Gold Nuggets
- “A business model is nothing but how an organization creates, captures, and delivers value. How they join together these different pieces in a business is the business model.”
- “Most entrepreneurs, what happens is they think there is a gap in the market, but they never look whether there is a market in that gap.”
- “Do business testing. Do a sample business testing to see if your assumptions are correct or not. And then, decide a business model based on that.”
- “90% of startups fail. Why? It’s because it’s all assumptions.”
- “A business coach should be looking at three things: giving the entrepreneur a third-party perspective, an accountability partner, and analyse the patterns within the organisation.”
- This is a podcast. Nobody can see Steve’s hand movements, but maybe listeners can hear the air moving to help them visualise it.
- “You have a natural HR inside you.”
- “If you have one business model and one revenue model, it can get outdated due to technology at any time. You need to keep innovating newer revenue models to have your business sustain.”
- “Think of the revenue model side. Technology is giving immense potential for you to have different revenue models.
- “Only those who will risk going too far can possibly find out how far they can go.” – T.S. Elliott
Meet Joseph Sudhip
Our guest is business coach, Joseph Sudhip.
Joseph was born and raised in India. With hard work and education as an emphasis for getting ahead, Joseph went on to pursue a Bachelor in Commerce and Law, an MBA in International Business, become a Certified Management Accountant, and got certified as a Registered Corporate Coach.
With extensive experience working in various industries with business owners and CEOs, Joseph decided to become a business coach, helping businesses grow and provide value as they succeed.
Smart Man, Smarter Woman References
We talk about a lot in each episode; however, we don’t want you to miss a thing! Here are some key items were mentioned if you want to take a closer look.
Website Recommendations:
www.thebusinessmodelcoach.com
Book Recommendation:
The Dream Giver by Bruce Wilkinson
Stay Connected:
Facebook: https://web.facebook.com/groups/joethebusinessmodelcoach
LinkedIn: https://www.linkedin.com/in/joseph-sudhip-business-coach
Learn more about our Cloud Accounting Services here
Transcript
Steve Loates (00:00):
Welcome everyone to another episode of the podcast, Smart Man, Smarter Woman, a podcast for entrepreneurs by entrepreneurs. And thank you again for giving us a listen today. I am Steve Loates.
Juliet Aurora (00:14):
And I am Juliet Aurora.
Steve Loates (00:16):
And we are your co-hosts. And before we get to today’s special guests, let’s hear from my wonderful co-host herself. That’s smarter woman. How are you doing today? Juliet
Juliet Aurora (00:28):
I’m well, thank you, Steve, for asking. I’m actually going through one of those roller coaster rides of being a business owner and an entrepreneur. So I’m really looking forward to our guests in our conversation today, because I’m hoping that I’m going to get this great insight as we are scaling our business, and in the process of scaling our business of what our guests is going to be able to share with us, because that’s one of our specialties. So I’m looking forward to all the insight that we’re going to receive in today’s conversation. So I’ll turn it back to you so that we can get going.
Steve Loates (01:04):
Absolutely. Well, yes, I am also looking very forward to today’s conversation with our special guests all the way from India. And this is the first time we have had a guest who has been located in India when we’ve been recording. So this is awesome. So Joseph Sudhip, thank you very much for joining us and welcome to the podcast.
Joseph Sudhip (01:26):
My pleasure, Steve and Juliet. Thanks a lot for having me in today.
Steve Loates (01:30):
Our pleasure Joseph. And so as we usually do, why don’t we get started by perhaps if you could share a little bit about yourself, what you do, who you help, how you help them and sort of how you got to where you are today.
Joseph Sudhip (01:46):
All right, so let’s get going. So I’m a business coach with the niche in business model designing. So I know it might be a little bit on a 30,000 feet, so I’m slowly get down to the get down. So before that, let me give a little bit of background of myself. So I always have professionally an accountant. I’ve done my CMA and an MBA, and I have 18 years of industry experience as a financial controller, director of finance, and CFO and those kinds of roles. And when I hit my forties, everyone have this forties syndrome to keep going, counting numbers or do something different. So I was looking at what else I could do other than the numbers and give back a little bit more, because I have an amazing exposure share from my age 26, to work with a billion dollar company and to be a financial controller of one of the unit and have this international exposure flying around in global places.
