The Secret To Building A Thriving Business

Why exactly do businesses fail? What can you do to prevent your business from failing? Matt and Garrett have got some profound answers to these crucial questions and are ready to share them with you all here today. Drawing from real-world examples in both the restaurant industry and real estate, our hosts explore such essential themes as client relationships, marketing strategies, and business visibility. They also dive deep into understanding your business numbers, the role of remarketing, and the importance of adapting to changes in the market. 

Throughout the episode, Matt and Garrett break down the three stages of building a successful business: attracting clients, delivering high-quality service during transactions, and maintaining strong connections after the deal is done. They emphasize the value of "showing up" for clients at every stage, creating long-term relationships, and ensuring repeat business through effective remarketing. Matt and Garrett also highlight the importance of sustainability in business growth, using Scott Degraffenreid’s “N.U.D.E” model to explain how novelty, utility, dependability, and economy are key drivers of success. If you want to build a thriving business that stands the test of time, this episode is packed with practical advice to help you grow and sustain your success.

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Episode Highlights:

00:00 Building a Thriving Business by "Showing Up" in Every Stage

00:23 The Importance of Audience Engagement in Business Growth

01:25 Inspiring Life and Business Harmonization

02:11 Why Do Local Businesses Fail?

02:48 Learning from a Restaurant Closure After 17 Years of Success

04:47 Business Failures: New Ventures vs Long Established Ones

06:42 Importance of Understanding Your Business Numbers

08:30 The Role of Marketing and Remarketing in Business Success

10:14 How Real Estate Agents Can Keep Clients Coming Back

12:43 Embracing Dergaffenreid’s "N.U.D.E." Model for Sustainable Business

14:33 When Businesses Refuse to Change

19:13 Emotional Burnout as Another Cause of Business Failure

21:32 How to Build Repeat and Referral Business in Real Estate

24:10 The Three Stages of a Successful Real Estate Business

29:06 The Power of Stage 3 Relationships

Key Takeaways:

"Life is the most important thing. Business should fund life, not be life itself."

"Businesses fail when they don't ask for help in time.”

"Novelty, utility, dependability, and economy are key to a successful business. Balance these elements."

"In real estate, focus on three stages: attracting, working, and post-transaction. Don't neglect any."

"Understand how your business comes in. Identify patterns in referrals and sphere of influence."

"Stage three, post-transaction, holds the most value. Show up consistently to be referable."

Links:

Life at Ten Tenths Website: lifeattentenths.com

Life at Ten Tenths on YouTube: https://www.youtube.com/@lifeattentenths

Embracing the N.U.D.E. Model:

https://www.amazon.com/Embracing-N-u-d-Model-Referral-Marketing/dp/0977173801/