Aug. 26, 2024

7-Step Pathway to Profit Formula Using the 80-20 Rule to Get Your Time Back

Profit Growth, 80-20 Rule, Revenue Generation, Entrepreneur

Powerful Business Strategies is broadcast live Mondays at 12 Noon ET Music on W4CY Radio...

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Profit Growth, 80-20 Rule, Revenue Generation, Entrepreneur

Powerful Business Strategies is broadcast live Mondays at 12 Noon ET Music on W4CY Radio (www.w4cy.com) part of Talk 4 Radio (www.talk4radio.com) on the Talk 4 Media Network (www.talk4media.com January Jones Sharing Senior Success is viewed on Talk 4 TV (www.talk4tv.com).

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WEBVTT

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The topics and opinions expressed in the following show are

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solely those of the hosts and their guests and not

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those of W FOURCY Radio. It's employees are affiliates. We

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make no recommendations or endorsements for radio show programs, services,

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or products mentioned on air or on our web. No

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liability explicitor implied shall be extended to W FOURCY Radio

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or it's employees are affiliates. Any questions or comments should

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be directed to those show hosts. Thank you for choosing

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W FOURCY Radio.

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Welcome to Powerful Business Strategies, where you will find out

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that everything you have ever learned about growing your business

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is wrong. Finally, a show where you'll learn the right

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way to grow your business by learning business and financial

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strategies that your competition isn't doing and now here is

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your host. President of Next Step CFO Michael Barbarita and

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joining Michael for today's show as an executive moderator is chooky, obio.

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Yes, this is chooky, and I believe that gratitude is

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undefeated and growth is about the next step. It is

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an honor for me to moderate today's discussion with my

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good friend Michael.

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Michael, how are you great, Chokey, how are you?

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I'm doing well, doing well.

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So, as Chokey said, my name is Michael Barberida. I'm

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president of Next Step CFO. And next Step CFO is

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a fractional CFO and strategic implementation firm and our vision

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is to ensure overwhelm business owners achieved the time, freedom

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and consistent profits to build a legacy and the life

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they desire. And our mission is dedicated to guiding small

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business owners to leveraging their time, exploding their profits and

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build a meaningful legacy. You know, this show Powerful Business

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Strategies and our book of the same name as a

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step towards accomplishing that vision and mission. And so with that,

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I want to hand it back to our to my

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co author and moderator for the show, Chooky Obio.

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Michael, thank you.

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So I am energized by today episode seven step Pathway

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to Profit formula using the eighty twenty rule to get

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your time back. This goes right to the heart of

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the mission and vision statement Michael that you called out

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this idea of legacy and leadership for business owners. So

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before we really jump in a quick disclaimer. So Michael

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and I are both affiliated with a number of different organizations.

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I currently serve as the managing director of business Development

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for Vetter Price, a global business focused law firm. But

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in addition to that, it is truly inspiring to collaborate

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with Michael on a business roundtable that we do coast

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to coast for business owners and we document best practices

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from business owners across industries, and then we document that

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in our book called Powerful Business Strategy. Is also the

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name of the show. But please note that the views

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expressed on this show are our personal views. But my

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mission as the Fearless moderator is to ask the right

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questions to help you and to help me learn the

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best business strategies that the competition isn't doing. So Michael

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look really energized for today's episode.

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Likewise, Cherokee, and so our show today is about working

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your way toward getting your time back by utilizing what

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we call the seventh step Pathway to Profit formula, using

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the eighty twenty rule to finally get your time back. Nice.

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And you know, in the mid eighties, I bought a

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ski specialty retail business. And when I bought the business,

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I never skied before. And when I bought the business.

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I was twenty seven years old and didn't have any

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experience running a business, and I needed something or to

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do something to be able to accelerate my learning curve

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and really understand what was going on in the business,

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to be able to talk intelligently to my employees, who

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quite frankly, knew way more about the business that I did.

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And I was way behind the eight ball, having a

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lot of sleepless nights wondering what I got myself into.

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And I was making a lot of mistakes. It's unbelievable,

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feeling like totally out of control and losing the respect

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of the employees. I mean, I was struggling with not

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knowing anything about the business and certainly not knowing anything

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about the ski business, and the employees needed direction and

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leadership and I wasn't giving it to them. And I

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was getting more and more frustrated with my lack of

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knowledge about the business, and it was affecting employees who

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were leaving and were equally frustrated, and it was affecting

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the business that was now struggling. And you see, at

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the time, I was trying to make sure that the

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business would survive, but I was overwhelmed exhausted, overworked, frustrated.

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And then something really bad happened. While all this distress

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and my mismanner it was going on the top it

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all off, I caught an employee stealing right out of

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the cash register. Oh wow, and yeah, this is I'll

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tell you. That's when it really hit bottom, which told

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me I really couldn't manage the business correctly. I really

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had to do something to right the ship. And as

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you could imagine, I was really in bad shape and desperate,

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but I wasn't going to give up on my dream

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of finally giving finally being in control of my business

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and my destiny. And this is when I started to

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look at things that I should focus on in order

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to leverage more revenue. And that's what I learned about

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the eighty twenty rule and how to use it to

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leverage more revenue. And so business owners overall, from the

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ones we've interviewed Chooky, it just so overwhelmed because there's

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just so many things they have to know and understand

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about running a business. It's endless, and just as an

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exact in our book called Powerful Business Strategies, we have

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this little pie chart that has layers of things that

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we business owners should be at least familiar with, if

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not actually understand and know. And this pie shot has

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subcategories of subcategories, and if we took out just one

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sliver of the pie shot, it's a real, real, tiny

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sliver called digital marketing. Then business owners have to know

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about social media, email marketing, blogging, copywriting, e commerce, paid ads,

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search engine optimization, data analytics, conversion and optimization, videos, squeeze pages.

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I could go on and on, but days and days,

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it's just so overwhelming. And this is the overwhelm that

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I was looking at when I was in the skate first,

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you know, my first days in the ski business. And

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so the question becomes, with all these things, we business

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owners have to know what should we focus on to

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get the biggest the buck and to get the most leverage.

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So I turned to the eighty twenty rule commonly referred

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to as the Pareto principle, that says that eighty percent

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of the consequences comes from twenty percent of the causes.

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And to put that in business vernacular, most business owners

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think that the eighty twenty rule as it relates to

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business is that eighty percent of the revenue comes from

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twenty percent of the customers, which by the way, is true.

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But the way I looked at the eighty twenty rule

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and the way I broke it down is that eighty

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percent of the revenue comes from twenty percent of the effort.

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So the trick is to identify what tasks make up

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that twenty percent that drive eighty percent of the revenue.

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And Chokey and I, when we wrote our book, broke

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this down to what we call the seven step Pathway

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to Profit formula. I didn't have that terminology back in

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the eighties. Yeah, right, So Chifty and I put a

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name on it when we wrote the book, and once

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again we talked about that that twenty percent being the

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seventh step Pathway to profit formula. And so what we

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did it is identified the tasks that make up that

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twenty percent that drives eighty percent of the business that

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you do drives eighty percent of the revenue. And I'm

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going to explain each step one in a time.

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Great, Michael, Yeah, Yeah, I was just gonna say, I'm

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so fascinated by this because, as you know, I mean,

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this is personal for us, and not just for us,

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this is personal for a lot of business owners and leaders.

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I go back to the twenty seven year old Michael

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writing mean Michael by which is really impressive that at

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such a tender age, right, I mean, you had this

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great drive and initiative to venture out on your own.

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Can we just let's stick a minute there, Michael, because

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I think that's really important because the why sometimes can

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be very informative to get to the how. So why

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at that tender age, Michael, did you embrace this path

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of entrepreneurship?

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Well, first of all, I wish I was at that

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tender age again, because the age now it's not so tender. So,

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but the main reason was chooky. I didn't like the

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politics that went on in corporate America. That was the

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main drive driver. And I was getting promoted in my

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jobs that I held at a reasonable rate. Don't get

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me wrong. I just had a little I just looked.