Joseph Sudhip (02:53):
So that was a really good exposure when you get to know, really, start off your careers. And then I really pitched up to forties when I really got what I need to be in accounting. So I thought what else I could do. So that was when I was looking at what other opportunities I would be having. And I came up to this business coaching. Because all these years, when you work as a CFO or financial controller, you basically work with the CEOs. So for 18 years, I was working with CEOs of different levels, different countries, different cultures and all those. I got a real hang of working with them. So I thought I would help them strategically aligned on a scale up their businesses. And I really focus on small and medium enterprises because that is where really the help is required, because for the biggies, you have this big course and big time consultants who are welcoming to guide them, but in SME segment there a lot of vacuum.
Joseph Sudhip (03:55):
So I’ve been into this space and I’ve been playing around in almost three years in business coaching. And you need to find your niche, right? Because this is coaching. It’s like a [inaudible 00:04:07], you can have from leadership to each specifics. So I was thinking, where could I land myself in my niche? And I saw a huge gap in SMEs in business model designing. Because all those are highly passionate entrepreneurs who have started with their own technical skills, but the retail level and beyond that, they’re kind of stuck how to take it to the next level. That’s a huge gap in SME segment, even if you look at globally. So that’s where I thought that where I should be giving back a lot. And that is where I come up with this business model designing, where I use around 14 different business canvases to really design a business model for them to scale up to the next level. So I think this is good for an intro.
Steve Loates (04:57):
Very good. Yeah, that was a lot of information. Anyone who listens to our show knows that we are huge believers in business coaches. We believe every business should have a business coach. We have had, and worked with business coaches for probably the last 10 or 11 years now. But I have to admit you are the first business coach I’ve met. Certainly the first one on the show who talks about designing the business model. Can you talk a little bit more about that? What do you mean by designing a business model?
Joseph Sudhip (05:37):
Okay. So before I touch upon the word designing, let me explain what the business model is like, what is a business model? So business model is nothing, but how an organization creates, captures and delivers value. So creation, capturing, and delivery of value. It’s three different pieces. And how we join these different pieces in the business is basically a business model. And now that needs to be designed, because people know how to create, but maybe they don’t know how to deliver, or they don’t know how to capture it even after delivering it. So this is where SMEs lack, because they don’t know the full piece, the 360 degree, well, how to do these things, three, in a very systematic, very professional way. So that is where I come to the design part. So how do I design a business model? So when you look at a business model, let’s drill a business into three different parts. So one is, what is your value proposition? Because every client or customer of yours is basically hiring your product or services for a specific purpose.
Joseph Sudhip (07:07):
And that is what you mean by a value proposition. So what exactly is your value proposition and how do you package your value proposition? Is it as a product? Is it as a service? Is it as a platform? So that is one part of it. And next comes once your why proposition, it comes to the experience side, who is it going to experience? Who is your customer segment? How does this customer segment know that you exist? So which means your communication part of it. What are the channels through which you are communicating and how are you going to manage your customer relationship and this how you get, keep and grow your customers. And then your pricing, what is your revenue streams? What are your revenue streams and what is the pricing models in each revenue streams? So all these come on the experience side. Experienced side in the sense, and a customer experiencing your value proposition.
Joseph Sudhip (08:11):
And I called multipliers these six canvases, because when you touch upon each of these six canvases, what happens is you are creating a way to increase your revenue. So you’re multiplying your revenue when you touch upon these six canvases. So I talked about the first piece, which is the value proposition, and then the experience side. Now there’s a third piece, which is called configuration because you need to configure your product or services in such a way that value proposition is included. Andiit could be experienced by your customer segment. And so what are of the six aspects in the configuration side, you need to have your key partners, or your key suppliers. You need to know who they are. How do you build a relationship with them. What are the key activities to run the show? Who are your key resources to run this? What are your key assets? What is your cost structure and what is investment?
Joseph Sudhip (09:19):
So this is how you see your business on a 360 degree point of view. And no one sees like this, they miss one or two. And that is where they see a vacuum or they’re unable to roll it perfectly. And this is how I design or help design my clients a business model. Because it does support any investor, it doesn’t matter whether it’s a service or whether it is a product, all these 14 canvases structure support every industry on a 360 degree point of view.
