Business Unfiltered Jeff Sauer and Chris "Mercer" Mercer

Welcome back to Business Unfiltered with Mercer and Jeff Sauer today's topic is Learning More vs Doing More
0:00: Balance between learning and doing in business. Mercer and Jeff discuss the balance between learning and doing in business. They emphasize the importance of practicing skills after learning new information.
2:37: Balancing learning and doing to achieve growth. Jeff suggests quarterly priorities are ideal for learning and implementing new skills, rather than monthly priorities. The synergy between learning and doing is key to growth and staying ahead of the curve.
5:07: Learning and growth through revisiting and applying knowledge. Mercer discusses how he used to prioritize being right over taking action, but now prioritizes being a little bit less wrong. He finds it helpful to reframe his approach to learning and improvement by focusing on being a little bit better than before.
9:40: Entrepreneurship, learning, and growth. Jeff emphasizes the importance of gradual progress (leveling up) rather than rapid growth. Both learning and doing are key to achieving inflection points in business.
12:31: Managing team members who only learn but don't take action. Jeff reflects on past experiences with team members who appear to be learning but not taking action.
15:45: Managing team members, setting goals, and providing constructive feedback. Jeff uses humor to encourage personal development and set expectations for roles within the company. Identifying root problems (e.g., perfectionism, busyness) is key to learning and growth.
22:02: Mastering paid traffic for business growth. At a recent Mastermind Mercer and Jeff realized they struggle with implementing this basic step in their business. They overcompensate with other skills, neglecting paid traffic.
24:59: Overcoming fear and underinvesting in easy opportunities due to past financial challenges. Jeff identifies fear as the root cause of underinvesting in easy opportunities and seeks to overcome it through mastermind support.
27:05: Overcoming fear and taking action to grow a successful business. Mercer shares insights on embracing uncertainty and taking action.

Welcome back to Business Unfiltered with Mercer and Jeff Sauer today's topic is Service Stacking
0:00: Service stacking for business growth. Mercer and Jeff discuss the concept of "service stacking," where service providers offer multiple services in a bundled package to establish a relationship with clients and increase the likelihood of repeat business. Jeff explains service stacking, a technique for expanding services offered to existing clients, starting with low-risk offers and gradually increasing the value over time.
5:48: Scaling a measurement marketing agency. Jeff uses Measurement Marketing as an example and discusses the measurement marketing service, which includes a dedicated measurement person for $5,000/month.
8:59: Scaling a digital marketing business through pricing strategies. Jeff discusses the importance of having a low-risk offer to attract potential clients and then upsell them on higher-ticket services like dedicated measurement marketing. He suggests offering a free value bomb, training, or paid training to attract potential clients and then upsell them on higher-ticket services.
13:25: Scaling a business through service stacking. Mercer suggests starting with a smaller offer, like $2,000, and then gradually increasing the price as the business grows. He also mentions the importance of having a consistent revenue stream for growing a company, and the service stacking model as a way to achieve this.
17:00: Pricing and project management in digital marketing. Jeff discusses the importance of separating low-risk and high-ticket offers in digital marketing services. He explains retainer pricing as three projects: strategy, implementation, and ongoing maintenance.
19:57: Unbundling services and pricing. Jeff explains how unbundling services can help reduce costs and make them more affordable for clients. Mercer agrees that pitching all three at once makes sense and plants the seed for future work.
26:00: Marketing budgeting and securing future projects. Jeff suggests asking for smaller projects or budgets to get started with a company, and then using those wins to secure larger projects later on. He advises being proactive in securing a budget for future projects by having conversations with clients about their needs, and then advocating for increased funding when the time comes.
27:30: Pricing and packaging services for maximum profit. To get started Jeff recommends line-iteming current services to determine what can be scaled up and priced appropriately. He also suggests bucketing services into tactical, strategic, or high-ticket work to ensure senior personnel are working on the most valuable tasks.

Welcome back to Business Unfiltered with Mercer and Jeff Sauer today's topic is Stupid Things Entrepreneurs Do
0:00: Entrepreneurial mistakes, including taking on too much work and not building a strong team. Mercer started a monthly Entertainment Guide newspaper in his early entrepreneurial days but made the mistake of not learning how to manage a team. He quickly learned that entrepreneurs should build a team, not do everything themselves.
4:10: The dangers of assuming success and the importance of learning from failures. Jeff learned the hard way that having a "Midas Touch" doesn't guarantee success, and urges the listener to never fail the same way twice.
6:25: Business mistakes and the importance of recognizing possibility vs probability in decision-making. Jeff shares his failed attempt at dropshipping, losing $15 on each product sold. Mercer reflects on past mistakes, recognizing both the possibility and the probability of being wrong.
11:10: Recognizing and addressing mistakes in work and personal life. Mercer reflects on past mistakes, such as tolerating work that drains his soul.
13:56: The importance of iterating and adapting in business to avoid stagnation and grow revenue. Jeff compares technical debt to anchors, explaining how it can be beneficial at the beginning but become a hindrance later on.
17:23: The importance of self-awareness and growth in entrepreneurship. Mercer shares insights on the importance of self-awareness and growth. Beliefs can be useful or not, and it's important to distinguish between the two.
20:22: Hiring mistakes and how to improve employee management. Jeff’s mistake was trying to teach his way out of problems instead of being an active manager, resulting in confusion and poor performance from team members.
24:40: Common business mistakes and how to learn from them. Jeff admits to not listening to Mercer during a launch, leading to a mistake. Mercer appreciated Jeff’s push to see the potential for collaboration.
29:46: Improving communication and decision-making in business partnerships. Jeff reflects on the value of being wrong and discussing ideas with others and emphasizes the importance of reading the room and presenting in a way that resonates with different people.

