Ep. 152- Play for Monopoly Control

If you ever have the slightest intention to sell your business, understanding its value is crucial. Strategic pre-planning for the sale can enhance your value builder score so you sell at a premium multiple of earnings.   In today's discussion, Danielle delves into one of the eight key drivers to improve profitability: monopoly control. Following that, she will explain ten distinct strategies to attain monopoly control.    Whether you are contemplating an exit from your business now or eons from now, this episode is a must for every entrepreneur   IN THIS EPISODE: [01:21] What is the value of my business, how do I raise profitability, and what is monopoly control [06:24] Danielle shares ten ideas and strategies that will raise your profitability; however, be advised that you won’t serve everyone when you are a monopoly of one [10:25] Rule One: Does your technology set you apart [14:27] Rule Two: Customization and personalization [16:07] Rule Three: Providing exceptional customer service [17:16] Rule Four: Package what you offer so that it cannot be price-shopped [20:18] Rule Five: Develop brand identity [21:46] Rule Six: Create a user experience [23:02] Rule Seven: Connecting with other partnerships and collaborations [25:02] Rule Eight: Position your business as the industry authority [27:56] Rule Nine: Use innovative marketing and selling strategies [29:03] Rule Ten: Trial periods and guarantees KEY TAKEAWAYS:  Always be conscious of driving the value of your business, especially when considering exiting the business. “Monopoly Control Strategies” such as education and knowledge sharing, innovative marketing and selling, and "done for you" services can significantly impact the valuation of a business. Achieving “Monopoly Control” is crucial for maximizing the price and margin in your business. Strategies such as branding, storytelling, and offering trial periods and guarantees can help businesses stand out in the market and dictate pricing. Connecting with customers through storytelling, sharing educational content, and offering personalized services. Building a strong brand identity and aligning with customer values can differentiate a business in the market.   Pre-Order ALL IN: How Great Leaders Build Unstoppable Teams https://www.amazon.com/All-Great-Leaders-Build-Unstoppable/dp/0593544501/ref=sr_1_1?keywords=all+in+mike+michalowicz&qid=1700164489&sr=8-1   ABOUT THE HOSTS:   Danielle Mulvey is a former flight attendant-turned-entrepreneur and owns multiple businesses doing $50 million in annual revenue. She is one of the exclusive, select group of Mastery-Certified Profit First Professionals worldwide and the go-to “HOW TO IMPLEMENT” workshop facilitator for Profit First and WSJ Journal best-selling author Mike Michalowicz following his keynote speeches. Danielle is currently running multiple businesses, from start-ups to mature businesses with 10-year plus track records and revenues ranging from $1M to $40 million in annual revenues and is a certified numbers geek about Profit First, leveraging the DIY cash management system for small business to achieve maximum profitability. She can personally guide business owners to achieve maximum profitability based on her 25 years of experience as an entrepreneur who has been there and done that.   Additionally, Danielle authored the book The Rapid Read™ Guide to The 5-Star Employee Rating System™ and is currently collaborating with Wall Street Journal best-selling author Mike Michalowicz on his new book, to be released in Q1 2024, titled ALL IN: How Great Leaders Build Unstoppable Teams. Mike Michalowicz is an entrepreneur and New York Times and Wall Street Journal best-selling author of Profit First, The Pumpkin Plan, SURGE, Toilet Paper Entrepreneur, Clockwork, Fix This Next and Get Different. BusinessWeek called Toilet Paper Entrepreneur, a business cult classic. His books have been translated into ten languages, and Mike has had the privilege to speak on stages worldwide because of his passion for connecting with entrepreneurs.   As the founder of Profit First Professionals, he empowers accountants, bookkeepers, and business coaches with the tools and techniques to maximize client profitability, allowing them to uplevel from being one of the 83% of small businesses operating check-to-check and struggling to be profitable to becoming one of the 17% of thriving and highly valuable businesses with cash in the bank to correlate to profitability. Mike also co-founded the business growth consultancy Provendus Group and has successfully founded, built, and sold two technology service-based companies. He is passionate about sharing his experiences and advice with entrepreneurs and sits on formal and informal advisory boards while maintaining relationships with angel and early-stage investors.   RESOURCES: Danielle Mulvey - Website Danielle Mulvey - Linkedin The All In Company - Website Profit First Nation - Website   Mike Michalowicz - Website Mike Michalowicz - Linkedin Mike Michalowicz - Twitter Profit First Professionals - Website Mike Michalowicz - Books