During difficult times, like now, it’s critical to have a weekly dashboard that gives you a quick update on the health of your business.
You can build one that is fancy:
These are really the best because you don’t have to INTEPRET the information. It is already pre-interpreted and it shows you in a coded manner how sick or healthy the business is.
Avoid wasting time by having to interpret the information. Take the time in advance to have it pre-interpreted for you.
Here are some GREAT indicators:
1. Cash Position. How much cash do you actually have available? Checking accounts. Savings accounts. Liquid...
YES. YES. YES. And YES.
If you do not have a family business, a home-based business, a bricks and mortar business, or a start-up, you should do a side gig.
If you are in a corporate managerial role, a downtown job, a service industry gig, an industrial job, a minimum wage gig, a part-time job, or engage in part-time contractor work, you should do a side gig.
If your company tells you how to think about social or economic issues or mocks your beliefs, you should do a side gig.
The side gig has positive benefits:
Don’t say you have no time.
My grandfathers were immigrants who fled a country in favor of religious and political freedom, independence, and opportunity. It goes without saying that they came with no money. There were...
Is The Entrepreneurial Life Pain-Free?
You already know the answer. Our Lord asked us to take up our cross daily.
The entrepreneurial life is good indeed. Not only because of the dignity of work.
You are independent. You call your own shots. You set your own plan. You perhaps work from home. You live your Catholic principles. You resist the culture.
But there is sometimes pain.
Last week I worked with business partners in a very difficult situation.
In that particular business, the ability to communicate has pretty well disappeared.
The owners find it hard to have an ordinary conversation without experiencing hurt and pain. They are losing trust in each other. Their feelings govern their perceptions. They find it almost impossible to focus objectively on real business issues. They are suspicious of motive. Every interaction leads to more distrust.
What started out in an atmosphere of excitement and promise has turned into a stalemate. Routine decisions are stalled. They feel...
I was working with one of my secular clients. He’s highly principled.
Money is not his main thing. He’s successful by all worldly measures. And he wants to look after his fellow human beings. I think he’ll join us soon. Pray this happens.
He thinks a lot about his business. He knows how to work on his business rather than in it!
Here’s the thing.
In his business there are more than a typical number of steps along the sales and supply process.
Let’s say the usual thing is for a manufacturer, a wholesaler, and a retailer. I know that’s an oversimplification – but work with me. It more or less sounds right, doesn’t it?
In his world it’s a bit more unusual. By the time he can sell his line of products, there is an original manufacturer, an overseas shipper, an agent or a kind of aggregator, a consultant or specification level, a supplier/warehouse level, another shipper, a designer,...
I was in a discussion with Joey Ndu, our really smart sales and digital sales virtuoso at The Catholic CEO.
Joey knows what he’s talking about.
We’re thrilled he’s part of this team.
He reminded us that people are making a huge mistake in sales. The mistake is that they focus on a market segment for their product that they think is the right one.
Without proof, they dive into all sorts of activities to get contacts and introductions to decision makers in that segment.
What’s the problem with this?
It’s the wrong approach!
It’s a costly, time sucking method.
We live in a world of complex markets, interwoven segments, complex sub-markets, and complex sub-micro segments.
No one can simply guess (or assume) they know the exact segment that will love their product and buy it.
From Joey – you can’t find the right segment without performing a certain kind of test.
We’ll tell you about that test in a minute.
Everybody says it.
Most people believe it.
The banks don’t care.
When you need money they won’t lend it to you.
When you don’t need money they will lend it to you.
Two stories from clients in the past month:
One is growing steadily and will soon hit a $7 million revenue target. He has a pipe-line full to the brim with, I’m not kidding, $15 million to $20 million in deals that can be executed in the next 12 months. Will the bank help him to provide materials purchase financing? NO.
Now, there are some details like that fact that his line of credit is maxed out already and that for years he has been plowing earnings back into the business to grow. But, even if you saw the entire financial picture like the bank would, it does not change the fact that he has actually almost $20 million in real contracts – and they won’t advance him a penny.
The other company is pre-revenue. They have a new building material...
This past spring, The Catholic CEO team put together a customer reactivation campaign for a mobile pet groomer friend of mine. His sales were flat before the campaign. After? Wow!
A 45-minute campaign that created 30+ appointments. He told us to turn it off! Too many bookings!
The second run of the campaign lasted one day. It booked him solid for 4 weeks.
We are not even running it at full speed any more because he can't find enough people to do all the work!
This from a customer list of under 300.
Many other small businesses are also telling us that sales are flat and past customers are not coming back.
This is nothing to do with supply chain stuff or inflation or wars.
It’s some kind of flat feeling thing with past customers.
We’ve heard this from service providers like pet groomers, carpet cleaners, hair shops, bookkeeping firms, copy shops, nail...
Don’t you dare spend more than 35 hours a week running your Catholic business!
First thought into your head: ha ha. Sure. Get real.
Believe it. I now have the secret of how to run your Catholic business in 35 hours a week max!
It’s not going to be some thing about delegation, or detaching yourself, or hiring a huge team of expensive people. Nope.
Two questions might come to your mind at first:
Well, maybe why is not a real question. I hope we’d all know why.
But just in case, let me tell you why:
Some clients do the math. Some don’t.
I’ve heard business people claim: “My product/service will save money!” OR “My product/service will save time!” OR “ My product/service will speed up the process of doing ‘x’ by three weeks!”
When I ask them to prove that claim, most cannot.
If you make such a claim, be sure you can actually prove it. Do the math.
I challenged a really great business guy with an amazing product. He said that his product saves builders three weeks of labor costs.
I challenged him to show exactly how that goes to the bottom line.
We went through in logical order.
First: You have to know what percent of the standard foundation build (excavation, cribbing, concrete pour, taking out the cribbing, insulation) you are actually saving.
Let’s say it’s 50%. [Do the math.]
Second: Although you can simulate this, you won’t actually know the real number that goes to the bottom line until you...
My academic work was and is in economics – “The Dismal Science” as per Adam Smith’s contemporaries.
My best classes were money and banking. In 4th year undergrad honors classes I loaded up on all the classes I could on that topic. I even went for dinner with a great professor from the Chicago “school” of monetary policy. Look it up. It’s a thing.
I loved it!
And still do.
The “fiat” money system. Money created out of thin air by debit and credit entries at the bank. Money created through debt – your debt! The subtle mechanism of monetary policy used by policy makers to expand and contract the economy. So amazing!
Last week at our rapid round (“Ask me any question on any topic) two business owners asked me what I thought would happen to their real estate. One was a real estate investor with rental houses. The other was a tourism operator with an amazing B&B.
Each was concerned...