Welcome back to Business Unfiltered with Mercer and Jeff Sauer today's topic is The CFO Role
0:00: Integrating CFO mentality in small businesses. Mercer and Jeff Sauer discuss the CFO role in small businesses, exploring how to integrate the CFO mentality without hiring a full-time CFO. They consider options such as using an advisor or CPA to play the role, and how entrepreneurs without accounting background can still adopt the CFO mindset.
2:37: Financial management for small businesses. Jeff discusses the importance of financial management for small businesses, highlighting the need for a bookkeeper to organize financial records and provide valuable insights.
4:43: Outsourcing bookkeeping tasks for small businesses. Bookkeeper helps small businesses by organizing financial data and ensuring accuracy.
5:37: Roles for small business financial management. Bookkeeper: manage day-to-day finances, invoicing, and payments. Virtual CFO/Business Coach: help with financial planning, forecasting, and profitability.
7:37: Financial roles in small businesses. Jeff discusses the importance of hiring a financial controller in small businesses, as they bridge the gap between the CEO and CFO roles and manage financial statements, reports, and expenses.
11:26: The tension between entrepreneurs and controllers in a business. Jeff suggests that CFOs and entrepreneurs often have different perspectives on growth, with CFOs focusing on facts and entrepreneurs looking to the future. Mercer agrees, noting that CFOs are risk-averse and entrepreneurs are more willing to take risks, leading to conflicts in decision-making.
15:32: Financial forecasting and risk management in business. Mercer emphasizes the importance of forecasting in business, citing the need for both marketing and financial control to work together to make informed decisions.
20:01: Financial planning and control for a business. Jeff suggests breaking down financial forecasting into weekly, monthly, quarterly, and annual intervals to stay on top of expenses and revenue.
24:28: Financial management and decision-making for a business. Jeff highlights the value of having a CFO or financial professional involved in decision-making, as they can provide objective and unbiased analysis and recommendations.
26:57: The importance of a CFO role in business. Mercer encourages listeners to have conversations within their organization about the CFO role and how it can be implemented, even if hiring a CFO is not currently feasible.

Welcome back to Business Unfiltered with Mercer and Jeff Sauer today's topic is Do You Need Business Insurance
0:00: Business insurance and its importance. Jeff believes business insurance is essential to protect against financial loss in case of lawsuits or unforeseen events. He cites the low cost of insurance compared to the potential financial repercussions of not having it.
1:54: Business insurance and its importance. Mercer agrees, particularly in protecting against unexpected events like black swan events. He emphasizes the importance of peace of mind when considering insurance, valuing it as "pennies on the dollar."
6:21: Insurance for businesses and self-insurance. Jeff argues that self-insuring for business costs, such as legal fees, can be hazardous as the potential costs are infinite.
8:55: Business insurance options and costs. Mercer discusses the importance of understanding insurance policies and negotiating deductibles to reduce costs. Both hosts emphasize the need for risk assessment and cost-benefit analysis when selecting insurance policies.
14:17: Business insurance costs and coverage. Jeff suggests business owners should consider life insurance policies to protect their businesses, as insurance can help pay off debts and ensure the business continues to operate smoothly in the event of an owner's death.
16:40: Business insurance for service providers. Mercer emphasizes the importance of having a clear understanding of insurance policies, particularly for service-based businesses. His biggest pro tip is to have a detailed conversation with an agent to ensure you understand the coverage and probabilities of different events occurring.
21:58: Risk management and insurance for businesses. Jeff discusses the importance of becoming educated and asking questions when dealing with insurance.
25:14: Business insurance types and importance. Mercer emphasizes the importance of insurance for businesses, especially as they grow. He encourages listeners to educate themselves on insurance and to customize their policies to their specific business model.

Welcome back to Business Unfiltered with Mercer and Jeff Sauer today's topic is Merging Between Companies
0:00: Company mergers and partnerships with distinctions and examples. Jeff defines company mergers and partnerships as a legal entity and a structure, respectively, and clarifies the distinction between partnerships and other terms like co-promotions and affiliate relationships.
3:58: Mergers and partnerships for small businesses. Mergers can be risky for small businesses, but they can also bring cost savings and revenue growth if done correctly. Jeff believes mergers are an underutilized tool for companies, can help overcome skills gaps, and increase business value.
9:15: Business growth and mergers. Mercer prioritizes enjoying the game of business over the specific task or industry, highlighting the importance of personal fulfillment in entrepreneurship. Jeff enjoys solving business puzzles, appreciates good systems, and learned to surround himself with people who complement his strengths.
14:46: Leaving a business after 8 years and starting a new venture. Jeff left his company after 8 years to pursue his own goals but remained an owner and provided strategic advice for 8 more years until the business sold. This decision to leave was influenced by a desire to reach his financial goals which was not possible within the company.
17:11: Business mergers and partnerships. Mercer struggled with marketing his business, preferring long-form content like podcasts and webinars, but never feeling comfortable with traditional marketing methods. Mercer and Jeff discussed merging their brands in December, with Mercer expressing skepticism but ultimately agreeing to the idea on a call.
22:31: Merging two marketing companies. Jeff and Mercer have merged their companies, with Mercer's brand Measurement Marketing, and Jeff's brand DataDrivenU now under one LLC. Mercer is glad to be together with Jeff and can now leverage their combined experience and expertise.
25:16: Business partnership and merger. Jeff and Mercer slow-dated each other through the podcast, taking turns sharing ideas and improving each other's thoughts. The speakers realized they were a good fit after discussing a major opportunity with Profit School.
29:34: Successful podcast merger and partnership. Mercer and Jeff prioritized integrating the back of the house before the front, reflecting their careful approach to mergers and partnerships.