Starting the conversation…
How do we reduce the cost of customer acquisition over time?
Host: Jess Dewell
CO-host: Jeffry Caudle
What You Will Hear:
Your business should be 100% more profitable.
Growth is more than 20% by adding technology.
Software is a big deal – every business is a technology business.
THE reason to adopt technology.
Get more people centric by automating tasks.
Put context around all you do.
Your business is about who you serve.
Create your opportunity.
Don’t keep switching technology, use more of what you have.
You are starting in the middle of everything already happening – you must think about the future and today.
The mission is what you want to do.
Make big goals, and then make them even bigger.
All problems come down to preparation and prioritization.
There are two traps of ego and control that prevent your business from growing.
Reflection: How well have you predicted your customer’s behavior to date?
Make processes to ensure you make fewer decisions.
Choose the right data to collect for your business.
It is BOLD to think about how to adapt your business for 100 years?
Notable and Quotable:
Jeffry Caudle 3:18
Technology is what produces efficiencyI. It’s what produces the growth that we need. Administrative technology can actually make you 17% more efficient. And then if you include a CRM that’s 32%.
Jeffry Caudle 3:47
When you look at businesses, and you look at small businesses, all of them within the last 20 years, they’ve all used technology early on. They’ve all used it to grow.
Jeffry Caudle 4:10
And I keep finding this number come up, 80% of your results come from 20% of your efforts. You can only reach maximum efficiency at 20%. When you look at the original research that went into it, they were studying pea pods. People are not pea pods. Even with pea pods, if you look at the growth within the last hundred years , it’s gone up 500% in the yields, and that’s from technology.
Jess Dewell 5:17
Every business is a technology business.
Jess Dewell 6:05
When we embrace technology, we can do more than we could just do without it. And when we ensure that we are using technology to create the inner workings of our business, it allows us to be much more adaptable, because technology is a little easier to change than our habits.
Unknown Speaker 6:33
When you’re moving from transparency to technology, you’re creating an organization that runs itself, essentially. As your organization grows, your problems scale with you. And so, when we think about technology, it isn’t just efficiency, it’s also precision, coordination, communication, and trust.
Jeffry Caudle 8:28
When you’re looking at technology, you’re looking at a business and you’re looking at everything. When you look at that 80 20, what you’re saying is the Pareto Distribution, When technology is not involved, that’s as efficient as you can get. As soon as you introduce technology, that’s an area for improvement. So if 80% of your best results are coming from 20% of your efforts, you can implement some kind of technology there to improve your efficiency. And you can do it like right now, if you wanted to. You can at least get 17% just by implementing any technology,. You can improve your time by at least 32 hours per the month. And that’s per person as you implement technology. And that’s just administrative software.
Jeffry Caudle 11:22
Technology is about getting away from the things that a machine can do, and doing what only people can do, which is build relationships.
Jess Dewell 11:49
A.I. and automation have this ability to free up. And so we have to face our fears about technology and that technology is taking over our job, and embrace it so that we can do more of what we want. So that we have the space to think about where we’re going. We have more than we can go out and evaluate in terms of opportunity. What opportunity do we have, and does it align with our plan? Because it’s already hard to think about business planning, it’s really hard to think about growth strategy, when we’re in that day to day.
Jess Dewell 13:00
There are over 500 companies in the US alone that are over 100 years old. And they’re in the same industry. They haven’t changed industry, but they’ve adapted over time.
Jess Dewell 13:17
These businesses that are between one and 10 people have the ultimate possibility to not only get past survival and into some place of growth on a regular basis that sustainable, but also to thrive, because we can embrace technology. And then we have more space to actually do some thinking about: So what does this look like? How is the market changing? Where do we want to be? What are our customers needs? And can we start anticipating?
Jeffry Caudle 13:53
How can you be a leader in your business if you don’t know where you’re going?
Jeffry Caudle 14:03
How do you know if this is the right decision, if you don’t know where you want to be in 10 years and 20 years and all the way to 100 years. The biggest thing is you want your business to outlast you. And you want to build something that puts people first.
Jeffry Caudle 14:46
You get people to join your organization as you tell them where you’re going to go. That’s not about you, that’s about your organization. And that’s why I think it’s important to say 100 years, it’s because you’re trying to build an organization that isn’t about you. It’s about the people involved in the people that you’re serving.
Jeffry Caudle 15:09
When you look at your competitors, and you look at the things they’re doing bad, don’t just criticize yourself, criticize them. Look at what they’re doing badly, because they’re in lies the opportunity.
Jeffry Caudle 15:23
Every bad idea has already been implemented.
Jeffry Caudle 17:20
If you partner with other people, you can help them grow their businesses, and you can build a network. In a network lies every opportunity that we can hope for. That is community. That’s where technology is leading us is towards community.
Jeffry Caudle 20:26
I say, “Teach a man to fish and then sell the bait.”
Jeffry Caudle 20:50
Your competitors often could be your ideal customer. Management consultants, for example, could help other management consultants.
Jeffry Caudle 21:10
That’s the irony about technology is that with automation, it allows you to move away from the computer screen. As long as you’re able to do that, you don’t need to keep up with every latest trend. You just need to be able to implement what you need and understand what your customer needs. Once you understand your customer, you can understand what kind of technology you need to implement.
