Sept. 10, 2024

The 5-5-5 Profit Formula: Another Strategy your competition isn’t doing

Profit Growth; Financial Metrics; Sales; COGS (Cost of Goods Sold); Overhead; Gross Profit; Net Profit; Revenue

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

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Profit Growth; Financial Metrics; Sales; COGS (Cost of Goods Sold); Overhead; Gross Profit; Net Profit; Revenue

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 explicit or implies shall be extended to W four

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CY Radio or it's employees are affiliates. Any questions or

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comments should be directed to those show hosts. Thank you

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for choosing 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. Resident of NeXTSTEP CFO Michael Barbarita and joining

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

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Yes, yes, yes, this is chokey, and I believe that

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gratitude is undefeated and growth is about the next step.

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It is an honor for me to moderate today's discussion

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with my good friend Michael Michael, how are.

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You great, Choky? How you doing? I felt a little

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funny we didn't have a show last week with the holiday.

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I actually I actually got my microphone ready.

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But we'll wait a minute, Michael. I love the fact

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that you stay ready. How about that?

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Here you go. But as Chuki said, my name is

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Michael bab Rita. I'm President of Next Step CFO. At

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Next Step CFO, we are a fractional CFO and strategic

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implementation firm, and our vision is to ensure overwhelmed business

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owners achieve the time, freedom, and consistent profits to build

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a legacy and live the likely desire. Our mission is

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dedicated to guiding small business owners to leveraging their time,

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exploding their profits, and build a meaningful legacy. And this show,

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Powerful Business Strategies and our book of the same name,

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is a step toward accomplishing that vision and mission. So

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with that, I'd like to hand it back to my

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co author and moderator for the show, Chooky Obio.

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Thank you so much, Michael, And today's episode is impeccably

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well timed. So the title of today's episode is the

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five five to five profit formula. Another strategy that your

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competition isn't doing. And Michael, I've got to let you know,

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we've got quite a bit of an audience coast to

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coast of business owners and leaders for today's episodes, so.

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I believe we may get quite a few comments and questions.

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A point of disclaimer, Michael, look, as you know, you

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

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and I currently serve as the managing director for business

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Development at Vetter Price, a global business focused law firm.

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But in addition to that, it is truly an honor

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to collaborate with you, Michael on our business roundtables initiatives

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really coast to coast right meeting with small business owners.

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The lifeblood of our economy.

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Now.

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The opinions and insights that we will share as part

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of today's episode are based on our personal experience and

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personal views. But my mission is to be the fearless moderator, Michael,

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and to ask the right questions and help you, me

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the listener, really drive towards those best business strategies that

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our competitions are not doing. So with that, Michael, allow

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toss it back over to you.

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Excellent, Thank you, Chokey. So our show today is about

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our five to five to five profit formula. And when

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you utilize this simple and easy to understand formulas successfully,

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you'll see a dramatic compound effect in your profit and

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cash flow. And the five to five to five formula

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is simply this. If you increase sales five percent, decrease

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cost of good sold five percent, and decrease overhead five percent,

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this will have a dramatic compound effect on your profit

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and cash flow. Sound difficult, Well, let me give you

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some real life situations where I say thousands of dollars

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and let me tell you the key to getting cost reductions. Here,

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it is the very key to getting any cost reduction,

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whether it's a cost reduction and cost of good sold

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or a cost reduction and overhead is four words you

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need to ask. Something business owners don't do is ask. Yes,

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there's three times where they shut the door on you,

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but you've got to ask. Now. Let me give you

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an example. When I was in the ski business, I

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used to get one hundred thousand dollars per year in

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co op advertising money from my suppliers. Oh. Now, in

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order I understand how I got this money, you need

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to understand the mind of the vendor and what's going

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on over on the vendor side, because the vendor wants

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to do one thing, and that is sell as much

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product as they possibly can. And the other thing you

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have to understand is that in addition to the co

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op advertising that vendors offer in their vendor agreements, which

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by the way, is another thing business owners don't take

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full advantage of. But there and in that situation, they're

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offering one to three percent of your annual purchases and

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advertising money and business owners aren't taking it. You got

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to think about that. Now, there's the vendors, in addition

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to co op advertising budgets per their vendor agreements, also

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have a national advertising budget. And first of all, they

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always have money left from co op advertising because no

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one takes it. And then they have money in their

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national advertising budget for special circumstances, but no one asks

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for it. Interesting, every year, I put together a I

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put together a fifteen to twenty minute presentation to my

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biggest vendors showing them an advertising campaign that shows them

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how we will sell more of their product. And by

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the way, we use the conversion formula, of course, but

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how we will sell more of their product. And we

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do that in a very convincing way. And what they

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will do if they will go into their national advertising

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budget and pay for or partially pay for that advertising.

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They pay for the advertising by the way one of

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two ways. Either a deduction off of an invoice so

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there's no cash being lost other than the taking a deduction. Okay,

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that's insightful, and the other way, which is cheaper for

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them and it's better for us if we believe in

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the product we're selling. Remember I went to the vendors

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that we sell the most product of but we used

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to The second way is that we used to get

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ten thousand dollars of free product at wholesale from a

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vendor and then sell it to twenty the retail value.

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So in effect, we really got twenty thousand dollars of

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advertising from that vendor. But I never counted that because

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the vendor only spent ten thousand, And when the vendor

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spends ten thousand of product, they're probably only actually out

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of pocket five thousand dollars because the cost to produce

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that product is not less than the ten thousand that

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they charged me at wholesale. So then once we had

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by the way, once we had a successful campaign, a

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couple successful campaigns in a row, there was really no

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need for the presentation anymore, and it would just be

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an automatic thing that they would do once we ask.

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But you have to ask. Yeah, you have to ask.

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That's what's missing out there. And people don't think the

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situations are available, but they certainly are. But you have

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to ask.

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You know what it reminds me of, Michael, we miss

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one hundred percent of the shots that we don't take.

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Right, that's right, you have to ask this right.

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Incredible. Look, Michael, you've struck a chord here.

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I mean, we're actually getting a stream of comments and questions.

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Do you have a minute to just take on one

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of these quick questions?

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Michael? Wait?

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So the question is relative to vendors. Can you use

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this as a way to get a strategic vendor so

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they're not actually a vendor yet, but you present this

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as a way to maybe entice the vendor to deepen

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the relationship.

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Yeah, probably not, And I'll tell you why, because this is,

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you know, this is out of their pocket and they

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want to prove they want they only do it with

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people who have proven to sell. Okay, and if somebody

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you know, if you don't have a relationship with them, like,

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you know, just to give you an idea, this was

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the ski business. So I got money from Rosignol, I

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got money from Alone, I got money from K two.

