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Download the FREE "slipping away" spreadsheet: https://www.bigidea.co.uk/slipping-away-spreadsheet

Can improving customer retention by just 5% really increase profits by up to 95%?

In this episode, I explain where the famous 5% to 95% customer retention statistic comes from, why keeping existing customers can be so much more profitable than constantly finding new ones, and what small business owners can do to improve customer retention starting today.

The research found that a 5% increase in customer retention could increase profits by somewhere between 25% and 95%, depending on the business.

Why such a huge difference?

Because you have already paid to win the customer. The advertising, acquisition and onboarding costs are largely behind you.

From that point onwards, repeat purchases and renewals can become dramatically more profitable.

I share a real example from one of my own businesses, where we actually lost money acquiring customers in year one, but made far more from them as they renewed year after year.

That is what I call retention momentum.

The longer customers stay, the more valuable they become. The more valuable they become, the more you can afford to invest in keeping them.

In this episode, I also explain how to improve customer retention by finding and plugging the biggest holes in your customer journey, including:

- Poor foundations

- Inconsistent service

- Too much friction

- Customers simply forgetting you exist

- Weak customer connection

- Failing to adapt when customer needs change

Then I share three practical customer retention mindset shifts: Put existing customers first. Win the customer, not just the sale. And remember, it is not your customer's job to remember to buy from you.

I also show you the simple "Slipping Away" system I use to spot customers who may be drifting before they disappear completely.

If you are a small business owner who wants to increase profits, improve customer loyalty, generate more repeat business and stop constantly replacing lost customers with new ones, this episode is for you.

Because sometimes the fastest way to grow your business is NOT to find more customers. It is to keep more of the ones you already have.

Watch this video on YouTube: https://youtu.be/uRQj4skw90A

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The Hedgehog Concept Explained: https://www.youtube.com/watch?v=nEKrdrasXFY

What can small business owners learn from How to Make a Billion in 9 Steps by Sir Richard Harpin?

In this episode, I review How to Make a Billion in 9 Steps and pull out 7 small business lessons from HomeServe founder Sir Richard Harpin, whose company was eventually sold for £4.1 billion.

Now, this is not really a book written for normal small business owners.

Richard Harpin's mission is to help build more large UK companies, and some of his advice is aimed squarely at founders who want to scale aggressively. But buried inside the book are some brilliant lessons that apply just as well to a six or seven-figure business.

In this review, I cover:

- Why copying what works can be a smart business strategy

- Why boring marketing can produce extraordinary returns

- Why customer retention is where the real money is

- Why hedgehogs build more wealth than foxes

- Why selling the pain often works better than selling the dream

- Which of Harpin's 9 steps actually matter for small business owners

- Why you probably do not need to build a billion-pound business at all

There are also some wonderfully practical ideas in here, including direct mail, retention, hiring your replacement, getting a mentor or coach, building a not-to-do list, and staying ruthlessly focused on the thing your business does best.

If you are a small business owner, freelancer, coach, consultant or entrepreneur looking for practical business growth lessons, this episode will help you decide which ideas from How to Make a Billion in 9 Steps are worth stealing for your own business.

Because you may not want a billion.

But you can still learn a hell of a lot from someone who has built one.

In this episode:

0:00 From Schoolboy Salesman to Billionaire Empire

0:49 Why Copying Is Your Greatest Business Asset

2:06 The Unfashionable Secret to Massive ROI

4:38 Foxes vs Hedgehogs: The Wealth Strategy

7:45 The Nine Steps to Building a Billion

Watch this video on YouTube: https://youtu.be/uRQj4skw90A

Watch this episode on YouTube: https://youtu.be/h0jTgJjudQU

Join John and Jason in the One Percent Club: https://www.bigidea.co.uk/one-percent-club

Watch our interview with Gary about sacking his business partner: https://www.youtube.com/watch?v=teBd-z42hak

Dealing with a toxic business partner is exhausting.

Learn how to manage the situation without destroying your company.

When your co-founder constantly vetoes decisions, treats the company account as a personal piggy bank, or simply refuses to pull their weight, the situation quickly becomes unsustainable.

Many founders ignore these warning signs until it is too late, but letting partnership problems fester is a fast track to resentment and operational gridlock.

This discussion provides practical small business advice for navigating these conflicts.

We look at how to protect your assets and your sanity, ensuring that one person's poor behaviour does not lead to total business failure. You will learn how to set boundaries and manage the partnership dynamic before the damage becomes irreversible.

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In this episode:

0:00 Navigating a Toxic Partnership

0:48 The Importance of Shareholder Agreements

3:09 Identifying the Root of the Problem

5:35 Knowing When to Part Ways