Juliet Aurora (09:55):
Wow. There’s a lot of information in there. Okay. So, hopefully our audience was not driving as they’re listening to this podcast, or running, but are actually sitting somewhere that they can take some notes. So you’re going to have to go back, and slow it down a little bit. So can you tell us in your experience with your clients, is there a pattern that you see where there’s always, or most frequently is the biggest gap? Out of all the areas that you talked about, do you see a pattern, maybe it’s a product, a business, and they have a pattern versus a service business, but what is probably the most common gaps that you see most businesses have?
Joseph Sudhip (10:38):
Yeah, it’s a very interesting question. And the pattern is always biased on one side because they are damn good in configuring these things. The configuration, they are excellent. Because all these entrepreneurs would be from the technical background or they’re passionate or something. So they do this part really well. What these guys really lack is on the experience side, they’re not sure about the real customer segment. They don’t know how to communicate their value proposition. They don’t manage their customer relationship well. They don’t fully utilize the potential of the business to see what are the revenue streams possible in their business? They look at one revenue stream and they think that’s it, that’s end of the story. It is not. With the technology and with all the things happening, they can have any number of [inaudible 00:11:32] ways to decide their revenue streams. And they’re lacking it very badly.
Juliet Aurora (11:37):
Interesting. Interesting hat that is so consistent. And I guess it makes sense because as you said, so many entrepreneurs enter into the entrepreneurial space because they’re good at something, or they have an interest in something. And that’s the technical side of the work and sort of just expand their business by default. As they grow, they take on more customers, but aren’t intentional about the customer experience. So do you find that as you work with businesses, and so for example, we’re looking to be scaling, that’s our goal for 2021 is to scale, do you find that as a business, so they’ve worked out the create, the capture, the deliver, they’re kind of, I guess, not perfected because you never perfected, but they fine tuned the three different categories. If they are looking to scale, do you find that they have team challenges? Do you help with them being able to transfer their knowledge as tech technician so that they replaced themselves? Is that a challenge that you see very often?
Joseph Sudhip (12:47):
Yeah. So a one must to have an idea about how their business model is going to be, and then interpersonal handholding them, how to execute this to perfection. That is where my 18 years of experience comes in. Because when you are responsible for the figures of the company, you don’t do just general entries, but you need to really understand the business and then be responsible for each department. So that is where the other side of it, that comes to me as evaluation, because I really understand the business well, and I can help them and handhold them, how to execute the design, the business model to perfection, or to the goal towards perfection.
Juliet Aurora (13:31):
Okay. And do you find that as you’re designing this business model, I’m assuming that it’s a collaborative effort with the business owner themselves. Do you find that there are starts and stops or does it tend to follow this kind of linear path as you’re going through this process?
Joseph Sudhip (13:38):
And this is, again, another interesting question, which again, becomes upon on the same pattern with organizations because this CEO or whoever is, would need to take action. She is in a firefighting mode. So when they are in a firefighting mode, what happens is they need to do many things, but they are operationally too much involved. And so after a certain point of time, they don’t… Because you need to dedicate some time. It’s not like one guy, business coac, coming in and tell you, do this, do that. It needs to be really executed. So the question is how we could stop the current firefighting and then make him available for new thought process and new designs. So, that is always a challenge.
Juliet Aurora (14:42):
Perfect. And I am going to, just because I am who I am, going to say, he or she as the CEO and him, or her as the technician or CEO as well.
Joseph Sudhip (14:55):
I fully agree. But it’s just that, wherever it flows, it flows. Right. [crosstalk 00:15:01] .
Juliet Aurora (15:01):
And that’s why [crosstalk 00:15:02] models. There’s a lot of entrepreneurs in our audience, myself included who are a female leaders. And so I want to make sure we include them as well.
Steve Loates (15:11):
And that’s why this show is called Smart Man, Smarter Woman. That there’s a reason for the name of it.
Juliet Aurora (15:18):
Absolutely.
