end result is what matters.
• Find tangible ways to improve your company.
• If you have no strategic alliances, then you probably need to reevaluate your approach.

A Strategic Partnership Benefits Both Sides

• It will require sacrifice.
• Strategic partnerships cannot be one-sided.
• You can't give 100% and get nothing in return.
• Encourage the other side to engage with you or help you in some way.

How to Make a Strategic Partnership Proposal

• First and foremost, evaluate what the other side is doing and have a plan in place.
• When you start your strategic partnership proposal, you have to have a model for what it would look like.
• You’ll have to get through a lot of dead ends to find the strategic partners who will ultimately work with you.

Strategic Partnerships in the Time of Covid-19

• Many businesses that couldn’t find the time or resources to seek out strategic partnerships before COVID-19 are now suddenly investing in them.
• If you’re struggling to come up with new ideas, don’t get frustrated.
• Once you get the ball rolling, you’ll find that there are plenty of strategic partnerships out there.

The Bottom Line

• Bringing strategic partnerships into your business isn’t just a destination; it’s a journey.
• In the end, that’s what separates winners from everyone else.

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• The Exit Mindset is brought to you by Rem Oculee, founder of Confidence Wealth. All rights reserved.
• For more information, please visit ExitMindset.com.
• Follow Exit Mindset for more ways to “Think Like a Buyer” on Facebook, LinkedIn, Twitter, and Instagram.

We want to help as many business owners

This episode explains the power of negotiation and how it can effect your business. In your business, you use it to persuade and compromise with your team, your colleagues, your vendors and strategic partners. Whether it is in time, services or costs, mastering the power of negotiation is crucial.

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Key Links

• Sign-up for your FREE COPY of Exit Mindset (Releasing soon!)
• http://exitmindset.com/

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Defining Negotiation

• Do you find yourself stuck at an impasse with another person?
• Negotiations require compromise.
• Negotiation is an art form that can be learned.
• As a business owner you negotiate with your employees, daily.

Changing Your Perspective

• You have to know the objective you want to meet.
• Don't be counterproductive and focus on just your wants - you need to compromise.

Understanding THEIR Perspective

• Find out what the other party wants. Knowing more helps them to see you aren't just looking to get your way.

Repositioning the Conversation

• If pricing talks stall, this is the time to shift the focus of the negotiation.
• Take a different posture to find different opportunities to give both parties what they want.

Mastering Your Negotiation Strategies

• The Principle of Rock Bottom
• The Power of Silence
• Negotiate Deadlines with Empathy and Wiggle Room

The Bottom Line

• Working with other people , you will need effective negotiating skills to achieve the results you want.
• Action is everything. Use it or lose it.

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• The Exit Mindset is brought to you by Rem Oculee, founder of Confidence Wealth. All rights reserved.
• For more information, please visit ExitMindset.com.
• Follow Exit Mindset for more ways to “Think Like a Buyer” on Facebook, LinkedIn, Twitter, and Instagram.

We want to help as many business owners as possible. If you know anyone who could benefit from the information in this podcast, please feel free to share it with them.

This episode explains what phantom losses are, how to find them, and how to eliminate their drain on your company.

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Key Links

• Sign-up for your FREE COPY of Exit Mindset (Releasing soon!)
• http://exitmindset.com/

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What are Phantom Losses?

• Revenues you could be earning if you put in the effort required.
• Opportunities for profits on which you’re currently missing out

Why are they important?

• They’re lowering your profits.
• You’d prioritize fixing any other revenue drain that you discovered, why not these?
• They’re prevalent in every part of your company.

How Do You Find Them?

• Use your pre-existing business knowledge and in-depth familiarity with your company.
• Take action.

Action is Everything

• You already have so many brilliant ideas, so act on them!
• Don’t be afraid to take risks.

Excuses, We’ve All Got Them

• Excuses are holding you back.
• Write a check, and delegate the less-important tasks to others, so you can focus on solving the big-picture problems.

Act Like the Owner

• Your responsibility is to yourself and the people who work for/with you.
• You have to step in to make the hard decisions and necessary changes.

Think Like a Buyer

• To earn the highest profits and valuation, you have to see your company as a buyer does.
• Maximizing profits and minimizing phantom losses increases productivity and value.
• An optimized company is the most profitable future investment.

Everyone Experiences It

• Every business owner experiences phantom losses at some point.
• Are you going to let them drag you down? Or are you taking action to fix them today?

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• The Exit Mindset is brought to you by Rem Oculee, founder of Confidence Wealth. All rights reserved.
• For more information, please visit ExitMindset.com.
• Follow Exit Mindset for more ways to “Think Like a Buyer” on Facebook, LinkedIn, Twitter, and Instagram.

We want to help as many business owners as possible. If you know anyone who could benefit from the information in this podcast, please feel free to share it with them.