
Ready for a trip down memory lane? In this episode, we take a reflective journey back to the very first episode of this podcast, recorded back in 2018, where I discussed the seven ways I overcame a business failure. You’ll hear snippets from that...
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Stacy Brown Randall
We're going to do something a little bit different with this episode. I'm not even going to give you a spoiler alert. You're just going to have to keep listening. Come on. This will be fun. Hey there and welcome to episode 335 of the Roadmap to Referrals podcast. A show that proves you can generate referrals without asking or manipulation. I'm your host, Stacy Brown Randall. My journey from a business failure to a successful business now. Eleven years in, I know generating referrals naturally and consistently has made all the difference. Working with clients around the world. We leverage the science of referrals, protect relationships above all else, and help you build a referable business. So this is an entirely different episode, and it's one I had considered doing last year and then somehow it didn't happen. Somehow there just wasn't room for it within the editorial calendar. And I was like, nope, it's happening this year. I'm calling this episode now and then. Or should I say then and now? No, now and then. Okay. So what I'm doing for this episode, it's something I was going to do last year for my 10 year anniversary and then didn't, was to really just look back and I'm going to give you kind of like a what was going on back then versus what are things, how things are working in my business now? And the way I decided to do this, because in 11 years, let's be honest, so much has changed. Oh my goodness. So much has changed. And it always. And It'll probably, in 11 years from now, so much will probably have changed. I don't know, maybe not. I feel like the last four years I've been pretty. I have made less changes in the last three years after I made some massive changes four years ago. I've made less changes in the last couple of years. So maybe, no, there won't be many, many changes, but, ooh, did this business go through some shifts and changes when it started? And so what I've decided to do is listen. You and I are gonna listen together to episode one. That's right, the very first episode from this podcast. Now, not the whole episode. We're gonna go in and we're gonna edit out each of the tidbits that I talk about in that very first episode. So this is episode one. If you've never listened to it, maybe you're more of a newer listener to the podcast. Maybe you're just new this week, new this year, or just new in the last couple years. And you're like, Stacy, you're 300 something episodes in. I'm not going back to the first one, but a lot of people do go back to the first one, and I hear that, which is fascinating to me, and I guess I never thought about it, but a lot of people will find this podcast multiple ways, but they'll find this podcast and they'll listen to the most recent episode, and if I maybe reference another episode, they'll go listen to that one, and then they jump all the way back to episode number one and listen to a couple going forward. And that's back from 2018.
Co-host or Guest Speaker
Like, that's forever ago.
Stacy Brown Randall
So I thought it'd be really cool if I could do an episode where I'm going to. We're going to listen to each of the points I talk about in the first episode, and I'm going to give you my thoughts on it. Like, my reactions to what I said all the way back in 2018. We're talking, like, what, six months ago? Like, it was a long time ago. So episode one dropped June 28th of 2018, and that's about four months, or a little less than four months before the book came out in October of that year. My first book generating business referrals. Without asking. I've been saying my first book for forever, and now it's actually real. Because book number two will be out and available for purchase in September or October of 2025, which I'm very excited about. So this podcast started. The first episode that dropped. It was called. The first episode title was 7 Ways I Overcame a Business Failure. So what I'm going to do is I am going to listen to each of the seven pieces of advice I give. Like, you guys are going to hear it, right? We're going to listen to it together, and then I'm going to give you my opinion, like, my thoughts on it. Like, do I still believe that? Do I not believe that? Has nothing changed? Like, do I have additional advice to give you? Do I think that advice is so solid, I have nothing to share. We're going to do this for each of those seven ways, they talk about overcoming a business failure. And so if you haven't listened to the whole episode, you certainly can do that. But really, I'm just going to give you the highlights of those seven ways. So a little bit of backstory. September of 2013 was the start of this business. And it came because my first business that I had had, but prior to this business failed after four years. I had to go back to Corporate Americ America had to get a job. It's a really painful story, but I did it. I was in that job for about 15, 16 months. And then I started this business in September of 2013. And so I go through. So think about that. This business started September of 2013, but this podcast episode where I talked about the seven ways I overcame a business failure was done in June of 2018. Right. So what is that? You guys all know I have to count on my hands. If you don't know that about me, you're about to find out. I'm like, okay, 2013 to 2014, 15, 16, 17, 18. I guess five years. I know you're probably like, gosh, you're really bad at math, Stacy. And guess what? Yeah. You