Steve Loates (15:19):
That’s really great information. I guess if an entrepreneur or an entrepreneur want to be, came to you for advice, they’re thinking of starting a business, not really sure of first steps other than they know I’m passionate about this, this is what I want to do. What kind of advice would you give them sort of as a foundation to, I guess, improve their chances of being successful in their journey?
Joseph Sudhip (15:55):
Sure. So if they have not started the business, that’s a light time to have a chat, because I’ve seen a lot investing and losing it. So the first thing, what I would tell them is what is the value proposition? Have you really thought about what is the value proposition you are giving to your customer segment? Because most of the entrepreneurs, what happens is they think that there is a gap in the market, but they never look whether there is a market in that gap.
Juliet Aurora (16:28):
Very true. Yep.
Joseph Sudhip (16:29):
So there are some pieces they are going to take on the world with this gap, but they’re never business tested. It’s all about assumptions, right? They assume, they assume, they assume. And only after they’re putting their hard earned money, they finally understand that there is no market for that. So what are the assumptions on your value proposition? Do a business testing. Do a sample business testing and see whether your assumptions are correct or wrong. And then design a business model based on that. Because I mean, even when you know that 90% of the startups fail. Why? It’s because it’s all assumptions. It needs to be market tested. It needs to see what is the value proposition, and then comes a business model, which you design around it.
Juliet Aurora (17:28):
Very good advice. Absolutely. And I’m going to say, 90%, I don’t think we did any of that. When we started, it was, “Okay. I think I need to do this, and okay, let’s do it.”
Steve Loates (17:40):
Yeah. I know [crosstalk 00:17:41]. Yeah. I think we’d been in business a few years before we sat down and actually started to develop. Okay. So what’s our strategy to get from here to here when you suddenly realize you’re just not going any further, you keep running up against the walls. So, that really is great advice. And as you said, if you can get that entrepreneur at the beginning, you may save them, not only a lot of money, but a lot of time and grief by wasting energy. And it really is such a simple thing, but actually test your idea. Are there some people out there who will actually pay for this product or service, not just because you think they will. And it is amazing how many entrepreneurs we meet, and say, as Juliet mentioned, we were certainly guilty of that ourselves. So I guess we can’t point the finger anywhere else, but in the mirror when we’re looking there that that was absolutely us and could have saved us a lot of money and a lot of grief.
Juliet Aurora (19:02):
Well, I think more than anything else, it’s being intentional and not just jumping in with two feet, but actually thinking about what it is that you want to build. And obviously we’ve learned this over the last 10 or 11 years, but didn’t. We’ve been in business for 20 years, didn’t have any kind of strategy or intention for probably the first 10 years. And I think that’s probably the biggest lesson that we got out of our coach was being intentional.
Joseph Sudhip (19:32):
Yeah. Nice. Very nice.
Steve Loates (19:35):
Yeah. And that’s why everyone should have a coach. Right? You need that-
Juliet Aurora (19:40):
And… Sorry, go ahead, Steve.
Steve Loates (19:41):
I just going to say, you need that outside objective perspective because one of the biggest challenges for an entrepreneur when they’re in it, trying to just keep it going, trying to survive, just running from place to place. It’s very difficult to step back and objectively look at what you’re doing and what you’re not doing, which is where I think is the tremendous value of a good coach.
Juliet Aurora (20:14):
Definitely
Joseph Sudhip (20:15):
For me to add on this perspective, I mean, any coach should be looking at three things. One is giving the entrepreneur at third party perspective, which you rightly told now. Because they are in love with their product and that always in the same thing, being better. So as someone, it doesn’t need to be like a glorified name or coach, but he need to have someone to give that third party perspective. Second is he needs an accountability partner, because when you run the show, he’s not accountable to anyone. So he just keeps running the show, firefighting and world. So he needs an accountability partner. That is where the quote comes in.
Joseph Sudhip (21:00):
And third is which I specifically do. I don’t see much coaches doing it, analyze the pattern within the organization, because from the start they knowingly or unknowingly would be following a pattern, because you’re 10 years or 20 years in the business, right? You will be having a pattern which might be good for your organization or might not be good for your organization. And you for sure cannot see that because it’s a pattern, right? It’s only at that person who comes in and see. Why? Because this [inaudible 00:21:36] pattern which they see. And are you aware of this? Do you really know that it is good for your business? So these are the three areas which I really focus on when I help businesses.
