Ep 483: How To Actually Read Your Numbers At Scale (It's Not What You Think) with Jordan Salvit, Salvit Advisors
Understand your contribution margin, focus on profitability, and leverage your existing customer base. Oh, and never underestimate the power of a structured test. You never know what will skyrocket your business to the next level!
In this episode, Jordan West and Jordan Salvit, CEO and Founder of Salvit Advisors shared how building a churn management system from scratch was a game-changer. Analyzing data is key. He dropped some serious knowledge bombs on leveraging playbooks and identifying key opportunities for business growth.He also left a piece of advice: Read the numbers, make strategic changes, and be kind to yourself in the process.
Listen and learn in this episode!
Key takeaways from this episode:
The importance of leveraging a playbook to help founders focus on key opportunities.
Identifying the 1-3 priorities that will have a significant impact on business growth.
Focusing on one priority each month can lead to exponential growth.
Analyzing business data to identify priorities, such as understanding customer CPAs and the effects of product name changes.
Developing analytics to define what churn means for their business.
Tracking churn and cancellation rates after each charge to predict future revenue.
Defining churn based on each charge to improve predictability in subscription businesses.
The secret to scaling is getting rid of the noise and focusing on the most important tasks.
Eliminating 80% of current tasks to reach a 10x level of success.
Kindness in reading the numbers and making necessary changes.
Having a mentor like Jordan is crucial for scaling a business.
Knowing the contribution margin for growth and understanding the breakeven point.
Taking action and identifying specific areas for improvement.
Structuring tests to determine priorities and focusing on continuous improvement.
Importance of having an advisor or mentor in life.
The importance of understanding industry standards and benchmarking against them.
Focusing on repurchase rates, engagement rates, and leveraging existing customer base and products for profitability and scalability.
Recommended App/Tool:
Train Heroic: https://www.trainheroic.com/
Recommended Podcast/Audiobook:
10x is easier than 2x: https://www.amazon.com/10x-Easier-Than-World-Class-Entrepreneurs/dp/140196995X
The 7 Habits of Highly Effective People: https://www.franklincovey.com/the-7-habits/
Today’s Guest:
Jordan Salvit, CEO and Founder of Salvit Advisors, embarked on a journey of self-discovery after selling a successful business. Unsure of his next move, he ventured into consulting for brands, using his expertise in helping founders leverage a playbook to focus on key opportunities that will have a significant impact on their business growth. With his extensive background in computer science and analytics, he specializes in developing churn management systems and analyzing business data to identify priorities for exponential growth. With this newfound passion, he developed an advisory practice that is currently thriving and allowing him to have a great time doing what he loves.
Connect and learn more about Jordan and Salvit Advisors:
Website: https://www.salvit.com/
LinkedIn: https://www.linkedin.com/in/salvit/
X: https://twitter.com/jordansalvit
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