Cash is king and your payment terms can sometimes be sabotaging your business by influencing customers to delay and extend the payments owed to you. This is part 1 of a situation that I came across about payment terms and cash flow, and how you can optimise both.
Cash is King, and this is clearly seen by business owners who have great margins and profitable businesses, but for whatever reason, getting paid takes a while and so they face the stress of having to scramble to meet payroll and other obligations.
The answer is to introduce recurring revenue models where possible and provide incentives and make it easy for your customers to pay you as soon as possible.
Ever been told you can’t bring a customer on board, or you can’t take the opportunity you dreamt about? If it’s from a non-business area of your company (such as the accountant or compliance) it’s worth pushing back 100% and having them give you a fully justifiable 100% reason why – and eliminating 100% risk so their jobs become easier is not a valid reason.
Is your path of success a nice paved multi-lane highway, Freeway, Potholed Freeway, street, dirt path, or pile of garbage no one can get around? Here is the opportunity to turn lemons into lemonade and pave clear paths of growth for a future that can transform your life and one you would not have expected.
Sometimes it’s best to hear directly from business owners on what it means to own a “sellable” business. I think you will find some of what my friend has to say inspiring.
Managing employees is a challenge, especially as businesses grow. It’s important to maintain good communication, productivity, and collaboration within the team. Thankfully, there are simple solutions that can help small business owners manage their employees with greater efficiency and success.
We have been talking about the purpose of business being creating customers who create customers. Here we show the math and the proof. What will it mean to your bottom line? What investment can you make that beats the return on providing an exceptional customer experience.
The exceptional experience gives you the growing and predictable revenue that makes scaling your business easier and better positions you to sell at your price and terms one day.
In part 2 are the answers to some common objections to investing in the Customer Experience.
I stress customer experience because it directly leads to driving up your Customer Lifetime Value, your profits, and the enjoyment of owning your business.
Continuing with the Purpose of Business is to create customers who create customers.
An important aspect of that is investing your time, focus, and yes money to provide a superior customer experience.
For many business owners, they see customer service as an expense to be limited.. not as an investment like advertising or sales.
Some of the common objections are in this post… the answers in the next one ..
The purpose of business is to create customers who create customers.
To do so, you have to provide a superior experience. Are your customers making more customers for you?
“Because the purpose of business is to create a customer, the business enterprise has two–and only two–basic functions: marketing and innovation. Marketing and innovation produce results; all the rest are costs. Marketing is the distinguishing, unique function of the business.”
– Peter Drucker
Taking Peter’s quote I found an expansion of that in one of Dan Kennedy’s BS books. It’s the theme of this short story and my following 3-4 posts.
“The Purpose of Business is to Create Customers Who Create Customers.”
Growing a business doesn’t always require more hours or resources; sometimes it just requires smarter strategies like automation, outsourcing, and delegation.
Automating to help make things more efficient at work. Outsourcing to free up your time to invest in more important activities, and delegating to utilise your staff better and take the stress off your back.
Ever feel like you are a trapped in the trenches of a price war.
You don’t have to be.
Ron Holt shows the power of standing out, scaling up and ultimately selling at a premium.
By standing out he could charge what he wanted. That funded his growth which then made him attractive for a high premium offer.
Trolls beware! Don’t mess with my wife’s 20 years of experience as a teacher and senior leader in the British Curriculum.
When it comes to phonics, she has literally transformed hundreds of children from struggling readers to confident ones.
A reminder that when you’re choosing mentors or resources for your business, don’t be fooled by ideologues who preach without getting results.
Go for the real thing – those who take the time to get to know your unique situation and help you reach your goals
Working hard is great, but don’t forget to rest and rejuvenate too! Maintaining a good work/life balance can be a key to success.
Taking regular breaks to relax and unwind can help you mentally, physically and you’re your creativity – all of which are essential for growing your business.
So take some time off, let your mind and body recover – you’ll be glad you did.
People do business with those whom they like and trust. Do the following to help people feel comfortable trusting you and doing business with you.
When they trust you and you exceed their expectations, you gain repeat customers. The ones who will keep buying from you, referring you, and funding you to help your business grow.
The Sermon on the Mount is one of the most famous and influential speeches in history. And if you look at it from a “business perspective”, it’s a masterpiece in showing the power of communicating benefit and transformation. In short, how to stand out from your competition and communicate it effectively.
Every try to assemble something when the instructions are pure ****. Best is EU purchases where the only instructions are in 15 different languages and they are warranty cards.
If instructions are included, often it’s written by engineers for other engineers and as useful as just telling us to ask the Cat how to put it together.
But here’s the thing.. purchases that do not get consumed get returned. So why deal with refunds because instructions are not clear. Start there and see what happens…
Knowing your audience can be a force for good or evil.
For good so you can provide the solution that can change people’s lives into their hands.
