Want to learn how to leverage your healthcare knowledge to start or grow a business? The Healthcare Boss Academy podcast presents interviews with real-world healthcare entrepreneurs, innovators, and other leading business experts. On each interview episode, your host Jason A. Duprat will deconstruct each guest's playbook for success so that you can learn ideas, strategies, and insights that will help you on your entrepreneurial journey. You can follow Jason's personal journey on his bite-sized "Tactical Tuesday" solo episodes!
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episode 340: #340: A Guide to the Product Life Cycle, Cash Generation, and the BCG Matrix
OVERVIEW:
Jason A. Duprat, MBA, CRNA, Healthcare Practitioner, and Host of the Healthcare Boss Academy podcast, talks about the Product Life Cycle and what it means for your business. In this episode, we'll learn how Cash Generation ties in with Cash Usage as Jason elaborates on the Growth Share Matrix and its four quadrants. Tune into this episode to learn more about leveraging your business income!
EPISODE HIGHLIGHTS:
- Jason uses the BCG matrix, a diagram that helps to put things into perspective what big companies go through when they have multiple products and divisions and they're trying to work towards the following product or service line. The BCG Matrix is also referred to as the Growth Share Matrix. This applies to you if you have a business, big or small, whatever industry.
- If you want to keep growing, you must leverage your Cash Cow's revenue to start a new product or service line.
- The problem with cash cows is that the product can die down. The delivery can get stale, and new competition can come in.”
- You can't just sit on one Cash Cow and expect it to last forever. What most businesses do is they'll invest the money earned from that Cash Cow.
- Throughout the episode, Jason discusses different services they're working on as an example of how to leverage the BCG Matrix.
- While this isn't a hard rule, Jason suggests not putting all your time and investment into “Dogs” because that's not where the business growth opportunities are.
- Solving your existing customers' problems is much better for ROI and increases your Customer Lifetime Value (CLV).
TWEETABLE QUOTES:
"The Cash Cow is what your business leverages to produce the income necessary to develop, add, create, or build additional products or services." – Jason A. Duprat
"Start with just one or two products or services. If you get really good at those, at some point, you're going to develop a Cash Cow." – Jason A. Duprat
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RESOURCES:
- Sign up for one of our free business start-up Masterclasses by heading over to https://healthcareboss.org/masterclass/
- Have a healthcare business question? Text me at 386-284-4955, or email me at podcast@healthcareboss.org and I’ll add you to my contacts. Occasionally, I’ll share important announcements and answer your questions as well.
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RELATED EPISODES:
- #226: TACTICAL TUESDAY: CREATE FINANCIAL FREEDOM THROUGH PSEUDO PASSIVE INCOME
- #204: TACTICAL TUESDAY: 4 WAYS TO BUILD YOUR BOTTOM LINE THROUGH CASH-BASED SERVICES
- #122: TACTICAL TUESDAY: ACQUIRING YOUR COMPETITION
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