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So all the big players that we knew we were

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going to sell, you know, like the previous year we

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probably sold you know, one hundred and fifty thousand dollars

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worth of their product. So given that they would you

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know that they have a track record with us. They

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know we're going to sell product, and you know we

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can sell product. They know what we know how to

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market to sell product, and so they they're more inclined

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to go with us. Then.

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Very helpful, Thank you, Michael.

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And so here's another area where you have to ask.

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You know, business owners think it's impossible to renegotiate the

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rent because you have a lease. But the landlord doesn't

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want to lose a tenant, and especially a commercial tenant

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where they would have to do another build out or

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deal with the cost of vacancy. And most landlords, what's

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interesting is most landlords understand cash flow problems because many

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of them have experienced cash flow problems themselves through real

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estate downturns.

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That's a good point But.

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What I found to be the best way to negotiate

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with the landlord is just, once again, just be totally transparent.

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Show them your financial statements, show them what concessions you need,

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and whether it's short term or long term, based on

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the financial position of your business. You know, when I

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was in the outpatient rehabilitation business, I needed a rent

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concession from the landlord. I had at least I think

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I was entering. I think I was in the first

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year of a five year lease. This is six months in.

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But once again, like I did with co Op advertising,

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I put together a presentation with my financial statements and

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a business and cash flow forecast showing the landlord where

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my business was and the strategies I was going to

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implement to improve the financial position to be able to

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afford the current rent. And he agreed. He agreed to

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the red reduction because I went through and showed him.

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I didn't just say I need a rent concession. I

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showed him how what strategies we need, we were going

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to implement, and how long it would take, and show

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him the results through a forecast. That's it. That's all.

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That's all. Plus show him the current financial statements, show

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him the current cash flow, and uh, he agreed. He

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agreed to the red reduction, and as a give back,

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I added another year to the lease. So it's not

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impossible to discount or defer rent just because you have

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a lease. So before I give you an example of

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the effectiveness of the five to five to five profit formula,

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let me make sure you understand the definition of the

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terms that I'm using. So I think I think we

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all know what sales are, so I won't bore you

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with that one. But let me define cost of good sold,

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because this is an area that business owners, when I say,

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you got when I say the five to five to

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five profit formula is increasing sales five percent, decreasing cost

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of goods sold five percent, decreasing overhead five percent. I

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think a lot of business owners are confused as to

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what cost of good sold is. So let me, to

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the best of my ability on the radio here define

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what cost a good sold is. So, generally speaking, cost

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a good sold are the direct material costs, so any

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direct materials, direct labor, subcontracted costs, which are costs associated

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with the production or delivery of the product, and any

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other direct cost freight as well. Specifically, associated with the

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production and delivery of the product or service that you provide. So,

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if you're a retailer, your cost of good sold is

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primarily made up of the product you buy from manufacturers

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and distributors, plus freight costs the cost of the freight

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to get it there. Okay, so that probably the most

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simple in the area of retail. If you're a manufacturer,

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your cost of good sold is primarily made up of

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direct materials, which are the materials that go into the production,

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direct labor which is the production labor, subcontractor costs, which

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is the outside labor to help produce the product or

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deliver the product, and then freight costs. And if you're

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a distributor, your cost of good sold is primarily made

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up of the product purchased from manufacturers and direct labor

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associated with moving that product, subcontracted costs, which once again

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is outside labor to help move the product, and then

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freight costs. And if you're a service company, your cost

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of good sold is primarily made up of direct materials,

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which are the materials that go into the service delivery,

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direct labor which is the labor that delivers the product,

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service contracting costs, which is the outside labor, you know,

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to help deliver the service again, and then freight costs.

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Now they might in some cases they might not be

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direct labor in providing the service, but in most cases

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this still is because that's how you provide the service. Now, overhead,

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it's primarily your fixed costs like rent and insurance and

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all the costs that support that that kind of support

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the delivery or production of the of the product of service.

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So rent supports it because you need someplace to do it.

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Insurance supports it because you need to have insurance in

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case there's some loss associated with the production or delivery

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of the service product. So now just a couple of

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more definitions. Let me define gross profit. So gross profit

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is simply sales, which I think we all know what

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those are, less cost of good sold, which I just defined.

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And this number needs to be high enough to cover

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your overhead and a desired profit. Now, your gross profit

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percent is your growth profit divided by sales, and your

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net profit percent is your bottom line net profit divided

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by sales. Now, if I went too fast, we have

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recordings of all of our shows. Forty eight seventy two

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hours after our show airs at Powerful Business strategies dot com.

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Absolutely.

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Now, Mike, guess there's a Yeah, it's funny. Look you're

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as I said, I mean, you've really hit a nerve here.

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There's some folks that are just aching to ask some questions.

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Let's pick up on just one of these questions, Michael, So,

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and you may get to this later on in your

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insights session. So, sales, costs of goods sold, and overhead.

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Would you prioritize one of those for the five five five?

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Right? How should a business owner approach that?

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Well? I think I think I think they should start

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with sales, and I'm going to go over strategies to

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increase sales, but I think they should start with sales

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and then go to cost of good sold and then

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go to overhead.

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Very helpful, thank you.

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I think yeah, I think it should go in that

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order in terms of addressing it. Because the top without

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a top line, there is no business. So we need

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to address that first. And then the cost of good soul,

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the costs that make up those sales, That has to

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be addressed second. And then third, let's let's cut the overhead.

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Let's find ways to cut overhead.

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Very helpful.

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Yeah, And Michael, and you would submit that a business

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owner can sequence this in a way that makes sense

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where it's not as disruptive to their regular business operations, right,

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because we're getting some questions around, Look, you know, I've

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got to run a business, like how do I fit

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the strategy in there and make you know, making sure

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it's not disruptive any.

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Yeah, so overhead is not disruptive per se, but you

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do need employee buy in reductions and overhead on some

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in some of the areas. Okay, certainly not rent and insurance,

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but in some of the areas it might cause a

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different operating basis and therefore might require employee buy in.

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But other than that, there should be no and you know,

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sometimes caused a good sold will also require that's right,

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reductions in labor or labor costs. I don't I don't

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want to say labor. That's this isn't to try to

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reduce staff. This formulo doesn't work to reduce staff. If

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that's what has to happen, that's what has to happen.

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But the strategies that we use to reduce costs of

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good sold does not include reducing staff. But you might

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have to get buy in from them as well.

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Very illuminating, Michael, Thank you.

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Okay, and so now let me give you a simple

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example of the five to five to five profit formula.

