You’re Burning Your Business to the Ground Everyday and You Don’t Realize It!

You’re Burning Your Business to the Ground Everyday and You Don’t Realize It!

Leads are the lifeblood of any organization. Most sales people always want more. But, are you burning your leads or are you nurturing and farming your leads?

 

They’re are 3 ways to grow business…

1) Cold Prospect

2) Sell Larger Cases

3) Cross Sell Your Clients

 

Cold Prospecting

This is where we led them to thing. How do we bring these new clients on, and in their case, up sell them in the class that they’re providing? They are training sales people to take a licensing exam for a specific industry. The amount of trust your product takes to sell will dictate how many resources cold prospecting will suck!

 

Sell Larger Cases

I was working with a small business that is starting out. They have 200 clients over the past 2 years and each client pays them $600 one-time fee. This is a great start, but it’s leaving them hustling for more and more leads! They are cold prospecting all the time.

The goal is how do you drive that up-front fee a little higher

 

Or

 

Cross Sell and Up Sell Your Clients

This is where we led them to thing. How do we bring these new clients on, and in their case, up sell them in the class that they’re providing? They are training sales people to take a licensing exam for a specific industry.

We came up with a number of ideas to increase the life time value of the client.

So instead of always saying how do I get more leads, ask yourself am I cross-selling up-selling and increasing the lifetime value of my current clients?

In addition, they have over 1,500 leads that have come in over the past 2 years that they didn’t close.

 

Questions I asked…

What have they offered them?

How have they stayed in contact with them?

Which mediums have they utilized?

 

The Answer…

THEY HAVEN’T OFFERED THEM ANYTHING!

 

And

 

THEY HAVEN’T STAYED IN CONTACT WITH THE LEADS!

 

The bottom line is they’re spinning their wheels. They are working hard every day and stressing themselves out on what do we do today to create more leads, more clients and more revenue.

 

The Truth Is…

They are working hard every day. They are like most business owners…

· How do we get more clients?

· How do grow our revenue?

 

So what is your strategy…

· To increase the lifetime value of your clients?

· How about with the other leads you didn’t close, are you staying in contact with them?

 

We all want more leads.

We all want larger cases.

We all want to cross sell clients.

 

Ask yourself…

· Where do I focus my energy?

· What is the fastest way to money?

 

The bottom line is you have to continuously…

 

ADD VALUE TO THOSE YOU SERVE!

 

Disclaimer: All this assumes that you’re doing everything ethical and legal!

 
 
 

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3 Steps To Get Your Business and Team on Track

3 Steps To Get Your Business and Team on Track

There are 3 things that most people and business don’t do. These 3 things are what’s holding them back from success. Most people and businesses go through life allowing the status quo to take over.

 

I see it time and time again. They want to want things, but stay in the status quo.

There are 3 major things all organizations and individuals need for growth. If we’re not growing we’re dying. Well maybe not that drastic, but we certainly are falling behind.

 

3 simple things you can implement right now…

1) Goals

2) Targets

3) Purpose

 

GOALS

Do you have goals? Seriously ask yourself have you strategically sat down and contemplate where you want your life or your business to go?

 

A very simple way is to start writing down what you would like to have in these areas of your life.

1) Health

2) Relationships

3) Spiritually

4) Business

 

When you have a bunch of ideas down figure out which 2 or 3 really ignite the fire inside of you.

 

Put them in proper linguistic form so you can encode them in your neurology the right way. More on that in a minute.

 

A simple strategy to write out your goals is to use the SMART process.

Specific – What specifically do you want. I think it’s easy to quantify your goals.

Measurable – How can you measure your success? More, better, etc. isn’t measurable.

As If Now – Make everything present tense. You need to act a if you already have it!

Time – When do you want it by?

 

Here is a sentence that is linguistically correct for your goals.

It is now (insert date) and I now have (insert goal) and I feel (insert feeling)!

 

TARGETS

If you have a goal that is a 12-month goal can you work backwards and set daily, weekly, monthly and quarterly targets?

If you want to lose 144 lbs. What is your daily, weekly, monthly and quarterly target?

 

PURPOSE

Your purpose is your WHY. The best way I ever heard this explained is from Victor Frankle in his book Man’s Search For Meaning.

 

Frankle was a holocaust survivor. He said the people who made it through had a personal why. Among the mud some saw the bars and others saw the stars.