For evil, like poor Mr Ed….
Regardless, knowing your audience makes it possible to scale your business because they are more likely to listen and buy from you.. that is if you know how and when to speak to them…
Five principles of direct marketing can help lift your business out of a rut by helping stand out and stand up and scale to the next level.
Sometimes Schools can give us the best lessons on how to grow a business outside their classroom. Just look at how they are run…
Being successful in business is about understanding the core desires that drive your customers and providing solutions to fulfill them. We can learn a lot from two very different restaurants – one aimed at impressing clients for business deals, and another for throwing a 3 year old’s birthday – on how to create the right atmosphere, understand customer desires and price accordingly.
By doing this, you can outsmart your competitors and attract the customers you want and charge the prices you want. At the end of the day, it’s not about prices – it’s also about understanding and fulfilling customer desires.
This headline is ridiculous because pairing blue fin tuna sushi with sliders doesn’t have anything wrong with it logically, but rather awkward from an emotional aesthetic point of view.
it’s about atmosphere and how it reflects some of our deepest core desires.
Ever wonder why you go to the restaurants you do?
Do you only go because you are hungry?
If that’s the case why go out and not just deliver?
What restaurant would you take a client to win a critical project?
How about 20 3-year-old children to a birthday party?
Pick the same place? If not.. why?
Ever get a call from a company that only cares about price? it’s like a robber calling you to offer a discount on buying back what he just stole from your house.
“A man who doesn’t spend time with his family can never be a real man”
– Vito Corleone
Tips to be a real man or woman and build a business by freeing your time.
As a busiess owner what does it mean to “maximise” your time? There is lots of hype and cliches around.. but here are some practical steps the hero in our story took to maximise his time.
Four quick strategies for business owners to grow and build the value of their business and set it up to sell one day on their price and terms.
Budgets are necessary to control spending, but mindlessly following them is insane when it comes to scaling and growing your business beyond what the budget “allows”. You can be flexible and still grow smart as long as you look at key metrics for growth and allow them to supersede what some arbitratry budget measure says.
When and how do you balance growth while making sure you don’t go nuts on spend?
Your Business can be like a winning horse if you train it well and feed it with steady and growing profits.
On the big race day (the day you exit) it can give you a huge payout.
Don’t try to be everything to everyone. I recently met an entrepreneur who promised to handle every aspect of marketing. The result? People tuned out. She quickly pivoted careers. The lesson? Focus on excelling in one area, meeting your audience where they are, and delivering what they truly need. That’s how you attract and keep customers. Want to master this? Join our free course to learn how a 60-year-old marketing secret can transform your business.
In business, systems and processes are essential, but they must reflect your values and customer experience. A friend of mine recently encountered a situation where an abrasive negotiator who lacked connection and cultural understanding, disrupted the negotiation. The lesson? Poorly executed systems can harm relationships and outcomes. As a business owner, ensure your processes align with how you want to engage with others, leading to loyalty, predictability, and ultimately peace of mind.
Did you know every day you own your business brings you one day closer to an exit – and often it can be unexpected and sooner than you imagined. So every decision you make is an exit decision – building up or destroying what you are working so hard on.
You can’t control 100% when you exit but you can control being prepared so that you and your family can benefit from what you built whether it’s planned or unplanned (think death, disability, divorce, disease, debt, etc.).
Are you creating or burning you wealth today?
When David and his wife faced hard times with their business, they were struggling to keep afloat without spending more money. Eighteen months later, they achieved a remarkable 30% growth rate without any extra advertising costs. Discover how they transformed their business by focusing on what made them successful in the first place and cutting out distractions. Learn their strategy and find out how you can do the same for your business
Losing the person who did my hair personaly for 13 years was a small sacrifice to make to ensure he has the freedom in his business to be able to let the Dubai business run on auto pilot so he can personally be based in Thailand with his family.
Today marks my 10th wedding anniversary in Greece—a day that revealed a surprising truth. I was eager to impress someone important, hoping for approval. But things didn’t go as planned. An empty table, a missing card, and a powerful lesson emerged from that night. It applies to how we run our business and a better way to grow our business. Click to find out what happened, the lesson learned and how you can get to the next level with my free 5-Day Challenge.
Be patient, Dad,” my 4-year-old said as we waited 45 minutes for our order. Surrounded by the sea and a lovely breeze, I realised something crucial—a lesson from my newly launched 5-Day Challenge. Want to uncover what truly drives your market? Want to stop obsessing about price discounts and ineffective advertising? Join now for free and transform your business.
What can dealing with the customer service of your bank teach you?
Its a goldmine of how not to treat your customers and the topic of today’s post.
Now banks have no excuse to provide poor service but they do across the board and it’s mostly due to a finance mindset that erroneously sees customers as costs and not assets.
Segment and treat your customers like the different assets they are… and the sky is the limit.