would not be wrong. Okay. And that's okay. I'm okay with myself. So five years later, I did an episode on the seven ways I overcame a business failure. So this wasn't like, here's how I overcame a business failure. And I'm my first year in business. Like, I had five years under my belt. And I did a reflective look back, and that's how I decided to kick off this podcast, is I need to acknowledge the fact that I had this business failure. I. I learned a bunch of stuff. It's actually why I teach what I teach today, my referral strategy. It's why I teach what I teach. So I thought this would be really cool. We'll just do it then and now. So you're going to hear a snippet from the podcast where I'm talking about one of the seven ways, and then it's going to come back to me in present day. And I'll tell you, it's me in present day. I think you'll actually be able to tell the difference in my voice. I listened to a little bit of episode one before I started recording for you guys right now, and I can hear the nervousness in my voice. So since it was my first one. So anyways. But I will also be like, okay, back to. Back to present. Stacy. Right back to Meat of today, and I will give you my opinion on what we just listened to. So I thought this would be kind of a cool way to do this. If you want to go back and listen to the entire episode, it is stacybrownrandall.com One as in, like, the number one. Just the one. And remember, back then, the podcast was called Roadmap to Grow youw Business. A couple years ago, we changed it to Roadmap to Referrals and there's other things you'll notice that are different if you go back and listen to the episode. Like, back then I actually had like a professional introduction and now it's just me reading the introduction. Like, we've evolved, we changed, the music has changed. Like, lots of things have changed, but hopefully not that you enjoy it. Hopefully that has stuck around for the many, many, many, many years that we have done this podcast. So again, that was the big thing I want you to know. I recorded this podcast, episode one, the first episode of this podcast with the seven ways I overcame a business failure. Five into this successful business. This business. So this wasn't like, here's seven ways I overcame business failure. And I'm 30 days into this new business. No, I was five years in. So just want to put some context in there for you. If you, for those of you who are newer to me, maybe this year, in the last couple of years, like, I just want you to understand, like how I'm setting this up and what this, listen, what this is like. Okay, so here we're going to go, we're going to dive in and we're going to play the first thing I talked about with how I came way, number one, that I overcame a business failure.
Co-host or Guest Speaker
All right, so number one of the seven ways that I am avoiding another business failure is working on the mindset. The truth is, with my first business, I was really excited to get started. And then my mindset took a beating. I listened a little too much to what others thought about my business, whether they were well meaning or not. And when a well meaning colleague once told me, oh, Stacy, with two small kids under the age of two, building a business, you're just building a lifestyle business, not a business that grows and develops. Well, I bought in hook, line and sinker. Now buying in, that was my fault. But what I didn't have into place was the ability to protect my mindset and the ability to shut those noises and to shut those voices out. I definitely was an active participant and letting my mindset get damaged and definitely impact my business failure. And so today I'm a much better participant of protecting my mindset. I'll read books that'll help me remember and remind myself why I'm doing what I do. I set a bhag, a big, hairy, audacious goal, to make sure that I am always focused on what matters most. And I use visual reminders to remind me of why I'm doing what I'm doing. So when my first business failed, I.
Stacy Brown Randall
Had to go Get a job. That's right, the job.
Co-host or Guest Speaker
Back to corporate America, the 9 to 5. And at that company, I had a nameplate that was outside the door of my office when I left that job to start my second business. When I left that job, I asked to take that nameplate with me. It said Stacy Randall, Chief Talent Officer. I took that nameplate with me and now it sits above my door in my office as a visual reminder that I'm not going back to where I came from. So I actively work on protecting my mindset and I do that by reading the right books, by making sure I'm really clear on my why and using visual reminders so I don't fall into the trap of believing possibly what other people think of my business. Now I'll put in the show notes.
Stacy Brown Randall
For you a couple of list of.
Co-host or Guest Speaker
Books that I think are great for you to read that'll help you with your mindset too. Just a couple of them are the Big Leap by Gay Hendricks. I think it's a great book for understanding how to get to the next level with your business. And another couple of ones that I have in there too. You are a badass at making money. Those are some great books to read and I'll make sure that you can get those in the show notes. Here's a question for you. How's your mindset? When things get tough, how do you protect it? They will always be the doubters, the haters and those well meaning people who have negative things to say. But if you're going to grow a business to be successful and one thing I'm definitely doing different with business number two is I'm protecting my mindset and you need to be willing to do the same. So let me know how is your mindset today?