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Let's take a company that does one million dollars in sales,

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has a gross profit percentage of forty percent and a

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net profit percentage of twenty percent. If that company increases

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sales just five percent, then decreases their cause to good

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sole five percent, then decreases their overhead five percent, they

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will increase their net profit dollars by forty five percent. Wow. Yeah,

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So if that's a significant increase to a bottom line.

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And.

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Some businesses actually bonus their employees because the bottom line

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is so impactful, they're able to share some of that

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profit with their employees as a bonus, and having a manager,

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for example, bonusing a manager to increase sales five percent,

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reduce cost a good sold five percent, and decrease overhead

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five percent would give them a pretty nice bonus at

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the end of the year.

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Well, Michael, I've got to chime in with a comments

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last question on this.

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This is really important.

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So are you saying it may make some sense for

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some business owners to have strategic metrics that impact manager

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compensation based on this five five five profit formula.

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That's right, that's right. And if they if they if

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they don't want to do it with one manager, they

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can do it with the managers that I had, the

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sales manager, the production manager, interesting and uh an administrative manager,

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and they ca and you could bonus them that each

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hit that goal. And if each of them hits the

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goal five five and five. If if one manager hits

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the goals, they get one level of bonus. But if

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they but if all three in concert increase sales five percent,

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decrease cost good sold five percent, decrease overhead five percent,

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they get even a bigger bonus. And so they'll be

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going to work together that way if necessary.

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Yeah, Michael, that is remarkable. Really get insight.

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So so let me make this point though, those who

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are achieving inordinately high gross profit margins, for example, eighty

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to ninety percent, which are very few companies, by the way,

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but those companies will not see as dramatic a change.

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I'll see a change that's significant, but not as dramatic

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as I described. But the lower your gross profit margin

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seventy percent or less, which is the vast majority of companies,

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that's where the dramatic compound effect takes place. So now

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the trick is, how do you increase sales five percent,

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decrease cost a good sold five percent, and increase overhead

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five percent? So let's start with sales. We talked to

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out the conversion formula many times, which is by far

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the most powerful way to convert prospects to sales. And

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that formula is captivate, fascinate, educate, and close. And I

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urge you to view episode two of Powerful Business Strategies

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called the Conversion Formula and Compelling Offers. So the name

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of that episode, it's called Conversion Formula and Compelling Offers

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and it's located at Powerful Business Strategies dot com. Yes,

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and that show we review the conversion formula in more detail. Now,

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another way to increase sales is by following the five

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components of a compelling offer, which a scarcity and urgency,

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risk reversal, adding more value to your product or service,

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packaging and bundling, and being indifferent to the outcome. And

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once again I urge you to view episode two called

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Conversion Formula and Compelling Offers at Powerful Business Strategies dot com,

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where we review compelling offers in more detail. So by

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utilizing the conversion formula and compelling offers, there are definitely

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ways that you can that you will increase sales by

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a minimum of five percent. You actually should do a

367
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lot better than that. But another way to increase sales

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are strategies called up selling and cross selling. For example,

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up selling up selling means offering a higher grade or

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quality or size of the item that the customer may

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may be interested in at the point when the customer

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is ready to buy. And let me explain upselling. So,

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there are many people in the world that feel compelled

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to upgrade. These people always buy the highest grade of gasoline.

375
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These people always fly first class. These people always buy

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the best industry has to offer. And these people necessarily

377
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millionaires or very well to do. They just feel they

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have a fomo fear of missing out. They just feel

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the missing out if they don't buy the best. And

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by the way, these people strongly believe that if you

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buy cheap, you buy twice okay, And so it's those

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people that are perfect candidates for upselling. And because you

383
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don't know who you always don't know who you're dealing with,

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you should always up sell customers to the next level up.

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You know, when I was in the ski business, many

386
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times a customer would come in for a beginner pair

387
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of skis. They never skied before, but once they saw

388
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the benefits of the more expensive upgrade, they bought the upgrade.

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And even though the ski was built for let's say

390
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an intermediate skier, they saw the benefits of jumping up

391
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and getting that better ski. Cross selling cross selling means

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offering other products or services which complement the item the

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customer is interested in, once again at the point when

394
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the customer is ready to buy. And an example of

395
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cross selling is when I was in the frozen cookie

396
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dough business. We had multiple varieties of cookies of cookie

397
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dough and if a customer didn't want a particular flavor, hey,

398
00:24:23.839 --> 00:24:26.359
there was always different flavors to offer them and to

399
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cross sell. Then there's a strategy. This is something extra

400
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called down selling, and down selling should occur when someone

401
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declines your product the service offering, so you offer them

402
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an alternative at a lower price. So, for example, an

403
00:24:41.039 --> 00:24:43.440
example of a down cell would be take a health

404
00:24:43.480 --> 00:24:48.759
club that sells a one year gold membership program. The

405
00:24:48.799 --> 00:24:53.559
prospect declines that membership, then the sales associate offers the

406
00:24:53.640 --> 00:24:57.480
prospect two low risk, low barrier to purchase options. One

407
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would be a ninety day called the nine they helped

408
00:25:00.680 --> 00:25:06.559
makeover a membership or a one week trial membership. Both

409
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of these are of a lower value to the Gold membership,

410
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but the sales were made. And this is tremendous value

411
00:25:13.720 --> 00:25:17.079
that just making any kind of sale at all, because

412
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thirty four percent of the time that a customer buys

413
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something from you, they'll buy something else at the point

414
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of sale if it's presented. Once again, you have to

415
00:25:28.559 --> 00:25:32.920
ask many business owners are missing out on that opportunity,

416
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so that you've got to well, no matter how small.

417
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You know, we even had advanced skiers by we downsold

418
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them to the intermediate ski just so we can make

419
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the sale, because once we made the sale, we knew

420
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that there was a good chance that we could retain

421
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them for future purchases. Nice and obviously at the point

422
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of sale we'd be selling them parts that Parker package

423
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of the clothing package I talked about, as well as

424
00:26:05.160 --> 00:26:09.640
accessories like gloves and mittens and goggles and those types

425
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of things. So now that we've covered how to increase

426
00:26:13.519 --> 00:26:16.720
sales five percent, let's work on probably what it is

427
00:26:16.880 --> 00:26:20.920
likely perceived as the most challenging cost reductions in the

428
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five to five to five profit formula, and that is

429
00:26:24.359 --> 00:26:29.559
reducing cost of good sold. Yes, so the number one

430
00:26:29.599 --> 00:26:32.400
way to reduce cost of good sold five percent is

431
00:26:32.440 --> 00:26:36.079
to improve your process of how you deliver the product

432
00:26:36.160 --> 00:26:38.799
or service to a customer. And that's where I talked

433
00:26:38.839 --> 00:26:42.400
earlier about employee buy in when I was answering that question,

