I’ve been reviewing the first module of Paul Lemberg’s Formula Five business growth and coaching program from Stompernet. I haven’t gotten through the whole module yet, but I have gone through several videos as well as the accompanying charts and other documentation.
As I mentioned in my first preview video, the package is certainly very professional and appealing. All of the content is presented both in top-notch physical form (printed, DVD, etc), and in electronic form. But in the grand scheme of things, that really doesn’t matter. It makes a nice first impression and it’s something that will look good in your office, but those are not reasons to invest in such a program.
The only reason to invest in such a system is to grow your business (or the one you work for) and make more money. As a business coach and consultant my job is to help companies grow. So I’m very familiar with the process companies need to follow to accomplish their growth goals. Since I also specialize in helping internet-based companies or companies wishing to grow using the internet, this program is definitely something I’m going to look at critically.
My first observation aside from the aesthetics is that this course has been extremely well organized. I’ve gone through other Stompernet courses and been very impressed with the content, but this time it looks like they really spent a lot of time laying out the course material, documenting it, and setting task-level expectations. It has detailed charts and descriptions of all the videos, plus worksheets that go with each video.
Another thing that caught my attention is the focus of the course. You can really tell that Paul is a results-oriented person who knows what it takes to grow a real business. I like learning new things, but I hate learning in an academic environment. Academia seem to operate in a vacuum, far removed from the realities of the world. The little minutia that they skip over tends to occupy the bulk of real business.
My point is that Paul’s approach from the very start is to encourage action, even if what he’s saying will frustrate or anger some business owners. Sometimes we need to hear the truth, regardless of how ugly it may be. He encourages participants to stop at any point in the program and take immediate action once they learn something, rather than spending hours digesting information and formulating a plan.
You should know that I’m a straight shooter. I do my best to cut through the marketing garbage and tell you how I see it from an insider’s perspective. We’ve seen some pretty ridiculous claims in the marketplace lately. Can you learn a few tricks and make $100,000 per day? Or can you learn one technique a few hours and make $10,000 by tomorrow? If you think so, then I have a bridge to sell you.
Don’t get me wrong… I think anything is possible with the right people, budget, and schedule. I know that most of these claims are outrageous, but I do think you can double your business’ profits by following the advice in this guide.
One pet peeve I want to mention. If you plan to get this package and leave it on your shelf to collect dust, it’s not going to grow your business.
If you open it up and say, “This is nonsense… I’m not doing that.’ It’s not going to grow your business.
From what I’ve seen so far, this is extremely good advice. That includes the things that Paul says may piss off some business owners.
This is an action-oriented program, and you must be (or become) an action-oriented business owner/executive if you want to improve your current results. I can say that many of the suggestions are seemingly very minor, easy things that can make a huge impact on your bottom line.
So what’s wrong with this program?
My first major negative on the course is that it’s definitely geared only toward those who operate a viable business. I think any business person could learn a ton from this material, but I believe the action-oriented approach and the organization of content is geared strictly for a person who already runs a business with some existing customer base.
I say that because the course gives business owners some quick ways to increase profits right at the very beginning. This is incredibly valuable to a person in the midst of a going concern, but I feel that someone without a real business history would lose much of the impact of the early modules in the program.
I do think this course could be invaluable to a person starting a new business. It would help insure they set up things right from the start, but I would also recommend they utilize other resources in addition to Formula Five.
The program is certainly based on sound business principles. These principles can be applied to virtually any type of business, but I found it interesting to see how this program was adapted so that it targets those marketing online. The information is good for any kind of business, but it’s presented for those with an online presence.
A good example is that in the Margin Magnifier section Paul discusses how to increase perceived value so that a business can raise its prices without sacrificing customers or sales volume. He makes special notes of how affiliate marketers who have little to no direct control on product pricing can benefit from this knowledge and use it to increase their own profits.
I like the fact the course is broken down into five modules and those modules are spaced out. This helps keep participants focused so they don’t get too overwhelmed.
The program also comes with group coaching which I believe will be invaluable to those participating. It’s so useful to be surrounded by people in similar situations, working hard to grow their businesses. As a long-time business owner myself, it’s easy to feel like you’re going it alone, with no one to talk to who really understands your position and your job (especially when it involves some sort of technology, science, or special expertise).
On the other hand, I’ve seen a lot of people get lost in programs like this, or simply abandon them because they require action on their part, no matter how insignificant it may be. In these cases, I recommend a one-on-one coach to help offer guidance, accountability, and keep focus. I will be opening up my personal coaching program in mid January to a very few people who meet the criteria. If you are interested, I suggest you get your application in now to be considered. You can apply to my business growth coaching program here.
So that’s my opinion so far on the Formula Five product. I’m only part way through the first module, so I only have limited information to go on. I’ll have more information for you here in the next week or so, as I get time to go through more of the information.
Here’s the recap:
1. Extremely professional package, organization, and materials
2. Very sound business growth content
3. Those who operate an existing business will get the most out of this program
4. Slightly geared toward online marketers, yet applicable to any viable business
Just an additional note– I’m going to be offering some free coaching of my own as an added bonus with this course, along with some other cool stuff. Join my notification list at MyFormulaFive.com to get my next review and to keep updated.
You can see the teaser video here.
