More businesses will fail in your industry or profession than will succeed. This article will go over why the businesses that we work with will succeed, thrive and make their business owners wealthy.
If you have used a business consultant or coach in the past ask yourself if he or she went over these principals and strategies with you.
1. Business is about math PERIOD!
2. Repeat business is the key to success. Would you rather sell dogs or dog food? Would you rather sell razors or the blades?
3. Everyone is into funnels today. Why? Because they are sexy. This is why funnels don’t often work out as intended. Picture the formation of a funnel with five cliffs. The prospect either takes the next step and slides down the funnel where you make a sale; or THEY FALL OFF OF ONE OF THE FIVE CLIFFS. The bottom line is the majority of people in your funnel don’t just slide down because it is really a bunch of cliffs. Look at your conversion % and you will understand. We teach our clients how to navigate the cliffs so their conversions are statistically higher.
4. What business model are you following? Most people spend their time on the wrong side of the equation. Eg. Most in the health care space focus 85% of their efforts on marketing for new patients and 15% of their time on servicing the patient. Flip it around and spend 85% on service and 15% on Marketing (THE RIGHT PEOPLE) and watch what happens to the math referenced in #1 above…your bank account will grow!
5. Learn accounting and I will make it easy for you. Accounting is taking words like profit and expenses and turning those words into numbers. Finance is taking those numbers and creating new words. Proper business development which is what we do with our clients is taking those new words and turning them into new actions, activities and ultimately cash. for eg. Your accountant uses the word profit and tells you that your profits were $100,000 according to your P&L. I look at that $100,000 profit and make some new words. SHOW ME how much money is in your bank account. There is only $10,000 there. Then your profit of $100,000 is theory; the $10,000 cash is fact.
Next we take the new word cash in bank and turn it into new actions and activities. Eg. to get more cash in the bank we have to do xyz which will realize an additional $55,000 of the $100,000 reported theory profit. We then deploy the new actions and activities and when we measure the result all of a sudden there is $65,000 cash in the bank instead of $10,000. REMEMBER THIS… PROFIT IS THEORY CASH IS FACT. Most people will say but I re-invested it in my business. That theory is fine but why don’t you have a system to keep 50% in the bank and put 50% back into the business? Cash is king that is the only thing that you can pay your bills with. Most people do not have a system to take the profit and there lies the problem.
You now know why 99% of small businesses will fail and why you will not. Deploy the following and you will always be in the top 1% of your industry and profession:
1. Master the fundamentals
a. market dominating position to acquire superior leads
b. an ideal client
c. the creation of a compelling message in your marking
d. the creation of a sales process for leads, conversions, etc.
2. View everything from the shoes of the prospect-their view is probably very different from yours
3. Never be afraid to innovate
4. Learn to re-purpose your marketing materials
5. Systematize-this allows your business to scale
So did your consultants or coaches ever teach you the above. If they did STAY WITH THEM BECAUSE THEY ARE PURE GOLD! If they did not, find one who does.
I would love the opportunity to speak with you when you are ready and map out a plan for your growth. We have the strongest guarantees in the profession and we have price points for any and all businesses; from start ups to mature. We also have fifty different coaches that bring a myriad of skill-sets to the table so you do not have to navigate the scary waters of business alone and uninformed. Execute the suggestions above and feel what financial freedom is like.