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I had a little forward looking view, okay, and of

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what I thought or I anticipated what was to come,

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and it just didn't look fruitful enough for me. And

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like I said in my opening, you know that to reach,

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you know, to want to reach that destiny, to want

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to want to go above and beyond, to want to

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accomplish and and really build something. It takes business ownership,

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and it's a great and it's a great path, but

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there's some things like we're going to go over with

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in this show, not to this show, but in all

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of our shows that hopefully will help guide people and

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not to go through the agony that I went through.

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Yeah, I mean that's just so inspirational, Michael. And so

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the point about the effort piece of this, right, I mean,

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effort is everything, right, It's funny.

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Effort is a great equalizer.

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So when you look at this seventh step profit formula,

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I would be very interested. And I know you're going

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to go through this methodically, and Michael, I think we'll

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have some questions from the audience, but I would be

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very interested at how that twenty seven year old entrepreneur

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would have implemented on these seven steps. You think it

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would have accelerated the business growth? Would it have gotten

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you closer to the destiny? I would so love your

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perspectives on that. But yeah, feel pretty h well.

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One of the things, you know, one of the things

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is is I really sat down and really tried to

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find where.

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The drivers were interesting.

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And that's what these seven steps are. They are the

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drivers that drive the revenue, and they drive it in

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a very leveraged way if one focuses on them. If

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one doesn't, then you know, the basically go back to

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what you're doing now, uh, for the most part, because

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we've interviewed a lot of business owners and we've seen

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a lot of overwhelmed absolutely, and we see them working

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on things that aren't moving the needle. But if you

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focus on these seven steps, I don't think you can

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help but move the needle. So so let me go

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through those. So step one is you need to work

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on it and focus on generating more leads, now preferably

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through the conversion formula. Now, we've talked about the conversion

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formula before and I'm going to go through it again

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because it is absolutely critical to the first couple of

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steps of this seven step Pathway to Profit formula. The

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conversion formula plays a key role in the first two steps.

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So let me explain the conversion formula again. And so,

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as we've been saying in several a few of our shows,

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the key to successful marketing is that you have to

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enter the conversation taking place in the head of the prospect. Well,

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how do you do that? So what we observed Chucky

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and I when we were writing our book, is that

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you can enter the conversation taking place in the buyer's

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mind because it's centered around two things, the problem the

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prospect has and doesn't want and the solution that they

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want that they can't find. And we simply enter the

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conversation in the biased mind strategically by using what we

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call the conversion formula. Now here's the thing about the

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conversion formula, so four pot formula that allows you to

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address the prospect's problem and solution and do it at

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just the right time, just like if you were in

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the prospect's mind. And it has to be followed just

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like any other formula or a mathematical formula, if you will,

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with all four parts executing in the right order, otherwise

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it falls apot. Doesn't worry. So here's that formula very

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quickly again, and review what we've talked about in other shows.

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The conversion formula stocks with what we call the captibate.

227
00:13:42.480 --> 00:13:45.000
That's the headline which happens to be the problem that

228
00:13:45.039 --> 00:13:48.720
the customer has and doesn't want, and it's designed to

229
00:13:48.840 --> 00:13:52.440
stop the prospect in their tracks because it is addressing

230
00:13:52.480 --> 00:13:57.320
the problem and it interrupts them, if you will. And

231
00:13:57.440 --> 00:13:59.919
this headline or problem is the first thing that you

232
00:14:00.200 --> 00:14:02.240
say out of your mouth or that a person sees

233
00:14:02.360 --> 00:14:06.440
or hears from you or your business, and it really

234
00:14:06.720 --> 00:14:12.639
it must really identify the problem they have. And because

235
00:14:12.720 --> 00:14:15.639
you basically only have a few seconds to keep their attention,

236
00:14:16.480 --> 00:14:18.840
so it's really going to focus in on that problem

237
00:14:20.320 --> 00:14:23.159
and then fascinate. Is that's the second step of the

238
00:14:23.200 --> 00:14:26.639
conversion formula. Now that you've interrupted the prospect with the problem,

239
00:14:26.639 --> 00:14:29.240
we have to keep their attention and we have to

240
00:14:29.320 --> 00:14:32.159
engage them with the sub headline or the second thing

241
00:14:32.200 --> 00:14:35.440
that they see, which happens to be a quick solution

242
00:14:35.600 --> 00:14:39.279
to that problem that they can't find. And this is

243
00:14:39.320 --> 00:14:42.480
how you enter the conversation. The prospects are having in

244
00:14:42.480 --> 00:14:46.759
their minds to captivate and fascinate the problem and the solution.

245
00:14:48.679 --> 00:14:51.799
And so the third now that you have their attention,

246
00:14:53.360 --> 00:14:55.879
and by the way, we call these first two steps

247
00:14:56.519 --> 00:15:00.240
of the conversion formula the position of market dominance. So

248
00:15:00.279 --> 00:15:02.759
you need to get that position of market dominance right

249
00:15:02.799 --> 00:15:07.240
that captivate and fascinate that problem and solution. You have

250
00:15:07.279 --> 00:15:10.600
to get that right now. Then once you get that right,

251
00:15:10.960 --> 00:15:15.879
you now have the time to educate the prospect, and

252
00:15:15.960 --> 00:15:19.159
then and then we have based on that, we have

253
00:15:19.240 --> 00:15:23.519
more time to give that prospect more information, more information

254
00:15:23.559 --> 00:15:26.440
about how we go about solving that problem. And then

255
00:15:26.519 --> 00:15:32.519
finally the clothes. That's the fourth component of the conversion formula,

256
00:15:32.639 --> 00:15:36.000
and that has to be very compelling and so irresistible

257
00:15:36.039 --> 00:15:39.240
that the prospect would be foolish not to take it.

258
00:15:40.159 --> 00:15:43.399
And we'll go over that in a minute, the irresistible offers.

259
00:15:43.399 --> 00:15:47.120
But so let me show you how the conversion formula

260
00:15:47.200 --> 00:15:50.559
does the heavy lifting by following the way people buy,

261
00:15:50.679 --> 00:15:53.240
and people buy based on emotion, and then back up

262
00:15:53.279 --> 00:15:57.159
that emotion logically. You see, if we break down the

263
00:15:57.159 --> 00:16:00.000
conversion formula the first two components, which is the problem

264
00:16:00.200 --> 00:16:03.480
the customer has and doesn't want and the solution they

265
00:16:03.519 --> 00:16:07.559
want that they can't find that touches the prospect's emotion,

266
00:16:09.559 --> 00:16:13.399
and then the educate, which goes into a little bit

267
00:16:13.399 --> 00:16:17.240
more detail on how that problem is solved. That's the

268
00:16:17.480 --> 00:16:22.519
logic behind making the purchase. And then of course then

269
00:16:22.519 --> 00:16:26.080
there's the close. So you see how the conversion formula

270
00:16:26.159 --> 00:16:28.840
actually follows the path to which a buyer buys. They

271
00:16:28.879 --> 00:16:34.399
buy emotionally and then back that up. Logically, the emotional

272
00:16:34.440 --> 00:16:38.000
triggers is to captivate and fascinate the problem. The solution,

273
00:16:39.200 --> 00:16:43.919
the logical trigger is the educate and then you hit

274
00:16:43.919 --> 00:16:49.679
them with the clothes. So step two of the seven

275
00:16:49.720 --> 00:16:53.720
step Pathway to Profit formula is focusing on conversions. Now

276
00:16:53.759 --> 00:16:56.399
that I have my lead, how do I convert that

277
00:16:56.480 --> 00:16:59.440
lead into my sales process? Whatever that process is?

278
00:17:00.000 --> 00:17:03.519
Absolutely, And Michael, before we really open step two, so

279
00:17:03.559 --> 00:17:09.319
a couple of really quick questions. So step one applicability

280
00:17:09.480 --> 00:17:12.920
across industries. So it seems like what they're saying that

281
00:17:12.920 --> 00:17:15.119
I'm consolidating a couple of different questions here, So it

282
00:17:15.119 --> 00:17:18.359
seems like they're saying, wull this apply across industries?

283
00:17:18.400 --> 00:17:20.839
And the answer to that would probably be what Michael.

