EP 028: How to Innovate Your Business in a Downturn

I have felt a bit negative about the topics I have been covering these last few weeks.

Rising interest rates, soaring power costs, rising staff costs… etc.

I don’t make these episodes to spread fear or create doubt.
As the mass media already does enough of that…

I make them so you can stay informed on the important topics to seize the opportunities that have presented themselves.

As in EVERY environment, there are plenty of people crushing it.

Right now, we are going through a time of global change.

And ONLY the business owners who are paying attention will create serious wealth.

Think of this episode as one of the ways you are paying attention.

Anyhow, let’s get into it.

In this week’s episode:
○ Innovating your business in a downturn
○ What the top politicians get paid
 
Prefer to listen or watch?

You can hear Grant and I discuss these topics in more detail on the podcast
Click here to tune in: https://linktr.ee/fullstackbusinessowner

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WHAT HAPPENED

Innovating your business in a downturn

What do Blockbuster, Kodak and Yellowpages all have in common?

They went broke because they resisted innovation.

Each of them had the opportunity to lead the way in innovation.
But they didn’t…

They stayed stuck in their ways when the world was changing, and it cost them the business.

Right now, we are going through another time of change.

And yet I see so many business owners thinking like Blockbuster, Kodak and Yellowpages.

I believe we are headed into a post-pandemic economy, and now is a critical time to be innovating.

I want to share a story about John Deere.
(Yes, the company that makes tractors.)

In the past few years, they have innovated massively!

Adopting a huge amount of tech into their tractors.

They have developed self-driving tractors that can operate in the dark.
Tractor Sensors that can measure the yields of crops and when they are ready to harvest.

Honestly, I am blown away by the things they are doing.

But, by far the most impressive innovation in my mind.

They now sell data to Wall Street.

Let me explain.

Right now, John Deere is collecting a massive amount of data from their tractors all over the world.

They bring that data together at scale to draw some seriously valuable insights.

They know which crops are doing well this year and which ones are not.

I mean, imagine if you knew the corn yields were low this year, and the price of corn would “likely” be going up due to a shortage.

Sounds like some pretty valuable data for commodity traders to me.

A huge innovation as a company.

Anyhow. My point is this.

If a tractor company can innovate and sell data to wall street, you have no excuse.

A big recommendation I want to make for every business owner…
Spend time each quarter on innovation.

○ Brainstorm ideas based on trends
○ Ask your network what’s working for them and see how it could apply to your business 
○ Spend time researching what’s working in other industries right now
 ○ And, look at what your industry is doing in other countries

In summary, don’t stay stuck in your old ways!

I go into much more detail about how to innovate in the podcast episode this week.

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WHAT HAPPENED

What the top politicians and public servants get paid

Ok, I’ll admit it.
I got caught by a clickbait article.

“What do the top politicians get paid?”

Anyhow… something caught me by surprise and I wanted to share it with you…
The prime minister is not the highest-paid public servant in Australia!

Yes, the PM does get paid $550k per year, but…
That’s not even close to the top pay packet.

There are 27 public servants who get paid more than 7 figures per year! 

To name a few:
○ CEO of NBN – $3m
○ CEO of SnowyHydro – $2m
○ CEO of AusPost – $1.6m
○ RBA Governor – $1mil

I guess I never thought you could make that type of money in a government / public servant role.

Anyhow, this is how our tax dollars are being spent.

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UPCOMING

What’s coming later this week.

I got a great community question this week:
How do you become emotionally fit to manage a business and build wealth?”

Building a solid mindset and being able to handle emotionally challenging times is a superpower as a business owner.

I am going to unpack it on the podcast and email later this week and will share some tips that have helped me a lot.

And don’t forget, you can send in your questions by sending us a message on our socials or through email.



DISCLAIMER:
All information we share is NOT financial or investment advice and is purely intended for entertainment and educational purposes only. Always seek professional advice before acting on any financial decision.

Episode Highlights:

00:00 Welcome to Full Stack Business Owner
01:00 Reshaping the way of doing business
06:07 Successful businesses and how they nailed their innovations
13:20 Can every business innovate?
15:20 How to get started with your business innovations
22:28 How much do top politicians and public servants make?
28:59 Are these politicians worthy of their salaries?
36:41 Shoutout to the Full Stack Business Owner community

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