Optimising Business Strategy
Michael Barbarita focuses on optimising business strategy by providing more freedom of time for entrepreneurs & small business owners. How is this time won back? Michael shares the strategies that you need to understand to ensure you are optimising Business strategy in your organisation.
Summary of the Podcast
Introductions and background
- Graham and Kevin introduce the podcast and welcome guest Michael Barbarita, who is a co-author of a book on powerful business strategies.
- Michael provides background on his experience owning and operating various businesses:
- A ski retail store,
- A frozen cookie dough manufacturing company, and
- An outpatient rehab facility.
Successful business strategies
- Michael explains that the key difference between his successful and unsuccessful businesses was the business strategies he implemented.
- In the ski and cookie dough businesses, he used strategies his competitors were not doing, like a “ski guarantee” that allowed customers to return skis they didn’t like.
- In the rehab facility, he used strategies his competitors were using, which ultimately led to its failure.
The conversion formula
- Michael introduces the “conversion formula”
- It’s 4-part process for crafting effective marketing and sales messaging that captivates, fascinates, educates, and compels the customer.
- He explains the importance of understanding the customer avatar and their specific problems.
- Additionally, he stressed creating a compelling offer with elements like scarcity, risk reversal, and added value.
Applying the strategies as a CFO
- Kevin and Graham discuss how Michael’s background as a CFO and his strategic approach to business could be valuable for CFOs and finance professionals.
- Michael explains how he would introduce the conversion formula and other strategic concepts to clients when working as a fractional CFO.
Wrap-up and next steps
- The conversation concludes with Graham and Kevin thanking Michael for being a great guest, and Michael providing his website (https://nextstepcfo.net) for listeners to learn more about his services.
Clips from the Podcast
Popcorn
Horror Tie
