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Small Business Survival Guide with Jairek Robbins: An EOFire Classic from 2020

From the archive: This episode was originally recorded and published in 2020. Our interviews on Entrepreneurs On Fire are meant to be evergreen, and we do our best to confirm that all offers and URL’s in these archive episodes are still relevant.

Jairek Robbins is a performance Coach, Entrepreneur & Bestselling Author.

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Resource

FREE 9-Week Course –  Get Your Small Business Owner Survival Guide & Attend The Upcoming Online Training! (Sorry! This link was active when this episode was first published in 2019 but is no longer an active offer.)

3 Value Bombs

1) Keep your finances tight, keep on reviewing your finances, and cut down excess expenses.

2) Have clarity. Look at your numbers daily.

3) Focus on the most important thing that you need to do to keep your small business going.

Sponsors

BELAY: If you’re looking for highly vetted, US-based fractional virtual contractors, then check out BELAY! Learn how to reclaim your time and save 15 hours per week by mastering the powerful tool of delegation. Text FIRE to 55123 to get started!

HubSpot: HubSpot’s all-in-one CRM helps you automate tedious tasks, keep track of all your deals in one place, and make sure your whole team has access to the same data. Get started for free at HubSpot.com!

Show Notes

**Click the time stamp to jump directly to that point in the episode.

Today’s Audio MASTERCLASS: Small Business Survival Guide with Jairek Robbins

[1:10] – Jairek shares something interesting about himself that most people do not know.

  • He loves to watch fail videos.

[2:53] – How can your business SURVIVE the chaos?

  • In 2008, Jairek found a way to build something during a very difficult time in U.S. history; he brought it to life and has kept it alive since then.
  • You need to protect the most important parts of your business.
  • You need to pivot to ensure the struggling parts of your business do not take down the whole business.

[6:05] – How can you PREPARE to survive these challenging times?

  • Keep your finances tight, keep on reviewing your finances, and cut down excess expenses.
  • The Operating Cash is the oxygen of your business.
    • 3 Kinds of cash:
  1. Operating Cash
  2. Financing Cash
  3. Investing Cash

[9:00] – How can you PROTECT the parts of your business that are healthy to ensure they stay that way?

  • Exercise: Pick 3 highlighters for your Profit and Loss.
    • Green – highlight the ones that you must pay.
    • Yellow – highlight the ones that you can go without.
    • Red – highlight the ones that are not necessary.

[11:38] – Example of a business that went through this Profit and Loss (P&L) Exercise:

  • A law firm in London –  found extra money they could put towards investments
  • JLD does a monthly review of his P&L.

[16:31] – A timeout to thank our sponsors!

  • BELAY: If you’re looking for highly vetted, US-based fractional virtual contractors, then check out BELAY! Learn how to reclaim your time and save 15 hours per week by mastering the powerful tool of delegation. Text FIRE to 55123 to get started!
  • HubSpot: HubSpot’s all-in-one CRM helps you automate tedious tasks, keep track of all your deals in one place, and make sure your whole team has access to the same data. Get started for free at HubSpot.com!

[18:49] – How can you PIVOT to ensure the struggling parts of your business do not take down the whole business?

  • Have clarity. Look at your numbers daily.
  • Identify what is not working for your business and do something about it right away.
  • Identify what is working for your business and make it useful to grow more.

[22:10] – PROFIT: Jairek shares a story about having an emotional and identity attachment to his business.

  • It’s hard to let go of business even if it’s no longer profitable because you are emotionally connected to it.

[25:50] – Jairek talks about the opportunity that will create new streams of income to grow during these chaotic times.

  • Consider the profitable things you do in your business
  • Do not let the big numbers impress you. Focus on profitability rather than revenue.
  • Efficiently use your resources, your people, and your systems and processes to convert your profit into an operating cash.

[31:51] – Jairek’s parting piece of guidance.

  • Take immediate action, and consider that it is no longer about starting your dream business and having your dream life, but it is about having the ability to feed your family.
  • Focus on the most important thing that you need to do to keep your small business going.
  • FREE 9-Week Course –  Get Your Small Business Owner Survival Guide & Attend The Upcoming Online Training! (Sorry! This link was active when this episode was first published in 2019 but is no longer an active offer.)

[34:34] – Thank you to our Sponsors!

  • BELAY: If you’re looking for highly vetted, US-based fractional virtual contractors, then check out BELAY! Learn how to reclaim your time and save 15 hours per week by mastering the powerful tool of delegation. Text FIRE to 55123 to get started!
  • HubSpot: HubSpot’s all-in-one CRM helps you automate tedious tasks, keep track of all your deals in one place, and make sure your whole team has access to the same data. Get started for free at HubSpot.com!

Killer Resources!

1) The Common Path to Uncommon Success: JLD’s 1st traditionally published book! Over 3000 interviews with the world’s most successful Entrepreneurs compiled into a 17-step roadmap to financial freedom and fulfillment!

2) Free Podcast Course: Learn from JLD how to create and launch your podcast!

3) Podcasters’ Paradise: The #1 podcasting community in the world!

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