005 - What Business Are You In?

Do you understand what business you're in? As business owners, it's so easy to get caught up in putting out fires and dealing with responsibilities that we lose sight of what we're actually working towards and who we're becoming as a company. Knowing the industry, market, customers, and your vision will help you make better decisions and identify new growth opportunities.

In this episode, join Chris and Khalil as they dive deep into the various facets of understanding your business. Stay tuned!

Time Stamps

• 00:30 - Florida Heat
• 01:34 - Catching Up with Chris
• 03:18 - Knowing What Business You're In
• 05:16 - The Great Rethinking
• 08:18 - CrewXP's New Post-Pandemic Discipline
• 11:05 - Why You Need a Vision for Your Business
• 17:30 - Do You Have a Clear Market?
• 25:10 - Understanding Your Target Audience Inside Your Market
• 32:19 - Learning to Say “No”
• 37:51 - Having a Solid Core Offering
• 44:56 - Why You Need to Have a Unique Value Proposition
• 51:08 - Where Are Your Margins?
• 56:44 - Episode Recap & Takeaway

Power Quotes From The Show

• “There's nothing worse than hiring employees and increasing your overhead when you actually don't know what game you're playing.” — Khalil Benalioulhaj
• “ I think the vision for a company should be something that when you're communicating it to your team, they don't need you to come in on a weekly meeting and do a pep talk and remind them. They're able to internalize it and see it.” — Chris Griffin
• “A vision for your company is knowing who you want to become and who you don't want to become.” — Khalil Benalioulhaj
• “It is just liberating to know who you are and admit who you're not, and then work like hell to add value in the who you are side of it.” — Chris Griffin
• “I'd rather say, “No thank you”, on this one than say, “Yes”, and do no. And we lose a partner for life because we just overpromised then under deliver.” — Chris Griffin
• “There's nothing that solidifies your reputation more than when you're able to walk away from something that looks appealing, and the other person's like, “Oh, wow. Well, it's not a good fit.” — Khalil Benalioulhaj
• “I'm a fan of structuring my business. I need everybody to work hard. But, let's figure out how to have fun and bring some joy back.” — Chris Griffin
• “Having a little bit of money set aside does allow you to be selective and be more disciplined.”  — Chris Griffin
• “The best businesses focus on margins, so why shouldn't you?” — Khalil Benalioulhaj

Resources

• Need Help With An Event? Get in touch with CrewXP 
• Watch On YouTube
• Follow Us On Social: LinkedIn, Facebook
• Have Questions? Email us

More from Chris

• CrewXP 
• Email Chris
• Chris on LinkedIn

More from Khalil

• Email Khalil
• Meet With Khalil
• Khalil on LinkedIn