Results don’t come from wishes, hopes, and resolutions. That is why 90% of New Year’s resolutions are dropped before the end of January. Every gym owner can tell you that most of their new members will be gone by February. This is true in business, too. What are you...
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Recurring Revenue Is the Key to a Valuable Business
The most stable businesses I have worked with are based on a recurring revenue model. And they are the easiest to sell at a much higher value than industry average. In this video you will learn why businesses with recurring business are much more valuable and examples...
10 Common Interviewing Mistakes
Employee hiring is much more critical in a small business than in a large business simply because you don’t have the budget to carry “dead” weight. Every employee you add is expensive, and hiring a bad employee can seriously affect the financial success of a...
5 Advantages of Accepting Mobile Payments
Smartphones and their myriad of apps are revolutionizing business once again. It is becoming more common to see customers at a cash register pull out their phone and use it to pay rather than using cash, debit cards, or credit cards. Mobile programs are relatively...
Creating Your 2020 Profit Plan
I am always telling my business owners that they need to have a profit plan. I have seen many different profit plans including a few that were drawn up on the back of a cocktail napkin. Of course, if you want to achieve massive profits you will need a more organized...
Improving the Profit Formula Part 6- Cutting Overhead
Every business owner understands that controlling costs is key to a profitable business. But few really understand the effect cost cutting will have on their bottom line. In this video I cover why cutting overhead is so important and how best to do so without...
Improving the Profit Formula Part 5 Increasing Gross Margins
Improving Efficiencies In my 30+ years as a CPA, I have reviewed thousands of income statements for companies in hundreds of different industries. Without fail, 70 percent or more of the total costs is in product purchase and/or manufacturing and employee...
Improving the Profit Formula Part 4 A 10% Increase in Customer Retention
Welcome to 2020! Got a late start since I started the year with a good flu bug. Now that I'm feeling better let's continue my series on Improving the Profit Formula by discussing how to increase customer retention. The sales portion of the profit...
Improving the Profit Formula: Part 3- A 10% Increase Sales per Customer
In the continuation of our improving the profit formula series I discuss ways to increase your annual sales for each customer by 10% per year. Use the 80/20 rule to identify your best customers. Set up procedures that emphasize selling more to your best...
Improving the Profit Formula Part 2 – a 10% Increase in Converting Leads Into Customers
Make a list of what your ideal customers really want when they buy from you. What hassles are they trying to avoid or alleviate? What satisfaction are they trying to acquire? Make sure your sales staff knows how to approach your customers....