Now before you run up your credit card, sell the family farm or do something you may regret because you believe or heard “Your End is Near!” we mean something a little different.
When we say your end is near, we are talking about the marketing and goals of your business. To set up your goals and your plan whether it is for your marketing, gross sales, margins, etc., always start with the end goal first. Always keep the end result in mind.
Set up your goals in short, medium and long-term. In all of these, start with your end result in mind. If your goal is to build your business and sell it within 10 years, start there. What sales volume and profit margin will you need to reach in order to sell your business for the amount of money you would like to net after the sale?
Just by doing this we have already uncovered a question you need to ask yourself first. What amount of money do I want to get after selling my business, paying my lawyer, accountant, bills, taxes, etc.? Once you have this information, you can now figure out the answers to the questions in the paragraph right above this one. What do my sales and margins have to be in order to make the company worth the amount I will be asking for it?
Once you sit down and map this out you may find that you can increase your margins and get to your goal faster than you first thought. Maybe not but you need to know this going in so that you know exactly what to do.
Give yourself a realistic time-frame to get this done. Map out what employees, contractors, customers, vendors, etc. will you need in order to reach these goals. How much money will you need to accomplish this? Make sure that you are asking all of the questions that you can come up with and answer them honestly. Don’t just say “don’t worry about it” because if you don’t answer these now you may be answering some other more painful questions later.
Now that you know the numbers and have the answers to the questions on your list, get started. Look into all of the ways that you can gain new customers. However, don’t go after these new customers at the expense of your current customers. So many businesses do this and it costs them so much. An example:
You are paying for cable TV and you see an ad that says if you upgrade you can get a free DVR for several rooms, faster equipment and more. But at the very end of the ad in the tiny print it says “for new customers only.”
This is such a slap in the face to the loyal customers that have been paying them each and every month for years! Make sure you don’t do this in your business. Find all of the weaknesses you can in the industry you are in and make them your strengths.
Once you find these weaknesses and have figured out how to make them your strengths, tell the whole world about it! Just remember, when you set out to tell the world about it, keep in mind that “Your End Is Near!” and start there.
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Until our next post – we wish you all success!
The Dean of Success! ©