As I said, you can divide the population into two chunks. Those who search, hunt and ferret out the information they need to rectify whatever is ailing them, and those who simply don’t. About 5% of the population are in one group and 95% are in the other. In a financial sense, 5% of people do very very well and 95% never achieve a satisfactory level of independence and wealth. Continue reading
That’s an alarming stat’ that I can guarantee within only a few percentage points, applies to most businesses.
Big organisations routinely take 60 to 90 days to pay their accounts and do so because their size affords them the prive ledge. They are, in fact, using that “float” to make money, using other people’s money. Continue reading
Following on from last week’s Nudge subject of Cash Flow;
Most business owners would instinctively think that increasing sales is the first step to increasing cash flow.
Unfortunately driving sales up without a thorough approach to cash flow and profit management has the ability to make everybody else rich, (suppliers, staff, freight companies, landlords etc), but you. Continue reading
Most businesses actually make a loss – but survive, thanks to positive cash flow.
But lack of cash flow is the cranky hound that will bite you on the bum, and ultimately propel you towards bankruptcy!
NEVER buy a business without having a list of clients; customer names, addresses, telephone and fax numbers and email addresses, or the ABILITY to get them!
I believe the first industry to employ the ‘drive-up’ service window, was the banking industry. Once the example had been set, many other industries followed suit. Among the first to latch on to this new way of servicing customers, was the Fast Food industry. I imagine some McDonald’s manager may have been stuck in a drive-through banking queue waiting his ‘turn’ when suddenly it dawned on him that this would work well for the fast food industry.
A couple of Nudges ago, I said this; “I’ve been asked to write some stuff that the most basic of reads through my material would have enabled the client to do for themselves”. In Nudge No 38, I was eluding to lack of initiative. This week I’m issuing a documented ‘prod’ to those of you who deserve one! And that’s YOU if you’ve spent your hard earned money on one of my educational packages, but then obviously can’t be bothered learning from it! Judging by the number of poorly crafted advertising pieces I get asked to critique, there are LOTS of YOU out there!
Despite the fact that this simple strategy is enormously powerful, hardly anyone uses it. But if they did, it could cut down dramatically or even almost eliminate clients cancelling their orders!