Stacy Brown Randall
Okay, so okay, this back to present day Stacy, this is crazy for me talking about mindset because nothing has changed. And what's crazy, when I recorded this and this came live in 2018, I was really focused on mindset. But what's crazy is a couple years later I would become even more focused on mindset. And I would say over the last two to three years, I would say yeah, definitely 2022, 2023 and all of 2024 has been an even higher focus on mindset. Like taking this to the next level for how I protect my mindset. So I think that's awesome. Nothing's really changed. I talk about reading books, I talk about understanding my why, I talk about visual reminders. I still do all those things. So that's definitely like something that has helped me get more and more successful, which is awesome and amazing. So yes, I am a big fan of books that you can read that will help you protect your mindset and help you develop and grow. I used to only really read business books, like specific business books. And I have evolved in some of my reading tastes reading some different books that are a little bit more focused on mindset and the psychology of that and things like that, which is awesome. So I mean, I still read a lot of business books. Well, I don't read nearly as many as I used to. I really need my kids to go to college so I can get back to my reading practice. But yeah, I love it. Nothing's changed. Like, yes, visual reminders books. Understanding my why, my why has evolved. Not really too much. I mean, my family has always been the big part of my why, but it does continue to evolve. Every season of life that we shift into, I notice that my why changes just a little bit. And grounding myself back to that I think is really important. Like the main why doesn't change. But I think the peripheral pieces or like that outer ring or the next ring out of my why kind of shifts and changes just because life changes and I get older and my kids get older and life changes. So I think that's really cool. Okay, so now let's go listen to number two.
Co-host or Guest Speaker
All right, moving on along to number two. The second way that I am building my business different from my business failure is I have a focused sales plan. Now here's the thing. We can all be schooled in all the ways to bring in clients. There are so many activities you can do to bring in clients and activities. I mean like cold call, direct mail network, one on one coffees, attend trade shows, set up some advertising, Facebook ads. There are so many different activities that you can do that will be bringing in new clients to you. But here's what I realized. I went through a process of doing a lot of stuff and then trying to figure out what worked. And having a focused sales plan has made all the difference for my business continuing to grow year after year after year. So I started out by writing down the activities I thought would work. And let's be honest, what I really mean is the activities I'm willing to do. So I knew I could do one on one networking, I knew I could give free speaking engagements and I definitely wanted to figure out how to generate referrals. So I figured out a plan to work those activities. But here's the secret. I then Created a dashboard to track my activity and results. So an example is in my first year of my second business, I wanted to give 12 free presentations, just groups that I would go and speak to that had my ideal client in the audience and I would go speak on my topics of expertise. And when I created a dashboard to make sure I actually did those 12 speaking engagements, guess how many I actually landed in my first year? 23. What Peter Drucker said, what gets measured gets managed. And I was measuring it, so it was happening. So when you think about what you're trying to accomplish, having a focused sales plan is really important. And having a dashboard that holds you accountable is super important to making sure that you're actually doing the work you say you need to be doing. Now I put a freebie that you can download in the show notes for today's episode that actually will have a kind of a sneak peek at what that dashboard should look like. You may take my idea and change it up to work best for you. But this is exactly what I used my very first year starting my business. And I think if you don't have a focused sales, a focused sales plan, you are definitely going to need one. And it allows you to understand what's working and what's not working, which is really important in terms of ROI and metrics.