284
00:17:20.920 --> 00:17:25.599
Yes, absolutely, that you have to these seven areas that

285
00:17:25.799 --> 00:17:28.799
you must focus on that leverages eighty percent of the revenue.

286
00:17:29.720 --> 00:17:32.000
They cover every industry. I don't know have an industry

287
00:17:32.039 --> 00:17:37.079
that they don't cover. Great, And you know, as far

288
00:17:37.119 --> 00:17:41.119
as step two goes, where you're focusing on conversions, this

289
00:17:41.279 --> 00:17:44.960
is how you get convert that lead, which is step one,

290
00:17:45.400 --> 00:17:49.960
generating more leads, converting that lead into your sales process

291
00:17:51.920 --> 00:17:55.039
and whatever that sales process is. And so the conversion

292
00:17:55.119 --> 00:17:57.480
formula helps you get through step one and step two

293
00:17:58.039 --> 00:18:02.480
because if you identify the problem, solution and solution, the

294
00:18:03.000 --> 00:18:05.920
prospect wants to know more. And that's where the educate

295
00:18:05.960 --> 00:18:11.519
comes in. And that's the conversion. And so you're you're

296
00:18:11.559 --> 00:18:17.680
getting them into your sales process and and and that's

297
00:18:17.920 --> 00:18:22.039
converting them from a lead into the sales process. Now

298
00:18:22.119 --> 00:18:27.640
keep in mind that the conversion formula doesn't have to

299
00:18:27.680 --> 00:18:30.880
be just through digital marketing. It could be a networking scenario.

300
00:18:31.319 --> 00:18:33.319
It could be a radio ad, it could be a

301
00:18:33.359 --> 00:18:36.680
newspaper ad, a billboard and of course all forms of

302
00:18:36.720 --> 00:18:40.279
digital marketing. And you know, we've actually had a couple

303
00:18:40.319 --> 00:18:44.240
of clients to get who even put their position of

304
00:18:44.319 --> 00:18:48.240
market dominance to captivate and fascinate in their incoming voicemail

305
00:18:48.279 --> 00:18:53.559
message or or a live operator even taking an incoming call.

306
00:18:54.839 --> 00:18:57.920
So that's really uh, it can be. It could be

307
00:18:57.960 --> 00:19:02.680
in any form of communication with the customer. Step three

308
00:19:03.079 --> 00:19:06.400
of the seven step Pathway to Profit formula is focusing

309
00:19:06.440 --> 00:19:10.599
on closing rates. Now, once again the conversion formula comes

310
00:19:10.640 --> 00:19:15.839
into play by utilizing the fourth component of the conversion

311
00:19:16.200 --> 00:19:19.039
formula which is the close, and the close needs to

312
00:19:19.079 --> 00:19:23.559
be compelling. And I don't like to talk about that.

313
00:19:23.920 --> 00:19:25.720
I don't like to talk about the clothes needing to

314
00:19:25.720 --> 00:19:30.359
be compelling without reviewing the four components of a compelling offer. Sorry,

315
00:19:30.359 --> 00:19:34.119
the five components. Five components of a compelling offer. So

316
00:19:36.920 --> 00:19:40.200
in order to close, which is the third step, and

317
00:19:40.240 --> 00:19:42.759
you need to focus on these things. Now, remember we

318
00:19:42.839 --> 00:19:48.119
have leads, conversions, and closing rates that need to be

319
00:19:48.160 --> 00:19:51.440
focused on. To help you with your clothes, your offer

320
00:19:51.519 --> 00:19:54.960
needs to be compelling. And so the five components of

321
00:19:55.000 --> 00:19:59.839
the compelling offer is number one. Scarcity in urgency. Now,

322
00:20:00.440 --> 00:20:04.319
scarcity is when you proclaim that there's a limited availability

323
00:20:04.319 --> 00:20:07.079
of your product. For example, there are only three hair

324
00:20:07.119 --> 00:20:12.000
brushes left. That's that's scarcity. There's only a few left,

325
00:20:12.200 --> 00:20:15.000
so they better hurry and get and buy whatever's remaining.

326
00:20:16.119 --> 00:20:18.839
Urgency is when you put a time limit on the offer.

327
00:20:19.240 --> 00:20:20.920
You know, when I was in the ski business, our

328
00:20:20.920 --> 00:20:23.599
most successful sales were four days that would start on

329
00:20:23.680 --> 00:20:27.319
Thursday in and on Sunday in one of those sales,

330
00:20:27.359 --> 00:20:30.279
we consistently did a million dollars in business in four

331
00:20:30.359 --> 00:20:34.200
days because the deals that were not only great. But

332
00:20:34.200 --> 00:20:38.519
but there was urgency, uh in getting there in those

333
00:20:38.519 --> 00:20:45.160
four days, and there was the intensity of scarcity because

334
00:20:45.400 --> 00:20:51.200
when that when those when those key products, those focused

335
00:20:51.559 --> 00:20:55.519
products run out, that you know, that's it, it's over.

336
00:20:55.880 --> 00:20:59.039
You can't get them anymore. So when I should say

337
00:20:59.039 --> 00:21:02.559
those promotional product, when those promotional products run out, it's over.

338
00:21:02.720 --> 00:21:07.440
So urgency and scarcity was really something that we paid

339
00:21:07.440 --> 00:21:13.079
attention to in retail because that's really that attracted a

340
00:21:13.079 --> 00:21:17.440
lot of attention. And then there's the risk reversal where

341
00:21:17.480 --> 00:21:20.000
the seller takes all or most of the risk. And

342
00:21:20.039 --> 00:21:23.640
I usually give my SKI guarantee example here, but I

343
00:21:23.720 --> 00:21:28.119
have construction clients that give five year warranties on their work.

344
00:21:28.200 --> 00:21:31.319
And these guarantees are real differentiators because most people in

345
00:21:31.359 --> 00:21:34.279
the construction business, they don't even guarantee their work for

346
00:21:34.319 --> 00:21:41.160
a year hmm. Yeah. And these guarantees, like a five

347
00:21:41.240 --> 00:21:44.480
year warranty on construction work that closes a lot of sales.

348
00:21:47.279 --> 00:21:51.640
And the other day I actually heard an ad for

349
00:21:51.720 --> 00:21:55.960
a psychic service. This is a service that predicts the future,

350
00:21:56.920 --> 00:21:59.359
and they said if the prediction that they make does

351
00:21:59.400 --> 00:22:02.559
not come true true, you get your money back.

352
00:22:04.119 --> 00:22:04.559
Wow.

353
00:22:04.880 --> 00:22:12.039
That yeah, talking about a risk reversal. I couldn't believe

354
00:22:12.079 --> 00:22:13.680
my is. I had to hear it a couple of times,

355
00:22:13.680 --> 00:22:15.799
but yeah, that was what they said. So that if

356
00:22:15.839 --> 00:22:19.359
they they said, if the prediction that they give to

357
00:22:19.400 --> 00:22:21.400
the customer doesn't come true, you get your money back.

358
00:22:21.440 --> 00:22:25.200
It's just unbelievable. But that's what that's a risk reversal,

359
00:22:25.240 --> 00:22:31.880
and that's pretty compelling. So the third component of a

360
00:22:31.920 --> 00:22:36.759
compelling offer is adding low cost but high value to

361
00:22:36.799 --> 00:22:39.960
a product or service. You know, like for example, is

362
00:22:40.039 --> 00:22:43.359
an example, a toothpaste company would put a QR code

363
00:22:43.359 --> 00:22:46.799
on their tube of toothpaste. That leads to a video

364
00:22:46.880 --> 00:22:50.880
that shows people four areas inside their mouths that are

365
00:22:50.920 --> 00:22:55.079
most neglected while brushing their teeth and the best way

366
00:22:55.119 --> 00:22:59.759
to brush those areas. So information is a wonderful way

367
00:23:00.079 --> 00:23:02.559
add more value. And that's a perfect example of that.