Steve Loates (21:48):
Now that’s terrific. Those are three very, very critical points. And I think also you talk a little bit about pattern that sometimes it’s also the pattern got you to here, but unless you change that pattern, it will never get you over here. And as you said, you become entrenched in it because for most entrepreneurs also their business is so personal, right? It’s like one of their children. So it becomes very, very difficult to view that child objective, particularly because you’ve had a large part in creating it. And then to admit to yourself, Okay, I haven’t created a perfect child. And if I want this child to continue to grow, I need to nurture it, help it change some things. So it can maybe develop a new pattern. So I think that was tremendous advice. Thank you for that.
Juliet Aurora (22:55):
And just as the complete total side note, Steve, you do know that this is a podcast, right? So as you’re doing all the hand gestures of from here to there, nobody can really see it. They can just hear it.
Steve Loates (23:12):
Yeah. I appreciate that, Juliet. I’m trying to help them visualize to know that. And I feel if I move, it’s helping them to… Maybe they can hear the air moving as I move. I don’t know. But thank you, that was a very good observation. I spend speaking with my hands for as long as I remember. I don’t think it’s going to change now. That was great. I’d also like to touch a little bit, Joseph, you have a podcast. Tell us a little bit about your, and who’s your audience and what are you trying to accomplish with it?
Joseph Sudhip (23:50):
All right. So my podcast name is Business in 90 Seconds. So my intention of starting this podcast was… Maybe I should… Okay, two intentions. So one was make it as clear as possible. So that in 90 seconds, I need to convey message, which should go really into heart of the people, because people doesn’t have time for it. So 90 seconds, one concept, boom, end of the story. Now second is, and it’s all relating to business, either on the leadership side or management side, I don’t specifically say try to sell that business model design in that, but it’s all on general areas. The second is, I started it on my 43rd birthday, so it was kind of a resolution towards myself to do something new, and to do a podcast every week or every once a week. So now I’m on my 27th episode.
Joseph Sudhip (24:53):
So because it’s again challenging myself, because many times I had thought to leave that out, but I [inaudible 00:25:04], this is my resolution, I need to get this going. So it helps me in many other aspects too, to get things going for myself. So even I would advise everyone to start something like this, not a podcast or something, on a weekly basis, which you have not done at all, because I would never been in front of a camera or anything of that sort. So when I look for my first episode to 27th episode, I can see the kind of the change and kind of improvement. So it just says self thought of, but you know [inaudible 00:25:36] inside this.
Juliet Aurora (25:38):
So is your podcast 90 seconds?
Joseph Sudhip (25:41):
Yeah. I try to give between 90 to 120 seconds maximum.
Juliet Aurora (25:46):
Steve, that would give nothing to talk about 90 seconds.
Steve Loates (25:49):
I wouldn’t even be done my introduction. I don’t know how you do that. But then that’s great right there. I mean, that’s what people like today. I mean, whether we like it or not, they like those little soundbites, but those nuggets of great information that I can just grab quickly and then move on to the next thing. So I think Joseph, you may be on to something there that may be a winning formula you have going. And I congratulate you on stepping out of your comfort zone, as you say, and sticking with it. Because it is difficult for all human beings to step out of their comfort zone. But as they say, right, the only way we grow is when we step outside of our comfort zone. So again, congratulations. That’s fantastic.
Steve Loates (26:46):
I’d like to come back a little bit too, and talk maybe a little bit about when you made the decision to leave the corporate world and start out on your own. That’s a big decision, right? I mean, that’s very, very different from the corporate world. Is there anything you wish you had known then when you made that decision that you know now?
Joseph Sudhip (27:19):
Very interesting question. In a way, to start with, when you leave the corporate world, you exactly know what to do because you have 18 years of experience with you. And now you are again, stepping out of your comfort zone. And I did this for two reasons. One is I wanted flexibility in my life because I wanted to take care of my aged parents. So I wanted to keep flying between Canada and India. So that was one reason. Plus I wanted to give back because I had a tremendous exposure of 18 years, which I don’t think in forties, anyone else would have had. So there were two aspects to it. And then when you move out of that comfort zone, what you would gather is whatever you see in YouTube or anything about business coaching and all those.
