Big corporations really know how to make profits. Business owners for small business know how to make sustainable profits after mastering Maximum Value Partners 7 Keys to Success http://maximumvp.com/7-keys-to-success/.
On this week’s Dirty Secrets of Small Business hosts, Jack Mencini and Adam Sonnhalter share stories and insights of small business owners who are their clients every week on their radio show/podcasts. The stories come from the clients they have helped from their coaching business, Maximum Value Partners. (MVP) www.maximumvp.com
In this week’s July 5 episode of Dirty Secrets of Small Business aired at 7:30pm (EST) on WINT Radio 1330 AM and 101.5 FM, the business coaches give an overview of What are the 7 Keys to Success? The podcast is available on iTunes or http://maximumvp.com/dirty-secrets-small-business-radio-show-podcast/
Adam starts the discussion talking about the founder of 1-800-Got-Junk who had a VISION, which is the first key in the 7 Keys. This owner realized that five or six years into his business, that 9 out of 11 people he had working for him did not really line up with his vision for the business. He did the hard task of firing the 9 people and went from having five trucks in his business to just one truck. By doing this and re-evaluating the team he needed and the vision he required for his team to engage in, it was in a very short time that the business began to flourish.
The second key is the PROFIT PLAN or How do I make money on purpose? Concentrate on making a profit plan rather than obsessing over a budget. Isn’t it more fun to be making money rather than always worrying about money going out of the business? It is also important to make sure you have the right people in the right jobs who are just as committed as you with a “can do” attitude that is in line with your philosophy for the profit plan.
The third key is the MARKETING PLAN- How do I know we are doing the right things to drive sales? Take a look at who your best customers are—the ones who pay on time and the ones who are helping you be profitable. Figure out how to target the same type of client again and again either through referrals and/or marketing tactics to get your business known with the target audience you want to turn into long-standing clients.
The fourth key is ORGANIZATION- How do I keep track of who is doing what? As a business owner, you need to have the right positions for your business with the right people in those seats. Nothing can derail your business faster if you have the wrong people not helping you move your profit plan along. Too many owners skimp on paying for good recruiters to find those people who will help make profits. Getting a person on the cheap who causes you to lose money is a recipe for failure. Invest in your business and your employees and this will help build your profit plan.
The fifth key is LEADERSHIP- How do I continue to develop as a leader? Leadership starts with you, as the owner. You’re THE MAN or THE WOMAN who will need to Plan, Direct and Control the business and all the details to make it profitable, sustainable and successful. Jack and Adam have advised thousands of small business owners to take command of their leadership position and also impart skillful delegation to their team so they can continue to concentrate on growing the business.
The sixth key is CASH FLOW FORECAST – How do I make sure we don’t run out of cash? Jack advises that every small business owner start with a 90-day cash flow report that turns out to be simple and fun with keeping a keen eye on positive cash flow every day for 90 days. For more info on how to make this happen, give Jack a call at 877-849-0670.
The seventh key is PRESENTING- How do I talk about my business so that everyone can understand? This often overlooked 7th Key brings it all together where instead of talking all about your products or services, you can finally talk business. You will be able to focus on the other six keys now that you have answers for them. This presenting can be anything from looking to bring on a new employee or going to the bank for financing and everything in between. An owner who can truly present the business is hard to resist!
For more info on small business challenges tune into past podcasts of Dirty Secrets of Small Business on iTunes or http://maximumvp.com/dirty-secrets-small-business-radio-show-podcast/ or call Jack or Adam for help with your small business challenges at 877-849-0670.
If you have a success story or a question you would like to share, email or contact Jack and Adam directly at email@example.com or 877-849-0670.
You can also call in during the show each week when you are listening on Wednesdays at prime time 7:30pm (EST) on WINT 1330 AM and 101.5 FM. Or call 440-946-9468 to ask your question to the Maximum Value Partners’ coaches or tweet your question to @MaximumVP.