5 Numbers Every Business Owner Must Know

Business owners - what are the 5 essential numbers to grow your business?  

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1. What’s the value of your time?  This number gives you perspective on how and where to apply your talents.  It helps prioritize your tasks.  Will this task make you money or avoid losing money - how much?  Without this this number you feel at odds constantly trying to do everything and failing to be productive.
2. When do you break-even?  Knowing when your revenues exceed the fixed and variable costs gives you confidence you make a profit for your efforts.  Without it you don’t know whether you’re winning or losing.  You don’t know the score.  You feel anxious and hesitant on strategy because you don’t know where you stand financially.
3. What’s the acquisition cost of your customers?  What are you spending in marketing, sales and customer experience to attract and retain them.  Are you receiving a return on investment?  Without this number you don’t have a basis to decide how and where to apply your resources.  You feel perplexed and must guess on marketing and sales strategies.
4. What is your customer lifetime value?  When you add up what your customer buys year-over-year plus their referrals, what value does it provide the business?  With this number you’ll appreciate your customers more.  Without this number you’ll miss apply your time with low quality customers vs focusing on retaining your loyal raving fans.
5. Finally, what is the value of your business?  What if you transitioned out of the business today, tomorrow or in 3 years what value do you need it to be?  What are the leveragable variables impacting the value?  How do you best show sustainable increasing discretionary cashflow?  Avoid feeling disappointed when this pinnacle event occurs.    

Knowing these 5 numbers is important.  Knowing the direction and rate of change is equally important over time.

If you’re uncertain about what your numbers are and their trends then let’s talk.  We’ll discuss how to calculate these numbers and how to move them in the right direction.  This is a complementary session and you're guaranteed to leave with at least a half dozen implementable ideas to improve these numbers.

Call me at ph:  972 709 6776 or eMail:  StephenMarino@ActionCOACH.com

Let’s get started...know these numbers and we'll grow your business!

Passion Changes Everything

Business Owners and Salesmen are you finding the B2B procurement process more intimidating?

You're working with professional B2B buyers trained, hired and retained because they removed all emotion from their job.   All but one...FEAR.

Their world is transactions, buying commodities.  They build procurement processes to mitigate fear of a bad purchase, not to ensure a good/great purchase.   

The greatest antecedent for their fear is your passion.  Your resolute conviction that what you offer works as promised.  You believe/know this or else there is no further discussion, if otherwise.  You're representing the situation, solution and mitigating the risk and avoiding the risky so an informed decision is made.

When you find the B2B procurement process is interfering with your profits, then let's have a discussion to find solutions that show how passion changes everything.

Your Price is too High...? 20 Proven Responses to a Tough Objection

When you're receiving this objection, you may be getting somewhere with your customer.  They're acknowledging the need for a solution, so follow up with further questions.

  

1.  Which means?

2.  Compared to what?

3.  What was your expectation?  

4.  If our competitor is much less, what does that tell you?  

5.  You can always find a cheaper solution but you won't find both the quality and value.  Isn't that what interests you?

6.  It is high compared to what some companies charge.  What does the fact that we have over 500 customers buying from us imply?  

7.  It costs only about 15¢ per hour of operation.  What kind of peace of mind does that buy?

8.  Our price is high, compared to what some others companies in the field in charge.  But I believe it’s not high enough for what it does.  As a matter of fact, as the economy improves we're expecting a price increase any day.  Why not buy now and get our high quality at today’s price?

9.  I am glad you mentioned price.  Is it the amount or the terms?  

10.  Have you ever figured the price of not having a high quality?  The price of breakdown, the cost of wasted time, the extra phone calls, the headaches, the repairs bills…you see, high quality actually saves you money in the long run.  Why not order today?

11.  Don’t deceived by today's prices.  You actually pay less because we are giving you more service, more quality, more expertise, and more security.  Isn’t that what you really interested in?

12.  You really feel that our price is too high?  Could you explain that for me?

13.  The sweetness of low price is quickly forgotten when you have to deal day after day with the bitterness of low quality.

