Blog

In my relentless search for I don't know what, I found an article in the December 1, 2008 edition of Nation's Restaurant News, the trade journal of the restaurant industry, headlined: "Operators Bank On Profit And Loss Scrutiny To Stay Afloat." It made me laugh out loud. The article states that "maximizing the profit and loss statement has become a mantra for restaurant operators during the current economic downturn."

This is then presented as some sort of horrific torture imposed on the owners by a vicious economy. What is not said, but should be, is that maximizing profit shouldn't be paid attention to only after dire economic conditions occur, to be given temporary priority, only until 'things get better.' It's supposed to be what anybody responsible for operating a business does everyday. Including what's then described in the article: ferreting out and cutting wasteful spending, controlling labor and administrative costs; creating products, offers and price propositions customers really want. Any business owner complaining about having to attend to these priorities because of a recession is a moron, and any trade-journal writer taking them seriously is dumber than a sandbox.

Success Needs Sufficient Capital Resources
To succeed in business, you need sufficient capital resources. In fact, it is said that the number one source of failure for small business is running out of money.

If you do not have a realistic assessment of the money that is needed to implement your business plan, you run the risk of running out of money. If you run out of money, your business may likely fail. Failure to have a realistic understanding of the amount of money that is required for the business overall and to implement certain new ventures, particularly, can lead to ruin.

Failing to have adequate money for the business can be a mistake.

1 Failing to Employ a Structured Decision Process
Decisions made without a structured, systematic process may be less than optimal.

Business school courses, academic textbooks, and training programs concerning decision making provide structured approaches, decision models, and tips to make better decisions. The classic approach involves defining the problem, identifying alternatives, undertaking quantitative analyses and qualitative assessments, exploring the risks, and then choosing the best course of action. While a structured decision making process is central to management, too often that approach is ignored.

Failing to employ a structured decision process can be a mistake.

1 Strategic Incongruency

Strategy, to be effective, must be congruent.

If balance and consistency between different parts of the business strategy are lacking, the resulting incongruence compromises the prospects of business success. Strategy congruency means that there is a reasonable connection between one part of a strategy and another part of a strategy. The purposes of one part of the enterprise are complementary to those of another part of the enterprise. The goals of one division are supportive of, and in parallel with, the goals of another division. 

Are you a physician, dentist, info-marketer or financial advisor? Do you have a business plan?

Most who reach out to me for business planning help don't have any type of plan in place.

The tool we use at eLaunchers is called LivePlan. I'll share how you can use this valuable business planning tool in your business.

Physicians, dentists, info-marketers and financial advisors need good business planning and access to real-time financial information.

"You can't really know where you're going unless you know where you've been." -- Maya Angelou

We're in the 4th quarter of 2019. Now is the time to review your 2019 business plan and begin preparation for what you're going to accomplish in 2020. 

What is a business plan? It's a written description of your business's future, a document that tells what you plan to do and how you plan to do it. Don't worry - it doesn't have to be long or complex to start. Ryan Deiss is famously known for making one on a napkin.

What Makes Authority Marketing Work

Part II

The other day I laid out some answers to What Makes Authority Marketing Work and we discussed the viewpoints of three people that have written books on Selling to the Affluent, and that of Authority.  I chose them because of the titles of their books, and the fact that both Kennedy, Witty and Shelton are figures often in the limelight of our world.

What Your Aunt Gertrude Never Told You About Making Money
Or….
Strategic Selling in Just Five Steps

Last time we spoke of data mining to identify the perfect, high-yielding target audience you should be focusing most of your attention as far as the customer journey on the path to purchase goes.

This article carries on that thought process through to the next step; the present. But hold on, let’s talk a little bit more about what has been discovered and what can be done with it.