434
00:26:43.039 --> 00:26:47.480
because if you improve your process, make it more efficient,

435
00:26:47.519 --> 00:26:54.160
you're going to cut cost. Speed of delivery, just speed

436
00:26:54.200 --> 00:27:01.319
of delivery from the point in time when our customer, oh,

437
00:27:01.359 --> 00:27:04.000
I'm sorry, when you buy let's say the raw materials

438
00:27:04.079 --> 00:27:07.559
or the direct materials to the end when you ship

439
00:27:07.759 --> 00:27:11.039
or deliver the product. If you can increase your speed

440
00:27:11.039 --> 00:27:13.480
of delivery, you'll make more money, you'll be more efficient,

441
00:27:13.519 --> 00:27:18.599
you'll reduce your cost of good solt. Also, many times

442
00:27:18.599 --> 00:27:22.880
you find inefficiencies because employees on following the system properly,

443
00:27:24.000 --> 00:27:27.400
not following the system properly. That leads it lends itself

444
00:27:27.440 --> 00:27:32.279
to a lot of inefficiency and wasted cost. So the

445
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key is to identify where the wasted motions are, where

446
00:27:35.440 --> 00:27:39.359
the where the wasted cost is. And I can't tell

447
00:27:39.400 --> 00:27:42.559
you how many times I looked at a process. I

448
00:27:42.599 --> 00:27:44.359
don't care if I looked at it a year ago

449
00:27:44.759 --> 00:27:48.640
or maybe even I don't know, six months ago, I

450
00:27:48.680 --> 00:27:51.720
look at it again. I still see employees on following

451
00:27:51.799 --> 00:27:57.079
the process. I still see things that inefficiencies in the system,

452
00:27:57.759 --> 00:28:04.279
people not following the system. But that's that's something that

453
00:28:04.359 --> 00:28:08.880
you can find most of the time. And speed of

454
00:28:08.920 --> 00:28:12.599
delivery is really, really, really important. If you can increase

455
00:28:12.640 --> 00:28:15.599
the speed of delivery, you can time it from the

456
00:28:15.839 --> 00:28:18.279
from the way from the point of when the sale

457
00:28:18.359 --> 00:28:21.680
starts to the point where the product or service is delivered.

458
00:28:22.440 --> 00:28:25.160
If that speed is increased, you're going to reduce your

459
00:28:25.160 --> 00:28:31.680
cost to good soul. This next area is very neglected

460
00:28:31.759 --> 00:28:35.759
and UH. That's negotiation with vendors. As I talked about

461
00:28:35.960 --> 00:28:42.119
in the opening about UH advertising, but business owners are

462
00:28:42.119 --> 00:28:45.200
afraid to ask. You just need to ask for these things.

463
00:28:45.200 --> 00:28:47.880
There are multiple areas to negotiate with vendors, and let

464
00:28:47.880 --> 00:28:50.680
me give you all the all the areas. Number one,

465
00:28:50.799 --> 00:28:56.319
negotiate free freight. Okay, I can't tell you how many

466
00:28:56.359 --> 00:28:59.799
times I could deny. I've been denied, but I can't

467
00:28:59.799 --> 00:29:03.640
tell times I asked for fright and they gave it

468
00:29:03.680 --> 00:29:10.519
to me, and you know it. It adds up. Now.

469
00:29:10.559 --> 00:29:15.160
Some vendors, as an enticement, their irresistible offer, if you will,

470
00:29:15.440 --> 00:29:19.079
is to offer free freight. Ones they offer free freight

471
00:29:19.519 --> 00:29:23.720
just as a matter of their program. But the ones

472
00:29:23.759 --> 00:29:27.200
who don't, why not ask for free freight, especially if

473
00:29:27.200 --> 00:29:29.240
you're getting it from someone else, You can always say, hey,

474
00:29:29.759 --> 00:29:31.920
I'm getting it from this vendor. Why why aren't you

475
00:29:34.839 --> 00:29:38.799
negotiate better payment terms? You know, there's a huge difference

476
00:29:38.839 --> 00:29:41.920
between paying something in thirty days and paying something in

477
00:29:42.000 --> 00:29:47.160
forty five or sixty days, huge difference. It gives you

478
00:29:47.200 --> 00:29:49.720
more time to collect your receivables if you have slow

479
00:29:49.759 --> 00:29:54.000
paying customers. It just it just allows you to get

480
00:29:54.039 --> 00:29:57.640
the money before you have to pay for these things.

481
00:29:58.599 --> 00:30:04.640
So always negotiate. I don't care how great you think

482
00:30:04.680 --> 00:30:10.799
your terms are. Negotiate better terms payment terms, and then

483
00:30:10.880 --> 00:30:14.640
co op advertising is explained earlier, utilizing the vendors national

484
00:30:14.680 --> 00:30:18.000
advertising budget and preparing a presentation to show them how

485
00:30:18.039 --> 00:30:22.839
you'll sell more of their product. Free point appurchase displays,

486
00:30:22.839 --> 00:30:24.839
for the most part, they should be free. Some people

487
00:30:24.920 --> 00:30:28.319
charge them charge for them, so that should be something

488
00:30:28.359 --> 00:30:31.039
though that you get free. But like I said, some

489
00:30:31.079 --> 00:30:38.680
people charge for them, and these are just displays and

490
00:30:41.400 --> 00:30:43.839
they help sell the product obviously, but you should be

491
00:30:43.880 --> 00:30:44.839
getting those for nothing.

492
00:30:45.400 --> 00:30:49.680
Yeah, Michael, we got a really interesting question here, so

493
00:30:49.880 --> 00:30:51.119
let's brainstorm this.

494
00:30:53.119 --> 00:30:54.720
And this strategy.

495
00:30:54.759 --> 00:30:57.920
By the way, this assumes that you have existing relationships

496
00:30:57.920 --> 00:30:58.839
with all of these vendors.

497
00:30:58.880 --> 00:31:00.519
Correct. I think you made that clear.

498
00:31:00.759 --> 00:31:04.599
Yeah, yeah, yes, that would be except one little point though,

499
00:31:05.440 --> 00:31:09.640
if it's a new vendor in terms of reducing costs, yes, uh,

500
00:31:10.079 --> 00:31:13.480
not asking for money like in the case of the

501
00:31:13.599 --> 00:31:17.519
co op advertising, but reducing costs, you could still ask ah.

502
00:31:17.640 --> 00:31:21.960
Interesting, Okay, that's a very powerful exception to that. Now

503
00:31:24.000 --> 00:31:26.799
let's take the question from this angle and I'll paraphrase

504
00:31:26.839 --> 00:31:30.720
a little bit here, Michael, can you use this as

505
00:31:30.839 --> 00:31:36.079
part of a vendor rationalization strategy. So it seems like

506
00:31:36.119 --> 00:31:38.680
what this business owner is after is they've got maybe

507
00:31:38.799 --> 00:31:40.920
eight vendors that they believe they could get down to

508
00:31:40.960 --> 00:31:45.000
like five vendors, and their.

509
00:31:44.880 --> 00:31:46.880
Approach would be to visit all eight of.

510
00:31:46.839 --> 00:31:52.759
These vendors with this recommendation or proposal, and then based

511
00:31:52.799 --> 00:31:56.640
on the response to that, Michael, they rationalized down the

512
00:31:56.720 --> 00:31:57.440
number of vendors.

513
00:31:57.440 --> 00:31:59.160
So will be your reaction to that.

514
00:31:59.519 --> 00:32:02.559
Yeah, that's out standing. We'llver ask that question. Gets an

515
00:32:02.559 --> 00:32:07.279
A plus for the show and I only get a

516
00:32:07.319 --> 00:32:12.000
B minus, so that's pretty good. So yeah, that's a

517
00:32:12.039 --> 00:32:17.240
perfect way. You know, one of the compelling offers is

518
00:32:17.319 --> 00:32:19.480
scarcity at urgency. And I know we're not offering a

519
00:32:19.519 --> 00:32:22.880
product here, but when you negotiate and you say, look,

520
00:32:22.920 --> 00:32:24.880
i'm working with eight vendors right now, and I'm going

521
00:32:24.960 --> 00:32:28.559
to just select my top five, that's compelling.

522
00:32:29.759 --> 00:32:30.279
Exactly.

523
00:32:30.640 --> 00:32:36.160
That's compelling, and people definitely will react to that. Now,

524
00:32:36.200 --> 00:32:38.640
some will tell you to take a hike, which allows

525
00:32:38.680 --> 00:32:42.880
you to eliminate somebody quickly. Just make sure it's not

526
00:32:42.960 --> 00:32:45.880
your most important supplier. And when I say most important,

527
00:32:45.920 --> 00:32:48.480
I mean the best selling or the best or the

528
00:32:48.480 --> 00:32:53.079
most needed. But if you have other vendors, you could

529
00:32:53.119 --> 00:32:56.240
definitely negotiate that way. That would be an excellent way

530
00:32:56.279 --> 00:32:59.920
to do a bunch of these things, because things like

531
00:33:00.039 --> 00:33:02.960
better pricing. Everybody thinks you can't reduce prices from the

532
00:33:03.000 --> 00:33:07.079
price list. I can't tell you how many backroom deals

533
00:33:07.119 --> 00:33:09.680
are made all the time, and I used to make them.

534
00:33:11.680 --> 00:33:14.799
But you have to ask, yeah, and you have to

535
00:33:14.880 --> 00:33:17.839
keep your mouth shut. You can't tell anybody else that

536
00:33:17.880 --> 00:33:19.960
you've got a better deal, obviously, that would kill it.

537
00:33:21.480 --> 00:33:22.240
That's a good point.

538
00:33:22.640 --> 00:33:26.240
Yeah, And then but you have to ask that always

539
00:33:26.279 --> 00:33:29.880
backroom deals made, whether whether it is free freight, whether

540
00:33:29.920 --> 00:33:36.839
it is lower prices, whether whether it is a shipping delivery,

541
00:33:37.079 --> 00:33:42.039
whatever it is, there's always backroom deals made. And so

542
00:33:42.359 --> 00:33:45.400
the other thing you can negotiate is faster product turnaround time.

543
00:33:45.480 --> 00:33:48.839
Remember we talked about speed of delivery. This is how

544
00:33:49.279 --> 00:33:54.000
that that you're going to decrease costs by getting product

545
00:33:54.039 --> 00:33:58.599
faster from the manufacturer or distributor. If you, once again,

546
00:33:58.640 --> 00:34:00.720
if you increase your speed of deliver where you reduce

547
00:34:00.759 --> 00:34:04.119
your costs. Speed of delivery is often neglected and improving process.

548
00:34:04.640 --> 00:34:11.679
It's speed of delivery. Negotiate minimum quantities. Sometimes vendors have

549
00:34:11.840 --> 00:34:16.039
these certain high quantities and you end up over buying

550
00:34:16.440 --> 00:34:19.880
as a result of these minimum quantities because you only

551
00:34:19.880 --> 00:34:24.440
need five and the vendor requires ten. Well, you've got

552
00:34:24.480 --> 00:34:28.039
to negotiate that minimum because you know if you're going

553
00:34:28.079 --> 00:34:30.440
to have carry over, it's going to impact your cash flow.

554
00:34:32.039 --> 00:34:36.280
Next is negotiate the elimination of restocking charges. I never

555
00:34:36.360 --> 00:34:38.880
used to do a business with a vendor if he

556
00:34:39.000 --> 00:34:43.639
charged me for restocking. Restocking is when you take a

557
00:34:45.280 --> 00:34:48.280
you buy a product from a vendor and you have

558
00:34:48.320 --> 00:34:51.679
to return it. You have to return it, maybe because

559
00:34:51.679 --> 00:34:57.920
it's defective, or you have to return it because you

560
00:34:58.360 --> 00:35:01.800
don't need it anymore. Now the customer might have canceled.

561
00:35:04.079 --> 00:35:07.000
Some vendors charge a restocking charge, meaning you send the

562
00:35:07.039 --> 00:35:11.719
product back and you charge They charge you significantly too,

563
00:35:11.760 --> 00:35:14.360
by the way, for the costs associated with bringing it

564
00:35:14.400 --> 00:35:18.400
back into their warehouse. And so that I don't do

565
00:35:18.519 --> 00:35:22.880
business with vendors who don't who have restocking charges. But

566
00:35:23.239 --> 00:35:25.760
if you do have restocking charges and you're with the vendor,

567
00:35:25.840 --> 00:35:29.280
you need to negotiate that. That's another area. Look at

568
00:35:29.280 --> 00:35:34.119
all the areas we're coming up with to negotiate. Then

569
00:35:34.320 --> 00:35:37.239
you can negotiate better packaging and more efficient ways the

570
00:35:37.280 --> 00:35:41.000
product can be handled. You know, if you think that

571
00:35:41.000 --> 00:35:43.960
that something needs to be done to the packaging for

572
00:35:44.079 --> 00:35:47.320
your product, maybe not somebody else's, but for your product,

573
00:35:47.840 --> 00:35:56.280
ask negotiate orders being able to be canceled without penalty. Uh.