Stacy Brown Randall
Present day Stacy here. Oh my gosh. Like sometimes I listened to these things and I'm like, wow, I was really brilliant back then. Sorry, that was like the least humble thing I could say. But it's so true. I was like, yes, yes, yes, yes. That focused sales plan, like nothing's changed except for how I think about it, that's changed. So that's what I want to talk about. So in that clip you heard me talk about the three activities that I did when I was starting my business back in 2013. I did a lot of one on one networking. I mean we're talking about 7 million cups of coffee. Like I'd sit at Starbucks and I would like stack those meetings because I wanted people to understand that I had left the corporate job, that I wasn't going back to what my business failure had been and that I was launching this new business. And so which then of course was a productivity and business coaching practice. And I did a lot of coffee meetings and like a lot of one to one networking in terms of those coffee meetings, meeting people for coffee. And then of course I did network networking itself. But then I also talked about free speaking engagements and then obviously figuring out referrals, which changed the entire game for my business. That really when those first couple of months in, in 2013 and I started to receive referrals towards like the end of my third month in business, like that's what I latched onto and changed everything. But I talk about my secret is having a dashboard to track results. I'm actually going to link to that. We still have that freebie, I think I called it. I don't think we call things freebies anymore. I think we just call them resources because we've grown up. But I'm going to link to that resource. It's like a multi page PDF that kind of walks through the things you need to know for each of the seven tips that I talk about, each of the seven ways that I overcame business failure. So like tip number one had a bunch of books that I would have recommended. Of course this is from back from 2018, which those books are all still good. So I'm going to link to that in case you want to see what this dashboard looks like because tracking those results is really, really key. I have evolved in how I think about my focused sales plan. And if you listen to episode 273, I will link to that in the show notes page. That episode is called my leads framework. And how I think about the focused sales plan of now in my business versus back then in the first five years of my business. How I think about it now is everything the activities that I do, right, that's what a focused sales plan is of the activities you're going to do. How I think about my focus sales plan of today is more from a lead generating, lead nurturing and lead conversion. It's like a three part process. Like so like what do I do that generates new leads or new prospects? What do I do that nurtures those prospects into wanting to work with me? And one of the things that I do that converts those folks to actually saying yes to working with me. And so we do look at it differently. And you can hear all about that in episode 273. Obviously a big part of how I work with folks are referrals. Like it's interesting when I pay attention to like the things that I want to do like on social media or the things that I want to get better at. And people are like, well are you looking to get leads from LinkedIn? I'm like no. I mean that would be great. And I'm not going to say no to that. But I actually look at LinkedIn or any or Instagram. Those are the two main social media Platforms that I'm on, those are lead nurturing. It's like, hey, we've connected somehow. More than likely you were probably referred to me or somebody recommended my book to you or you heard me on a podcast. There are other ways, but those are going to probably be the. Or you heard me give a presentation. Those would probably be the main ways that you're going to stumble upon me. And so sometimes people find me cold on LinkedIn, but not normally. That's not to say that there's not a strategy for that. I know I just don't have to do it. But I'm looking at those platforms as how I nurture things. So I think that helps you kind of figure out where you spend your time. So back then when you listen to that tip, it was more about what am I doing to find to get some clients in the door. Of course, figuring out referrals changed everything. I rarely do one on one networking. I don't actually go to networking events anymore. Sometimes I feel like maybe I'm missing a little bit of that human connection. I do a lot of resume with people, but I didn't even needed it. I don't have to spend a lot of time networking because I have referrals, because I've developed relationships and then I know how to take care of those relationships because that's what I teach people to do and I practice what I preach. So I don't know. This is really cool. The focus Sales plan, that thing worked and it helped my business be successful. So I think that you should definitely, absolutely go like re. Maybe just re. Listen to that point. Go download that resource if you want to. But really go listen to episode 273. When I talk about my leads framework, like that's how it's evolved today. Looking at what I do when I'm trying to generate new people as prospects, when I am looking at bringing those people through a nurturer process and like nurturing them and then getting them to convert to a client. So I don't know if you guys can hear my dog in this room sometimes lately I don't know if you guys know this. We have like a almost 6 year old. She's still a puppy to me because she's like £6. Little Maltese. Maybe you've seen some of her pictures on social media. She is the most beautiful, most adorable.
Co-host or Guest Speaker
Dog in the world.
Stacy Brown Randall
Anyway, she just kind of went through like a coughing fit. I don't know if you guys can hear that, but if you do hear that, it's My little puppy. She's not a puppy, but I still call her my puppy. Okay, okay, let's move on. Let's get on to number three. Let's listen to the third way that I overcame a business failure. Hey there. Pardon the interruption. So, as a longtime listener of this podcast, you've probably heard me mention my building a referable business coaching program, but that's only one of the three ways to work with me. We have my starter course, which we call your next five referrals. It's a great way to dip your toe in and get some of the basics in place asap. You can do it quickly, like in a matter of hours. Or if you have a small team and you want me to do all the work, you want me to build your strategy for you, then my VIP experience is probably right for you. And then of course, right there in the middle, between our starter course, your next five referrals, and my VIP experience is the one we've been doing now for getting ready to start in our fifth year, which is the building a referable business coaching program, the 12 month coaching program. So you know what these ways are. My question for you is, why aren't we working together? Find the one that's right for you and come join me. I would love to help you take control of your referrals. Finally start this new year in a different way. Start it with a baseline of strong strategies in place and let's get that referral explosion for you next year. Okay, now let's get back to this episode. All right, let's listen in to the third way I overcame a business failure.