Jeffry Caudle 25:34
With a mission, trying to answer the question of okay, I want to start a business. Why? Because I want to serve people. Why? That second question is the most important. That’s how you set your mission. And your mission is what you plan to set out to do within the next hundred years. And everything that you do after that is set around that why of that why?
Jeffry Caudle 26:14
The mission should be something that kind of keeps coming up in your life. It should keep coming up as far as, what do you want to change? What do you want around you to change? Do you want people to smile when you see them?
Jeffry Caudle 27:59
When you set goals that are too small, you start to get in the small minded box where you only a year out.
Jess Dewell 30:35
If you don’t allow people to fail, nobody’s going to bring you ideas. If you don’t allow people to be curious and actually look at how they can improve what they’re doing, nobody’s going to try and improve what they’re doing. So it doesn’t matter if you bring a new technology. It doesn’t matter if you automate. You’ve already lost them.
Jeffry Caudle 31:24
I have a general theory that almost all problems come down to preparation and planning, or what you could argue is preparation and prioritization.
Jeffry Caudle 31:38
Planning ,is basically prioritization.
Jess Dewell 35:37
We can disguise a lot of bad things that actually keep us from getting to that 100% more profitable and potential of 500% more profitable. It’ll all go away in a second with ego and control.
Jeffry Caudle 35:55
There’s a philosopher named Simone de Beauvoir. Her theory was that we’re only as free as the people around us. When you look at your employees, and if they feel like they’re caged in a prison, that’s a reflection of your own prison. That’s a reflection of your own self limitations.
Jeffry Caudle 36:18
When we’re looking at the people around us, if we hate them, we have to look at maybe it’s that we’re hitting ourselves. There’s a lot of psychology and an organization, there’s a lot of philosophy too, but it’s important not to ignore it. Because if you ignore it, you start to ignore yourself. And then as you ignore yourself, you ignore the needs of your customer, you ignore the needs of everything in your business.
Jeffry Caudle 38:33
I believe that companies need to make fewer decisions. That as an organization, in order for something to matter, you have to make fewer decisions, because that limits the amount of mistakes.
Jeffry Caudle 38:51
If we can automate it, we have to automate it. And what we found as we did that, everything started becoming automated. And then it just became an integrated system.
Jeffry Caudle 39:03
What people really need is they need to make fewer decisions, so that what they really want can actually happen.
Jess Dewell 40:16
We need data to be able to make fewer decisions, because the decisions we’re going to be making sometimes are going to be, “well, how do we not make this decision over and over again?
Jess Dewell 40:26
If we found the pattern of something that somebody is doing, we can probably automate it. We can figure out a way to make it better.
Jeffry Caudle 41:10
Data is the question, “Why?” When I asked why, what am I really asking for? I’m asking for more data. So every time you ask why, it means you need data. Every time you approach a question you can’t answer, you go and you get data.
Jeffry Caudle 41:30
If you’re not asking the questions first, well then of course you don’t know what data you need. That’s why you have to sit down and just write out these questions, and just keep writing out questions until you really hit a point where you’re like, “Wow, I didn’t even realize I didn’t know that.” Once you’ve come to that conclusion, now you go and you look for your data, and you find the data that answers your question. And you will know when you’ve answered it, because you’ll have an answer that works. You’ll be able to test it, and you’ll be able to tested it over and over again. And it works. And then you’ll look at other people who have had the same question. And you’ll start to notice a pattern where the people who didn’t ask the question approach this problem, and the people who did solved it. And you can even look at other people’s solutions. And they’ve already got the answers. And sometimes I asked myself a question, and I’ll look at, well, who already has the answer who already solved this?
Jeffry Caudle 43:40
It doesn’t work if you don’t have a solution in mind.
Jeffry Caudle 43:48
You ask yourself, what if this does fail, and you implement it if that’s what you have to do, but you always try to limit it. And you always try to figure out, how can we recover very quickly. So you’re not testing failure, you’re testing recovery, and how fast your business can recover from something.
Jess Dewell 44:16
Let’s not just get an idea and do it and then fail fast. We have to know the solution that the idea is supposed to get, so we understand if we failed or not.
Jeffry Caudle 44:28
If you don’t know the answer to recovery, then that’s where you need to do research. You need to collect data that you absolutely need. You want to approach it with, where are the problems? Who could stop us? Because there will be people, and that could be you. That could be the way your organization works. That could also be outside of yourself. That could be Amazon or Google. If they do try to stop us and we fail to implement the right product, how do we recover from that? How do we recover from handling a product that doesn’t work or doesn’t meet the customers needs?
Jeffry Caudle 45:28
The problem with failure too, is also you get the gamblers fallacy. Or you get the idea that, if we keep doing it, eventually it’s going to pay off.
Jeffry Caudle 45:48
Our knowledge is limited to the things we can accept about our life, about our organization, about our business. Because how can you know what you need if you don’t know where you’re at.
Jeffry Caudle 47:49
It’s hard to be excited and afraid at the same time.
Jeffry Caudle 48:03
Make the decisions that make you excited about what you’re doing, and about your lif. And make the decisions that make other people excited.
AI, automation, mission, values, growth strategy, technology, efficiency, business plan, relevant, decision making
How do we reduce the cost of customer acquisition over time?
You have an immediate opportunity to increase profitability 100% with just a few small adjustments to how you do business. The adaptability and flexibility require specific skills and perspectives. Jess Dewell talks with Jeffry Caudle, Founder of NeuroDash, about building a business plan that lasts 100 years.
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