Joseph Sudhip (28:09):
So you think, okay, this is what it is, right? And then you gradually step into that. And then you see the reality. So when you come to the reality, there are a lot of business coaches in this world and everyone is a business coach. And with, whatever, 15 years of experience, they call themselves a business coach. So it’s a different world all together. So you need to find your unique niche. That was our first learning, which I understood, because you need to find your place. Everyone has his place in this market, but you need to find your space. For that, you need so much of reflection on you, as of what is that you are good at? So I had to really look at my reflection of 18 years.
Joseph Sudhip (28:54):
I remember one of the sentences from my super boss in one of my companies, that you are a natural HR, because in one organization, they gave me a responsibility of the director of finance and human resources even though I was a finance guy. And I was able to do something good. I don’t know what I did, but they were really… It was really difficult for them to manage that show, and it came natural to me. So I remember, he’d telling, “You have a natural HR inside you.” So I had to reflect even like 10 or 12 years back, to find out what are the good points inside me to become a good coach? And then I figured out I was really jelling well with CEOs or who runs the business because all these years I was working closely with them. So that plus the natural HR element in me, plus this 18 years of experience of running the businesses along with the CEOs, with all these I was able to find my niche wherein helping SMEs, helping CEOs, or entrepreneurs on business modern designing.
Joseph Sudhip (30:11):
So it was a journey. It was not an easy task to come up to where I am now. And I’m not a guy who just settles down somewhere because I always want to get out of my comfort zone again and again, basically to see how else I could give value to my clients. So now I’m focusing on, from business model designing, a little bit more deep into revenue model designing. Because in the entire business model where the real catch is on the revenue models. So how can I help entrepreneurs innovate new business models? Because the technology is changing very rapidly, and there’s huge opportunity in revenue model designing in every aspect. But entrepreneurs then say are in their own well, they are not able to see that bigger picture.
Joseph Sudhip (31:05):
But when I am like free bird, I keep learning, keep understanding what is happening outside. I can really help them once I understand their business, what are the revenue models you can add? How can you add more revenue streams in your existing business? And that is where the valuation comes in for a business, right? If you have one business model, or one revenue model, and that is the only model, it can get outdated due to technology any time. So you need to keep innovating newer, newer revenue models to have your business sustain. Plus you need to be upfront in your valuation game. So this is where my focus is on currently.
Steve Loates (31:44):
That’s great advice that that is a mistake again, that we see far too often where a lot of businesses are stuck with one revenue model. That’s the way we’ve always done it. So that’s the way we’re going to keep doing it and to heck with the rest of the world, here’s what we’re going to do. And you’re absolutely right. I mean, there’s some great examples, Blockbuster Video and Kodak, and there’s quite a few very famous examples, who didn’t adjust themselves. That brings us to that part of the show. One of our favorite parts of the show, at least my favorite part of the show, anyway. And that is the Smart Man, Smarter Woman version of James Lipton’s Actors Studio, where we ask every one of our guests, six questions, the same six questions to every guest. And if you are ready, Joseph, we would like to begin.
Joseph Sudhip (32:46):
That’s fine. Perfect.
Steve Loates (32:49):
What one word best defines an entrepreneur?
Joseph Sudhip (32:55):
Flexibility.
Steve Loates (32:56):
What profession, other than your own, would you like to attempt?
Joseph Sudhip (33:02):
[inaudible 00:33:0$].Steve Loates (33:05):
What profession would you like never to attempt?
Joseph Sudhip (33:11):
Operations.
Steve Loates (33:16):
What sound or noise do you love?
Joseph Sudhip (33:21):
Humming of birds.
Steve Loates (33:22):
What book would you recommend every entrepreneur should read?
Joseph Sudhip (33:29):
The Big Dreamer.
Steve Loates (33:31):
Okay. When your own entrepreneurial journey is completed, what do you hope your legacy is?
Joseph Sudhip (33:41):
To have a signature of my own of giving back to the society?
Steve Loates (33:47):
Excellent. And for those in our audience that would like to connect with you, Joseph, what is the easiest way for them to do that?
