480: Build a Sustainable Business: Operate Strategically, Correct Your Mistakes, and Create Consistent Systems with Josh Patrick

Josh Patrick is a serial entrepreneur. He's the founder of The Sustainable Business and The Stage 2 Planning Group.

Podcast: Play in new window | Download (Duration: 30:31 — 27.9MB) | Embed

Subscribe: Apple Podcasts | Spotify | Amazon Music | iHeartRadio | Podchaser | RSS

His new book is Sustainable: A Fable About Creating a Personal and Economically Sustainable Business. Josh talks to us about why it's okay for your employees to make mistakes, how to correct those mistakes, and what sort of disaster scenario planning you need to have in place to have a business that runs smoothly and makes money, but is also as hands-free for you, so you can focus on strategy.

He also explains the five step process we need to implement in order to create a sustainable lifestyle business:

  1. get clear on your values and mission (direction)
  2. make yourself operationally irrelevant (delegate)
  3. increase recurring revenue (a smooth sales process)
  4. systematize
  5. become economically viable

Quotes:                                                                                                                                   

“The only mistake that you should never make is a mistake you don't learn something from.” – Josh Patrick

“Technology doesn't make you do anything right—it just makes you do it faster.” – Josh Patrick

“Most business owners are pretty good at thinking strategically—they're bad at acting strategically.” – Josh Patrick

Takeaways:

04:48 Build a business that can run without you, focusing on strategic thinking instead of daily tactical tasks.

11:10 Mistakes are learning opportunities, not business killers - embrace them and create systems to prevent repeat errors.

14:28 Automate processes only after proving they work manually and in small, controlled experiments.

16:58 Specialize in a narrow niche to become an expert that customers trust and are willing to pay premium prices.

25:21 Plan for potential business disasters before they happen to ensure quick, effective responses.

Resources

Podcast: Play in new window | Download (Duration: 30:31 — 27.9MB) | Embed

Subscribe: Apple Podcasts | Spotify | Amazon Music | iHeartRadio | Podchaser | RSS

Filed in: Archive 2: 2017 • Interview • Podcast

Comments are closed.

«
»

↑ Back to Top