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DGS 146: The 6 Core Functions of Business
Description
Generating revenue must outpace expenses and the gap between the two is cash flow. Where are you at and what function do you need to focus on most to grow and scale your business, right now?
Property management growth expert and founder/CEO of DoorGrow, Jason Hull talks about the six core functions of a business. It's a concept he has expanded based upon what he learned from his mentors, Alex Charfen and Tim Francis.
You'll Learn...[01:22] Core Functions: Jason took what he learned, applied it to property management.
[02:14] Rate and Rank 1-5: Assess your business through the lens of core functions.
[03:16] Function #1: Lead Generation - get contact info from potential prospects.
[03:39] Function #2: Nurture - take and follow-up on lead opportunities to build trust.
[04:30] Function #3: Conversion/Sales - deal w/ objections, convince others, close deal.
[06:36] Function #4: Delivery/Fulfillment - do property management work promised.
[10:03] Function #5: Customer Lifetime Value - increase long-term retention.
[11:08] Function #6: Finances - internal cash flow, revenue, expenses, and profits.
Tweetables"Finances was the additional function."
"You cannot have all of these areas be great at the same time."
"Your ability to convert and convince people during the sales process is a skill that develops over time and gets better and better and better the more you do it."
ResourcesProfit First by Mike Michalowicz
TranscriptWelcome, DoorGrow hackers, to the DoorGrowShow. If you are a property management entrepreneur that wants to add doors, make a difference, increase revenue, help others impact lives, you are interested in growing your business and life, and you are open to doing things a bit differently, then you are a DoorGrow hacker.
DoorGrow hackers love the opportunities, daily variety, unique challenges, and freedom that property management brings. Many in real estate think you're crazy for doing it. You think they're crazy for not because you realize that property management is the ultimate high-trust gateway to real estate deals, relationships, and residual income.
At DoorGrow, we are on a mission to transform property management business and their business owners. We want to transform the industry, eliminate the BS, build awareness, change perception, expand the market, and help the best property management entrepreneurs win. I'm your host, property management growth expert, Jason Hull, the founder and CEO of DoorGrow. Now, let's get into the show.
Today, I wanted to talk about what I would call the core functions. This is a concept that I built upon that I learned from one of my mentors, Alex Scharffen, and he had what he would call the five core functions of the business.
To me, it felt a little bit incomplete for myself and so eventually in working with Tim Francis, another mentor and coach and friend of mine here in Austin, I realized there was something else missing because I was focusing on those five core functions, but still, financially, I had some challenges. That's why I was working with Tim. He's a really good financial coach. He's one of the financial mentors that I've worked with. Fina