368
00:23:04.680 --> 00:23:08.400
And then the fourth component of a compelling offer is

369
00:23:08.440 --> 00:23:13.680
packaging and bundling multiple products and services together. Okay, a

370
00:23:13.839 --> 00:23:19.400
package provides a strong perception of value. And then finally,

371
00:23:19.640 --> 00:23:22.039
the fifth is in difference to the outcome. You know,

372
00:23:22.079 --> 00:23:25.440
the prospect can tell when you're pressing to make a sale,

373
00:23:25.960 --> 00:23:28.839
and as a result, they surmise that you don't have

374
00:23:28.920 --> 00:23:32.039
their best interest in mind, and that's a problem, that's

375
00:23:32.039 --> 00:23:35.160
a real problem. So by being indifferent to the outcome,

376
00:23:35.200 --> 00:23:37.680
it puts you and your prospect on the same side

377
00:23:37.680 --> 00:23:42.519
of the table. Yeah, and getting to know the person

378
00:23:42.680 --> 00:23:47.759
in terms of their inspirations, goals and objectives helps with

379
00:23:47.799 --> 00:23:54.400
this process. And then step four of the seven step

380
00:23:54.400 --> 00:23:58.160
Pathway to Profit formula is to focus on client retention

381
00:23:58.319 --> 00:24:02.640
and customer retention. And by the way, Choky, what I

382
00:24:02.759 --> 00:24:04.720
found in our interviews is this is one of the

383
00:24:04.799 --> 00:24:08.839
most neglected steps by business owners because when they get

384
00:24:08.839 --> 00:24:11.559
a customer, and I do the same thing when we

385
00:24:11.599 --> 00:24:14.759
get customers. We take it for granted that once they're

386
00:24:14.759 --> 00:24:17.720
a customer, that will have them by default and keep them.

387
00:24:18.359 --> 00:24:22.160
But nothing could be further from the truth. You know,

388
00:24:22.720 --> 00:24:26.279
we have a saying it next step CFO, you're only

389
00:24:26.319 --> 00:24:30.759
as good as the value you brought in your last meeting.

390
00:24:31.640 --> 00:24:34.960
While Michael break that down further. I think that's a

391
00:24:35.079 --> 00:24:36.079
really insightful point.

392
00:24:36.160 --> 00:24:38.519
Yeah, Well, what that means is is you're not adding

393
00:24:38.599 --> 00:24:42.599
value or working towards adding value with every delivery or

394
00:24:42.599 --> 00:24:45.200
product or service. Yeah, then you run the risk of

395
00:24:45.279 --> 00:24:46.279
losing the customer.

396
00:24:46.599 --> 00:24:47.400
That's a good point.

397
00:24:47.519 --> 00:24:51.039
You got to continuously add value and work towards adding value.

398
00:24:51.039 --> 00:24:53.279
You know, when you think about it, no matter how

399
00:24:53.440 --> 00:24:58.720
established a brand is, they always strive for product improvement

400
00:24:59.359 --> 00:25:04.240
or whether it's product or service improvement. I mean you

401
00:25:04.319 --> 00:25:07.279
take I mean if you look at the Fortune five

402
00:25:07.359 --> 00:25:10.799
hundred companies, they all have huge research and development departments

403
00:25:11.319 --> 00:25:15.440
and millions of dollars good O, R and D, R

404
00:25:15.480 --> 00:25:19.759
and D. Right, that's all adding more value, that's all. Yeah,

405
00:25:19.799 --> 00:25:24.119
that's not standing still and just expecting the customers going

406
00:25:24.160 --> 00:25:25.079
to keep buying from you.

407
00:25:25.720 --> 00:25:26.920
Absolutely, it's interesting.

408
00:25:26.960 --> 00:25:30.000
There's a comment here with quasi question Michael, just this

409
00:25:30.119 --> 00:25:34.720
idea of the rejection that comes with trial and error. Right,

410
00:25:34.799 --> 00:25:37.319
So you might try something that doesn't work in the marketplace,

411
00:25:37.400 --> 00:25:40.640
and as a very busy business owner, how do you how.

412
00:25:40.599 --> 00:25:41.519
Do you contend with that?

413
00:25:41.680 --> 00:25:41.880
Right?

414
00:25:42.480 --> 00:25:45.400
And you know, if we sort of contrast that with

415
00:25:45.559 --> 00:25:48.759
like a large Fortune five hundred operation where they've got

416
00:25:48.759 --> 00:25:50.720
a whole, like you said, R and D department where

417
00:25:50.720 --> 00:25:52.839
they're just turning things out. Some things work, some things

418
00:25:52.880 --> 00:25:55.839
don't work. A business, a small business owner may not

419
00:25:55.920 --> 00:25:58.799
have that luxury. So any reactions to that right.

420
00:25:59.000 --> 00:26:01.880
You know, the big cubpanies have all these I don't

421
00:26:01.920 --> 00:26:06.039
know firms that they that they hire to get all

422
00:26:06.119 --> 00:26:09.079
kinds of market research, and we small business owners don't

423
00:26:09.119 --> 00:26:12.119
have that luxury. But what we do have the luxury

424
00:26:12.200 --> 00:26:15.759
of doing is testing and when you and the beautiful

425
00:26:15.799 --> 00:26:17.759
thing about testing is you don't have to test your

426
00:26:17.880 --> 00:26:21.440
entire market mm. You just have to test a few

427
00:26:21.480 --> 00:26:25.640
customers use market. Yeah, that's all. It's not. It's not

428
00:26:25.680 --> 00:26:28.559
like you when you're testing. You have to well. In

429
00:26:28.680 --> 00:26:30.640
order for us to really find out if this is

430
00:26:30.680 --> 00:26:33.960
really adding more value, we have to try it with

431
00:26:34.039 --> 00:26:37.319
everyone and commit to everyone. You don't, you don't. That's

432
00:26:37.359 --> 00:26:41.759
the beautiful thing. You could test it, whether it's an AD,

433
00:26:41.880 --> 00:26:44.319
whether it's a messaging, whether it's the conversion for you,

434
00:26:44.480 --> 00:26:48.920
whether it's a market position of market dominance, you got it.

435
00:26:49.279 --> 00:26:50.799
You can test it, but you don't have to test

436
00:26:50.839 --> 00:26:53.880
it full scale. Just test it with a few customers,

437
00:26:53.960 --> 00:26:58.000
see what the reaction is and so you know, that's

438
00:26:58.519 --> 00:27:01.440
I think that's something that we small business owners can

439
00:27:01.559 --> 00:27:06.920
certainly do. You know, and other ways to retain clients

440
00:27:06.920 --> 00:27:08.960
and customers has given them calls to see if you

441
00:27:08.960 --> 00:27:14.839
can provide any assistance, you know, showing your gratitude, even

442
00:27:14.920 --> 00:27:18.359
in one form of another. It's just another way to

443
00:27:18.920 --> 00:27:24.640
keep that customer. We just can't take customer retention for granted.

444
00:27:27.160 --> 00:27:30.039
And as you probably have heard from many, many, many

445
00:27:30.079 --> 00:27:33.480
in the past, it's much more cost effective to keep

446
00:27:33.519 --> 00:27:37.759
an existing customer than to find a new one. Absolutely,

447
00:27:39.759 --> 00:27:42.440
Step five of the seven step Pathway to Profit formula

448
00:27:42.559 --> 00:27:46.759
is focused on increasing the average dollars per sale. Okay,

449
00:27:47.599 --> 00:27:50.880
some of the key strategies for increasing average dollar per

450
00:27:50.960 --> 00:27:54.039
sale is a strategy called bundling and packaging. Now, we

451
00:27:54.119 --> 00:27:57.400
talked about bundling and packaging packaging as one of the

452
00:27:57.440 --> 00:28:01.039
components of a compelling offer, and it is, but it

453
00:28:01.119 --> 00:28:05.200
also can be applied to increasing the average dollars per sale.

454
00:28:06.039 --> 00:28:08.640
And here's how I increased the average dollar per sale.

