In this episode, I unpack a decade’s worth of experience to share with entrepreneurs the three most important questions to ask themselves as they build and scale their business.
It all starts with the following:
Acquisition: So you have the acquisition phase, right? Where you are trying to acquire customers and clients. This is one of the most expensive parts of your business because it takes time and money to acquire new customers. Most entrepreneurs take this lightly, but it should be given much focus.
Activation: You have the activation phase, this is where you have to deliver on whatever the promise is as to why people hired or paid you. This is heavily determined by the way your business operates. Ask yourself: Are all my ducks in a row? Are the operations streamlined so that I can deliver what it is I said I would?
Retention: Finally, you have the retention phase, right? That is where you are “massaging” the relationship with your customer or client. When you first started in entrepreneurship, you have to be everything. You’re wearing a lot of hats, but with your customers or clients it is very much like the one-night stand. In business, you could acquire customers by being at the right place, at the right time. But can you get them to come back? What was the experience?
THAT, is the key.
If you’re looking to grow, scale, and better manage your business, here’s a great exercise that I believe every business owner should do:
- Take a sheet of paper and pen
- Write: acquisition, activation and retention.
- Think about all the activities/roles of your business and allocate them to one of the three categories listed above.
- Figure out what you still need to be doing and what you can delegate/hire out.
If you completed this exercise, let me know what you learned by leaving a review, comment, or by following me on Instagram and connecting with me there.
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