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.
Important:
If you know one
person that would really benefit and could change their circumstances with this
information; be their hero and share this post with them right now!
If you would
like help with this or any other business, sales, marketing, social media
issues and more, contact us at:
Or leave us a
comment below!
Until our next
post – we wish you all success!
Dean Marchese
The
Dean of Success! ©