455
00:28:08.640 --> 00:28:12.599
When I was in the ski business. Every ski retailer

456
00:28:12.720 --> 00:28:16.960
in America bundles skis, bindings, and polls to create what

457
00:28:17.119 --> 00:28:21.640
is called a ski package. And it's definitely effective, but

458
00:28:21.680 --> 00:28:24.839
everybody does it. Well. What we did when I was

459
00:28:24.839 --> 00:28:28.519
in the ski business is we took the colors of

460
00:28:28.559 --> 00:28:34.880
the most popular ski packages and created color coordinated clothing

461
00:28:34.960 --> 00:28:39.839
packages of a Parker bib, sweater and hat. So once

462
00:28:39.880 --> 00:28:42.640
the customer bought the escape package, which is usually the

463
00:28:42.680 --> 00:28:45.960
first thing they went and bought, we then showed them

464
00:28:46.000 --> 00:28:50.759
the color coordinated clothing package, to which now the skis, bindings, polls,

465
00:28:50.799 --> 00:28:56.279
and outfit are all color coordinated. But then, of course

466
00:28:56.359 --> 00:28:59.799
we sold them color coordinated ski boots and the color

467
00:28:59.799 --> 00:29:03.599
coordinated gloves and even if you can believe it, color

468
00:29:03.640 --> 00:29:07.079
coordinated socks, despite the fact that the socks were hidden

469
00:29:07.119 --> 00:29:12.319
from sight, covered by the ski boots, but they still

470
00:29:12.359 --> 00:29:16.839
wanted to make sure because when they took their boots

471
00:29:16.880 --> 00:29:19.759
off in the lodge, they wanted to make sure that

472
00:29:19.799 --> 00:29:21.680
their socks was still color coordinated.

473
00:29:24.680 --> 00:29:25.359
I love that.

474
00:29:26.559 --> 00:29:29.920
So you can imagine by doing this, by adding this

475
00:29:30.079 --> 00:29:35.240
package of clothing that was color coordinated, we dramatically increased

476
00:29:35.240 --> 00:29:40.680
our average dollar per sale. Now another yeah, and so

477
00:29:40.720 --> 00:29:45.000
another strategy is up selling and cross selling. Up selling

478
00:29:46.279 --> 00:29:49.079
and when I say another strategy, another strategy to increase

479
00:29:49.119 --> 00:29:53.480
the average dollar per sale, okay, upsale. Up Selling means

480
00:29:53.559 --> 00:29:57.160
offering up like a higher grade or quality or size

481
00:29:57.160 --> 00:30:00.200
of an item that the customer may be interested in

482
00:30:00.279 --> 00:30:02.599
at the point when the customer is ready to buy

483
00:30:03.640 --> 00:30:05.559
so let me explain upselling a little bit. There are

484
00:30:05.559 --> 00:30:11.480
many people, There are many people, many customers in the

485
00:30:11.519 --> 00:30:14.839
world that feel compelled to upgrade there. These are people

486
00:30:14.880 --> 00:30:18.039
who always buy the highest grade of gasoline, okay they

487
00:30:18.480 --> 00:30:21.200
These are people who always fly first class.

488
00:30:21.519 --> 00:30:22.200
Okay you know.

489
00:30:22.319 --> 00:30:25.440
These are people who are always buy the best an

490
00:30:25.519 --> 00:30:29.799
industry has to offer. And they're not necessarily millionaires. They

491
00:30:29.839 --> 00:30:32.079
just feel like they're missing out if they don't buy

492
00:30:32.079 --> 00:30:36.160
the best. And because you don't have you don't always

493
00:30:36.240 --> 00:30:39.480
know if you're dealing with such a person. Should always

494
00:30:39.680 --> 00:30:42.240
upsell a customer to the next level, up.

495
00:30:43.839 --> 00:30:46.160
Right, give them a chance to say yeah, your nay, right.

496
00:30:46.480 --> 00:30:49.279
Right to that next level, because they might be that

497
00:30:49.400 --> 00:30:52.359
customer who needs to buy the best, who wants to

498
00:30:52.400 --> 00:30:55.440
buy the best, who feels compelled to buy the best,

499
00:30:55.519 --> 00:30:57.640
who feels a fear of missing out if they don't

500
00:30:57.640 --> 00:30:59.279
buy the best. Yeah.

501
00:30:59.319 --> 00:31:03.400
As always, do not negotiate for your customer or your

502
00:31:03.400 --> 00:31:04.400
client before.

503
00:31:04.319 --> 00:31:09.720
Sh right, yeah exactly. And then cross selling, which simply

504
00:31:09.720 --> 00:31:12.920
means offering products or services which complement the item the

505
00:31:12.960 --> 00:31:16.440
customer is interested in. Once again, at the point when

506
00:31:16.440 --> 00:31:21.440
the customer is ready to buy and the clothing package

507
00:31:21.440 --> 00:31:24.160
strategy that I just gave you also is an example

508
00:31:24.200 --> 00:31:27.680
of cross selling. Yeah, you know, we're just selling across

509
00:31:27.680 --> 00:31:34.039
to another department. So if you notice, when we're describing

510
00:31:34.079 --> 00:31:37.200
up selling cross selling, I always make the point that

511
00:31:37.240 --> 00:31:41.200
these up selling and cross selling opportunities should be presented

512
00:31:41.480 --> 00:31:44.519
when the customer is ready, ready to buy, right at

513
00:31:44.519 --> 00:31:47.759
the point of sale. Because the reason for that is

514
00:31:47.759 --> 00:31:54.079
is that thirty four percent of prospects will buy additional

515
00:31:54.160 --> 00:31:57.200
products or services at the time of their original purchase

516
00:31:57.880 --> 00:31:59.720
if they're asked to do so.

517
00:32:01.039 --> 00:32:04.440
Michael, I mean that is so insightful. I think it's

518
00:32:04.480 --> 00:32:08.319
worthy of emphasis. Right, you said thirty four percent.

519
00:32:08.559 --> 00:32:11.960
Right, wow, And I'm saying if you don't remember a

520
00:32:12.000 --> 00:32:15.319
single thing that I said today, please remember that one

521
00:32:15.960 --> 00:32:21.279
statistic because it provides a tremendous opportunity to increase the

522
00:32:21.359 --> 00:32:23.960
average dollar per sale that you make with each customer.

523
00:32:24.240 --> 00:32:25.240
It's a really good point.

524
00:32:25.640 --> 00:32:28.680
Yeah, you got you. And this is this is this

525
00:32:28.799 --> 00:32:32.119
thirty four percent has been tested over and over again

526
00:32:33.279 --> 00:32:37.200
and to be true. It is it is true. And

527
00:32:37.279 --> 00:32:40.279
step six of the of the seven step Pathway to

528
00:32:40.359 --> 00:32:47.119
Profit formula is focusing on increasing the frequency of sale. Okay,

529
00:32:47.440 --> 00:32:50.079
how often can you get a customer to buy, and

530
00:32:50.119 --> 00:32:54.559
this could be accomplished by creating loyalty programs with rewards,

531
00:32:55.480 --> 00:33:02.160
sending personalized marketing campaigns based on purchase history, offering limited

532
00:33:02.160 --> 00:33:06.759
time deals, and proactively reminding customers when they might need

533
00:33:06.799 --> 00:33:13.079
to repurchase based on their usage patterns. And rejuvenating former

534
00:33:13.160 --> 00:33:16.960
customers is another one of those strategies that's neglected by

535
00:33:17.000 --> 00:33:20.799
business owners. Through our interview process, we found this to

536
00:33:20.839 --> 00:33:24.599
be true. These are people who have previously bought from you.

537
00:33:27.400 --> 00:33:30.799
Why not provide special offers and additional products and services

538
00:33:30.839 --> 00:33:33.519
to these customers who already know and trust you, they've

539
00:33:33.559 --> 00:33:37.160
already purchased from you. It's a strategy that is really

540
00:33:37.160 --> 00:33:43.039
effective and many times neglected. So rejuvenating former customers. You

541
00:33:43.039 --> 00:33:45.440
know I talked about don't forget what I said about

542
00:33:45.440 --> 00:33:49.279
the thirty four percent. Yeah, don't forget about rejuvenating your

543
00:33:49.279 --> 00:33:54.559
former customers. It's a tremendous opportunity for people who already

544
00:33:54.640 --> 00:33:58.039
know you, they already trust you, they've used your service.

