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Just tell me the magic formula.
THE PROBLEM
I’ll just say it – there is no magic formula. There is no single “right answer” for how to build a successful business.
One of the great things about being an entrepreneur is that all the decisions are your own. That freedom can be a double edged sword, though.
You might invest in something that’s not optimal simply because you don’t know that there’s a better option. There’s no harm in that, since you’re always making the best decision you can with the information you have at the time.
But you can’t afford to make the same mistakes over and over, and better data is a great way to avoid doing that.
However, if you’re like most people, you’re shooting from the hip when it comes to tracking your goals AND how close you get to them in the real world.
Let’s say that you go to the “it” conference in your industry with high hopes – and your whole team.
You feel like it was pretty slow, but that’s about it. You didn’t have any specific goals, so you’re not sure if it was a success or not. You don’t know how much you spent or how many prospects you really got because you’re not tracking it. You’re not even sure what went wrong, because now that you think about it, there were a lot of people who came by the booth.
So how do you decide if you should go again next year, or try something else?
THE SOLUTION
Fric helps you evaluate your options before you take action, so you can choose what to test first.
How? We help you see what you’re spending to achieve specific results.
Instead of saying, “We’re going to a conference to try to get some leads,” Fric encourages you to think not just about what you’re investing in terms of money and time, but also about what you’re getting, like how many people might attend and how many might turn into leads.
Then we show you how each of those activities compare to each other so you can choose the one you want to start with. Hint – it’s probably the one that costs the least for a given result.
Fric shows you, for all three of your customer-facing functions, what your cost per result is, so you can see where you’re getting the best results.
We also show you at a company-wide level which activities are getting the least results for your investment. A lot of times you may think you’re wasting time and money in sales and marketing, but the loss is actually coming from your customer service process or how you deliver your product.
Fric shows you where you might be wasting time and money, and where you can get better results from the limited resources you have.
No magic formula and no “right” answer, but clear data on where your investments are—and aren’t—paying off.
This Sleepless Founder Series showcases how Fric addresses the issues entrepreneurs face, providing insights and possibilities so you can make confident decisions, take committed action, and chart your own route to success. For more context on these questions, check out this article: https://www.linkedin.com/pulse/messy-questions-every-entrepreneur-carries-rarely-says-stephanie-sims-0lszc/?trackingId=%2BZG87MfvSXJ9mRgyGGR7RA%3D%3D
🧐 Interested in the previous four questions? Find Sleepless Founder Series Question #1, Am I leaving money on the table or losing money on every sale? Here: https://www.linkedin.com/pulse/sleepless-founder-series-questions-keep-founders-up-night-sims-rer9c/?trackingId=e7cuXeaFR%2B6MdadZp4yzkg%3D%3D
Sleepless Founder Series Question #2, How long will it take my business to turn a profit & how much will it cost? Here: https://www.linkedin.com/pulse/sleepless-founder-series-questions-keep-founders-up-night-sims-kd4oc/?trackingId=3j3EG2iaRT2jxqJmR8lJHQ%3D%3D
Sleepless Founder Series Question #3, When can I stop wearing all the hats? And who do I hire first? Here: https://www.linkedin.com/pulse/sleepless-founder-series-questions-keep-founders-up-night-sims-ajh2c/?trackingId=SMo81QYiQLy9uuSu7j6GMA%3D%3D
And, Sleepless Founder Series Question #4, Does my business model actually work? Here: https://www.linkedin.com/pulse/sleepless-founder-series-questions-keep-founders-up-night-sims-xtznc/?trackingId=AnKvO1nZQRyEH913A2WfQQ%3D%3D
When you are ready to move from insight to action, Fric helps you build a plan rooted in reality. It connects assumptions, actions, and actual results so you can see what is really driving cash and profit. Start a free two-week trial and explore Fric at your own pace.
Stephanie Sims is a recovering investment banker, two-time founder, speaker, venture capitalist, and startup educator who believes every entrepreneur should build a business that makes dollars…and sense. She is also the author of Funding Your Business Without Selling Your Soul. After watching too many promising founders chase funding at the expense of long-term success, she created Fric —an interactive platform that turns your big vision into actionable steps. Fric helps entrepreneurs like you map and navigate the shifting path toward the world you believe should exist. This skill, which Fric calls visionary prowess, equips you to make confident decisions, take committed action, and chart your own route to success.
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