To have a compelling future and keep your drive while on your pursuit it will be helpful to have a purpose, a why!

 

Sit in a quite place and hand write 2 pages on WHY you want to accomplish your goals. Keep the language positive.

 

Putting it all together.

If you want to make $100K, $1 Million or whatever your number is follow this process…

1) Goal

It is now December 31st and I have $1 Million in my bank account and I feel ecstatic!

 

2) Targets

a. 1 Month – $76,923

b. 1 Quarter – $230,769

I would also add that you want to put some actionable items in the mix.

What activities are you going to do on a daily, weekly and monthly basis to hit your goals?

 

3) Purpose

a. Read your 2 pages of WHY on a daily basis.

 

No matter where you’re at in your business or life this simple process is a must. If you lead others how do build a culture of getting your employees to drive to the next level.

 

When you do the process as described you will encode your future goals as a current memory. Your mind doesn’t differentiate between past memories or future dreams. Make those dreams a reality by properly encoding those dreams as future memories.

 

We go a lot deeper, but this simple process will get you started!

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What Your CPA isn’t Telling You… That is Crushing Your Business!

What Your CPA isn’t Telling You… That is Crushing Your Business!

No matter what business you’re in there are certain financial ratios that hold true. When you compare your business to another business in your space there are certain financial ratios that your business needs to have to be successful.

 

Do you know what they should be for your business?

Do you know what to do to get them in line?

 

For instance…

There is an average ratio that Cost of Goods Sold should be of your Revenue.

There is an average ratio that Employee Costs should be of your Revenue.

There is an average ratio that your business should produce.

The list goes on depending on which industry that you’re in.

 

Here is the problem…

 

…The financial advice you’re getting from your CPA is dead wrong.

 

How do I know?

 

They are not explaining anything about your business or your industry as I just did above.

I have reviewed 100s of CPAs businesses’ financials and their ratios are far out of whack.

 

Let me explain…

 

In any CPA / Accounting business their revenues should be distributed as…

1/3 Overhead

1/3 Employee Costs

1/3 Owner Discretionary Cash Flow – This includes compensation, fringe benefits and any other benefits they take from the business.

 

Here is what I normally see…

33% Overhead

45% Employee Costs

22% Owner Discretionary Cash Flow

 

Where are they going wrong?

At immediate glance you can say they are paying their employees too much. Which in theory is true. But, they would reply they need that many employees at the level of pay to service their current clients.

 

So, what is the problem?

 

They are not providing enough value to their clients at a margin that increases their revenue and decreases their employee costs as a percent of revenue.

 

This is exactly why you’re not getting enough value from your CPA/Accountant.

 

They are providing you the minimum amount of value…

 

…Doing your taxes.

 

They are providing this service for a minimal fee.

 

What you need and what they need is to provide you with advanced tax planning services that increase the value you receive by putting more money in your pocket and there by increasing their revenue per client. This would drive down employee costs and make the CPA/Accounting office more profitable!

 

How does this relate to your business?

#1 – The numbers show that you’re getting terrible service, value and advice from your CPA/Accountant.

#2 – How do your number shape up for your industry?

 

Do you have too much cost associated with your overhead?

Do you have too much employee costs?

Are you undercharging for your services and products?

Are you not adding enough value to your clients?

What else could you provide to your clients to increase your value and revenue?

 

Looking at how your ratios stack up to your competitors will lead you to having a more successful business.

 

Since it has come to my attention that most small business owner’s don’t do this kind of analysis and most CPA/Accountants don’t either!

 

The net result?

 

You as a small business owner are losing out. You’re not getting what your expecting.

What should you expect?

 

An Accounting office to make sure your numbers in line.

 

An Accounting office that can interpret those numbers and help you get them in line.

 

So where do you get started on…

35% decrease in your taxes

Ideas to increase your revenue

Ideas to increase your value

Ideas on how to maximize the value of your employees

15% increase to your bottom line

 

Everyday I see business owner’s missing out on the right advice to push their business to new levels of success! What is holding you back? Do you want to know? Don’t ask your CPA.

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5 Simple But Profound Words to Live By

5 Simple But Profound Words to Live By

You Get What You Deserve…

 

So simple but yet so true. All of us have a destination that we long for. We would do just about anything in our power to get there. What price are you willing to pay? When things get tough are you willing to pay more. Or, are you the type that will you be looking for a shortcut.

