Fitness Business School – The Power of 1%

Full Transcript

Hey Pat Rigsby here and in this episode, I want to talk with you about what I call the power of 1%, that incremental improvement that separates the average from the extraordinary let’s get to it.

Welcome to The Fitness Business School podcast – the show for fitness business owners who want to grow their income, increase their impact and improve their lifestyle. Be sure to listen til the end of this episode, because we have a brand new special offer exclusive for listeners. So stay tuned.

So one of the biggest differentiators that I see between great business owners and the average ones are the great ones, just continually keep improving the, keep, evolving their business and making it incrementally better over and over. Just that 1% better, like week after week, you know, and someone who looks at their sales system or their assessment system and say, you know, like they could look at this business owner and say, you know what? That system doesn’t look dramatically different from what I do. But you know, if you look at the composite, if you look at everything, they’re all just slightly better, they’re all just subtle little tweaks that set people apart. And you know, if you look at their business, things that they do from their success sessions to the referrals sessions, to their training system, it doesn’t look like something you’ve never seen before, but they just do them all just slightly better than everyone else, right. Or at least most everyone else. And that’s why they succeed.

You know, they, for example, when somebody meets a new client, they may do everything right at that kind of point of sale, but perhaps they don’t have a point of sale referral system. So, you know, everything that happened in that conversation that hour, that they spent with somebody, maybe 58 minutes of it looked almost exactly the same, but that two minutes of asking for referral and giving somebody a gift card or something like that might allow you to add an additional 20, 25 clients a year that over time, I mean, that just grows a business exponentially. So I mean, that’s why these guys succeed. That’s, that’s really a huge differentiators. They keep improving, they keep fine tuning and turning the dials to make things better. They take what works, they plug it into their business and they plus it over and over and over again, improving each component by 1% or so time and time again. And when it’s all said and done, you have a business that has maybe, you know, 20 different kind of core components or elements that, that are the drivers where each of those components are 10 to 20% better than the competition. But because of this compound effect, it doesn’t make the business 10 or 20% better.

There’s this synergistic effect in the business is multiples better over time. It’s the difference between somebody, you know, kind of missing those, those small elements and having a business that has a hundred clients versus somebody who dots every I and crosses every T and they’ve got three or 400 clients. It it’s this type of thing. That’s the difference between, you know, $150,000 a year business and a three quarter million dollar a year business. And you know, it, it seems hard to believe, but that 20% increase compounded changes things over and over and over because everything kind of builds on itself. So how can you put this into action? Well, the first thing that you can do is to model success. Like, you know, the, the best business owners. I know they haven’t really invented a whole lot of things from scratch, but most of the components are business where things that they, they learn from other businesses, whether it was in our industry or other industries, but they adopted things and made them their own. So study, what is working borrow from successful businesses, model their success.

The second thing is you got to implement, we all see dozens of good ideas. We’ve got, you know, access to products and courses and podcasts and emails. And, you know, I mean, there they’re nonstop trainings, maybe you’re in coaching programs or masterminds. And you know, the thing is we all have access to so much information, but most people implement about 2% of what they actually have access to or learn the best businesses are living, breathing, examples of implementation, all the things that people say they’re going to implement the best ones actually do. And remember, it’s not what, you know, it’s what you do. It’s what you actually execute on. You can say you’re a relationship business, but if you keep dropping the ball over and over, when it comes to relationships with your clients, or when something doesn’t go your way, you kind of just drop the whole relationship idea on the spot. What, you’re not, it doesn’t matter what you say. It matters what you do. You can say, you’re all about referrals and Hey, my business is referral focused, but if you don’t have referral in place and you don’t track them, well, then, you know, you’re, you’re not the best implement. And so should you.

And then, you know, the final kind of lesson to help you put this into action, we’ll call plussing. Now, anybody who listens to this probably knows I’m a Walt Disney fan and plussing was a term he used for continually improving. And it should be a regular part of your vocabulary. You may learn a referral system from someone and implement it, but you shouldn’t settle for it. Just kind of, as it is, you should always be looking for ways to make it more effective to make it your own. We just had a conversation with you know, my, my good friend and long-time client now collaborator on a couple of programs, Doug Sperling, and he made one small tweak in a referral system. And it multiplied his results by about three or four fold. It’s that important to keep plussing.

It can have that kind of effect. So, I mean, plussing is basically getting 1% better, inaction improving, you know, the way you ask for referrals, improving your internal language, improving your training system, just incremental things. And it’ll eventually give you that 10 to 20% edge in every area of the business. I know that’s it, right? It’s all too simple. As a way to build a powerhouse business, you need some sort of, you know, completely different approach to have a powerhouse business. So many people think, but it’s not true. If you basically say I’m going to keep fine tuning and improving every facet of what we do, you’re going to start reaping the same rewards that the industry’s best businesses have reaped to get started and think about how you can improve your business 1% today.

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