545
00:33:58.680 --> 00:34:01.279
You know, for one reason or another, they've drifted, but

546
00:34:01.359 --> 00:34:02.359
you can bring them back.

547
00:34:02.880 --> 00:34:05.880
Yeah, Michael, it's a really important point and it's also

548
00:34:06.000 --> 00:34:08.840
practical right. So I recall from a number of our

549
00:34:08.880 --> 00:34:12.320
business roundtables, Michael, we had some business owners that were

550
00:34:12.360 --> 00:34:15.760
just literally noting like they were not in their heads, right,

551
00:34:15.760 --> 00:34:18.719
I mean, they were just like vigorous in vigorous agreements

552
00:34:18.800 --> 00:34:23.199
on that. Now, one of the challenges with rejuvenating former

553
00:34:23.239 --> 00:34:28.920
customers is having a good customer database or some kind

554
00:34:28.960 --> 00:34:32.360
of a list where you keep in touch with customers.

555
00:34:32.400 --> 00:34:34.920
Did you want to maybe react to that, Michael.

556
00:34:34.599 --> 00:34:39.719
And yeah, yes, you know, when I was in the

557
00:34:39.719 --> 00:34:42.960
ski business, we had eighty thousand customers, we had eighty

558
00:34:43.119 --> 00:34:47.239
thousand name customer lists. And while the reason is is

559
00:34:47.280 --> 00:34:50.280
that every time they bought, and at the time it

560
00:34:50.360 --> 00:34:53.719
was the email, but every time they bought, we got

561
00:34:53.719 --> 00:34:55.440
their name and address and we put it on the

562
00:34:55.480 --> 00:34:57.400
sales slip, and then we took the sales slip and

563
00:34:57.440 --> 00:35:01.519
we added it to the database. And so every time

564
00:35:01.599 --> 00:35:05.119
you make a sale, you must get the customer information,

565
00:35:05.239 --> 00:35:10.719
including their email addressed now and by doing that, you

566
00:35:10.880 --> 00:35:14.159
now have an opportunity to market to them again and

567
00:35:14.239 --> 00:35:18.239
again and again and again. And it's it's really important

568
00:35:18.280 --> 00:35:22.119
that you rejuvenate those former customers and that you maintain

569
00:35:22.239 --> 00:35:28.679
that database because without the database, it's hard to rejuvenate. Hmmm.

570
00:35:30.559 --> 00:35:33.239
So the final step, step seven of the Pathway to

571
00:35:33.280 --> 00:35:37.000
Profit formula is focusing on how you control your costs.

572
00:35:37.400 --> 00:35:40.920
Those variable costs, which are the costs directly incurred through

573
00:35:40.920 --> 00:35:44.360
the production or delivery of the product or service and

574
00:35:44.880 --> 00:35:47.320
what's commonly found in the cost a good soul section

575
00:35:47.400 --> 00:35:50.199
of your P and L. And fixed costs, which are

576
00:35:50.239 --> 00:35:54.320
also operating expenses like rent and insurance that are for

577
00:35:54.360 --> 00:35:57.599
the most part, the same amount every month or every year,

578
00:35:59.440 --> 00:36:04.119
and in most businesses, the largest part of their operating

579
00:36:04.159 --> 00:36:06.960
expense base. This is the for the most part fixed

580
00:36:07.000 --> 00:36:15.280
costs is rent, payroll, advertising, and insurance. If you focus

581
00:36:15.760 --> 00:36:20.079
on managing just these four expenses, it will provide you

582
00:36:20.159 --> 00:36:23.400
the biggest bang for the buck when managing your cash

583
00:36:23.400 --> 00:36:30.400
flow and when managing your costs. So once again, that's rent, payroll, advertising,

584
00:36:30.400 --> 00:36:33.320
and insurance. Okay, now I'm going to talk about each

585
00:36:33.320 --> 00:36:36.239
one and how and how we could go about saving

586
00:36:36.320 --> 00:36:38.679
money in each of these areas or what you should

587
00:36:38.719 --> 00:36:42.800
look at. First of all, rent, You know, business owners

588
00:36:42.800 --> 00:36:46.039
think it's literally impossible to renegotiate rent because they have

589
00:36:46.159 --> 00:36:50.960
a lease, but the landlord doesn't want to lose a tenant,

590
00:36:51.599 --> 00:36:55.239
especially a commercial tenant, where they would would rather you

591
00:36:55.239 --> 00:36:58.320
know that have to do another build out for another

592
00:36:58.400 --> 00:37:02.320
tenant and deal with all the costs associated with vacancy.

593
00:37:02.960 --> 00:37:07.079
And most landlords understand cash flow problems because many of

594
00:37:07.119 --> 00:37:11.840
them experience catch flow problems themselves through real estate downturns.

595
00:37:12.280 --> 00:37:14.039
But what I found to be the best way to

596
00:37:14.039 --> 00:37:17.840
negotiate with the landlord is to show them your financial

597
00:37:17.840 --> 00:37:21.159
statements and show them what concessions you need in the

598
00:37:21.199 --> 00:37:24.840
short term based on the financial position of your business.

599
00:37:25.840 --> 00:37:28.679
And in that situation, you do have to put your

600
00:37:28.719 --> 00:37:33.079
hat in your hand, Okay, And I've done this successfully myself,

601
00:37:33.920 --> 00:37:36.920
and I show the landlord how we're going to get,

602
00:37:36.960 --> 00:37:39.840
how we're going to pull through the difficult time, and

603
00:37:39.920 --> 00:37:45.679
how the rent concessions are necessary in order to pull through. Now,

604
00:37:45.719 --> 00:37:50.360
if you're not having a difficult time, then you know

605
00:37:51.920 --> 00:37:53.960
you don't go about doing this. You do have a

606
00:37:54.079 --> 00:37:57.000
lease that you must honor. But if you are going

607
00:37:57.039 --> 00:38:01.559
through a difficult time and you need to cut the

608
00:38:01.559 --> 00:38:05.679
then by showing by showing all your cards to the landlord,

609
00:38:06.079 --> 00:38:09.679
put your hat in your hand, uh and and really

610
00:38:09.719 --> 00:38:13.519
showing them how you're showing the situation you're in now

611
00:38:13.920 --> 00:38:18.360
and how you're going to pull through. Most landlords will

612
00:38:18.880 --> 00:38:23.039
uh play ball. Uh. And that's and that's the thing.

613
00:38:23.360 --> 00:38:25.639
And by the way, a business and cash flow forecast

614
00:38:25.719 --> 00:38:29.239
is invaluable in that scenario because that shows the future

615
00:38:29.920 --> 00:38:32.239
you know of how you're going to pull through exactly.

616
00:38:33.880 --> 00:38:36.679
And if you have to, you can add the concession

617
00:38:37.199 --> 00:38:39.639
money that the landlord gives you up front to the

618
00:38:39.679 --> 00:38:42.360
back end of the lease, or you can add another

619
00:38:42.440 --> 00:38:44.039
year to the lease as a way to give the

620
00:38:44.119 --> 00:38:49.599
landlord something in exchange for the concession. Okay, but whatever

621
00:38:49.639 --> 00:38:52.800
you do, don't think it's impossible to discount or defer

622
00:38:52.920 --> 00:38:55.199
rent just because you have a lease.

623
00:38:56.079 --> 00:38:58.199
Michael, Is there a right time to have that conversation

624
00:38:58.320 --> 00:39:00.480
with the Yeah.

625
00:39:00.639 --> 00:39:02.360
I think if first of all, if you have a

626
00:39:02.400 --> 00:39:06.440
business and cash flow forecast, you'll know in advance, okay, Okay,

627
00:39:06.519 --> 00:39:11.400
that you know that that's there's trouble ahead, trouble brewing. Uh.

628
00:39:11.440 --> 00:39:15.800
Some some business owners will can right now expect trouble brewing,

629
00:39:16.519 --> 00:39:21.079
you know, if there's to see some softness in their business. Uh.