574
00:35:56.800 --> 00:35:59.639
You know this is the restock This is another version

575
00:35:59.840 --> 00:36:04.119
of the restocking charges. You know, you should be able

576
00:36:04.159 --> 00:36:11.760
to cancel orders without any penalty or cost, negotiate exclusivity

577
00:36:12.440 --> 00:36:18.360
in a region. That's something, believe it or not. I

578
00:36:18.400 --> 00:36:24.239
can't tell you how many times that I asked for

579
00:36:24.320 --> 00:36:28.280
exclusivity and got it because I was doing enough volume.

580
00:36:28.360 --> 00:36:30.599
But I asked for it, and you know, there were

581
00:36:30.599 --> 00:36:33.400
others where I got burnt on it at the beginning,

582
00:36:33.400 --> 00:36:35.239
when I was new to the business. I got burnt

583
00:36:35.280 --> 00:36:39.360
on that where where a competitor would say, don't sell

584
00:36:39.480 --> 00:36:45.960
this person that product, and they would win and we

585
00:36:45.960 --> 00:36:48.440
couldn't buy it, and it was a great selling product.

586
00:36:49.280 --> 00:36:53.400
You know, there was a time where we could not

587
00:36:53.679 --> 00:36:59.719
sell CB sportswear, and CB Sportswear was like the most popular.

588
00:37:01.400 --> 00:37:05.920
My competitor shut us off. Now that's illegal. But because

589
00:37:06.079 --> 00:37:10.039
of the twists and turns that you can't prove it

590
00:37:10.719 --> 00:37:15.800
that my vendor did that. Because you can't prove it,

591
00:37:15.519 --> 00:37:18.400
it goes, it goes by the wayside. Now some people

592
00:37:18.440 --> 00:37:21.400
have gone all the way, some people have lost cases,

593
00:37:21.760 --> 00:37:24.920
some people have won cases. But it's a risk, big risk,

594
00:37:24.960 --> 00:37:27.119
if you're going to try to sue a vendor for

595
00:37:27.280 --> 00:37:34.599
trying to negotiate with a vendor exclusivity. So it happens

596
00:37:34.599 --> 00:37:36.840
out there. Believe me, I've been I've been in the

597
00:37:37.079 --> 00:37:40.519
I've been right in the thick of it. And of course,

598
00:37:40.599 --> 00:37:46.800
negotiate competitive prices. Also make suggestions if the suggested retail

599
00:37:46.960 --> 00:37:52.920
is too low or too high. So we covet about

600
00:37:53.239 --> 00:37:56.400
I don't know, twelve or thirteen areas that you can

601
00:37:56.480 --> 00:38:02.840
negotiate better pricing. Yep. And so now let's go into overhead,

602
00:38:02.840 --> 00:38:05.920
so that those are all those areas reduce your cost

603
00:38:05.960 --> 00:38:08.800
of good sold. And those can be done over and

604
00:38:09.039 --> 00:38:14.280
over and over again. So let's find the five percent

605
00:38:15.079 --> 00:38:17.480
or more that you could decrease overhead. So we talked

606
00:38:17.480 --> 00:38:22.039
about renegotiating your lease, but you could also relocate your

607
00:38:22.039 --> 00:38:23.920
place of business. If you're not under a lease or

608
00:38:23.960 --> 00:38:28.239
the lease expires, there're somewhere less expensive. You can audit

609
00:38:28.280 --> 00:38:32.199
your overhead vendors and obtain new quotes. For example, audit

610
00:38:32.239 --> 00:38:36.599
your insurance policies. Obtain new quotes. You should always get

611
00:38:36.679 --> 00:38:41.719
multiple insurance quotes for all commercial insurance policies. You should

612
00:38:41.760 --> 00:38:46.760
audit your internet and phone services selling landline mention a

613
00:38:46.840 --> 00:38:49.800
competitor and most companies will give you a discount very quickly.

614
00:38:51.519 --> 00:38:55.679
I can't tell you how many different companies out there.

615
00:38:56.920 --> 00:38:59.800
As soon as you say you're leaving or threatening to threatening,

616
00:39:00.599 --> 00:39:04.159
all of a sudden, the price drops. It's like magic,

617
00:39:04.559 --> 00:39:08.599
it's amazing. It's amazing how that works. Work with your

618
00:39:08.639 --> 00:39:10.880
CPA to understand all the tax write offs that are

619
00:39:10.880 --> 00:39:16.119
available to you. You negotiate blanket purchase orders for discounts.

620
00:39:16.159 --> 00:39:19.360
A blanket purchase order allows an organization to bump together

621
00:39:19.480 --> 00:39:23.000
purchases that would otherwise happen over an extended period of

622
00:39:23.000 --> 00:39:26.519
time and receive quantity discounts. Now, make sure that discounts

623
00:39:26.559 --> 00:39:30.079
are significant enough and the quantity purchase will be used

624
00:39:30.880 --> 00:39:33.400
over a reasonable period of time, because if not, you

625
00:39:33.440 --> 00:39:37.280
have a lot of carryover and cash flow loss. You

626
00:39:37.320 --> 00:39:39.840
can also audit your in house services and see what

627
00:39:39.960 --> 00:39:47.880
can be outsourced like accounting, it, bookkeeping, CFO services. Look

628
00:39:47.920 --> 00:39:52.719
for reductions in waste, you know, materials and supplies, utilities.

629
00:39:52.800 --> 00:39:57.000
Ask employees for suggestions on how they can reduce material

630
00:39:57.519 --> 00:40:02.039
supply and utility waste. That's a great way to get

631
00:40:02.039 --> 00:40:06.000
employees involved. And when somebody, if you implement an idea

632
00:40:06.079 --> 00:40:09.079
somebody has for cost reduction, go ahead and bonus them.

633
00:40:09.360 --> 00:40:11.800
That's a great way to get that's a great way

634
00:40:11.840 --> 00:40:17.119
to get ideas. You cancel dudes and subscriptions. If you

635
00:40:17.199 --> 00:40:20.440
review your credit card statement right now, many people have

636
00:40:20.480 --> 00:40:24.599
forgotten about certain reoccurring costs that they have, certain subscriptions

637
00:40:25.559 --> 00:40:30.639
that they have, and they forgot about them. Maybe you

638
00:40:30.679 --> 00:40:35.400
can replace more expensive outside services within house. So sort

639
00:40:35.400 --> 00:40:38.760
of the reverse. If your outside service expenses are more

640
00:40:38.760 --> 00:40:42.719
expensive in the areas of let's say janitorial or landscaping,

641
00:40:43.599 --> 00:40:48.960
maybe you can convert that to in house and then

642
00:40:49.079 --> 00:40:54.320
solicit employee input as I already mentioned for efficiency improvements.

