In yesterday’s post I introduced my concept of ORIGINAL SYN.
Today I’m going to share how to use The Original Syn Method to triple your profits, while at the same time differentiating your business to eliminate competition AND making the world a better place at the same time.
Introducing…Triple Bottom Line Innovation
The phrase ‘Triple Bottom Line’ was first coined in 1994 by John Elkington, to argue that a company should prepare three bottom lines – profit, people (social responsibility), and planet (environmental responsibility).
The Gifted Entrepreneur’s version of TBL is similar:
Profit, Purple, Purpose.
The ‘Purpose’ bottom line is a combination of social and environmental responsibility – how you and your business make the world a better place.
The ‘Purple’ bottom line pays homage to one of my favourite authors, Seth Godin. In his incredible book, Purple Cow, Godin states that the key to success is to stand out by being remarkable – like a purple cow in a field of brown cows.
Using the Profit, Purple, Purpose model as a guide, let’s look at your business. Take your current average profit margins, triple them, and come up with a new price for your product and service.
(At the end of this process, my goal for your business is to triple your profits.)
Let’s say your original profit was $100, and now its tripled to $300 – an increase of $200. With the first $100 increase, you’re going to invest in Purple Cow innovation – creating new forms of unique value for your clients that will allow you to stand out from the competition.
You’re going to invest the second $100 increase directly to your company’s ‘Purpose’ – a form of innovation that makes the world a better place (and makes your business stand out), a philanthropic venture, an affiliated non-profit organization, etc.
The ‘synergy’ of Original Syn happens when you combine the innovation of borrowing ideas from outside of your industry, the increasing of value to your clients, and the infusion of a ‘Purpose’ in your business.
This new, original business will be so differentiated, that you’ll be able to charge a premium for your products and services – resulting in the increase in price to allow for the Triple Bottom Line Innovation.
Imagine the benefits of making more money, attracting better clients, being able to change the world, and not having to compete within your industry?
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