14.  We can lower the price right now, but you need to make a decision on what options to cut from our proposal.  Okay?

15.  I might get in trouble for saying this, but I know a way to save you a few bucks.  What if I cut my commission on this transaction to lower the price?  

16. Yes, we are not the cheapest in our field; however, we do over $8 Million a year at the same price.  We cannot do that if our customers weren't convinced that this is the best buy.  Wouldn't you agree?

17.  Does your company pay you only to buy the cheapest products?  Are they really interested in getting the best value for the dollar?  Shall we talk about value?

18.  Our price is too high?  We very rarely hear that, what do you mean?

19.  How much too high is it?  Do you realize that if you keep and use your products for 5 years, and most people do, the price difference is only 12¢ a day?  Isn't it worth 12¢ a day to have the very best?

20.  If it were cheaper, would you want it?  Good!  Then what you are telling me is that you're interested.  Let's look at some ways you can afford it!

So there you have it, 20 ways to reply and most are questions that get the customer to share what's holding them back from a purchase.

If your sales team is facing objections that's consistently hindering sales, let's have a discussion on improving their effectiveness. 

   

How to Replace Your Job While Doing Some of the Most Meaningful Work on the Planet Locally

Reflect back to a situation where you were mentoring or coaching. Feel that you where making the biggest impact in someone’s career and value to the business? Did that feeling go beyond being satisfied with your job? Are you doing that enough with today’s corporate stresses?

Here’s how to receive that sense of purpose and how to replace and exceed your current income while having more autonomy and fun doing what you love.

You’re invited to a 30 minute live interview with one of our ActionCOACH Firm owner in Frisco, TX - Dennis Wagner. He’ll share why he chose to transition to business ownership, why ActionCOACH and how he’s building his business.

Coach interview call is this Thursday, June 9th at 11:00 to 11:30 am Central Time. Yes, it’s 30 mins, because he’s got clients and you’ve got to get back to your job. 

Entrepreneur or Employee?

Have you debated this question over the past year(s)?  You're not alone.  So what stopped you?  The unknowns...where to apply your talents and passions, how to ramp-up and replace your income and how to attract clients, just to name a few.

Most of us were trained to hold a job verses how to start or buy and grow a business.  We sought highly specialized knowledge and continually developed in that field only.  However, the recent changes in the economy, competition, globalization and overall corporate mismanagement showed the shortcoming of this approach.  If you're one of the many former well paid "white collar" leadership left vulnerable with either no or unfulfilling work, are you ready to take control again?

To get answers and determine if you meet the criteria to lead business owners to higher performance let's talk.  ph:  972 709 6776.

I'm looking for ambitous leaders that want to leave a legacy leading business owners to higher profits, productivity and predicability.  And if we can do it for others shouldn't we do it for ourselves?  Of course ... contact BrianPiccolo@ActionCOACH.com. 

 

One Question Which Will Positively Set You Apart...!

During an interview with a prospective business coach recently they asked, "How can I make you a million dollars?"  Impressive because this was a role reversal from me asking questions and sharing insights to his question of helping me succeed.
It revealed a lot about his mindset.  Seek to understand what's important to me then assess how he could and would assist.  The focus was on the relationship vs. a transaction.   

This mindset of giving first to receive second establishes the trust and integrity required to coach.  This becomes the basis for the long term win/win relationship.  The owner wants business growth and the coach wants to be referred. 

So next time you're in front of your next client ask how you can make them a million, and listen.  That's win/win.

If this mindset is your mindset then ask yourself if becoming business coaching is a path you'd like to know more about...

4 Powerful Words Bring Team Alignment & Productivity

Whether you’re participating in a business, your charitable foundation or your local tennis club, meetings are meant to lead to decisions and action plans.  So let’s get the most from your investment by identifying your next steps by putting the names of the people to be responsible, accountable, consulted and informed per action step.  It’s the visual simplicity that aligns everyone and leads to higher productivity.

