In this episode of Moms Makin’ Dough, host Kendra Hewitt tackles the common entrepreneurial pitfall of shiny object syndrome, where the allure of new tools, courses, or equipment promises quick business growth but often leads to distraction and debt. Drawing from her coaching experiences, Kendra shares real-world examples, like a med spa owner with unused equipment and a new entrepreneur overwhelmed by multiple coaching programs. She introduces the "inventory exercise" to assess past purchases, their costs, and revenue generation, helping business owners identify hidden drains. Kendra also explores the "split the truck" concept from Greg Crabtree’s Simple Numbers, Straight Talk, Big Profits!, illustrating how to maximize existing resources before investing in new ones, using her own story of costly business expansions as a cautionary tale.
Kendra offers practical strategies to streamline offerings, reduce overhead, and avoid confusing customers, emphasizing that a confused buyer never buys. By repackaging services or letting go of unprofitable investments, entrepreneurs can clear their path to purposeful profit. This episode is a must-listen for business owners, especially those with a tendency to chase the next big thing, providing actionable steps to stay focused, simplify operations, and boost sales without burnout.
Key Takeaways:
Shiny Object Syndrome: Chasing new tools or programs without integration leads to burnout, debt, and customer confusion.
Inventory Exercise: List past purchases, their costs, and revenue to identify underperforming investments.
Split the Truck: Maximize existing resources before adding new expenses, like repurposing equipment or rethinking space.
Simplify Offerings: Clear, packaged services enhance customer experience and drive sales.
Let It Go: Release unprofitable assets to reduce overhead and refocus on core business goals.
“Clean up your shiny object syndrome to clear your path to purposeful profit.” — Kendra Hewitt
Learn more about Kendra Hewitt by visiting the following links:
