Oct 152012
 

Born Entrepreneur, Why Entrepreneur, Business Coaching, Passive Income, build a better business.

 

 

 

 

 

Did you read the E-myth yet? I decided this week to offer this book for free to my readers for 3 reasons.

  1.  You guys are awesome and I really appreciate that you have taken the time to click on my links and read/share my articles over the past year and a half.
  2. This book is my all-time favorite business book. I have gained so much from the information within these pages that I want my readers to have the same opportunity without the barrier of having to purchase the book.
  3. You deserve it! Being a business owner is not only the most rewarding job title out there it is also the most demanding.  So take some R&R time, sit back, relax, and enjoy some down time.

Do you want to learn more about creating leverage and building systems in your business?

If you would like to get a free copy, please comment below on why you want to build a better business and leave your physical mailing address in the comment.  I will then mail you a copy of the book after this offer has expired. This offer expires 10/31/2012.

Not sure what the E-myth is all about? It’s only the best business book of all time. Click here to read my book review.

If you enjoyed this post, I would be grateful if you helped spread the word by emailing it to a friend or sharing it on LinkedIn, Twitter, or Facebook. Thank you!

 October 15, 2012  Posted by at 6:00 AM Give Away Tagged with: , ,  8 Responses »
Oct 082012
 

cash management, cash flow, payment terms, managing business cash, manage accounts recieveables

Here are seven ways to recoup your company’s cash faster:

1. Offer a discount for early payment.

To incentivize your customers to pay you earlier, offer them a price discount if they do, and be sure to highlight it in the contract and invoice. Several of our customers take advantage of an early payment discount we offer, and sometimes even overnight a check to make sure they don’t miss our discount window.

2. Use online payment systems.

Several of our customers use online systems to submit invoices. If we participate in those systems, we find many of them will pay off their invoices within 15 to 18 days of receiving them. The best part is that the money is electronically deposited directly into our account. If your customers are not using an online system, consider setting one up for your company. An example is using a service called bill.com, which allows you to pay anyone or be paid by anyone electronically.

3. Require an upfront fee.

If you know that servicing a customer requires you to expend big dollars on its behalf, collect as much of that money as possible (if not all of it) right away. Submit an initial invoice, and insist it is paid on receipt, or outside of normal payment terms. Most companies understand the situation and are willing to accommodate.

4. Delay the work.

This is a hard one to do. But if you find yourself in the middle of a project and your customer delays payment, stop the process, and insist on having payment in-hand before you or your team finishes up the work. Often, this is the most valuable leverage a small business has in its arsenal.

5. Take credit cards.

This will cost you an origination fee, but the percentage might be worth it to help get you your money sooner–whether payment for your services, or coverage of upfront costs. Many accounting packages already have a built-in ability to take credit cards, too.

6. Invoice for lower sums, but more often.

When we invoice customers for large amounts of money, we find the invoices get stuck somewhere in the payment process. The dollar amount seems to have a lot to do with it. If we submit an invoice to a customer for more than $10,000, it can take 15 to 30 days longer to receive payment than a smaller amount of money. An invoice of less than $10,000 is more often than not paid very close to on-time. If you review the size of your customer base and dollar amounts you work with, you may also discover a breaking point between invoices that are paid quickly and those that languish on your customers’ desks.

7. Talk with your customers about accounts payable.

This might seem obvious but it’s often overlooked: Have a conversation with your customers about their accounts payable processes at the start of your relationship. You will find that knowing your customers’ processes will help you when you bid for new business.

If you enjoyed this post, I would be grateful if you helped spread the word by emailing it to a friend or sharing it on LinkedIn, Twitter, or Facebook. Thank you!

 October 8, 2012  Posted by at 6:00 AM Money Tagged with: , , ,  No Responses »
Oct 012012
 

conversion rate, sales, sales scripts, benefits, testimonials, define uniqueness

 

 

 

 

 

 

 

 

Here are my top seven ways to increase sales conversion:

1. Written Guarantee: This is where you write a guarantee addressing the customer’s key frustrations in buying from you. For example, a hairdresser that guarantees ‘you will like your haircut and so will 98 per cent of your friends’. For an attorney the guarantee could be a fixed price — You’ll get for patent filed for $5k.

2. Use Sales Scripts: These are absolutely essential whatever business you’re in. Once you find the right (or very close to right) way to sell something to someone, why change it? Write down exactly what you said, and then do that every time. And make sure your team does the same. Every customer is different, but the objective is always the same: match the product to the buyer. You should have scripts for everything – from answering the phone to saying good-bye.

3. Define Your Unique Value Proposition: If there’s nothing different about you, people will only buy from you because of convenience, or price, nothing more. Added to that, you’ll never be able to raise your prices; if there’s anyone doing it cheaper, people will buy from them. You need to work out what is special about you, and then make a big deal about it.

4. Print Benefits and Testimonials: This is a sheet (and a page on your website) that you can give to every person who meets with you. It contains the 4 most important things about your product, or the 7 reasons yours is a better choice for them. Also include testimonials on it – that is, direct quotes from your past customers about how good you are. A video testimonial is the most powerful way of communicating all that you do for your customers.

5. Build Trust and Rapport: There are some simple things that you can do to make sure this happens. First, always use their name, and make sure you introduce yourself using your full name. Ask them questions, and genuinely listen to the response – these are your clues. Do your best to help them with ideas and advice. If you believe in your product/service, then you know that one of the best ways to help them is to sell them your product/service.

6. Provide Something Extra: To seal the deal, throw in something they didn’t expect – something that gives them the perception that they are getting a great deal. Then place a time limit on it, which pressures them into making a decision. Make sure it’s something that they will value highly which doesn’t cost you very much — i.e.: high perceived value, low-cost to you.

7. Provide Quality Products: People will buy quality when it’s affordable. By providing the best, you put yourself a cut above everyone else.

If you enjoyed this post, I would be grateful if you helped spread the word by emailing it to a friend or sharing it on LinkedIn, Twitter, or Facebook. Thank you!

 October 1, 2012  Posted by at 6:00 AM Growth, Money Tagged with: , ,  No Responses »