Small Business Minute #21- No More Customers

Small Business Minute #15

 

 

 

 

 

I regularly work with small business owners who are so focused on growing their customer base that they ignore their existing customers.

What most don’t realize is that existing customers are far more profitable than new customers. In fact, it can cost you 5 to 10 times more to get a new customer than it does to service an existing customer. In addition, if you can increase an existing customers’ loyalty or purchase frequency by just 5%, you can increase your profitability between 25% and 85%! Continue reading

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Small Business Minute #20 – Cash Flow – The Breath Of Life

Small Business Minute #20 Cash Flow

 

 

 

 

 

Prior to starting my own business, I literally devoured everything I could about owning and running a company. One thing that I could never understand was how a perfectly good business ended up going bankrupt because of cash flow problems. It wasn’t until I started my own first enterprise that I quickly learned that regardless of how profitable you were, it didn’t matter until that money was in the bank- Cash flow ruled! Continue reading

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Small Business Minute #19- What’s Your End Game?

Small Business Minute 19

 

 

 

 

 

As a business owner, do you even know what you’re trying to achieve? Waking up and hoping that today will be better than yesterday is not much of a strategic initiative (TWEET THIS) and will do nothing to advance your dream. Alternatively, simple statements like I want to be wealthy or sell the company someday and retire just don’t cut it, they are just too vague.

Being successful in business is a combination of hard work, focused attention, and luck. Unfortunately, all three elements must work in harmony to ensure a fruitful outcome. Continue reading

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Small Business Minute #18- Delegating Is Easier Than You Think

Small Business Minute 18

 

 

 

 

 

Entrepreneurs are notorious for not delegating duties and responsibilities within their organizations. A common reason for this that they figure it’s just easier and quicker to do it themselves than to take the extra time required to train someone. So instead, they just figure they’ll work a little harder. (TWEET THIS)  Continue reading

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Small Business Minute #17 – Small Gains = Big Rewards

Small Business Minute 17

 

 

 

 

 

Trying to increase the profitability of our business is always at the forefront of our thoughts and that usually revolves around looking for the next big idea, product or service that we can offer our customers. Continue reading

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Small Business Minute #16 Rejection-The Best Research You’ll Ever Get!

Small Business Minute 16

 

 

 

 

 

One of the key skills successful entrepreneurs share is their ability to use the selling process as a research vehicle.

Being a great designer, mechanic or programmer matters little if you can’t convince someone to buy your goods or services. Alternatively, hoping “to be discovered” may leave you waiting a long time. (TWEET THIS)  Continue reading

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