EP01 What Does Alchemy Mean in Business?
What Does Alchemy Mean in Business?
“Turning Your Challenges into Opportunities to Serve Your Marketplace Better.” -Lia Dunlap (11:55-12:07)
Many small business owners, solo entrepreneurs or even big corporations miss the mark by brushing aside the importance of alchemy in business, subsequently shrinking their own market share. In this episode, Lia Dunlap sheds some light on the positive impact that alchemy creates in business.
Part One of ‘What Does Alchemy Mean in Business?’
Many businesses nowadays lose in many aspects because of not exploring enough new horizons and getting stuck in their old systems. Everything is changing so fast in the business world that’s why innovation is a must for survival. It’s like a life jacket that keeps you afloat in water. Businesses that don’t innovate will eventually not be able to sustain themselves in the long run.
“If you’re not willing to transform your business to meet the needs of a changing marketplace, it’s bound to make your business obsolete at some point.” – Lia Dunlap (01:41-01:54)
We’re now living in a modern world where we need a competent business approach to stay ahead of rapidly changing consumer demands, evolving technology and continuous rise of rivalry between competitors. Constant innovation is at its peak which means you need to set a time to regularly review your business strategies, practices, outdated tools and processes to save both time and money.
If you’re an individual who’s steered away from innovational works or ideas, solely for the sake of keeping your products and services ahead of the competition, then your business can become stagnant. The truth is, the marketplace will move without you whether you want it or not. It will continue to expand and it’s up to you to take necessary actions in order to get ahead of the game.
There must be something created to revive the business.
Even in the coaching industry where something that’s been done for a long time just continues to be done that way and eventually the market itself starts to deteriorate. So, there must be some sort of shift. Implementing new ideas reasonably has different levels of risk but the best time to practice innovation is now. Take proactive measures and don’t wait until you hit bottom. Sometimes, the biggest risk is not taking enough risk. Lia also talks about having alliances with other companies that do something that you’ve been doing for your client to have a certain need taken care of without you running through a service or a product that’s not really your jam. You’ve probably heard about many companies merging together to broaden the services available to customers. That’s one way to look at your business from the alchemy perspective of combinations.
Part Two of ‘What Does Alchemy Mean in Business?’
Another way to develop an alchemist perspective is, if you encounter a handful amount of people complaining about something, you identify those challenges not as a barricade but a giant door of opportunity to serve your clients better. Therefore, the marketplace considers you as their hero and you eventually turn them into loyal customers for the long haul.
“Change the way you perceive your business from solely creating a profit to an act of service to the world.” – Lia Dunlap (18:58-19:09)
The bottom line is, if you want more clients, the clients that you really love, look at what they’re telling you and transmute it into what you’re giving them and whatnot. Customers are the lifeblood of any business.
Are you ready to turn your leads into gold wherever you go? Start looking at your business from the perspective of service to the world. At the end of the day, it’s all about transforming things for the better. How far are you willing to go to create life-changing results in the marketplace?
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