Thread by @BrokerChange

Went to @TonyRobbins "Business Mastery" last week. Learned a ton and ended up walking away from the conference with a ton of actionable insight and more excitement for @AppSumo's future than even when I joined 5 years ago. Here are some of my major learnings and takeaways...

@TonyRobbins @AppSumo Tony has $6B in revenue across the 50+ companies that he runs. Most he serves as a silent partner but many he has an active involvement in. Super interesting to see how varied his portfolio is: from "Serious" Robbins Research (the conference and content) to "Fun" Island Resorts

@TonyRobbins @AppSumo Loved how many stories and examples were included in the conference. He talked about how John Wooden was one of the winningest coaches of all time. As a college coach, every year he won with a different team. That's what makes a good CEO. Can you still win with different players?

@TonyRobbins @AppSumo Just realized most of my notes are random quotes and nuggets so this thread will not flow. Feel free to ignore if you're not interested.

@TonyRobbins @AppSumo "It's what you learn after you know everything that matters." Mastery never ends. The second you think you know everything - surround yourself with people 100x better than you and watch how fast you get humbled.

@TonyRobbins @AppSumo Be intentional. "10 years from now you will surely arrive. You need to decide where." 📍

@TonyRobbins @AppSumo Accounting is one of the most boring topics and also one of the most important. You need to learn your numbers cold. Bad accounting will cost you most of your profits.

@TonyRobbins @AppSumo On that note. As a CEO, learn your numbers cold. Any pilot can fly in great weather. But what happens when things get cloudy? You need your instruments to know how you're doing. To make sure you're flying in the right direction and not running out of gas:

@TonyRobbins @AppSumo It's never been easier to start a business. You could have a FB ad live in the next 5 minutes and immediately gather market data. You used to have to print brochures, mail them out, and hope for a response. Take advantage of that speed.

@TonyRobbins @AppSumo Also know yourself and whether you want to play this game. Everybody wants to be fit not everybody wants to work out. Just like that business is not for everybody. If you're not willing to sweat in the gym of entrepreneurship, get out of the box.

@TonyRobbins @AppSumo If your business can't run without you, you don't have a business, you have a job. You don't have a system if the business requires you. Stop being an operator and learn to become an owner.

@TonyRobbins @AppSumo It was interesting to see how proud Tony was of his 19% Average Annual Growth Rate over the last 10+ years. Pretty different % than what is worshipped in most circles - at any revenue amount.

@TonyRobbins @AppSumo More money won't make you less stressed. How many people know somebody who has a lot of money and is still stressed.

@TonyRobbins @AppSumo Complexity is the enemy of execution.

@TonyRobbins @AppSumo The chokehold on the growth of the business is always the leader. 80% of that chokehold is usually their psychology. Unblock that chokehold and watch growth soar.

@TonyRobbins @AppSumo Greatest opportunity is in the winter. It won't feel like that when it's happening. Next recession is projected to be 12-18 months away.
Winter is coming. Are you ready for it?

@TonyRobbins @AppSumo Most of the biggest companies in the world were created, started, or scaled in the winter. Do what needs to be done now so you can thrive this upcoming winter.

@TonyRobbins @AppSumo There are two business you need to constantly manage:
The business you're in
The business you're going to become

@TonyRobbins @AppSumo Ok that's enough for now. I'll add more later if there's interest (this is from less than 5% of my notes)

@TonyRobbins @AppSumo Ok back for ROUND 2!

@TonyRobbins @AppSumo 2008 Part Dos is coming. Are you ready? Some people freeze to death in winter. Some people Ski or snowboard and sip cocoa by the fireplace.

@TonyRobbins @AppSumo How many businesses are going to be up for sale in the next 5-10 years. 87% of all businesses die when the founder dies. There's about to be a massive wealth transfer!

@TonyRobbins @AppSumo The best way to learn is through DEEP immersion. This is how you learned exponentially as a kid. School decided it should be linear. How many people learned a foreign language in high school. Have you learned? Instead move to Rome for 90 days. Prego.

@TonyRobbins @AppSumo You wanna read a book on swimming or you wanna just jump in? Find your opportunities for deep immersion and go learn.

@TonyRobbins @AppSumo True happiness comes from MASSIVE progress on the goals that you give a shit about. Massive Progress + Passionate Goals = Happiness.

@TonyRobbins @AppSumo This progress needs to be continious. How long will you be happy for hitting a goal? 2 months? 2 Days? 2 Hours? If you're not making constant massive progress on your goals - schedule time for them!

@TonyRobbins @AppSumo If you love your customers and want to see them succeed, you will be successful. Love your customers more than you love your product. If you do that, you will be smart enough to see the market needs changing and work fast to address them.

@TonyRobbins @AppSumo In our lifetime we went from cassette tapes, to walkmans, to mp3 players, to ipods, to your phone. The customer never changed. The product did. If you love your customer over your product, you won't get beat out by the next big thing.

@TonyRobbins @AppSumo All business is really just two things:
Innovation
Marketing

@TonyRobbins @AppSumo Innovation is just finding a better way to meet your customers needs. AFT. All the fucking time. (Doesn't need to be technical). Could just be better customer support - but you should constantly be thinking of how to meet your customer's needs.

@TonyRobbins @AppSumo And Marketing is just getting people to want to do business with you. This could be from content (If you can be seen as the expert in your area, you will outperform those that spend more.) or from brand (People don't buy products. They buy an emotion. They buy an identity. )

@TonyRobbins @AppSumo When people buy a car are they buying transportation? No they're buying an identity.

@TonyRobbins @AppSumo Fall in love with business fundamentals. The fundamentals don't change regardless of your company size. [I don't agree with this, maybe the actual fundamentals yes, but how it's executed changes drastically as the company grows from being a toddler to an adult-more on this later

@TonyRobbins @AppSumo If you're an employee - Think like an owner and you'll become one. Good talent is rare, create a workback plan with your best people to take over the business when you're ready to step back and watch them grow the business beyond your wildest dreams

@TonyRobbins @AppSumo Less than 4% of companies make it more than 10 years.
.0006% make more than $10m in revenue.

If you're in this category...

@TonyRobbins @AppSumo On that note - Revenue is a theory.
Profit is an opinion.
Cash Flow is king.

If it don't make dollars, it don't make sense.

@TonyRobbins @AppSumo Get a Virtual CFO ($500/month) to walk you through your numbers and track your trends over time.

Don't be flying 1,000 miles an hour and run out of gas mid-flight

@TonyRobbins @AppSumo Innovation can be simple. No tech. Just more value provided:

No late fees was an innovation

@TonyRobbins @AppSumo Ok I'm passing out. I'll add more later.