Eyeballs and Money

Uncategorized Oct 25, 2022

 

There is much hyperbole out there about the impact of various social media platforms on your sales. Many promises are made.

It’s ironic that platforms take all the data we give them for free and then do mysterious things with it (algorithms), repackage it, ration it, and charge us money to contact others who also freely gave their data.

But that’s business. They thought of it and you/I didn’t! 

Key ideas:

  • In the old days (10+ years ago!) radio and newspaper advertisers would sell ad space on the basis of “impressions”. You would hear that in a certain market, your ad would yield “x” number of impressions. They sold yield management. 
  • Many were (and still are) vague about what an “impression” is.
  • It’s an estimate of how many will “see” your ad -- not who would read it or act on it. Not who would respond to it. Not the number of paid subscribers to that particular publication or radio or TV...
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Business Health During a Recession... or Any Time

Uncategorized Jul 29, 2022

The Weekly Dashboard:

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:

  • Color-codes red, yellow, green as health indicators.
  • Linked to your accounting system (like QBOL) that automatically pumps out information in a digest format to your device.
  • Bar chart, pie charts, line graphs, and other pictorial styles.
  • Cool gauges with meters and or sequentially flashing signal lights just like on your dream sports car.

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...

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Side Gig

Uncategorized Jul 22, 2022

Should I Do a Side Gig?

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:

  • It’s a micro-business. You can dip your toe in the water.
  • It provides additional income.
  • It’s good practice.
  • It teaches independence.
  • It de-risks your future business. The consequence of a side-gig mistake is minimal.

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...

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Business Conflicts and How to Solve Them

Uncategorized Jul 18, 2022

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...

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Shorten the Chain

Uncategorized Jun 27, 2022

 

Is it possible to cut out the middleman?

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,...

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A Big Mistake in Sales

Uncategorized Jun 24, 2022

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.

Stay tuned.

We’ll tell you about that test in a minute.

What’s my...

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Bank Financing: Almost Impossible When You Need It

Uncategorized Jun 13, 2022

Do the banks care about your small business?

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...

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30+ Bookings in 45 Minutes!

Uncategorized Jun 07, 2022

 

Slow to Explosive Sales

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!

Business exploded!

Imagine this:

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.

 

Other Businesses Are Facing Flat Sales

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...

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Run Your Catholic Business in 35 Hours Per Week or Less

Uncategorized May 27, 2022

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!

Any kind.

Any size.

Any stage.

Starting now.

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:

1. Why?

2. How?

Well, maybe why is not a real question. I hope we’d all know why.

But just in case, let me tell you why:

  • To live a Catholic ordered life with priorities: God first, family next, yourself third, “other” such as your business, down the list.
  • To support your spouse and family first.
  • To not buy into the consumerist mentality.
  • To not buy into the ego tempting game of building wealth, increasing your life style, building a bigger house, getting the toys, and so on. Remember: the eye of the...
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Value Claims Must Be True

Uncategorized May 23, 2022

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...

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