At some point during your business life cycle, either you or someone else will ask you this question, “What’s my business worth?” The quick answer is it depends! It depends on a lot of factors. Some of these factors are things you can control while others are out of your control. For instance, you have some control over how you set your selling prices and control your costs, but you can’t control the overall industry growth or how your competitors act.
In the final part of our 3-part series on Marketing Channels we focus on the Passive Marketing Channels. In the prior two shows in the series we focused on the Short Term and Long Term Channels.
In part 2 of our series on Marketing Channels we focus on the Long Term Marketing Channels. These are the Channels that we all wish we had started months or years ago because, as the name implies, these Channels typically require a little more time to deliver some results. But that doesn’t mean they should be ignored.
Marketing. It’s one of those words that can lead to a lot of confusion and frustration, especially in the small business world! We often hear small business owners lament about needing more Sales. This usually leads into a discussion about their Marketing Plan since Marketing and Sales are intricately tied together.
We were talking with a client was lamenting about a key employee who had recently given her 2-week notice. We asked her a simple question we learned from Jim Collins in his book Good to Great. We asked her if she was distraught about the resignation or secretly relieved. Our client said she was secretly relieved.
Most successful business owners, heck most successful people, have a group of folks who they talk with about their business on a regular basis. So do you have a group of folks you talk with about your business? And we don’t mean your spouse, siblings, or friends. We’re talking about people who actually get it. Other business folks.
With so many things changing over these past 3 months, it’s good to know that some things stay the same no matter what. When it comes to business, one thing that endures is MVP’s 7 Keys to Success. These guiding principles for how to run your business successfully continue to be tested in all sorts of areas including a global pandemic.
We’ve been big advocates for small business owners utilizing their Know Like Trust (“KLT”) lists more purposefully to help their businesses. It can help with anything from growing the business to finding good people to having folks to bounce ideas off. So why are the business owners who have been using KLT for things like forming good relationships with their bankers getting lambasted by the media saying it’s not “fair” that certain people got funding and others don’t? Maybe the ones getting the funding are the ones who are in better shape and are on top of things like this due to how they normally run their business with a focus on KLT.
We are all continuing to learn a lot during this COVID-19 outbreak. One of the more interesting takeaways from this entire scenario is the definition of what’s an “essential” business. During the show we talked about how “essential” businesses and operations are defined in our home state of Ohio which has been one of the states at the forefront of the coronavirus response thanks to the leadership of our Governor Mike DeWine.
One of the things we have a lot of experience with is turnaround situations in business. A turnaround situation in our books is simply defined as taking a company that is losing money and turning it around to making a profit. Why is this important in the current Coronavirus/COVID-19 world?