643
00:40:55.800 --> 00:40:59.880
Organized stockroom and storage areas for access inventory and supply,

644
00:41:00.239 --> 00:41:04.800
or inventory and supplies you didn't realize you had. That's

645
00:41:04.840 --> 00:41:09.320
another thing. So let's say you have inventory, you go

646
00:41:09.400 --> 00:41:11.679
into your stock room and say, I didn't know we

647
00:41:11.719 --> 00:41:15.880
had this, or how did this get here? Or yeah,

648
00:41:15.920 --> 00:41:21.519
that's what happens. And you know, to me, I used

649
00:41:21.519 --> 00:41:24.480
to if I used to ask the vendors to take

650
00:41:24.519 --> 00:41:26.320
it back, even if I had it for a year.

651
00:41:27.119 --> 00:41:32.960
Oh wow, yeah, yeah, absolutely, because once again you might

652
00:41:33.000 --> 00:41:36.480
they might say no, and what's the worst that can happen? Nothing,

653
00:41:36.960 --> 00:41:40.320
nothing changes, But sometimes they do it because you're a

654
00:41:40.360 --> 00:41:43.559
good customer. They want to retain customers, especially in an

655
00:41:43.599 --> 00:41:47.039
economic downturn. They don't want to lose customers or or

656
00:41:47.159 --> 00:41:54.440
or make customers feel uncomfortable or angry. Negotiate lower rates

657
00:41:54.440 --> 00:41:57.960
with credit card companies. You know, many times credit card

658
00:41:58.000 --> 00:42:00.920
companies will lower rates if you if you pay on time,

659
00:42:00.960 --> 00:42:03.639
but you have to call them. Yeah, I can't tell

660
00:42:03.679 --> 00:42:06.320
you how many times I was able to reduce a

661
00:42:06.360 --> 00:42:09.719
credit card interest rate just by making a phone call.

662
00:42:11.599 --> 00:42:14.119
You know, if you have allows the credit score, that's

663
00:42:14.159 --> 00:42:15.679
going to be difficult to do. But if you have

664
00:42:15.719 --> 00:42:18.639
a decent credit score, you'd be surprised how many times

665
00:42:18.639 --> 00:42:23.559
they'll reduce the rate. Be creative to reduce the financial

666
00:42:23.599 --> 00:42:27.719
impact of benefits or reduce over time. Reduce your hours

667
00:42:27.760 --> 00:42:30.920
of operation. That's another way. By the way, reducing the

668
00:42:31.000 --> 00:42:36.800
hours of operation allows for a more you know, it's

669
00:42:36.840 --> 00:42:40.199
like once again scarcity and urgency. You only have eight

670
00:42:40.239 --> 00:42:44.280
hours for production. They have to get more done versus

671
00:42:44.360 --> 00:42:48.360
the ten hours they were working. You also, like, if

672
00:42:48.360 --> 00:42:51.559
you're a retailer, you can make your hours be the

673
00:42:51.599 --> 00:42:57.880
equivalent of one working shift, then you can, you know,

674
00:42:58.000 --> 00:43:03.199
focusing on the productivity of employees, inspecting their work with

675
00:43:05.599 --> 00:43:09.519
obviously that is amazing how many times if you inspect

676
00:43:09.519 --> 00:43:12.639
their work and will normally raise productivity twenty percent because

677
00:43:13.199 --> 00:43:17.719
they'll especially if there's surprise inspections because I never know,

678
00:43:17.880 --> 00:43:23.639
they never know when you're going to show up. What

679
00:43:24.400 --> 00:43:28.719
marketing is not working and burning cash? A review of that.

680
00:43:28.880 --> 00:43:29.800
It's an important one.

681
00:43:29.880 --> 00:43:35.880
Yes, that's right, and then review transportation vehicle costs. Now.

682
00:43:35.960 --> 00:43:38.800
Cost cutting normally impacts your employees. For us is what

683
00:43:38.840 --> 00:43:41.440
we talked about a little earlier. Sometimes they need to

684
00:43:41.440 --> 00:43:44.119
be sold on the idea. So you have to explain

685
00:43:44.159 --> 00:43:46.119
to your staff what they will need to that they'll

686
00:43:46.159 --> 00:43:50.480
need to make some changes, and that because the company

687
00:43:50.519 --> 00:43:54.679
needs to make some cuts to maintain profitability. Outline the

688
00:43:54.760 --> 00:43:59.079
cost to be cut, Outline the timeline for implementation, and

689
00:43:59.159 --> 00:44:03.320
outline the reason is why, and as appropriate, as I

690
00:44:03.360 --> 00:44:06.280
mentioned earlier, offer a reward or incentive to staff or

691
00:44:06.320 --> 00:44:10.400
fulfill on their duties to help cut these costs. I mean,

692
00:44:10.440 --> 00:44:12.840
that's a great way to bonus people. The more that

693
00:44:13.320 --> 00:44:17.320
you can be specific with implementation details, the more likely

694
00:44:17.360 --> 00:44:22.119
you are to succeed. So chookey, if I answered all

695
00:44:22.159 --> 00:44:24.920
the questions that are in the chat, I think it

696
00:44:25.079 --> 00:44:28.639
is time for compliments absolutely.

697
00:44:28.679 --> 00:44:30.920
And not only did you answer all the questions, Michael,

698
00:44:30.960 --> 00:44:34.719
but you're handing out A plus grades, right. I mean,

699
00:44:34.760 --> 00:44:37.519
I think the students, the custum are really excited. So

700
00:44:37.559 --> 00:44:42.239
look very excited about our business compliments segments. We have

701
00:44:42.440 --> 00:44:46.199
five notable business owners that Michael and I want to recognize.

702
00:44:46.239 --> 00:44:47.840
So let's start with the first. And by the way, this.

703
00:44:49.679 --> 00:44:53.440
This segment is a national representation of business owners coast

704
00:44:53.480 --> 00:44:56.400
to coast, so west coast, east coast, Midwest.

705
00:44:56.159 --> 00:44:58.039
Even the South. So just very very excited.

706
00:44:58.639 --> 00:45:04.519
Beth leipolled Warkhorse Integrations, Michael. They do something really interesting.

707
00:45:04.599 --> 00:45:08.920
So they are software integration specialists and for two decades

708
00:45:09.320 --> 00:45:14.320
they've used a customized application programming interface or an API

709
00:45:15.400 --> 00:45:21.719
to really connect strategies to help companies connect their software applications.

710
00:45:21.119 --> 00:45:24.880
To each other. So really good work by Beth and team.

711
00:45:25.159 --> 00:45:31.519
The second business complement Dan Romano with Adventures in Learning.