630
00:39:21.079 --> 00:39:24.920
But otherwise, you know when you're experiencing the pain of

631
00:39:24.960 --> 00:39:28.840
a cash flow problem, or you really believe that in

632
00:39:28.960 --> 00:39:33.000
order to continue in your business you need some rent concessions,

633
00:39:33.400 --> 00:39:35.320
that's when you go, that's when you go do it.

634
00:39:35.760 --> 00:39:38.360
But it's great to have your financials and a cash

635
00:39:38.519 --> 00:39:41.159
business and cash flow forecast to be able to show

636
00:39:41.199 --> 00:39:43.599
the business owner high the I'm sorry, the laydload. How

637
00:39:43.599 --> 00:39:45.960
are you going to get out of it? Nice?

638
00:39:46.639 --> 00:39:49.239
Yeah, kind of the two step process.

639
00:39:49.400 --> 00:39:54.679
Right right, yep. And then there's there's always there's usually

640
00:39:54.719 --> 00:39:57.480
always ways to cut payroll, whether it's laying off employees

641
00:39:57.559 --> 00:40:01.599
or reducing employee hours. I mean, certainly you work to

642
00:40:01.679 --> 00:40:05.079
keep your a players and let go of inferior players.

643
00:40:05.119 --> 00:40:08.039
And in retail, another strategy to cut payroll hours is

644
00:40:08.079 --> 00:40:11.719
to change the stores operating hours and closing times, tighten

645
00:40:11.719 --> 00:40:14.679
them up that way. You know, if you could tighten

646
00:40:14.679 --> 00:40:17.559
them up to eight hours, eight to nine hours like

647
00:40:17.599 --> 00:40:22.639
we did at times, that's just like one shift and

648
00:40:22.679 --> 00:40:26.159
it's easier to deal with and it's easier to manage

649
00:40:26.159 --> 00:40:31.480
the schedule, and it cuts payroll. And then advertising. I

650
00:40:31.599 --> 00:40:33.800
just don't like cutting advertising, but there are ways to

651
00:40:33.800 --> 00:40:38.159
cut advertising without making a dramatic impact on sales. And

652
00:40:38.239 --> 00:40:40.079
if you have you know, if you've been tracking what

653
00:40:40.119 --> 00:40:42.360
works for you. That are course, you'll know what to

654
00:40:42.440 --> 00:40:45.719
cut by eliminating the advertising that's not working. But other

655
00:40:45.760 --> 00:40:49.360
ways to cut is reducing sizes of ads, changing four

656
00:40:49.400 --> 00:40:53.400
color to two color, maybe running radio spots, condensing it

657
00:40:53.400 --> 00:41:01.079
from sixty seconds to ten second ads, maybe even changing

658
00:41:01.079 --> 00:41:05.559
the radio's time spots where you might do a couple

659
00:41:05.679 --> 00:41:11.119
more overnights to try to reduce the cost. But if

660
00:41:11.159 --> 00:41:13.880
you haven't been tracking your advertising, and shame on you

661
00:41:13.920 --> 00:41:19.199
because you now it's a difficult. It's difficult to make

662
00:41:19.280 --> 00:41:23.119
un educated choices on way to cut advertising and it

663
00:41:23.199 --> 00:41:30.599
poses a great risk. And then insurance, Ah, yeah, start

664
00:41:30.639 --> 00:41:36.079
with health insurance. Get quotes from for health insurance providers.

665
00:41:36.119 --> 00:41:39.360
What I found is that although rates are basically the same,

666
00:41:39.440 --> 00:41:43.480
you'll find one creative provider out of the four. We

667
00:41:43.480 --> 00:41:45.960
will figure out a way to cut your medical insurance

668
00:41:46.000 --> 00:41:49.960
costs to the lowest possible amount, and you may have

669
00:41:50.000 --> 00:41:53.599
to reduce the employer paid portion and put more of

670
00:41:53.639 --> 00:41:57.519
the cost burden on the employees. But one thing that

671
00:41:57.559 --> 00:42:00.480
works very well for my clients, especially as they they

672
00:42:00.519 --> 00:42:05.760
have younger employees, and you can increase your deductibles and

673
00:42:05.800 --> 00:42:08.679
you can increase the deductibles, and then if the employee

674
00:42:08.719 --> 00:42:11.599
reaches that old deductible amount, you can reimburst them for

675
00:42:11.679 --> 00:42:14.440
the the overage because for the most part, young people

676
00:42:14.480 --> 00:42:21.320
don't hit their deductible. And then, you know, from commercial

677
00:42:21.360 --> 00:42:27.280
insurance you get four commercial insurance providers. Commercial insurance carriers

678
00:42:27.280 --> 00:42:30.639
get very competitive and usually shopping their pencils on general

679
00:42:30.679 --> 00:42:36.000
liability policies, you know, and if you have an umbrella policy,

680
00:42:36.039 --> 00:42:39.480
you can reassess the need to continue that as well

681
00:42:39.519 --> 00:42:45.440
as get competitive quotes on those. And let me give

682
00:42:45.440 --> 00:42:49.159
you an example of a client I helped. I had

683
00:42:49.159 --> 00:42:52.199
a client in the construction business that had an umbrella

684
00:42:52.280 --> 00:42:56.440
policy that was costed of seventeen thousand dollars per year. However,

685
00:42:56.480 --> 00:43:00.400
the reason they were having the umbrella policy was on

686
00:43:00.519 --> 00:43:04.880
huge commercial jobs. Now, in the previous year, they didn't

687
00:43:04.920 --> 00:43:09.159
win one, not one of any of those large commercial jobs.

688
00:43:09.159 --> 00:43:13.239
They weren't even close. And to be honest with your,

689
00:43:13.320 --> 00:43:15.920
large commercial jobs was really not part of their market

690
00:43:15.920 --> 00:43:18.280
that they would compete in. It wasn't their sweet spot.

691
00:43:18.639 --> 00:43:22.159
And we fought was mid range jobs that you know,

692
00:43:22.239 --> 00:43:25.519
didn't require to carry an umbrella. So we dropped the

693
00:43:25.599 --> 00:43:32.639
umbrella and say seventeen grand. Yeah, and you know, most

694
00:43:32.679 --> 00:43:36.440
business owners wait until there's a downturn in their business

695
00:43:36.440 --> 00:43:38.599
before they assessed the size of their overhead.

696
00:43:40.639 --> 00:43:43.239
Yeah, it's it's so funny that you mentioned that, Michael.

697
00:43:43.239 --> 00:43:45.800
That's the stream of questions that we've been getting on

698
00:43:45.840 --> 00:43:48.320
this is I would say I would classify a number

699
00:43:48.360 --> 00:43:53.000
of these questions under the category of timing. The timing

700
00:43:53.119 --> 00:43:57.800
to have these kinds of conversations, right right, So absolutely, Yeah,

701
00:43:58.159 --> 00:44:01.440
So you take on that Michael's a be proactive as

702
00:44:01.440 --> 00:44:03.760
a business owner, right, don't wait till the you know,

703
00:44:03.880 --> 00:44:05.039
roof is sort of caving in.

704
00:44:05.199 --> 00:44:08.119
Yeah. Well, with with respect to insurance and advertising, that

705
00:44:08.119 --> 00:44:11.960
should always be looked at always, always, so you can

706
00:44:12.079 --> 00:44:13.559
you can. You don't have to wait till you're in

707
00:44:13.599 --> 00:44:17.840
trouble for that one. Uh, Insurance and advertising really really

708
00:44:17.880 --> 00:44:22.119
needs to be looked at constantly, you know. And let

709
00:44:22.159 --> 00:44:23.920
me end with this chokey because I know we have

710
00:44:23.960 --> 00:44:31.159
to leave time for compliments. That's the seven steps that

711
00:44:31.559 --> 00:44:35.440
leverage a company revenue that you know, I know what

712
00:44:35.440 --> 00:44:41.920
you're saying out there, you know what, what about all

713
00:44:41.920 --> 00:44:43.960
the other things that I have to do? I can't

714
00:44:44.000 --> 00:44:47.360
just focus on these seven things exactly. Well, what I

715
00:44:47.440 --> 00:44:50.519
have to say for that is something we called we

716
00:44:50.599 --> 00:44:55.760
called choky and I call aid CO. A, I, D,

717
00:44:56.679 --> 00:45:00.000
D O is the pneumonic And when you need something

718
00:45:00.119 --> 00:45:05.079
thing done, look to A automate it. Automate the task,

719
00:45:06.119 --> 00:45:09.480
look for I innovate, find a creative way to complete

720
00:45:09.519 --> 00:45:14.119
the task, A D Delegate the task to an employee

721
00:45:15.239 --> 00:45:19.280
or C cancel or eliminate the task if it's unimportant.

