‘I’m always looking around the corner to see how I can future-proof myself’
Jay looks at the importance of future-proofing for any business in a world where business change is rapid. Brand and company growth can be phenomenal across social media platforms because of the huge reach but adapting and looking forward is vital for any business that wants to thrive.
Jay explains how to effectively use the 80/20 rule and why you should always be innovating to stay ahead, the smart people adapt and are flexible, are you?
- At the moment the rate of change in business is phenomenal and the reach of social media platforms plays a huge role.
- Use social media platforms to build your brand effectively understanding that social media companies give you reach early on but then take it away, ultimately they all want to sell you something.
- As entrepreneurs it’s important to look forward and forecast the future, look at the market trends and listen to your mentors they are powerful because they have the experience and expertise to see what you can’t see.
Are you using the 80 / 20 rule?
- 80% of my time is spent on my core business and 20% on new technologies or researching something that is changing in the market.
- You need to make sure your core business is profitable and cash flowing so that you can spend 20% of your time working on new ideas.
- When you quit taking risks, that’s when your business will suffer.
- When you stop doing the 20% on new things when you are not reaching for new knowledge when you stop investing in yourself and getting the education you need and you don’t want to invest in meeting with people who’ve been successful that’s when you have become complacent.
What have you done to futureproof your business and innovate?
- The way to future proof your business is to always look towards what is around the corner
- What can I spend that 20% on, should the market in my industry change because ultimately it will.
- Everything is always changing and even if your business doesn’t need to change at the moment its vital to future proof it through studying what might come next.
‘Use social media platforms to build your brand knowing it will go away’
‘Today If you have built your business on Instagram and the reach goes tomorrow your business is dead’
‘Don’t leave a business that’s started to make money to start another business’
ABOUT THE HOST
Jay Dhillon is a serial entrepreneur, investor and philanthropist based in the UK with a proven track record of growing businesses from start-up to success- and helping others do the same. From humble beginnings, Jay grew his first business from 0 to 500 employees and three locations, racking up sales of over £30 million – all without any investment other than a small amount of savings. The business went on to acquire major clients such as Landrover, Jaguar, Toyota and New Look, to name a few.
Its huge success inevitably brought about outside interest, and at the age of 33, Jay eventually sold the company to a London investment firm in Doyen Resources. Today, Jay owns several businesses in different sectors and helps entrepreneurs achieve success.
A calling to give back and help others led to Jay being chosen for the highly coveted role as a Prince’s Trust mentor, where his achievements were marked by a personal invitation to Buckingham Palace to meet Prince Charles.
After helping several young entrepreneurs to success as a mentor for the Trust, Jay’s burning desire to bring his wisdom and knowledge to a wider audience ultimately triggered the concept of The Business Mentor Podcast.
Jay feels that anyone can achieve success in business with the right advice and mentoring and is now sharing his knowledge with his growing audience via his podcast.
In the UK alone, 95% of business fail within the first five years, and Jay’s aim is to reduce that number.
Backed with the hard-earned knowledge and experience from his time in business, The Business Mentor Podcast will share Jay’s personal business lessons as well those of other successful entrepreneur guests who share their wisdom and secrets on the show.