Maximise Your Resources – Part 3

Posted by michelep

In the last post we spoke about another three ways you can work on maximizing your current resources. These included:

  • Revealing your business’ soul
  • From breaking even to breaking the bank
  • Stand up and stand out

Today we’ll talk about the last three areas you can work on to maximize your current resources. These are:

  • Create an offer they can’t refuse
  • Would you like fries with that?
  • Stay away from the edge of the cliff

An Offer They Can’t Refuse

The secret to success is to stay ahead of your competitors- maintain the competitive edge. To do that you need make it easier for your customers/clients to say “yes” rather than “no”. In order to do this you’ll need to eliminate all the psychological, financial, physical, emotional and other road blocks they may have.

You can take the risks for them by offering warranties and guarantees that make the customer feel more confident in you, your business and your products/services. You also must be serious about your offer and follow through if a situation does arise. The quickest way to the bottom is to play games or take back a warranty or guarantee.

Would You Like Fries With That?

It’s the oldest trick in the book. I mean, really, how many times do you fall for it? Every time you sell a product or service, you need to offer an add-on, upgrade or back-end product to go with it. These products must be complimentary to the original product being purchased and must create a higher perceived value.

Avoiding the Edge of the Cliff

Continuing to test and measure your systems, products, marketing methods and all other aspects of your business allows you to see problems before they occur and therefore avoid falling off the edge of the cliff.

Here are a few specific areas you can test for potential improvements:

  • Marketing
  • Sales Copy
  • Customer Service
  • Sales Letters
  • Sales Presentations
  • Employee-Customer Interaction

Through testing these different areas you will find products/services where you can raise the price, maybe others where you can lower the price or offer that product as an incentive item, and find many others areas for improvement that will better utilize your current resources.

This wraps up our series on how to maximize on your current resources. If you need help working through any of these or the previous areas, try our GUIDED TOUR to work with one of our amazing business coaches.

https://moremoneybusinesstools.com/guidedtour

Maximise Your Resources – Part 2

Posted by michelep

In the last blog we discussed the first three areas to work through when maximising your current resources. These were:

  • Recognizing the obvious
  • Unconventional breakthroughs
  • Facing the facts

Today we’ll cover the next three, which are:

  • Revealing your business’ soul
  • Breaking even to breaking the bank
  • Stand up and stand out

Revealing Your Business’ Soul

Every business has a soul and you likely felt it the strongest when your business was just starting out. It’s the passion, novelty and motivation you had at the very beginning. Sometimes we can lose these things along the way as our business’ become stagnant. You must break out of that rut and get back to your business’ true soul.

The philosophy of putting your client’s needs above your own truly is the key to success. You need to serve your clients not sell to them. They want to build a relationship based on trust, not a used car. Add to these responsibilities your ability to solve problems, handle difficult situations, be a friend to your clients and focus on offering valuable, high quality products/services. Only then will you get back to the basics and find you have more resources than you thought.

Breaking Even to Breaking the Bank

One of the classic and most used ways to attract clients is to offer them a ridiculously low price on their initial purchase, to then lock them in for future purchases. You see this approach with movie or book clubs and even credit card companies who offer lower interest rates for the first six months.

Essentially, you are offering them a deal on their first purchase and then you offer them back-end and add-on products along the way. These are naturally higher prices and will bring them in to more of an intimate relationship with you and your company.

Stand Up and Stand Out

You need to stand out from the pack among your competitors. They only way you can do this through consistency and value. You do this by discovering what your USP (Unique Selling Proposition) is and perfecting it.

Here are some tips to help you find and develop your USP:

  1. Look for vacant needs in your industry.
  2. Use preemptive marketing.
  3. Use a technique that is clear and succinct.

This wraps up this week’s blog post. If you need help with any of these areas and techniques, try our GUIDED TOUR to access a wealth of resources and tools.

https://moremoneybusinesstools.com/guidedtour

Maximise Your Resources – Part 1

Posted by michelep

Over the next few weeks we are going to discuss how to gain the most from your resources to help your capital go further and increase your profit margin.

Today we’ll cover three different ways to maximise what you already have. These include:

  • Recognizing the obvious
  • Unconventional breakthroughs
  • Facing the facts

Recognizing the Obvious

Sometimes when you are too close to something, you can’t see the big picture. You need to take a step back and really look at the resources you currently have in front of you. You may be surrounded by opportunities that can boost your career and help your business become more successful.

Unconventional Breakthroughs

Don’t sit around waiting for breakthroughs, you need to create them yourself. A breakthrough is merely a new way of doing things or finding a new thing to do for the same or better results. You should be having regular brainstorming sessions and encouraging your team to come forward with breakthroughs or ideas any time they have them.

Some great examples of breakthroughs are:

  • A health and beauty company discovers a side effect of a product that can be re-marketed and sold.
  • A company creates a roll-on deodorant inspired by the shape and size of a ball point pen.
  • The founder of Nike poured rubber onto a waffle iron and created the most innovative and successful running shoe ever.

