The Do-or-Die Business Lesson of 2023

Where We Failed

Avoid making half-hearted commitments; they will pull your focus and energy away from activities that support your company’s vision.

It’s true: where your focus goes, your energy flows. And if you’re a business owner, you can’t afford to have your focus diverted in too many directions. If you do, you’ll find that you won’t be able to fully commit to the activities that actually support your vision for your business—and your bottom line will suffer the consequences.

In this Silver Dollar episode of Stay Paid, we reflect on the primary reason why ReminderMedia, the company that produces our podcast, failed to achieve its 2023 revenue goal. We share the mistakes we made and the lessons we learned so you can avoid the same errors and save yourself from potentially costly outcomes. Our top takeaways are:

  1. If it’s not a hell yes, then it’s a hell no. Our primary mistake was not fully committing to an expansion of our business into a new market. When you listen, you’ll hear us discuss where we fell short and how those shortcomings contributed to the loss of profitable business.
  2. Stay laser focused on your vision. Your vision is your guide when determining which projects are worth investing in. When you lose sight of the bigger picture, you run the risk of dividing your resources among tasks that don’t contribute to your goals.
  3. Don’t engage in passive approval. When you’ve fully committed to a course of action—when you’ve said, “Hell yes, this is a priority”—then you won’t tolerate insufficient results or let things slide. Rather, you’ll insist on improvement.

We hope you enjoy this episode and act on the advice Luke offers at the end. We’d also appreciate it if you took a moment to leave us a 5-star review and comment on Apple Podcasts. (We read them on air!) Thanks for listening!

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