Co-host or Guest Speaker
All right, number three, moving right along. Know thy numbers. That's right.
Stacy Brown Randall
As a business coach, I work with.
Co-host or Guest Speaker
Multiple six figure and million dollar business clients, and it is always shocking to me those who don't know their numbers. And I'm not talking about just your revenue and your expenses. Right? I'm not talking just about the current or the past expenses or revenue you've made. I'm talking about the ability to project what's coming. What do you need to be focused on? What do you need to do so that you can actually know what income or revenue you're going to be bringing in? I don't know why there is so much resistance to actually projecting out our business, but if we can't project out what we're hoping to bring in or what we're working to bring in, all we're doing is looking back to what's happened and knowing our numbers is so very Important. Look, let's be honest. Some months, even if you've been in business a couple of years, your projections for what you're thinking will come in, will be a big fat zero. That's okay. But here's what I would tell you. As you start working with clients or as you're working towards building up your second and third year, you're going to have some numbers you can work with. You're going to be able to pay attention to some projections in the future. You need to know what revenue you expect your business to bring in, so you can balance that against the expenses you know you're going to have. And here's the thing. You don't know what you don't know until you write it down and track it. So you have to know your numbers. You can't just guess and you can't just assume. You need to make sure that you have put in place a habit of tracking your numbers. So I have a client that I worked with, and the question was, for him, always right. He was bringing in 20 to $30,000 every month, but was always cash poor. The truth is, he never really got into the daily habit of tracking his billables. And I say daily habit just because that's the way it worked in his business. It's probably not necessary for yours. But this client, he finally decided to switch into the habit of tracking his work output, his billables, and then all of a sudden, he realized that he was able to bring in the money he needed to run his business. 20 to $30,000 a month, and he could project out what to expect and balance that out against his expenses. Now, to be honest, the accounting part of your business and knowing your numbers, that is a whole other episode in and of itself. But I know too many people who can't tell me, what is your business doing this year and what do you project it to do? And you need to be able to answer those questions. So it's important you get really cozy with your accounting software or your accountant or your bookkeeper or that Excel spreadsheet. Doesn't matter to me. But you have to be able to project and you have to know your numbers. You can't just guess your way through running a business that you want to be successful.
Stacy Brown Randall
Oh, present day Stacy here. The numbers, yes. They either make you really excited or they maybe strike a little bit of fear and dread in you. Oh, knowing your numbers, like I said in that clip, it's so much more than revenue and expenses. It's your ability to project Right. It's your ability to. While there will always be some guessing and some assumptions in your business of what's going to happen, because you never know, you could have the best year ever. It's still good to know, like, hey, what am I doing this year and what am I expected to do? I love how I said get cozy with your numbers. It's so true. So what's interesting as I listen to that clip, this is before, because this was summer of 2018. So this is before I put profit first in my business. I did not institute profit first in my business until August, September of 2019. So it was like more than a year later. But I was a spreadsheet tracker. I mean, I had a book, I've had a bookkeeper since pretty much the very beginning of this business. And of course a CPA. If I'm not having to get into QuickBooks and I'm obviously never going to do my own taxes, let's be honest. But I've always had a CPA and started using a bookkeeper when I started this business because that was necessary, because I was terrible at keeping up with QuickBooks. So they helped me stay cozy with my numbers. But it's interesting that I still had that mindset around understanding your numbers and knowing what it looks like. Because here's the thing I didn't like. I never knew my numbers. I never knew if I was in the black or the red with my first business that failed at HR consulting firm, the one that landed me in the business failure club. And so that was a strong focus that I took. Like, what are my upcoming expenses? What does that look like? What do I need to cover? Right. It's kind of like understanding what your monthly nut is every month in your business and understanding that your revenue is above and beyond that. Obviously that's what we want and understanding what that looks like. And then I would say then after I implemented Profit first, things really changed. I think I would give all the same advice that I gave about being cozy with your numbers and knowing thy numbers. But just now I look at it in an entirely different way. So if you're not familiar with Profit first, it is a book by Mike Michalowicz. It's actually a. I mean, I think it's a little bit of a mindset of how you think about your money, but it's actually how you manage your money. And yes, it does come with a whole bunch of bank accounts and a specific way to do something, but effectively it's making you take your profit first. Before you decide what you're going to use as your expenses. So if you're not familiar with it, we will link to Profit first in the show. Notes for this page. You should go check it out. It's probably one of my favorite books I've read of all time. I know one day I'm just putting it out there to the universe. I'm going to meet Mike Michalowicz. It's going to be great. And he's going to be as lovely in person as I imagine him to be when I listen to his podcast. And of course I have been interviewed by him. I've been on his podcast grow your accounting practice. But that was many years ago.