When attracting or strategizing for a breakthrough there are some key objectives you need to keep in mind. These are:

  1. Look for the hidden opportunity in every situation.
  2. Look for at least one cash windfall for your business every three months.
  3. The more value for your client, the better your breakthrough.
  4. Create multiple streams of ideas to find the best breakthroughs.
  5. Effective breakthroughs can remove risks and resistance.

Face the Facts

Before you can put your breakthroughs to work you need to face the facts of the processes and systems that are not working for you and work on correcting them or get rid of them all together. System analysis is a good way to do this. Create a list of your strengths and weaknesses, and compare them to the strengths and weaknesses of your competitors.

There are some great questions you can present to your team to get a handle on where your business is right now. These are:

  1. Why did I first start this business? Why am I in this industry?
  2. What products/services did I offer then? Which were the most popular?
  3. Why are my customers/clients buying from me right now?
  4. How did I generate new customers/clients then?
  5. Which of my marketing efforts were bringing in the best results?

Once you’ve got some answers to these questions, you’ll know better how to approach your weaknesses.

These three areas we’ve discussed will give you a starting point to begin utilizing your current resources to their fullest potential. If you need any help with your strategic or systems analysis, try our GUIDED TOUR to work with one of our amazing business coaches.

https://moremoneybusinesstools.com/guidedtour

5 BIG mistakes – Part 3

Posted by michelep

In the last 2 posts we covered the first four big mistakes you can make that can negatively impact your chances to seal a deal with a prospective client. Today we’re going to talk about the fifth big mistake: Up Cash Creek Without a Paddle.

Even when business is good there’s still a chance of running out of cash flow. You must always be prepared for a slow in sales or a surge in expenses. One of the keys to balancing your cash flow is to get your clients to pay on time. This can seem like a nightmare, but is absolutely essential to a successful business.

Here are some tips to speed up the payment process:

  • Always send invoices on time and adjust your records for potential audits.
  • Learn how the client processes payments on their side and find out precisely where to send invoices.
  • Find out who’s in charge of processing orders and payment, so you know who to contact if required.
  • Have a follow-up procedure in place, just in case.
  • As a last resort, call your contact to ask questions.
  • Always make sure your invoices are correct before sending them out.

You also need to make sure your cash flow is protected. You can do this by:

  • Always knowing which accounts need to be paid and when.
  • Negotiate with your suppliers for the lowest cost possible.
  • Have a bank contingency plan in place.
  • Build your own inventor network.

These are all great ways to protect the cash flow of your business and prepare for potential slow sale periods. These last few posts have been about landing those ‘big fish’ clients. The clients that are essential for the success of your business. It’s imperative to take the time to work through each of these steps carefully and correctly for the best outcome.

If you need guidance with this process, try our GUIDED TOUR for access to a wealth of great tools and resources as well as our business coaching staff.

https://moremoneybusinesstools.com/guidedtour

5 BIG Mistakes – Part 2

Posted by michelep

In the last post we covered two of the five biggest mistakes you can make when dealing with ‘big’ clients.

Today we’ll cover the third and fourth ones – taking on more than you can handle & putting all your eggs in one basket.

Taking on more than you can handle

When you take on too much, your business can’t keep up and you can easily lose control of everything. You want your business to be successful, no doubt, but you need to have a plan for how you will handle the growth. Your clients expect great customer service and high quality products/services, but don’t want to know about your behind the scenes operations to get those things done.

Look out for some of these signs that you may be taking on more than you can handle:

  • Clients’ needs aren’t being met.
  • Employee morale is low.
  • Upset clients.
  • You’re feeling stressed.
  • You have to react in emergency mode to save accounts.
  • Profits are going down.
  • You are just trying to pick up the pieces of your business.
  • Your clients/customers leave.
  • Resources are being reallocated.

Here’s a plan to help you react positively when you are facing some or all of these things and help you get your business back on track. This plan will:

  • Help increase sales in a short period of time.
  • Alter your products/services for the better.
  • Fulfill promises you made to your clients.

There are six steps to this plan:

  1. Bring in your best team and have them all help to meet the clients needs.
  2. Review your operational system.
  3. Anticipate future problems better.
  4. Communicate better.
  5. Include costs in your quotes.
  6. Always have a back-up plan. 

Putting All Your Eggs in One Basket

You can allow your company to become dependent on any one client. Eventually or for certain periods there is going to be a slowing down period. In order to stay in the game you need to remain diverse.

If you’ve ever mishandled a client, you could drive away future potential clients as well. In order to keep a balance and prepare for a strong future, there are a few things you can do.

  • Stay in the loop and try to know what’s going on inside your prospective clients company.
  • Constantly reinvent yourself and stay at the top of your industry.
  • Stay exclusive.
  • Try to secure multi-year commitments and contracts.
  • Spread your contracts out.
  • Price your products/services correctly.

You also need to work to reduce your dependency on your main client. This can generally be measured in sales or profits. Take a look back at the processes we’ve discussed thus far to help you find more clients to keep this all in balance.

These are the ways you can help avoid the killer mistakes that can make you lose it all. If you need help with any of these tips or tricks, try our GUIDED TOUR to get the help you need fast.

https://moremoneybusinesstools.com/guidedtour