Improve Your Business Value Equation - Coaching Success - #467

Barbell Logic

Health & Fitness, Nutrition, Health, Diet, Fitness, Weightlifting, Barbelltraining, Strengthtraining

4.6 • 1.2K Ratings

🗓️ 21 July 2023

⏱️ 11 minutes

🔗️ Recording | iTunes | RSS

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Summary

Matt describes your business value equation, its components, and how you can improve your business value equation.

This is an important concept for understanding your business conceptually and keeping the big picture in mind.

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What is the Business Value Equation?

Imagine 3 drinking straws that meet at the top. They're fanned out so one goes left in the bottom, one down in the middle, and the third to the right.

Let's look at these straws just as you would a graph, with things on the left having less and things on the right more.

The one on the left is the cost of running your business. The one in the middle is the price to the customer. The difference is profit. If the price is below the cost, then you're losing money.

Importantly, however, the one on the right is the perceived value of your service or product by the customer. While it seems obvious, your customers must perceive that you're they're receiving more value than the cost they're being charged.

Improve Your Business Value Equation

Remember that coaching is a luxury good. While we all know it can transform lives and greatly improve quality of life, it is not absolutely necessary like food. Because of this, you and your business must provide value to your customers (and work to increase that value).

There are 3 ways to provide value:

Provide extreme value & high efficacy in support of client's goals
Building trust, showing excellence through the following: ability, integrity, benevolence
Obsess over efficiency & dollars per hour without sacrificing service

Setting prices is challenging and important, and Matt will discuss that in a future episode. That being said, what you want to do is fans these straws out more by moving cost to the left and perceived value to the right.

Lower your costs (time & money) by improving efficiency.

Improve the value of your service - get better, add something to the service that does not cost much, get a better idea of what your customers want.

Hopefully this helped you learn how to improve your business value equation. Matt will go more in depth on each part of this in future podcasts.

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Transcript

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0:00.0	You're listening to Barbell Logic.
0:04.4	The podcast where we talk about what it means to experience strength.
0:08.0	And how you can use simple, hard, and effective strategies in training and nutrition to improve
0:13.7	your life.
0:14.7	It starts with meeting you where you are right now in finding lasting solutions.
0:20.1	Welcome to the show.
0:30.0	You're listening to another episode of the Barbell Logic podcast.
0:35.5	This is a coaching success episode.
0:37.8	I believe this is episode three.
0:39.9	And today we're going to be talking about the value equation, which is the most important
0:44.2	concept to understand and all of business.
0:47.5	But first, I want to let you know that this episode is brought to you by the Barbell Academy,
0:51.7	which offers a complete pathway to become a strength coach 100% online and on your own
0:58.4	schedule.
0:59.4	I'm excited to share with you that we are developing or we have developed a brand new
1:04.2	entry level course called coaching 101 or releasing it in August.
1:10.2	And we've designed this course with the passionate lifter in mind.
1:13.6	So if you're thinking about taking your first steps into coaching as a side hustle or even
1:18.7	a career change, coaching 101 will quickly provide you with the knowledge and confidence
1:23.8	you need to start coaching others right now.
1:28.1	To get access to coaching 101 as soon as it is available, along with the 10% discount
1:33.0	off of the course price, visit barbell logic dot com slash 101 that's barbell logic dot
	...

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