ActionPLAN/Issues	Responsible	Accountable	Consulted	Informed
Governance – Voting	(Put the names of individuals in these blocks)
Money – PNL/Budget/Equity
People – Hire/Fire
Purpose – Vision/Mission/Values

These teambuilding skills are what our ActionCOACH business coaches do daily with our clients.  If leading teams to higher performance resonates with you, we’re always looking for top talent.

10 Rules for Problem Solving and Higher Productivity...

Rarely is there a problem without a solution.  Yet, there is plenty of contention on how to positively address the problem without unnecessary confrontation.  Here's a methodology to foster the group or team communication and achieve more faster, effectively.

10 Rules for Problem Solving, Brainstorming and Team Building

1. Headline the Problem / Issue / Opportunity    (Simple newspaper headline terms)
2. Provide Background - Current situation, Which are Symptoms and Causes, Give context to the problem and implications to business.  Define what the ground rules are for a solution?
3. Re-define the Problem - Based on what you've learned from the group what does the problem look like now?  Often what you thought was the problem is not the real problem.
4. Define the Desired Outcome – what is needed/wanted and how committed are the players to the solution?  What does success look like?  Begin with the end in mind.  Work the outcome backwards – what do you have to believe to achieve the outcome, what are the assumptions?
5. Generate Ideas of Possible Solutions – no idea is a bad idea, no critique of person with idea.  Look for relationships of ideas:  Mutually Exclusive, Collectively Exhaustive and Complete - MECEC
6. Select Ideas of Possible Solutions – prioritize selected ideas as compared to desired results
7. Get Benefits and Concerns (I wish I knew – IWIK; How to – H2), Go through “what if” questions and scenarios - What if things go right?  What if they go wrong?
8. Work the Critical Concerns - Understand why these are concerns.  What can be done to mitigate or eliminate them?
9. Define an Action Plan and Implementation Next Steps – Define Who, What, When, Where, How, How Much for each strategy, tactic or activity.  
10. How to Sell / Persuade / Communicate to the other people impacted? – Answer WIFME (What’s in It For Me), factor the other people's personalities involved and how best to communicate with them.
    Still having challenges getting everyone aligned on seeking solutions, then let's talk.
    
    I'll offer a complementary 60 to 90 min session to understand your situation and guarantee you'll gain at least a half dozen ideas to engage your team, improve communication and implement more effectively.  

Call me at ph:  972 740 3575 or eM:  StephenMarino@ActionCOACH.com

Let's get started facilitating these important problem solving sessions.  You'll work less and make more.  

Calling Yourself Boss More Descriptive of Your Ambitions...?

Reflect back to a situation where you were mentoring or coaching.  Felt you where making the biggest long term impact in someone’s career and value to the business?  Did that feeling go beyond being satisfied with your job?  Are you doing that enough today in today’s corporate stresses?  Here’s how to receive that sense of purpose and how to replace and exceed your current income while having more autonomy and fun doing what you love.

You’re invited to a 15 minute live interview with one of our ActionCOACH’s in Oklahoma City, a former CEO of an environmental services business.  He’ll be answering questions about why he chose to transition from the C-Level to business ownership, why choose ActionCOACH and how he’s building his business.  He'll also cover what's working well and what he would do differently coming out of train. 

Join our Coach Interview Call this Friday, May 13^th at 10:30 to 10:45 am

Yes, it’s 15 mins, because he’s got clients and you’ve got to get back to your job. 

Please confirm your attendance by registering below.

Here are the details:

1.  Please join my meeting, Friday, May 13 at 10:30 AM Central Daylight Time.

www1.gotomeeting.com/join/410771320  Register Here

2.  Use your microphone and speakers (VoIP) - a headset is recommended.  Or, call in using your telephone.

Dial +1 (630) 869-1012

Access Code: 410-771-320

Audio PIN: Shown after joining the meeting

Meeting ID: 410-771-320