Patrick Bet-David’s step-by-step framework for business breakthroughs
You know that feeling when you’re stuck on a problem, but can’t quite put your finger on what’s wrong?
I hit that wall a few years back with my marketing agency.
We were landing quality clients and delivering stellar results every month.
But I knew we could handle way more business… if we could just get more qualified leads to call and sign on with us!
That’s when I came across Patrick Bet-David’s book, Your Next Five Moves.
Inside, he lays out a worksheet called:
“Solve For X.”
In just a few days, this worksheet helped me get to the root of the issue with our client acquisition process, and come up with brand-new ideas to fix it.
The results were so effective, I still use it to this day!
(You can download this worksheet for free at https://www.yournextfivemoves.com/)
X = whatever problem is keeping you stuck.
But first, you’ve got to figure out what X actually is.
PBD suggests asking yourself a few crucial questions:
- “Do I know what the real issue is? Or am I looking at a symptom?”
- “Does the team have the data regarding the real issue?”
- “Is the issue real, or someone else’s opinion?”
- “Is there a tangible issue, or is it simply a hurt ego?”
- “Am I thinking logically, or emotionally?”
Once you identify X, you’re ready to start solving.
Here are a few notes on the worksheet sections I found most useful:
===
REAL CAUSE OF ISSUE(S):
Here, we keep asking “why” until we get to the root of the problem.
Combine this with PBD’s questions above, and dive deep.
This can completely change what issue you should be solving for!
LIST OF SOLUTIONS:
Don’t let the small box fool you — you’ll need way more space than this sheet provides.
Once you really get going with ideas, they can fill up a whole page.
POTENTIAL NEGATIVE CONSEQUENCE(S):
Of solutions, specifically. This one’s a biggie!
PBD uses a formula called ITR (similar to our Effort / Impact Map) to help think about this objectively:
- What’s the Investment required?
- What’s the Time needed?
- What’s the Return expected?
And considering all three… is the problem even worth solving?
===
If you can’t tell already, I love thinking tools like this.
But they’re only effective when you have the right data to work with!
To identify your business’s biggest problems (and solve them), you need crystal-clear visibility into your financials.
That’s why at Open Book CFO, we use a proven three-step framework:
- Lay the foundation — getting 100% clear on your metrics through customized financial dashboards
- Start looking forward — using Forward Forecasting to spot potential issues before they impact your business
- Engage your people — turning your employees into financially savvy partners who take ownership of their work
Ready to find some of that money hiding in your company’s couch cushions?
Book a free consultation with me here.
Free Gift with Call:
At the end of the call you will get a FINANCIAL SCOREBOARD template so you can build your own scoreboard and start Forward Forecasting this week.
And have a very Merry Christmas! 🎄
— Nick Kringas
Founder of Open Book CFO