712
00:45:31.840 --> 00:45:34.559
Very creative business name, by the way, So they combine

713
00:45:34.840 --> 00:45:40.800
adventure with education, so ed Ventures in Learning. And what

714
00:45:41.159 --> 00:45:45.119
then and team do is they specialize in aligning employees

715
00:45:45.320 --> 00:45:50.280
with their companies' specific strategic initiatives. And they do this

716
00:45:50.320 --> 00:45:54.599
through kind of a unique and interactive process. They've got

717
00:45:54.599 --> 00:46:02.639
this thing called a process venture map, so just really

718
00:46:02.760 --> 00:46:07.199
really intriguing. The third Tim Wilson Facts and Feelings is

719
00:46:07.199 --> 00:46:10.519
the name of the business. It's a data driven business consultancy,

720
00:46:11.079 --> 00:46:17.000
obsessed constructively, obsessed with less and better. So Michael, they

721
00:46:17.000 --> 00:46:20.280
figured out how to do more with less, so we should.

722
00:46:20.880 --> 00:46:23.800
The savings right there exactly.

723
00:46:24.960 --> 00:46:29.239
And then the fourth business compliment is doctor William D. Clark.

724
00:46:29.440 --> 00:46:33.079
He's a PhD and an MSc as well, so this

725
00:46:33.159 --> 00:46:38.320
is interesting with not pro Logics LLC, and they are

726
00:46:38.480 --> 00:46:46.159
experienced with dietary supplements and natural and nutritional products. The last,

727
00:46:46.199 --> 00:46:52.440
but not least Mark Stendel with Hawthorne Payments, and Michael, look,

728
00:46:52.480 --> 00:46:55.880
I I'm fascinated by what market team do. The more

729
00:46:55.920 --> 00:46:58.000
I sort of learn and the more we learn about

730
00:46:58.000 --> 00:47:01.280
what they do, just the more I'm fascinated. So they've

731
00:47:01.320 --> 00:47:04.679
figured out a way to provide a fair and transparent

732
00:47:05.000 --> 00:47:09.920
credit card processing service that's available to small business owners

733
00:47:09.960 --> 00:47:12.920
twenty four to seven. They've got the sort of dedication

734
00:47:13.199 --> 00:47:16.960
and commitments standard of excellence and it's just embedded into

735
00:47:17.000 --> 00:47:20.719
their culture. So hats off to Mark and team with that. Michael,

736
00:47:20.760 --> 00:47:21.960
I'll toss it back over to you.

737
00:47:22.320 --> 00:47:27.599
Yeah, thank you, Chokey. So, yes, you know I interviewed.

738
00:47:28.320 --> 00:47:30.719
One of the things that we do is we interview

739
00:47:31.039 --> 00:47:33.800
business owners to the next edition of our book. Now

740
00:47:33.880 --> 00:47:38.880
why we why do we have additional additions to our book? Well,

741
00:47:39.519 --> 00:47:43.400
business is always changing, that's why. And because business is

742
00:47:43.400 --> 00:47:47.079
always changing, and because we want to make sure that

743
00:47:47.159 --> 00:47:50.639
our strategies work in a wide variety of industries, we

744
00:47:50.760 --> 00:47:54.119
interview business owners. And several of the people that Chucky

745
00:47:54.239 --> 00:48:01.639
complimented today, our business owners that I had viewed and

746
00:48:01.639 --> 00:48:05.800
that Chookey interviewed, we that we collectively interviewed. Yes, and

747
00:48:05.920 --> 00:48:09.840
so I really I want to fin it's our token

748
00:48:09.880 --> 00:48:14.800
of appreciation for interviewing for the next edition of our book.

749
00:48:15.519 --> 00:48:18.679
But in addition to that, these business owners were able

750
00:48:18.719 --> 00:48:22.679
to learn strategies that their competition isn't doing, and so,

751
00:48:23.800 --> 00:48:29.280
you know, strategies like the conversion formula, strategies like compelling offer.

752
00:48:30.719 --> 00:48:34.199
So and look, Michael, I'm quite energized by this initiative

753
00:48:34.280 --> 00:48:36.960
and collaborative with you, right, I mean this in some

754
00:48:37.000 --> 00:48:39.639
ways it's our contribution to the business community.

755
00:48:39.800 --> 00:48:43.119
So hots often gratitude for sure to you on this

756
00:48:43.199 --> 00:48:45.159
Michael and your leadership, and.

757
00:48:45.159 --> 00:48:47.559
Yeah, thank you, Chicky. And if you want to be interviewed,

758
00:48:48.360 --> 00:48:53.639
go to NeXTSTEP CFO dot net, click the contact button

759
00:48:54.400 --> 00:48:58.159
and put your information in and just say you'd like

760
00:48:58.199 --> 00:49:00.480
to be interviewed for the next edition of our book,

761
00:49:00.880 --> 00:49:02.480
and we'll be happy to do that and you'll learn

762
00:49:02.519 --> 00:49:05.199
a lot. You'll learn a lot I had. We had

763
00:49:05.800 --> 00:49:08.039
as a matter of fact, Chukey interviewed a business owner

764
00:49:08.559 --> 00:49:11.880
uh in the rug cleaning business the other day and

765
00:49:12.039 --> 00:49:15.119
he was over overwhelmed by how much he learned and

766
00:49:15.159 --> 00:49:19.280
how much his business needs to be worked on. So

767
00:49:19.440 --> 00:49:22.440
that's just, uh, it's just one of the benefits of

768
00:49:22.519 --> 00:49:26.840
doing a book interview absolutely well, Chokey. To get a

769
00:49:26.880 --> 00:49:30.159
copy of the book Powerful Business Strategy, simply go to

770
00:49:30.239 --> 00:49:34.800
our website which is www dot NeXTSTEP CFO dot net.

771
00:49:35.280 --> 00:49:40.559
It's totally complimentary, it's it's chokey and I's uh contribution

772
00:49:40.719 --> 00:49:43.760
to the business world. And until next Monday at New

773
00:49:43.880 --> 00:49:46.880
Eastern Time for Chucky Obio. My name is Michael Baberina.

774
00:49:46.960 --> 00:49:51.320
And remember, don't keep doing what your competition is doing.

775
00:49:51.760 --> 00:49:52.159
Thank you.

776
00:49:53.960 --> 00:49:57.000
You have been listening to Powerful Business Strategies finding out

777
00:49:57.039 --> 00:50:00.119
that everything you ever learned about growing your business. Is

778
00:50:00.119 --> 00:50:03.159
is Wrong? Tune in next week and every week at

779
00:50:03.320 --> 00:50:06.840
noon Eastern time on W four CY Radio with your

780
00:50:06.880 --> 00:50:12.400
host Michael Barbarita of NeXTSTEP CFO and moderator chugy Ovio