Co-host or Guest Speaker
But one day I know I'm going.
Stacy Brown Randall
To meet them anyway. So I think once I put profit first in the business, it really did shift everything about how I managed my money. And I got really good at like keeping. You guys are going to laugh at me probably. But I have this massive spreadsheet that has every known expense on a yearly basis. So every piece of software that I pay every year, every service that I participate in every year is on the spreadsheet. It's broken down by what is reoccurring monthly versus what is reoccurring, like quarterly and then what is an annual payment. So I always know going into a new year, like this is the number you got to hit it if you're going to be able to actually afford to run this business. Now that doesn't necessarily always take into account maybe like, well, now we'll start taking into account obviously like my virtual assistant who is more on a permanent part time basis and then also some of the other folks that I that helped me in my business. But I kind of know like, I know what I'm going to range in paying my book, my bookkeeper. I know every month when I'm paying my bookkeeper and even when I'm paying my cpa. Like I know all those numbers because I didn't know them just magically like I watched them happen in my business. But then I sat down and tracked them one year and it was great. And so that's helped a lot. And then understanding that's what my business needs to run on. But with profit first, it's like pulling out your taxes and putting it into a special account. Pulling out your profit from your monthly revenue and putting in a special account, like just doing that, everything shifts and changes. You start to look at money different. I can't really explain it. Maybe I should be able to Explain it better than I am. I feel like I'm fumbling here, but, like, I can't really explain, like, how everything changes. Like, there was more money in my business just by changing how I looked at it. Like, I didn't necessarily make any more money in 2019 than I had in 2018, but it looked different. And I know it's what helped me survive 2020 and actually come out ahead versus being in the red, which a lot of businesses went through in 20 with COVID So anyways, I just. Yes, know your numbers friends. You got to know this stuff. Now, if you've been in business, you know, for five years, 10 years, 15 years, you're probably like, yep, yeah, of course, Stacy. Maybe for those of you who are in business the first couple of years, you're like, okay, good advice. I need to be doing this. But just know your numbers and have the right professional resources around you to know your numbers really well. Obviously, as your business grows and it gets bigger and you bring on more people, maybe you have people in your team, on your team who are doing that for you. But as a business owner, that is your responsibility to know your numbers, and that is looking at what it takes to run the business, projections of what you're going to do from a revenue perspective.
Co-host or Guest Speaker
All very important.
Stacy Brown Randall
So, okay, here's the thing. So I started this episode thinking that I was going to get through all seven ways I overcame a business failure and give you my comments on those as well. I really thought that that was going to happen. Like, I was like, yeah, we're going to go through all seven in one episode. And here we are coming up on like 25 minutes and I've only gotten through three. I'm not making this an hour long episode. So we're going to cut this in two and I'm going to be back next week and I'm going to talk to you about the other additional ways that I overcame a business failure, number 4, 5, 6, and 7. So we will do those next week. So you're going to have to come back and listen to my commentary on what I think about what I said five years ago when it comes to. Or was that more than five years ago of what I was talking about with how I overcame a business failure. So of course, we've mentioned a lot of resources. We've mentioned other episodes you can go listen to. We've mentioned other resources you can download. So all of that will be listed in the Show Notes page for this episode, which can be found@stacybrownrandall.com 335 that's 335 and Stacy has an E. So go to the resource page. 335 go to that page for the show notes for this and you'll be able to find all the links to the previous episodes we were talking about and of course, the resources you can download. All right. Like I said, we're back with another great episode next week, and you already know what it's going to be and we can't wait to get back. I can't wait to continue this. So until then, you know what to do, my friend. Take control of your referrals and build a referable business. Bye for now.
