- Simple Profits, a Bootstrapper Capital publication
- Posts
- Issue #137: 🔓 Unlocking Value in Your Business 💰
Issue #137: 🔓 Unlocking Value in Your Business 💰
WHY strategize?
Welcome to the new subscribers who have joined us on this journey in the past week. If you are new to the newsletter, don’t forget to take advantage of your welcome perks & join the bootstrapper community, where we build in public with our portfolio companies.
🚀 AI Prompt of the Day
Conducting User Experience (UX) Testing
Prompt: "Design a user experience test plan to evaluate the usability of our website."
What it does: This prompt will ask GPT-4 to create a test plan for assessing the user experience of your website.
Why you would use it: User experience testing helps identify areas for improvement in your website's usability and user interface. AI can assist in developing comprehensive test plans that cover various aspects of the user journey.
How to implement it: Input the prompt into GPT-4, providing details about your website and the specific aspects you want to evaluate. Use the generated test plan as a starting point, customizing it to fit your testing goals and resources.
🔥SimpleProfits.io Strategies
Unlock the secrets of wedge equity with game-changing strategies and tips that'll transform your business. Are you ready to make smarter decisions and skyrocket your success? Let's go!
🔓 Unlocking Value in Your Business 💰
In any business journey, a key aspect of growth is organization.📋 Once your business is organized and you have all the foundational components🔧 in place, it's time to shift your focus to the next step - strategizing💡. It's about knowing your business goals🎯, understanding how your business system works🧠, and making strategic decisions that align with your true north🧭.
🚀 Why Strategize Before Standardize? 🕓
In the pursuit of value creation💰, we prioritize the concept of speed - "move quick"🏃♂️. Indeed, a good timely decision is better than a bad timely decision, and a bad timely decision is still better than no decision at all. It's time to start making decisions and taking action💪.
Organizing lays the groundwork🏗️ for your strategic decisions, providing the necessary information to empower your decision-making process🔮. However, the real thrust comes from strategizing - which, in essence, translates to taking measurable📏 and manageable actions within your business💼.
🎯 The Role of Objectives and Key Results (OKRs) 📊
While you continue with your traditional day-to-day OKRs, it's equally vital to consider actions that could impact or drive your OKRs📈. The steady state of the business, as established in the organization phase, will now get layered with our strategies, aimed to drive incremental outcomes or potentially shift our focus or resources for faster, better results🚀.
Don't worry if your OKRs are not well-built out yet, or you're at an early stage of your business journey without a day-to-day steady state🤷♂️. This strategizing phase will also allow you to develop a Go-to-Market (GTM) strategy🚗, helping you understand your target customer better🧑💼, plan effectively, and drive your business forward⏩.
💦 The Fluid Nature of Strategies 🌊
Strategies need not be rigid. They could involve launching an additional product🚀, initiating strategic partnerships🤝, or exploring one-off opportunities🎁. Such strategies might not fit into the traditional OKR framework but can drive growth in unique ways🌳.
🔙 Retrospective Analysis 🔍
The importance of retrospectives or "Retros" cannot be understated in the strategizing phase. Conducting Retros after each strategy, project, or plan gives you valuable insights into the success or failure of your actions🎭. Regular retrospectives, at least monthly or quarterly, help to review, learn, and adapt strategies based on their outcomes🔄. Weekly retrospectives could be centered on keeping track of your key results🔑.
🔄 The Strategy-Standardize-Optimize Cycle 🎡
After the strategize phase, you move into standardizing📏. Here, you revisit your financials💹, ensuring responsible daily operations and honoring the organized work done initially🙏. The final step is to optimize, using all the elements of your business, to continue enhancing its performance🚀.
In conclusion, while organization is foundational🧱, strategy acts as the thrust that moves things forward🌪️. It sets the stage for action, enabling you to transition from a well-organized state to a proactive, strategic state that pushes your business forward👉. Ready to dive in? Let's begin🏊♂️.
100k Subscriber Newsletter Challenge Update:
Partner Spotlights
🔥SimpleBroker.io Spotlights
Listings: Micro-SaaS
Cost: $150k
ARR: $60k
Typical Market Multiple: 4x revenue - $240k
Current Discount Rate: 37.5%
🏆Investopreneur Community Corner
🎁Free Stuff to Enjoy!
Free Bootcamp to Learn How to Buy/Sell a Business
Free Valuation Workshop to Value Your Business + Build Wedge Equity
📣Share and Connect
Love what you're reading? Spread the joy and share our content with your friends and colleagues. Help our community grow, and stay connected with us on live for even more fantastic content and updates.
Share the Simple Profits Daily Newsletter & Get Rewards →
Thank you for joining us in this issue of the Simple Profits Daily Newsletter! We're committed to making your reading experience unforgettable, and we'd love to hear your thoughts. Feel free to reply to this email with any feedback or suggestions.
Until next time, enjoy the journey to success!