INSIDE THIS ISSUE:
Watch Out for Skyrocketing Acquisition Costs Add $10,000,000 in Sales This Year Learn About Leadership From a Retired Navy Captain Optimize Your Brand’s Voice with Persado
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Meet Lex Nelson
Yoobi Evens the Educational Playing Field
‘HOW TO SUCCEED IN BUSINESS WITHOUT REALLY TRYING’
2. Marketing You need to have marketing that generates quality leads and a sales process that converts those leads to customers. This is much easier said than done, and I get that. The fundamental items all businesses need are lead generation of quality prospects (not all leads or lead sources are created equal); a customer relationship management system that allows you to keep track of, nurture, and follow up with leads; and a sales process that includes long-term nurture and follow-up as well as the ability to close a deal. These are only the minimum requirements, and for the purposes of this article, you should make sure you have them all. 3. System and Processes So many businesses don’t scale because they don’t have any systems and processes. Or maybe even worse, their system and process is to ask the entrepreneur. If you have to do it all, then your business will max out very quickly. If you are not a systems and processes person, then hire one. A competent person in this position will be your right hand and help you scale. I hired that person early on at The Newsletter Pro and have had a great team member in that role ever since. Continued on Page 2 ...
These two areas really are the fundamentals of business, but if I were sitting in your office right now, could you give me a true and accurate answer as to what percentage and total dollars you lose each month in customer churn? The vast majority of people reading this — 90% or more — would not be able to, and this is a big issue and a major reason businesses don’t scale. Most companies even struggle to calculate employee churn. What is your overall number, and what does it cost you to hire, onboard, and train someone new? If you can’t answer this, then check out my newly released book “Stop Losing Customers.” I have a section dedicated to calculating churn, why it matters, and how it can make you a massive amount of money once you know the number and work to lower overall churn. To get a copy of the book, text “WIN” to 208.269.9111.
Many years ago, I saw a musical titled “How to Succeed in Business Without Really Trying.” Ralph Macchio was the lead performer, and the musical tells the story of how Macchio’s character goes from the mailroom to the boardroom by not really accomplishing anything in his career except for kissing up to the right people. If you’ve ever had a corporate job, then chances are you’ve encountered this manager somewhere along the line. Brown- nosing won’t help you much as an entrepreneur, but if you focus on the following six areas in your business, then you can easily grow, scale, and make it to the top. 1. Retaining and Maintaining No business can grow and succeed if they can’t retain customers, employees, and vendors. They also won’t grow if they can’t maintain at least minimally acceptable levels of quality and service.
BUILDING RELATIONSHIPS TO HELP SMALL BUSINESSES SUCCEED.
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