Joseph Sudhip (33:56):
Yeah, you can have my LinkedIn. You can visit my LinkedIn wherein all my episodes of a Business in 90 Seconds are there, because it’s the short ones, I have my website called thebusinessmodelcoach.com and if you want to have an email meet is Joseph@smartnumbers.ca just to remember my number [inaudible 00:34:21].
Steve Loates (34:24):
Perfect. And we will make sure that all of the contact information is in the show notes so people can see it there. And the correct spelling of Joseph’s name, if you want to connect with him on LinkedIn, Joseph J-O-S-E-P-H. And the last name Sudhip, S-U-D, as in Donald H-I-P. Joseph, do you have any final thoughts for our audience as we conclude this episode?
Joseph Sudhip (34:56):
Yeah, I’m really fascinated on, because I know that I know hard work, which every enterprenuer puts in to build their business. What my advice to everyone is, think of the revenue model side, revenue model canvas, because technology is giving immense potential for you to have different revenue models. I can give you one example just to share you how important it is. I had a client of mine who was into this, a health supplement, the manufacturing company, and he was a small SME player. And he was not able to, that he didn’t have that muscle gas, muscle power to do that much kind of advertisements to kind of match up with these bigger players in this market. But this is when we had this brainstorming session. And I can tell you an example of how he was able to come up, because all the time he was thinking was, okay, he have a product, he had a product and he needed to sell the product. He needed to sell this health supplement product.
Joseph Sudhip (36:04):
So we had a couple of brainstorming sessions and told him, “Okay, you have a product. You always thinking of product selling. Now let’s come out of this well, and look at concept selling. Let’s see your business as a concept.” So how do you build that concept? Now he has this health supplement company. And with this pandemic, these health supplements and immunity, boosters are in huge demand. And people keep giving gifts, right? And when they give gifts, they give sugar or cakes and chocolates and all those, which is again, white poison. So instead of gifting white poison, why not you gift these immunity boosters? Why don’t you gift this health supplements? So instead of product selling, we started looking at concept selling. And that is where you can look at the site where [inaudible 00:36:59].com.
Joseph Sudhip (37:01):
Where you gift your employees, then employer can gift their employees these health supplement, but you can gift your friends, you can gift your parents. So this is where you can innovatively bring in, at least the revenue models with the concept selling products selling. I was just giving you an example because there is a possibility for bringing in additional revenue model. It just that you need to brainstorm. So find the right person to have this brainstorm and brainstorm. And there is a possibility. That is my only to you on this.
Steve Loates (37:37):
Excellent advice. And what about you, Juliet? Do you have any final words before we close down the episode?
Juliet Aurora (37:45):
I guess the only thing I’d like to say is there’s been a ton of advice that we’ve talked about and new ideas that we’ve talked about. And one of the things that we said early on in the episode was to have this conversation when you start or before you start your business, and I just want to reinforce for those of you that are further along in your journey, you can absolutely still make a pivot. As I said, we were in business for 10 years before we started being intentional about it. So never think that it’s too late, that you can’t change something or start something new. There are, what is the saying, that yesterday was probably the best time to do it, but today is the second best time to do it. So don’t feel like you… And I probably massacred that quote completely.
Steve Loates (38:30):
No. It was pretty.
Juliet Aurora (38:34):
But don’t feel like it’s too late and that you can’t change your business.
Steve Loates (38:38):
Okay. Thank you, Juliet. That was great. And for this episodes, words of wisdom, “Only those who will risk going too far can possibly find out how far they can go.” T.S. Eliot.
Juliet Aurora (38:56):
Excellent.
Steve Loates (38:57):
So thank you to our guests, Joseph, fantastic. Lots of great information for our audience. So thank you. Thank you to my awesome cohost Juliet. Can’t do this without you, but most importantly, thank you to you, our audience, again, for tuning in and giving us a listen. We hope you found some value, and if you did, we’d love it if you subscribed, we are in all of the regular places, iTunes, Spotify, or you can go to the website, smartmansmarterwoman.com. So thank you. Until next time, take good care of yourself and those that you love. Bye for now.
Song by Adam Vitovsky / CC BY 3.0
