As a profit coach, one of the most common questions I get asked is, what if I fail? In fact, I was talking with a new business owner who was kind enough to elaborate on her fear of failure. “What will I do if this doesn’t work? I have young children, a mortgage, and...
Repeat customers are extremely valuable to the success of your business. How valuable, exactly? Well, the lifetime value of a customer is arguably the most important figure to know in not only your marketing plan but also your business profitability plan. As a...
In working with countless business owners over the years, I have found that every successful business has one thing in common — business plans. The successful business owner not only understands the importance of planning but also updates their business plan regularly...
As a business owner, you may have introduced the concept of credit terms in order to increase sales of some of your high-ticket products and services. After all, the prospect of ‘buy now, pay later’ can be appealing to an interested customer. Here’s the problem that...
Have you ever thought about discounting your business’s prices in order to get more customers? Perhaps you have even done this in the past! There are a handful of scenarios in which you might be tempted to discount your price. Perhaps you have recently seen a rapid...
The wrong hire comes with financial setbacks, especially as a small business owner. While large companies and corporations can often absorb the impact of a bad hire, small businesses can’t afford to carry around the dead weight for very long. Every new hire is both...
Today, I want to challenge you with the following thought: Are you working on your business, or are you only working in it? Of course, working in your business is vital. It allows you to keep your doors open, get your employees paid, and fulfils your responsibilities...
During tough economic times, I notice a clear pattern among most business owners. As there are increases in federal and state taxes, tougher bank credit rules, new healthcare laws, and less consumer spending, these business owners start to panic. As a result, they...
B Each year during tax season, the casual business owner hires a top-notch tax preparer, shows up at their office with a stack of records, and then expects a nice surprise when they receive their tax return. When they quickly realize that their tax liability is much...
There are all sorts of benefits that come with owning a business—the ability to pursue your passion, the freedom to build the company you want, and the potential for enormous personal and corporate success. But that’s not to say that there aren’t a few notable...