 

I’m sure you’ve heard this from one of your coaches or mentors along the way. In fact, just the other day I had this conversation with my 11 year old daughter Caroline. On our drive home from volleyball practice she shared her fustration with her teams constant bickering and lack of energy at practice.

 

She said, “How can we get better if nobody cares?”

 

I told her, “You do you, control what you can control and lead by example”

 

She said, “Sounds good”

 

I wish everybody was as easy to coach as this 11 year old ; )

 

Here is a quick story that I shared with her that night from Frances Kong…

 

A successful business man was growing old and knew it was time to choose a successor to take over the business. Instead of choosing one of his directors or his children, he decided to do something different. He called all the young executives in his company together.

He said, “It is time for me to step down and choose the next CEO. I have decided to choose one of you.” The young executives were shocked, but the boss continued. “I am going to give each one of you a SEED today – one very special SEED. I want you to plant the seed, water it, and come back here one year from today with what you have grown from the seed I have given you. I will then judge the plants that you bring, and the one I choose will be the next CEO.”

 

One man, named Jim, was there that day and he, like the others, received a seed. He went home and excitedly, told his wife the story. She helped him get a pot, soil and compost and he planted the seed. Every day, he would water it and watch to see if it had grown. After about three weeks, some of the other executives began to talk about their seeds and the plants that were beginning to grow. Jim kept checking his seed, but nothing ever grew. Three weeks, four weeks, five weeks went by, still nothing. By now, others were talking about their plants, but Jim didn’t have a plant and he felt like a failure.

 

Six months went by – still nothing in Jim’s pot. He just knew he had killed his seed. Everyone else had trees and tall plants, but he had nothing. Jim didn’t say anything to his colleagues, however. He just kept watering and fertilizing the soil – He so wanted the seed to grow.

 

A year finally went by and all the young executives of the company brought their plants to the CEO for inspection. Jim told his wife that he wasn’t going to take an empty pot. But she asked him to be honest about what happened. Jim felt sick at his stomach, it was going to be the most embarrassing moment of his life, but he knew his wife was right. He took his empty pot to the board room. When Jim arrived, he was amazed at the variety of plants grown by the other executives. They were beautiful — in all shapes and sizes. Jim put his empty pot on the floor and many of his colleagues laughed, a few felt sorry for him!

 

When the CEO arrived, he surveyed the room and greeted his young executives. Jim just tried to hide in the back. “My, what great plants, trees, and flowers you have grown,” said the CEO. “Today one of you will be appointed the next CEO!” All of a sudden, the CEO spotted Jim at the back of the room with his empty pot. He ordered the financial director to bring him to the front. Jim was terrified. He thought, “The CEO knows I’m a failure! Maybe he will have me fired!”

 

When Jim got to the front, the CEO asked him what had happened to his Seed – Jim told him the story. The CEO asked everyone to sit down except Jim. He looked at Jim, and then announced to the young executives, “Behold your next Chief Executive! His name is Jim!”

Jim couldn’t believe it. Jim couldn’t even grow his seed. How could he be the new CEO the others said?

 

Then the CEO said, “One year ago today, I gave everyone in this room a seed. I told you to take the seed, plant it, water it, and bring it back to me today. But, I gave you all boiled seeds; they were dead – it was not possible for them to grow. All of you, except Jim, have brought me trees and plants and flowers. When you found that the seed would not grow, you substituted another seed for the one I gave you. Jim was the only one with the courage and honesty to bring me a pot with my seed in it. Therefore, he is the one who will be the new Chief Executive!”

 

If you plant honesty, you will reap trust. If you plant goodness, you will reap friends. If you plant humility, you will reap greatness. If you plant perseverance, you will reap contentment. If you plant consideration, you will reap perspective. If you plant hard work, you will reap success. If you plant forgiveness, you will reap reconciliation.

 

Knowing that you get what you deserve stand tall and deliver the best version of you regardless of the circumstance. A lesson that a pure minded 11 year old took in stride without any hesitation.

 

Don’t buy into the path of least resistance… always pay the toll… because little eyes are always watching!

 

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Contact

Phone

Tel: 312-330-5094

Email

Todd@LinkBizSolutions.com