Roadmap to Referrals: Episode #335 – Now and Then
Host: Stacey Brown Randall
Release Date: November 12, 2024
Duration: Approximately 30 minutes
Podcast Description:
"Roadmap to Referrals" is dedicated to helping professionals grow their businesses through natural and consistent referrals, without resorting to manipulation, incentives, or direct asking. Hosted by Stacey Brown Randall, the podcast offers practical strategies for experts across various fields to build a referable business while maintaining their professional integrity.
In Episode #335, titled "Now and Then," Stacey Brown Randall takes a reflective journey through the evolution of her podcast and business. Celebrating over eleven years of experience, she revisits the very first episode of "Roadmap to Referrals," comparing the advice and strategies she offered then with her current insights. This episode serves as both a nostalgic look back and a testament to her growth and the enduring principles that have sustained her success.
Stacey opens the episode by announcing a departure from her usual format. Instead of delivering a new topic, she decides to revisit the foundational ideas from her first episode to illustrate how her business strategies have matured over time.
Notable Quote:
"We're going to do something a little bit different with this episode."
[00:01]
Background Context:
Key Points Revisiting:
Original Insight: Stacey emphasized the importance of maintaining a resilient mindset, shielding oneself from negative external opinions, and focusing on personal "why."
Notable Quote:
"I listened a little too much to what others thought about my business... I bought in hook, line and sinker."
[07:34]
Present-Day Reflection: Stacey confirms that the focus on mindset remains unchanged but has intensified over the years. She now incorporates a broader range of resources, including diverse literature that delves deeper into the psychology of success and personal growth.
Updated Insights:
Notable Quote:
"Nothing's really changed. I talk about reading books, I talk about understanding my why..."
[10:40]
Original Insight: Stacey discussed creating a structured sales plan with specific activities and a dashboard to track progress, emphasizing accountability and focused effort.
Notable Quote:
"What gets measured gets managed."
[15:19]
Present-Day Reflection: She acknowledges the effectiveness of her initial sales plan and describes its evolution. Stacey now categorizes her sales strategy into lead generation, nurturing, and conversion, moving away from traditional one-on-one networking towards a more streamlined, referral-centric approach.
Updated Insights:
Notable Quote:
"I rarely do one on one networking. I don't actually go to networking events anymore."
[20:19]
Original Insight: Understanding and projecting business finances is crucial. Stacey highlighted the necessity of tracking not just revenue and expenses but also forecasting future financial needs.
Notable Quote:
"You have to know your numbers. You can't just guess and you can't just assume."
[25:05]
Present-Day Reflection: Stacey shares her adoption of the "Profit First" methodology by Mike Michalowicz, which revolutionized her financial management by prioritizing profit allocation before expenses. This shift has provided her business with greater financial stability and clarity.
Updated Insights:
Notable Quote:
"Once I put profit first in the business, it really did shift everything about how I managed my money."
[27:53]
Throughout the episode, Stacey references several resources to aid listeners in implementing the discussed strategies:
Books for Mindset:
Financial Management:
Sales Planning Tools:
Notable Quote:
"How’s your mindset? When things get tough, how do you protect it?"
[09:46]
Stacey adds a personal touch by sharing updates about her family and life, such as mentioning her Maltese dog. These anecdotes humanize her journey and reinforce the importance of balancing personal life with business growth.
Notable Quote:
"We have like an almost 6 year old. She's still a puppy to me because she's like a little Maltese."
[20:19]
As the episode progresses, Stacey realizes that covering all seven strategies within a single episode would extend the duration beyond her desired limit. Consequently, she decides to split the content into two parts, with the remaining four strategies to be discussed in the next episode.
Next Steps:
Notable Quote:
"We're going to cut this in two and I am going to be back next week and I'm going to talk to you about the other additional ways that I overcame a business failure."
[30:22]
Episode #335 of "Roadmap to Referrals" offers a valuable introspection into Stacey Brown Randall's entrepreneurial journey. By juxtaposing her initial strategies with her evolved practices, she provides listeners with a clear roadmap of sustainable business growth through natural referrals. This reflective approach not only underscores the timelessness of foundational business principles but also highlights the importance of adaptability and continuous learning in achieving long-term success.
Listeners are encouraged to revisit early episodes, leverage the shared resources, and stay tuned for the continuation of the "Now and Then" series to fully grasp the comprehensive strategies that have propelled Stacey's business forward.
Resources Mentioned:
For more insights and to access all resources mentioned, visit stacybrownrandall.com and navigate to Episode #335's show notes.