722
00:45:19.719 --> 00:45:25.519
And finally, oh, outsource the task to a subcontractor. Focusing

723
00:45:25.559 --> 00:45:29.440
on that seven step pathway to profit formula in conjunction

724
00:45:29.559 --> 00:45:34.519
with a CO will finally finally get your time back

725
00:45:35.280 --> 00:45:37.280
and CHOOKI just before I hand it off to you,

726
00:45:37.360 --> 00:45:40.159
I do want to review those seven steps again. So

727
00:45:40.199 --> 00:45:42.840
it's step one. This is the seven step pathway to

728
00:45:42.880 --> 00:45:45.880
profit formula that will leverage eighty percent of your revenue.

729
00:45:45.920 --> 00:45:49.280
This is that twenty percent that focuses. That leverages eighty

730
00:45:49.320 --> 00:45:54.800
percent of your revenue, leads conversions, closing rates, client retention,

731
00:45:55.519 --> 00:46:01.920
average dollar per sale, frequency of sale, and costs, time

732
00:46:02.000 --> 00:46:02.639
for compliments.

733
00:46:02.960 --> 00:46:03.679
Seven steps.

734
00:46:04.400 --> 00:46:09.360
Great segue into compliments, Michael, and look, this week's business

735
00:46:09.360 --> 00:46:12.679
complements Segment five business owners that we want to highlight

736
00:46:13.960 --> 00:46:16.000
and these business owners. By the way, they're coast to coast,

737
00:46:16.039 --> 00:46:20.880
so national representation here. So Trevor Lawton, co founder of

738
00:46:21.960 --> 00:46:24.840
Abyssinia and Michael will probably help me with some of

739
00:46:24.880 --> 00:46:28.360
these pronunciations. But look, they are a biotech company working

740
00:46:28.480 --> 00:46:34.119
on groundbreaking technology to cure Alzheimer's. Trevor Lawton and team

741
00:46:34.400 --> 00:46:39.079
hats off. Drew McGhee based on in the Midwest, So

742
00:46:39.119 --> 00:46:41.719
Trevor's out in the East coast, Drew McGee and team

743
00:46:41.719 --> 00:46:44.800
are out in the Midwest. They are with IVM Group.

744
00:46:46.639 --> 00:46:52.000
We have a strategic and thoughtful approach. They have marketing

745
00:46:52.159 --> 00:46:56.000
expertise and solutions just for insurance vendors. So they've taken

746
00:46:56.039 --> 00:47:03.039
an industry specificity approach to really contextualizing how they support

747
00:47:04.280 --> 00:47:06.760
insurance operators and vendors.

748
00:47:06.840 --> 00:47:08.719
So really intriguing there.

749
00:47:09.119 --> 00:47:17.760
The third Tom Saddob Midwest based. He is and like

750
00:47:17.960 --> 00:47:22.519
I just I marvel at this title that he has

751
00:47:22.599 --> 00:47:27.239
and his scope of responsibilities. He's a director at the

752
00:47:27.280 --> 00:47:32.159
Center for Entrepreneurial Studies. And Michael, I've got to share

753
00:47:32.199 --> 00:47:34.440
their mission statement. This just blew me away.

754
00:47:34.480 --> 00:47:36.559
So they've got this mission statement to ignite the.

755
00:47:36.639 --> 00:47:43.199
Entrepreneurial spirit for the students, faculty, university staff, alumni, and

756
00:47:43.239 --> 00:47:47.880
the greater university community. So they're igniting and activating the

757
00:47:48.000 --> 00:47:50.239
entrepreneurial spirit across their different stakeholders.

758
00:47:51.639 --> 00:47:53.440
Chad, Yeah, really really cool.

759
00:47:53.480 --> 00:47:58.719
So Chad beareguard out on the East Coast with arbor

760
00:47:58.800 --> 00:48:00.199
Way tree Care.

761
00:48:00.320 --> 00:48:02.000
They are a full service.

762
00:48:01.800 --> 00:48:05.599
Locally owned and operated tree care company and they've been

763
00:48:05.599 --> 00:48:08.519
doing this work for over four decades. But even better

764
00:48:08.559 --> 00:48:11.360
than that, Michael, they've got to your point about guarantee earlier.

765
00:48:11.360 --> 00:48:15.400
They've got this sort of guarantee where projects always.

766
00:48:15.159 --> 00:48:15.880
End on time.

767
00:48:16.559 --> 00:48:16.760
Right.

768
00:48:16.840 --> 00:48:17.440
Remarkable.

769
00:48:18.360 --> 00:48:23.400
Jeff Silver, Last but not least, the Silver Group. These

770
00:48:23.440 --> 00:48:27.239
are real estate sales professionals out of the East Coast,

771
00:48:27.400 --> 00:48:33.400
New Jersey, PA. Really incredible professionalism that they bring to

772
00:48:33.519 --> 00:48:35.880
every single engagement. I love what Jeff and teams say.

773
00:48:35.960 --> 00:48:39.719
So they create a personalized plan for clients using a

774
00:48:39.840 --> 00:48:46.199
proven system. So great compliments around these five business owners.

775
00:48:46.440 --> 00:48:48.000
Hats off, Michael. Back to you.

776
00:48:48.519 --> 00:48:51.719
Thank you Tookey real quickly too. You know, last week

777
00:48:51.719 --> 00:48:54.800
we talked about solving cash flow problems. One thing that

778
00:48:54.840 --> 00:48:58.239
I just wanted to quickly touch on was customer deposits

779
00:48:58.239 --> 00:49:01.320
if you're having a cash flow problem and your customers,

780
00:49:02.800 --> 00:49:06.039
you can ask your customers to pay a deposit up

781
00:49:06.079 --> 00:49:09.039
front or prepay the whole price for a discount. I

782
00:49:09.079 --> 00:49:12.280
have a client who is taking one third deposit for services.

783
00:49:12.519 --> 00:49:15.559
He increased it to fifty percent and he dramatically improved

784
00:49:15.559 --> 00:49:18.079
his cash flow. And another client who gave a client

785
00:49:18.119 --> 00:49:20.880
a two percent discount if they pay if they paid

786
00:49:20.880 --> 00:49:23.719
for the entire order upfront, that also worked as well.

787
00:49:24.480 --> 00:49:27.519
So Chicky to get a copy of the book Powerful

788
00:49:27.559 --> 00:49:32.400
Business Strategies, simply go to our website www dot NEXTSTEPCFO

789
00:49:32.480 --> 00:49:36.519
dot net. It's totally complementary. And until next Monday at

790
00:49:36.559 --> 00:49:39.760
noon Eastern time for Chicky Obio, I'm Michael babar Rita,

791
00:49:39.800 --> 00:49:44.079
and remember, don't keep doing what your competition is doing.

792
00:49:44.639 --> 00:49:47.639
Great job, thank you.

793
00:49:47.639 --> 00:49:50.760
You have been listening to Powerful Business Strategies finding out

794
00:49:50.760 --> 00:49:54.440
that everything you ever learned about growing your business is wrong.

795
00:49:54.719 --> 00:49:57.920
Tune in next week and every week at noon Eastern

796
00:49:58.000 --> 00:50:01.440
time on W four CY Radio with your host Michael

797
00:50:01.480 --> 00:50:06.079
Barbarita of Next Step CFO and moderator Chugiobio.

798
00:50:09.639 --> 00:50:09.679
M