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Business Strategy for Building Wealth: A WTR Discussion With Alison Vidotto

Statistics show that a lot of small businesses fail within the first few years of operation. The reason for this can be due to several factors, but for the majority of people, a system with certain goals for the business is not set in place yet. For the amount of effort entrepreneurs put into their business, they should be creating wealth, and this podcast episode is tailored to help people be more successful in their business. This week, WTR welcomes Alison Vidotto, expert strategist and CEO of Vidotto group and Push business training and mentoring. We discuss the six key areas of business that once strong, will achieve the perfect small business formula for success.

Ingenious tactics to accumulate wealth, for people who see things differently.

Alison Vidotto

Business strategist, CEO of Vidotto group and Push business training and mentoring

Website

https://pushbusinesstraining.com/

Website #2

https://alisonvidotto.com/

LinkedIn URL

https://www.linkedin.com/in/alisonvidotto/

Facebook URL

https://business.facebook.com/Push.Small.Business.Training

Twitter URL

https://twitter.com/alisonvidotto

YouTube URL

https://www.youtube.com/channel/UCVckXjp6DVFc6XT0zs9513w

NOTES:

  • [00:26] Kevin: Today I’m joined by Alison Vidotto. We are going to be talking about business strategy for building wealth. Alison is a business strategist, CEO of Vidotto group and Push business training and mentoring, so she has a lot of background in business strategy
  • [01:23] Alison: The purpose behind my business is to help small business owners to not fail because the failure statistics of small businesses are quite staggering. An enormous number fail within the first few years (50% within the first 3-5 years, 70% within 10 years)
  • [03:31] Kevin: Would you mind sharing with us a little bit where you came from and what inspired you to do what you do today?
  • [03:41] Alison: My husband and I set up our business 25 years ago, but we both worked as consultants
  • [04:13] In 2010, I actually quit my teaching career and I took over the business full time (explosive growth)
  • [04:28] I actually studied for an MBA to make sure I had the skills that I needed in order to run the business properly[04:35] When I was doing a project for my MBA, I came across these statistics
  • [05:17] Kevin: If you put your heart and soul into a business and then you lose it, it’s like your world is gone
  • [05:29] Alison: I studied the MBA and from there I established Push because I wanted to work with small business owners to change those statistics
  • [06:05] We were having a business near death experience, and we used strategies
  • [06:28] I want to change statistics for small business owners and strategically, I really believe that they can do that and they can build wealth
  • [07:00] In Australia, over 60% of small business own less than $200,000 in revenue (before rent, wages, stocks, insurances)… That’s not wealth
  • [07:21] Kevin: You’re right. And it’s also hard because those people are relying on their business and most likely it’s their only income source
  • [07:50] Alison: It’s really interesting because most entrepreneurs leave their job and establish a business for freedom [08:05] For the amount of effort that most business owners put in, they should be creating wealth
  • [08:25] Kevin: Can we talk a little bit about your small business formula for success?
  • [09:11] I knew there was a way to turn it around and I knew that I had to find it. I put Push on hold and I took Vidotto group and I pulled it apart[09:41] I would work with the team so that we were all in the right mindset and that we weren’t feeling defeated and all on the same page
  • [10:03] I identified 6 areas and I knew that if I could get my business strong in those 6 areas that we would be okay[11:29] Self[11:45] Self-leadership, employees needed to be in the same mental space and proactive
  • [11:56] Growth mindset
  • [12:17] Strategy[12:22] We looked at the overall strategic plan
  • [12:38] Business plan and model, knowing where you want to go and how you’re going to get there
  • [12:47] Marketing[13:17] Strong online and social media presence
  • [13:26] Systems or Processes[13:35] If it’s worth doing a couple of times, then it’s worth having a system in place for it
  • [13:39] Reduces the risk of error, increases productivity
  • [16:15] Finances[16:17] Often times people don’t know their numbers (the numbers they should be aware of)
  • [18:51] If you understand your own cash conversion cycle, and what it takes to maintain that cashflow, you can address issues before they become big issues
  • [19:48] Once you know your cash conversion cycle, it’s easier to talk to banks and other financial bodies
  • [20:15] People[20:20} Business is all about people (we’re relying on people and we’re serving people)[20:33] The more value you can bring to people, the more valuable your business is
  • [20:43] Communicate with those people (we buy from people that we like and trust)[22:16] DISC profiling: a behavioral profiling system[22:26] D: Driver (very driven, hard-hitting, want the results, bossy, leader)
  • [22:44] I: Influencer (natural born sales people, intuitive, know how you like to communicate, likeable)
  • [23:31] S: Steady (great team players, supporters, don’t want to be the leader, great for building cohesive teams)
  • [23:50] C: Conscientiousness (driven, loves details, like all the numbers and figures)
  • [24:30] Can be different levels (most people are at least two)
  • Kevin: [24:38] Let’s talk a little bit about the key fundamentals that many businesses may not have in place
  • [25:44] Alison: Often strategy is an area that gets left behind and particularly when it comes time to strategic planning[25:58] If you’ve got strong plans in place, it’s very easy to stay on track and stop getting distracted[26:10] If you know where you’re going, it’s very easy to look and think is this going to take me a step closer to this goal
  • [27:00] Marketing is also an issue for many small business owners (trying to be heard in a very noisy world out there)
  • [27:32] I studied advanced leadership and my goal was that I would be 80% leading my business and 20% managing my business[27:55] I learn something, and I teach someone, and I delegate
  • [28:15] It’s not possible to be sitting doing those little day-to-day things and at the same time expanding and working on growing your business
  • [29:01] If someone can do it 80% as well as I can, I shouldn’t be doing it (should be developing the next product and growing)
  • [29:48] Kevin: Before we close for today, I’m going to ask you for our WTR value bomb. In your experience, what is something our listeners could look to avoid and then something they can do about it?
  • [30:01] Alison: Avoid going under. What you’re doing is so valuable[30:10] Entrepreneurs are going to change the world
  • [30:16] It’s vital that you stay viable and that you build the wealth that you deserve
  • [30:28] The way you stay in business is that you have a plan (can be simple)

[30:39] Everything you’re doing in your business should be a part of those 6 key areas and if it’s not contributing to the goal of your business, stop doing i

About the author, Kevin

I believe there's more to be had for your money by first avoiding losses, rather than just chasing a rate of return.

Along my journey, I've come to realize that almost everyone, including most so called "financial professionals," are missing important information about how money works. It's not their fault, all the mainstream media, big banks and financial companies have been preaching the same thing for decades. Commonly people are told to go to school, get a 9-5 job with a good company, put your money into a 401k or similar retirement account and retire living off the interest of their savings. But the result is it's not working for most people. They have little to no control over their money and are loosing thousands, even hundreds of thousands of dollars over their lives, to inefficiencies and lost opportunity on their money. I'm on a mission to change that by empowering people with clarity and to take back control of their wealth.

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