EPISODE

220

How to Build a Better Business by Cutting Back

WITH Wesley Dean

Overview

If only you had that one piece of gear you could take your business to the next level, right? Well, more often than not, you’ll just end up spending money on something that won’t truly help move your business. Today’s guest and I talk about the most important factors when considering a new expense so that you can actually focus on what’s best for your business.

Key Takeaways

When trying to find your niche, think about different areas of expertise that you have that overlap. This will set you apart more from your competition and allow you to play to your strengths. 

There are likely parts of your business that are unnecessary. Cut those out not only to save money but to give you enough bandwidth to focus on the truly important parts of your business.

About Wesley Dean

The founder of InterMotion Media, Wesley Dean has a passion for helping nonprofits, churches, higher education, and development organizations succeed. He loves the work that they are doing to make the world a better place and wants to see them succeed.

He has traveled around the world from the Andes mountains in Ecuador to the rice paddies of Cambodia, helping nonprofits communicate the impact of their work.

Wesley is also passionate about helping educate people as well as inform, which is why InterMotion Media has produced a large number of online courses in partnership with the US Institute of People, the United Nations, and the World Bank.

Focusing on what you and your business really need

With a decade of experience as a business owner, Wesley has learned a lot of lessons. He shares how he learned the need to create a refined hiring-process, the importance of proper team management, and the true meaning of success.

More than anything, Wesley understands the need to take care of yourself as a business owner. A great way to go about this is to seriously think about the unnecessary parts of your business. What’s sucking up resources and time that you could do without? Once that’s identified, you can get rid of it and focus on the more important things.

How your business can do more with less

One thing that Wesley understands is how constraints lead to solutions. Instead of buying gear you don’t need or hiring an employee you can’t afford, consider how you can accomplish the same thing with fewer resources. 

When you know what your business doesn’t need, you can better focus on your actual vision. Niching down, identifying your ideal client, developing strategy, and so much more can happen once all the unnecessary noise, expenses, and distractions are jettisoned.

What unnecessary expense can you cut from your business? How can you utilize overlapping skills to create a new niche?  Leave a comment below!

 

In this Episode

  • How a career in video allows you to create the work that excites you the most [5:10]
  • Discovering the unnecessary parts of your business and getting rid of them [12:40]
  • Utilizing the power of community and a mentor to help with big decisions [21:12]
  • Challenges and solutions to niching down [26:30]
  • Leveraging the advantage of warm leads during downturns in business [36:48]

Quotes

14:40“Focus on yourself. Focus on making sure you’re profitable and taking care of yourself as a business owner.”
16:22“Take care of yourself. Make sure you’re paying yourself first versus assuming that buying the latest camera or having a bigger studio is going to automatically lead to more work.”
33:10“You just have to be exponentially better at one particular thing in order for people to actually want to involve you on the strategy side of things.”

Links

Host

Ryan Koral

Ryan Koral is an entrepreneur, producer and business strategist from Tell Studios, a video production agency with a big heart for authentic stories that build brands and inspire action. He’s a husband (mostly happily for like 16+ years), has 3 kiddos, and has an annoying – but infectious – laugh.

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